T Rowe vs Fidelity vs Capital

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Interested in the undergrad associate programs for each of these. For Fidelity, I think its the Equity Research Associate position, for T Rowe its the Associate Analyst, and for Capital its the TAP/CAP program. Interested in the following:

  1. Role of position/length
  2. Conversion to analyst
  3. Ability to transfer to other buy-side shops, both mutual funds and HF (read: exit opps)
  4. Salary/life style
  5. Reputation

Comments (9)

 
May 10, 2020 - 12:51pm

I'll at least get this started, but qualify this by saying I haven't worked at any of these firms personally.

T Rowe junior program is very well regarded around the industry, heard this directly from a buy side recruiter I'm friendly with. Fidelity is a top name and does great work as well, and their culture is excellent. People at Fido have told me that "Wall Street sharks" tend not to fit in with the culture at the firm. Being a team player and not so oriented towards personal advancement with sharp elbows is key. That will in fact gain you respect and promotions at these places. Big asset managers are not the first place PE companies will look, it's somewhat of a different skill set, but if you're determined, people do make the switch. More people make a transition to HFs, but again, it's often viewed as a slightly different skill set (time horizon, strategies, etc.)

Don't know too much about Capital so I'll just not comment on it. I believe these firms generally take you for 4 years or so and then want you to get an MBA and maybe the CFA, but many will also do so with the intent to hire you back afterwards, and I know Fidelity has a program to pay something towards your BSchool, though I don't know any specifics

 
May 10, 2020 - 3:39pm

From talking to someone pretty high up at one of these firms, I know that people do definitely move between the large asset managers, sometimes even moving to a competitor and then switching back after a few years with a raise or a promotion, not purely lateral. I'm not sure how much this applies to the research analysts specifically, but I'd have to imagine it does. It's probably also more common between Fidelity, MFS, Wellington, Putnam, etc. because they're all Boston based, but the skill set for these long only fund companies would tend to be seen more interchangeable than between hedge funds with different strategies, for example. It will depend on your group, industry, etc. but it's not uncommon to move around post MBA

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