Hey guys, I was doing S&T in a BB before, and keep looking opportunity to switch to buyside but it's really hard under current markets environment. Buyside always wanna somebody already have buyside experience(research, or portfolio management exp for example), but if I didn't start, how can I have the exp, it's a dead loop. Now that a Chinese third tier bank asset management dept willing invite me to join as a junior fixed income PM, but pay got cuts 30% (as most Chinese shop cannot offer quite much as they are a state-owned bank). In addition the name is not that big. Not sure if can move to
15 Jun 2021
My 2021 Trade-off: Working full time starting from Jan 2021 or rather studying for the CFA® to complete Level 1 (in Feb 2021) and Level 2 (in Aug 2021)? What would you do? I have just graduated (MSc) and I believe If I will start working full-time I might not be able to pass the CFA® exams (because this job will keep me busy from 8am till 8pm). So I am thinking to go for the CFA® and then start new job applications after Aug 2021 (hopefully with a CFA® level 2 pass I will have more credentials to get a better job/internship with top banks in investment research and/or portfolio management)
26 Dec 2020
Hi everyone! :) I am a Spanish graduate student attending an Ivy League university in the US (think Wharton/Columbia/Yale) studying finance and economics. I know I want to work in the Buy Side but I am still unsure if I should do AM or PB. I appreciate work/life balance and I would like to work in EU (UK/ Spain/ Switzerland) after graduation. I have two interesting offers for this summer and both have pros and cons, so I am not sure which one to choose, given that both want me to intern with them on July-August. The positions and characteristics are the following: 1. Dodge & Cox -
26 Jan 2021
Hey guys, Just wanted to create this thread for those applying to PIMCO for the various SA positions. Please offer any info you have on interviews or the likes. Thanks!
06 Jul 2021
What's up everyone, first time post here. So to summarize, I currently work at a large real estate firm and work as an analyst in their multifamily department. My job mainly entails managing a large portfolio of mortgage loans and monitoring/reporting their operating statistics, as well as analyzing their cash flows, balance sheets, etc. Some site inspections and I may be getting the life co. loans in my portfolio pretty soon. But overall, pretty basic work once you get the hang of it. This is my first job out of UG and I took it because of the company's size and resources. I want to continue
09 Jul 2018
What is the best investing tip for beginner investors you wish you knew when you started? Here are 10 investing tips for beginner investors: Acknowledge the need to invest and decide your goal. The first step is to actually understand why you need to be invested and not just keep your savings at your bank. Educate yourself. Investing needs experience and experience comes only with time. But before you get there, you can read. So educate yourself with as much material as possible. Start investing as early as possible. You 'll then have more time to correct your mistakes and find what works for
27 Aug 2020
Hi all, I am a Junior PM at a large AM based in London. Due to several causes, 4 years ago I had to move from my role as a market maker on the sell-side (spent 2 years there) and I made the transition to the buy side earlier than I wanted, hence taking a Junior PM role which I now hold for 2 years. *my background: bachelor degree in Milan, master's degree in London, 2 years as market maker in credit, 2 years as Junior PM. I was wondering whether an MBA (at LBS ?) would speed up my career to advance to PM role. Thoughts welcomed
07 Sep 2020
How're you guys positioning your portfolio? How long/bad do you guys think the downturn will be/last for? While I'm cautious about the market right now, I think this a really good time to pick up some high quality names at discounts. Specifically looking at $FB, $DIS, $BRK.B, $V / $MA. Also may be a good opportunity to pick up some growthy/contested names at much fairer prices...thinking $ROKU $TWTR $SNAP $SDC $CVNA $CSPR
12 Mar 2020
Hi all! I am beyond lucky to have many offers, however, they are all over the place and I don't know what is the best option to pick for my future. I am a finance student - unsure what I want to do! Goldman Sachs PWM - Great name and pretty much double the pay I would be getting at the other opportunities I am listing. Downside, not as meaningful work. JPM - Two opportunities here. One in TCIO and one that is more Accounting. Not as interested in these roles, but great name! Private Equity Firm - A mid size firm, LOVE the people and has a great environment. Not amazing pay though... Is PE
23 Dec 2020
Hello everyone, I will graduate in Summer 2022 - with a B.Sc in Math and a M.Sc in quantitative Finance. I just started to look for a job in portfolio management (all Asset Classes are welcome) in Frankfurt am Main. I just wanted to know if anyone has some suggestions where to apply (I know the 4 big firms with DWS, Deka, Union and AGI, but does somebody know which banks have their PMs in Frankfurt?) or if there are any tips, experiences or really anything that could help me on my way? If someone here has some direct links I'd be more than thrilled to hear from you! I'd say my background is
27 Oct 2021
Hi guys and gals, I've recently graduated from a MsC in finance and I've been working for almost 8 months, initially as a financial risk management consultant and recently as a credit risk consultant for the same consulting firm. I've been offered a job by an important utility Company as a portfolio analyst (hedging, forecasting, risk monitoring etc. for an industrial Power&Gas portfolio). I dream of working in the investment industry (asset management or hedge funds for equity or derivatives) and i'm scared of pigeonholing myself in the utility industry. Do you believe that the skills
19 Oct 2021
For reasons that remain mysterious to me, I have a final-round interview a FoF this week, and I am looking for advice and resources on preparing for it. I have two interviews, one with a MD and the other with a VP, and a third with someone from HR. I also have an excel case study that is meant to test my thought process in an investment situation, but not of my knowledge on investing. While I am a finance major (dog-shit school), I feel like I don't know a lot about finance. I have my series 7/63 and currently work in customer relations for a BD, but I am generally unsure about what I want
17 Oct 2021
Mod Note (Andy): this Q&A is now closed, thanks again to N164 for answering all the q's! I've been in the Asset Management field for 15+ years, started as an i-banker out of undergrad, moved to AM after b-school when the hours got to me (both at target schools). Fundamental, bottom-up equity research. Have been at firms very large (separate accounts + institutional + mutual funds), and now at a small hedge fund. Happy to answer any questions.
16 Nov 2014
Hey guys, Anyone know what the best virtual portfolio software is? I want to build a simulated portfolio and run it similar to the pros by tracking an index, calculating attribution, alpha, tracking error, and etc. Anyone have any recommendations? Thanks Good Virtual Investing System Our users shared a number of suggestions below.
http://www.marketwatch.com/game/. We use it for virtual stock competitions in my school's Investing Club.[quote chicandtoughness]Good old thinkorswim Marketwatch Virtual Stock Exchange is free and easy to use:
28 Feb 2018
Curious about your opinions on the below opportunities for someone whose career goal is to become an investment analyst with his or her own coverage at a prestigious buy-side (Fidelity, Balyasny, BlackRock) in 5-10 years. Which one would you choose? Boutique HF: ~$20B family-style growth equity HF BB research: ER at one of the top shops (GS/MS/JPM) covering a tech-related sector BlackRock FMA/PAG: Could it open the door the BlackRock PMG? BB sales: cash equity sales at one of the top shops Thank you!
02 Nov 2021
If one starts their career as a PM analyst at an elite REPE shop (Blackstone/Carlyle/etc), what kind of exit opps are there? I usually hear of other roles transitioning into PM but not the other way around. Any help is appreciated, thanks!
21 Mar 2019
Earlier this year I had the opportunity to join the portfolio management team at a nonbank asset-based direct lender that specializes in making senior secured loans to middle-market healthcare services companies. They do a lot of term loans and revolvers. This PM team is separate from the originations and underwriting folks and the job seemed pretty focused on reporting and collateral/covenant monitoring duties which wasn't especially appealing to me, to be honest (might be great for work/life balance because of it though). At the time, I didn't feel I understood the role well enough, but I've
04 Sep 2021
Just wanted to gather you guys' opinion as it pertains to the current state of the bond market trend (higher yields/bond market selloff) and future job market within the fixed income investment management industry in the next 2 to 15 years from now. Background: prospective MBA student aspiring to jump start my career in fixed income research/portfolio management in the next 3-4 years. Does a selloff in bonds lead to the downsizing of FI groups? Could the bond market and job market in 1980s be used as a benchmark?
09 Jan 2018
Which programme is better in terms of acquiring a job in Asset Management and consequently in a hedge fund abroad after graduation? Got the offers in all these unis. I am a finance undergrad from Russia, 6 months semi-related work experience (finance, business analysis, marketing management). The programmes are EDHEC MSc Financial Markets, RSM MSc Finance and Investments, NHH (Norwegian School of Economics) MSc Finance, LSE MSc Financial Statistics. Would be very grateful for your advice!!!
07 Apr 2016
"I'm sure every student or practitioner in the world of pro finance has been fascinated by the compounding of interest. Never did I imagine the mathematics of compounding ever being translated into practice. How can compound interest happen at the institutional level? Einstein called it the 8th wonder of the world, and this is coming from the man that invented Physics. Yet, this exponential curve of interest has yet to be made a weapon of choice for a F.I. portfolio manager. Let me explain:
19 Oct 2011
I'll have a test for a PM role at a local retail bank next week. It's mostly about managing the pension funds + some mutual funds and individual portfolios, also the position is related to equities only. I assume the questions would be similar to CFA 1 lvl portfolio management material. Would appreciate if you could share some prep materials with quant/theory questions that I might get asked.
13 Jan 2019
Hey guys, I have recently grown interested in AM -- particularly in portfolio management -- and have been wondering what sort of exit opportunities this industry entails. In my opinion it seems to me that you can do 2-3 years as an analyst for a MUTF then go and get your masters and CFA and move to a larger fund (think PIMCO Total Return) or a hedge fund, am I correct in my assumptions? Or are the exit opportunities less impressive than I assume? Thanks!
04 Nov 2012
Interested to know the insight on what career path this usually leads to or what are some of the exit ops people get into after this? Thank you in advance.
02 Apr 2021
Hello everyone! First post here. I was hoping to get some honest and direct advice on my career goals and aspirations. A little background. I am 34. I have a BS in Accounting and am currently in the middle of a two-year MBA program from a decent business school (think Villanova, University of Texas, Loyola). I made a career change two years ago into Private Wealth Management from medical sales, and took basically an entry-level position to make the change. I have performed well in my position and have made a slight name for myself in my market. I am currently with a large bank (think JPM, Wells, BofA).
09 May 2012
I've wasted enough hours in the day reading this board that it's worth me contributing... I'm a recent PSU grad, solid GPA. Did the F500/regional brokerage internships, went abroad. Networked like a maniac, landed a bunch of F500/retail banking/consulting/anything-except-stripping-but-maybe-yes-if-it-pays gigs. Took a Big 4 Advisory offer (not TAS). Doing well, pretty comfortable.
16 Mar 2011
I am an engineer am starting my second year of MBA this spring. I have been concentrating in Energy Risk Mgmt to transition from engineering and break into S&T in Houston. My dilemma - I can tailor my program to concentrate solely in ERM by taking electives in Energy Futures, Swaps, Options, Derivatives, etc... Though, I have the opportunity to use my electives to manage a $7M investment fund (if my application is accepted). Only 16 students are chosen from all MBAs and MSFins to manage the fund (broken into 4 teams of four).
13 Jan 2011
Hello all, I accepted a position within a bank that is titled portfolio management Summer Analyst and I am trying to figure out what I will be doing on a day to day so that I can start prepping now to crush the internship. Below will be the description given on the application page and I was hoping someone could break it down and explain it to me and hopefully what I could be doing / expected to do and what models I'll be running, etc. Thanks guys. See below. Portfolio Management underwrites and manages the debt capital X commits to its corporate client base. Portfolio Managers work together
31 Oct 2017
Title says it all. I've seen a few large funds have openings for a portfolio management analyst/associate positions (real estate related). Curious as to what the responsibilities of someone in this type of team would do. Is it more strategic allocation of capital into types of assets, markets, risk, and even joint-venturing with smaller local firms, or is it asset level work. What are typical exit ops / career paths for people starting out in this role? Thanks.
12 Nov 2020
Dear Monkeys, Christmas is coming and I would like to give you guys a gift. As I am extremely cheap and there are so many of you, the traditional shiny box just won't do. Therefore, I have something else in mind. I have recently been in contact with Mr. Eric Lasky over at USA Mutuals and he has indicated that Jeff Middleswart, the Portfolio Manager of the Vice Fund, would be happy to sit down for an interview with Wall Street Oasis.
14 Dec 2010
Alright ladies and gents - I've spent the past year trying to figure out my plan, as I'm sure many of you have done. Looking for some guidance as I'm on the fence. I'm focused on spending the next several years in transactions. There are two paths I can take: 1) Lateral into acquisitions and stay put 2) Get REIB experience with a MM bank for a few years, then transition into acquisitions This is a major decision, and I'm not sure which way to go. High level, I think having exposure in REIB would be extremely valuable. But, there are some drawbacks and want to see if you all can help prove
15 Feb 2016
Hi, I am currently in a quite different situation. I've got an offer from BlackRock for an institutional sales position (associate) right out of UG and an Off-cycle internship in a hedge fund managed by a BB. I am rather indecisive, since the offer I got from BR is really good, but my passion (at least at the moment) is portfolio management/hedge fund management. Are there exit opps for AM-Sales? Is it possible, to use the contacts, that you get while working as a sales, to switch on the product side, if I would like to later in my career? Thank you for your help, Best, ;
17 Dec 2019
Hi guys, I recently started at a BB Hedge Fund and I would like to ask for advices from those who work in the portfolio management industry. A little background, I used to work in ER at a BB for 2 years, and recently changed to HF. However, the HF I am in holds a huge amount of stocks (greater than 1000). I am having difficulty to learn about most of them (I previously cover only 3 stocks)... My portfolio manager claims that I dont have to worry about learning about them in detail because since we are so diversified so our holding percentage in any one particular stock is rather limited.... this goes against what I have learned previously in ER in which I make phone calls, interviews, company site visits to companies to learn about them in DETAIL....
23 Jul 2011
Need help to prep for interview with GE Asset Management for High Grade Corporates Trading / Assistant Portfolio Manager seat. I have a couple years in flow trading on credit trading desk at top investment bank directly out of undergrad at an Ivy. First time interviewing for an junior PM + trading role and would really appreciate guidance on a couple points: 1) Typical investment approach and trading style at GE Asset Management (GECC) 2) Typical interview questions for junior PMs at GE Asset (or other similar asset managers) I'm open to any insights or input... it's all welcome feedback. Thanks!
30 Mar 2011
I have an opportunity to do a long term internship at a small stockbroking/portfolio management company in the gap year between my undergrad and masters. Im wondering what role in an IB this would be most relevant too and if its worth going for or looking elsewhere. Only problem is I have a limited amount of companies available to me as I live on a small offshore island. Best I could get elsewhere would probably be a MO role at maybe DB or CS. From my limited knowledge I think it would be closest to sales and trading, which is ideally where I want to be, what do you guys think, worth taking or look elsewhere? Thanks
29 Mar 2011
So I secured an REPE internship this summer at a firm with $10B AUM in two roles PM and IR. I go to a target school in the northeast, am a sophomore, and have a 3.7. A bunch of my friends were able to land sophomore summer internships at big banks, giving them solid footing for junior summer internships. What do you recommend I do to start preparing and standing out for the big bank applications? I feel as though the internship I landed this summer is not that "big" because it is not in Acquisitions (or am I wrong?). Any advice is highly appreciated
05 Feb 2018
I have just finished my freshman year of college and I am looking to get a head start on certifications. I am interested in a career in investments, but more specifically a career as a portfolio manager. I would like to begin studying for the CFA® level one but I do not meet the requirements of four years work experience or an undergrad degree. I am thinking of studying for the CIPM in the meantime, just to hopefully boraden my understanding of investment performance. Should I hold off on the CFA® and begin studying for the CIPM? or are there other options for me to get a head start on my
15 Jul 2015
I often hear that many PM started out in trading or research but most of the whales I know of were traders. Do you guys think that the "market knowledge" vs. fundamental knowledge learned early on produces more famous PMs or are there plenty of PM who started out in research who I do not know about?
03 Dec 2009
How would you pick the stocks that are less highly correlated? High correlation refers to when a stock becomes more correlated with the index in a falling market. Example: Stock ABC has a correlation of 0.4, and stock DCE has also 0.4 correlation coefficient with index X. The market fall more than 10% or so in a given period of time and here the correlation of ABC is 0.6, and of DCE 0.86 Indeed ABC is more desirable than DCE as it protects better the portfolio. Anyone knows about a model that allows us to pick the right stock in such situations?
15 Oct 2012
Hey guys I found this website today on the FT: https://circleup.com/companies/ It was launched by an ex-PE guy, and essentially allows you to invest in early stage companies (I suppose via crowd-sourcing). Would you guys consider investing in these companies, and if so what would your strategy be? Would you guys consider starting a company while working in IB, and if so would you consider using something like this (i.e. crowd-funding) to finance your company? Interested to hear your thoughts. Regards
09 Jun 2014
Hi all, I accepted a job for a large commercial bank (top 6 or so) doing quantitative portfolio management on MBS, mortgages, home equity loans, etc. I spend most of my time valuing whole loan portfolio deals between us and other banks and leading the macroeconomic analysis for our team. Prior to this position I was on the macroeconomics team at a large financial institution (non-bank). I have an MBA from a top-25 or so school (part-time so not much help with career services), have passed CFA level 1 and will be sitting for CFA level 2 in June. My question is how difficult is it for someone
04 Dec 2015
Just wondering where else you/your friends went, if not ER -> ER Analyst -> PM Just being on the buyside ER track would make you very valuable for most funds, would you be able to transition into management, marketing/sales management? I'm talking about coveted roles that will still get you decent pay, etc. please post your experiences
23 May 2011
Hello, fellow primates. This is my first post here after months of just reading. We are a group of three friends from the same university. We have studied and developed some theses and investment models together. We found out that in Brazil, the country we are from (but we are currently studying in Europe), the financial regulatory authority allows the creation of something called a Investment Club. It is very similar to the Investment Clubs that exist in the US or the UK, for example, but with some particular rules that make it more like a fund. Anyways, we believe that it would be a good
09 May 2021
Recently offered a job in portfolio management at a REPE fund (about $1B AUM). It wasn't the original job I applied for but they think I would be a good fit there. From my understanding, once a property is acquired, I would be "managing the investment" (ie. periodically adjusting the models for any new information, changes in assumptions, etc.). It all sounds good on paper, I guess I am wondering if there is anything I should consider before accepting this position? I come from a different industry/career, so this would allow me to break into Real Estate Finance, something I am genuinely
27 Apr 2016
Dear All, I'm wondering if someone can give me some advice/insight. I've begun moving investments into Gilts and so far have been using Barclays as an intermediary to purchase the UK Gov debt. However - I'm wondering what would happen to my bonds if we ever saw another '08 style event and Barcs went under, as google is showing mixed opinions. I fear my assets being tied up with Barcs if they folded, making the reason for buying the bonds kind of mute. I've looked at buying direct from the DMO but it's quite a long process and they charge comms of £35 and you can't place limits, but rather get
11 Dec 2018
I have written before about my worries and fears regarding the future of American pensions. I am neither unique, nor first to the party with said sentiment. Everybody is watching the Titanic cruise towards the iceberg and nobody can do a damn thing to stop it. Much like the captain of that famed ship, we refuse to try to steer away from trouble or even recognize what lies ahead. Roger Lowenstein's "While America Aged" remains a book every last one of you should read. I bring it up every now and again, when I hear stories like this one. I don't know whether to laugh or whether to cry. The only
05 Jul 2011
I was wondering if anybody knows who are some of the most sophisticated players in the Family Office space. My dream job would be running my own family office (I'm not sure you can even call that a job) and I was wondering if there were any good examples of particularly sophisticated family offices out there. Off the top of my head I can think of the Bass brothers back in the day but I was wondering if you guys knew of any other people who mostly manage their own capital with a sophisticated strategy, particularly global macro. Also, how would you go about getting a job at one of these places
09 Nov 2010
Monkeys, Here is the situation. I am at at top 3 brokerage doing portfolio management of assets and have been trying to get into the deal side of CRE for the last couple of months. Good traction, but no offers. Now, there is an opportunity at a BB doing the SAME role that I currently do now. Yes, it is not on the deal side, but it is at a tier 1 global bank. I will be interviewing in person shortly and want to know what your guys' thoughts are. Would you take a position at a dream company doing the same work? Maybe leverage that experience and lateral to production/origination/REPE within the
03 Jul 2019
I have an interview for a BB in their PWM business for a portfolio construction analyst role. It's entry level for a team within the division. Won't be part of an advising team, but an internal team that helps advisers with asset allocation, quant analyses, manager selection, creating reports, etc. Apparently also very client facing. Anyone have any experience to the kind of questions I should expect?? George
01 Apr 2016