Hoping some current students or recent graduates can chime in here. Also would love to hear from any current or aspiring IMer's! So, I'm looking to get into IM post-MBA. I'm working on my CFA (Level II Candidate sitting in June), and will be attending either NYU or Columbia (if admitted - fingers crossed!). I currently work in Sales & Trading (Fixed Income). I don't mind taking a 2-3 year route to get into the industry, but I'd like to have a good idea of common/feasible paths. Aside from the obvious direct transition into a junior PM or equivalent role, what do you believe are the most common feeders into the IM industry? Research comes to mind first and foremost - but what about IBanking? Are there specific IB positions that are looked on more favorably? My main concern is that recruiting is going to come quickly my first semester, and I hear nightmare stories about IB recruiting. Can I reasonably expect to be able to interview for Research (Equities or FI), IB, AND IM roles? I want to hit the ground running, as I think landing a great internship will really help me get where I want to be. I'm sure there's lots of questions I'm forgetting, but I hope someone can lend some valuable insight into the industry - I don't see it talked about here much. Thanks in advance,

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Best Route to Investment Management?

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msbroker

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Schools: Yale - Class of 2014

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23 Apr 2010, 10:06

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gkumar

Great posts, especially 3underscore, msbroker, and cougarblue! Could you provide insights about getting into fixed-income research and strategy positions?

gkumar, I'm not sure exactly the process for getting into these roles. I think you need to be a bit lucky in terms of timing as to when a position on one of these teams open up. The reason, quite simply is that there just aren't too many. Just using the strategists at my bank as a proxy...we have investment grade strategy, high yield strategy, and structured credit strategy. The dude running IG runs a team of 4 people, he was recruited on the team from cbs a few years ago, another associate recruited undergrad from yale. There is one chick running high yield, she was recuited out of undergrad onto the IG team like 5yrs ago, last year became HY strat...structured credit run by another guy from columbia with comp sci background, again runs team of 4. There is also an "analytics" team. Analyze paper in IG, HY, and distressed...run by a chick from HBS, i know there is an associate recruited undergrad from gtown a few yrs ago. Group of like 8 or 9.

Again, I don't really know how you get on these...just using what I know as a proxy. I think I recall seeing some posts on the cfa job board for a position on one of the other banks desks. But as you can see, it is not like ibanking where they recruit a whole slew of associates. My guess is that you would get on the trading desks, then transition to this role...unless you are really lucky and get recruited when they are in need of another person. but i don't know for sure and this is just a hunch.

msbroker

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Schools: Yale - Class of 2014

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Schools: Yale - Class of 2014

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Kudos: 12

23 Apr 2010, 10:07

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msbroker

gkumar

Great posts, especially 3underscore, msbroker, and cougarblue! Could you provide insights about getting into fixed-income research and strategy positions?

oh yea this is just for US...we have euro and asia pacific strategists, but don't know them.

futurestrategist

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23 Apr 2010, 10:10

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msbroker

gkumar

Great posts, especially 3underscore, msbroker, and cougarblue! Could you provide insights about getting into fixed-income research and strategy positions?

msbroker, thanks for the follow up. I wasn't sure myself on what the entry points would be. It looks like it's a mix: cfa, ugrad, mbas, and transfers from trading. And after talking with some people from Stern and CBS, I agree with you that the supply of strategy/research roles are quite limited and hence adhoc/competitive.

randomwalk

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Schools: Haas '16 (D) Sloan '16 (D) Kellogg MMM '16 (D) Booth '16 (D) Tuck '16 (WL) CBS '16 (D)

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22 Jun 2010, 03:46

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Time to bump this thread back up again. This thread is a great resource for all the IM/HF wannabes out there. Kudos to all the contributors.

I don’t have the traditional IB or research experience that was suggested earlier in the thread as an entry point into IMs. I have a quantitative background in finance with an MFE and i implement financial models in a BB IB. I invest in stocks regularly and have a L1 CFA. The role of a portfolio analyst/ portfolio strategist at an IM looks attractive for me.
I must admit I am a bit naive about the IM industry, the kind of skills that is prevalently put to test, the kind of backgrounds recruiters look for/prefer and such. I would really appreciate if you guys could help me figure out if my background in quantitative finance could serve as a potential entry point for a portfolio analyst/strategist.
Thanks in advance for the insights.

hemantdujari

Joined: 29 Jul 2010

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29 Jul 2010, 11:00

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Hello

I seek the help of you guys in having a greater of making an entry into IM

I am an MBA from the topmost Management Institute of India, namely Indian Institute of Management, Ahmedabad and currently working as a Business Analyst with Cognizant. I am primarily involved in the Systems end of Fund Performance Calculation and have a decent undertsanding of the way a Fund Performance is calculated.

I was keen to move into the IM but because of terrible job scenario in 2009, couldnt manage a front end job in the Industry. I am not sure if a back end task of maintaining models or just supporting the analysts with research reports would help me in attaining my goal of moving into Fund Management.

I seek your advice on how to proceed further to enhance my chances of getting into IM, should i go for CFA and try an entry level job in US, get a back end job in India and then do CFA and try to move into proper decision making roles or try for an MBA from a US B School and hope for a break in this sector.

What are the chances for a guy with all IT experience to break into IM firm after getting a degree from top 20 US B School ?

I expect to hear from the members of this forum. Thanks a lot !!

3underscore

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02 Aug 2010, 11:20

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First, it is unlikely you can get an MBA in the US having already done one in India. Not impossible (I think the rules are continent based), but it will be unlikely, especially at a top school.

Outside of that, I wouldn't blame the economy for not getting a job in IM. It is tough, but if you want it enough it will probably happen (I was inches from being offered an IM position in 2009 but accepted my current job instead). Even now, if you want it enough you should network to make it possible.

Do start your CFA - you need to appear interested and it is an industry standard (for better or worse). The move to the US versus India is really tricky; I doubt anyone would recruit you for an entry level IM role in the US as the visa situation would be a nightmare.

sj0509

Joined: 29 Sep 2009

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02 Aug 2010, 22:26

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Hi All,

Great thread ! And some cool discussions here !

Someone asked a question a few posts above, about the second rung schools for IM after Wharton, Chicago, & Columbia. That's a burning question for me too ...

I am planning to apply to Columbia, NYU (reapplicant-waitlisted-2010), Duke, Cornell and Tepper/Darden. I am interested in IM, and am wondering if this list makes sense. How are these last 4 schools rated for IM, in terms of education / faculty, and eventually the Internship/final placement figures.

hemantdujari

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02 Aug 2010, 22:34

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Thanks a lot 3underscore !!

As for Visa, my H1B is currently under process (thanks to the firm I am working with). I hope that it will be cleared. In case, it does do you see chances of getting an entry level job if I clear say level 2 next june (jun - 2011)

What do you think about taking a job in the back end of these big firms. Would it make any diff if i move from primarily IT and Ops side to the back end tasks of these firms.

I dint get the point of not getting an MBA from a top US B School. Are there any restriction for the same ?? I know a lot of my seniors have made it to topmost schools over there.

Thanks

3underscore

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03 Aug 2010, 07:52

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My point was you already have an MBA. I still remain unconvinced in the point or possibility of doing two of them.

I am not sure the ability to move from Ops or Back office in an IM environment is anywhere near as likely as in a major bank for trading. The skills and style are very different. I know people who couldn't move from being an execution trader to becoming a decision maker.

I am also uncertain as to how transfering your H1B would work to another firm doing a different role. As a recruiter, it would give me concern of a hassle - you have to contend with that. The entry level job as a career switch is a grey area no doubt, but not impossible. The CFA shows an interest, though passing levels 1 & 2 has a significant amount of work involved.

futurestrategist

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03 Aug 2010, 08:19

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Maybe you should consider an MSFE or MSCF instead. They are geared for technical folks who want to be in the front office in a research/modelling role.