krnguy228 wrote:
I was wondering if anyone here works in or knows the investment management industry well?
I have a few questions below that I was wondering about. I apologize in advance if these have been answered in another past thread.
1) How open is the Investment Management industry to career switchers with no previous Finance background, no CFA progress, etc.?
2) Is there a heirarchy for how difficult it is to get into different firms? i.e. are Hedge Funds much more difficult to crack than Mutual Funds and large Asset Management firms like Capital Group/PIMCO? Is the selectivity during recruiting more a factor of assets under management than it is fund structure?
3) What are the differences in work environment, career progression, compensation between a) mutual funds / asset managers, b) hedge funds, and c) fund of funds?
4) What personality types and kinds of people thrive in this industry and really do well over the long-term?
5) What is investment management like if you're in the IM division of a big bank?
6) I realize how difficult it is to break into the industry without prior experience, however could someone provide advice in getting an internship? Specifically an internship in investment management or as a stepping stone to break into the industry?
Anyone who can answer any of these questions -- feel free to chime in or PM me. Also, feel free to post any web links or documents you think may help me understand this industry.
Thanks in advance!!
1) Somewhat open, but more difficult than for IB and MC.
2) For the few large HFs that recruit MBAs, very, very difficult. For blue-chip mutual funds, e.g. Cap Group, PIMCO, also very difficult. The largest firms have only a few open spots, and there are dozens of students at each of the best business schools that all want that spot.
3) MF (compared to HF) in general will be a more stable career, possibly less hours, a little less "pay for performance",
4) Independent thinkers, true passion for the business, e.g. you'd be doing this job for free
5) Don't know if it's that much different than an independent IM shop
6) Read, read, read (and please don't read Cramer as was suggested), CFA program, follow stocks (read 10-Ks), etc. If on-campus recruiting doesn't yield results, network like crazy. There are a LOT of small firms out there that would be great places to work, you just need to to find them.