Asset Management - Getting in

I’ve been looking to get my foot in the door with some of the large asset management firms around here. While I currently work in Structured Finance, most of the opportunities I was being shown involved compliance. Not wanting to take a step in the wrong direction, I kept searching for better positions. What types of positions should a person with 3-4 years of experience in structured finance, or a similar industry, expect to compete for at a large asset management firm? I do not have an MBA and am currently a CFA Level II Candidate. I would hate to pass up an opportunity if I’m waiting for a position they wouldn’t use me to fill. Thanks in advance

what’s your job title in structured finance?

Senior Associate.

A fixed income product development group would probably welcome you. You would be designing new strategies based on specific client and market demands. It’s not a desk job.

Danteshek Wrote: ------------------------------------------------------- > A fixed income product development group would > probably welcome you. You would be designing new > strategies based on specific client and market > demands. It’s not a desk job. Thank you for the response, Dante. The position they’ve presented me with has the following responsibilities: * work in conjunction with portfolio managers, product managers, account managers, operations/IMS, legal counsel (internal and external), finance, trustees, fund administrators, auditors, technology, and investment banks to evaluate unique and complicated opportunities (structured products, private funds), assist with deal execution, and ensure proper support and maintenance of deals. * facilitate the execution process by gathering background information on new/existing deals, highlighting business management/operational issues that need to be resolved and working with constituents to move the deal forward. * responsible for generating various reports for firm wide distribution. The Associate will oversee several projects to ensure the firm’s infrastructure can adequately support the business.

Looks good to me. Seems like you would have plenty of visibility across the firm.

Danteshek Wrote: ------------------------------------------------------- > Looks good to me. Seems like you would have > plenty of visibility across the firm. Thanks, Dante. I’m planning on letting them know I want to proceed tomorrow. The internal recruiter and the manager thought I’d be a good fit, so hopefully my interview doesn’t change their opinion. :slight_smile:

Hey buddy. The job market is pretty efficient I’d say. If you’re a good fit for something they will find you eventually. If you want message me offline at Danteshek at gmail. I’m curious as to which firm it is. I’m looking for client service/marketing roles… something with a bit more client contact that my current role.

MeddlingKids, what do you do in structured finance? Do you analyze securities? Are you a pricing or accounting person? Trading assistant? It’s hard to evaluate the job opportunity you mentioned without knowing.

cfa2grunt Wrote: ------------------------------------------------------- > MeddlingKids, what do you do in structured > finance? Do you analyze securities? Are you a > pricing or accounting person? Trading assistant? > It’s hard to evaluate the job opportunity you > mentioned without knowing. Hi CFA2Grunt, I actually work for an advisory group within one of the Big4 accounting firms. Our group works with the investment banks, on behalf of our clients, checking over their collateral, cash flow waterfall, and other bond analytics prior to issuance. Personally, I work more on the collateral side, but have also been doing some simple CLO/CDO cash flow waterfall modeling, and am scheduled to get into the full modeling duties in March. I have also done a number of projects evaluating client security portfolios, evaluating the portfolio risk and pricing various securities (asset backed CP, corporate CP, etc.). The group is fun to work in, and the people are awesome. But, I keep getting pushed into regulatory advisory engagements when things slow down (which it certainly has). The last thing I want is to have a bunch of Reg AB experience on my resume.

Apparently the company has to advertise the position internally before they allow outside candidates consideration. But he sent me another position he thinks I am a good fit for. Unfortunately, its a deal manager role. I would essentially be a project manager, making sure all the deals are moving along as scheduled. It doesn’t really seem like a good opportunity to start progressing toward my eventual goal of being a portfolio manager. What do you guys think? Get in the door, or hold out for better experience?

Hey. Have you really thought about your goal of being a portfolio manager? Or did you convince yourself of it because you thought it would be cool? I tell you one thing: if you go to an interview at an asset manager with no experience in the industry and say you want to be a PM, people might think you’re kinda full of yourself. If that truly is your goal, keep it to yourself until you’ve built a shred of credibility.

Hmm… If your goal is to eventually become a PM, I’m not sure the position you mentioned above (where you outlined the responsibilities) would get you closer. Though it may be a step up in your current path. Danteshek is right, though. Mentioning your desire to be a PM when you haven’t yet broken into asset management is to be avoided. The avenue I can see you pursuing in AM is to try to be an entry-level research associate/assistant. Though your experience with CDO/CLO modeling is good, you wouldn’t probably be brought in at the analyst level. When interviewing for a research associate role, best to just emphasize your modeling experience and desire to learn how to make investment recommendations and get into an analyst role. If you are set on asset management, I think it might be worthwhile to stay where you are and get more modeling experience in March. Better to stay on and get the modeling experience where you are if you hope to get something AM-oriented soon. But are you worried that you’ll get stuck with Reg AB stuff even after March? If so, the job you’re looking at might be a good bet (though it may not help you get into AM much faster).

Danteshek Wrote: ------------------------------------------------------- > Hey. Have you really thought about your goal of > being a portfolio manager? Or did you convince > yourself of it because you thought it would be > cool? I tell you one thing: if you go to an > interview at an asset manager with no experience > in the industry and say you want to be a PM, > people might think you’re kinda full of yourself. > If that truly is your goal, keep it to yourself > until you’ve built a shred of credibility. I’m not saying I have the experience to be a Portfolio Manager any time soon. But, I want to make sure I’m not wasting the recruiter’s time by misleading him. The guy has suggested a few positions that he has admitted wouldn’t really give me the chance to acquire the experience one would require of a person eventually trying to become a portfolio manager. Now that he knows what I’m looking for, and I’m only looking for something ALONG that path, not near the end of it, he can filter the positions he considers me for. Being honest with recruiters can give me more feedback as to what it takes to get a shot in this line of work. If I’m hearing I’d have to work in a mostly non-related position for three years just to get my foot in the door, then it would be wiser for me to just get my MBA and re-visit it thereafter. I understand where you’re coming from. But, when a recruiter asks me where I want to be eventually, I’m not going to respond, “Eh, you know…wherever.” I sure as hell wouldn’t hire somebody with no direction or purpose.

cfa2grunt Wrote: ------------------------------------------------------- > Hmm… If your goal is to eventually become a PM, > I’m not sure the position you mentioned above > (where you outlined the responsibilities) would > get you closer. Though it may be a step up in > your current path. > > Danteshek is right, though. Mentioning your > desire to be a PM when you haven’t yet broken into > asset management is to be avoided. The avenue I > can see you pursuing in AM is to try to be an > entry-level research associate/assistant. Though > your experience with CDO/CLO modeling is good, you > wouldn’t probably be brought in at the analyst > level. When interviewing for a research associate > role, best to just emphasize your modeling > experience and desire to learn how to make > investment recommendations and get into an analyst > role. > > If you are set on asset management, I think it > might be worthwhile to stay where you are and get > more modeling experience in March. Better to stay > on and get the modeling experience where you are > if you hope to get something AM-oriented soon. > But are you worried that you’ll get stuck with Reg > AB stuff even after March? If so, the job you’re > looking at might be a good bet (though it may not > help you get into AM much faster). Thank you for the feedback. I’m hoping the Reg AB work will be behind me in April, but I can’t be sure. If chargeable work in our group is hard to come by, there’s no telling what projects they might put me on to keep me utilized. I understand what you guys are saying about the PM comments. The last thing I want to do is sound like a six year old kid saying he wants to be a pro baseball player.