Hey guys, This might sound like a stupid question…but if I wanted to become a PM, wouldn’t it be better to do equity research then move into a PM position? How about if I started straight as a Junior PM - wouldn’t I be missing all the fundamental analytical skills? Or do the two jobs require/develop different skill sets? Thanks!
Are these two offers you’re considering? Because both are hard to get into when starting right out…although not impossible.
Yep two offers - junior positions though.
Would need to know more about the junior PM position. That can mean a lot of different things.
I think the job descriptions and shops will be key here. If its a reputable shop and you actually have a say in how capital gets put to work, I would imagine the PM role would be a better place to start, given your end-goal. Although, thats just a guess; I could be completely wrong.
ya, i’d like to see the job descriptions as well as a Jr. PM role can sometimes be very admin intense where ER generally you know what you’re getting into…but both descriptions would be helpful…
Thanks guys - I don’t want to post the full spec here as I’m sure it can easily be linked back to the employers. I think it’s a reputable house. It basically involves talking with issuers and research with the view of having some sort of input to the portfolio. Hedging/revewing positions and looking at the current investment process and systems. The ER role is typically what you expect - sector specific focusing on number crunching etc…
The roles are based in NY so that’ll be a plus for me. To be honest, I don’t know how much a junior PM is able to contribute to investment decisions. I guess it’ll be a couple of years of learning the ropes. But I’m just thinking would those couple of years be better off in ER? Thanks again.
Junior PM all the way!
knowing what you’ve posted here, which isn’t much info, i’d lean towards jr. pm. the area i caution is ensure you’re learning the fundamentals properly (like you would in ER). I would question them on the career path they see for a jr. pm and the actual tasks you will do each step of the way to ensure you’re building a solid skill set. All that said, likely jr. pm is your option.
I think it depends how strong the ER team is. If they are really good, you will be talking with many of the top buy-side shops.
Thanks guys for your input 
much appreciated.
I think these positions are on the buy-side. PM roles are on the buy-side. If the equity research role, is on the buy-side, I would go with the ER. I’m always wary of “titles” that sound good. What the heck is a junior PM? Either you’re a PM who makes decisions or not.
Titles are free…always remember that.
Yeah, since it appears you’re talking about entry-level roles, I’m slightly wary of a “junior PM” position that is available to someone with no experience. I work at a large buy side shop and while concept of junior PM doesn’t even exist here (at least in my group), if it did it certainly wouldn’t be accesible to entry-level candidates. That’s what makes me think it could be more like what is often called a portfolio management associate / assistant, which tends to be slightly more operational in nature but is stilll a very cool job. It sounds like this role will be involved in the investment decision process, which is good, but this part: “Hedging/revewing positions and looking at the current investment process and systems” could be a bit administrative. I’m also partially biased because 1) i’m in buy side research and 2) at my shop the only way to make PM is to rise up through the ranks in research.
Big Nodge Wrote: ------------------------------------------------------- > Yeah, since it appears you’re talking about > entry-level roles, I’m slightly wary of a “junior > PM” position that is available to someone with no > experience. I work at a large buy side shop and > while concept of junior PM doesn’t even exist here > (at least in my group), if it did it certainly > wouldn’t be accesible to entry-level candidates. > That’s what makes me think it could be more like > what is often called a portfolio management > associate / assistant, which tends to be slightly > more operational in nature but is stilll a very > cool job. > > It sounds like this role will be involved in the > investment decision process, which is good, but > this part: “Hedging/revewing positions and looking > at the current investment process and systems” > could be a bit administrative. > > I’m also partially biased because 1) i’m in buy > side research and 2) at my shop the only way to > make PM is to rise up through the ranks in > research. How boring! I want instant gratification!
Be careful with the junior PM job postings. I have noticed a couple of the larger brokerage houses giving their retail brokers the title of PM in order to fluff up their status in the clients eyes. The junior “PM” role is the guy that gets the “PM” coffee, files paperwork, cold calls off of call lists, etc…
recentcornellgrad Wrote: ------------------------------------------------------- > Titles are free…always remember that. Always check the job description, titles are very inaccurate. I can change my title to “level 84 holy samurai” and I’ll still be doing equity research.
spud99 Wrote: ------------------------------------------------------- > Hey guys, > > This might sound like a stupid question…but if I > wanted to become a PM, wouldn’t it be better to do > equity research then move into a PM position? How > about if I started straight as a Junior PM - > wouldn’t I be missing all the fundamental > analytical skills? Or do the two jobs > require/develop different skill sets? > > Thanks! A fine question, I think I have good insight into this. I recently completed a two year analyst program for a large buy-side shop. I was in a class of 8, and you were either one of two roles, a research analyst or a Jr. PM/bond trader (everyone in my class was on the fixed-income side). I was on the research side and it definitely was good experience in many different ways, however, if I wanted to jump into a PM spot I would say with out a doubt the associates on the trading desk would have an huge advantage. With that said, I may not know how to execute a trade, but I probably would be way better at breaking down a 10-K, or modeling cash flows. So I would agree with your comment on the fundamentals. being a research analysts give you that. I would say however, that I have a much more universal background. I can apply what I’ve learned to other areas of finance easier-- I actually just accepted a job in a very rigorous banking program that’s all classroom training. almost everyone in this banking program has experience in banking/underwriting, however in my interviews they were very impressed with my analyitical ability (they had us do a case study) and thought my finance chops were strong enough to hang with these experienced bankers. So in response to your question on skill sets, i’d say yes they requre different skill sets. You get more fundamentals in research but with the CFA you get pretty good fundamentals there anyway:)
As a Jr PM ( with the job description you posted) it smells like you going to be working with a retail broker who has a HNW clientel and does discretionary management. Be aware that the role could be as a data gatherer/sorter/distiller with investment decisions made by some one else. Good growth potential I am sure but once in retail it is HARD to get out.