Hi all How would an associate-level position in manager research (across a variety of asset classes) compare to ER? Studying managers’ investment strategies sounds cool, but I don’t know a lot about how the rest of the daily work, the exit opportunities and so on would stack up. Thanks, TG
Prob only 1/3 to 1/2 the pay and limited upside. Much better at a hedge fund of fund but unless your top tier and have access to top managers your fighting for your life. ER wins hands down by all measures except there is more stress. Day 9:00am - get into office and go through all the spam from marketers 9:30am - get call from an investment management firm cold calling and pitching their product 10:00am - prepare for meeting 11:00am - meeting and hearing a pitch Noon - lunch with a marketer and get pitched 1:00pm - write up of prior meeting 3:00pm - Go through next set of products you have to analyze 4:00pm - phone call with client to review latest product 5:00pm - leave and go on AF and start a thread on how to break into ER
And those pitches all sound the same. I’d really love for someone to say “we invest in low-quality companies with lots of debt, incompetent management teams, and trading at unjustifiable valuations. Cash flow is irrelevant to us. We’re also exceedingly impatient and exit a position in a heartbeat if it doens’t go our way.”
So what if I want to be the person who researches the person who researchers the managers? Is there an associate level position for that?
+1 BiPolar That is exactly how the days go.
They are 2 different beasts . There is plenty of information out there on both .
BiPolarBoyBoston Wrote: ------------------------------------------------------- > Prob only 1/3 to 1/2 the pay and limited upside. > Much better at a hedge fund of fund but unless > your top tier and have access to top managers your > fighting for your life. ER wins hands down by all > measures except there is more stress. > > Day > > 9:00am - get into office and go through all the > spam from marketers > 9:30am - get call from an investment management > firm cold calling and pitching their product > 10:00am - prepare for meeting > 11:00am - meeting and hearing a pitch > Noon - lunch with a marketer and get pitched > 1:00pm - write up of prior meeting > 3:00pm - Go through next set of products you have > to analyze > 4:00pm - phone call with client to review latest > product > 5:00pm - leave and go on AF and start a thread on > how to break into ER You make investment decisions based on 1-hour meetings? Scary…
iheartiheartmath Wrote: ------------------------------------------------------- > > You make investment decisions based on 1-hour > meetings? Scary… I think bipolar works at a consultant, so he actually doesn’t make any investment decisions, just makes recommendations. At least, that is my understanding. To the OP: manager research is a lot different than ER. I think the term is usually used for consultants, although it could fit FoF people as well. It could be sweet or suck depending what the job is. For example: if it is at a consultant it will prob suck. They are churn and burn places, everyone looking to get out. If it is with a go anywhere FoF it could be interesting since “manager research” is just one component of what you do: it is also very important to have a macro view and an idea of how to implement it. If you need CFA experience and have not other relevant experience manager research may be a foot in the door to the investment community, even if it is at a consultant.
Thanks for the help, guys. I’m presently already in ER so I already have my foot through the front-office door - not desperate for CFAI-accepted experience. It sounds like asset consulting work tends to involve “ticking the box” and listening to lame sales pitches, whereas with a FoF you at least put your money where your mouth is?
thoughtfulone Wrote: ------------------------------------------------------- > Thanks for the help, guys. I’m presently already > in ER so I already have my foot through the > front-office door - not desperate for > CFAI-accepted experience. It sounds like asset > consulting work tends to involve “ticking the box” > and listening to lame sales pitches, whereas with > a FoF you at least put your money where your mouth > is? Put who’s money where your mouth is? Not yours…clients money I worked at a FoF previously. Employees including executives accounted for less than 0.5% of AUM. Not going to disclose AUM so if you reverse engineer it, you can’t arrive at the AUM. I’d put it at less than a million EASY. Stay in ER FoF is a dead end.
^that’s a small FoF shop… $200M
I don’t think you read my post. “Not going to disclose AUM so if you reverse engineer it, you can’t arrive at the AUM” I threw a random % out there. “less than 0.5%” If I actually tell you the AUM you would know the name of the firm. Its not a small FoF shop
lol…i tried. So would you say they are greater than 0.1%? haha