With the growth of the investment management industry, there are increasing opportunities for those looking to enter the field in entry level roles. However, competition is fierce as top firms only hire the best talent. By understanding the skills needed, strategizing your job search, and interview preparation, new graduates and career switchers can improve their chances of landing their first investment management job. This article will provide actionable tips on applying, resume and interview best practices when seeking entry level investment roles at asset management or investment banking firms.
To start, it’s important to gain relevant skills and experiences in college. Coursework in finance, accounting, economics, data analysis, portfolio modeling and valuations will build an essential knowledge base. Meanwhile, pursuing internships in related areas like wealth management, equity research, FP&A, etc. develops hands-on abilities. Leadership in finance clubs also helps demonstrate passion. Equally useful but often overlooked is learning programming languages like Python and R which are increasingly valued in asset management.
Target internships to gain core experience
The easiest way to break into investment management is through college internship programs. Large asset managers and investment banks hire thousands of interns each year from target schools. While grades are important, demonstrating genuine interest and securing referrals from alumni at the firm are often key. With many applications per opening, being proactive in networking is essential.
Once hired as an intern, be a sponge in absorbing the inner workings of investment management. Ask thoughtful questions, seek stretch assignments, and build strong relationships with colleagues. A full-time offer depends on the quality of your contributions. Many firms use intern conversions as their main campus hiring pipeline.
Craft a compelling, achievement-focused resume
Resume screening is often the first hurdle to clear. Tailor your resume by mirroring the required skills and experiences outlined in the job description. Quantify achievements with numbers and facts. For example, instead of merely listing a fundraising role, specify the amount raised through an innovative social media campaign. This convinces the reviewer of your abilities.
Also customize your resume by firm. What Fidelity or BlackRock looks for may differ from boutique wealth managers. Cater to their needs by highlighting different facets of your background. This focused approach improves your candidacy versus a generic resume.
Prepare for technical finance and markets questions
The interview process typically starts with a screening call, followed by 1-3 rounds including case studies, technical questions, behavioral prompts and stock pitches. Be ready to discuss markets, news, valuation methodologies, ratio analysis, and financial statement modeling. Solid accounting, corporate finance, economics and data interpretation skills are vital. Know the firm’s investment philosophy and be able to articulate how you fit in terms of skills, values and work ethic.
Show passion and interest in investing
While you may lack direct experience, demonstrating genuine passion and interest investing goes a long way. Come equipped with thoughtful questions about the firm’s culture, investment approach and growth opportunities. Discuss news and trends shaping markets. Ask how they navigated turbulent periods like the 2008 financial crisis or pandemic volatility. This intellectual curiosity is valued.
Differentiate yourself with programming, data and analytical skills
With vast data available today, programming and data analytics are increasingly crucial in investment management. Experience with Python, R, MATLAB, C++ and other languages is a strong plus. Showcase how you have used data and modeling to uncover insights and make informed decisions. This quantitative ability combined with a solid grasp of investing basics can help you stand out.
By starting early and being strategic in gaining relevant skills and experiences, new graduates and career switchers can successfully land entry level roles in the competitive investment management field. Keep skills sharp, customize your candidacy, and demonstrate genuine passion and interest when seeking positions at leading asset management and investment banking firms.