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Table of C ontents
Introduction 1
History............................................................................................................................. 3
Investment Management vs. Investment Banking............................................................... 11
THE Scoop 15
Chapter 1: Buy-side vs. Sell-side 17
Jobs on the Sell-side....................................................................................................... 17
Jobs on the Buy-side....................................................................................................... 18
Compensation................................................................................................................. 22
Chapter 2: Investment Styles 23
The Drive for Diversification.............................................................................................. 23
Types of Security............................................................................................................. 23
Risk Characteristics of Investments................................................................................... 24
Types of Bonds and Their Risk Profiles ............................................................................. 27
Alpha vs. Beta and Exotic Beta......................................................................................... 29
Risk Analytics................................................................................................................. 30
Portfolio Construction...................................................................................................... 32
How Is This Relevant to My Job Search?............................................................................ 33
Chapter 3: Financial Research Breakdown 35
Research Styles............................................................................................................... 35
Capital Structure: Equity vs. Fixed Income........................................................................ 36
Research Roles: Traditional vs. Alternative Asset Managers................................................. 37
Chapter 4: The Clients of Asset Managers 39
Retail Funds................................................................................................................... 39
Institutional Investors...................................................................................................... 40
High Net Worth .............................................................................................................. 41
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Vault Career Guide to Investment Management, European Edition
Table of Contents
Getting Hired 45
Chapter 5: Targeting Your Job Search 47
Getting the Interview........................................................................................................47
Preparing for the Interview................................................................................................48
What They Want...............................................................................................................56
Where Do You Fit?............................................................................................................56
Chapter 6: Who Are the Asset Management Employers? 57
A Basic Breakdown: Large Generalist Firms vs. Specialist Firms...........................................57
A Closer Look: Hiring Process Pros and Cons......................................................................58
Is This Firm Right for Me?.................................................................................................61
On the Job 63
Chapter 7: Portfolio Management 65
The Three Segments.........................................................................................................65
Senior Portfolio Manager...................................................................................................66
Associate Portfolio Manager...............................................................................................67
Portfolio Manager Analyst..................................................................................................67
Portfolio Implementers......................................................................................................69
Chapter 8: Investment Research 71
Senior Research Analyst....................................................................................................71
Investment Research Associate-Analyst..............................................................................72
Investment Research Associate..........................................................................................73
Alternative Entry Points.....................................................................................................74
Chapter 9: Marketing/Sales and Operations 75
Account and Product Managers.........................................................................................75
Product Management Associates........................................................................................76
Account Management Associates.......................................................................................76
Marketing Specialists........................................................................................................76
Business Analyst..............................................................................................................77
Risk Analyst.....................................................................................................................77
Systems Developer............................................................................................................78
viii © 2014 Vault.com, Inc.
Vault Career Guide to Investment Management, European Edition
Table of Contents
Chapter 10: Days in the Life 79
Investment Analyst at Baillie Gifford..................................................................................79
Investment Analyst at BlackRock.......................................................................................81
European Sales and Marketing Graduate at Fidelity Worldwide Investment............................83
Investment Graduate, M&G Investment Management Ltd.....................................................85
Commercial Management Graduate, M&G Investment Management Ltd.................................88
Analyst at Schroders......................................................................................................... 90
Analyst at Schroders.........................................................................................................92
APPENDIX 95
Glossary 97
Glossary of Terms.............................................................................................................97
Valuing a Company 99
Ratio Analysis..................................................................................................................99
Discounted Cash Flow (DCF) Analysis...............................................................................100
About the Authors 103
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