Manager Selection - is my career salvageable?
Hello WSO,
I currently work in manager selection for a large asset manager. The job title is portfolio manager but more accurate would be assistant portfolio manager, paired with a senior and overseeing a hedge fund portfolio of ~10 managers. My question is what's everyone's take of this role? I am almost 32 and kind of thinking my career is basically over since I haven't managed to land a direct PM role. Are there stories of anyone pivoting from this role to something with good prospects?
Based on the most helpful WSO content, it's important to recognize that careers in finance, especially in asset management and hedge funds, can take many paths, and 32 is certainly not too late to pivot or advance. Here are a few points to consider:
Leverage Your Experience: Your current role as an assistant portfolio manager overseeing a hedge fund portfolio is substantial. This experience can be very attractive to potential employers, as it shows you have a solid understanding of manager selection and portfolio oversight.
Networking: Utilize your current network and actively expand it. Networking is crucial in the finance industry. Connect with other professionals in direct PM roles, attend industry conferences, or participate in relevant webinars and workshops. This can open up opportunities and provide insights into making a successful transition.
Skill Enhancement: Consider enhancing your skills through further certifications or courses (like CFA, if not already obtained). These can increase your marketability and show your commitment to your career progression.
Internal Opportunities: Look for opportunities within your current organization to take on more responsibilities or to shift towards more direct portfolio management roles. Expressing your career aspirations to your superiors can make them consider you for upcoming opportunities.
Consider a Mentor: Having a mentor in the industry who has navigated similar transitions can provide invaluable guidance and advice.
Remember, many professionals in the finance sector have successfully pivoted their careers at various stages. Your journey is unique, and with strategic planning and networking, you can position yourself for the roles you aspire to.
Sources: Mid-career move or did I ruin my Life?, F*d up my career badly and depressed - need advice, I feel like a Failure, Seeking Advice - How to recover from being kicked out, I got rejected after the first round of McKinsey interview. My only career plan was to work at McKinsey. What can I do?
Yes but depends how bad you want it. Typically has involved some combo of self study, using grad school to pivot, unpaid internships, and/or taking a comp cut/going to a no name place to get a direct investing seat. Early 30s is almost too late to switch…almost.
I’m surprised you thought it was viable to land a direct PM role from yours? At best you had some juniors with the self study land a direct analyst role but unheard of to go from FOF “PM” to direct PM…just totally different skill sets. Alternatively can go the OCIO model/endowment- solid WLB and decent comp.
Thanks for the response. Tbh I don't think it's viable, just asking for opinions. I wouldn't mind moving to a direct analyst role, I understand a jump to direct PM would be insanely difficult.
Understood. On the one hand will be kinda painful even to get an analyst role- may have to go sell side equity research etc. On the other hand you have a long career left so worth some sacrifice to get to do something you like more. If I were you I would just try to understand why I’m interested- prestige? Comp? Actually liking the work? If the latter go for it if the first two just optimize your current path.
I think I want to switch because I'd like to be in something more interesting. I appreciate some aspects of manager selection but I hate the fact I am involved in the investment process only indirectly. Comp is nice but I dread having to do this for the rest of my life.. on the other hand I might land a role and hate that as well.
Anyway it's a shit show. Thanks for the replies
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