CDO Summer Exploration: Investment Management

Investment Management Recruiting: What to Expect

1. Early and Unstructured

• Unlike banking or consulting, IM recruiting is often unstructured and starts early especially for highly sought-after buy-side roles.
• Recruiting for internships can begin as soon as the summer or early fall (even pre-MBA programs).
• Many roles are filled through off-campus networking and referrals, not through formal on-campus postings.

2. Relationship-Driven and Research-Heavy

• Success often comes from building personal connections with alumni or professionals at firms.
• Demonstrating your passion for markets and a long-standing interest in investing is key.
• Some firms (e.g., Capital Group, Fidelity, Wellington, Baillie Gifford, BlackRock, Vanguard) run formal MBA programs, but many others do not.

Skills to Highlight

1. Passion for Investing

• Show that you follow markets, read investor letters, and have a personal point of view on companies or sectors.
• Build an investing “track record” (even if informal) a personal portfolio, stock pitch competitions, blogs, or case analyses.
• Familiarity with tools like ValueInvesting.io, Seeking Alpha, or FinViz helps.

2. Analytical and Financial Skills

• Solid modeling, valuation, and accounting skills are foundational.
• Be prepared to do deep equity research or investment memos as part of the process.
• Highlight past experience in:
  • Private equity or corporate finance
  • Strategic analysis or due diligence
  • Macroeconomic or sector research

3. Clear and Convincing Communication

• You’ll need to communicate investment theses concisely both in writing and verbally.
• Clarity, conviction, and humility are prized.
• Practice stock pitch delivery in case interviews or coffee chats.

Nuances for International Students

1. Visa Sponsorship Varies Widely

• Some firms (especially large institutional investors) do sponsor, but many boutique hedge funds or smaller asset managers do not.
• Be proactive in asking about sponsorship, ideally after establishing rapport.
• Consider roles that align with emerging markets investing or firms with global portfolios, where your background may be a value-add.

2. Demonstrate Global Perspective

• Your knowledge of non-US markets, macro trends, or regional industries can be a differentiator especially for global macro, EM-focused, or sovereign wealth fund-adjacent roles.
• If you worked in investing, finance, or analytics in your home country, position that experience as immediately relevant.

How to Prepare Now

1. Build Your Knowledge Base

• Read investor letters (e.g., from Howard Marks, Seth Klarman, Warren Buffett)
• Listen to investing podcasts (e.g., Capital Allocators, Invest Like the Best)
• Start or join an MBA investment club and participate in stock pitch competitions

2. Practice Your Pitch

• Be ready to answer:
  • “What’s your favorite stock?”
  • “Tell me about a company you’d short.”
  • “How do you evaluate a management team?”

3. Target Pre-MBA and School-Year Programs

• Examples include:
  • Girls Who Invest (for women candidates)
  • SEO Alternative Investments (for underrepresented candidates)
  • Pre-MBA fellowships from BlackRock, Wellington, Point72, etc.
• Even volunteering with a student-led fund or investment club can boost credibility.

Summary: How to Stand Out