Hi Team, a headhunter recently reached out to me about this PIMCO portfolio associate role. He said it is like a junior PM role. But the interviewer told me that this is an operational role and you will never get to PM internally from this role. I’m currently an external relationship manager for BLK Aladdin. I used to work in the team called Portfolio Analytics Group in the company. Just wonder if this PIMCO Portfolio Associate role is worth going?
I interviewed for the role while at BLK, very similar to what BLK calls Core PM
Thank you for the insight!! Millennium is a great firm. A quick follow up question (might be silly). As my current role at BLK is Analytics & Quantitative solution team, if I go to MBA this year, would it help me to get a research/PM training job after the MBA? I’m a bit scared as my current role sounds far away from PM related work.
0% chance you can make PM. Its a mid office role.
Thanks budd! That makes sense.
Agreed with all above. Path to PM is very different... typically working your way through on sell side of investment banking or equity research, then hopping over to buy side (Asset mgmt) as a jr associate, then starting to cover your own names as a jr analyst, then owning vertical, etc etc until you get experience to make it to a PM
What would you recommend to someone trying to eventually go into portfolio management?
That makes sense! Thank you very much! This is helpful
Basically mirroring what everyone else said. I also spoke with a recruiter a while back. Said PMs roles are almost always hired externally out of MBA. I would think of it as a 2 year assignment while looking for a new role after.
That makes sense. Thank you so much!
Depends on your background. Banking / research is easiest route. Research is likely easier to break into, but is a dying industry. Banking is harder to break into, but pays more, better exit opps, more prestige etc., but also work longer hours I’ve done both so have bit of context on both. For Research, start with the CFA to get your foot through the door and show you’re serious bout a career switch. Banking is more so focused on networking for breaking in. CFA is useless for banking (though the concepts are still very relevant), nobody in banking gives two shits about the CFA imo
Recently Bain (consulting one) and BCG came to me for an associate consultant role. Do you think some years at Bain/BCG would help me better to get into an investment role (PE/Fundamental equity) than staying at the current analytics role in BLK? (I’m a fourth year at BLK).
Hmm interesting. MBB (mckinsey, bcg, bain) consulting is highly prestigious, but does not get you much exposure to capital markets / financial concepts in the same way that ER or IBD would. But based on prestige MBB consulting is viewed more highly then ER, and slightly below IBD generally, but that also obviously depends on the exit industry.. MBB consulting translates much better to operational roles in PE or VC then investment management. So yes, if you are interested in PE / VC, MBB would be much better then your port analytics role at Blackrock. Harder to say for investment management. One thing is that people tend to perceive MBB consultants are highly intelligent with good reputations, so even though investing folks at PIMCO or Fidelity (etc) know MBB consulting world isn’t directly relatable, if you can demonstrate solid foundation in investing principles, capital markets, etc., you would still have a chance for sure. In that case probs good idea to take the CFA. Also important to not that consulting life is likely different than your role know, and also very hard to break in. Case interviews are no joke in consulting, and cycles are extremely competitive. Bain and BCG also pay attention top of market for consulting. Lifestyle is likely travel M-Th on client site working 60+ hrs (not including travel), but flying first class and living in 5 star hotels. I also did this for ~1 year (lol I’ve done everything), it gets old real quick. But money is great and you save a ton. Also work with very smart people (but also in ER/IBD) Would say in consulting the quality of firms drops off very quick after top 3/5/10. For example MBB is highly regarded as top 3, then it goes something like deloitte, strategy&, Parthenon, Kearney, LEK, Accenture strategy.. etc. Don’t get stuck interviewing for a role in Deloitte strategy and end up working / transferred to their tech advisor / implementation arm. Work, culture, people, clients are night and day between the two. So long story short it depends. What’s your current role at blackrock again? If you have a specific decision I can help you weigh in. It can be very nuance depending on which firm, which group and what exactly you want to do (PE,VC, IM)
What’s your current TC at BLK? Looking to join m.
Mine is quite low as I’m based in APAC, ~100K base 20K bonus (for average performance)
That’s pretty nice for APAC
I’ve interviewed at PIMCO twice. Seemed like a really shitty place to work, at least pre-COVID. I recommend you just stay away. I hear BlackRock is a much better culture.
Thank you so much budd! Blackstone is so awesome! Wish to hear about your path to BX.
My path was more luck than science to be honest. I just happened to have someone in my network who wanted me there after seeing my talents at work. Never burn bridges.
Opportunities to move into PM at PIMCO from PA role is long and may never happen. there are a few PMs that have been Associates, but they were associates for years and moved into other roles after associate and before getting pm spot. Associates are usually there for 2 years and leave to role that’s more pm related at other firms or go to grad school. If you’ve already been through PAG and now a relationship manager, moving to Associate will be backwards movement imo. I was in Pag at BLK for a long time and worked with the pm/associates at pimco recently. If you have other questions, dm me.
Thank you so much for the kind advice. This really helpful! Please allow me to DM you with a follow up question :)
My husband used to work for PIMCO he used to say it was a good place to retire but not for someone with drive and competence. He ended up there through an acquisition and stayed for about 18 months after. Food for thought as you are in your decision making process.
Thank you very much for the information! Okie, and this is indeed helpful :)
Hey I can confirm that the portfolio analyst/associate roles are strictly operational and there is a very low chance you make it to a PM role internally from that group. Pimco sources most of its PM talent externally.
Thank you so much! This is a good insight