Guide to Asset Management Internships

In one of our articles, we discussed picking a career between asset management and investment management. One of the factors that will help you reach a solid decision that we did not speak about is embarking on internships. Thus in this article, we will give an overview of asset management internships in the UK.

The duties of an asset management intern and what to expect 

A typical asset management internship will usually take place in the summer, and depending on how committed the firm you are in, it will be a great opportunity to gain an insight into the sector. A good internship will offer you an overview of how the firm’s asset management teams work with global clients through industry-leading products, advice and service. You will be given a front-row seat to observe how such a firm manages assets and create products for some of the world’s largest investors. 

You’ll learn how asset managers research, analyze and develop investment strategies and models dependent on the client that they are working for. In some programs, you can expect to start the programme with a few days of orientation to help introduce you to the firm and its operations. The training may also include attending internal and external business and social events, and workshops. If lucky you might engage in quality work from the first day you arrive or soon after your orientation. For the duration of your programme, you might be assigned a senior asset manager that will mentor and monitor your progress. 

Because of the training and engagement in work, you should be able to pick important skills such as financial modelling, portfolio construction and valuation, and your duties will include putting to practice what you have learnt. Thus some of your tasks may include researching to find out solutions for the firm’s clients. You’ll also develop investment strategies. 

List of companies where you can get an asset management internship

Below are examples of firms that you can apply to for one of their asset management programs. This list is not exhaustive 

• Goldman Sachs offers 3-6 month off-cycle internships in the asset management division to final-year undergraduate students or recent graduates.
• JPMorgan offers an asset management program which is divided into two. You can either be a Client or Product Analyst under their program.
• Lazard is offering an asset management programme in their Equity Research or Sales & Marketing teams.
• Those interested in BNP Paribas have the opportunity to start an asset management internship anytime throughout the year which lasts for a minimum of 3 months.
• BP offers paid and structured internship programmes that may last anywhere between 11 weeks and 1 year. 
• The International Equities Internship and Quantitative Research Analyst Internship are offered at Citadel.
• Credit Suisse offers various forms of internships to students seeking one. 
• DE Shaw & Co offers internships which may last for three months.

In most cases, these firms and other firms will be offering asset management internships but under a different name.

The Application Process and how to get one 

Because of the competitive nature of getting asset management internships, you’ll do your application a world of good if you distinguish yourself.  You might have all the skills, the ambition and the enthusiasm to get an asset management internship but if you don’t show it off during the application process you won’t secure one. Overall the recruitment process [dependent on the firm] will include an application, face-to-face or/and virtual interview, technical interview, and assessment centre. 

Application Form

The application stage is quite straightforward; you’ll register your interest on the firm’s website, attach a CV (and maybe a cover letter) and answer a handful of questions. The purpose of the form is to evaluate your competencies and experiences against the requirements of the internship. As a result, you need to put in all the information that will help the firm believe that you are not only eligible for the programme but you’ll also valuable to the program. If in making your application and you are a bit confused or need clarification it’s good practice to contact the firm or visit the website’s FAQ section. 

We have written a brilliant article on how to write an asset management cover letter please have a look at it.

Face-to-Face or/and Virtual Interview 

If the firm considers that your application is worth moving to the next stage you’ll be called for a face-to-face or/and virtual interview. Depending on the firm the interview may be competency-based. This means that your experiences, motivation, values and behaviours will be assessed against the values of the firm. Thus it is important that before the interview you are well acquainted with the core values of the firm you are going for. Do not panic if you do not have any work experience as it’s expected that you may not have one especially if you are still an undergraduate. In such scenarios, I’ll advocate you draw your answers from your educational and/or personal life. Share anything that will make them see that you are a good fit.

Technical Interview 

These can be described as scenario-based interviews where some of the day-to-day challenges an asset management intern will face are shared with the applicant to see the solutions he/she may provide. The goal of this interview is not necessary to see if the candidate will provide the right answers but to see the thought process or approach of the candidate in arriving at the answers. These interviews are the best place to show the technical skills and knowledge you have acquired from your degree.   

Assessment Centre

If you have made it far to the assessment centre well done! You have a shot at not only landing an internship but also a graduate role. The assessment centre is the stage where you are allowed to get to know a tip of the daily workings of the firm. It is also a series of assessments used to evaluate your technical aptitude, how you work with others and other soft skills. To meet these goals, some firms may use group exercises and individual presentations. Don’t forget that as they are evaluating you, you should also be evaluating them to see if you want to be with them. 

Conclusion

Be enthusiastic and go the extra mile when attempting the application process. If you land an internship, well done! But if you have not been successful at one application or the other pick yourself back up and make another attempt. For this reason, we advocate that wherever a firm is offering feedback to any of the stages you make sure that you take it.

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Charles is a writer, practising lawyer and personal trainer who loves learning and developing himself. He graduated from Middlesex University, London with eight first-class grades in the second and third years of his law degree, and received a postgraduate offer from Cambridge University. He loves strength training, boxing and encouraging people to succeed in their pursuits (legal ones)

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