Is it hard to break into Asset Management?

[Imallatsea]

I managed to land a job as an executive assistant in the city a few years ago, but was ill and it all ended very fast.

I still wonder if I'd have managed to make a go of it if I'd been in good health. It wasn't my dream job, and at the time I had no real idea of how that world operates. Regret is the wrong word as I simply couldn't meet the demands of the job, but if only...

Do any MNetters work in asset management? Would it be highly unlikely to have a shot at working in that field at entry level now on the wrong side of 30?

[Imallatsea]

The higher pay is because the sector is well paid in general, normally because it's a mix of macho attitudes, high barriers to entry (knowing people, putting yourself through relentless application hurdles, gruelling working hours, high stress). It's to lock you in or attract applications in the first place for the fee earners mostly.

I still stand by my comments that, just because e.g. you're a receptionist in a hospital cardiology ward... Doesn't make you a heart surgeon.

You can tell your parents you work in asset management if it's a perk though. They won't understand what it is most likely anyway.

This all seems a bit sneery. Perhaps I am reading it wrong though.

Of course if I was a receptionist I wouldn't say I was a heart surgeon

I think becoming a EA who can eventually earn £70k with enough experience is a very decently paid job. It doesn't matter if it's not a fee earner position.

[PlutoAjder]

pseudo I'm not saying you're wrong, maybe that's just how it works at yours... But that would be an "assistant X" role at all the places I've experienced. Not the exec assistants, who are firmly and clearly rooted into the Administration section of the Support Staff area.

There's literally no clear route between being as EA to becoming a fee earner here, they're different role branches entirely. I'm not saying it's not done, let's face it, it's who you know no matter what some HR guidance says in theory, but afaik the op would have a better chance at moving into a fee earning role as a uni placement student or intern than being seen as someone's EA! (Unless she plans to use it to develop sector knowledge & contacts then formally move roles?) Problem is that there's always a horde 9f competitive 20-somethings with no work/life balance nipping at your sides that way...

[PsuedoSatisfactionBaby]

EAs in my (asset management) company are usually people who are viewed as having leadership potential and are seconded in for a year or two to support senior exec. As such..I think it might be hard to break into.

The IMC is another introductory qual that we support.

[mynameiscalypso]

I work in FS (although not asset management thankfully) and I've definitely noticed a reduction in the number of EAs over the last few years, mainly as a result of cost cutting. The company I work for has outsourced a lot of the EA services and most of the EAs I know are looking to move out of it because they don't see much of a future in it. I've no doubt there will always be some but they definitely appear to be a dying breed.

[PlutoAjder]

The higher pay is because the sector is well paid in general, normally because it's a mix of macho attitudes, high barriers to entry (knowing people, putting yourself through relentless application hurdles, gruelling working hours, high stress). It's to lock you in or attract applications in the first place for the fee earners mostly.

I still stand by my comments that, just because e.g. you're a receptionist in a hospital cardiology ward... Doesn't make you a heart surgeon.

You can tell your parents you work in asset management if it's a perk though. They won't understand what it is most likely anyway.

[MojoMoon]

Guessing the qualification maybe have been CISI - level 1 assumes no financial training at all. No need to attend a course - buy the books and study at home. It's not intellectually hard, more a memory test.

www.cisi.org/cisiweb2/cisi-website/study-with-us

You are right that asset management would pay more to EAs than charity/retail/travel but so would all financial services firms, not just asset management.

[Imallatsea]

Have a look at thee Investment2020 careers site. It's aimed at recent grads and school leavers, but there's lots of general info about types of roles and requirements up there.

Thank you, that looks really useful!

[Imallatsea]

Your question is as vague as someone who asks if they should work in an insurance company call center. Well, it's much the same as working in a bank's call centre. Or John Lewis' post sales customer service center. You're still just working in a call center. Training and experience may help to do the job, but you're not an insurance agent or banker or buyer.

I understand your point but don't fully agree with it. The money in the job I left was a lot better than EA jobs in other offices, including things like a generous (to me anyway!) yearly bonus. Possibly the same across the board in most corporate type places, but definitely paid better than EA jobs in retail, travel, charity sector or public sector.

[Pumpkinspicewhatever]

I echo the previous poster who said look at aiming higher than EA level if you’re ambitious. Good EAs I know from working in the wealth mgmt/private banking field, tend to progress depending on ability eg to business management/strategy roles or sidestep into other areas such as HR, operations etc. That said some people do love the support side and make being an EA their career. I guess you need to ask yourself what you want out of your career at this point. I work in banking (not an EA) and I know EAs aged between early 20s and 50s so I don’t think your age is a barrier.

One thing to note is, some aptitude for maths/facility with MS excel/PowerPoint at minimum, and the ability to be work under pressure will serve you well if you want to progress further in FS.

[Imallatsea]

I'm educated to postgrad level, not in finance though. No budget to do any more expensive quals just now, maybe in time when I am earning and can save.

[Peony99]

I do.

Have a look at thee Investment2020 careers site. It's aimed at recent grads and school leavers, but there's lots of general info about types of roles and requirements up there.

[PlutoAjder]

Have you considered doing study and applying for jobs in the asset management industry's roles though?

EAs are essentially there to support fee earning staff and client work. You can be a good EA or a bad EA but as an EA you're just a support role.

Why not aim higher and consider what it might look like to be the organ grinder?

Your question is as vague as someone who asks if they should work in an insurance company call center. Well, it's much the same as working in a bank's call centre. Or John Lewis' post sales customer service center. You're still just working in a call center. Training and experience may help to do the job, but you're not an insurance agent or banker or buyer.

[Imallatsea]

What do you think being an EA in an asset management would involve that is different?

Sorry, it's not that it would be different itself, you are right in that it'd be pretty similar to all financial services. I suppose I was thinking of it particularly because that's where I had the job before.

I don't remember the name of the qualification I would have had the opportunity to do had I stayed. But it was quite specific to financial services, however maybe would have been useful in parts of the wider corporate world too, I don't really know.

[MojoMoon]

I don't work in asset management directly but provide research services to some. I am not sure it would be much different from being an EA in most financial services companies.

What do you think being an EA in an asset management would involve that is different?

[Imallatsea]

Ok well that sounds promising. There was some opportunity to do a professional qualification but I don't remember the name, wondered if its something that would be useful to do.

Really just brainstorming at the moment, but all information is interesting and useful. Thanks.

[wibs77]

It depends on the company and person, for the majority a good ea from any industry would do well, a few expect their EA's to understand technical details and help produce presentations etc. You could always temp to get some experience.

[Sparklesocks]

Normally an EA can work in a range of industries as the role isn’t industry specific, unless EAs in asset management do more than the usual Assistant job spec and have a hand in other things?

[Imallatsea]

Yes, as an EA, that was the role before.

[midnightmisssuki]

entry level as what? An EA?