The alternative investment management industry is akin to an iceberg. A select few funds make all the headlines but there is an entire ecosystem beneath. Whether the firms are deliberately maintaining a low profile, shouting from the AFR rooftops or positioning themselves somewhere in between, these firms need a wide range of investment and operational talent.
The breadth of the alternatives industry is a key attraction for potential joiners but also a hurdle for those looking to investigate career paths. Investment manager strategies vary enormously, as do the instruments they trade. Understanding which roles could be of interest is the important first step for any potential joiner.
If it is the investment side of the industry that appeals, you’ll need to consider whether you want to start your career as a junior trader, a quantitative researcher or a fundamental analyst? If it is the operational side that appeals, does your interest lie in legal & compliance, investor relations or trade support? Perhaps you would rather work in one of the aligned industries, including Australia’s leading superannuation funds, the investment banks, the asset consultants or the administrators? There are many different career routes within the ecosystem, offering wide-ranging opportunities and fostering diverse skills.
Having identified a starting point, it is time to start researching the industry. Industry bodies, like the Alternative Investment Managers Association (AIMA), which has an active Australian chapter, and the CAIA Association are powerful starting points, as is the professional networking site LinkedIn. These sources shed light on the verticals within the industry, the firms that trade each strategy and the career paths to date of the senior and junior team members. AIMA also hosts regular conferences, seminars and networking evenings.
Once a potential career path has been identified, it is time to identify the skills needed to get a foot in the door. Internships are excellent entry paths, however, genuine interest and a demonstrable skill set are amongst the most valued attributes for hiring managers. These relevant skills should be honed and then showcased on both the CV and the covering email.
For roles within Australia, AIMA and Grad Australia highlight early career opportunities. Some roles aren’t widely advertised and hence a proactive, direct approach can be a winner. Junior employees within alternative investment management firms can often be sage sources of informal advice as to whether your experience to date would be well received, if employment opportunities exist and how best to get your CV considered.
The final and the most important pointer is to find a firm that you would really like to work for and then be upfront about why that is the case. Do the firm’s culture and mindset appear to align with yours? What is it about the role that attracts you? What relevant skills have you already started to develop? Recruitment is a human process and enthusiasm is an easy way to impress.