Managers of high-performing funds can make $10 million to $15 million a year. Salaries for index fund Asset Management Salaries POSITION SALARY RANGE Fund manager $200,000 to $1 million-plus Junior analyst $60,000 to $100,000 Customer representative/ back office $30,000 to $100,000 Compliance officer $45,000 to $150,000 Fund relationship manager $100,000 to $175,000 Source: WetFeet research
53 CHAPTER 1 AT A GLANCE WETFEET INSIDER GUIDE CHAPTER 2 THE INDUSTRY CHAPTER 3 THE COMPANIES CHAPTER 4 ON THE JOB CHAPTER 6 GETTING HIRED CHAPTER 7 FOR YOUR REFERENCE CHAPTER 5 THE WORKPLACE ies from as few as two weeks to as many as four or five weeks. Foreign-based companies with significant U.S. operations are especially generous when it comes to vacation. Many companies are keenly aware of work/life balance and offer benefits such as flextime, domestic partner benefits, tuition reimbursement, and reim- bursement for life-cycle events such as childbirth classes and home fitness. American Century dangles the carrot of a four-week paid sabbatical for employees who have served seven years. Most companies also will spring for industry train- ing—such as for Series 7 licensing classes and testing. Referral bonus programs also are ubiquitous among top-tier firms. Finally, the industry does not forget that it is in the wealth creation business: 401(k) and retirement plans are among the best around. Employer matching in 401(k) programs is ubiquitous. Vanguard’s Retirement and Savings Plan allows its employees to invest a por- tion of their income in Vanguard funds and receive additional contributions from the fund giant. CAREER PATH OPPORTUNITIES FOR UNDERGRADUATES Unless you have an uncle who wants to bring you in under his wing, you probably won’t get into a retail brokerage trainee program as an undergraduate. There are exceptions: Edward Jones, for example, is noted for bringing undergrads with little work experience into its training program. Discount brokerages offer oppor- tunities in customer service that can lead to advisory INSIDER SCOOP “You can make money and see your family. And it’s not the type of environment where you don’t have a career path after a few years.” positions. In the majority of asset management firms, you might get a job involving a lot of phone time with clients, either as an investment service representative or as a salesperson. But one industry insider describes his first job out of college as glorified data entry, inputting trades into the computer system. However, these posi- tions can help you gain essential product and market knowledge, as well as hone your skills interacting with investors. This experience can position you for a move into management, where you can influence the direc- tion and character of the firm. Those who develop a comprehensive understanding of the whole process and can improve any weak links in the organization will def- initely be able to move up. There’s generally no up-or- out policy, and there are opportunities across the board, but sales has the biggest potential for fast advancement.
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