Everyone wants to break into asset management the same way: Goldman’s analyst program, JPMorgan’s graduate scheme, the big names their parents recognize.
The problem is, so does everyone else.
Goldman Sachs received 360,000 applications from around the world for its 2025 summer internship and accepted only 0.7% — about 2,600 people. You’re competing for maybe 30 spots against thousands of others. And if you somehow get one? You’ll probably spend 18 months building pitch decks before you ever talk to a real client.
Meanwhile, alternative assets under management are projected to reach $17.2 trillion by 2025, creating opportunities across smaller, specialized firms that most students never consider.
Here’s what most people don’t realize: the best career moves often happen at firms you’ve never heard of. Places where you’re on investor calls in your second month, not your second year.
So where should you actually be looking? The firms that will give you real experience from day one. The ones building your network while everyone else is still figuring out how to format a presentation.
Start building your network
Experience in asset management works like compound interest — the earlier you start, the faster it grows.
Every internship matters. Every research project. Every client conversation. They all add up.
Your college years are perfect for experimenting — low stakes, high upside. You can try different roles and figure out what clicks without the pressure of supporting yourself or paying back loans.
Get involved in your university’s finance society, but don’t just show up. Contribute. Run events. Manage projects. Enter case competitions. Volunteer to manage a mock portfolio.
None of this feels glamorous in the moment. But it’s exactly how you learn to read markets, understand investment decisions and explain them to other people. And don’t overlook part-time work — research, writing, client communication. These skills will put you miles ahead of other graduates.
“I started doing weekend research for a small wealth manager sophomore year. It wasn’t glamorous — building client reports, updating spreadsheets. But when I interviewed for internships, I had actual examples of client work while everyone else was talking about coursework.”
The people landing the best roles started building their foundation two years before anyone else even thought about it.
Look beyond the big names
When people think asset management, they picture BlackRock, Fidelity, Vanguard.
These firms are impressive, but they’re also incredibly competitive and surprisingly rigid. You might spend a year rotating through departments, doing useful work but with little control over what you actually focus on.
Smaller firms offer something completely different.
You’re closer to the action, more visible to senior people and more likely to get real responsibility from day one.
Take Murano in London. They’re matchmakers — connecting fund managers with institutional investors through actual conversations, not algorithms. Analysts there undergo a rigorous training program and are speaking to institutional investors within weeks, learning their mandates to assess potential matches with Murano’s clients. The network you build there in a couple of years would take at least five years to develop at a traditional firm.
Or look at Callan in the United States, an investment consultant for pension funds and endowments. Analysts get early exposure to asset allocation strategy and manager research — real client meetings, not busy work.
Then there’s FundRock across Europe. They handle fund governance and operational services. Analysts there learn compliance and regulatory fundamentals that are in demand everywhere in finance.
All of these firms give you hands-on, relationship-focused work you’d never get early in your career at Goldman. The kind of experience that sets you up for everything else.
The skills big firms can’t teach you
Firms like Murano, Callan and FundRock give you a mix of skills that’s hard to find anywhere else so early.
You learn how to build relationships with people who actually allocate capital. Market research — identifying potential clients and figuring out what keeps them up at night. Relationship management — building trust that lasts years, not just through a single deal.
You also develop product knowledge across the entire spectrum of asset classes: equities, bonds, private equity, hedge funds, alternatives.
Most analysts at big firms spend two years learning one small piece. At smaller firms, you get exposure to the entire ecosystem.
This combination can set you up for a successful career in asset management — whether in sales, business development or research. The breadth of experience is what makes the difference down the road.
Where the real opportunities are
There’s a whole ecosystem beyond the obvious choices.
With industry growth accelerating and firms becoming more specialized, the entry points are multiplying. Placement agents help private equity and hedge funds raise capital from institutional investors. Market research providers deliver the data and insights fund managers rely on for decisions. Mid-size asset managers often let you rotate between teams more easily than the global giants.
Institutional sales desks at banks connect investors with the products and markets they need. Prime brokerage services, fund administration, investment consulting — all of these touch asset management and all of them build relevant skills and networks.
The key is recognizing that “breaking into asset management” doesn’t just mean portfolio management at a big fund. It means getting into the ecosystem where deals happen and relationships matter.
What separates candidates who get hired
You don’t have to wait until senior year to start building credibility.
Join your finance or investment society, but don’t just show up — get involved in running events or managing projects. Read financial news daily, and go beyond the headlines. Get curious about why something’s happening, not just what’s happening.
Take courses in finance, economics and business. If you want to signal extra commitment, consider beginner certifications like CFA Institute’s Investment Foundations or CAIA Fundamentals.
Network intentionally. Show up to career fairs, guest lectures, industry events. Even a five-minute conversation can lead to an internship or a valuable contact later.
The students who stand out are the ones doing this while everyone else is still deciding on a major.
The bottom line
Everyone’s competing for the same handful of spots at Goldman, BlackRock, and JPMorgan — thousands of applications for maybe 30 positions. But breaking into asset management isn’t all about landing one of those big-name roles.
It’s about finding a role where you learn fast, meet the right people and see how the business actually works. That might mean a graduate program at a major firm. It might mean starting in research or operations. Or it could mean jumping into a boutique like Murano, where you’re in front of clients almost immediately. Investment consultants like Callan, where you’re advising pension funds. Fund service providers like FundRock, where you’re learning the operational backbone.
These roles give you something the big firms can’t: real responsibility early, direct client exposure and networks that typically take years to build elsewhere.
Start building your foundation now, not senior year. Look beyond the household names. Get yourself into the ecosystem where deals happen and relationships matter.
Because once you’re in, things move quickly. And those first steps shape everything that comes after.
About Calder
Calder is a research and technology company focused on affluent consumer markets. We study how wealthy individuals make decisions, spend money and engage with brands. Our work spans market research, strategic consulting and targeted media campaigns, giving clients a complete view of high-value audiences. To learn more, visit calder.so.
