Employers

Mutual fund companies are located throughout the United States and the world. Many workers in the investment fund industry (i.e., mutual funds, closed-end funds, exchange-traded funds, and unit investment trusts) are employed in Massachusetts, New York, California, Pennsylvania, and Texas. Other states with a significant number of workers included Colorado, Illinois, Kentucky, New Jersey, New Hampshire, and North Carolina. States with a very low number of investment fund workers included Arkansas, Idaho, Louisiana, Mississippi, Montana, South Dakota, West Virginia, and Wyoming.

MutualFundDirectory.org reports that the mutual fund companies with the largest assets under management (as of January 2020) were:

1. Black Rock Funds
2. Vanguard
3. State Street Global Advisors
4. Fidelity Investments
5. JPMorgan
6. PIMCO
7. Capital Group
8. BNY Mellon (Dreyfus)
9. Amundi Asset Management
10. Prudential Investments

Starting Out

Many aspiring portfolio managers start out as research analysts or portfolio manager associates. These workers conduct research on potential investments, particular sectors (such as health care, energy, or information technology), and general business and economic conditions that will affect investment decisions.

So how do you land a job as a research analyst or portfolio manager associate? Some people are lucky enough to get hired right out of college, but another way to work your way into the industry is to participate in an internship or fellowship. Many large mutual fund companies offer these programs. Here are some links to internship and related programs:

• Artisan Partners: https://www.artisanpartners.com/careers/career-opportunities.html
• Franklin Templeton Investments: https://www.franklintempletoncareers.com/careers/working-at-fti
• TD Ameritrade: https://jobs.tdameritrade.com/campus

Other job-search strategies include visiting the Web sites of employers to check out job listings, using the resources of your college’s career services office, networking online on LinkedIn, SumZero, and other social networking sites, working with recruiters, and using the networking and career-assistance resources of professional associations.

The career of portfolio manager is considered a “destination job,” meaning that they do not have much room for advancement unless they decide to launch their own mutual fund company (although large firms may have senior portfolio manager positions). Some portfolio managers view the opportunity to earn more money, manage larger funds, or become well known in the industry as forms of advancement.  

Portfolio managers have a wide range of skills that can translate into other financial sectors (such as hedge funds or wealth management for ultra-high-net-worth individuals). Some portfolio managers leave the mutual fund industry to work as consultants or college professors. Others manage the financial assets of a large business organization or college or university. These professionals are known as chief investment officers.

Participate in an internship or fellowship to break into the industry. Visit the following Web sites for more information on internships at top mutual fund companies:

• Franklin Templeton Investments: https://www.franklintempletoncareers.com/careers
• Janus Henderson Investors: https://www.janushenderson.com/careers
• TD Ameritrade: https://jobs.tdameritrade.com/campus

Visit the following Web sites for advice on preparing for job interviews and other career development resources:

• Robert W. Baird & Co.-Interview Preparation: https://bairdcareers.com/how-we-hire/#interview-preparation
• CFP Board Career Center: https://careers.cfp.net
• Interviewing With Raymond James: https://www.raymondjames.com/careers/getting-hired/interviewing-with-raymond-james

Check out the following Web sites for job listings:

• https://www.cfainstitute.org/membership/careers
• https://www.efinancialcareers.com
• https://www.careerbuilder.com/jobs-mutual-fund