By JASON LOW

WITH the economy in such bad shape these days, landing a job is understandably tough. Securing a role in a prestigious asset management firm is even more difficult.

And it certainly doesn't help that these firms are cutting back on recruitment. A growing number have stopped hiring altogether.

Yet for those aspiring to become future fund managers, fret not. Headhunters and executives of asset management firms have some advice on how you can prime yourself for a position in the fund houses, even in these bad times.

Asset management has been one of the most popular career options among undergraduates in recent years, attracting many top-quality candidates consistently yearly. This is in part due to the potential of eventually becoming a fund manager later in your career, which is perceived to be prestigious. In addition, as compared to investment banks - especially in departments like investment banking and sales and trading - asset management careers offer a better work-life balance option in terms of saner working hours.

People working in asset management typically put in 50-70 hours weekly, while their peers in investment banks may toil for anywhere between 60 and 100 hours - though investment bankers are compensated for the long hours in better pay.

Entry-level hires

At the entry level, the competition is very stiff with many top graduates vying for the graduate trainee positions in asset management houses. Research is usually where fresh graduates or trainees start off, before proceeding to a fund management role later in their careers.

Says Annie Yap, CEO of The GMP Group: 'Graduate trainees do not begin directly in fund management as work experience of 8-10 years is usually required . . . Research work in fund management is quite a prestigious undertaking.'

Gary Lai, front-office banking manager of headhunting firm Robert Walters, adds: 'It is not often that you find a graduate trainee starting out directly in fund management. Doing research work will allow the trainee to build a stronger foundation in his understanding of the markets and companies - something he can tap as he progresses into fund management.'

Ms Yap adds: 'However, not all graduate trainees in the programme will become fund managers, as it takes acute business acumen and dynamic individuals to fill the role. A solid foundation, and in-depth investment and market knowledge is highly required of this role as well.'

Most asset management graduate trainees typically come from a finance background. They may have a business or an accountancy degree, or a CFA.

'Some companies may prefer candidates with CFA qualification, typically for the more analytical, research, middle or front-office roles,' says Ms Yap.

On the qualities asset management companies look for when hiring, Kenneth Gan, a consultant for banking & financial services at Hudson Singapore, says: 'Qualities that are sought after include being good with numbers, meticulous, and able to grasp and understand the market dynamics very well and quickly . . . As with many investment jobs, being able to think quickly on your feet is of utmost importance.'

Ms Yap points out: 'They would look for candidates with relevant industrial knowledge and a keen sense of numbers as well as relevant skills. Those with internship experience would be advantageous.'

Recruitment executives of asset management houses reveal that having the hunger to learn and a high level of integrity are the two most important traits they look for.

'Personally, I look for passion, the desire to want to make a difference. This passion is best reflected in the hunger to learn and an ability to see opportunities that comes only with thinking one step ahead,' says Andrew Kwek, CEO of Deutsche Asset Management Singapore.

'Integrity, a sense of responsibility and the willingness to take accountability are also extremely important traits which I seek,' he adds.

Hugh Young, MD of Aberdeen Asset Management, points out: 'The enthusiasm and passion to learn is more important. Financial knowledge can be acquired over time but the passion comes from within. Maintaining a high level of integrity is imperative in this business as well.'

With the passion to learn and work hard while maintaining the highest level of integrity, a top fund manager with 5-7 years' experience can expect to earn 'anything between $160,000 and $240,000 a year', says Mr Lai of Robert Walters.

But in the current adverse economic conditions, when the outlook for the asset management business isn't at its best, it is advisable to be realistic about pay expectations.

'Generally, there is a slowdown in hiring for asset management firms. We also see some firms reducing headcount,' says Mr Gan of Hudson Singapore.

Ms Yap adds: 'The employment outlook for the industry is bleak. Most asset management firms are currently freezing their headcount due to the global economic crisis.'

Being realistic about your job and pay expectations is pivotal to getting a head start in your career.

'In such markets, it is advisable to be realistic about your pay expectations. Remember, you're still learning in your first few years, so don't expect your firm to pay excessively during this period,' advises Mr Young.

Keeping yourself up-to-date with the latest market developments and seeking internship opportunities with these asset management firms will also help.

'Reading up on fund management prospectus, keeping abreast of market developments through the different media and seeking internship opportunities with asset management firms will allow you to position yourself better for a role in these firms,' Ms Yap says.

Sums up Mr Kwek: 'Success is what you put into the job; there are neither short cuts nor alternatives to hard work. Just as investing is for the long term, plan to develop your career for the long term. You will be known by your reputation and credibility, and building a strong foundation for these attributes is essential.'

This article was first published in The Business Times on December 29, 2008.