RT Journal Article SR Electronic T1 The Ephemeral Life of an Emerging Fund Manager JF The Journal of Investing FD Institutional Investor Journals SP 102 OP 115 DO 10.3905/joi.2015.24.4.102 VO 24 IS 4 A1 Joel Shulman YR 2015 UL https://pm-research.com/content/24/4/102.abstract AB The investment industry has been undergoing massive transformation. Traditionally, members followed a predictable path from graduate school to portfolio manager. Wall Street firms would pluck fresh MBAs from leading business schools, such as Harvard, Wharton, or Chicago, and groom a lucky few for a privileged existence. Salaries and bonuses were not extraordinary by national standards, but they provided a stable, enviable career. This tranquil path no longer exists. It has been replaced by one filled with unpredictable change and heartache. Many still enjoy a fulfilling, perhaps even extraordinary, career. But survival has been made more challenging with market upheaval, technological advances, consolidation, and excess talent. In order to survive, all investment professionals need to adapt to the changing environment or shift energies to an entrepreneurial paradigm.TOPICS: Legal/regulatory/public policy, analysis of individual factors/risk premia