The academic background and skills required in asset management can vary somewhat depending on which asset class or department you are interested in.
Generally, a background in finance, economics or accounting will likely get your proverbial foot in the door more quickly and easily; however, there are many successful physicists, mathematicians, engineers, and other smart people in asset management.
What really matters is a passion and interest in the field - after all it's not exactly rocket science.
The path of least resistance to follow a career in asset management is probably to start in the finance sector as soon as you can. It doesn't have to be asset management - you could try banking - but if you start soon you would be able to switch between asset classes (and companies) early on in your career before settling into the areas you really like and enjoy.
To be a successful asset manager, you need to be a self-starter, someone who is motivated, driven to succeed, and willing to put in the time. You also need to be curious and inquisitive about why things work the way they do and have the ability to think creatively and question convention. There is room for both introverts and extroverts in asset management but either way you will need to be decisive, exercise judgement, and ultimately have the ability to convince others of your conviction.
The best training grounds - large firms or boutiques - depends on the company and its culture, as there are pros and cons for both. Generally speaking, boutiques will probably allow you to get your hands dirty in all aspects of the business from the analytical work to dealing, administration, valuation, and business development.
If you want to start your own firm, you need seed capital/equity for working capital and initial capital spending in the business. Unless you have enough capital to use your own funds for investment, you will need a seed client in order to build up a track record. Very few asset managers will get new clients without a performance track record, and thus the first three years of starting the business will be quite hard and will require determination and perseverance to see out the journey.
It is best to have a product or service offering that fills a gap in the market, as then the chances of getting new clients sooner are higher. You must have a Financial Services Board (FSB) licence, as you cannot operate a financial services business without one, and you will need information systems such as Bloomberg, Reuters, and Inet to access financial markets.
