Small-Cap Growth Equity Strategy Associate Analyst

T. Rowe Price • Baltimore, MD

16h • Hybrid

About The Position

At T. Rowe Price, we identify and actively invest in opportunities to help people thrive in an evolving world. As a premier global asset management organization with more than 85 years of experience, we provide investment solutions and a broad range of equity, fixed income, and multi-asset capabilities to individuals, advisors, institutions, and retirement plan sponsors. We take an active, independent approach to investing, offering our dynamic perspective and meaningful partnership so our clients can feel more confident. We believe doing the right thing for our clients and our associates is good business. With a career at the firm, you can expect opportunities to create real impact at work and in your community. You’ll enjoy resources to support your career path, as well as compensation, benefits, and flexibility to enrich your life. Here, you’ll find a collaborative culture that respects and values differences and colleagues who share a spirit of generosity. Join us for the opportunity to grow and make a difference in ways that matter to you. Role Summary: The Associate Analyst will provide fundamental research support to the Portfolio Manager and team of T. Rowe Price’s Small-Cap Growth Equity Strategy, including the New Horizons Fund, one of the firm’s flagship funds and the oldest small-cap growth fund in America. This is a generalist role that spans all sectors across both public and private markets. The Associate Analyst will report to the Head of the Associate Analyst Program, work with the team’s Associate Analyst and Portfolio Managers, and will be responsible for: new idea generation, running analysis on the fund and fund holdings, diligence and executing private investments, and other ad-hoc assignments related to the fund. The fund focuses on long-term oriented, non-linear outcomes in emerging technologies (examples include AI hardware and applications, robotics, the application of AI in biotechnology/material sciences/commerce and understanding how existing companies can improve from new technologies). The candidate should have a high level of creativity and an interest in understanding the underlying technology and industries of the portfolio holdings in-depth. Beyond traditional fundamental research, the Associate Analyst will help design and build AI-enabled tools that streamline and scale the team’s investment process. The team views this as a core part of its edge and one that rewards creativity and thoughtful design as much as technical skill. This will be one of the main responsibilities of the role and candidates are expected to have experience building AI-enabled tools/projects and have a design thinking orientation. The Associate Analyst program is a three-to-five-year structured program that offers ongoing training and mentoring and is designed to develop future fundamental investment analysts. Competitive compensation with significant upside potential for high performers. Exceptional performers have the potential to be promoted to Investment Analyst.

Requirements

• Bachelor’s degree with a strong academic record.
• 0-3 years of relevant work experience.
• Strong Excel and financial modeling skills.
• A deep and demonstrable passion for the equity investing
• Comfort with the non-linear nature of growth investing and work ethic to uncover new ideas before the market does
• A strong interest in and aptitude for using AI tools, along with a creative, design-oriented approach to building technology that improves an investment process.
• Applicants for employment in the US must have work authorization that does not now or in the future require sponsorship of a visa for employment authorization in the United States (e.g., H1-B visa, F-1 visa (OPT), TN visa or any other non-immigrant work status).

Nice To Haves

• Prior experience in investment research, investment banking, consulting, artificial intelligence, sciences, or a related analytical field.
• Familiarity with LLMs, AI coding tools such as Claude Code or Codex, and a background in computer science or data science.
• Interest in technology and sciences, and a desire to deeply understand these companies and industries in-depth.
• Knowledge of the AI industry and the technology shaping it, with a strong interest in how those developments create investment opportunities.
• Excellent written and verbal communication skills.
• A love for learning, especially when it comes to emerging technologies/industries.

Responsibilities

• Generate new investment ideas across the strategy’s investment universe and complete industrials analyses on emerging trends.
• Build industry and market-share models to understand industry structure, addressable market size, and unit economics.
• Help design and build AI-enabled tools and workflows that streamline and scale the team’s investment process, partnering with the firm’s data and technology teams as needed.
• Own the team’s alternative data effort, including designing and running surveys, organizing channel checks/expert networks, procuring new data sources, and maintaining regular summaries and prioritizing data signals.
• Support the ongoing monitoring of portfolio holdings, including evaluating earnings and company updates against the team’s framework, maintaining focused models tailored to the fund’s fundamental thesis, and attending company meetings and sell-side/industry events.
• Collaborate regularly with the firm’s analysts, sector heads, and sector portfolio managers to stay current on positioning and emerging investment trends, and support their work and running deep analysis on these investments.
• Partner with the team on private investments, including sourcing deals, conducting due diligence and underwriting, and helping maintain portfolio company relationships.
• Participate in the fund’s team-wide responsibilities, including investment committee meetings, monthly stock pitches and position re-underwrites, and travel for conferences and company visits.
• Provide investment insight and impact the investment process beyond just number crunching.

Benefits

• Competitive compensation
• Annual bonus eligibility
• A generous retirement plan
• Hybrid work schedule
• Health and wellness benefits, including online therapy
• Paid time off for vacation, illness, medical appointments, and volunteering days
• Family care resources, including fertility and adoption benefits
• Competitive pay and bonuses as well as a generous retirement plan and employee stock purchase plan with matching contributions
• Flexible and remote work opportunities
• Health care benefits (medical, dental, vision)
• Tuition assistance
• Wellness programs (fitness reimbursement, Employee Assistance Program)

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level