An advanced degree in finance/economics/mathematics, an MBA, a CFA...these are all reasonable paths to a career in portfolio management. An MFE works too, especially if you are interested in more actively managed funds. But as Alain noted, there aren't many openings for PM's without experience, but that experience can vary. For example, I have seen people move from ops to portfolio management after passing the CFA; I have seen financial developers become PM's after building a track record of successful, analytical systems; even people with experience working for data vendors.