Cap Equity Strategy Associate Analyst

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. The role spans all sectors across public and private markets and involves idea generation, analysis, diligence, private investments, and AI‑enabled tool design.

• Generate new investment ideas across the strategy’s investment universe and conduct industrial analyses on emerging trends.
• Build industry and market‑share models to understand industry structure, addressable market size, and unit economics.
• Design and build AI‑enabled tools and workflows that streamline and scale the team’s investment process in partnership with the firm’s data and technology teams.
• Own the team’s alternative data effort: design and run surveys, organize channel checks/expert networks, procure new data sources, and maintain summaries and signal prioritization.
• Support the ongoing monitoring of portfolio holdings, including evaluating earnings and company updates, maintaining tailored models, and attending company meetings and industry events.
• Collaborate regularly with analysts, sector heads, and portfolio managers to stay current on positioning and investment trends, and support deep analysis.
• Partner on private investments, including sourcing deals, conducting due diligence and underwriting, and maintaining portfolio company relationships.
• Participate in team‑wide responsibilities such as investment committee meetings, monthly stock pitches, position re‑underwrites, and travel for conferences and company visits.
• Provide investment insight and impact the investment process beyond number crunching.

Required:

• Bachelor’s degree with a strong academic record.
• 0–3 years of relevant work experience.
• Strong Excel and financial modeling skills.
• Deep passion for equity investing and comfort with non‑linear growth investing.
• Work ethic to uncover new ideas before the market does.
• Strong interest in and aptitude for using AI tools with a creative, design‑oriented approach to building technology that improves an investment process.
• Excellent written and verbal communication skills.
• A love for learning, especially emerging technologies/industries.

Preferred:

• 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.
• Knowledge of the AI industry and the technology shaping it, with a strong interest in how those developments create investment opportunities.

• Base salary ranges (location‑specific): $110,000 – $140,000 for Maryland, Colorado, Washington, and remote workers; $110,000 – $140,000 for Washington, D.C.; $110,000 – $140,000 for New York, California. Placement within the range is based on experience and skills.
• Discretionary bonus based on company and individual performance.

• Competitive compensation.
• Annual bonus eligibility.
• 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.

T. Rowe Price is an equal‑opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends on equal treatment of all associates and applicants without discrimination on the basis of race, religion, creed, color, national origin, sex, gender, age, mental or physical disability, marital status, sexual orientation, gender identity or expression, citizenship status, military or veteran status, pregnancy, or any other classification protected by law.