Small-Cap Growth Equity Strategy Associate Analyst

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.

Responsibilities

• Generate new investment ideas across the strategy’s investment universe and complete industrials analyses on emerging trends. Strong work ethic and the abilities to balance multiple projects is required.

• 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. Strong candidates will be able to take the tools the strategy currently uses and be able to innovate and improve on this work.

• 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.

• Expectation to provide investment insight and impact the investment process beyond just number crunching.

Qualifications

Required:

• 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.

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 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.

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for hybrid work, with up to one day per week from home.

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).

WHAT TO EXPECT AFTER APPLYING

1. You will receive an email and text message to answer a few questions to verify your eligibility. If you apply for multiple jobs, you will receive separate invitations for each role and will need to respond to each. Estimated Time Commitment: 3-5 minutes

2. If you are eligible, you will be asked to record video responses to introductory questions with our vendor partner, HireVue. Take time to read all instructions carefully before responding. Some questions may require you to respond within a set time limit, or with limited retakes. You can use this opportunity to tell us more about your background and interest than we can learn from a resume alone. Estimated Time Commitment: 20-30 minutes

Base Salary Ranges Please review the job posting for the location of this specific opportunity.

$110,000.00-$160,000.00 for the location of: Maryland, Colorado, Washington and remote workers $110,000.00-$160,000.00 for the location of: Washington, D.C. $110,000.00-$160,000.00 for the location of: New York, California

Placement within the range provided above is based on the individual’s relevant experience and skills for the role. Base salary is only one component of our total compensation package. Employees may be eligible for a discretionary bonus, which is determined upon company and individual performance.

Commitment to Diversity, Equity, and Inclusion

At T. Rowe Price, our associates are our greatest asset. We thrive because our company culture is built on inclusion and because we sustain a work environment where associates can bring their best selves to work every day. The backgrounds, talents, and experiences of our global associates allow us to embrace new ideas and perspectives that move our business priorities forward and enable us to deliver strong client outcomes. Here, you can expect equal opportunity and fair and consistent treatment for all.

Benefits

We value your goals and needs, at work and in life. As an associate, you’ll be supported with resources, benefits, and work-life balance so you can thrive in ways that matter to you.

Featured employee benefits to enrich your life:

• 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

Learn more about our benefits.

T. Rowe Price is an equal opportunity employer and values diversity of thought, gender, and race. We believe our continued success depends upon the equal treatment of all associates and applicants for employment 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 country, federal, state, or local law.