The large institutions have separate job postings for traders and PMs. How exactly are their roles different? Don't PMs have to make trading decisions? And traders must manage the trades(portfolio) as well? What is the typical career path that leads to PM in money management or hedge funds? I am looking at this from an individual trader point of view, since any individual trading his/her own account must also manage the portfolio. So how is this different from an institutional setting? Thanks for any clarification.