It depends on the fund. All funds are different so it is tough to generalize, especially since they widely vary in size and responsibility.

I have a good friend that works for a large mutual fund who already pitches stocks to the PMs. Other guys I know are simply excel monkeys.

In investment banking, it is a bit different. Analysts and Associates are excel jockeys with the job translating towards sales/deal sourcing as you climb up the ladder.