Am I too old to become an equity research analyst buy side??
I have been in the retail industry for 15 years working for different companies throughout my career. I really have a passion for the markets and I want to spend the next 20 years as a equity analyst. I am currently taking classes pursuing my B.S. in Finance. I will be 50 years old when I graduate. I want to know is it unrealistic to think I can go work for a boutique firm or a large BB such as ML; JPM; MS; CS etc as a equity analyst? Also what are some other things I could do to better my chances of a firm taking a look at me.
If Donald Ray Pollack can become an author at 50 years old, then I don't see any reason you can't reach your goals: http://www.npr.org/2011/07/26/138605683/donald-ray-pollock-on-finding-f…
It won't be easy, brother. But if you want it bad enough, it can be done. Start networking with the smaller shops and move your way up. Maybe aim to cover consumer/retail?
There is always a chance. But you might get other position than an analyst. Maybe some sort of a specialist role. Start with boutiques though.
I think Reingold was much older than most when he first made the transition to ER. I also think he was pretty high up at a gigantic telecom company when he made that switch though, and he covered telecom stocks, of course.
Check out the first few chapters of this book, it explains how he did it.
http://www.amazon.com/Confessions-Wall-Street-Analyst-Information/dp/0060747706
Since no one else will be honest with you...yeah probably. But maybe you could do something like PWM where equity analysis would be part of your job. Not trying to discourage you but it's a real long shot
Dank Nugs do say its a long shot solely based on my age. Would my years of experience in the retail sector allow me some opportunity? And I am taking advance Excel classes right now too. I am doing some other things to strengthen my resume as well. But do you think the big boys banks and boutiques are only looking at the young guys? And why would that be?
I also think it depends on what your years of experience in the retail sector entailed.
Edit: Also, there might not be anything wrong with your candidacy. Although, yes, I do think you're probably too old. IBD/finance/equity/etc... is simply as competitive as it gets. Plenty of high quality candidates out there. Few FT opportunities. It's simply a scarcity/numbers issue. Many excellent candidates get left out.
Are you a c-level executive or something close to that at a brand name company (If yes, not sure why you're trying to switch)? Do you have industry expertise you can offer to your buy side clients or your PM/fund (something that only a guy who ran shit for years and though different cycles would know. Not information you can read about in the filings)?
If you were a Macy's department store manager for 10 years at a mall in Kentucky, I would say your chances are very slim. If you are the global head of business development, then absolutely you have a chance (but why would you at this point in the game?).
I seriously think this is a troll. But hey, if not, here is something to think about
You are just taking uni classes now and will graduate when you are 50. This implies you are not in a high level type of position (could be wrong). With the limited info you gave, I'm going to guess you mean you are in a customer / client facing retail job. This means you have minimal insight to how an analyst would look at the retail industry and even if you do it will be very difficult to get someone to listen at this point, meaning it will be incredibly difficult to transfer over to an ER role.
Please understand, I'm not saying this to put you down, but to help you be realistic. All things are possible and maybe you could do it, but I'm saying the odds against you are probably pretty high and not worth the effort. Do not spend all your time gunning for ER, it will be a grind and at 50 it will be debatable how much it's worth for you longer term
If I were you I would graduate and leverage my experience to try and open a retail store or operate a retail franchise. I'd likely go the franchise route as a lot of behind the scenes stuff would be standardized for you. If you have been good in your job thus far then you are in your element and taking the next step with a business would be better than trying to go all in into an analyst role. If it goes well, you can sell your business or get someone else to manage it in 10+ years, which should hopefully provide a nice little nest egg.
globalmacro...Yes I am a General Manager. I have ran stores for different companies over my 15 years. This is the deal. I am willing to do and plan on improving my excel skills; taking financial modeling classes; joining CFA society organization as a guest member before I graduate. I am already a member of a toastmaster group. I am and plan on doing everything that would put me above the avg candidate coming out of college. I just think that my experience and years of experience in retail would make me more marketable as an analyst in the retail sector. I look the markets and I am good with stock picking. I can not do retail much longer. It is not challenging or exciting. I want to spend the remaining working years doing something that is challenging and more analytical. So are you saying with all the things I plan on doing to make me a much better candidate I still don't have a chance? And are you in the industry speaking from first hand knowledge?
If we are talking sell-side, I am in the industry and everything you just described might make you competitive for an associate role at best. If you are shooting for a senior analyst job, I think it will be extremely tough (pretty much impossible). I don't cover anything related to consumer or retail sectors (I cover financials), but I expect those sectors to be very competitive/crowded. So while I might not know the retail sector, let me tell you that someone who's been a branch manager at Chase for 15 years is not necessarily qualified to cover large cap banks and is likely not going to impress my head of research.
For buy-side, I think it would be similarly difficult to get a senior investment/research role at a fund.
In either case, your skill set (which you have yet to acquire) and background might make you somewhat competitive for junior roles. But you're 50...and we are talking about jobs that 22-26 year old kids are going for...and to be perfectly honest, your experience might make you only marginally more attractive.
globalmacro I really appreciate your honesty. That is what I need so I can know what I am up against. Thank you man. But listen I am not thinking I can come into IB or boutique firm in a senior role. I am looking to come in as a junior associate just like a newly college grad with a degree in finance; or what ever it is that will get my foot in the door. I currently make 112, 000 a year, however I am willing to take the 60-70K offered to junior associates coming straight out of college. Money and initial role is not important to me initially. I just want to get my foot in the door first with a IB equity research department or well known boutique equity research firm. I figured if I Work hard and passionately then the promotions and money will come.
Flake I appreciate your honesty as well and your insight. It is very helpful especially since you are in the industry. Can you give me some things I could do to make my resume more attractive. And it is ironic that you mention Branch Manager for a Bank. Because I am being recruited by BOA for a position as a Bank Manager. Now I am thinking this would be a good move for me because this would allow me have a sponsor for the Series 86; 87 exam and possibly take the CFA Level 1 exam before graduation which would make my resume more attractive. Based on what I said earlier your thoughts about my chances of coming in as a junior associate asking for 60-70k or what ever the starting pay is for a junior associate. Listen I plan on working another 20 years past my 50s and trust me I have the stamina. If you know something about retail we work 55-65 hour work weeks and most of that is being on your feet. So let me have; is it possible because I am very passionate about this career change.
No one is saying you're an old bat or anything like that. Sure it will get rough at times and during earnings you can expect to work up to 80 hour weeks in certain cases. My dad is 50 and the man is a fucking machine.
By the way, the only way a bank will sponsor you for series 86 and 87 is if you are already in research. No one sponsors random employees for licenses they don't need. I am also a bit confused still as to what exactly you want to do. The title of this thread has a random "buy side" at the end but now you're talking 86/87. So which is it? I don't think you fully understand the industry you are so desperately trying to get into.
Look, most of us are being negative here. It's not because we are trying to shoot down your dreams. We are trying to help you. At 50 years of age you will be making a compete 360 in your life. It will be a huge time commitment. It will be stressful...and after all that, your chances of getting into this field would still be very slim.
Also, what kind of school do you go to? Is it a school that has decent recruiting and an alumni base?
It's possible but you are going to have to get a very open minded manager. Most managers are not going to take the risk (and yes, you are a risk) of hiring a 50 year old to come in as a junior level. Think of it from their perspective. They won't catch too much flak if they hire the kid out of HYP and he doesn't pan out as expected but it will put into question their managerial skills if they hire you and the same occurs. Whereas you being top bucket analyst probably won't fetch them too much kudos; high risk, low reward. I don't say that to discourage because I think it is feasible but think of it from their perspective. I'm sure you have done your share of hiring over the years so you should be fine in being able to craft your story to assuage their fears. Good luck and let us know how it goes!
I still think this is a troll. It makes no sense. Look I agree it's do-able, but I don't understand why you'd want to take this gamble to begin with. Open a store or franchise. ALL of your experience sets you up to be successful in this kind of venture. You seem to have no problem working hard and it will be a challenge (which is what you're looking for) because it will involve building and running a business. It fits with your past experience and with everything you say you're willing to do (work hard, grind, take a pay cut initially). It just seems like a much better risk reward trade-off and more likely to succeed than trying to completely switch careers and gun for the same positions that kids in their mid 20s go for.
Even think of it in purely financial terms. Let's say you somehow manage to get in (which is a long shot best case), you're talking about taking a 50% paycut to compete with mid 20 year olds. So the odds are stacked against you AND you take a massive paycut. Now let's say it takes a few years and you're finally making good money, even making more than your previous salary. How many years will it take to break even on a present value basis? And then you're what 55-60 and financially no further ahead.
Also, working 55-65 hour work weeks on your feet is not the same as doing it sitting at a desk doing analysis type work. I'm not saying one is better or more difficult on a person, but they are significantly different. 60 hour work weeks will be during your slow times, and then for 2 weeks - 1 month every 3 months you're likely working 80+ hours. Do you really want to do this for 5+ years before you break even and then continue working another 15 years?
Compare that to a business and/or franchise which you could likely make succeed with your extensive experience. Once it's built up and you've put the same effort in as you would in an ER role, you can actually sell it and pocket the proceeds for retirement to follow any other interestst you may have, including investing! That's not advice I would give to someone in their mid 20s because the risk / reward trade-off is more in favor of an ER type role for them. Go to where you have a comparative advantage!
Seriously, think about it.
Full disclosure, I'm not in equity research but I work as an oil markets analyst in oil and gas sector and have a network of people within equity research on both a professional and friends basis. That might discredit me and you can choose to not listen to my advice; no water off my back.
Real talk - one of the most important skills a research analyst needs is the ability to communicate clearly and persuasively in writing. You seem barely able to string two grammatically correct sentences together. I just don't see how it would ever work out.
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