ER questions from an outsider

I have a few questions about ER that I couldn't find on here, or could use some more information on.

1) Geography

I'm looking primarily to stay in the southeast (if possible). I didn't see too much in the way of ER firms in ATL or DC. Most of the firms that were listed are there because the firm has an ER line, but maybe just has a satellite office (PWM or something) in that zip code.

There is a thread covering IB in these areas, but I'm not sure if they have ER lines.

So far for Atlanta I've found:
Raymond James
Pritchard Capital Partners
Deutsche Bank

DC:
BBT - I looked at ER team bios and all of them have VA area codes from their phone #'s.
FBR
Capstone? This showed up on an indeed.com search

Charlotte:
TIAA-CREF
Zacks Investment research
BOA? Is there ER here?

2) The typical path is 3-4 years as an associate, and then to analyst. Is this similar to IB where you normally need an MBA to move up? Whats the attrition here? How many associates move to analyst? I'm sure this is all performance based and hard to put a percentage on it, but just wondering.

3) If you don't move to analyst could you theoretically stay at the senior associate level until an analyst spot opens up or you get enough connections/following to generate the revenue?

My concern here is that I've seen exit opportunities in investor relations and general finance positions in a corporate setting, but I imagine these will take a huge pay cut.

4) This has been answered many times I'm sure, but how do you deal with networking while working full time (1st year big 4 audit)? Do people respond well to weekend visits for a beer or coffee?

My current networking plan is to find people through linkedin or friends, ask a few questions, then later ask to meet up as I "happen to be coming into town." (My alumni network is most certainly dry)

Since I'm not in a position to interview yet (haven't started technicals, ect) is there a point in cold calling the firms directly?

5) Do you see any point in creating a research report while working to display sincere interest (along with CFA level 1) in the field? I have heard yes and no, just trying to get a better idea.

Everything I've read on this site points to ER being the "sweet spot" in finance with interesting work, great compensation, relatively normal hours (~60, which is what I'm averaging now making 50k), and generally a more reasonable long term career plan. I'm really trying to make this happen, so any additional advice is appreciated.

Bio: (Your standard WSO Non target profile..)
Non target UG (very low GPA), Non target Macc (very high GPA)
CPA exams passed, taking CFA level 1 in December
1st year big 4 audit

 
Soros:
I have a few questions about ER that I couldn't find on here, or could use some more information on.

1) Geography

I'm looking primarily to stay in the southeast (if possible). I didn't see too much in the way of ER firms in ATL or DC. Most of the firms that were listed are there because the firm has an ER line, but maybe just has a satellite office (PWM or something) in that zip code.

There is a thread covering IB in these areas, but I'm not sure if they have ER lines.

So far for Atlanta I've found: Raymond James Pritchard Capital Partners Deutsche Bank

DC: BBT - I looked at ER team bios and all of them have VA area codes from their phone #'s. FBR Capstone? This showed up on an indeed.com search

Charlotte: TIAA-CREF Zacks Investment research BOA? Is there ER here?

2) The typical path is 3-4 years as an associate, and then to analyst. Is this similar to IB where you normally need an MBA to move up? Whats the attrition here? How many associates move to analyst? I'm sure this is all performance based and hard to put a percentage on it, but just wondering.

3) If you don't move to analyst could you theoretically stay at the senior associate level until an analyst spot opens up or you get enough connections/following to generate the revenue?

My concern here is that I've seen exit opportunities in investor relations and general finance positions in a corporate setting, but I imagine these will take a huge pay cut.

4) This has been answered many times I'm sure, but how do you deal with networking while working full time (1st year big 4 audit)? Do people respond well to weekend visits for a beer or coffee?

My current networking plan is to find people through linkedin or friends, ask a few questions, then later ask to meet up as I "happen to be coming into town." (My alumni network is most certainly dry)

Since I'm not in a position to interview yet (haven't started technicals, ect) is there a point in cold calling the firms directly?

5) Do you see any point in creating a research report while working to display sincere interest (along with CFA level 1) in the field? I have heard yes and no, just trying to get a better idea.

Everything I've read on this site points to ER being the "sweet spot" in finance with interesting work, great compensation, relatively normal hours (~60, which is what I'm averaging now making 50k), and generally a more reasonable long term career plan. I'm really trying to make this happen, so any additional advice is appreciated.

Bio: (Your standard WSO Non target profile..) Non target UG (very low GPA), Non target Macc (very high GPA) CPA exams passed, taking CFA level 1 in December 1st year big 4 audit

  1. There's a few in the southeast that I know of. In ATL, I know ER guys at:

and then you've got the more regional shops like RayJay, SunTrust

  1. It's a few years as associate, but it can vary, some will spend 2 years and move to a higher role, some will spend 5. ER is much more flexible. You don't need an MBA at all, and the attrition is pretty low, much lower than banking. Usually in a class of 10 associates, you'd have maybe 3-4 leave for the buyside.

  2. Yes you can, usually you will be given random small name coverage, and you will have the opportunity to earn more as others leave. At this stage though, it can be easier just to go to another firm to pick up coverage

  3. People are always happy to meet on weekends whenever, as long as you're a cool guy. Use linkedin, friends whatever you have to. If you think IBD is hard, ER is 5 times harder. Jobs are far, far fewer, and are filled usually with people with relevant experience. In addition, if you want to be in the South you've only got a few choices where you're gonna get paid street.

  4. Don't bother. You're report will only get throw away, and it's not going to be good. Just network.

 
newfirstyear:
Soros:
I have a few questions about ER that I couldn't find on here, or could use some more information on.

1) Geography

I'm looking primarily to stay in the southeast (if possible). I didn't see too much in the way of ER firms in ATL or DC. Most of the firms that were listed are there because the firm has an ER line, but maybe just has a satellite office (PWM or something) in that zip code.

There is a thread covering IB in these areas, but I'm not sure if they have ER lines.

So far for Atlanta I've found: Raymond James Pritchard Capital Partners Deutsche Bank

DC: BBT - I looked at ER team bios and all of them have VA area codes from their phone #'s. FBR Capstone? This showed up on an indeed.com search

Charlotte: TIAA-CREF Zacks Investment research BOA? Is there ER here?

2) The typical path is 3-4 years as an associate, and then to analyst. Is this similar to IB where you normally need an MBA to move up? Whats the attrition here? How many associates move to analyst? I'm sure this is all performance based and hard to put a percentage on it, but just wondering.

3) If you don't move to analyst could you theoretically stay at the senior associate level until an analyst spot opens up or you get enough connections/following to generate the revenue?

My concern here is that I've seen exit opportunities in investor relations and general finance positions in a corporate setting, but I imagine these will take a huge pay cut.

4) This has been answered many times I'm sure, but how do you deal with networking while working full time (1st year big 4 audit)? Do people respond well to weekend visits for a beer or coffee?

My current networking plan is to find people through linkedin or friends, ask a few questions, then later ask to meet up as I "happen to be coming into town." (My alumni network is most certainly dry)

Since I'm not in a position to interview yet (haven't started technicals, ect) is there a point in cold calling the firms directly?

5) Do you see any point in creating a research report while working to display sincere interest (along with CFA level 1) in the field? I have heard yes and no, just trying to get a better idea.

Everything I've read on this site points to ER being the "sweet spot" in finance with interesting work, great compensation, relatively normal hours (~60, which is what I'm averaging now making 50k), and generally a more reasonable long term career plan. I'm really trying to make this happen, so any additional advice is appreciated.

Bio: (Your standard WSO Non target profile..) Non target UG (very low GPA), Non target Macc (very high GPA) CPA exams passed, taking CFA level 1 in December 1st year big 4 audit

  1. There's a few in the southeast that I know of. In ATL, I know ER guys at:

and then you've got the more regional shops like RayJay, SunTrust

  1. It's a few years as associate, but it can vary, some will spend 2 years and move to a higher role, some will spend 5. ER is much more flexible. You don't need an MBA at all, and the attrition is pretty low, much lower than banking. Usually in a class of 10 associates, you'd have maybe 3-4 leave for the buyside.

  2. Yes you can, usually you will be given random small name coverage, and you will have the opportunity to earn more as others leave. At this stage though, it can be easier just to go to another firm to pick up coverage

  3. People are always happy to meet on weekends whenever, as long as you're a cool guy. Use linkedin, friends whatever you have to. If you think IBD is hard, ER is 5 times harder. Jobs are far, far fewer, and are filled usually with people with relevant experience. In addition, if you want to be in the South you've only got a few choices where you're gonna get paid street.

  4. Don't bother. You're report will only get throw away, and it's not going to be good. Just network.

Good stuff.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 

"4. People are always happy to meet on weekends whenever, as long as you're a cool guy. Use linkedin, friends whatever you have to. If you think IBD is hard, ER is 5 times harder. Jobs are far, far fewer, and are filled usually with people with relevant experience. In addition, if you want to be in the South you've only got a few choices where you're gonna get paid street."

Is it really going to be 5 times harder to break into ER than IB? I have to say this is kind of disheartening. Given my background I know IB is a long shot. If the chances are really going to be this slim I don't know if I should consider the level 1 CFA.

Are there just not a lot of openings for ER?

:EDIT:

Based on sheer odds of landing an interview with the bio mentioned above, would it be more likely that I would fill an interview spot for a MM IB, or an equity research position?

I know the responses will be something like "those are two different things, do what you want" but I could see myself doing either. I need to realistic with my opportunities and work towards something obtainable (Ie: I might want to be an astronaut but the odds are pretty damn slim so look for something else)

 
Best Response

Baltimore has a much larger finance sector than DC. Wells Fargo, Legg Masson, T. Rowe Price, and a number of smaller boutiques are all there. In DC you have FBR Capital Markets and places that serve the Aerospace/Defense industries (Jefferies Quarterdeck, Lazard, etc.) but that's mostly it. Many of the DC places will be in NoVa anyway rather than DC proper. ISI Research does have a small office there, but if you want to be in the DC area Baltimore will give you many more options.

 

Research has more one-off hiring than banking. It is a tough environment at the moment, but you only need to catch one fish. The south isn't a hotbed, but you only need one job...

You don't need to create a report. You should be ready with an interesting stock pitch / tons of specifics / a catalyst. Handouts are not needed. They might help you if they're really amazing. If they're not, they'll ruin your chances.

Demonstrate you can hit the ground running. People want strong modeling skills and writing skills.

It doesn't hurt to have some sector knowledge / interest. Depending on the sector and firm, you prob don't need full blown industry experience.

 
Bradmass:
Research has more one-off hiring than banking. It is a tough environment at the moment, but you only need to catch one fish.

In this sense, I would suggest looking for posts year-round. A post will appear when a replacement is needed and people leave based on many reasons that don't share a common timeline. One of the more prevailing times of the year would be around bonuses. Maybe you can figure out when these go out for each firm and check for recent posts at that time. Good thing is that you're in luck... tis the season.

 

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