Switch from Equity Research to IBD
Hey guys
I've been offered an ER position at a BB after an internship, but IBD is where I really want to be. Unfortunately, in this market, not many people are hiring, especially not through the non-internship route (I dont have any prior banking experience either).
My first question is: Should I take the offer, and then try and make the switch internally after a couple of years, or should I keep looking until the market picks up again? The reason I ask this is because some people have told me that being in ER virtually rules out ever being able to switch to IBD.
My second question is: If I do do ER for a couple of years, will I only be able to switch to an equity issuance team in my sector (if I am able to switch at all), or are options like M $ A still open to me? I will start at the analyst level in ER.
I dont have any previous banking experience, and dont really know a lot of people in the industry. I'd be really grateful if someone here could help me out.
Its very hard to do this.
That's what I was afraid of. Nevertheless, could you please be a little more specific?
That's not a common transition. You could do it if you went to business school after 2-4 years in ER, and interviewed for IBD positions then. The BB ER experience would definitely be marketable and you could make a compelling case for the skills you have, your knowledge of the industry, and why you're a better fit for IBD.
As for whether you should take the ER job, that depends on how likely you think it is that you'd get an IBD offer at this point, and whether ER is of interest to you at all. If you know you won't like ER, then you'll be miserable in the job, probably not perform well, and be worse off than if you had declined the offer and kept interviewing.
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This may be a rare transition but I don't think it would be difficult at all. An ER associate with 2-3 years experience covering an industry with in depth knowledge of 30+ companies and relationships with management would seem like an ideal candidate to be an IBD associate. Of course an MBA would be a necessary stepping stone. If someone can chime in, why exactly is this move rare? Because IBD looks down on ER, because the skills/personalities are different, or because ER people generally don't seek that move?
Agreed - except for the need for an MBA. Would think the ER aso would be able to hit the ground running, particularly if coverage aligns with prior research.
Bump!
Second that supertight.
Very simple answer supertight - most people don't want to make that move since they'll already be earning decent cash and won't be willing or need to make the sacrifice in terms of extra working hours to do IB.
People do make the switch though, I can think of a few ppl I know who have done it at different levels of their career from analyst level up to pretty senior lvl. If you have a few years xp then you won't need to do an MBA and can just come straight across. You can actually even make the switch later, say after 5-6 yrs when you already have solid contacts on your own stocks which would allow you to come in at the VP level where that sort of stuff matters more than most other things.
Transferring from ER to Investment Banking (Originally Posted: 03/16/2011)
Hi,
What are the chances of moving from Equity Research to Investment Banking? Is this transfer frequented? And, what positions would you typically look for when transferring into Investment Banking?
Thanks,
Someone with a background in ER would be highly valuable to boutique banks. Probably the first question potential clients ask them is "what industries are you experts in?". Given that being in ER you would spend all your time covering one sector you could be a big boost to a smaller firms looking to expand there area of expertise. As for larger MM and BB firms it may be a different story.
I know of a few that did the reversal, Ib--> ER.
I thought I wanted to do this at one point and a headhunter got the ball rolling. Had interviews at 2 top BBs for experienced analyst positions in the industry I cover. Got neither bot got very deep in the process with one. Ultimately the bankers were very receptive to my experience but I think opted for people with direct IB experience. It can definitely be done but I would suggest that the MBA>Associate role is better/easier than ER>IB Analyst. As a lateral with no banking experience, you will likely be a step behind your peers and this will directly effect your comp and exit ops.
Thanks for the comments... the only reason I ask is because ER seems more realistic given my credentials at this point., but I want to be on a track that can open IB doors
what credentials make you better for ER than IB?
Moving from Equity Research to M&A? (Originally Posted: 10/16/2006)
Is it easy to move from equity research (junior position) to an M&A analyst position?
Not sure about junior, but I've seen people move across to VP level easily enough. You have the industry knowledge and contacts to make it work. Depends on how involved you've been and what kind of contacts/ knowledge level you've built up.
Equity Research to --> IBD Analyst (Originally Posted: 10/04/2011)
Hello Primates,
I did a search and didn't see any pertinent results. So I've been trying somewhat unsucessfully for the past month or two to apply directly to boutique and MM analyst positions coming from a large mutual fund company with 1-year work experience.
I haven't had much success as they are looking primarily for 2nd-year analysts that already have a sound knowledge base in valuation, modeling and financial reporting and analysis. Positions are also very limited.
I am seeing a lot more openings in NYC and Boston (and even Philly) for Equity Research Associates either right out of undergrad or with 1-2 years experience. I just passed Level I of the CFA in June which more closely aligns with ER anyway.
What do you think the prospects are of doing ER for a year or two, learning the valuation and modeling skills and trying to lateral in at your company or moving to another bank for a 2nd-year analyst type positon? Or perhaps going from ER --> MBA --> IB Associate?
I'm just trying to explore all of my possibilities for breaking in, and with my background and experience I'm thinking it may be easier to go ER route then to keep prodding away at boutique analyst openings where they really want 2nd-years anyway.
Feedback appreciated,
John
ER -> MBA -> IB Associate would work. Why not? Sell side ER -> IB could also work if you network and transfer to the IB coverage team for your sector.
What are you doing at the mutual fund company? Why do you want to leave?
double post
Slow, bureaucratic advancement opportunities ("Time in job" requirements, not merit based). Low pay. I'm currently working in Fund Accounting trying to navigate towards the Portfolio Review department which does fund & fund manager oversight, new fund launches and manager selection, market research, things of that nature. They have a small Quantitative Equity and Fixed Income Group but they are highly competitive with on average less then 1 opening per year per group.
I originally took the position to apply for the investment management rotational program. They had about 2000 applicants and I made it to the final round interviews (8 people) and they took 4. I was pretty disappointed about that.
I know a ton of people at State Street doing fund accounting who are all trying to make a similar transition to you, and a majority of them passed CFA L1 with the hope it would be their ticket out; they are still having a difficult time especially in this environment. To be brutally honest with you, you need to start applying to any MO/FO position you can find; this includes companies with single digit employees. I wouldn't even be concerned about ER/IB/AM, and you should possibly even consider financial analyst positions, which always seem to be available. I can guarantee you will get pigeonholed in mutual fund accounting if you stick around for another year.
One of my buddies made the jump after a year to a small AM firm, however it took a ton of networking. Start reaching out to individuals with similar backgrounds and ask for advice.
Are you talking about corporate finance analyst positions?
It sounds like you are being punished for taking a job in this economy that you really didn't want but needed to get some experience on your resume, paying back student loans, etc. I would hope companies would understand the fact that not everybody gets the 1st choice job they want out of college and are going to be looking to make moves early in their career to get where they want to be.
I don't plan on being around here long enough to get pidgeonholed, but if companies honestly think that everybody doing their current job is doing exactly what they intended to do, seems incredibly ignorant.
On a related note OP, I feel like you should read "Confessions of a Wall Street Analyst." Equity Research Analysts become extremely valuable to IBD and "go over the wall" on deals constantly. I know Enron/Arthur Andersen/etc scandals have damped this down, but I imagine it still happens.
Equity research means you have a strong valuation tool kit for companies... why couldn't that work on the buy side? Note I'm not at a BB but I just don't see why it wouldn't work beyond maybe culture fit and sector specialty...
I will order that $5.44 book on Amazon today venturecap. It would appear you also unintentionally linked to http://amzn.to/pP2t6G which has 5-star reviews on Amazon.
I am currently studying for the GMATs, followed by CFA Level II while simultaneously reading Valuation by McKinsey (http://amzn.to/mT0ofp) which is a great great book so I'll have to put that one on hold for awhile.
I have been making some contacts in Philly, NYC and Boston but at the same time, they tell me every time a position is posted they get a few hundred resumes that all blend together. I usually dig around websites to e-mail resumes straight to directors, analysts, etc. then follow-up by phone a week later and try to get through to hiring managers, directors, etc. I am making slow and steady progress. I think I will get there eventually, I just need to continually improve myself since I totally effed up in undergrad.
I have a very similar background- large MF company, back office position. Taking Level 3 next June. Looking to break into MM or boutique as IBD analyst. Etc.
I talked with an alum from my school who is a BSD and he actually suggested checking out the ER route and then doing >MBA>banking or lateral directly into banking. Apparently he has seen it pretty regularly. I haven't had any success with NYC banks thus far and think I'll expand my horizons a bit by checking out ER opportunities as well.
Best of luck.
Thanks Duff. I've seen some other threads floating around saying ER is quite limited in exit opps which doesn't make a ton of sense to me. Regardless, ER would be a helluva lot closer to what I want to get into then what I am doing currently and I don't see it as a bad career move.
With my grades/background, I will have to start at a MM or boutique (boutique most likely) but don't mind doing that for a year and making a move or two years and possibly going for an MBA. It's just frustrating that the few openings that exist right now each get 400+ resume submissions. Makes me really question the "There are x# of applicants (usually 9-15) for every open position" although I suppose that includes ALL open positions and not just financial.
I'll keep you in the loop of my progress. You do the same.
Will do. Couldn't agree more about the daunting application numbers. Spoke with a different alum who is at a small boutique (7 people) and they are getting bombarded with apps from people laid off at BB's willing to take paycuts for analyst positions. It's a tough time to break in.
One more thing I have noticed recently- I have been getting a decent amount of interest for FP&A roles at some of the NYC BB's. Obviously not what I'm looking for but it might be easier to make an internal jump than external to get into banking. If I find something that is an upgrade over my current role I might just make the switch, put in my year, and try to network my way into an IB role. Just some food for thought.
I also see a lot of people throwing around "Network with Alumni to get your foot in the door." My schools alumni base is more clustered in corporate finance but there is a small portion involved in banking. Contact information is hard to come by but should I just start cold-emailing/calling them trying to form a relationship and let it work it's way into investment banking opportunities?
I am starting to make some inroads with Janney Montgomery Scott. I have been conversing with a director for a few weeks now, and more recently, the head recruiting analyst who talked to me for 30min last night about how to best position myself to break in while he was at the airport on his way to Vegas.
I guess I'm starting to see that networking is a long relationship-building process that can sprout into something beneficial in the future as long as you nurture the relationship, but it certainly doesn't happen overnight. He told me not to be too too worried about not breaking in right out of undergrad as it took him a year to get there and he sees people with 1-3 years experience breaking in.
I have made more inroads talking to alumni bankers than any other strategy- some of them are extremely willing to help you out, whether that means passing along a resume, giving an info interview or simply connecting you to other people. Like you said though, it really is a long term process and I have been told repeatedly to just keep at it and eventually a break will come. When you speak with someone always ask if they have anyone else they think you should speak with- this will help you expand your search a bit. If you could talk to a few more people on the Director's team at JMS you might pick up some more momentum there.
Also, full disclosure here- I am by no means an expert on this networking thing and am just sharing my experience a bit. Being out of undergrad is a death sentence for typical entry level analyst recruiting (again, from my experience) and at this point I see no other way I can break in.
ER to IBD - How difficult is the transition? (Originally Posted: 11/24/2007)
Was wondering about how difficult it would be to transfer from equity research in a top tier BB into IBD…
Given that it will be difficult to network within the firm (due to the Chinese wall) would it be best to try to make the move within the firm or apply to other firms?
After how long should I start applying? If I were to apply after 1 year in ER would I come in as a 1st year analyst?What other divisions in the firm do you think are most relevant in terms of skill set to investment banking?
You would come in as a first year analyst. I've know a couple kids who have made the switch. They had friends on the IBD side who had their resume and secured them interviews once a position opened up. Your best bet is to let a few people on the IBD side know your interest as soon as possible and tell them to keep you in mind.
Summer ER to FT IBD? (Originally Posted: 10/06/2014)
Hi
I have received an offer for a FT position at a BB (GS/MS/JPM) as an Equity Research Analyst following my summer internship this year. However, I have realized that what I actually want to do is IBD. I am currently recruiting for FT positions but, I was wondering, if I should instead (for those applications I haven´t submitted yet) apply for summer internships?
Also, would you recommend maybe applying to both summer and FT at the same bank?
Note this is for London.
My profile is smth like this: Top grades from top European school; summer internship at a BB; internship at a small equities fund the previous summer; 3 languages and strong extracurricular.
Not sure how to approach this –would vm appreciate some help!
Thanks!
That's tough.. I tend to side with the FT offer.
But, might be hard to network your way in to IB while working in ER. If you know positively that you want to be in IB, I'd see if you can land a 1st year analyst somewhere, or try to have a SA position to fall back on.
Maybe someone else can shed more light on moving to IB after 1 year ER
I was thinking of starting in IB rather than changing from ER. Would be very helpful if someone can provide some color on the ft + summer application for the same bank question. Thanks again!
I know a couple of people who interned in London at MS in ER and then said they wanted IBD and were able to get an FT offer in IBD. Since you got an offer for ER you can leverage can't you (speak to HR, your manager etc) about your preferences? You can always apply to other BB's saying you have an offer for ER but want IBD.
No one seems to actually have answered your questions yet (but have given solid advice nonetheless). Directly addressing your question - I would personally apply ft only for ibd, and let them know you have the offer obviously, but since a lot of people in Europe do a SA stint after graduating, I'd also mention you'd be receptive to accepting an internship if ft isn't possible for any reason, as you've realised that's where your interests really lie. That way you're eligible for both but are mostly recruiting for ib and don't have to do a bunch of extra applications (or forego applying ft at banks where you choose to apply sa instead).
For reference, I actually did this and it worked quite well - though not exactly same scenario. I had a ft offer for ib from the bank I interned that and tried to leverage it for an offer at another bank only to find their class was filled with returning interns for the group I wanted - I mentioned id be open to interning if there was a likelihood of immediate conversion and they brought me in for interviews. In the end I was told there wasn't a huge likelihood of immediate conversion and the bank was uncomfortable offering me an internship when I had ft elsewhere (ie I'd have to give up my ft offer to intern, as you likely will for a bank to give you an sa if you try to leverage your offer) and because I wanted to work after graduating and didn't like low chance of immediate conversion I stuck with my original offer. But, based on my experience and the knowledge that lots of people intern after graduating in Europe, I think my advice above could work well for you - especially if you have solid contacts at banks to reach out to.
Only caveat is saying this may make them offer you an internship where you could have been competitive for a ft spot in some scenarios
If you want to do IBD I would just switch man. With your profile you have a really good shot at getting either FT IBD or SA IBD so why take a job that's not actually the one you really want? It's a little risky, obviously, but then again a little risk is ok. If you're unsure about what you want you should obviously take the offer.
Thank you so much to the four of you! This is very helpful
ER to IBD Early? (Originally Posted: 09/16/2015)
I've seen a couple posts on this topic, but they are either old (2009) or apply to post-MBA grads.
I want to know if it is possible to switch within the 2-3 years out of undergrad at a MM size bank? And if so, would the transition be easier for certain coverage/product groups?
This is assuming I do well during my time in ER, as I already have a good number of connections in different IBD groups.
Thanks.
As a 2009 grad I take offense to this post.
After 2 years in the same group, I can't imagine why you wouldn't be able to transition.
Would it be difficult to switch in after a year?
I ask because it seems very rare and I'm not sure if it's due to difficulty or it's just uncommon for whatever reason.
Are you shooting for private equity? I am 14 months into an IBD job and am thinking about switching to ER as I want to transition to a HF and think the skill set in an ER role is better tailored to help me do so (obviously trying to go straight to HF first).
Honestly, I haven't narrowed down whether I'll do HF or PE yet.
Those are two wildly different career paths.
Those are two wildly different career paths.
ER to IBD - Two job offers (Originally Posted: 05/17/2011)
I recently have two job offers, both very good banks. I have just graduated from a generally non-target school. One bank is FIG and I would have the insurance sector as my coverage(property & casualty).
My main question is if it is difficult to move into M&A after working as an equity research analyst? Is a top business school after a few years a wise decisions if I choose this path?
I am new to this site so this is probably in the wrong forum, but thats alright.
PM
Equity research to IBD (Originally Posted: 06/26/2011)
Is it possible to lateral out of an Equity Research Intern position to an FT role in IBD ( M&A)? And does Equity Research come under IBD?
Yes it is, use the search function. And no, equity research does not come under IBD. It does occasionally fall under S&T though.
ER to IB: analyst or associate? (Originally Posted: 10/08/2013)
Hi all,
Long time reader, looking to make a switch. Currently wrapping up my second year in ER, and expecting to complete level 3 of CFA in June. If I wait until I have 3 years of ER experience, what position could I transfer into IB? 3rd year analyst? associate? Thanks for any and all input.
(Yes, I understand that CFA has limited to no weight/application in IB)
It completely depends. If you'd be transferring within your firm and your firm is very open to internal transfers you could be an 3rd year analyst (definitely not associate). If not they could start you over. If you switch to another bank you could easily end up anywhere from first year analyst to 3rd year depending on how bad they need you and how competitive the rest of the applicants are
Shoot for 1st year analyst so you have a shot at exiting to the buy-side.
If you have modeling skills, then there's possibilities as an Analyst or an elevated position in the sector you are covering.
You'd have a shot at HF also although obviously it's not as common as IB-->HF.
Too many variables to give you a clear answer but Raptor.45 is pretty much dead on. You could end up all over the board, 100% won't be an associate in IB though.
Did you go straight from undergrad to ER? Had a coworker who did trading for a year or two before business school, then worked in ER for two years. He left over the summer to go into IB as a senior associate.
From ER to IB (Originally Posted: 02/23/2007)
Anyone with any experience moving from Equity Research to IB?
Just got into ER (at a BB) but looking to perhaps step up into IB. Any comments or advice?
Greatly appreciated.
.
why do u wanna move into IB dude....in ER life is sweet...work half the hours and that too at a chill pace....why do u wanna go to the brutal IB jungle?
It is a serious question. Just wanna understand ER and its nuances....i am IB
would one pick a top tier BB ER position over a mid tier BB IB position
Tycoon has a great point, why do you want to move into IB? It's not like you're paid nothing in ER, and you have better hours to go with.
I personally prefer IB over all else, so I would take the mid tier BB, but I don't see why ER might be less "desirable." It's all personal preference.
Can someone tell me the salary & bonus ranges for a successful ER analyst. Information about possible career paths from ER would be good too.
My understanding is that ER usually pays almost as much as IB, and with reasonable opportunities to go buyside (mutual funds, pension funds, that kind of thing).
equity research to IB ....easy shortcut?? (Originally Posted: 04/15/2010)
I've met two guys both managing directors who started in equity research and transitioned into IB as associates.
This really makes me think. Isn't it better just to go into equity research and skip the grunt years of IB, and then transition into IB as an associate when the hours start to get good, and the pay starts to get really good? While equity research is no piece of cake, I think that it still gives you respectable experience, and relatively good pay, and people in ER tend not to be as asshole-ish.... and then later down the road move into IB as a associate/senior-associate, thus skipping the worst part of the IB ladder. ....is there something terribly wrong/impossible about this strategy?? does this type of transition only happen back in the good old days ???
Having worked in ER i was under the impression that this doesn't happen all too often. That being said, I have seen it done before
I think that transition is very possible. The reason people don't try this path as much i think is because most of the people starting as ib analysts don't want to stay in ib over the long run. Also Butch: what type of firm did you work for? do you think that ib is hard to trasition to coming from ER?
1) BB 2) i've heard that transition is pretty tough in talking with people at the firm and from people who actually made that transition. ER is a completely different pace and the type of personality it attracts/fosters doesn't lend itself well to the IB dynamic (fast-paced, transactional, high pressure)
when you say the transition is though, do you mean getting adjusted to life in ib coming from ER or do you mean getting an offer for ib from ER
From Research To Banking (Originally Posted: 09/13/2014)
I have roughly two and a half years of experience in equity research, currently at a small sell side boutique. I'd really like to get into IBD somewhere, my first guess is BB is out of the question (non-target but i do have a MS in finance). Although I know I'd need to learn a lot of new things, I think the ER experience gives me at least a decent chance because I know how to model and analyze companies and can pick up on on the other side of the wall quickly. My reason for wanting to transition is to open more doors for my career. It's become very apparent to me over the past couple years that IB absolutely garners more respect on a resume than ER and I still think I'd find the work interesting and enjoy it. If anyone has done this, knows companies that recruit from research at least time to time, or has any other advice I'd appreciate it a lot. Thanks in advance.
try Nomura and japanese IBs. They've recently started converting ER peeps into Ibankers due to shortage of bankers
Thanks, Marker, much appreciated.
How much C-suite access did you have in your ER role? 2.5 years would normally not give you much access, but progress is potentially faster at a small shop.
Any C-suite access/network you have in a sector can be valuable at an IB, as it gives them more access. It's not going to be a slam dunk, but it is potentially a pro that you should be marketing in interviews.
Deep sector knowledge is also valuable for IB teams. You'd want to target a bank where there is a director who covers that sector and needs some technical credentials at a junior level to complement his/her network access.
SSits: I've had a significant amount of interaction with management during my time. Even when I was in a junior role at the start, I'd get to meet management with the senior analysts. Since the shop I'm at now is so small, I'm the only analyst on my names and am the only one speaking to management and doing all the modeling and report writing for that matter. I do have deep knowledge of a sector so I will talk those things up. Thank you.
ER to IB advice (Originally Posted: 01/20/2014)
I'm currently undergoing a spring internship as an equity research analyst for a MM firm in Houston, but think my interests are more aligned with investment banking. Just to give a little bit of a background, I earned this internship through a program at my school in which I will complete three internships prior to graduating. The majority of the internships offered through the program by the 30+ board member companies are energy trading focused, and my ER internship is one of the few that is not. It was fortunate I received this internship opportunity because, as my academic career has progressed, I find myself less interested in trading and more interested in banking. In this program, students have very little say in where they go and are "auctioned off" to the highest bidding board member company. The only way for a student to indicate his interest is to rank board member companies by preference in a survey that many of the board member companies seem to completely disregard. That being said, since ER and IB are closely related, I picked as my first preference (and was fortunate to get) the firm offering the spring ER internship. Is there a way to express interest in the investment banking side of things without coming across as ungrateful for the ER opportunity? I'm scheduled to finish my undergraduate degree this fall (December 2014), and landing an IB internship is out of the question due to my third internship filling this coming summer's time slot. In a perfect world, upon graduating I'd enjoy a chance to work FT with the IB side of the same firm I'm interning. Any advice would be greatly appreciated.
I would say that it's definitely possible. I didn't have IB experience going into recruting but I think my most important internship was my ER one. I didn't go to the same bank though, so over the course of the year, maybe try reaching out to other banks as well to go through lateral recruiting. I do personally know someone that was an ER associate for 1 year and then lateraled to the IB arm of the same MM firm, and I've seen similar trends on LinkedIn. It would probably be best to try and lateral to the IB side of whatever industry you're covering.
How hard is it to move from ER to IBD? (Originally Posted: 02/02/2014)
Whether is an internal lateral or to a different firm. I feel like ER definitely provides you with the modeling and valuation aspects that are common to IBD.
Bump. I'd like to know the answer to this too and vice versa (IBD --> ER).
bump
bump
I have 10 months of ER and i'm getting interviews but keep losing out to bankers moving laterally
It's possible, but difficult for the reason sellsidebro21 mentioned. Groups would rather hire someone with IBD experience if they are short staffed so that they can hit the ground running. In order to avoid lateral candidates, you could target MM banks. Less worried about lateral candidates from boutique banks outshining you here and it would be more of a level playing field.
What about interning ER to IBD ft? Would it be looked at as relevant experience?
This is fairly common from what I've seen. As someone else mentioned, you'll need to be able to spin your story (why the move, what was wrong with ER). However, getting the internship gives the sort of "street" stamp of approval. For example, I've seen a few people also move from S&T --> IBD despite the two not having much in common.
It's easier than a lateral move, since no one really has full IBD experience ahead of FT recruiting. Yes, banks may still prefer someone who did an IBD internship (assuming they received an offer elsewhere), but would put less emphasis on limited internship experience and more weight on hiring the best candidate. Equity research is somewhat relevant, but it's all about how you spin your story. Focus on the overlapping aspects of ER and IBD, and then also speak about your strong aptitude for corporate finance and other things you have done on campus to prepare you for IBD (Training the Street, finance club, etc.)
From Research to Banking, possible? easy? (Originally Posted: 05/31/2011)
Hello,
I was wondering what the probability is of switching between the research department and the banking department in an i-bank. I have an offer for an internship as a research associate at a great firm focusing on a great industry. The internship will lead to a full time position. The problem is I don't want to do research as my career. I want to work on actual deals.
My logic for accepting this position is that I can learn a great deal about the industry and then switch over to the banking side after a year or so either with the same firm or a different firm.
Would I be better off waiting to accept an internship where I work on a live deal (even if the company isn't known) or should I accept the research position? Basically, will it be detrimental to getting a position on the banking side? I'm curious as to the experience of people about the switch between research and banking. Is research looked down upon? Is deal experience important?
Thanks!
a guy from a now defunct ER shop is now working as an Associate at my firm.
He was a tech space guy and since our firm is tech based, hes the go to guy on knowledge of different sectors.
I don't know how this applies to big banks though
Totally possible and done before. My friend went from Credit Suisse ER intern to MS IBD analyst easily. I did my internships both in sell side and buy side ER and I got an IBD analyst position offer (and the MBB offer, which I took) after graduating. You need a pretty similar skillset in both roles, like general market knowledge, valuation skills, hardworker and be a good salesman (even though you will only use sales in IBD a few years down the road).
Having said that, I am in Brazil and the economy here is doing pretty well and everyone is receiving multiple offers provided that you graduated from a local top university and knows your business.
happens often. generally people go from IBD to ER to do similar (perhaps more interesting) work, without putting in as serious hours.
if this is for an internship it's totally possible to switch over during fall recruiting. internally is tricky politically but can and does happen with ease.
ER -> IB (Originally Posted: 11/08/2013)
Anyone seen this done after 2 years in research?
Yes, I have a friend who did two years of ER at UBS and then went to work for a top notch tech boutique. Feel free to PM me for further details.
Why would you want to do IBD after 2 years of research? Just start networking now and get in asap.
the real question is
why????? who would do that to themselves.
Seen IB--->ER but I'm sure the reverse is possible.
ER -> IBD (Originally Posted: 09/25/2009)
I just finished equity research internship at top 5 BB IB with a positive feedback but I'm determined to go for IBD full-time position. What are my chances for the graduate offer ?
Much better than if you hadn't had ER experience. You can tell a more compelling story about why you know IBD is a better fit for you given your ER experience...what you enjoyed most about the job was a,b,c which are key to IBD. You can talk about the time you spent talking with bankers.
In terms of pecking order, you sit behind the folks who had IB internships, but ahead S&T interns and anyone without Wall Street internship experience. Since you got an ER offer, I assume you have a pretty good resume, so it will be up to networking and interview execution.
Capitalize on your ER relationships to get intros to people in banking who after talking to you, would be willing to shoot an email to the right people saying they'd spoken to you and you're someone they should watch out for in the interview process. Think broadly about the types of people who could be helpful with a simple email. Here are a few ideas: The Email Introductions Most Likely to Open Doors - http://bit.ly/Uho6F
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Equity Research -> IB (Originally Posted: 02/11/2009)
Hi,
If I do equity research this summer at a BB, what will be my prospects in recruiting for full-time IB positions next semester? My M&A internship possibilities for the summer are slipping away.
Thanks
youd be fairly competitive as lots of people wont have any good relevant experience this summer. granted a lot of this hinges on there actually being FT IB positions available
not to hijack, but has anyone here had success going from sell-side ER to IB? Any thoughts?
A Co-worker of mine during a fall internship was a research analyst for a few years before moving into IB at a different firm, so it is possible
why would you want to though? after doing ER for a couple of yrs, you can move to a L/S HF in your sector. beats IB imo
Equity Research SA --> IBD FT (Originally Posted: 06/08/2013)
Hey, I am currently a rising senior doing an equity research internship. I am interested though more in IBD M&A and was wondering how I could market/transition myself when networking/interviewing for FT positions? As in, if they ask why SA ER to IBD full time, what are some good answers?
Your work in the two roles as an analyst will have a lot of similarities, but you should probably say that you wanted to work more in the deal-making process (as in, that's where your strengths are) than in the research side. I was in a research-esque position this past summer and in my interviews for FT IBD I talk a lot about how I feel my strengths as a negotiator and sociable person makes me more suited for i-banking than research.
ER Intern -> IBD Coverage Group SA - Viable Path? (Originally Posted: 08/19/2012)
Is it generally a good experience to have a research internship covering the a specific industry before applying for IBD SA positions? It seems to me as if not many people follow this path. Or would that actually be too specialized?
I would assume generally any ER internship would give interns some solid modeling skills, etc.
Ex. HC ER Internship -> IBD HC Group SA
When I'm looking at resumes, I basically flag all resumes that have some demonstrated interest in finance, so yes, an ER internship would most likely get you some looks when applying for IBD roles. Obviously not quite as directly applicable as if you'd done IBD previously, but still a good experience and should position you pretty well.
It also partly depends on the firm you're with too, but in general, that sounds like a good path. Also note that just because you did research in X industry doesn't mean you HAVE to say that X is the only industry you're interested in.
Thanks for the response!
Any other inputs?
why switch from equity research to investment banking? (Originally Posted: 10/02/2013)
I'm currently formatting my story for an ib interview tomorrow. I first interned in institutional sales and then the summer after I interned in equity research. I can't think of a particularly GREAT reason for the "why IB" question which will inevitably come up during the interview. So far I have "I wanted to be exposed to working on capital raising and M&A which I believe will allow me to learn how a transaction is done and how deals are negotiated."
Anything else anyone want to add?
be genuine, we don't know you.
Often a good answer (or part of an answer) to "Why IB?" is that you want to work in a fast-paced environment with smart, motivated individuals so that you can be constantly challenged and learn life-skills from your peers and superiors.
It's cliche but it should probably be the case for anyone interviewing for IB.
Because you want to do deals not write about them?
I'm in ER at a bulge bracket firm, and I would have to agree with Cruncharoo... rhen, while your rationale makes sense, this same environment is found in ER as well.. or at least that is what I've found
from institutional sales and equity research to IB (Originally Posted: 10/01/2013)
I had 2 previous internships, one in IS and one in ER. How can I spin my experiences into transitioning to IB full time? I usually get asked why IB vs. ER and I usually don't have the best answer.
bump
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