Lateral from ER to IB

Equity Research primarily means analyzing company's financials, perform ratio analysis, forecast the financials (financial modeling) and explore scenarios with an objective of making BUY/SELL stock investment recommendation. Equity Research analyst discuss their research and analysis in their equity research reports.

 
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Hi,

Girlfriend worked in IB at Guggenheim in NYC and two of my best friends worked in ER there as well.

I do ER at a different bank but the person whose spot I filled lateraled being an ER associate to an IB associate at a well-known bank.

Your base is probably very similar to banking but your bonus will be lower. However, you'll actually manage to get some sleep and/or spend your money since you wont be working 8am-4am workdays.

Most common ER exit ops are typically buy-side roles (by far), investor relations, or continuing on as an analyst/senior analyst within a particular industry vertical. Less common (and a bit more difficult given skill-set mismatches) but still possible laterals are IB, executive positions in industry (after along time becoming an industry expert within a field), consulting, etc.

If you're set on IB but don't have any IB options ER at Guggenheim should open a lot of doors if you work hard, are diligent, and use the opportunity to develop your network.

 

CBRE is not investment banking, for the 600th time. Having said that, if you are truly at a well-respected equity research shop for REITs, then by default you are probably smarter than 90% of the people who work at CBRE. Moreover, if what you're interested in is true investment banking (i.e. REIT offerings, etc) then it's hard for me to think of a better background than having done REIT ER.

 

Eastdil is the only true RE Investment Bank. All the other shops are just brokerages. Although, they may have small investment banking like arms. HFF has HFF Securities.

It will be difficult, but certainly not impossible, to leverage your CBRE experience into an investment banking offer; you can certainly end up at a BB CRE lending arm, CMBS or Portfolio. I work with some former brokers and broker's analysts. Remember, the likes of CBRE, JLL, and HFF generally work on individual assets, and rarely, if ever, get to work on the equity level of a real estate company.

 
pudding:

Guys,

Just want to point out CBRE has a real investment banking team. It is called CBRE capital advisors: http://www.cbre.com/real-estate-services/investor/...

Based in NYC. Here is the head of the group: http://www.cbre.us/o/newyorkcity/people/james-scot...

This team focuses on entity level transactions.

I am familiar with them and have worked with them, but I doubt that is who the OP is referring to.
 

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