Weekend Wars: ER vs. PWM

Equity Research (ER) and Private Wealth Management (PWM) two paths many a banking wannabe has taken on the road to Wall Street. Today, I'd like to address these two options as long term career choices.

I remember reading posts on WSO years ago and know that at a different time a question such as this would have gotten me laughed offline. Things have changed, however, and in more case than one I have met people who are far more satisfied in ER and PWM then they WERE in banking.

So let's hear what you guys have to say about the two and which do you see being a better career choice long term.

This Rick Weyman article addresses some interesting points that are often overlooked in regards to ER. Fee-based research firms are nothing new, however, many a young analyst overlooks just how potentially profitable a career in this field can turn out to be if you rack up enough experience and have the requisite entrepreneurial frame of mind.

As far as PWM, I enjoy quoting myself , beating dead horses and long romantic walks on the beach.

Remember, I'm not saying either is an acceptable alternative to your gilded banking dreams. Both can definitely be far more profitable alternatives than people realize.

Since money no longer grows on trees, the premium on free time has widened to spreads unseen since the Tulip bubble days.

I expect to see more and more bankers jumping into these fields going forward.

Perhaps you happen to be one of them.

I am not joking.

Comments (15)

Oct 24, 2010

Not all ER analysts want to be bankers, bro. I'm interested in hedge funds, and running my own long/short fund .....

Oct 24, 2010

SB for Hoover reference, dorsia.

Oct 24, 2010

nah just, "RICK ROSS"

Oct 25, 2010

wait what? Equity Research has always been a viable career choice, you make it sound as if it is or was a step down from banking. It has always been a matter of preference between working in the primary markets or the secondary markets or of choosing between exit opps of private equity or of hedge/mutual funds. You might as well have said banking is better than trading.

And then you put PWM on the same level? Do you work in finance?

Oct 25, 2010
1.21 gigawatts:

wait what? Equity Research has always been a viable career choice, you make it sound as if it is or was a step down from banking. It has always been a matter of preference between working in the primary markets or the secondary markets or of choosing between exit opps of private equity or of hedge/mutual funds. You might as well have said banking is better than trading.

And then you put PWM on the same level? Do you work in finance?

Dude, I really don't think this was a shot at either field but more of an exploration of different paths to the same destination. So many people come to this site and are sitting dead red on TMT at GS and think there are no other ways to get to where they want to be. I'm fairly certain M^3 (or V) wasn't taking a shot at anyone. Deep Breaths...

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Oct 25, 2010
happypantsmcgee:
1.21 gigawatts:

wait what? Equity Research has always been a viable career choice, you make it sound as if it is or was a step down from banking. It has always been a matter of preference between working in the primary markets or the secondary markets or of choosing between exit opps of private equity or of hedge/mutual funds. You might as well have said banking is better than trading.

And then you put PWM on the same level? Do you work in finance?

Dude, I really don't think this was a shot at either field but more of an exploration of different paths to the same destination. So many people come to this site and are sitting dead red on TMT at GS and think there are no other ways to get to where they want to be. I'm fairly certain M^3 (or V) wasn't taking a shot at anyone. Deep Breaths...

I'm in S&T not ER, so I didn't take offense, I was more taken back and apparently unaware that there are people that consider banking (TMT or any other group) to be > than anything on the secondary markets side. They're not better/worse, just different.

Oct 25, 2010

haha dude there are people here that consider banking > literally anything you could possibly come up with

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Oct 25, 2010
happypantsmcgee:

haha dude there are people here that consider banking > literally anything you could possibly come up with

Felt like this point was firmly addressed in second paragraph.

Oct 25, 2010
Midas Mulligan Magoo:
happypantsmcgee:

haha dude there are people here that consider banking > literally anything you could possibly come up with

Felt like this point was firmly addressed in second paragraph.

It never hurts to reiterate my man...I know I would turn down a starting spot on the Yankees for MS M&A wouldn't anyone?

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Oct 25, 2010

Would toss you a SB for that LSO reference, but I don't have any left...

Oct 25, 2010

And another kudos for the Texas connection (whether intentional or not)

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Oct 25, 2010

My only question is.
Big Meech capital > Larry Hoover partners?

Oct 26, 2010
Comment

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

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