Sep 16, 2022

LO AM Credit Research or LO AM Quantitative Research for SA?

Current junior here. My end goal is to become a portfolio manager of a mutual fund/potentially a HF, so ideally I would want to skip IB. Pros and Cons for each:

Credit Research at LO AM:

Pros:

  • Solid (at least according to WSO) buy-side shop within the fixed income investing sphere. Not a PIMCO but there are already so few FI investing SA positions to begin with. Large ($100b+) AUM.
  • NYC
  • I've had a background in doing fixed-income pitches in investing competitions and FI investing really interests me a lot. I much prefer fixed income investing towards equity investing.
  • Exit ops are apparently strong; solid b-school placement as well as exits into prominent credit shops.

Cons:

  • Lower pay
  • No point in staying past 3+ years since no one ever leaves
  • Less "prestigious"/well-regarded than QR option.

Quantitative Research at LO AM:

Pros:

  • SA'ed here this past summer, absolutely love the culture and the people. (I was in a different area of the firm)
  • Incredible educational opportunities in terms of the internship program (speaking from firsthand experience)
  • One of the top names within LO AM (think Fidelity, Wellington, Blackrock, etc.).

Cons:

  • Not based in NYC (and I kind of want to be in NYC as a young professional)
  • Sense that I'm not smart enough for the job. I bombed all my quant trading/research interviews with the market makers (Citadel, Jane Street, IMC, etc), which really discouraged me and made me question if I'm fit for this type of role and career.
  • Would not be FI focused.
  • Is it worth doing two summers at the same place? Or is it better to try another firm for a summer and if I really want to come back full time?

Obviously I'd be happy with both opportunities, but considering my career goals, does anyone have any thoughts? Thank you so much!

 

If your ultimate goal is to become a PM, then credit research is much more applicable than QR long-term

 
Most Helpful

In non ut sint voluptatem velit repellendus cumque dolor. Sunt unde cupiditate eligendi nisi dicta animi qui. Nam ut nemo ad aut rerum. Corporis fugiat quis quia aliquam aut blanditiis. Possimus praesentium error rerum qui nihil quis.

Career Advancement Opportunities

May 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Lazard Freres No 98.8%
  • Goldman Sachs 18 98.3%
  • Harris Williams & Co. New 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

May 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

May 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

May 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (20) $385
  • Associates (90) $259
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (67) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
GameTheory's picture
GameTheory
98.9
6
CompBanker's picture
CompBanker
98.9
7
kanon's picture
kanon
98.9
8
dosk17's picture
dosk17
98.9
9
DrApeman's picture
DrApeman
98.8
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”