Path from IB to AM?
This would be for someone who did 2 years in IB out of UG; no MBA or other programs/experience.
Know there are some threads out there already on this but they are a bit outdated, and I'm also a bit unsure on where to even start in terms of the firms/typical application process? Know it's not nearly as structured as the PE recruiting process which I'm not interested in.
Assuming a lot of networking/cold emailing given the IB background not being an exact fit or am I wrong?
My interests would be strictly in the public markets - Equities, Fixed Income but most importantly would love to do something more macro-oriented, but I know I can't be picky trying to just get my foot in the door.
Any help would be great. Thank you!!
bump
I did the reverse of what you are suggesting (AM research analyst --> IB/CB analyst) after finishing a two-year stint at an AM shop I joined right out of school. I think at an early stage of your career, it's definitely possible as you are still somewhat moldable and can adapt relatively quickly compared to a seasoned professional in a specific niche, but it would be an uphill battle nonetheless going from IB to AM. Extensive networking may be necessary and you definitely need to have answers to: 1) why didn't you start in AM or a public markets role out of school; 2) why the change of heart to move into public markets two years in; 3) how you plan to quickly ramp up in AM given the drastically different workflow from IB.
I have no intention to talk down the strenuous work that junior bankers do (hell, I'm one now), but employers know junior-level work in IB is almost pure support & execution, so once you arrive at the right side of the initially steep learning curve, it's a lot of time-consuming reps but you get better at it as time goes on. However, public markets research is a different game from IB process execution. If I assume correctly that you are looking for a research analyst role, you will be using completely different muscles and having to come up with your own thesis in limited time on different names that you may not be familiar. Putting together a research report feels very different from formatting pitchbook decks, if you know the business inside out, then you have it; if not, you could be stuck for a long time without being able to justify your investment thesis. So that's definitely something to have in mind before making the switch.
Feel free to PM if you are interested, I now know the pain on both sides haha.
Thanks!! And yes, I am talking about a public markets research analyst type role but I guess the difference would be more so on the macro-side rather than going super in-depth on specific equity names. Unfortunate that it seems like AM isn't a straightforward exit versus something like PE where I am getting a bunch of inbounds daily but it makes sense given the difference in skillset. I was always interested in the field out of undergrad but the roles were so few out there while I was flooded with IB opportunities from my school's career center at the time. Looks like the path will be networking aggressively.
I may take you up on that offer to PM you but just for the sake of people who see the thread my question would be do you think looking specifically for more macro-oriented roles rather than strictly covering equity names changes the skills or roles I need to look at? Thank you again
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