Hi everyone, I'm currently working at a bb in research at the junior level and I'm considering switching to Asset Management (mostly for life style, work/life balance reasons). I'm wondering if anyone has any experience with the transition or any insight on how difficult this is to accomplish. It would also be really great to hear your thoughts on how you find work different or similar. I would assume less time spent on marketing/pitching and more on analysis.
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bump?
I have experience here. I switched over to Asset Management a bit more than 2 years ago. Got job through a referral at a former internship. I was coming from a small sell-side situation, so I think contextually that being at a big name bank will help.
In terms of making the move, I hate to beat a dead horse but networking certainly helps, and my experience is a bit non-traditional, so hopefully some other folks can help point you in specific steps to take.
Work is a lot less formatting and worrying about publishing great prose. Models don't have to be pretty, and for the most part no one that is outside your firm is going to see your work anyway. If you spend your whole day looking at something and write a few good sentences, that's enough. Also, someone told me when I was moving over that the volume of names you'll look at increases substantially -- I've seen this in my own work, with coverage universe being pretty big and the amount of new names I've looked at in a few short years has surprised me. After some time and showing initiative, you'll also get more into thinking about how your PM thinks, knowing what they're looking for, and considering portfolio construction. You'll even then be able to start with idea generation, which is an enjoyable part of the process.
Firm culture really helps, and depending on what your goals are there are plenty of options out there for asset managers big and small. If you have any other questions, PM me
Should I take this AM job? - 2-3 years in sell side (Originally Posted: 06/13/2012)
Hey everyone, I was hoping to get some opinions on a job opportunity that has presented itself.
My background: 2-3 years in sell-side equity research in a regional office. Comp is solid ($120-125K all-in) and work-life balance is nice, but I want to go to the buy-side.
The job opportunity is with a fairly large AM firm ($50BB+ AUM), but it is an entry-level position. The comp is basically the same as what I am making now, maybe even a bit less, and my cost of living would go up as the firm is located in a major city (one of NY/SF/Boston). The position is designed to transition into a full-fledged equity analyst role in 2-3 years, and my recruiter said most hires are making around $500K 5 years out.
The opportunity is generally what I am looking for, but the biggest drawbacks are comp and location. I'm not sure if I should take a "promotion" to the buy-side if it comes with an effective decrease in comp, and I am wondering if I should wait for a better offer (but of course that better offer may never come). I also have become used to living in a mid-sized city where my money goes a lot farther than it would in a major city.
Any input would be appreciated.
Sounds like a good opportunity to me, I would take it. You're not going to get a bump in comp to go to a long-only from sell-side. You will get a "bump" in hours, face-time, etc. as with any buy-side job.
A few acquaintances of mine that made the switch from sell-side to buy-side did receive a bump in pay, but I think they may have been hired directly as experienced analysts.
I'm wondering if I should hold out for a similar role, or take this opportunity and make the most of it.
you want to move to the buyside, and you have a nice opportunity in front of you. I say take it!
You might get a "bump" in base salary, but probably less in bonus/all-in, unless it's a crappy sell-side job. Anyway, the differences are largely irrelevant to this decision in my mind. Do you want to be on the buy-side? Then take it. Even if you hate the location/firm, it'll be easier to switch around once you have a seat...believe me. What would you be "holding out" for exactly? An extra 10-20k or something? Try and negotiate for more if that's the biggest issue.
Well like I said in my post I make around $120-125 all-in in a mid-sized city, and standard for my position is probably around $150-160 in NYC. I have friends that have left similar positions to mine for buy-side jobs in mid-sized cities for $150K comp, so it feels like a bit of a step down to get offered less to work in a much more expensive city, and maybe I could hold out for a non entry-level analyst role that paid a bit more starting out.
Yes I know I probably sound like I'm splitting hairs but these are just the concerns I have and the reason why I am asking the board. Feel free to tell me I'm crazy for worrying about this though.... :)
How to keep quiet going from sell side ER to asset management (Originally Posted: 08/04/2012)
Background: 2nd year associate analyst for a top ranked ER team
My question is how do you keep your employer unaware of your Job search to go from the sell side to the buyside. We have clients at basically every major asset manager and HF that I would reach out to. Does the buyside keep your job search a secret? I'd assume they want to contact my sales team / senior analysts to find out the quality of work I produce? Any advice or insight on how buyside treats this situation?
Thanks
Bump.
Good question. Bump.
The nice thing about equity research, is that you have published reports that have your name and a date on them with a stance that you took at the time. They will ask you for much of your published work and can question you on your thought process at the time.
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