Bloomberg Intelligence...any info?
Hi All, currently looking into a role as an Equity Research Associate at Bloomberg Intelligence.
-Is the experience comparable to typical sell side research associate? i.e. industry research, modelling, meeting with management teams etc.
-Has anyone actually the read the research they produce, what are your opinions?
-What is the compensation like, what can one expect as a 1st/2nd year associate?
-It seems that some of the Analysts have are ex-BB/ Buyside, while others have less impressive backgrounds, any reason to this?
Any other info regarding culture and hours would be greatly appreciated. Looking on linkedin it looks like former associates have exited to ER at reputable banks as well as a few IBD boutiques
Thanks all!
While I’m not in BI, I do work at Bloomberg in analytics; so I hope I can give an honest, “insider” perspective.
When you think about what equity research does, it’s ultimately to provide an investment recommendation. As a result, there’s a lot of valuation to determine price targets and other estimates backed by meetings with actual companies, financial models and written research. BI barely does only the written research.
Because the entire premise of Bloomberg’s research is to be a third-party source, the department has decided not to quantify price targets. The real reason behind this, I suspect, is that not everyone is Series certified to be making these types of investment recommendations. As a result, it’s not very comparable at all to a sell-side firm. In fact, an analyst I met with said that the department is always restructuring its objective (though he said it in a positive tone). It didn’t seem like the analysts met extensively with actual companies, but this may be something that’s introduced to the BI analyst’s workflow.
If you have access to a Terminal in a public library or university, feel free to type BI into the command line. You’ll see the research is hardly fleshed out. They read more like slightly longer tweets with maybe an accompanying graphic. But one main problem is that it’s very hard to determine if the research is supposed to flow together because you might get lost clicking into other functions of the terminal or because the publication date is tucked away at the corner. I’d personally be surprised if anyone based an investment off the research, which should speak to the quality.
As for the comp, a friend who’s a first-year associate makes mid 80 base; but Bloomberg bonuses aren’t high, so your base is almost your entire take-home pay. From what I’ve seen, an associate’s hours are 9-6 outside of earnings season. During earnings season, it’s not as crazy as the sell-side, but there’s a chance you’d have to stay later. In keeping up with the Bloomberg customer service model, some associates are staffed on the help desk to answer questions about the data the platform provides (the real value-add).
As for why there are some ex-BB analysts, Bloomberg recruited some analysts off the Street. The tagline for the department now is that the analysts have an “average of 15ish years experience” in the industry, which would lend some credibility to the department. New associates, however, don’t have to necessarily come from this background. This would explain the disparity in previous work history. As to how some associates/analysts later lateraled, I’ve heard generally that the job wasn’t actually equity research. The few who successfully left have spun their role to get another they’d rather be doing. (Ironically, this fact is true of the analytics department as well.) Overall, the impression I got is that BI is either a good springboard to jump into a real front office role or a place for older analysts to retire.
Great info... +1
I like the data BI gives, but they seem objective rather than making a call or investment. Seems to be mostly updating data, writing the news/press release, and/or making macro call outs and trying to focus investors on which data points are major drivers. Again, without really taking a position.
Above poster is 100% right.
If anyone would like to add more thoughts on this topic please do so.
sell sider here... the role described above is completely different to equity research. I am often contacted by these people for things like consensus collection, my views on breaking news, etc. It's a journalist role and that's it
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