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WSO Free Modeling Series - Now Open Through
May 31, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
Hey thanks for this, two questions for you:
What's your intended trajectory in post-MBA ER world? Gain SME level of insight into your coverage area and stick it out? Do you foresee yourself making a transition from sell side to buy side research, or is that not a well trodden path?
If there isn't much of a well trodden path out of SS ER at the post-MBA level, do you have any contingencies for an exit should fee compression/MiFID II begin to edge out more senior/expensive talent? I understand BB ER is more resilient to the macro pressures that are shaking the branches of the ER tree, but I'm sure it's still on a lot of peoples minds.
Thanks!
Q1: Currently jumping from on BB to another BB, different vertical, within the same major industry, but different coverage area. Goal is to get 1 more sub-vertical under my belt to thoroughly understand the entire industry value chain, model building, etc. to be able to be a junior analyst at large HF and hop into the seat without a steep learning curve on the quant/research side
Q2: MiFid II has created some differences, but all its doing is transitioning the way SS ER gets paid. The dollar pool is definitely shrinking but that has to do with quantity/quality. 5 years ago there were hundreds of hack shops pumping out terrible research and HF's would use them as alt. data sources. That has changed a lot. So its all about quality, corporate access, and a differentiated mindset.
One step at a time is a path best taken.
Breaking in: I applied to probably 75 different openings, got 5 interviews, 2 elite boutiques, 3 BB's. 2 offers came in, both BB's, waitlisted for 2 others due to timing, 1 no offer. Transitioning now to one of the waitlist openings from BB1 to BB2.
To land the interview: TIMING AND LUCK (sorry, little skill involved here). ER has ZERO structured timeline to hiring. It's all about a hiring need as someone quits. Best advice: tap into your network, and stay in touch. Create authentic relationships. Go to lunches, coffees, etc. As an opening occurs its easier to land than "hey, remember me, help me"