Career change to equity research field

Hi all,

I've been read this blog for a long time and have finally to make a post of my own. I'm currently working in the mortgage business as an underwriter and trying to make a career change in equity research. Equity research has been my passion but graduating college in 2009 was not the best time to pick and choose. A little about me, I graduated from UC Berkeley Haas school of business with a focus in finance, I also passed CFA®level 1 and currently preparing for CFA® level 2 this June.

I am really trying to make a switch to equity research or investment management asap but I don't know where to start. My current job does not have many transferrable skills besides detail orientation so anyone that can give me some advice or point me in the right direction will be very much appreciated....

Thanks!

 

First off. Why haven't you been trying to get in since 09? You could have taken the current job and continued looking instead you put it off for nearly 2 years? You missed out on a lot of opportunities in that time period, I am sure of that. Congrats on CFA L2, however I can tell you a lot of people are taking level 2 this June and have similar academic backgrounds and professionally maybe stronger, and they too are looking to break in to ER (Pertaining to buyside opportunities, I am one of them...). Maybe join the SF society of security analysts or local CFA society for networking and what not. Also Haas is a great name worldwide and even more so on the left coast, use all resources possible from there. Just network, show interest and passion in the markets, learn a few names cold that you can pitch, and keep at it. Be creative in your approach, don't just apply online! It is not easy right now, a lot of people trying to get a few seats...

 
Best Response

I am also trying to make a career change into either ER or IB. I've had the opportunity to speak to a number of people in ER (from junior analyst to portfolio manager on both the buy side and sell side). I have two pieces of advice for you:

  1. Build a paper portfolio account. Start documenting your trading (why you bought stock XYZ -- the model you built to buy it, your thesis, etc). You can talk about this (and even show it) to any ER opportunity. It shows you have interest/passion and have ideas that can be used. It's one thing to have the desire to do something...it's a completely different thing to actually proactively do it.

  2. Network. This is really your best bet as a career switcher. Those opportunities that undergrads/grads have aren't gonna be there for you, so you gotta find another way to get in. Build relationships, let people know you are interested and doors will start to open.

 
tan86:
I am also trying to make a career change into either ER or IB. I've had the opportunity to speak to a number of people in ER (from junior analyst to portfolio manager on both the buy side and sell side). I have two pieces of advice for you:
  1. Build a paper portfolio account. Start documenting your trading (why you bought stock XYZ -- the model you built to buy it, your thesis, etc). You can talk about this (and even show it) to any ER opportunity. It shows you have interest/passion and have ideas that can be used. It's one thing to have the desire to do something...it's a completely different thing to actually proactively do it.

  2. Network. This is really your best bet as a career switcher. Those opportunities that undergrads/grads have aren't gonna be there for you, so you gotta find another way to get in. Build relationships, let people know you are interested and doors will start to open.

Great, you work on the buyside and want to get to the sell side? Mind if I ask why?

Also, regarding 2; I don't think ER associate hiring is strictly for UG; It is all case by case unlike IBD analyst hiring.

 

I don't exactly work on the buyside. We are more of an intermediary. My work is very similar to that of a fund of funds analyst -- research managers, not individual securities. So you can see why I'd like to work as either a sellside or buyside ER analyst OR sellside IB analyst.

Regarding how to break in, you're right, it's not strictly UG. Actually, most of the hiring is at the grad level, but that's besides the point. What I'm trying to emphasize is that opportunities are much more sparse when you're not being recruited from a school (UG or grad) AND networking is really the key to breaking in.

 

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