Career path from sell side equity research
Hi all. I'm finishing my junior year, about to start a summer internship at a MM bank doing equity research. I'm familiar with the typical path from IB analyst onward (Analyst to PE to MBA to whatever) but does anyone have a similar "path" for a person starting out in equity research as an associate? I'm personally interested in getting a PHD in Finance at some point and/or working at a hedge fund. Things I've picked up (feel free to correct me):
There's less "up or out" in ER at least for associates. I don't think there's any reason someone can't be an associate for 3-4 years at the same bank right out of UG.
PE exit options are a long shot but ER is ideal for L/S Hedge Funds as well as for megafund asset managers.
Plenty of people go from associate in ER to Analyst/Associate in IB.
Its hard to go from associate to analyst at the same bank because most banks have only a handful of analysts covering each sector.
The culture is flatter.