Career Transition: FLDP to Equity Research
Hey everyone! I am doing some longer-term career planning and wanted to get some feedback on viable career transitions.
Some background:
My preferred career field is buyside equity research, particularly at a boutique but high-quality mutual fund company, pension/endowment fund, wealth management company, etc. Geography matters a lot to me, as I don’t want to move too far from friends and family. The geographical region in the US I want to stay in is not a hotspot for finance (i.e. not NYC area, not northeast/NE which has a lot of high-quality fund managers, etc.), but there are a handful of high-quality boutiques and one large fund manager. There are a few banks (large but not target for ER) that could offer sellside ER, and a few boutique, independent sellside ER shops.
I’m a recent finance grad from a no-name university starting an FLDP at a midcap industrials/materials style company. Didn’t succeed in getting an ER position out of college. Oh well. FLDPs are a solid way to start your career. I’d be fine working in corporate finance for the rest of my life (I’m not a “high finance or bust” kind of guy), but I’d love to work in buyside ER, since that’s always been my favorite side of finance (I’m a value investing nerd), and the intellectual stimulation would make me excited to go to work every day. The way I see it, work isn’t work if you love it. And the fact that pay can be quite excellent if you make it to fund manager doesn’t hurt either.
I have solid financial modeling/equity research skills, and am finishing up a financial modeling training program to further hone them and make sure I’m ready and solid on all the technicals. I’m also studying for the L1 CFA and plan to take it in Feb 2026, and pass L2 and L3 roughly one year apart each. I plan to practice my ER skills by writing up ER reports, and getting feedback on them where possible, including when networking with ER professionals for my career transition.
I don’t have a super solid network in ER, but am planning to work on that over the next few years, partially by affiliate membership in CFA society and attending CFA society events to meet people and expand my network, partially by cold reach out.
My FLDP program is three one-year rotations. I’m aiming to do 1-3 spurts of jobhunting, each one targeting a career switch to ER around the end of a rotation, while keeping an eye out during the rest of the year since I know ER recruiting is relatively unstructured. I’m willing to do several years’ stint in sellside if necessary before switching to buyside.
The way I see it, some corporate finance experience will be helpful for gaining skills in depth financial statement analysis (albeit internally), especially if I cover an industry related to the company. Passing one or more levels of the CFA will show I am committed, intelligent, and self-motivated. Honing ER skills via practice will make sure I’m ready for the job.
The questions:
- Am I crazy for wanting to ditch an FLDP, a solid career path?
- How can I navigate the switch to avoid burning bridges at the FLDP company? I want to maintain good relationships and network connections there.
- How doable is this plan? Am I too optimistic on the corporate finance to ER transition? Please give as much constructive feedback as possible, as I want to improve/adjust this plan as needed.
- Please give any other tips or advice you can think of.
Thanks in advance! I’ve learned a lot from WSO forums, and I really appreciate you guys.
Transitioning from an FLDP to equity research is ambitious but certainly not impossible, especially with the structured plan you’ve outlined. Based on the most helpful WSO content, here’s how you can refine your approach:
1. Is it crazy to leave an FLDP for ER?
2. How to navigate the switch without burning bridges?
3. How realistic is the corporate finance to ER transition?
4. Additional tips and advice:
5. Final Thoughts:
Good luck, and remember: the journey to your dream role is a marathon, not a sprint. Keep at it, and you’ll get there!
Sources: Lessons learned from working as an FLDP, Q&A: From Sellside Research to Strategy & Finance at Rapid Growth Start-up, Which F500 Entry Level Job to Take?, Corporate Finance Q&A with accountingbyday, BJM85, STorIB, and djfiii, Finished FLDP, now what?
Give critical feedback on weaknesses in the plan, and ways to improve on them.
Lmao guess this bot doesn't reply
You mentioned you would theoretically be ok doing corp finance forever. What is your current comp / projected comp if you stay on?
Current 60k. Could probably make about 80k by 4 or 5 years out, and maybe 100k by 7-9 or so. All of this is for great WLB, working typically 40-hour weeks (possibly somewhat more as I get more senior, and obviously somewhat more during close period), and in MLCOL area.
Like I said, money isn't my top priority. I obviously want higher pay just like anyone else, but as long as I'm getting good value for my time, I don't mind. For me, it's more the interest and intellectual stimulation of buyside ER that really excites me - I can spend hours lost in financial statements, annual reports, market/industry research, etc., trying to value a company and having an absolute blast. I'd much rather do that as a career than something I'm simply ok with (corporate finance).
Thanks for the reply!
60k honestly seems on the low end for even a new grad in MCOL. Maybe in a very LCOL would make more sense. Particularly the comp progression you shared seems way too low imo. You could be right, but I would double check because 100k all in at 7 years makes no sense. Tbh, if you are looking for WLB, ER and buy side investment roles do not make sense at all. These are high pressure high performance roles where expectations are high…you also have potential to make a ton of money though. Is supporting a wife, children, family, etc important to you or coasting at a chill gig? There isn’t a right answer, but YOU have to answer that.
Have you considered an MSF to help make the transition?
I have. Will an MSF hold advantages above and against passing one or more levels of the CFA for making the transition? The advantages and disadvantages of an MSF is one thing I'm less sure of since they're so much less common than an MBA. Is it largely a networking advantage?
Thanks for the feedback!
Also, did you have a particular type of school or MSF program in mind?
There are a few advantages here. 1) Access to the school’s network 2) Re-brand (especially useful when coming from a non-target) 3) Ability to re-recruit 4) Resume booster (particularly if you get involved in clubs/student-managed funds). They’re usually the second most beneficial graduate degree for finance behind an MBA and are typically of the biggest benefit to people in your situation. All things considered, I think it would be far more beneficial than the CFA at this point, albeit they’re not mutually exclusive.
Have worked with several Vandy MSF on BS and SS. They generally place well
Honestly getting an MBA + CFA is the most obvious path. Preferably a school that regularly places people on the buy side (or sell side). Shoot for a top 20 program that gives you the best scholarship. Try to get a good GMAT score.
Yeah that's what I was thinking. If I can't get into my target firms for ER on the steam of CFA plus networking then I'll do an MBA (gonna do one at some point anyways, just maybe sooner if I can't seem to make the transition without it). Any other recommendations?
Thanks for the feedback!
What do you think of my chances of making the switch pre-MBA? Keep in mind I'm targeting more boutique firms.
If you're at a public company try to land an IR rotation.
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