Corp Dev to ER
Hi. I am in corporate development working at a health insurance company. I have been doing it for about 5years now and now I am hoping to break into ER and wanted to see if the community has any thoughts or advice for somebody with my background. Also wanted to see what I could expect in compensation for covering this vertical.
I graduated from a nontarget and have worked at the same company ever since I graduated. I think I understand the industry pretty well and having seen some research reports from top ranked people covering the space, I think my knowledge would help me provide a unique insider's perspective on recent trends in the industry. I also have really strong excel skills and manage my own portfolio so I think I can do the day to day of ER as I understand it.
Any advice or comments would be appreciated for how to break in and if there is anything I should consider in making the transition.
You have the skill set and knowledge. You need to contact the lead analysts in your vertical and hope someone happens to be hiring.
ER is facing significant structural headwinds. I wouldn't do it.
This is incredibly valuable insight and totally true. Simply put, ER is a cost center in a business that demands profits in which the margins are increasingly thin.
OP - if you want to be in ER, perhaps better to focus on the buyside and the health insurance/insurance industry? Maybe write up a stock pitch or two, but add in your genuine insight and analysis into it, rather than the typical equity research stuff that anyone on this board can put out. After all you have actual industry experience and insight. Most do not.
Have that ready? Send to ER guys at banks, and various long-only and hedge funds. Network. Try to call people up when you follow up on your email. I wish I could give more pointed thoughts but that's all I've got for now.
Good Luck
When DB ditched their equities business for the most part, what did they keep?
ER could still provide a valuable stepping stone into the buyside. I get it's facing structural headwinds, but what isn't these days. ER isn't going to evaporate overnight and it gives you an opportunity to network with many buyside firms and further skills related to the public markets.
Agree with the other folks here that you should look at jumping to buyside directly (and even then be careful - it's tough times in both sellside and buyside), but if you're really desperate to make a move, it looks like Wolfe Research's team is hiring. You should probably try to ask around though, i've heard mixed things about the shop, especially the healthcare franchise.
Another possibility is Leerink. I know they recently switched analysts so probably worth a look there. Best of luck.
Similar to what others are saying, i'm not sure if the outlook for your run of the mill buy-side shop is really that much brighter than ER. Would love to hear more thoughts on this.
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