Currently interviewing for a position for an Instituional Investor ranked analyst a Cowen. Goal is to be at BB ER or HF. What is the reputation for Cowen on the street, hrs, exit ops? Would appreciate to get some view from within the firm as I have access to the research they produce but trying to understand how the firm works.
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Cowen is a great firm and probably one of the best when it comes to ER. BB research is very hit or miss and is more analyst dependent. Pay at BB is lower than guys like jefferies, RBC, and cowen in a lot of instances.
Thanks for the response! I have some idea regarding their research as I have access to it. Do you have any idea as too the culture/hours/pay for associate and in addition the exit ops? I’m assuming going to a BB form here is very doable but to buy side after 1-2 yrs as an ER Associate with CFA completed?
It's very doable and unnecessary. BB research is no better than MM research. Pay at jefferies/cowen/RBC is just as good if not better than most BB.
Culture/hours/pay very team dependent. Some of the healthcare teams that are heavy into the banking side might have several 90+ hour weeks outside of regular earnings season (but this is made up for at EOY...). Good culture, small feeling shop with a lot of people who actually care. Not a cold big corporate culture I've heard of elsewhere. Associate is pay granted you do your job well and impress the right people. Far above street for 1st, 2nd and 3rd year associates if you're on the right team and generate the best performance.
Bump?
Buyside perspective here. Full disclosure: I've never worked in sellside ER and can't comment on salary. Also, this is a US perspective only due to the impact of MiFid 2 in Europe.
I hear a lot of people asking questions about specific firms when it comes to ER quality, reputation, and exit opps. I think the MUCH more important factor is the analyst for whom you'll be working. The firm is almost irrelevant (maybe BB pays a bit more).
When I want to call someone on the street and talk names, I don't think to myself "hey I'll call Morgan Stanley because they're the best ER shop and have the best reputation for everything ER." It's more like: -I'll call analyst X at JPM because she knows sub-sector A better than anyone -I'll call analyst Y at Stifel because he talks to the CFO of company B all the time -i'll request a model on company C from analyst Z at Bernstein because he always gets EPS numbers right
We pay different analysts for different things, and there are absolutely analysts at smaller shops like Cowen or Stifel or Wedbush or Northcoast that are very good at specific things. I don't think any analysts are good at everything. They all have their particular things they're good at. Subsequently, their associates tend to learn from them and become good at the same things.
So as an investor, if I rely more on mgmt commentary and tone and macro to choose stocks I may prefer one analyst covering a stock while another guy wants to get deep in the micro fundamentals and nail EPS down to picks stocks...he probably prefers another analyst covering the exact same stock or sub-sector.
My point is that there's no best analyst or firm. It depends. There are awards out there like II (very LO weighted IMO) or comission payments by HFs to brokers that can help you determine on avg whom the buyside prefers. I think it's hogwash...it's just opinions of guys who took time to vote, maybe sellside analysts kissed ass and took buyside guys to a nice dinner and strip club. The analysts and shops that add value stick around for a reason.
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