Entry Level Research roles
I am not in the financial services industry but would really like to get into ER. Besides having a solid background in financial statements and taking a valuation modeling boot camp course, I do not have any direct work experience in the field -- 3 yrs work experience in corporate accounting, graduate from non-target. Getting an interview with a BB or a well-known boutique would not be realistic, so does anyone have any suggestions where I could start? Even if it is was a related position that would position me well for an ER Associate role. Thanks for the help.
A few ideas:
Start taking the CFA exams. Showing progress towards obtaining the designation would probably get you a few interviews, especially if you pass level II. CFA is the gold standard in research and investment management. If you're eligible for the CPA I'd take that too.
I would look for boutiques that cover the industry that you currently work in, i.e. if you work in an accounting role for a bank then apply to FPK, Meredith Whitney advisors, etc. Almost every industry has a boutique that specializes in publishing research on that particular industry. Many of these boutiques hire people "from the industry" who have an inside perspective on how the industry works.
Try to find alumni that work in research and connect with them.
Honestly your best chance is to get in with a boutique first, since many of the BBs only want fresh faces (undergrad or MBA level) or experienced hires. There are a ton of boutiques out there, so you should be able to find something and work your way up
Thanks a lot for the response. I will do some research on boutiques that specialize in the industry that I am currently in. I am a CFA candidate but am not taking Part I until December. My thought was that if I don't find anything by the end of the year then I will apply to b-school.
You should also look into buy-side funds and "independent" shops. Independent firms like Morningstar and S&P, for example, appreciate a wide variety of backgrounds. I wouldn't at all say corporate accounting is too far off. I'm not exactly sure how fund side (Fidelity, Vanguard, Templeton, etc.) recruiting works for experienced candidates, but they do regularly hire research associates to support their portfolio investment decisions. From what I understand, the buy-side research reports are shorter in length compared to their sell-side (i.e. BB) counterparts, but each buy-side analyst often covers more companies/sectors. Another distinction is they are not selling their research but instead are using them internally for their own fund's stock-picking. It's more breadth than depth, and each fund has its investment philosophies. I think a lot of people forget about the buy-side when looking into ER. I've interviewed with a few like Dodge & Cox and Brandes, and they are definitely great opportunities.
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