Equity research buy-side at a large AM or JPM Market Sales?
I have offers from both. I could intern at the large AM on the buy-side of global equity research or I could go do a Sales internship at JPM. Long term career wise I would like to work on the buy-side, HF or PE(have some experience in PE). Thus, AM seems like a better fit. However, during the JPM internship I could still interview for other divisions full time (IB, JPM Equity Research etc). I am wondering what would be a better career move/ better fit? What are the main key differences to considers: work wise, life wise?
Also, the AM is paying minimum wage for the internship at the moment, while JPM is paying a lot. I also can't seem to figure out what the salary for the AM would be later on (glassdoor not very clear). As I'm a student and I support myself this is unfortunately one of the factors I have to take into this equation. I do feel that my hear is more in the AM fund, the people seem highly intelligent and I like that type of environment. The JPM guys on the other hand are suuuper friendly and a different culture for sure. Also, the AM fund usually does not take people out of school directly, but they are testing this out and if it goes well will be giving me an offer (I was the only one that passed the last interview with the PM and am currently the only intern they got).
i would say JPM! a lot of big places encourage internal mobility, and enough people move from S and T to research (especially if its a similar product like high yield sales -> high yield research, for example). also, you'll probably have a lot of opportunities to network with sell side analysts at jpm during your internship. asset management would definitely be more similar in terms of the work you'd be doing, but i think being at JPM itself would allow you to eventually end up there in some other division.
Thank you! Yeah, I'm just wondering if I could make a switch to the buy-side easily at JPM, like buy-side research? I know they are the 'safer' bet here in general and that's hard to let go. However, I really like what I'm learning at NB.
Hey-- i didn't realize the AM you mentioned was NB. Absolutely take that!
All else equal, obviously ER in AM is the right call. You can easily go ER to sales but the inverse is very difficult. If you want to work on the buy side "long term career wise", doesn't it make sense to start there?
But obviously you'll have to factor in other things like potential for return offer, comp, etc.
Yeah, I know. But it seems very uncertain what would happen after the internship and that is scary. They don't really take interns, this is kind of an experiment in and of itself - I'd be perhaps the only intern and they could or could not hire me at the end. Not much to them if they don't. Also, their salary for interns is like 1/3 of what JPM gives. I'd need to take out an extra loan to support myself to do that internship. Yet on the other hand, I really want to be on the buy-side and I like the job that this could potentially be later on, better than I like sales at JPM.
If I were you I would still take the AM job. NB is a quality name and I'm sure you'll get a lot of looks for full time even if you don't get a return offer. The potential path from JPM sales would be sales internship --> sales full time --> sell side ER --> buy side ER. Lot longer of a path and there are no guarantees you'll make the jump. And a quality long only seat is getting rarer and rarer. All that said, you know your situation a lot better than I do. If you're really worried about money, take the sales gig and hustle for ER.
Thank you so much! My heart is with NB and with buy-side research, so I think that's the path I'll take and I'll just have to hustle now to figure out finances etc.
Also, do you by any chance have any insight as to what the comp would be later on shall I get an offer? Glassdoor is not very helpful.
Pretty low at the start...not sure about NB but I would expect ~85k base + 10-20k bonus for first year ER associate. Ramps up exponentially as you get promoted and get some good stock picks in the book.
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