Equity vs Macro Research at Tier 1 BBs

Hi All,

I have two offers I am deciding between, one in Macro research and one in Equity research. Both are at Tier 1 BBs and I am very conflicted.

Some background, I have been working at one of the Tier 1 BBs in Macro research for c.1.5 years and was looking to move into ER for awhile— long before this new Macro opportunity fell in my lap. The reasons I was looking to move into ER have not changed, ie I think I might be interested in doing something more “finance-y” and less “Econ-y”. And most importantly, I really fear the longer I wait to make the move the more boxed into Macro I become. Hence I shut some future doors for myself that require financial modeling skills or finance-knowledge based skills, like in IBD or at a Hedge Fund. Also it becomes harder to break out of Macro the longer I stay in part because of salary, already to make the move to ER I would make approximately 1/3 less than if I take the Macro job. (On this I think perhaps it is too early in my career to make choices on salary and should put more weight on longer term goals?)

That being said I’m worried taking the ER job will not be the best choice for my career. The Macro job is with a more important/interesting/harder-working team than where I currently work and the ER team has a reputation for being sleepier. I’m also concerned about Equity Research in general, particularly given Mifid II, although I don’t plan to make my full career here.

Thoughts? How should I prioritize the factors here?

Thank you!