ER at an Industry-Specialized Boutique Firm

Anyone hear work at a more specialized ER shop? One that focuses on a specific industry like Oil & Gas or Real Estate and digs a lot deeper into companies than sell side at a bank typically would?

Specific Questions:

• I am wondering what the lifestyle (hours, pay, etc.) is like here relative to traditional ER, as well as what the exit opps typically look like?

• Exit Opps: How common is it go into the buy side (AM/HF) from here, or is it mainly to ER at a bank or other boutique ER shops? How easy/common is it to go to a different industry than the one you covered? From what I can tell these shops are actually used for their research and most clients are hedge funds, so not sure if that would make for an easier transition to the buy side in any way.

• How is the work different from traditional ER outside of doing deeper research? Is it less markets focused, and if so how much less?

I am recruiting at a couple of these firms near me, and while I know I want to do research long term, I want to make sure I don't get stuck in something that is too specialized or where I won't learn transferable skills to other markets-based research roles.