ER at Moody's S&P etc
Is this a good stepping stone to a BB or smaller boutique? How are ER associates at ratings agencies viewed by the IB community...
thanks
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According to Best of the Street in WSJ, S&P is no. 2 I think.
Are responsible for the meltdown in the fin industry. They did not rate the bonds properly. Did you ever question as to why Buffett is selling all of his MCO shares? Or why David Einhorn - the one that called LEH was worthless is short MCO? http://www.businessinsider.com/david-einhorn-declares-war-on-moodys-200…
I'm allowed to say this since I was short FNM, MBI, MTG, PMI, RDN at the end of 2007 and early 2008 and to this day do not understand how MCO and MHP are still around.
Government sanction oligopoly.
hehe...
Working in Equity Research for a Ratings Agency (Originally Posted: 01/02/2013)
Hi, I've spent the past 2 years in an Aerospace Equity Research role in an investment bank. Next week I've got an interview for a similar coverage role but at a ratings agency. Does anyone know what the main differences in the 2 roles would be?
Thankyou
The obvious difference would be that ratings agencies do not rate the stocks but the debt issued by the company and hence a focus on the debt story and not the equity story... It sounds like you have a lot to cover for next week, best of luck...
Ratings agencies DO issue equity reports, in fact very similar to the typical sell-side reports put out by banks. Looks like you have a lot to learn as well.
To answer OP, not sure how the interview process or job would differ... I imagine it would be largely similar.
The main difference is the rating agencies will have a larger group of people working on each report, but will issue reports very infrequently (maybe once per year or so). However, each report will be very in depth.
In sell-side equity research, reports are often done by fewer people, oftentimes one or two, and issued very frequently (every time there is an earnings announcement or business development), but the reports don't go too deep; they're typically only a couple pages long.
I would imagine pay, prestige, and quality are better on the sell-side (assuming you work for a known bank), but that is mostly just speculation.
the only rating agency that has an equity research division is S&P. given S&P does not have a brokerage arm I could not see how this unit would be as profitable compared to that at an ib. i would imagine this would mean lower pay.
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