ER time line and ways to break in help
I am a sophomore at a non target. I have been recruiting for PWM and have enjoyed portfolio management and the technical side of the industry thus far; however, I do not see my self enjoying the advisory side of things now or in the future.
I recently began studying more about ER and I believe I have found my calling. I really enjoy what the industry and job entails but I am not sure of the recruiting process for ER as I have done so much work and networking for PWM. Would ER be possible to go into after a PWM internship? And when is the typical time line of recruiting for ER?
Switching your focus from Private Wealth Management (PWM) to Equity Research (ER) is a strategic move that can align well with your interest in portfolio management and the technical aspects of the industry. Based on the WSO content, here are some insights and steps to help you transition into ER and understand its recruiting timeline:
Leverage Your PWM Experience: Your PWM internship can be a valuable asset when transitioning to ER. Highlight any analytical tasks, market research, and investment strategy development you were involved in. These skills are highly relevant to ER.
Networking: Continue to expand your network but shift your focus towards professionals working in ER. Use LinkedIn, alumni networks, and any finance-related events to connect with ER analysts. Express your interest and seek informational interviews to gain insights into their career paths and advice on breaking into the field.
Educational Background: While you're at a non-target school, strong academic performance, particularly in finance, economics, and accounting courses, can help you stand out. Consider taking additional courses or certifications relevant to ER, such as the CFA, which is highly regarded in the industry.
Recruiting Timeline: ER recruiting timelines can vary, but traditionally, internships and full-time positions start recruiting a year in advance. For internships, this means applying in your sophomore or junior year for a summer position. However, ER recruiting can be more fluid than investment banking, with opportunities arising throughout the year. Stay proactive and keep in touch with your network for any openings.
Build a Stock Pitch: Demonstrating your ability to analyze and present investment ideas is crucial for ER. Prepare a stock pitch or an investment thesis on a company, including financial analysis, valuation, and market trends. This will be valuable for networking discussions and interviews.
Apply Strategically: Look for ER internships and entry-level positions through job boards, company websites, and career services at your school. Tailor your resume and cover letter to highlight relevant skills and experiences that align with ER.
Prepare for Interviews: Familiarize yourself with the ER interview process, which often includes technical questions, stock pitches, and discussions on market trends. Practice your analytical, valuation, and presentation skills.
By following these steps and being proactive in your approach, transitioning from PWM to ER is definitely achievable. Keep learning about the industry, stay engaged with your network, and be prepared to showcase your passion and skills for equity research.
Sources: Senior Associate Recruiting - Timeline for Recruiter Outreach, Recruiting Timeline For Summer Analyst Roles At MBB + Other Consulting Firms?, CRAZY early recruiting timelines, Recruiting timeline (UK edition), MM PE Recruiting Timeline
Current sophomore as well with a 2025 ER internship. I think recruiting is mostly wrapped up for 2025 summer but some firms open later (UBS for sure and I imagine there are more smaller shops). Don’t know much about FT recruiting but that’s an option as well.
Thanks, I’ll look into it. I am most likely (if all goes according to plan) going to have a 2025 PWM internship. Do you think it would be easy to go into ER from that internship experience?
I only recruited for ER and obvi in the same spot as you experience wise so no clue. I imagine FT recruiting for ER could be pretty tricky as there are a very limited number of seats compared to banking, but that’s just my guess. If you know this is what you want to do I would personally try to land a 2025 ER internship.
I wouldn't say recruiting has wrapped up. Quite a few international firms (Mizuho, Nomura, BNP) have not started interviews yet, as well as MMs (Piper Sandler, William Blair) or even BBs (BOFA, Citi, DB)
Did two internships in ER. Looking for a full time position now. Based on my previous interviews, I’d say it’s very much up to the discretion of the senior analyst. I never felt like there was a standardized process. My word of advice, technicals are a prerequisite but people skills will sell you.
In terms of the timeline, many places recruit early, like a year in advance, but some don’t. Some senior analysts may wake up a decide to start interviewing. For perspective, I got my offers a few months before I started my internship (I applied decently late). I wouldn’t give up and keep looking!
Thanks a lot, this was helpful and good to hear. I am in a situation where it seems as though all of my hard work could go to waste or be elongated. Hearing your perspective and advice is a refresher.
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