Exane in London
Have an opp to apply to Exane in London in a team with an II rated analyst - they are rated highly (lots of awards on their website) but don’t seem that well known (not many posts on this forum about them?) what do you all think?
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Couple of friends there
Pretty brutal culture. Make juniors wait 2-3 years before covering stocks.
Depends on the team, which team are you applying for
Thanks that’s useful info - there are a few roles I’m looking at actually in consumer discretionary and staples sectors - Exane seem to do very well in these?
Top shop in Europe. Reason you don´t hear it more on this forum is because coverage is mainly EMEA focused. Very strong team on the retail space with Charlie
isn't 2-3 years the normal time before covering stocks as a grad?
As a consumer of the sell-side: Exane are top 3 for research in Europe, at least for what my team's process is (long-term, concentrated, equity L/S). Obviously a lot depends on the specific analyst but if I'm looking at a new name and don't know any of the analysts covering it, I'll probably open an Exane (or maybe Redburn / MS / UBS) note first.
Don't know a lot about working culture I'm afraid.
Thanks man that’s interesting - do you have a view on Bernstein’s European business? Does it have the same rep as US?
Also has a good rep but maybe not quite as good as in the US - partly because you have some other local players that do the deep-dive 'black book' thing well like Exane / Redburn. In the couple of sectors I care about most the European Bernstein analysts don't strike me as super strong, but maybe they are better in others. They do seem to have dropped the old model of only hiring people from industry to be coverage analysts though - there are at least a couple of career sell-siders with coverage at Bernstein Europe now.
That said, the associate programme did used to churn out people that have ended up in great roles on the buy side.
Good shop with very European-focused coverage.
Very French-speaking, so helps to speak French I think.
Good training school but hours can be a bit long!
have a few friends who work there, most of their lead analysts are top-ranked tbh
comp decent, exits decent and workload mid (i.e. less maintenance work than quarterly-focused ER shops, but more than "long-term" boutique ER shops)
Which firms are the long term boutique shops - would that be Bernstein, Redburn? And guessing quarterly focused is mainly the ER divisions in IB? I know it’s dependent on individuals but do you have an idea of which firms generally get good exits into the buyside? Finally, do you have a rough overview of comp? You say Exane is mid, which are examples of low or high comp?
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