Hi all,
I have an opportunity to join a $500m AUM investment (wealth management) firm doing equity research. Responsibilities would primarily be coverage over select equities within 2 market sectors. Assuming I stay between 3-5 years and pass CFA, what do the realistic exit opps look like within ER/HF at larger funds/banks? I'd be transitioning in from the IB side so I'm not too familiar with this sector.
How much applicable experience would you expect me to pick up at a firm that size and how would it translate well into larger firms? For ex. what would be my realistic chances of getting into something like Blackrock ER or Jefferies ER?
Thanks.
I think definitely doable, even without 3-5 years at your new gig. What's your geography?
Also keep in mind there's sell-side ER (Jefferies) and buy-side ER (Blackrock/your new job). I can speak a bit more on the sell-side. Given your background in IB I would imagine your set up to do sell-side ER without any experience at the wealth manager. Buy-side is tougher and it may not necessarily be about how many years of experience but rather there being a hiring need from the firm. In sell-side ER, the transition to the buy-side at hedge funds and asset manager is a common path.
Thanks for your thoughts.
Geography is CA. I am transitioning from the IB side, although it is the lower lower MM of IB. (10 man shop) But isn't it pretty difficult to cut it in sell-side nowadays with MIFID or is it not as bad as it may sound?
Ya MIFID is definitely shaking up sell-side ER. Departments will shrink, but the senior analysts that remain will be worth their salt and will need associates supporting them.
There's already a trend toward need-based hiring as opposed to taking on an SA/FT class. This will likely continue.
Just my 2c - the limiting factor into getting a sell-side ER role isn't your background, but rather the need for an associate position. Definitely pursue the CFA, and check out their job board, you don't need to be a Charterholder, just registered in their system.
Beyond that, I unfortunately only have generic advice: Network and keep on top of postings by setting job alerts.
I also found the following blog exceptionally helpful during my interviews: http://myfinanceinterview.com/
You'd have a shot to go sell-side after a couple of years. You would just try to network with the analysts on wall street that cover your sector.
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