I want out. Where to go next?

I've been working in ER the past 4 years and just had a year of disappointing comp. (2 years at my current shop 2 years at previous). I've realized lately that I don't want to spend the next 20+ years of my life grinding through earnings seasons or writing notes about an industry I'm not really passionate about. The concept of a HF isn't compelling to me and I'm trying to learn about what routes people have exited to that give you some of your life back? I know FPA, IR, LO, etc. But trying to understand where people have gone, how they've gotten there and how they feel about it now looking back?

Thanks

409 WSO Academy Equity Research Session Reviews: 4.83/5

Class of '25 Nov 2026 Cohort

5.00/5

Equity Research Career Roadmap (optional)

“Chris was very easy to talk to and made the session feel relaxed and genuinely useful. He gave me clear, actionable tasks that I can go away and work on straight away to expand my network. I hope to reconvene with him at a later date to discuss the progress I have made and get his feedback on the work I have been doing.”

Springfield College

Class of '29 Sep 2026 Cohort

4.85/5

Equity Research Mock Coffee Chat

“Craig gave me a really clear picture of how sell-side equity research actually works. The biggest takeaway was that research is a service business built on trust, not on picking stocks, and that analysts are paid on rankings rather than on whether a call is right. He was honest that even a 60% hit rate is excellent, and that it matters more to understand where you went wrong than where you were right. I also liked his point about not being “unintelligently wrong”: own the mistake and explain it well. On the practical side, he told me to start now by running a blog, posting on Seeking Alpha, using Koyfin as a cheap Bloomberg alternative, and using AI to draft commentary so I have more time to think deeply and explore other sectors. He also explained that research recruiting is much more targeted than IB, since sector teams are fairly autonomous, so I should reach out to senior analysts in specific sectors and recommend based on fit. His own path from no finance background, through China, to Wharton was encouraging. My one suggestion would be a quick walkthrough of what a strong first report looks like beyond the core pieces (recommendation, risks, summary, price target).”

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2 Comments

WSO Monkey Bot

O

9mo

Based on the most helpful WSO content, here are some potential exit opportunities and insights for someone with your background in Equity Research (ER):

1. Corporate Development / Strategy

Why it fits: This is a common exit for those looking to escape the grind of ER. It offers a 9-5 lifestyle, better work-life balance, and the chance to work on M&A transactions and capital-raising, but from the perspective of a company rather than a bank.
How to get there: Leverage your industry knowledge and network with companies you’ve covered in ER. Your expertise in analyzing businesses and industries is highly transferable.
Looking back: Many find this path rewarding as it allows them to stay in finance but with a more manageable lifestyle.

2. Investor Relations (IR)

Why it fits: IR roles are a natural transition for ER professionals, as they involve communicating a company’s story to investors, something you’ve likely done in your current role.
How to get there: Reach out to companies you’ve covered or those in your network. Highlight your ability to understand and articulate financials and strategy.
Looking back: IR roles are generally seen as less stressful and offer a good work-life balance, though they may lack the excitement of other finance roles.

3. Long-Only Asset Management (LO)

Why it fits: LO roles are seen as offering better lifestyle and job security compared to hedge funds (HFs). They focus on long-term investments rather than the high-pressure, short-term focus of HFs.
How to get there: Breaking into LO can be challenging due to limited roles and a shrinking industry. Networking and leveraging your ER experience are key.
Looking back: Those who make it into LO often appreciate the stability and focus on long-term value creation.

4. Corporate Finance / FP&A

Why it fits: FP&A roles provide a stable, predictable work environment and allow you to use your financial modeling and analytical skills in a corporate setting.
How to get there: Target companies in industries you’ve covered or those with strong finance teams. Your ER background will stand out.
Looking back: Many find FP&A roles fulfilling as they offer a clear path to senior finance positions within a company.

5. MBA and Career Reset

Why it fits: An MBA can open doors to a wide range of opportunities, including consulting, corporate strategy, or even a complete career pivot.
How to get there: Top MBA programs (M7 schools) are a common choice for ER professionals looking to transition.
Looking back: While the opportunity cost and tuition are significant, an MBA can be worth it for those seeking a major career change.

6. Entrepreneurship

Why it fits: If you’re looking for something completely different, starting your own business could be an option. Your ER experience has likely given you insights into various industries and business models.
How to get there: Identify a niche or problem you’re passionate about solving. Use your network and financial acumen to secure funding and build your business.
Looking back: Entrepreneurship is high-risk but can be highly rewarding for those who succeed.

7. Consulting

Why it fits: Consulting roles allow you to leverage your analytical skills and industry knowledge while working on diverse projects.
How to get there: Networking and targeting firms that value your ER experience are key. Some firms may require an MBA.
Looking back: Consulting can be demanding but offers variety and the chance to develop a broad skill set.

Key Takeaways:

Networking is crucial: Many of these roles require leveraging your existing network, especially with companies or contacts you’ve interacted with during your ER career.
Lifestyle improvement: Roles like Corporate Development, FP&A, and IR are often chosen for their better work-life balance.
Challenges: Breaking into LO or consulting can be tough, but your ER experience gives you a strong foundation.

If you’re still exploring, consider reaching out to former colleagues or alumni who’ve made similar transitions to get firsthand insights. Good luck!

Sources: IB Good Exits - Not so much, Breakdown of Post-IB Exit Opportunities, Breakdown of Post-IB Exit Opportunities, Interesting (Post-MBA) Exits from Banking

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Jobless Monkey

O

8mo

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