Equity Research primarily means analyzing company's financials, perform ratio analysis, forecast the financials (financial modeling) and explore scenarios with an objective of making BUY/SELL stock investment recommendation. Equity Research analyst discuss their research and analysis in their equity research reports.
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Hi,
Girlfriend worked in IB at Guggenheim in NYC and two of my best friends worked in ER there as well.
I do ER at a different bank but the person whose spot I filled lateraled being an ER associate to an IB associate at a well-known bank.
Your base is probably very similar to banking but your bonus will be lower. However, you'll actually manage to get some sleep and/or spend your money since you wont be working 8am-4am workdays.
Most common ER exit ops are typically buy-side roles (by far), investor relations, or continuing on as an analyst/senior analyst within a particular industry vertical. Less common (and a bit more difficult given skill-set mismatches) but still possible laterals are IB, executive positions in industry (after along time becoming an industry expert within a field), consulting, etc.
If you're set on IB but don't have any IB options ER at Guggenheim should open a lot of doors if you work hard, are diligent, and use the opportunity to develop your network.
Definitely possible. I've seen ER interns move to IB (at other banks) full time.
RE ER -> RE IB? (Originally Posted: 03/16/2016)
Hey guys,
Looking for some advise here. I'm currently a finishing up my Junior year and was lucky enough to lock up a SA stint at a well respected ER shop for real estate/REITS. I was initially shooting for IB as I completed past internships at a couple boutique M&A shops, however, this was by far the best offer I got.
My question: for full-time recruiting (next year), how attractive will it be to leverage this summers experience into a RE IB role like CBRE/Eastdil. I'm new to real estate but am sure I will learn a ton this summer. Has anyone seen this transition before?
Thanks everyone.
CBRE is not investment banking, for the 600th time. Having said that, if you are truly at a well-respected equity research shop for REITs, then by default you are probably smarter than 90% of the people who work at CBRE. Moreover, if what you're interested in is true investment banking (i.e. REIT offerings, etc) then it's hard for me to think of a better background than having done REIT ER.
Eastdil is the only true RE Investment Bank. All the other shops are just brokerages. Although, they may have small investment banking like arms. HFF has HFF Securities.
It will be difficult, but certainly not impossible, to leverage your CBRE experience into an investment banking offer; you can certainly end up at a BB CRE lending arm, CMBS or Portfolio. I work with some former brokers and broker's analysts. Remember, the likes of CBRE, JLL, and HFF generally work on individual assets, and rarely, if ever, get to work on the equity level of a real estate company.
Guys,
Just want to point out CBRE has a real investment banking team. It is called CBRE capital advisors: http://www.cbre.com/real-estate-services/investor/capital-advisors
Based in NYC. Here is the head of the group: http://www.cbre.us/o/newyorkcity/people/james-scott/Pages/overview.aspx
This team focuses on entity level transactions.
Is the shop you're at Green Street? If so you can probably FT recruit for Ny real estate groups.
Recent Graduate: Equity Research to IB? (Originally Posted: 08/27/2007)
Hey everyone, new to the forum and looking for some much-needed advice. My situation is pretty unique, or at least I think it is. I graduated from an average private university (business school ranked around 90 in the nation) last year and decided that I wanted to get into equity research. It took a ton of work, but I was finally able to get into an equity analyst position at an institutional buy-side firm last April. The job itself is probably just about as good as I could have hoped for one to be – I don’t love it, but it’s enjoyable. I’m beginning to have some doubts, though.
The biggest complaint I have is not being able to benefit from a formal training program. Don’t get me wrong, I knew that this was a strong possibility given my decision to target smaller IM firms, but just not this bad. Most of the time I accept it and don’t mind trying to learn on my own, but it’s been really getting to me lately. I’ve literally had no more than four hours of training, and this includes everyday talks with older analysts who I try squeezing as much information from as I can. More than anything else, I feel that I’m not learning as much as I could in other areas, which is what’s most important to me, and feel that I’m really screwing myself in the long run (especially if I don’t end up wanting to get into IM and choose another area of finance).
Investment banking seems like a logical option for me to consider at this point. Mostly all of the fulltime analysts I work with have IB backgrounds, and the modeling skills they’ve developed from it are definitely noticeable and something I feel that I’ll never be able to fully have if I stay on the route I’m currently on. A more formal IM firm is a definite possibility for me also, but like I mentioned above, I think IB has a lot more long-term potential in the form of exit opportunities if I do choose another area of finance or business in general.
I guess what I’m looking for is whether or not 1. My thoughts are practical and 2. I have the background/credentials to get into a BB investment banking firm at this time or within the next year? I’ve put a lot of thought into this and decided that, for several reasons, it’s not worth it to make the switch to IB unless it’s a top-tier firm. As I mentioned earlier, I graduated from a business school ranked 90 last year with a 3.90 GPA; I passed Level I of the CFA exam, and I have around five months of finance-related experience at an institutional IM firm with around $800M AUM. My duties involve analyzing investments for the company’s midsize value fund (consistently beat the benchmark over the past 10 years) though comps, financial statement analysis, and DCF modeling. Should I market myself as a quasi-“college senior†attempting to get into the 2008 analyst class (is this realistic?) or should I apply as an experienced professional into the IB arms of bulge bracket firms?
Thanks in advance
Formal IBD training program might be long and boring and useless as I hear from my friends in IB..
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