Nov 26, 2018

Macro research vs ER

Hey everyone!

I’m an undergrad currently considering my internship options for next summer and I was hoping that WSO could shed a little light on an issue I’ve been struggling with. I’ve always been more interested in ER but I currently have an offer for an internship in macro research at a BB. Unfortunately, there isn’t that much information out there about macro research so I’m wondering how do the two compare in terms of:
- day-to-day work,
- career trajectory,
- reputation,
- pay,
- exit opps,
- whatever else you can think of.

Apart from this, I have three concerns.
1. I’m more interested in ER because I enjoy looking at business models and doing valuations a lot more than thinking about the macro developments (I think of the latter as having more of an instrumental value to help me do the former).
2. How do you think the value added from ER and macro research are going to compare in, say, ten year’s time? It seems to me that the value added from single stock coverage has been in decline for a while now and I personally expect this trend to continue.
3. I don’t want to go to grad school or get a PhD (I’m based in London so grad school is less of a necessity here than in the States) but I do want to get a CFA. Do you think that postgrad education is critical in macro research?

Finally, what do you think are my chances of transitioning from macro to ER at the end of my internship (or at the beginning of my career) if I think ER would be a better fit?

Many thanks for your help with this,
Ted

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4 Comments

O

5y

Hi udj38293, just trying to help:

From <2 GPA, to Bulge Bracket and Hedge Fund cold-emailing I have actually landed an equity research internship in an investment bank right after my hedge ... interview for an internship position for a bulge bracket bank. Perceiving it more like a office visit (of ... a porter, to hedge fund intern, and finally, a bulge bracket intern **Yet after going back to school, ...
Local Bulge Bracket Internship at an Overseas office or Local Internship Bulge Bracket in my region but not a Bulge Bracket or 2) A local internship (Equity Sales-Trading, more of ... Bracket and perhaps leverage on it Kindly advise this confused junior monkey =// Bulge Bracket internship ... execution trading) with a Bulge Bracket locally. Note: This is not SA, just a professional attachment summer ...
Bulge Bracket Investment Bank in an Emerging Country vs Big 4 in a Developed Country? country which I left since I was 15). I got an offer to work as an equity researcher there. 2) Working for ...
Bulge bracket or Boutique: which is better? I wanted to know if it would be better to work in BB or boutique. Some people have told me that boutique ... would be a better experience in terms of work life, but after doing some research, I have come to the ... conclusion that the hours are the same and the pay is great at BB. I'm a freshman at a target school for ...
Bulge Bracket vs. Middle Market some reasons why BB and MM differ. Obviously I know the bigger banks have more prestige and work on the ... any difference? I know I'll be working the same hours as a BB analyst based on what I was told at ... a BB? Is it just exit opps and resume boosting? and if its that, is it that big of a boost? I just ...
Non-Target to Bulge Bracket IBD a summer internship offer at a BB IBD, and will be going back full-time after accepting the return offer. ... interested in pursuing an internship / full-time job on Wall Street. I was an arts and sciences major my ... networked quite a bit to land a lower middle-market PE internship my freshman year (just shows you that with ...
Wealth Advisor Salary at Bulge Bracket Banks which is easily on par with senior BB MDs in IBD and S&T. If you manage lets say $2 billion and ... I have heard from a MD at a top BB that the average annual compensation for a Private Wealth ... Trading Managing Director wrote: I will be short but brutally honest here. I have worked at 2 different BB ...
Best path for investment research at bulge bracket banks? I'm especially interested in global macro research teams at these banks that focus on ... with an MBA from a strong finance program? research Banks Commodities rates Macro currencies ...
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RS

1y

Hi udj38293,

Which one did you choose in the end and do you have the answer to the questions 4 years ago? Thanks!

ER

Intern in ER

Anonymous

1y

Why is grad school less of a necessity in London than the states?

?

1mo

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