MM Equity Research out of ugrad
I'm considering getting into ER after graduation. I have two boutique IB (or will have) internships under my belt along with a 5 month internship in public finance. I go to a nontarget with a 3.4 gpa.
I've done a lot of searching on this site, just trying to get some more info. Please feel to correct me if I'm wrong...
- better hours (50-60hrs a week, 7am-5pm) - how are the hours in SF/LA?
- very little exit opps
- pay slightly less than IB
- no pitching (bitch work)
- more facetime
- more creative work
How is equity research as far as pay/lifestyle/culture at MM firms like Jefferies, Harris, Stifel..? How about places in west coast (non NY)
I've been interested in the corporate finance space since starting college but just started looking into ER after hearing so much about the work in IB. What skills should I look into gaining if I wanted to get into ER after grad? Does my boutique IB experience give me a leg up in getting in ER?
Also, what do ER associates/analysts actually do on a day-to-day basis, as in who are they supporting where are there fees being generated from? Is there work more corporate finance related (valuation, pricing, comparables) or work done in HFs and S&T?
Would appreciate some info. I know its a lot...I guess I'll give SBs out to anyone who can help me.
better hours (50-60hrs a week, 7am-5pm) - how are the hours in SF/LA? 55-80, avg 60, very little 80
very little exit opps Depends. Its not like being in IB in NY or something, but you can pretty much take the skills to any finance job. Hedge fund, Mutual Fund, Staying in Research, Corp jobs---if you are good, you can do them
pay slightly less than IB At the junior level, little difference, but still there. Avg Senior ER (MD+) ~500-900K. Top ER, 1-2M+. Avg MD Banker: 1-2M
no pitching (bitch work) Plenty of bitch work. YOu work for the buy-side--making charts runnning a model on 10 diff scenarios, marketing books (pitch books) etc
more facetime LESS face time. If it is a slow day, you get to go home early. All ER on the West Coast starts ~5am, so on a slow day ur out ~4-4:30 p.m.
more creative work Probably. You are always trying to learn and find out new ways to add value by searching govt databases and taking raw data spending hours to manipulate etc...
How is equity research as far as pay/lifestyle/culture at MM firms like Jefferies, Harris, Stifel..? How about places in west coast (non NY) The only thing i know, is that pay is less than BB (naturally), and they treat ER a little worse i.e. they wont pay for your cab when walking around marketing in NYC in 100 degree weather in a $2000 wso/">suit.
I've been interested in the corporate finance space since starting college but just started looking into ER after hearing so much about the work in IB. What skills should I look into gaining if I wanted to get into ER after grad? Does my boutique IB experience give me a leg up in getting in ER? Yes, it does. But the spots are limited--start networking like non-other.
Also, what do ER associates/analysts actually do on a day-to-day basis, as in who are they supporting where are there fees being generated from? Is there work more corporate finance related (valuation, pricing, comparables) or work done in HFs and S&T?
Please, just search for this answer.
Would appreciate some info. I know its a lot...I guess I'll give SBs out to anyone who can help me
I don't know much about ER. However ER is not like banking were the top firms like GS and MS dominate. In ER its all about which analyst you work under. Therefore if you work under a well known analyst at a MM it will be much better than working a no-name analyst at GS.
I see this argument made a lot. And while it is true to a point, having a name brand on your resume if/when you try to search for a new job will make a difference as well.
Brand names matter if your leaving ER and going somewhere that has no connection with your previous industry. However, if your moving around in your space (buyside or sellside) it holds a lot less value if your analyst is well known.
Does that include if you, say, are trying to move from ER to HF within the same region? That is would I rather be working for a strong analyst if I plan on staying in a smaller financial city throughout my ENTIRE career, or will the brand name be more beneficial in this case?
Great info gentlemen (and ladies?), thanks a lot!
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