Breaking into the Buy-Side from ER (London)
I’m heading to ER as an analyst at a BB in London next year, with the goal of transitioning to the buy-side after two years. Seeing the comp trends in ER is a bit disheartening, and I definitely don’t want to get stuck in the industry forever.
I know it’s still early since I haven’t even started the job yet, but I’d love to hear from those who have successfully made the jump. What are the key things I should focus on from day one to maximize my chances?
I haven't made the jump but if I was going to, from speaking to people who have + trustworthy recruiters:
1. Have pitches ready all the time. What type of pitch depends on your buyside goal. Match the strategy. Have some in and out of your sector. (In reality, you're limited to your sector when jumping to buyside for most routes but there are still some generalist roles around). Long and short (if HF).
2. Have a PA. Even a paper PA. Just shows you actually enjoy investing.
3. Get coverage as soon as possible. At some banks or in some sectors/teams this isn't possible so don't sweat it too much but definitely have names you can say you had ownership or shadow ownership of.
4. Practice modelling and practice being fast at it.
5. If you want LO, take at least CFA L1.
6. Think well about what you want from a buyside seat and don't take a seat until you get that or get close to it.
7. While on the sell side, make good relationships with other peer analysts, clients and spec sales. (All clients but especially those of the strategy you're interested in). Not all jobs are advertised - many can come through WoM.
Thanks for the detailed insights.
Any idea why many buy-side firms (LO) prefer to hire MBA students directly rather than hire from SS ER?
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