How tied are you to your sector success?
If you are a senior analyst covering XYZ sector are you screwed if that sector does poorly? Even if you are up in internet this year (for example), there is a chance that a) your firm decides that internet is no longer relevant/the place to be and you are fired, b) other firms aren’t hiring especially growth firms that have been successful in the space and c) you are now suddenly competing against random tiger cub analysts with better “pedigree” for those jobs (and never ever underestimate how prestige oriented PMs are, aka willing to hire someone with a weaker track record but better firm than vice versa especially in single manager land). Look at 2016-2021: every energy analyst including those who survived were washed out. You would have been better being a mediocre TMT analyst than a rockstar energy one, and now it seems to be reversing
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