IB or ER
Incoming Biotech Equity Research Intern at a boutique shop. Targeting a L/S HF seat in the future.
Should I continue my path down ER or aim for FT IB?
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Based on the most helpful WSO content, if your ultimate goal is to land a Long/Short Hedge Fund (L/S HF) seat, both Equity Research (ER) and Investment Banking (IB) can serve as viable paths. However, there are key considerations to weigh:
Equity Research (ER):
Investment Banking (IB):
Recommendation:
If your passion lies in fundamental analysis and you enjoy diving deep into biotech, continuing in ER is likely the better path for a L/S HF role. Your biotech expertise will be a significant asset when pitching yourself to hedge funds. However, if you want to broaden your skillset or keep options open for other finance roles, transitioning to IB for full-time could be worth considering.
Ultimately, your decision should align with your long-term interests and the type of hedge fund strategy you aim to pursue.
Sources: Career Ladder: Equity Research vs. Investment Banking - (A Definitive Guide, Part 3), Exit-Ops: Equity Research vs. Investment Banking - (A Definitive Guide, Part 2), The Efficient Career Hypothesis: Almost All Jobs Are Priced In, https://www.wallstreetoasis.com/forum/equity-research/career-ladder-equity-research-vs-investment-banking-a-definitive-guide-part-3?customgpt=1, Work/Life Balance: Equity Research vs. Investment Banking - (A Definitive Guide, Part 1)
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ER guys have virtually no problems getting looks from HFs but the recruiters can be very snobby about what bank you work at.
That’s interesting… have found that the best ER teams / places to learn completely differ from banking. ie UBS is great for research but banking is obviously in a miserable spot.
Ambitious to expect HHs to recognise that
I mean the bank is largely less relevant than your analyst regardless of what bank you're at.
But as the other guy said, it would be ambitious to expect most HHs to grasp these intricacies (good ones do exist tho).
Done both. Had same amount of outreach from HHs/BD in both too. IB is much much better from a technical standpoint, but ER, especially in your sector, has way more intricacies than any other industry. If you’re set on pharma/biotech, I’d suggest ER more, otherwise do IB in case you want to broaden your horizons while having a better technical foundation.
When you had outreaches from HHs/BD in ER, were you in a BB?
BB for both but echoing what’s mentioned above, I worked under a top analyst which mattered way more than the bank I was at.
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