Hey all, long time lurker first time poster. Just wanted to share my background and answer questions for those interested. Background: 7 years of investment research experience prior to b-school, mostly in equities (some credit) with half of that on the buyside at a hedge fund; sectors covered included technology, specialty finance, insurance and CMBS. After b-school (2013) have been in a HY/Distressed analyst role covering the tech and telecom sectors at a credit hedge fund. Education wise, have a double major from a top tier/semi-target, MBA from a top 10 and the CFA designation. Given that its recruiting season, I am happy to share my thoughts and perspectives on the process including: 1) types of candidates, 2) networking, 3) interviewing, etc. As well as my experiences thus far and any other questions, etc. that I can hopefully shed some light on.
Hope everyone is well. Talk soon. Best, NM
Difference btw. Buyside and Sellside
Hours: My first sellside gig was equities and I worked for a young but highly ranked team doing a ton of initiations and we covered some quirky stuff that was hedge fund heavy. So prob like 80-90hrs/week. My second sell side gig was much more chill BC I had covered the space for a long time and knew it rather well, so maybe like 60hrs/wk. My first buyside gig was prob like 90hrs/wk BC it was just a tow many team, I became a junior PM and out strategy was rather labor intensive. My current gig is quite manageablea t like 50-60hrs/wk and very rarely some weekend work. That being said I do a long of independeet reading/research, etc, that is always work related but I don't count as hours I guess.
Compensation: Salaries are prob pretty similar once you reach a certain level in either sellside or buyside. Buyside analysts make anywhere from $120-200k (give or take). Sell side sr. associates are around $100-$140k and analysts are prob like $175+. Obviously the upside is much bigger on buyside. I think the avg (credit) mid level analyst is pulling in about $500k+ and senior guys are $1mn+. On sellside to pull down $1mn+ you need to be II ranked, etc. and the days of associates making mid six figures is long gone.
Culture: All depends on your team and or fund, its hard to say. But on sellside its much more dictated by your senior analyst. IMO its much more fun on the buyside b/c I am free to do and look at what I want to, lot more autonomy. That being said your desk or team on the buyside will also dictate culture. Our shop is a really nice place to work, but its not like we all get drinks everyday; most people are married and live outside Manhattan. But i like everyone quite a bit and they are all smart, interesting people.