SS ER to L/S ER MM comp expectations
Not sure 100% sure if I'm going to make the move toyet, but I believe I'm close to an offer at a L/S equity at a MM/pod fund, therefore I wanted to gather some thoughts on what I could expect compensation wise given my background.
I have 4+ YOE in. Compensation is currently around $200K. Role is with a new PM (new to firm, but not to being a PM), NYC area, not sure book size but plan on asking soon.
TLDR: First question, any thoughts on what to expect on base + bonus for someone with 4+ YOE in sell-side ER?
Now, I understand the big contrast/change for people who are entering the l/s equity world from i-banking, as the work itself is much different.
Without having first-hand knowledge, my sense is the change is less dramatic for someone in sell-side research. If your coverage universe is the same, you already know the bull/bear, drivers, etc. for a large majority of the companies (granted you usually have a more expansive list, so maybe you have to get a bit deeper on 10-20 names). You might spend more time on "real" work and less on repetitive, clerical-type work, but spend more time (+ stress) mulling over having to deal with putting real dollars to work and being right/wrong.
But in the end, this all does not seem to much of a drastic change... Or am I grossly misunderstanding how much of a different beast being at a l/s-neutral fund is vs. sell-side?
TLDR: Second question, in terms of the work, how much of a change is it from sell-side?