Career Switching to ER - Need advice to job hunting
Hi there!
Long story short, I’m currently preparing to switch from accounting into ER, though my background is a bit non-traditional. I spent about four years in a quite good U.S. Economics Ph.D. program, but due to some health issues during the dissertation stage, I decided to leave with a master’s.
After that, I moved into accounting and auditing. Since my research focused on productivity on U.S. firms and industries, I’ve always been curious about where the data I worked with actually comes from — that’s what drew me to accounting in the first place. I worked at a mid-tier public accounting firm for almost two years, covering two busy seasons. I recently left and am now looking to break into ER.
I’ve passed CFA Level I, but I don’t have a CPA. I’m based in Southern California and actively looking for roles in this area. I also have several research experiences from grad school, plus RA and TA work.
A few things I’ve been wondering:
- Do most people find ER roles through LinkedIn? Should I just apply to positions I see posted there? Is it helpful to go through a recruiter?
- What’s the typical hiring cycle like for ER? When do most roles start? With my background, should I aim for internships or try to land an associate role.
- Most of the info I’ve found seems targeted at recent grads — any general advice for someone coming from a different path?
Thanks in advance for any tips — I’d really appreciate your input!
Breaking into Equity Research (ER) from a non-traditional background like yours is definitely possible, especially with your strong academic foundation, CFA Level I, and research experience. Here's a breakdown of advice tailored to your situation:
Networking is Key:
Based on the most helpful WSO content, networking is far more effective than simply applying online. LinkedIn can be a great tool, but don't just apply to posted roles. Instead, use it to connect with professionals in ER, especially those with non-traditional backgrounds. Focus on Associates or more senior professionals (VPs, MDs) who can push your resume internally. Alumni from your Ph.D. program or accounting firm can also be valuable connections.
Target Smaller Firms:
Many WSO threads emphasize starting with boutique or smaller ER-specific firms. These firms are often more open to non-traditional candidates and can provide the experience needed to lateral into larger firms later.
Leverage Your Research Background:
Highlight your grad school research and productivity analysis experience. Writing 1-2 sample ER reports on industries or companies you're familiar with can showcase your analytical skills and understanding of the field. This is a common strategy recommended for candidates without direct ER experience.
Internships vs. Associate Roles:
Given your background, aiming for an associate role is reasonable, but don't rule out internships, especially if they provide a pathway into ER. Some WSO users have successfully transitioned by taking unpaid or short-term internships to gain relevant experience.
Recruiters and Hiring Cycles:
Recruiters can be helpful, but they often prioritize candidates with direct experience. Networking and direct applications may yield better results. ER hiring cycles are less structured than IB, with roles often opening sporadically. Be proactive and follow up regularly with your contacts.
Southern California Focus:
While you're based in Southern California, consider expanding your search to other regions if possible. Many ER roles are concentrated in financial hubs like New York, but remote work or relocation could broaden your opportunities.
CFA Progression:
Continuing with CFA Level II can further strengthen your profile, as it signals commitment to the field. However, prioritize networking and gaining relevant experience over additional certifications for now.
Persistence and Adaptability:
Breaking into ER can take time, especially from a non-traditional path. Stay persistent, follow up with contacts, and be open to roles that may not be your ideal starting point but can serve as a stepping stone.
By combining targeted networking, showcasing your unique background, and being strategic in your applications, you'll increase your chances of landing an ER role. Good luck!
ER has low headcount so seats are far harder to come by than in banking. There is no “cycle.” Seats are filled as needs come up, mostly backfills from people leaving.
Not sure there are many, if any, quality seats in Los Angeles. It’s not a finance hub and very few people want to work public market hours on the west coast. You’d have to be up at 4am PT on busy earnings days. Do not know if this transition is feasible from LA. 80% of the ER seats are based in NYC. There’s always a few analysts working remote on the west coast but even then some of their juniors are in the main office. Josh Schimmer of Cantor comes to mind.
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