Accepted An Offer As A Trader At An Asset Management With Promised Progression Into Credit Research In A Few Years. But Also Have A Final Round For Equity Research Role Focused Purely On REITs. Need Some Help/Advice On This.

The job I've accepted is focusing on high-yield bonds and will transition to either a credit research or sovereign research position in a few years which is what the PM said. I interviewed with the PM of the fund and a few analysts (>100 billion+ AUM) - they're all great people from what I could tell and had similar career paths. Their analysts cover lots of sectors which appeals to me.

I'm also interviewing for the final round of an asset management firm focused on listed real estate - reasonable size but relatively small (<20 billion). This role will focus on REITs only but is in equity research. They want me to prepare a detailed presentation and I'm deciding whether it's worth it or not to continue with this because it's incredibly time consuming with no guarantee of an offer that could jeopardise my first role if I focus too much on it.

I like equities and fixed income but I've always been interested in equity research.

  1. How transferable is credit research to equity research? If I were to take the first role and get into credit research, would it be possible to move into equity research later on?
  2. How transferable is REIT Equity Research to other sectors and how easy would it be to move firms in a few years if I decide REIT Equity Research is not for me?
  3. I'm interested in equity research but would focusing on REITs not pigeonhole me completely?

Thanks for any help someone could give.

 
Most Helpful

I don’t have much to add on the equity side or portability of credit research to equity but why do you think you like equities more?

- this is simplistic but do you get more excited in thinking about how things will go right vs how things will go wrong? If so equities could make more sense. 
 

Does the idea of thinking directly about macro factors like interest rates sound unappealing? The equities could make more sense 

does the more quantitative portion of bond math sounds unappealing? Then equities could make more sense.

I say this bc if you are agnostic then the first offer seems way better

1.) I’m biased but think fixed income is more defensive to automation and etfs than required for reasons long discussed

2.) the firm is bigger

3.) you get the chance to get trading and research exposure which is pretty valuable

4.) you also have optionality in moving to sovereigns without having to leave the firm  

 

I don’t have much to add on the equity side or portability of credit research to equity but why do you think you like equities more?

- this is simplistic but do you get more excited in thinking about how things will go right vs how things will go wrong? If so equities could make more sense. 
 

Does the idea of thinking directly about macro factors like interest rates sound unappealing? The equities could make more sense 

does the more quantitative portion of bond math sounds unappealing? Then equities could make more sense.

I say this bc if you are agnostic then the first offer seems way better

1.) I’m biased but think fixed income is more defensive to automation and etfs than required for reasons long discussed

2.) the firm is bigger

3.) you get the chance to get trading and research exposure which is pretty valuable

4.) you also have optionality in moving to sovereigns without having to leave the firm  

I love macro - interest rates, politics and policy is pretty much what I love. I love politics if that clears anything up. 

Macro was my favorite economics topic in undergrad + I'm a numbers-driven guy. 

My concern is that trading seems like a role that doesn't require that much thought - I'd have to do that for a few years and the internet makes it sound like it's pressing a button to get into my dream research role. 

The REIT role would be in equity research which would be a 'thinking' role from the start. And equities just seems like the more 'exciting' asset class as you'd get exposure to the upside which sounds like it could be more transferable in the future. 

I'm agnostic as to asset class though. I like the complexity of Fixed Income a lot - duration, convexity etc.  that you just don't get with Equities. 

 

Tempora porro nam ab sit mollitia eum tenetur sunt. Sunt saepe molestiae porro quia nemo quia distinctio. Ipsam et atque dolor qui nostrum laboriosam.

Amet qui et enim quisquam. Eaque omnis ipsa possimus rerum. Autem qui soluta nobis totam ea rerum. Ut dolorem libero aut neque atque.

Voluptas et nobis optio. Animi deleniti ut suscipit qui modi nemo voluptatem. Aliquam alias adipisci accusamus.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 11 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 06 97.7%
  • Lincoln International 04 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (82) $263
  • 3rd+ Year Analyst (12) $184
  • Intern/Summer Associate (32) $172
  • 2nd Year Analyst (62) $169
  • 1st Year Analyst (194) $159
  • Intern/Summer Analyst (142) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”