Equity Research from Middle Office
I’ve accepted an offer to join an equity research group at the BB where I’ve been working in the middle office since graduating from a non-target in 2009. I’m lucky enough to be working for a top ranked analyst covering an industry that I find genuinely interesting (thank god it wasn’t semiconductors).
My advice? For something like research, the CFA is great for building foundational knowledge and demonstrating interest. I started right after graduating and passed Level 3 in the summer of 2012.
Networking is essential and how 90% of the people in my scenario would break in, but I actually just saw this posted on our internal job board and applied. I also emailed the senior analyst directly to avoid any HR lags. With that being said, once I was in the door it was helpful to name-drop some of the people I had networked with. Research is a small world; all of the senior analysts know each other.
It is always going to be easier to move internally, especially if you are a less traditional candidate. It easier to network, there are fewer HR hurdles, and it’s cheaper for the firm. With that being said, you probably need to be working in the city where the position is based already. The interview process can move fast and involve multiple call backs, so interviewing out-of-town candidates is almost always more trouble than it’s worth. I wasn’t based in New York for the first two years of my career, but fortunately I was able to move here for another middle office position.
Once you have leads, make sure to have your story ready. You need to be able to explain why you want to work in research and why your background makes you a good fit for the position. You will need to be able to pitch a couple of stocks, both long and short. My interview process thankfully was not super technical, but I was prepared in case it was. I still had 5 rounds and a writing test, so it wasn’t exactly a walk in the park. The interview guides available on this site were very helpful. Prepare, but don’t psyche yourself out. This forum can be a great source of information and inspiration, but it can also be an enormous time suck.
Stay positive and keep grinding. I’m happy to answer any questions you have. Best of luck to you all.
Did your MO job relate to what you will be doing in ER? Or is this more of a fresh start?
Also, what do they expect from you in terms of having the necessary skillset during interviews? I understand they didn't ask to much technical, but is that because you had a background in it or they weren't concerned withh that. Also, what tier BB if you don't mind me asking?
I think this is the first thread of someone moving internally successfully so hopefully this ends up being fairly active.
Honestly more of a fresh start. From their side I think they saw a smart guy with good technical skills who was really hungry for a shot.
I get the impression that every senior analyst is different with what they are looking for. Some people are looking for a banking guy who will step right in and do all their modeling, but other groups are looking for somebody who might need a little more grooming but could be a better long term fit and maybe a better candidate for senior analyst down the road. The skill set for research is so unique that unless you are already conning from research there is no "perfect" fit.
I took some modeling training through BIWS but honestly modeling is just a fucking spreadsheet. There is a mystique around it that is totally unjustified. Your inputs are what matter, not the structure. It's much more important to be conversational on stocks and markets.
I'm not sure what people classify into what tier these days but for research my firm is either number 1 or 2 every year. Like I said, I got lucky.
Consequatur ducimus et ut. Voluptatem sit libero placeat quae cumque est rerum. Qui est similique nihil veniam eveniet.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...