How to return from buy-side to sell-side for trading?

Based on the most helpful WSO content, here are some insights and strategies for transitioning back to the sell-side from the buy-side:

1. Finding Opportunities Without Raising Flags

• Discreet Networking: Since your PM is well-connected, avoid directly reaching out to your immediate network. Instead, leverage second-degree connections or alumni networks. Attend industry events or conferences where you can casually reconnect with sell-side professionals.
• Cold Outreach: Consider reaching out to senior traders or desk heads at sell-side firms directly. Frame your outreach as exploratory and emphasize your willingness to take a pay cut for the right role.
• LinkedIn and Job Boards: Monitor job postings on platforms like LinkedIn or specialized finance job boards. While recruiters may not be helpful, these platforms can give you a sense of open roles.

2. Dealing with Non-Compete Clauses

• Understand Your NC Terms: Review your non-compete clause carefully. If it’s longer than typical sell-side NCs, consult a legal professional to explore potential loopholes or limitations.
• Recruiting While Employed: While risky, staying employed during your job search can provide financial stability. Be cautious about your outreach and avoid any actions that could breach your current contract.
• Transition Period: Some sell-side firms may be willing to wait out your non-compete period, especially if they value your buy-side experience. Be upfront about your NC during discussions.

3. Sell-Side Hiring Landscape

• Current Trends: The sell-side hiring landscape can be tight, especially for "good roles." However, there’s always demand for traders with strong buy-side experience, particularly if you can demonstrate a track record of success and adaptability.
• Market-Making Desks: Focus on desks that align with your expertise. Highlight your buy-side perspective as a unique value-add for sell-side trading strategies.

4. Additional Tips

• Positioning Your Experience: Emphasize how your buy-side experience has enhanced your understanding of market dynamics, risk management, and client needs. This can make you an attractive candidate for sell-side roles.
• Mindset and Perseverance: Transitioning back to the sell-side may take time. Stay persistent and open to roles that may not be your ideal fit initially but can serve as a stepping stone.

If you’re struggling to gain traction, consider reaching out to mentors or former colleagues who may provide guidance or referrals without jeopardizing your current role.

Sources: Sell Side Trading vs Buy Side Execution, Routes to Buyside PM, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Transitioning from tech to a serious finance job (yes, you read that right)