Hello WSO community, long time lurker but first time poster. I am looking to move into equity research from my current role at a large private bank. A little about myself: went to a non-target undergrad, low GPA, and spent a few years hopping round back office jobs before I landed my current position. I been with this company for almost 2 years now, and I am considered in a generalist track to become a PM. However, I would like to move into equity research for my next jump, as I found out I am not that interested in sourcing new business and speaking with clients. Great part about my position now is that when I am done with my work, I have the freedom to do any research as I want.
If I want to enter equity research, would crafting my experience towards building financial models, reading earning reports and 10Ks, and pitching stocks to my manager be something beneficial to position myself into an equity research role? I feel a bit under trained to be an equity analyst for the time being. Since PWM is considered the “buy side”, would going back to the sell side for equity research training be beneficial, or should I try and aim directly towards buy side shops if that is my end goal?
bump
@"Flake" should have some good thoughts on this.
FD: I think you should say siyonara to ER if you don't enjoy speaking to clients, period.
now, assuming that what you mean is you don't want to be a salesperson (which is a stupid prejudice, by the way), then I would say do some work to network with your firm's ER guys. leverage the internal corporate directory.
all of this assumes your chops are up to snuff. I'm a PM in PWM, and I'll tell you bluntly that I don't build 3 statement models. not out of lack of competence, but out of lack of time. ideally, I'd say 50% of my job is bizdev and client service and 50% is PM duties, but in reality it's more like 70-80% non PM duties (which is why I love having a co-manager!). if you are doing deep level analytical work, good for you. but most people in PWM just don't have the time.
unless Flake says differently, you could possibly send in mock ER reports to your analysts (not companies they follow but maybe something in their industry) so they can see the quality of work and also talk to your branch manager about this. in PWM, branch managers aim to keep everyone happy, and the worst way to go about this is to do it sneakily. check to see if your firm has a policy on internal job transfers outside of your division, and then possibly talk to your manager.
also, know that both buy and sell side analysts for the most part do much more in depth work on stocks that you currently do and more than I ever hope to do so long as I'm in PWM. they know this, and that's why a prejudice exists against people in PWM who say they are research analysts. you will have to impress them with your quality of work to get in the door, but since you're already at the firm, you have tons of resources as far as names phone numbers and emails that others don't, don't be afraid to use them.
if I were you however, I'd try to get to the root of why you don't want to speak to clients. if it's out of desire to not be accountable for bringing in business, that's fine, but you can't expect to advance in this world if you don't like speaking to people that are paying your firm in order for you to have a job, that's asinine (IP may disagree with me, but whatever).
beyond that, consider a MBA if your technicals are weak. unfortunately PWM is not and has never been a good launchpad for careers. it's more of a terminal career so you need a serious rebranding, which may only be had via MBA. best of luck.
Thanks for the response. I guess what I mean is that I dislike speaking too much to clients about topics that aren't heavily investment related, as I listen to some of the PMs in my office spend so much time talking to them about their families, hobbies, etc... I am also not too interested in constantly having to meet sales goals and source new AUM, and would much rather spend my time sourcing new ideas instead.
Edit: nevermind, you're beyond help
Completely agree with everything my man @thebrofessor said.
The Escape from PWM - the mission to break into ER/asset management (Originally Posted: 06/07/2013)
Short story: I work as an investment analyst at a local PWM firm in the Pacific Northwest, and I'm ready for bigger and better things. I wanted to get into equity research from the beginning, but wasn't able to land a job after college. Now that I took CFA Level 3 last Saturday (and hopefully end up passing), and now that I got some work experience, it's time to start pounding some pavement and get something new going. I graduated from a target in 2009.
Any advice, ESPECIALLY negative advice, is most appreciated. Thanks!
http://www.razume.com/documents/31593
Personal studies and some coursework with C++ is vague and stated too casually Enjoys snowboarding and outdoor activities - lacks passion, what activities? Add something more about your interests away from work. Volunteer for something this summer? Fill the page with every line (where possible) Good luck!
shorten education. maybe put licences and certifications into this section. definitely don't keep this as a separate section.
PWM Offer to ER (Originally Posted: 06/24/2015)
In the winter I spoke with somebody at a boutique shop, and was eventually offered a PWM job upon graduation (next semester). I've turned my interest to ER and decided I would much rather pursue that than a career in PWM. I really hit it off with the person I spoke with at the company; however, how do I go about asking if they can consider me for their ER department. I definitely have a passion for the public market and could show that in an interview, but how do I land an interview with ER when I already have a job lined up in PWM. I was thinking in a few months reach back out to them with my new intentions and possibly land an interview. How likely/unlikely would this be?
This is a small shop, and they liked me, which makes me think I have a decent chance at landing a job in ER with them. I come from a non-target, so would going for the level 1 CFA in December help show that I've pointed my interest elsewhere?
I'm planning on learning more about the markets and picking a specific sector to convince them when I do speak with them again. What else should I do to help my chances?
PWM to ER (Originally Posted: 05/30/2009)
Do you guys know anyone who intern and work 1 yr in PWM transfer to ER w/o grad school and CFA? How is ER's hiring environment now?
Yes, I knew of someone doing that in the past, who ended up successfully moving from PWM to ER to a top HF after a few years. However, in this environment it seems any type of lateral move is pretty tough (even prob moving from ER to PWM...)
There are simply too many talented people on the market for a decent shop to fill an ER position with someone without direct ER experience, and MBA, or a CFA.
Moving From PWM BB to Equity Research (Originally Posted: 05/09/2017)
I'm currently at a non-target school and will be completing 2 summer's of BB PWM, but I would like to transition into ER upon graduation. I also have experience within ER via my education curriculum & have my own reports on a few companies. What is the best way to go about this and is it reasonable? Thank you.
Same I would love to get some insight into this as well?
bump
Rutgers NB Junior 3.5 GPA PWM intern looking to break into ER (Originally Posted: 02/11/2018)
Hi all. The title gives a decent background for me. I'm a junior finance major with a 3.5 cumm at Rutgers New Brunswick. I currently intern at a small PWM firm specializing in healthcare. I do some research but for the most part, it is just your typical PWM internship, cold calls etc. I have been applying to no avail for various equity research internships. I tried to get an internship last summer but had no luck then either. I transferred after my first year from another (perhaps better) big ten school with a 3.8 GPA but Rutgers does not transfer GPAs.
I am involved in investment clubs and I am on the exec board of my fraternity. At this rate it appears I am heading for a paper shuffling job this summer. What would you guys say the best path to take is to get into a position in equity research given my credentials?
Should I pick up an extra minor stay an extra semester and try to get an internship next summer at a reputable bank? Or should I just try my luck with networking and graduate on time? I really do not want to settle for a job out of school that I will not be happy in. All opinions are welcomed. Thanks.
Also, many fellow Rutgers peers are getting jobs at BB banks in fields like equity research, so I feel it is not as not target as it is made out to be.
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