Breaking into Equity Research - How difficult is it to break into ER fresh out of school?

How difficult is it to break into Equity Research fresh out of school?

I attend a target school (a top 15 LAC) and have all the requisite stuff on my resume - 3.7+ GPA, econ major, significant accounting/finance coursework, FIG analyst for the school's endowment club, two strong internships.

Based on the info provided, is this good enough to get into equity research? - What about for KBW, as they only do FIG and that's my main area of interest and experience?

TIA

Comments (144)

Aug 2, 2010

Equity Research is a bit quirky to break into right out of undergrad. It's completely dependent on the number of available slots and a little bit of luck, especially at a place like KBW. You have all the credentials to break itno the field - it's just whether or not you have the contacts to help you out. Only suggestion is to network your way into one of these places. Also check out Merideth Whitney's company as well - not sure if she's hiring but it's a FIG focused shop.

Aug 2, 2010

Thanks.

Like I said, I feel like I have the stuff that I can account for nailed down and the remainder will just require a little luck. I've been fairly interested in either ER or S&T (divergent, I know) for fulltime for quite awhile, so I think I'd be happy in either, even though they are very different.

My second internship is a little less traditional than my first (IB) - it's with the CFO of a commercial bank. My grandad is a former board member and I've known the CEO my entire life, so they've been very generous and given me enormous responsibility. After sitting in on the Q2 earnings call, I looked up the analysts covering the bank. One of them is an MD at KBW and went to my ugrad school and earned an MBA at the same school as my father. The CEO said he'd prep the guy this week and felt confident that I'd get an interview. Fingers crossed.

Aug 2, 2010

I can say that in at least a mediocre year, you should be able to land a number of interviews for ER at most investment banks. Depending on how the interview goes, you may or may not be able to get in.

In addition to the standard questions about PV/FV, accounting questions, bond pricing, and some mild differential equations/linear algebra/stats questions in the more quantitative groups, the interviewer will probably want to know why you're not working at your previous internships. He may also call up some friends there and see how you did (Banking is a small world.)

Getting to the interview is half the battle. During the interview, you have to come off as a good fit. In research, that typically means you have to have a mildly nerdy streak (David Einhorn would be overdoing it), and come off as more an intellectual than former-Harvard-football-player-who-is-now-a-banker. And of course, you have to look competent. If all the stars align, you'll get the job. That's why it's important to have at least half-a-dozen interviews ready to go.

My second internship is a little less traditional than my first (IB) - it's with the CFO of a commercial bank. My grandad is a former board member and I've known the CEO my entire life, so they've been very generous and given me enormous responsibility.

Be careful, this could look suspect on a resume- especially if anything else on the resume suggests you come from money (hometown, school, study-abroad experience, etc).

After sitting in on the Q2 earnings call, I looked up the analysts covering the bank. One of them is an MD at KBW and went to my ugrad school and earned an MBA at the same school as my father. The CEO said he'd prep the guy this week and felt confident that I'd get an interview. Fingers crossed.

Start studying...

Aug 2, 2010

Be careful, this could look suspect on a resume- especially if anything else on the resume suggests you come from money (hometown, school, study-abroad experience, etc).

Although I have done my utmost to present myself in the most favorable light, I'm afraid that I'll have some problems overcoming this. Given the combination of experiences, my undergrad institution, and my last name (when recruiting in GA - my home state), I will be pigeonholed into the privileged, good ol' boy category. While I admit I've had lots of advantages, I'm not without merit. How best to convey this?

Aug 2, 2010

Yeah, I understand the point about introversion and the "nerdy" stereotype associated with research. I have an additional major in Classics - which has always been received favorably in interviews - and I think that would play particularly well for research.

As for not working at previous internships, how best to convey that I didn't want to work for a commercial bank headquartered in my small hometown and didn't want to work in the particular dept of the IB (although I am applying in other depts, including research)? I don't want to come off as difficult or picky, just focused.

Aug 2, 2010

The only thing I would say is keep your exposure to a minimum, with regards to details about your family/connections or what not. Those make a much better conversation during an interview, a sort of wow/surprising factor, which makes you stick in their mind. I always have wow factors saved, and reveal it accordingly. It's sort of like dating, if you tell the girl everything, most likely she will get bored of you after 3 or 4 dates.

Aug 2, 2010

Guys, depending on who your interviewer is, you might really want to avoid saying you come from money. A lot of research guys I know prided themselves on being self-made- getting into Amherst on their own, working their way through school, and getting their job on their merits without a lot of connections or any kind of network. Saying that Daddy is best buds with the CEO of the firm you worked at previously is something that should be probably be avoided in an interview.

Saying "I drove up to Alaska and climbed Mt. McKinley last summer", "I BASE jumped off El Capitan", or "I went surfing in a tropical storm" carries the wow factor. Saying "My Daddy knows these 'important' people" carries more of an eyebrow-raising factor for some folks- moreso than two years ago; the experience at my firm has been that people who get hired because of connections are less likely to survive a few rounds of layoffs.

Daddy's connections are something to bring up AFTER your first good performance review.

Aug 5, 2010

W and L is not a target fyi. The only real target LACs are Amherst Williams and maayyybbeeee Swarthmore.

Aug 5, 2010

Going back to the previously "geeky/nerdy" stereotype that ER carries, do you guys think that this is pretty consistent across the board- BB/Botique etc? I can see that more in Botiques. BB though I think they are a little more diverse.

Disagree?

Aug 5, 2010

I worked at a BB, and my experience/impression was that at least 2/3 of the guys in research were pretty firmly in the "pocket-protector crowd." (I have license to say that since I can be accused of being in that crowd too- hard to avoid that with "quant" and "programmer" being the only two words in your job description.)

My experience with this comes from two years largely being the point man for all quantitative credit development for our firm's research teams. I thought they were a blast to hang out with, but at the end of the day, if you are telling and laughing at jokes about matrices and PVOM, you might be qualified for admission to the Pocket Protector Posse.

Aug 5, 2010

There have been a few Rotman Commece (at University of Toronto) graduates who placed into Big 5 / BB equity research roles through on campus recruiting and through alums/connections. With all your credentials, you would have no problem breaking into Equity Research though you would have to be strong at your techinicals.

Aug 26, 2010

Hello
Since you have asked for breaking into the field of equity research . I am providing you with the link which may clear your doubts.

http://www.financeprofessionals.com/candidate/Equi...
Hope this helps
thanks
http://www.fintel.us/

Aug 26, 2010

I'd say network with the ER guys at your top tier investment bank and see if they like you and are willing to give you an internal referral. Do the same with other banks but it's good idea to start with your bank since you're already working there. And make sure you have a good story to tell and stock pitches ready. Even better if you've built a model from scratch or written a research sample.

Aug 26, 2010

Also interested

kqrckfls

Aug 26, 2010

bump

Aug 26, 2010

No replies... Is it all over for me? I don't see how I'm less capable than a lot of the people who start in this industry. A friend of mine said his dad broke into equity research at a much later age despite being a computer programmer before. I think I'm going to try and interview this guy.

Aug 26, 2010

Take that GRE score straight to a more related PhD or MSF program and get into whatever you want, lol.

Aug 26, 2010

You have decent credentials, but the one thing lacking is relevant experience. The CFA Level I will help, but ER shops are looking for ideas...that is how you, as an outsider, can add value and break-in.

I've had the opportunity to speak to a number of people in ER (from junior analyst to portfolio manager on both the buy side and sell side). I have two pieces of advice for you:

  1. Build a paper portfolio account. Start documenting your trading (why you bought stock XYZ -- the model you built to buy it, your thesis, etc). You can talk about this (and even show it) to any ER opportunity. It shows you have interest/passion and have ideas that can be used. It's one thing to have the desire to do something...it's a completely different thing to actually proactively do it.
  2. Network. This is really your best bet as a career switcher. Those opportunities that undergrads/grads have aren't gonna be there for you, so you gotta find another way to get in. Build relationships, let people know you are interested and doors will start to open.
Aug 26, 2010

The most important thing is to demonstrate that you have passion for Investing. I come across many guys who say they are interested in Investing . I ask them a very simple question "What was the last stock you bought and why?" . Most of the folks just give a simple answer like "I bought stock XYZ because I found it to be attractive" . They dont show any depth in their analysis. First and foremost a serious investor always has a well defined Watch list that encompasses Industries that he / she is familiar with. You need to take time to build such watchlist . It should reflect your Investment theme. For instance my investment theme is "Value Investing" and my watchlist has stocks related to Industries that I understand and where I am confident that there business models' wont change next 10 years. You can take a look at my blog by typing notoutinvestor dot com

Aug 26, 2010

Use BIWS - great resource.

Aug 26, 2010

Thanks for the suggestion. I've heard that BIWS is better for IB, is it applicable for ER?

Aug 26, 2010

Very much so applicable for ER - there is an IBD dedicated section, but apart from that - all is useful. Not to mention that even within ER you need to know how M&A works, esp. when your sector is hot in that regard. BIWS/WSP will easily equip you with at least 90% of everything you need as a starter within the field.

About the CFA (referring to SausageKing's post): if you're still in school (non-MBA), do not bother with the CFA at the current stage - very expensive and insanely time consuming, not to mention definitely not the best use of your time.

Aug 26, 2010

As a career changer myself with NO accounting/finance background, the CFA exams were my crash course. I highly recommend them.
I also used Wall Street Prep to break into the ER buyside just this month. It was more focused for IB, but the basics serve you well for ER. Both Wall Street Prep and I'm sure BIWS are good for both ER and IB.

Aug 26, 2010

How should people keep up to date with current news? I have a financial times subscription and theres so much information I'm not sure what to keep up to date with!

Aug 26, 2010

If you're just starting out it's probably a bit overwhelming since you need to Google some of the stuff due to lack of recent past knowledge and technical understanding. Reading just the FT is sufficient enough as a start, so I suggest you read as much as you can of the FT (if you have an hour to spare you should definitely be fine) and once you find something that is of particular interest to you - start focusing on those aspects and looking for blogs/publications online. There's no magic formula to having a great all-round understanding of what's happening around the world.

If you're simply after the 'commercial awareness' aspect for interviewing then just look up some blogs that do summaries. There are also various publicly available mini-reports released by IBs (RBS Chief Economist's little note spring to mind). Your school probably has a society that does these kind of summaries/publications on markets as well. Do note that going in to interviews (assuming you're still in school) you have to be able to think on your feet (i.e. actually understand what you read and be able to formulate opinions on what's happening).

Aug 26, 2010

Thanks for your thoughts, TheFamousTrader. I just bought BIWS courses and plan to get started soon. I'm not interested in studying for the CFA as I don't really have the time. I work full-time and because of my schedule, I don't really have a few free hours to study for anything, let alone the CFA.

Aug 26, 2010

How would you describe your internship (in details), and why do you still insist going into ER after that shitty experience?

Because if my internship went as bad as yours (with the way you described it), I won't really have any appetite left to break into ER.

The way you describe the case, I am inclined to think option #2 is a more suitable option for you.

Aug 26, 2010

.

Competition is a sin.

-John D. Rockefeller

Aug 26, 2010

I really do enjoy analyzing stocks, unfortunately the internship had very little to do with that. It was more along the lines of me getting tricked into an SEO internship by a sketchy broker dealer putting "equity research internship" on a job posting.

Aug 26, 2010

Why are you giving up so easily? Keep your options open...don't make such a long road map yet if you haven't even graduated yet...sure a Plan B is FINE, but shoot for your goal until you realize Plan B...main point, keep the hustle...

Aug 26, 2010

I worked in ER for 5 years and would recommend #3 or #1 as your best strategies. Once you land a job in ER, it is easy to move around to other firms. For example, I worked in ER at a small IB for 2 years out of college, then had no problem getting interviews and ultimately a job in an ER Associate position at a BB.

The other route would be a corporate finance gig then go for an MBA or try to leverage your industry experience into an Associate position in ER. I seen people have success both ways.

I don't think the credit analyst role is going to help you move into ER, especially if you are working in commercial banking. Not impossible, but just not as direct a path as the other options you listed.

CFA is critical, though.

Aug 26, 2010

Thanks for the advice guys.

Aug 26, 2010

BB ER here. I'd try breaking in from #2 or #1 - if that doesn't work in 2-3 years, then go to business school.

IMO, option 3 is very unlikely to work

Aug 26, 2010

shit im really scared i blew it by choosing the wrong major...

Aug 26, 2010

Why do you want to get into Equity Research? If you have a 4.0 in math, will be awarded a master of mathematics from Cambridge, and have managed to produce a 25% return over the 3 most challenging market years in recent memory, why on Earth do you want to relegate yourself to countless mind-numbing hours in front of a computer screen for no money?

The WSO Guide to Understanding TARP

Aug 26, 2010

Because I like investing and my dream is to do it professionally (see guys like david einhorn). However, for that I need experience in the business because nobody is going to give me money to run when all i have to show is a discount broker account i traded from EU2000 to EU4000.
Im not really interested in quant investing I like fundamental much more and im not really sure its feasible to switch from the trading floor to buyside investment management.
To be clear my ultimate goal is to run money for a fundamentals driven fund. If there's a better way to that than starting in research feel free to tell me

Aug 26, 2010

...

Aug 26, 2010

You can make good money in ER. Really, I know. Good candidates for ER need to have strong enough quant skills, excellent analytical skills to absorb and process a ton of data, and good oral and written communication skills. You are over-qualified on the quant side, which doesn't rule you out, but you clearly exceed the bar for that metric. I can't comment on your analytical skills or communication skills. Math majors don't have a reputation for great people skills. I don't know you so don't know what to say on that metric either, but analysts spend a lot of time talking to salespeople, portfolio managers, industry sources, and management teams, and must have good powers of persuasion, oral and written. Here are some ideas on how you can build/demonstrate some of these skills.
How to become an Equity Research Associate - http://bit.ly/bMC0N
Assuming you are strong enough in those three areas, then it's a question of fit with the Analyst you'd be supporting. This is critical and remember that you have to feel very comfortable with the Analyst as well. The Analyst will have total influence over how much you learn and what you get to do.

If you're trying to break into ER in the U.S., you will need to network like crazy. Obviously you stand a better chance of getting into ER for a firm like Deutsche Bank in Germany. Having an econ major is completely fine. Don't worry about that at all.

Gotta Mentor
www.GottaMentor.com
Connect to the Advice & People
You Need to Achieve Your Career Goals

Gotta Mentor
Connect to the Advice & People
You Need to Achieve Your Career Goals

Aug 26, 2010

thanks formerMD, that's very helpful. I don't have an econ major I have a math major with an econ minor. I can't go into research in germany they only hire business admin or econ majors here. USA will be close to impossible i know that, i was looking at london mostly. my communication skills are fair enough, i guess, at least when compared with most of my fellow students. the point is, I want to work on the buyside running money, if I could get into a buyside fund directly that would be good too.
Would banks/funds in london even look at my resume? would the cambridge master be enough to erase my "non target" status? I'm confident that I know enough finace to get people at an interview to hire me, especially after the CFA lvl 1. the question is would i get that interview

Aug 26, 2010

Atleast clear Level2. I have seen some research positions mentioning atleast Level2 as requirement

Aug 26, 2010

Hi MrV4lentine,

In pretty much the same position as you, but luckily the forums are filled with ideas. I found that finding a contact in ER is quite difficult, but I managed to network with someone in Investor Relations at a bank, and she introduced me to some analysts. Hope everything works out for you.

Aug 26, 2010

Thanks for the reply,

I've had a bit of luck getting in touch with people, I'm still relatively inexperienced with the networking thing so thanks for the tip and Good Luck to you too.

Aug 26, 2010

It's possible but you would need to target ER roles covering O&G. Start working on some pitches in the space and network.

I'm assuming you mean sell-side. Buy-side would be more difficult. You might get lucky but sell-side can eventually get you to the buy-side.

Aug 26, 2010

Just keep networking as much as possible. You shouldn't have a problem if you are.

Aug 26, 2010
eresearcher:

Just keep networking as much as possible. You shouldn't have a problem if you are.

Thanks for the vote of confidence. I'm definitely trying to be more aggressive (and more assertive) with networking. I was wondering if its normal to do an ER internship immediately after graduation?

Aug 26, 2010

happens all the time.

How to do it? You would most likely go in at the associate level so best route would be via recruitment consultant or direct approach to the banks. Check Financial News jobs section.

Aug 26, 2010

It definitely happens as I have a met a few former CPA/Big 4 guys walking around the department this summer. Like John Mack said depending on how senior you are I would approach a recruiting firm to help get you noticed. I don't know if any BB ER departments are hiring laterals right now so I would also focus my attention on independent and smaller shops if you really want to break in ER.

Aug 26, 2010

I interned in ER with a psych degree from a state school. Networking makes literally ANYTHING possible. It sounds like you would do just fine if you got an interview......

Aug 26, 2010

I broke into IB with a degree in English from a complete non-target. Networking was essential. But beyond enthusiasm and a general interest in the field is key. It always helped me to paint the picture that I chose my major when I was 18 and had no clue what IB was, non of my family members are in banking. After landing an SA role, I enjoyed it immensely and it was far late to change my major so I had to go with the cards I dealt myself. Just bust your ass and study, once those interviews role around i'm sure you'll be fine.

its one way or the other: hate me or admire.

Aug 26, 2010

BUMP!

Aug 26, 2010

Someone who is naturally curious and acts a lot of questions in order to understand every single of nuance of a topic would be the kind of person that would be drawn to an equity research role.

You're going to do a lot of reading and you have to be able to come up with a position. You also need to have the acumen to be able to digest a lot of mind numbing details about a company and concisely put that into a well written thesis.

FYI I have no experience in an ER position. Theres a great 2 part interview on mergers and inquisitions about this very topic.

Aug 26, 2010

Qualities? You have to be really really good looking...like you were just mercilessly beaten with the sexy stick.

Start networking, doesn't have to be alumni. For example, a friend of mine is really interested in ER as well. He actually attends various industry conferences and meets analysts that way. Not sure how effective that might be for others or how this type of a move is perceived, but he's making it work.

Aug 26, 2010
Flake:

He actually attends various industry conferences.

Offhand, do you have a recommendation for a good starting point to learn about where/when these conferences are?

Aug 26, 2010

The personality/qualities question is a good one and tough to answer. Agree with AndyinSD. I'd add that although it seems there are a very diverse group of personality types in ER, I would argue the best seem to be crosses between trial attorneys and CEOs. In other words, you'll need to present a very compelling case through a naturally articulate, charismatic communication style, but you also need to have a keen sense of business, and have the ability to independently construct a vision of the future based on information in the present. A great researcher and modeler will rarely be a standout analyst without these qualities.

You will also find some more introverted personalities in ER compared with IB or S&T, but I've rarely seen the introverts as stars - at least not on the sell-side.

Aug 26, 2010

anyone any opinions/views/advice? :)

Aug 26, 2010

There are Masters courses affiliated with the CFA program. If your budget is small look at The University of Stirling in Scotland. The course (MSc Investment Analysis) is only PS5,000 and it covers the bulk of the CFA material. I graduated from the 2009/10 class am working in London and preparing for CFA Level II.

This course might not carry a lot of weight with banks but Eninburgh has a large fund management centre and many graduates go on to work at Standard Life, Martin Currie, Aberdeen, etc...

Best of luck.

Aug 26, 2010

Cheers,

sent you a PM there, thanks!

Aug 26, 2010

ER... enterprise risk or equity research?

(1) is the fact that I went to a state school rather than a target school really going to hurt my chances at most boutiques
Nah, now that you're out of school and working I doubt a lot of shops will hold it over your head, esp boutiques

(2) what else can I do as a college graduate to continue to improve my viability/chances
network and try to get relevant experience... what exactly do you do at your F100 fin services company?

Aug 26, 2010

Equity research.

(1) Good to hear
(2) I am in financial planning and analysis. In short, I create business plans, forecasts, variance analysis, etc..

From what I've read it seem that financial services experience is definitely valued as a plus- is this correct?

Aug 26, 2010

just get shot

Aug 26, 2010

WTF does that mean?

Aug 26, 2010

I'm in the same boat as you. I start as a business analyst at a f100 this June after I graduate and intend on studying for the CFA. I am targeting BB/MM however, and am from a pretty decent state school, semi target for about 5-6 MM

Not sure if passing the CFA would be sufficient or if i'd need to get a MSF (pref not MBA).

Thoughts?

Aug 26, 2010

Can anyone lend some insight or answer questions two and three of my original post:

(2) what else can I do as a college graduate to continue to improve my viability/chances, and lastly (3), is there any programming aside from VBA that would be considered useful in the ER field?

All comments are appreciated.

Aug 26, 2010

3.) That's a waste of your time. No one would expect you to know VBA, let alone another programming language. Focus your efforts on networking if you want any chance quite honestly. Equity research can be tough to break into because teams are usually lean and they only fill spots when there's an obvious void. Your best bet is to network through your alumni, friends in the industry, and any other people that may have a connection to a bank. Also, find an industry that appeals to you and maybe reach out to boutique banks that provide research in that specific industry.

Other things to do:

Follow a particular stock or two. Read past earnings transcripts and listen into the ones going forward. You could also build a model (IS, BS, CS) and even develop your own thesis on the name. It's almost guaranteed that you'll be asked to pitch a stock in an ER interview so this way you can be prepared.

Work on your writing as well. Trust me, you can always improve it and you'll most likely be asked to give a writing sample.

I hope that helps.

Aug 26, 2010

Thanks for the advice.

Do you think it's safe to say that ER is one of the easier fields to break into relative to others listed within these forums (i.e comapred to trading, Asset Management, et al.)?

Aug 26, 2010

Waterloo?

Aug 26, 2010

uoft :)

Aug 26, 2010

I believe he said quant finance.

Aug 26, 2010

very interested in this as well. People recommended to get into transaction/advisory at the big 4. Especially in Toronto, cause it's toronto.

Advisory divisions tend to interact with many banks/institutional investors apparently, which helps with networking etc. CFA may help with the ER transition as well.

Recently I found several finance firms that offer qualifying exp for CAs too, that might be another path if you want to skip the big 4 altogether. Here's one: http://www.veritascorp.com/home/
It's an ER firm, recruited for co-ops at my school, pretty hard to get in...I didn't land an interview :(

Just realized you are in quant finance. If that's the case y would you consider the big 4 (unless you plan to do that masters at UofT for CAs) wouldn't you have much better options than at an accting firm?

Hope I provided something of value. Good Luck!

Aug 26, 2010

You published...one report? Where did you get your "experience" from? Blogging on SeekingAlpha?

Aug 26, 2010

No its a program I did for a small fund. I covered Rollins (ROL)

Aug 26, 2010

Try to look for off-cycle internships. If any of the firms you have contacts at have a co-op program, those would be your best bet. See if any of them will consider a graduate for a 4-month co-op position (it's not unheard of).

You need to understand that a good firm, a profitable firm, and an attractive stock investment can be 3 unrelated things. -Epicurean Dealmaker

Aug 26, 2010

thanks I will check into that

Aug 26, 2010
  1. Why can't you get into a top 10 school? Bad GPA? GMAT? Can you get into Darden? Fuqua?
  2. A part-time MBA is worthless.
  3. No, not really, but is going to get harder as the years go on.
  4. It varies BB vs. Boutique

Here's a question for you, why do you want ER as opposed to IB?

Aug 26, 2010

I worked in ER at a BB this summer. There were many successful analysts who came from industry
-side, often after getting an MBA (and in fact, some firms like Sanford Bernstein prefer to hire analysts exclusively from industry), so I think you've actually got an advantage in terms of skillset (as long as you're happy doing Semiconductor research).

Because ER divisions tend to be small, and tend to lean towards hiring (cheaper) undergrads than MBAs, getting in is tricky. If you don't have contacts who could refer you, then MBA might be the best option. Given your non-finance background, B-school could also be pretty helpful in getting a background on finance and accounting. Outside of top ten, if you go to a B-school where BBs do not recruit for ER, you'll likely have to go to networking events for anything else that they *do* recruit for (for example, IBD or S&T) and ask the recruiter for contacts in ER. Your best bet is to do an internship at a boutique ER shop (they've exploded in number in the past several years); the ER community is small, so a great reference from a boutique can catapult you to an interview with a BB. Also, the age ranges at B-schools tend toward the late 20s, even 30s, so no, it's not too late to get a career change.

CFA is useful once you get into ER, but gives few benefits in terms of networking opportunities and contacts, which is what you really need to break in. For that reason it's not really worth three years and hundreds of hours of your time. Once you get an ER gig, some firms will pay for your CFA exams.

1st year Associate level at my BB was ~120-130K base. Bonuses were bad last year.

Aug 26, 2010

Hi Futurectdoc,

Thanks a lot for your response. I have a poor GPA and a strong GMAT. I MAY be able to get into Duke but isn't Duke more for folks who want to do marketing vs finance?
I was thinking of a part-time MBA since I live in San Francisco from Berkeley-Haas. The reason I was thinking of a part-time was that it would give me enough time to network and try and get a longer internship than justa summer internship if I went for a full-time MBA.

Also, it will give me time to do the CFA if I have to.

Monika

Aug 26, 2010

Hi Futurectdoc,

I would think IB is even harder to break into. Equity research interests me more.
How is the pay for an associate in equirt research vs IB?

Thanks.

Aug 26, 2010

Hi Jambajooz,

thanks for your response.

Do you also think that a part-time from berkeley-Haas would not help? I was thinking of trying for internships etc while doing a part-time MBA in finance.

Monika

Aug 26, 2010

Well, how poor a GPA and how strong a GMAT? If you're above a 3.0 I don't think anyone will really care, the bigger issue is that schools keep skewing younger and younger each year. UCLA Anderson's average age is 28, Stanford lists work experience not age and says 4 years is the median so roughly 26, 27.

I'm not sure IB is tougher to break into, yes it is tough to get into GS, but there are a world of other firms out there plenty of MMs are likely to be receptive.

Aug 26, 2010

Hi Futurectdoc,

Once again, thanks for your response.

My profile is below:
GMAT - 730
My GPA - 2.9 from a top 10 engineering school in the US.

I did complete a part-time Masters in Engineering from a local university while working full-time. I took 5 years to complete this since I took classes on and off and I had to pay for the classes.
Grad GPA - 3.7

Experience - 8 years in the Silicon Valley as an engineer.
Age - 30
Female from Asia

Thanks a lot.

Aug 26, 2010

In my view the point of an MBA is twofold - networking and prestige. In general, part time MBAs aren't regarded especially highly - or not as highly as a regular MBA, even if it's from a top school like Haas. If you can get into Fuqua, by all means do it; each school has a "reputation" for a certain specialty, but in the end the opportunities are pretty much the same. You can also do a term-time internship while you get your MBA.

Aug 26, 2010

Thanks. I will definitely apply there for a full-time MBA then.

Aug 26, 2010

A final question, do you have other MBA programs you would recommend given my profile?

Aug 26, 2010

Do you mean private wealth management or consulting (of financial services firms)?

Aug 26, 2010

the latter...

Aug 26, 2010

WallStreetPrep my friend

Aug 26, 2010

You don't need to do all of that.

Sounds like you need to network first, I can load up a bottoms up model in a couple of weeks if you want. That's all you really need to learn to do to be honest.

Part 2 of this series will outline how to break in as well.

http://www.wallstreetoasis.com/blog/interview-with...

    • 2
Aug 26, 2010
WallStreetPlayboys:

You don't need to do all of that.

Sounds like you need to network first, I can load up a bottoms up model in a couple of weeks if you want. That's all you really need to learn to do to be honest.

Part 2 of this series will outline how to break in as well.

http://www.wallstreetoasis.com/blog/interview-with...

!!!!!

Aug 26, 2010

@woodywood Wall Street prep is how I got to wher I am now, but when it comes to forecasting they kind of just assume you know how to do it. They don't go into much detail with forecasting.

Aug 26, 2010

@wallstreetplayboys
Thanks for the reply I'd be more than happy to receive that model from you, you can email it to me or upload it, whichever is more convenient
[email protected]

Aug 26, 2010

i've never heard of anyone asking what you expect out of undergrad. but for MM ER I would say something like 70-80 + 20-40% depending on the shop. going forward just know that it's illegal for employers in a lot of places like NYC to ask for your salary at your previous employers.

Best Response
Aug 26, 2010
gogogadget37:

Hi everyone,

The title says it all. I know glassdoor has salary information for different firms, but it doesn't quite differentiate between experience/degree level, i.e. I assume someone entering ER out of a PhD or MBA program gets much higher pay over someone straight out of undergrad. What should one say when a recruiter or interviewer asks you for what you expect as salary+bonus? This is assuming it's a MM in NYC or a comparable city.

Thanks!

"Thanks for the opportunity; I'll take whatever you offer as I'm not very qualified for this job with a bachelors degree and minimal experience. I will have to work my way up and/or acquire more education. "

Aug 26, 2010

Also make sure to start interviewing for other firms from Day 1 on the job so you have a few offers in hand to leverage by the time HR gets your direct deposit online.

Aug 26, 2010

Does the analyst have more than one associate or is it just you?

Aug 26, 2010

I am the only associate for the VP. The MD has 2 associates.

Aug 26, 2010

So initially your goal should be to pass all your tests as soon as possible. You need to take Series 7, 63, 86 and 87 before you can get your name on anything. The 86 is really the only one that you should have to put a little time into, the other ones are just rules and regulations. Within 6 months would be a good goal to get those out of the way. Other than that you need to get up to speed on the industry and the companies as soon as possible. A big part of the associate's job is to be able to talk to sales & clients while the senior is traveling, which is often. You'll start by updating models and writing summaries of press releases and conference calls. By the end of year 1 you should be at a point that if your senior is on the road and a press release comes out on one of your companies you should be able to handle it (summarize what happened, update anything in the model as necessary and communicate to sales how the results compared to your expectations). Once you've reached that point, to make yourself stand out you should start trying to source your own ideas and bring them to your senior. The more proactive you can be the better you'll look.

Aug 26, 2010

Thank you. They are giving me a few months to complete 7, 86, and 87. No mention of 63 yet. Everything you described sounds awesome and I am looking forward to starting. Are you basically saying I should just focus on the learning curve before I try to stand out? I am going to try to pass the series exams asap as a first priority.

Aug 26, 2010

Well its kinda hard to have an opinion about something that you don't fully understand, so yes, focus on learning the macro stories and knowing the companies. And pay attention to details, I made the mistake of trying to do too much too fast when I started out and it resulting in me missing a few things that I wouldn't have if I were paying more attention.

Aug 26, 2010

Ya, luckily I have been interning in a E&P consulting company so that has helped my learn the companies and industry.

Aug 26, 2010

build a stock portfolio and average 20% and sell yourself using that...explain every trade, using excel spreadsheet why you went in and not.

Aug 26, 2010

If you're looking to break into SS research, then I disagree with the above poster. Also of note, there is SS research in Boston, but i don't believe there is much and your choice of sector is probably quite limited as well. I'm not in Boston, so take that with a grain of salt. Shouldn't be hard to do a little digging and get a clearer picture of your options.

Also, I've not found the SS research recruiting/hiring process to be overly political. That being said, it is far less structured and significantly more ad hoc. The absolute best thing you can do for yourself to enhance your job prospects, and your general professional prospects as well, is to network like crazy. You just moved, use that to your advantage by introducing yourself and beginning to build your network in Boston. Send emails, attend events, do everything you can to meet people and establish a relationship.

Secondly, figure out what sectors interest you most and begin learning about them. Read pertinent news, begin to follow the major players in the space and develop thoughts on them, understand the economics of the sector and what drives it. Start building out models on a couple names, make forecasts and construct a thesis. The best way to learn is through practice and repetition.

You've passed L1 and received your MBA, don't waste time on CS or getting another degree. Focus on the CFA if you want to continue to expand general financial knowledge. Having multiple degrees/designations doesn't mean as much as demonstrating sector knowledge and having the appropriate skill set.

Hope this is a good starting point for you and best of luck.

Aug 26, 2010

Thanks for the advice. In your opinion, as far as the very short term is concerned, what would be a better career choice for right now--assuming I do not find any opportunities right off the bat: Financial analyst (with the possibility being outside of financial services), or stick to the industry and try and just get into an investment firm at a lower level (perhaps fund accountant) and try to move into ER from within?

Aug 26, 2010

sooo fucked.

Aug 26, 2010

Should be easy... Not trying to be a smart ass (maybe a little).

How should I quantify the question, you already know apparently how hard it is going to be by even asking...

Aug 26, 2010

is there anything remotely close to a target school in Florida? FS honors/ UF honors?

Aug 26, 2010

USF, the only thing target about the school is its in the same state as UF. Goldman and Morgan Stanley have both recruited out of here in the past though.

Do I go for something finance related and try in a couple of years with an MBA then?

Aug 26, 2010

your best bet is Raymond James in st. petersburg or Wells Fargo research

Aug 26, 2010
Comment
Aug 26, 2010
Aug 26, 2010
Comment

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Aug 26, 2010
Aug 26, 2010