Hi all,
I have just been offered two jobs at the entry level: one in ECM at JPM and one in equity research at MS. I'm trying to decide between the two offers. How do you compare the two in terms of:
I would appreciate any insights you could provide.
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When you say "I have just been offered two jobs at the entry level", do you mean SA of FT?
Sorry I should clarify. Both are full time positions.
Holy crap, this late. Congrats!
Depends on what you want to do. MS ER ----> HF, JP Morgan ECM----> B-School or internal promotion
Can you fill us in with anymore details? Just graduated or about to?
go with MS--more versatility, my opinion.
Research > CM
^^ wrong you fucking muppet
research is fine but its not for everyone - its boring as sht in my opinion - you do learn to model though
Hmmm....How shall I respond to this? :)
Would you be happier if I said: "IMO Research > CM"? Because I was just stating an opinion. They are very comparable positions and equally opportunistic...I'm not a CM basher like the majority of posters on here.
Now in regards to Research being boring. Would you also say IB is boring? Cause Research is even more similar to IB than CM. In research you have client interaction, you get modeling experience (like you said), you get experience putting together reports/presentations (similar to CM), and you have excellent exit ops (B-School, Buy-Side, etc...). Reason I think Research > CM is because I believe there are better exit ops (better chance of getting into HFs & PE from Research than CM) and the modeling experience (again, as you noted).
So now perhaps you can tell me why you think CM > Research?? :)
PE from research? Is it possible? I get into disagreements about this all the time, so I'm curious to hear what you think.
I should mention, the thing with the MS offer is that it is a contracted one. They said it could be a permanent position but they can't guarantee that. Do you think I will have good mobility coming out of MS research even after only one year?
I'm leaning more towards the JPM ECM offer right now because its a full-time permanent position...
not sure how MS ER ranks among ER groups on the street, but JPM ECM rocks compared to its peers
WSJ best on the street has it at 4, II has it at 8 or 9
ECM has no exit ops, doesn't matter if you're at JPM or Thomas Wiesel.
Go research.
The people who get into PE after research are 6-8 years down the road after SIGNIFICANT industry experience.
Most people are thinking what the move is after two years - in which case, most research analysts go to hedge funds.
Honestly in a lot of ways I would take research over banking, unless you want to do PE after 1-3 years. Pay as a 1st year doesn't really differ, and you can exit into banking/sales/trading instead of being siloed into one or the other.
And for anyone who says research is boring - I agree, but banking is only less boring because its so fast-paced/stressful all the time.
Credit research actually gets to sit on the trading desk which makes things exciting (talking about some of the bigger shops)
dude its about core skills
in ER - you learn a LOT about the industry - more so than the banker and you do a LOT of modeling. In fact, i'd say ER is the most "neutral" job in terms of exit ops - it just pays shtty to begin with. ER analysts can go to PE / HF (not to trade tho probably more as a PM type person for fundamental / sector analysis) - you won't be making it to a quant shop or whatever
at BBs pay is the same more or less right out of undergrad.
didi, tell me more about the PE exit. how was it done? did they have to wait several years as mentioned above?
through headhunters. it takes 2-4 years for them. actually, i think it depends...u know, hiring was slow due to the financial crisis. my alumni made the move after they were promoted from research associates to analysts.
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