Context: first-year analyst working FP&A at a BB (JPM/MS/GS) in NY, studied econ at a non-target. I want to break into sell-side ER, ideally through internal mobility at my current firm but also open to moving elsewhere. Currently sitting for CFA L1 in December while also learning the relevant skills (modeling, writing research reports, etc.).
Is it possible for me to break into sell-side ER despite having no ER experience? And will getting my CFA (ideally in ~2 years) improve my chances? I'm assuming I will have to network my butt off to make this happen: any advice for networking into an ER role?
Is it possible for me to break into sell-side ER despite having no ER experience? - Yes. While it's not going to be 'easy', don't count yourself out. Having an inside view on how banks are run and how they forecast various line items is very valuable to ER. My advice for you given your current role is to try to get exposure to as many things within FP&A as possible. So if you're doing FP&A for the consumer bank, try to get exposure to all the big-name products (e.g. mortgages, credit cards, etc.) or in the case of investment banking, understanding FICC/Equities modeling. Obviously if you can get exposure to all the big divisions, that's probably best.
- The key thing to keep in mind is ER is all about being a generalist - even when you're focused on a sector. You'll never be as good as the guy who has 20 years of mortgage underwriting experience, but clients typically won't pay you for that anyway. You're paid to have a view on the overall sector/enterprise which means you necessarily have to be a generalist of sorts.
And will getting my CFA (ideally in ~2 years) improve my chances? - Yes, but don't focus too much here. When we interviewed candidates, a CFA would be a positive indicator, but only if the rest of the package is there. This is strictly a nice-to-have as opposed to a need-to-have thing.
- The only other thing I would note here would be to not set these arbitrary timelines. While you may finish your CFA in 2 years, it's not like you shouldn't try for an opening that would be a good fit for you if it shows up in the meantime. For example, MS has an associate opening right now for mid-cap banks. I have no idea if you're ready, but if you think you are, maybe you should take a shot at it.
I'm assuming I will have to network my butt off to make this happen: any advice for networking into an ER role? - Yes. This is a universal truth for anything that is highly sought after in life.
Best of luck - breaking in is tough, but it is very doable at the end of the day. I came from a non-target and had even less experience than you (both from a relevancy and amount perspective). Keep at it, network hard, and you can shift the odds in your favor.
Thanks so much for the really thorough response, this has given me a lot to think about! Would writing my own research reports on a chosen sector be a good way to demonstrate my abilities once I start networking and applying for jobs?
It's not a bad idea, but make sure you get qualified person (i.e. somebody in the industry) to review your write up. You only have one chance to make a first impression, and if your writeup gives a bad impression, you'll tank your chances.
I would recommend that you keep your writeup to 1 page and 1 page of charts. Keep it to the point and be clear in your recommendation. If you're lucky enough to get an interview, be ready to defend it against very harsh critique (though in an actual interview, make sure you have three pitches ready, preferably 2 long and 1 short).
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