Given new regulations concerning fee disclosures and all the turmoil with ER departments on the street, I am struggling to plan my long term career.
I am not 30, but due to personal life have a few dependents. It scares me a bit to see what is happening on the street? How should I secure my long term career?
| +81 | Q&A - Buyside Equity Research Analyst/PM | 29 | 3d | |
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Regulatory developments such as MifidII do provide opportunity to innovate. Star analysts will be big winners. it feels like going back to early 2000, unintended consequence. Activities such as coporate access, ndrs if allowed will be the competitve edge
Totally disagree. The peak of the industry, at least in the U.S., was pre- Reg FD when selected analysts had access to information before everyone else. That doesn't happen anymore with Reg FD. Also, MiFid II specifically prohibits using soft dollars to pay for corporate access, I don't see any way to spin this as being positive for the sell side, which is getting squeezed between the shift to passive, MiFid II, and declining commission dollars.
I would say it is a positive in that it will, hopefully, force the lesser firms to exit the business entirely and on a more micro level, force firms to get rid of bad analysts that find ways to rake in $300k/yr providing low quality research and/or receive little to no votes.
I'm ready for the old way of doing things to leave and die. Looking forward to structural changes. However, I agree that long-term this is not the business to be in and I do not plan on being in it much longer than necessary.
think about what you're saying. yes, ER may be in a secular decline, but don't you think analyzing a business is a valuable skillset? ER is transferable not just to the buyside, but also to CorpDev, consulting, M&A, and likely more.
don't think with tunnel vision. think about what the job of a ER analyst is, it includes accounting, writing, analyzing a business, and making sense of an entire sector/economy. that's valuable. focus on getting better, and don't just think it's buyside or death.
I agree with you. But I have always had a goal i have worked towards, and initially my goal was AM from ER. Now, i see how badly AM is doing so I guess i am rethinking my whole 'end goal' and I really cant think of what that new thing will be. That is bothering (and scaring) me.
is your sector in a secular decline? I'd consider working in that personally.
After nine years on the sell-side I'm in the process now of figuring out what I want to do for the next 15-20 years, and I know it's not this. The business in general is getting harder and less fun, and I'm tired of hearing how we're going to have to work harder for less money. That's likely the reality though. Personally, going corporate is the most attractive option that I'm looking into now. Investor relations, corporate/business development, etc. Initial pay will probably be less than I make now but the long-term stability and potential for advancement outweigh the initial pay in my book.
Curious to hear peoples thoughts on this subject. I'm an incoming associate into BB ER and can't help but worry with everything going on....
What do people think about lateraling into fixed income within my BB bank? I figure fixed income is a less efficient asset class and might be a better place to be. What sector would I start in within ER if I wanted to potentially move into something such as structured products (i.e. MBS, ABS, etc) within fixed income? Covering financials perhaps?
I was actually considering last night to author a post on why analysts need to look at credit as a career choice. equity is only one part of the capital structure, and there are myriad reasons why you need to bone up on fixed income.
short answer: DO IT
I would have no problem with going towards credit but how does one signal that and build the necessary skills for that? Everything I do now is centered around equities and it's not like people are storming the gates trying to hire PWM analysts into research roles anyway.
Which ER sector would you suggest I start in to make the lateral make more sense? Financials? Are any sub-sectors within financials better than others? I am also pursuing CFA. Am I missing anything else?
Definitely would be interested in a credit analyst post
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