Incoming Buyside Equity Analyst - Seeking Advice
Hello WSO. I am posting here today to seek advice from experienced folks in this industry.
Background:
I am going to start work soon at a boutique (c.US$1bn) long-only investment management firm. This is my first job out of UG. My job scope is the standard: pitching stocks to the PM. As the most junior member of a boutique, there will be other odd jobs as well.
I joined this firm because of a few reasons:
1. Break into buy-side directly from UG [most important]
2. Opportunity to be mentored directly by a portfolio manager
3. Opportunity to one day take charge of an entire sector
4. A small team is a good fit for me (2, 3 & 4 are linked).
5. People seem intellectually curious and intellectually rigorous, while still being friendly. This is, of course, first impressions.
Motivations for entering this industry
- Love active stock-picking, coming up with investment theses, deep-diving into companies, doing write-ups, reading books written by superstar PMs, blah blah.
- Aware of huge long term headwinds facing buyside ER but willing to take the risk.
Educational Background
- UG degree with FCH at target school.
- Haven't even taken CFA Level 1 exams yet. I intend to take the CFA while on the job.
In your opinion, what are some things I should pay special attention to in order to succeed at my new job?
(i.e. apart from the obvious such as minimising mistakes, being likeable etc.)
Bump
1 is that you're likely to enter as the office b***. Don't spend your money to make things easier on them, but understand that spending your time to do so may be worthwhile, especially in the beginning. That 15 minutes that you save the higher-ups in getting coffee or lunch may be the most valuable part of the day.
Thank you. Will offer to do so consistently.
Congrats on the job right out of UG!
Show up early. Don't take criticism personally. Bring a notepad to every meeting, even if the boss just calls you into their office. Don't speak just so others know you have an opinion, but don't be too afraid to share your opinion if it adds value. Be proactive with the "odd jobs." It's okay to ask honest questions, but try to only ask the same question once.
Read your firm's research on your current portfolio holdings to get a feel for the style of writing and investment thesis. Think about how the investments fit into the overall construction of the portfolio to get a higher-level feel for the portfolio (overweight sector vs. underweight sector, value vs. growth, etc.) - this will improve your recommendations because you will start thinking of the second and third order impacts your pitch will have on the portfolio. Get your CFA or any other designations out of the way ASAP. As you climb the ladder of responsibility, you won't want to be worried about studying for exams. Do not be afraid to innovate and try new things - especially if you are significantly younger than the other team members and have different ideas or perspectives.
If your experience is anything like mine, you start by drinking water from a fire hose. It may be overwhelming, so be a sponge and absorb as much as you can.
Good luck!
Thank you. Fantastic advice about reading the firm’s existing research & analysing current portfolio holdings. Will definitely do that.
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