I just got my MBA (worked in tech before, no finance pre-MBA) and have 2 offers I'm considering:

-sell-side tech equity research at a reputable BB (think GS, MS)
-graduate rotation program at $100bn+ asset manager (mostly long-only, some absolute return). I would rotate through ER, PM, and trading through 2012 and then select what group/area I want to go into.

I ultimately want to get into L/S equity investing. I have some hedge fund connections and have mostly been told that buyside-to-buyside transitions are much easier to make than sellside-to-buyside. The one advantage I can think of for Sell-side is more exposure to hedge funds and ability to network directly or through the sales team (once I've networked with them). Pay is similar, so that's not a deciding factor.

Any thoughts are much appreciated. Thanks!

Comments (10)


This is a tough one. I think there are merits to both jobs.

Sell-side tech equity research will help you getting into to hedge funds. Since most hedge funds are aggressive growth, most have holdings in tech stocks. Having experience in that field will help your resume. However, if you can focus on tech or some other high growth industry in your graduate rotation program at the asset manager, that'll also help.

--Meliora sequimur

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Thanks so much. Hopefully some more inputs from others soon, as my decision is due on Tuesday. Happy 4th to everyone!


Those both sound like strong options, I personally would take the buyside rotation program so as to have some exposure to all three legs of the stool (research/trading/PM) and to get a better feel for being "in the market." A $100bn asset manager will have good name recognition too so you don't need to worry as much about not having a bank on your resume.

The points about not having the specialization a fund may want is valid but I think you can overcome it, plus if you go through the rotation and pick research presumably you'll have a sector or product focus at that point.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.


How quickly do you need to be at a L/S HF? I think you should more stronglyl consider which one of these paths you would rather spend 5-7yrs at (if need be)...since both jobs are relevant to your ultimate goal, why not choose the one which you would rather be IF you didnt get the L/S offer soon after

i think either option could set you up nicely -
What does the rotation through the PM group entail? what is the progression?

I ask, because it will be much easier to go from Long-only PM -> HF PM then it will be to go from Sell side research -> HF PM....what kind of trajectory is there to running money at the big Long-only?

---I actually think it would even be eaiser to be hired as a HF PM as an outside Long only PM, then it would be to get promoted at a HF, as an analyst (after you moved from sell side to HF). (there are buy side analysts ALL over the place, just beggin for their own PL, but its often tough to get that type of trust/responsibility)

So, if you just want to be a HF analyst, I think that Sell-side first could be the right move, if you want to be a HF PM, (and have a shot at that at the Long-Only) then I would definitely choose that route.


Thanks everyone for your inputs; special thanks to Wannabe - very good insights.

I turned down the GS ER offer and went with the buyside offer. I spoke to a few PMs at HFs and they all said go with buyside. An analyst also told me that sell-side to buyside transitions are getting harder, more competitive.

Just to clarify, after the rotation is complete, I select which role (trading, PM, ER), location (US, Europe, HK), and hopefully which group/fund I want to be in (provided it's based in the location of my choosing). The PM route leads to associate PM for 2-3 years and then decision making on small funds (<10mm).


hey @"sonibubu" I'm in the same boat as you were when you wrote this post. How did things work out for you? Any advice you can give me? hope you're enjoying the gig.


Actually interested in this in as well

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing.

See my Blog & AMA


Likewise would be very interested to hear.


That's sounds like an amazing opportunity! Congratulations!


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