Switch from Equity Research to IBD

Hey guys

I've been offered an ER position at a BB after an internship, but IBD is where I really want to be. Unfortunately, in this market, not many people are hiring, especially not through the non-internship route (I dont have any prior banking experience either).

My first question is: Should I take the offer, and then try and make the switch internally after a couple of years, or should I keep looking until the market picks up again? The reason I ask this is because some people have told me that being in ER virtually rules out ever being able to switch to IBD.

My second question is: If I do do ER for a couple of years, will I only be able to switch to an equity issuance team in my sector (if I am able to switch at all), or are options like M $ A still open to me? I will start at the analyst level in ER.

I dont have any previous banking experience, and dont really know a lot of people in the industry. I'd be really grateful if someone here could help me out.

Comments (113)

Nov 9, 2009

Its very hard to do this.

Nov 9, 2009
wannabebankerman:

Its very hard to do this.

That's what I was afraid of. Nevertheless, could you please be a little more specific?

Nov 9, 2009

That's not a common transition. You could do it if you went to business school after 2-4 years in ER, and interviewed for IBD positions then. The BB ER experience would definitely be marketable and you could make a compelling case for the skills you have, your knowledge of the industry, and why you're a better fit for IBD.

As for whether you should take the ER job, that depends on how likely you think it is that you'd get an IBD offer at this point, and whether ER is of interest to you at all. If you know you won't like ER, then you'll be miserable in the job, probably not perform well, and be worse off than if you had declined the offer and kept interviewing.

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Nov 12, 2009

This may be a rare transition but I don't think it would be difficult at all. An ER associate with 2-3 years experience covering an industry with in depth knowledge of 30+ companies and relationships with management would seem like an ideal candidate to be an IBD associate. Of course an MBA would be a necessary stepping stone. If someone can chime in, why exactly is this move rare? Because IBD looks down on ER, because the skills/personalities are different, or because ER people generally don't seek that move?

Jan 12, 2010

Bump!

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Jan 12, 2010

Second that supertight.

Jan 12, 2010

Very simple answer supertight - most people don't want to make that move since they'll already be earning decent cash and won't be willing or need to make the sacrifice in terms of extra working hours to do IB.

People do make the switch though, I can think of a few ppl I know who have done it at different levels of their career from analyst level up to pretty senior lvl. If you have a few years xp then you won't need to do an MBA and can just come straight across. You can actually even make the switch later, say after 5-6 yrs when you already have solid contacts on your own stocks which would allow you to come in at the VP level where that sort of stuff matters more than most other things.

Jan 12, 2010

Someone with a background in ER would be highly valuable to boutique banks. Probably the first question potential clients ask them is "what industries are you experts in?". Given that being in ER you would spend all your time covering one sector you could be a big boost to a smaller firms looking to expand there area of expertise. As for larger MM and BB firms it may be a different story.

Jan 12, 2010

I know of a few that did the reversal, Ib--> ER.

Jan 12, 2010

I thought I wanted to do this at one point and a headhunter got the ball rolling. Had interviews at 2 top BBs for experienced analyst positions in the industry I cover. Got neither bot got very deep in the process with one. Ultimately the bankers were very receptive to my experience but I think opted for people with direct IB experience. It can definitely be done but I would suggest that the MBA>Associate role is better/easier than ER>IB Analyst. As a lateral with no banking experience, you will likely be a step behind your peers and this will directly effect your comp and exit ops.

Jan 12, 2010

Thanks for the comments... the only reason I ask is because ER seems more realistic given my credentials at this point., but I want to be on a track that can open IB doors

Jan 12, 2010

what credentials make you better for ER than IB?

Jan 12, 2010

Not sure about junior, but I've seen people move across to VP level easily enough. You have the industry knowledge and contacts to make it work. Depends on how involved you've been and what kind of contacts/ knowledge level you've built up.

Jan 12, 2010

ER -> MBA -> IB Associate would work. Why not?
Sell side ER -> IB could also work if you network and transfer to the IB coverage team for your sector.

Jan 12, 2010

What are you doing at the mutual fund company? Why do you want to leave?

Jan 12, 2010

double post

My name is Nicky, but you can call me Dre.

Jan 12, 2010
LevFinGs:

What are you doing at the mutual fund company? Why do you want to leave?

Slow, bureaucratic advancement opportunities ("Time in job" requirements, not merit based). Low pay. I'm currently working in Fund Accounting trying to navigate towards the Portfolio Review department which does fund & fund manager oversight, new fund launches and manager selection, market research, things of that nature. They have a small Quantitative Equity and Fixed Income Group but they are highly competitive with on average less then 1 opening per year per group.

I originally took the position to apply for the investment management rotational program. They had about 2000 applicants and I made it to the final round interviews (8 people) and they took 4. I was pretty disappointed about that.

My name is Nicky, but you can call me Dre.

Jan 12, 2010

I know a ton of people at State Street doing fund accounting who are all trying to make a similar transition to you, and a majority of them passed CFA L1 with the hope it would be their ticket out; they are still having a difficult time especially in this environment. To be brutally honest with you, you need to start applying to any MO/FO position you can find; this includes companies with single digit employees. I wouldn't even be concerned about ER/IB/AM, and you should possibly even consider financial analyst positions, which always seem to be available. I can guarantee you will get pigeonholed in mutual fund accounting if you stick around for another year.

One of my buddies made the jump after a year to a small AM firm, however it took a ton of networking. Start reaching out to individuals with similar backgrounds and ask for advice.

Jan 12, 2010

Are you talking about corporate finance analyst positions?

It sounds like you are being punished for taking a job in this economy that you really didn't want but needed to get some experience on your resume, paying back student loans, etc. I would hope companies would understand the fact that not everybody gets the 1st choice job they want out of college and are going to be looking to make moves early in their career to get where they want to be.

I don't plan on being around here long enough to get pidgeonholed, but if companies honestly think that everybody doing their current job is doing exactly what they intended to do, seems incredibly ignorant.

My name is Nicky, but you can call me Dre.

Jan 12, 2010

On a related note OP, I feel like you should read "Confessions of a Wall Street Analyst." Equity Research Analysts become extremely valuable to IBD and "go over the wall" on deals constantly. I know Enron/Arthur Andersen/etc scandals have damped this down, but I imagine it still happens.

Equity research means you have a strong valuation tool kit for companies... why couldn't that work on the buy side? Note I'm not at a BB but I just don't see why it wouldn't work beyond maybe culture fit and sector specialty...

Jan 12, 2010

I will order that $5.44 book on Amazon today venturecap. It would appear you also unintentionally linked to http://amzn.to/pP2t6G which has 5-star reviews on Amazon.

I am currently studying for the GMATs, followed by CFA Level II while simultaneously reading Valuation by McKinsey (http://amzn.to/mT0ofp) which is a great great book so I'll have to put that one on hold for awhile.

I have been making some contacts in Philly, NYC and Boston but at the same time, they tell me every time a position is posted they get a few hundred resumes that all blend together. I usually dig around websites to e-mail resumes straight to directors, analysts, etc. then follow-up by phone a week later and try to get through to hiring managers, directors, etc. I am making slow and steady progress. I think I will get there eventually, I just need to continually improve myself since I totally effed up in undergrad.

My name is Nicky, but you can call me Dre.

Jan 12, 2010
aempirei:

Hello Primates,

I did a search and didn't see any pertinent results. So I've been trying somewhat unsucessfully for the past month or two to apply directly to boutique and MM analyst positions coming from a large mutual fund company with 1-year work experience.

I haven't had much success as they are looking primarily for 2nd-year analysts that already have a sound knowledge base in valuation, modeling and financial reporting and analysis. Positions are also very limited.

I am seeing a lot more openings in NYC and Boston (and even Philly) for Equity Research Associates either right out of undergrad or with 1-2 years experience. I just passed Level I of the CFA in June which more closely aligns with ER anyway.

What do you think the prospects are of doing ER for a year or two, learning the valuation and modeling skills and trying to lateral in at your company or moving to another bank for a 2nd-year analyst type positon? Or perhaps going from ER --> MBA --> IB Associate?

I'm just trying to explore all of my possibilities for breaking in, and with my background and experience I'm thinking it may be easier to go ER route then to keep prodding away at boutique analyst openings where they really want 2nd-years anyway.

Feedback appreciated,

John

I have a very similar background- large MF company, back office position. Taking Level 3 next June. Looking to break into MM or boutique as IBD analyst. Etc.

I talked with an alum from my school who is a BSD and he actually suggested checking out the ER route and then doing >MBA>banking or lateral directly into banking. Apparently he has seen it pretty regularly. I haven't had any success with NYC banks thus far and think I'll expand my horizons a bit by checking out ER opportunities as well.

Best of luck.

Jan 12, 2010
duffmt6:

I have a very similar background- large MF company, back office position. Taking Level 3 next June. Looking to break into MM or boutique as IBD analyst. Etc.
I talked with an alum from my school who is a BSD and he actually suggested checking out the ER route and then doing >MBA>banking or lateral directly into banking. Apparently he has seen it pretty regularly. I haven't had any success with NYC banks thus far and think I'll expand my horizons a bit by checking out ER opportunities as well.

Best of luck.

Thanks Duff. I've seen some other threads floating around saying ER is quite limited in exit opps which doesn't make a ton of sense to me. Regardless, ER would be a helluva lot closer to what I want to get into then what I am doing currently and I don't see it as a bad career move.

With my grades/background, I will have to start at a MM or boutique (boutique most likely) but don't mind doing that for a year and making a move or two years and possibly going for an MBA. It's just frustrating that the few openings that exist right now each get 400+ resume submissions. Makes me really question the "There are x# of applicants (usually 9-15) for every open position" although I suppose that includes ALL open positions and not just financial.

I'll keep you in the loop of my progress. You do the same.

My name is Nicky, but you can call me Dre.

Jan 12, 2010
aempirei:
duffmt6:

I have a very similar background- large MF company, back office position. Taking Level 3 next June. Looking to break into MM or boutique as IBD analyst. Etc.
I talked with an alum from my school who is a BSD and he actually suggested checking out the ER route and then doing >MBA>banking or lateral directly into banking. Apparently he has seen it pretty regularly. I haven't had any success with NYC banks thus far and think I'll expand my horizons a bit by checking out ER opportunities as well.

Best of luck.

Thanks Duff. I've seen some other threads floating around saying ER is quite limited in exit opps which doesn't make a ton of sense to me. Regardless, ER would be a helluva lot closer to what I want to get into then what I am doing currently and I don't see it as a bad career move.

With my grades/background, I will have to start at a MM or boutique (boutique most likely) but don't mind doing that for a year and making a move or two years and possibly going for an MBA. It's just frustrating that the few openings that exist right now each get 400+ resume submissions. Makes me really question the "There are x# of applicants (usually 9-15) for every open position" although I suppose that includes ALL open positions and not just financial.

I'll keep you in the loop of my progress. You do the same.

Will do. Couldn't agree more about the daunting application numbers. Spoke with a different alum who is at a small boutique (7 people) and they are getting bombarded with apps from people laid off at BB's willing to take paycuts for analyst positions. It's a tough time to break in.

One more thing I have noticed recently- I have been getting a decent amount of interest for FP&A roles at some of the NYC BB's. Obviously not what I'm looking for but it might be easier to make an internal jump than external to get into banking. If I find something that is an upgrade over my current role I might just make the switch, put in my year, and try to network my way into an IB role. Just some food for thought.

Jan 12, 2010

I also see a lot of people throwing around "Network with Alumni to get your foot in the door." My schools alumni base is more clustered in corporate finance but there is a small portion involved in banking. Contact information is hard to come by but should I just start cold-emailing/calling them trying to form a relationship and let it work it's way into investment banking opportunities?

I am starting to make some inroads with Janney Montgomery Scott. I have been conversing with a director for a few weeks now, and more recently, the head recruiting analyst who talked to me for 30min last night about how to best position myself to break in while he was at the airport on his way to Vegas.

I guess I'm starting to see that networking is a long relationship-building process that can sprout into something beneficial in the future as long as you nurture the relationship, but it certainly doesn't happen overnight. He told me not to be too too worried about not breaking in right out of undergrad as it took him a year to get there and he sees people with 1-3 years experience breaking in.

My name is Nicky, but you can call me Dre.

Jan 12, 2010
aempirei:

I also see a lot of people throwing around "Network with Alumni to get your foot in the door." My schools alumni base is more clustered in corporate finance but there is a small portion involved in banking. Contact information is hard to come by but should I just start cold-emailing/calling them trying to form a relationship and let it work it's way into investment banking opportunities?

I am starting to make some inroads with Janney Montgomery Scott. I have been conversing with a director for a few weeks now, and more recently, the head recruiting analyst who talked to me for 30min last night about how to best position myself to break in while he was at the airport on his way to Vegas.

I guess I'm starting to see that networking is a long relationship-building process that can sprout into something beneficial in the future as long as you nurture the relationship, but it certainly doesn't happen overnight. He told me not to be too too worried about not breaking in right out of undergrad as it took him a year to get there and he sees people with 1-3 years experience breaking in.

I have made more inroads talking to alumni bankers than any other strategy- some of them are extremely willing to help you out, whether that means passing along a resume, giving an info interview or simply connecting you to other people. Like you said though, it really is a long term process and I have been told repeatedly to just keep at it and eventually a break will come. When you speak with someone always ask if they have anyone else they think you should speak with- this will help you expand your search a bit. If you could talk to a few more people on the Director's team at JMS you might pick up some more momentum there.

Also, full disclosure here- I am by no means an expert on this networking thing and am just sharing my experience a bit. Being out of undergrad is a death sentence for typical entry level analyst recruiting (again, from my experience) and at this point I see no other way I can break in.

Jan 12, 2010

You would come in as a first year analyst. I've know a couple kids who have made the switch. They had friends on the IBD side who had their resume and secured them interviews once a position opened up. Your best bet is to let a few people on the IBD side know your interest as soon as possible and tell them to keep you in mind.

Jan 12, 2010

That's tough.. I tend to side with the FT offer.

But, might be hard to network your way in to IB while working in ER. If you know positively that you want to be in IB, I'd see if you can land a 1st year analyst somewhere, or try to have a SA position to fall back on.

Maybe someone else can shed more light on moving to IB after 1 year ER

Jan 12, 2010

I was thinking of starting in IB rather than changing from ER. Would be very helpful if someone can provide some color on the ft + summer application for the same bank question. Thanks again!

Jan 12, 2010

I know a couple of people who interned in London at MS in ER and then said they wanted IBD and were able to get an FT offer in IBD. Since you got an offer for ER you can leverage can't you (speak to HR, your manager etc) about your preferences? You can always apply to other BB's saying you have an offer for ER but want IBD.

Jan 12, 2010

No one seems to actually have answered your questions yet (but have given solid advice nonetheless). Directly addressing your question - I would personally apply ft only for ibd, and let them know you have the offer obviously, but since a lot of people in Europe do a SA stint after graduating, I'd also mention you'd be receptive to accepting an internship if ft isn't possible for any reason, as you've realised that's where your interests really lie. That way you're eligible for both but are mostly recruiting for ib and don't have to do a bunch of extra applications (or forego applying ft at banks where you choose to apply sa instead).

For reference, I actually did this and it worked quite well - though not exactly same scenario. I had a ft offer for ib from the bank I interned that and tried to leverage it for an offer at another bank only to find their class was filled with returning interns for the group I wanted - I mentioned id be open to interning if there was a likelihood of immediate conversion and they brought me in for interviews. In the end I was told there wasn't a huge likelihood of immediate conversion and the bank was uncomfortable offering me an internship when I had ft elsewhere (ie I'd have to give up my ft offer to intern, as you likely will for a bank to give you an sa if you try to leverage your offer) and because I wanted to work after graduating and didn't like low chance of immediate conversion I stuck with my original offer. But, based on my experience and the knowledge that lots of people intern after graduating in Europe, I think my advice above could work well for you - especially if you have solid contacts at banks to reach out to.

Only caveat is saying this may make them offer you an internship where you could have been competitive for a ft spot in some scenarios

    • 1
Jan 12, 2010

If you want to do IBD I would just switch man. With your profile you have a really good shot at getting either FT IBD or SA IBD so why take a job that's not actually the one you really want? It's a little risky, obviously, but then again a little risk is ok. If you're unsure about what you want you should obviously take the offer.

Jan 12, 2010

Thank you so much to the four of you! This is very helpful

Jan 12, 2010

As a 2009 grad I take offense to this post.

    • 1
Jan 12, 2010

After 2 years in the same group, I can't imagine why you wouldn't be able to transition.

Jan 12, 2010

Would it be difficult to switch in after a year?

I ask because it seems very rare and I'm not sure if it's due to difficulty or it's just uncommon for whatever reason.

"There's always money in the banana stand" - George Bluth Sr.

Jan 12, 2010

Are you shooting for private equity? I am 14 months into an IBD job and am thinking about switching to ER as I want to transition to a HF and think the skill set in an ER role is better tailored to help me do so (obviously trying to go straight to HF first).

Jan 12, 2010

Honestly, I haven't narrowed down whether I'll do HF or PE yet.

"There's always money in the banana stand" - George Bluth Sr.

Jan 12, 2010

Those are two wildly different career paths.

Jan 12, 2010

Those are two wildly different career paths.

Jan 12, 2010

PM

Jan 12, 2010

Yes it is, use the search function.
And no, equity research does not come under IBD. It does occasionally fall under S&T though.

Jan 12, 2010

It completely depends. If you'd be transferring within your firm and your firm is very open to internal transfers you could be an 3rd year analyst (definitely not associate). If not they could start you over. If you switch to another bank you could easily end up anywhere from first year analyst to 3rd year depending on how bad they need you and how competitive the rest of the applicants are

Jan 12, 2010

Shoot for 1st year analyst so you have a shot at exiting to the buy-side.

Jan 12, 2010

If you have modeling skills, then there's possibilities as an Analyst or an elevated position in the sector you are covering.

You'd have a shot at HF also although obviously it's not as common as IB-->HF.

Jan 12, 2010

Too many variables to give you a clear answer but Raptor.45 is pretty much dead on. You could end up all over the board, 100% won't be an associate in IB though.

Jan 12, 2010

Did you go straight from undergrad to ER? Had a coworker who did trading for a year or two before business school, then worked in ER for two years. He left over the summer to go into IB as a senior associate.

Jan 12, 2010

.

Jan 12, 2010

why do u wanna move into IB dude....in ER life is sweet...work half the hours and that too at a chill pace....why do u wanna go to the brutal IB jungle?

It is a serious question. Just wanna understand ER and its nuances....i am IB

Jan 12, 2010

would one pick a top tier BB ER position over a mid tier BB IB position

Jan 12, 2010

Tycoon has a great point, why do you want to move into IB? It's not like you're paid nothing in ER, and you have better hours to go with.

I personally prefer IB over all else, so I would take the mid tier BB, but I don't see why ER might be less "desirable." It's all personal preference.

Jan 12, 2010

Can someone tell me the salary & bonus ranges for a successful ER analyst. Information about possible career paths from ER would be good too.

Jan 12, 2010

My understanding is that ER usually pays almost as much as IB, and with reasonable opportunities to go buyside (mutual funds, pension funds, that kind of thing).

Jan 12, 2010

Having worked in ER i was under the impression that this doesn't happen all too often. That being said, I have seen it done before

Jan 12, 2010

I think that transition is very possible. The reason people don't try this path as much i think is because most of the people starting as ib analysts don't want to stay in ib over the long run.
Also Butch: what type of firm did you work for? do you think that ib is hard to trasition to coming from ER?

Jan 12, 2010

1) BB 2) i've heard that transition is pretty tough in talking with people at the firm and from people who actually made that transition. ER is a completely different pace and the type of personality it attracts/fosters doesn't lend itself well to the IB dynamic (fast-paced, transactional, high pressure)

Jan 12, 2010

when you say the transition is though, do you mean getting adjusted to life in ib coming from ER or do you mean getting an offer for ib from ER

Jan 12, 2010

try Nomura and japanese IBs. They've recently started converting ER peeps into Ibankers due to shortage of bankers

Jan 12, 2010

Thanks, Marker, much appreciated.

Jan 12, 2010

How much C-suite access did you have in your ER role? 2.5 years would normally not give you much access, but progress is potentially faster at a small shop.

Any C-suite access/network you have in a sector can be valuable at an IB, as it gives them more access. It's not going to be a slam dunk, but it is potentially a pro that you should be marketing in interviews.

Deep sector knowledge is also valuable for IB teams. You'd want to target a bank where there is a director who covers that sector and needs some technical credentials at a junior level to complement his/her network access.

Jan 12, 2010

SSits: I've had a significant amount of interaction with management during my time. Even when I was in a junior role at the start, I'd get to meet management with the senior analysts. Since the shop I'm at now is so small, I'm the only analyst on my names and am the only one speaking to management and doing all the modeling and report writing for that matter. I do have deep knowledge of a sector so I will talk those things up. Thank you.

Jan 12, 2010

I would say that it's definitely possible. I didn't have IB experience going into recruting but I think my most important internship was my ER one. I didn't go to the same bank though, so over the course of the year, maybe try reaching out to other banks as well to go through lateral recruiting. I do personally know someone that was an ER associate for 1 year and then lateraled to the IB arm of the same MM firm, and I've seen similar trends on LinkedIn. It would probably be best to try and lateral to the IB side of whatever industry you're covering.

Jan 12, 2010

Bump. I'd like to know the answer to this too and vice versa (IBD --> ER).

Jan 12, 2010

bump

Jan 12, 2010

bump

Jan 12, 2010

I have 10 months of ER and i'm getting interviews but keep losing out to bankers moving laterally

Jan 12, 2010

It's possible, but difficult for the reason sellsidebro21 mentioned. Groups would rather hire someone with IBD experience if they are short staffed so that they can hit the ground running. In order to avoid lateral candidates, you could target MM banks. Less worried about lateral candidates from boutique banks outshining you here and it would be more of a level playing field.

Jan 12, 2010

What about interning ER to IBD ft? Would it be looked at as relevant experience?

Jan 12, 2010

This is fairly common from what I've seen. As someone else mentioned, you'll need to be able to spin your story (why the move, what was wrong with ER). However, getting the internship gives the sort of "street" stamp of approval. For example, I've seen a few people also move from S&T --> IBD despite the two not having much in common.

Jan 12, 2010

It's easier than a lateral move, since no one really has full IBD experience ahead of FT recruiting. Yes, banks may still prefer someone who did an IBD internship (assuming they received an offer elsewhere), but would put less emphasis on limited internship experience and more weight on hiring the best candidate. Equity research is somewhat relevant, but it's all about how you spin your story. Focus on the overlapping aspects of ER and IBD, and then also speak about your strong aptitude for corporate finance and other things you have done on campus to prepare you for IBD (Training the Street, finance club, etc.)

Jan 12, 2010

a guy from a now defunct ER shop is now working as an Associate at my firm.

He was a tech space guy and since our firm is tech based, hes the go to guy on knowledge of different sectors.

I don't know how this applies to big banks though

Jan 12, 2010

Totally possible and done before. My friend went from Credit Suisse ER intern to MS IBD analyst easily. I did my internships both in sell side and buy side ER and I got an IBD analyst position offer (and the MBB offer, which I took) after graduating. You need a pretty similar skillset in both roles, like general market knowledge, valuation skills, hardworker and be a good salesman (even though you will only use sales in IBD a few years down the road).

Having said that, I am in Brazil and the economy here is doing pretty well and everyone is receiving multiple offers provided that you graduated from a local top university and knows your business.

Jan 12, 2010

happens often. generally people go from IBD to ER to do similar (perhaps more interesting) work, without putting in as serious hours.

if this is for an internship it's totally possible to switch over during fall recruiting. internally is tricky politically but can and does happen with ease.

Jan 12, 2010

Yes, I have a friend who did two years of ER at UBS and then went to work for a top notch tech boutique. Feel free to PM me for further details.

Jan 12, 2010

Why would you want to do IBD after 2 years of research? Just start networking now and get in asap.

speed boost blaze

Jan 12, 2010

the real question is

why????? who would do that to themselves.

Jan 12, 2010

Seen IB--->ER but I'm sure the reverse is possible.

Jan 12, 2010

Much better than if you hadn't had ER experience. You can tell a more compelling story about why you know IBD is a better fit for you given your ER experience...what you enjoyed most about the job was a,b,c which are key to IBD. You can talk about the time you spent talking with bankers.

In terms of pecking order, you sit behind the folks who had IB internships, but ahead S&T interns and anyone without Wall Street internship experience. Since you got an ER offer, I assume you have a pretty good resume, so it will be up to networking and interview execution.

Capitalize on your ER relationships to get intros to people in banking who after talking to you, would be willing to shoot an email to the right people saying they'd spoken to you and you're someone they should watch out for in the interview process. Think broadly about the types of people who could be helpful with a simple email. Here are a few ideas:
The Email Introductions Most Likely to Open Doors - http://bit.ly/Uho6F
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Jan 12, 2010

youd be fairly competitive as lots of people wont have any good relevant experience this summer. granted a lot of this hinges on there actually being FT IB positions available

Jan 12, 2010

not to hijack, but has anyone here had success going from sell-side ER to IB? Any thoughts?

Jan 12, 2010

A Co-worker of mine during a fall internship was a research analyst for a few years before moving into IB at a different firm, so it is possible

Jan 12, 2010

why would you want to though? after doing ER for a couple of yrs, you can move to a L/S HF in your sector. beats IB imo

Jan 12, 2010

Your work in the two roles as an analyst will have a lot of similarities, but you should probably say that you wanted to work more in the deal-making process (as in, that's where your strengths are) than in the research side. I was in a research-esque position this past summer and in my interviews for FT IBD I talk a lot about how I feel my strengths as a negotiator and sociable person makes me more suited for i-banking than research.

"Yes. Money has been a little bit tight lately, but at the end of my life, when I'm sitting on my yacht, am I gonna be thinking about how much money I have? No. I'm gonna be thinking about how many friends I have and my children and my comedy albums."

Jan 12, 2010

When I'm looking at resumes, I basically flag all resumes that have some demonstrated interest in finance, so yes, an ER internship would most likely get you some looks when applying for IBD roles. Obviously not quite as directly applicable as if you'd done IBD previously, but still a good experience and should position you pretty well.

It also partly depends on the firm you're with too, but in general, that sounds like a good path. Also note that just because you did research in X industry doesn't mean you HAVE to say that X is the only industry you're interested in.

Jan 12, 2010

Thanks for the response!

Any other inputs?

Jan 12, 2010

be genuine, we don't know you.

Jan 12, 2010
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Jan 12, 2010