Hi Guys -
I'm working on a blog (or maybe ebook) to give junior staff and interns an idea of what it's REALLY like to work in the equities sell-side business at a BB.
For starters, I'm at a top 3 BB based in Asia contributing in an equity sales front office function. Since I joined in Nov. 2008 during the crisis, I have a unique view what has happened since then and how the industry has transformed. I've done work for virtually every buy-side you can name of, from the top sovereign wealth funds (GIC, Norges, ADIA), to every mutual fund you can name, pension funds, teachers retirement funds, and every hedge fund that has invests in Asia. Internally, I work with our sales/research team across London, New York, Hong Kong, Singapore, Shanghai, and Tokyo on a daily basis. I've interacted with over 20+ Managing Directors (including our global business heads), 30+ Executive Directors, and dozens of junior staff.
Here are some topics that I wanted to cover, but if there's anything you guys would like to know that I missed, please reply here and I'll get it added.
Understanding the Equities Business
- Restaurant or Circus analogy?
- How the sell-side makes money
What is an Equity Salesperson
- Core job functions and their value add to buy-side
- Key qualities of good salespeople
- Relationship with Research
What is an Equity Research Analyst
- It's an information business, really
- Equity Research and what they do (and differences between US vs Asia ER)
- Difference between a star analyst (that moves markets) and an average analyst
- Reading between the lines - beyond Buy/Sell/Hold ratings
- Why Equity Research hates IBD, and why IBD hates research
- Around the world in three weeks, the analyst roadshow
Sales vs. Research
- Why each person wants the other's job
- Who gets the shaft during downsizing?
- Does Sales or Research provide more value-add?
- Which path is more suitable for you?
- Do you enjoy storytelling?
- How is staff performance managed in sales and research?
- Why analysts go on marketing trips
- Relationships with corporate investor relations teams
- Why Investment Banks do roadshows for corporates
- Stories from cool companies to cover (Playboy mansion, living on an aircraft carrier)
- Shared relationships with IBD/Research/Sales and corporates
Union of sell-side and buy-side
- What is the real value-add of the sell-side?
- How the Buy-side fits in and importance of client mindshare
- How the Buy-side pays sell-side for services and research
- Importance of external surveys that outsiders don't realize (ex: Institutional Investor)
Long-Term Success in Equities
- Modeling skills and financial analysis will only get you so far and why
- People Skills and the 3C Theory (Clients, Competitors, Colleagues)
- Intangible qualities that make you stand out
- Importance of differentiation, responsiveness, flexibility, idea generation, and creativity
- How your reputation supercedes you constantly
- Types of people you will encounter in this business and how to deal with them
For Junior Staff, Interns, and Aspiring Candidates
- Top 4 misconceptions outsiders have of the equities business
- 7 common mistakes junior staff and interns make
- Types of mindless tasks you will be assigned to do because nobody else wants to do it
- 5 things senior staff appreciate when it comes to junior staff and interns
- Case study of an intern that got a full-time offer and what she did right on the job
- Case study of an intern that failed to even be considered for a full-time interview and what he did wrong
- Networking Hacks - quarterly corporate results, industry trade shows, and corporate websites
Let me know if there's anything else I should add. I purposely avoided pay/bonus since it varies so much between different firms that nobody really has a "right" answer. Tks!