What's next after Equity Research?

WSO,

I am a second year sell-side equity research associate at a small independent shop, with previous experience in PubFin. My ideal career path shifts every few weeks as I network, read and think deeply about my long-term goals (and my ADHD might be a factor...). I am writing to explain my rationale and gain insight from you all on career path.

Early on during my time in PubFin, I started to want to pursuit public equity markets and after about a year of looking I landed a gig in sell-side equity research. The first year was rough while I assimilated to the work environment (very independent, but also very hectic) and learned the "system" (pretty much thrown into the fire on Day 1). Over time, I began to notice working at a small shop induces a "big brother" like culture in which everyone is watching your every move and you are on the clock as soon as you step away from your desk. During my tenure at a bigger institution (PubFin role), this was not the case as I could get away with 1 hour coffee and lunch breaks or a quick meet-up 15-30 minute with friends/co-workers. To be honest, the people here have grown on me and I enjoy most of what I do on a daily basis but its just not an ideal set-up nor my ideal long-term career. Also, I'm sure I would be happier if I was not underpaid relative to the industry. My first plan was to transition to a bigger shop but I'm hesitant after making a hasty decision last time with it ultimately not turning out exactly as I expected (as I'm sure nothing does in life, the grass is usually and almost always not greener).

My second issue is with regards to the work itself. I would argue sell-side research roles require 75% reading/writing/industry knowledge and 25% data/modeling. I'm good at my job (especially the verbal communication and math parts) but I'm certainly not a natural writer and therefore don't enjoy the job as much as someone who is. This has led me to the contemplate moving to Corp Dev or the buy-side (particularly long-only research given the better lifestyle and decision making process) where writing would not be as prevalent. It seems that Corp Dev is currently out of reach at the time given my lack of corporate transaction experience (would need IB, Big 4 or prior Corp Dev experience) while buy-side would require more time on the sell-side at a more well-known institution. A second option would be paying out the ass for an MBA which I'd like to avoid given personal circumstances. My opinions on this are influenced by discussions with buy-siders, sell-siders, recruiters, etc.

Any thoughts? Feel free to share stories on how you got to your current role (if you really enjoy it) or where you plan to go next (if you don't).