Wolfe Research.

Thoughts on the firm / culture / reputation within equity research? I have done a forum search but everything is old. Glassdoor has mixed reviews. What sort of exit opportunities would be possible if you were in a ranked team there?

Comments (25)

Sep 15, 2018

unemployed1_1, shame nobody has responded. Maybe one of these topics will help:

If we're lucky, maybe I can guilt some users to help you out: @Bone-Beiye @kxlfe83 @stella.mt.cheung

Fingers crossed that one of those helps you.

Sep 19, 2018

Hard to say - apparently the firm is growing like crazy right now, as they've basically tripled their analyst count in the last 12 months by poaching top analysts from the bulge brackets, Evercore, and Bernstein in an effort to take advantage of MiFid II. We'll see how it goes.

In terms of hours / work culture, I've heard it can somewhat intense, but probably not any worse than some of the bulge brackets.

So in other words, the firm is probably going to be very different today from how it was 12 months ago... and it'll probably be even more different in another 12 months from now. Things generally appear on the rise, though.

Oct 8, 2018

How bad are the bulges?

Jan 15, 2019
Sep 20, 2018

I don't know the firm in its entirety but the head quant researcher is probably one of the most desired across the street. Client $$ were given to DB's markets teams just to get some access to his research (really access to him).

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Nov 6, 2018

Does anyone have any input on the investment bank?

Nov 24, 2018

One of my friend working on ER there. Kinda intense hours 80-90 range.

    • 1
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Nov 27, 2018

current associate here throwaway for obvious reasons. the reputation is pretty solid within research, less recognized outside of research. even though my team is fine overall firm culture is a complete shitshow because of the aggressive hiring - we're basically getting alot of ppl from BBs who were fired or pushed out for compliance violations like #metoo, fake dinner receipts. no doubt they are good analysts but i don't like where things are headed. on the other end of the specturm we have also been hiring straight up kids from BB/EBs as analysts who literally have like 2 years of exp. no idea what ed wolfe is thinking but it's his firm not mine

i can confirm the comment about long hours. it's definitely worse here than most other firms

annualized firm turnover is very high right now. i don't think it's just mifid either because a lot of the people leaving are just going to other sellside firms and not leaving industry

the banking side is not impressive. there's a reason the website and firmname is wolferesearch and not wolfesecurities. reputation is not strong here.

exit opps can be decent. i know a guy who went to p72. i'm interviewing now for both sell and buyside gigs and i don't think i'm at a disadvantage versus lower tier BB associates. but i have noticed that nobody outside of research knows the firm and that makes it harder to switch into non-research jobs.

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Nov 28, 2018

Helpful post, how does the comp compare to other boutique ER firms? Worth 80+ hour weeks?

Dec 10, 2018

I can't pm you but can you let me know or PM me what teams to stay away from?

And details on comp would be nice

Nov 27, 2018

yeah ia m not comfortable going into that kind of detail even over pm. small chance of me being outed and i dont have my exit yet. but if you interveiw you should ask for sample reports that span a few years and verify turnover based on how often associate names change. dont believe the story they say about how these ppl were natural attrition that's bullshit. for example one guy that joined two years ago has gone through something like 8 associates and 2 admins.

the only time you get paid well is negotiating on way in. wolfe does not pay for loyalty which is why i am getting the hell outta dodge

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Dec 31, 2018

Thanks for the post, super informative.

The thing that jumped out at me was the bit you mentioned about them hiring someone associated with the #metoo scandal. Can you provide any color on that? I am a mentor to some students from my university and I'm wondering if there's anything I should be mindful of regarding that and other culture related issues. I ask because one of the students is female and she actually mentioned to me that she is considering applying to Wolfe given one of the openings lines up with her interest / background.

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Jan 2, 2019

Sure, here you go:
Maybe just stay out of Industrials

In November, Morgan Stanley MD Nigel Coe was encouraged to resign after a female colleague claimed he touched her inappropriately at a company event where alcohol was served.

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Nov 27, 2018

sanitycheck got it right.

but you should also tell your firend that we had another senior analyst who was being grabby at one of the holiday parties and he didnt get fired. does not impact me cuz i'm a dude but it's still messed up - besides the admins, most of the firm is male. big diff versus BB/EB is that this place has very very weak compliance oversight and the so called hr department is just the dor so complaints are a lot easier to sweep under the rug and from what i can see is that they value performers above all else. analysts can be as abusive as they want so long as they perform well.

tbf not all teams are like this but as i said above some of the newer analysts over the past couple years are changing things for the worse

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Jan 11, 2019

Can you share any insight as to timing of bonus communication / payments?

Nov 27, 2018

nobody tries to leave a job because everything is going perfectly. comp is shit considering the hours and rankings. they push us to work harder to try to do more with less and we actually do accomplish it, but pay is not commensurate. the dor is always running around saying how wolfe pays above market (factually not true. i would guess most of those angry reviews on glassdoor have to do with broken promises. and similarly all the super positive ones were probably writen by the dor). but if wolfe is going to try to play in the big leagues and claim it's onpar or superior to BB/EB it's going to need to pay way more. some of the numbers i've been hearing in my own interviews show me just how much ive been getting screwed

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Nov 30, 2018

No idea about the internal firm culture but as far as quantitative research goes, Wolfe puts out some of the most stellar research on the market. When Wolfe publishes something, everyone pays attention. I don't know about the non-quant research but if it's anything like the quant research it is top notch.

Nov 27, 2018

quant guy is yin you can see his profile on the website. quiet guy and seems generally nice. no idea how he runs his team since they all keep to themesleves but it is a huge team. i'd say for non-quant resrch we have some good analysts but that doesn't mean they are good to work for just seeing the turnover. also there are kids with no exp getting vp/svp/sr analyst titles so the analyst quality is really inconsistent on the non-quant side

Dec 12, 2018

Great shop, tremendous reputation and the firm pushes to get the best out of their employees. Work is apparently intense I have heard but it comes with the brand.

I interviewed for a job position earlier this year and received good feedback but did not get it.

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Nov 27, 2018

so you are some guy who alledgedly never even worked here but you know about how the firm pushes the employees and our reputation on the street? does not even look like you are in the industry so what do you know about research?

Dec 13, 2018

Reads like an unbiased opinion for sure!

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Dec 16, 2018

Had an interview for their equities trade desk earlier this year. An neutral interview to say the least. The teams are lean and the hours are long as I was told by the interviewers. Only agency trading and their broker dealer business is relatively small, which isn't surprising as their business is mainly ER. That said, if you are thinking about going there for S&T, just know that your exit routes will be limited.

Finally, out of four people I met, 3 of which came from Macquarie. Not implying anything as it is just an observation.

Nov 6, 2018

I interviewed with them outside of ER, any feel free to PM