Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 10/17/12. To see all of our top content from the past, click here. Deciding to Recruit For the Buy Side Most of my friends are going into banking. Not because pitch books and road shows are their thing, of course, but it opens a lot of doors. 100 hour work weeks, camaraderie in the form of all-nighters editing PowerPoint slides and sharing Seamless meals, and having no skin in the game never really sounded appealing to me, but I guess to each his own, right? Needless to say, it turns out I'm not the only one who's not
17 Dec 2015
What would you guys do if you were in my situation? I'm currently working for CBRE/NKF/CW in my home state, but just got done with my final interview in NY for another position at another firm. I have always wanted to move to NY after graduation and now 1.5 years later I may get the chance. Now pretend I get the offer for the job. The firm is probably a tier or so below my current one but it is a known shop in the tri-state area. But the job isn't necessarily what I want either as it's an underwriting position. I've also been networking lately for buy-side jobs and have gotten some traction
22 Jan 2019
So I want to do equity research. I know that there is sell-side and buy-side and, so far, I have a few distinctive arguments for both (see below). What I would really appreciate to find out is your views in terms of the experience quality that both offer. P.S.: Not trying to touch on things such as pay, promotion chances, job security, etc. Just arguments pro- and con- for someone that just wants to do genuine equity research. Obviously those count, but trying to leave them aside for now. sell side vs buy side ER There are numerous differences between working on the sell side and buyside of
09 Mar 2018
Hey monkeys. I just started becoming more active on WSO now that I have made it to the buy side and wanted to share a few tips for fellow liberal arts undergrads. After working on my economics degree on a campus of 2,000 students and residing outside of a large city (I apologize for the geographical vaguness) that contained top-ranked schools, I have learned several things about what works. Small colleges don't always have the best career centers for finance-minded students, so here is what I learned on my own: 1. NETWORK No matter what college or university you go to, networking is key to any
14 Jan 2016
I've just hit the three week mark at my new job in Private Equity, and I have some observations that I'd like to share now that I have a moment to catch my breath! The time has absolutely flown by, and needless to say I've been working my brains out. In a nutshell, I'm doing 1000x more work than I ever did in banking, but the work is 1000x more engaging. So let me say to begin with that I had no idea what to expect going into PE other than what I had read online (WSO, M&I, etc.) and what my friends already in the industry had explained to me. All the explanations basically boiled down to
11 Jul 2012
I have an option to return to a BB (think GS/MS/JPM) Investment Banking analyst coverage job full-time next fall after graduation, but also an option to start at a junior analyst level at a small (
18 Nov 2017
Alright, lets start with some background info. I'm a 3rd year business student at a non-target Canadian school. I've got some experience under my belt with working at a large AM firm as an equity analyst this past summer, and now I have an offer at a PE firm. Moving on.... I've always wanted one thing, investment banking. My GPA isn't the best (B-) but I've been able to land some pretty decent internships. I've been able to get interviews at banks (corporate banking) but not for investment banking. Can the switch be made? Is the switch worth it?
12 Dec 2017
UPDATED: Date: Thursday, February 11, 2016 Time: 6:30pm - TBD Location: Schroeder's (Financial District) - 240 Front Street, San Francisco, CA 94111 What: Happy Hour (no host) -------------------------------------------------------------------------------------------------- Happy New Year monkeys. As you're reviewing your accomplishments and setting your 2016 goals, I hope you're focusing on improving your network this coming year. One of my goals for this year is to improve relationships and share knowledge with fellow acquisition, Asset Management, and private equity real estate young
04 Jan 2016
Given the fact that I come from extreme non-target up in Canada I decided to start networking and getting to know the finance community proactively. I met plenty of people in all types of roles and industries imaginable. By using LinkedIn and personal conversations to find out more about their early career paths I was able to create a spreadsheet to try to see if they have anything in common. I excluded people who made it to front office through family connections and those who are very old because it's too difficult to pinpoint their beginnings back in the 60's or 70's. Quick reference sheet
28 Oct 2018
Mod Note: Throwback Thursday: this post originally went up on 10/5/12. I went through a few rounds of interviews at the fund that I now call my employer, I was asked insane questions, easy questions, technical questions, and borderline bizarre questions, but I was not asked the most obvious question I expected to answer. What is Venture Capital? I thank all the deities in the world and nearby galaxies that I wasn't asked this during the interview process! Had I given the answer I was prepared to give, the one I meticulously crafted after several, long minutes spent browsing the interwebz. I
18 Dec 2013
The dream and desolation of the high finance world. Which path to the upper crust of middle-class suburban boredom do I take? Do I jump to the buy side? Do I stick it out in this simian hell of pitch books and Excel? Which is really right for me? A friendly look in the rearview at how simply the decision was. Nowadays, however, simply breaking in is hard enough. With the layers upon layers of applications piling up at HBS, Wharton, Booth and the like, an advanced degree doesn't guarantee what it once may have. The landscape is different, but the question remains: Sell side or buy side?
03 Oct 2010
Hi, I'm brand new to WallStreetOasis and newly considering a career switch into finance. If I have posted this in the wrong spot, or if it's inappropriate to post a solicitation for career advice here, I apologize - please let me know. I would very much appreciate any comments or insight about anything below! Where I am: I'm currently working as an actuarial analyst at a top actuarial healthcare consulting firm. If you don't know what an actuary is: In brief, "an actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs." Where I want to be:
11 Apr 2013
INSEAD vs Yale SOM Got accepted to both and having difficulty deciding which one will be better longer-term. Have 4 years of experience as an equity analyst on the sell side (Hong Kong and Tokyo) and intend to move to the buy side post-MBA (currently undertaking a related pre-MBA internship). Would like to work in either Hong Kong or Singapore long-term but being based out of NYC or London immediately post-MBA would be fine for a few years.
04 Apr 2012
Saw this interesting article below. "Enough of fiddling with the sell side; I recently decided to join the buy side, a private fund to be specific. Heaven knows when the turmoil with the banks will end, especially with incessant news of job cuts in the press. My new bosses hail from the once sexy and lucrative world of sales and trading, having worked there for close to 30 years. It is such a joy and privilege for a young twenty-something like me to hear story after story about Wall Street, from the 1980s to the latest financial crisis. Now that they have battled their hearts out in the dealing rooms of various US banks across the globe, they have decided to lead a semi-retired life, managing a small pool of funds for high net worth clients. And what a life, I must say!
04 Sep 2012
Monkeys, I am in need of a little advice. I'm playing golf with the CEO/President of one of the largest buy side shops in my area tomorrow. I had an informational interview with him about a year ago and we discussed the potential opportunity for me to come work at his firm. This discussion was left at the "maybe/possibly" stage and it's been stuck in that gear. Anyway, fast forward twelve months and he calls me today inviting me to play golf with him and two members of the research staff. I don't want to make our round of golf awkward, but let's just say I wouldn't mind losing a toe to work for his firm. Beating him by 20 strokes probably wouldn't help. How can I tactfully position myself to have that "getting hired" conversation"? Thanks
07 Dec 2011
Hey guys, I just recently accepted an offer in the SF bay area with a BB for banking in tech. Just wanted to get your thoughts on what the exit opps are like on the west coast for tech.... It seems like in NY, 1st years are approached like 6 months into the job by headhunters and can secure an offer 1 year into their job for PE/HF (give or take). There's a lot of buy side recruiting in NY obviously, but there's also a ton of analysts. It seems like there's a decent amount of buy side recruiting (PE, VC) on the west coast as well, but a fraction of the analysts.
25 Nov 2009
I have always wondered how Warren Buffett could beat Wall-Street in compounding wealth despite lacking the Street's resources. Wall Street banks and investment funds have access to troves of databases, computing power, intelligent/hard-working analysts and yet few can match the returns that a 25 year old kid produced working out of his bedroom. One thing that struck me about Buffett was how much he read. As Warren Buffett said in his 2001 annual meeting: "When I started, I went through the manuals page by page. I went through 20,000 pages in the Moody's industrial, transportation, banks and
05 Oct 2015
Hi, So I may have a potential decision to make between a job offer for a junior equity research position (generalist role, working for a "best ideas" team of analysts) at a top money manager in Boston, and an analyst position in the fund of funds group of a top international, European-headquartered PE firm in NYC. Up until recently I had been interesting in pursuing a career in ER. I'm currently studying for level II of the CFA. I don't know a whole lot about PE, yet. I'm currently 2.5 years out of undergrad.
18 Feb 2011
Hi there, How often/possible/easy is it to switch from buy side (I have hedge fund & long-only experience) to tech corporate development (ie GOOGL/FB/not startup?) Background: I'm currently at a fund managing $2-5bn, around 1/5th of the book is my ideas at any given time, and I am 6-8 years out of university (did
02 Apr 2016
Hi WSO I'm a recent grad heading to join a MM and I'm really looking forward to experiencing investment banking. Most of my friends who are also heading to IB are already talking about PE recruiting and I'm a bit confused as to how the process works for those who aren't necessarily set on jumping ship to buy side. I was hoping to experience banking and see if I can see myself having a future in it before setting my mind on trying anything else. Can someone give me insight/recommendation on how I should approach the next few months? Do I completely miss my shot if I decide not to recruit for PE
15 Jun 2017
This quote was how a senior PM in a HF referred to me jokingly (I hope!) when speaking with the fund manager during one of my internships. I was fortunate to have three summer buy-side internships in NY, and while a lot has been said about what to expect at banking internships I feel that there is insufficient information shared about buy-side internships. There are many things I wish I knew at the beginning, and as a part of my blog I will try to shed some light on these experiences from the eyes of a clueless intern. My Background After my freshman year summer internship I discovered WSO and
14 Mar 2014
Hi All, Just wondering if anyone has any insight into the London buy side players. I'm doing my MBA right now in UK and trying to find some good buy side shops to apply to, since they're not really typical recruiters. Thanks!
24 Sep 2010
Long term goal is to be in HF, perhaps portfolio mgmt. or PE Short term goal is to be in IBD. Currently a junior going for a summer intern position. Recruiting season is coming to a close for me. I am at target Ivy (harvard/Wharton, one of those two) What should I take this summer: equity research in TMT (below BB, above boutique/MM) or risk and quantitative analysis(RQA) at BlackRock? I personally want to try for the ER summer->IBD full time->HF/PE track. However, chances of me getting IBD full time w/o an internship is slim, even if my school is top recruited and I have good academics (magna cum laude)
03 Mar 2011
I'm graduating in May 2017 and am looking for buy-side equity analyst firms that have strong training programs. So far I know of BlackRock who has a 2 year program and Wells Fargo who has a 1 year program. The reason why I am looking for firms with training programs is because I will graduate with limited experience (Possibly member of investment fund at school for 2 semesters, hopefully passed CFA lvl 1, taking it Dec 2016, and personal investing) and I feel it is my best shot to get in the industry. Also the reason why I have limited experience is because I decided about a year ago to go
31 Mar 2016
I got offered a treasury internship at a nice place where I could see myself continue to work in the future and I was looking to see what were the exit opportunities in treasury and how to get the most from that experience. First some details about the work the team does: - Treasury department of a pension fund with a great reputation. - They manage mostly short borrowing and short term investments. (They manage a bit less than a billion of cash and cash equivalents) They also frequently issue commercial paper for example. - They act as liquidity provider for the different portfolio managers.
23 Jan 2021
Does anyone have experience with real money Asset Management jobs (for insurance co's, f500,etc) how does these areas differ from hedge funds, or even from mutual fund firms? Some of these companies like allstate, Msft, have huge operations, but we never hear about it as a discussed exit opo...anyone have experience?
10 Jul 2011
Hey fellas, I was just offered a gig as an associate equity analyst at the shop where I am interning. I am trying to gauge what I should be expecting in comp. It's a smaller shop ~$3b aum in a secondary market (not chi, sf, ny, or bos). I'm very happy to have the offer and I know its difficult to go straight to the buy side, but it does seem a bit light. Its tough to get a feel for what the going rate is with there being only a handful of major buy side shops in this city and I'm not sure if any of the others would take a guy from undergrad. I know I should expect less than Wall St, but how
30 Sep 2009
This may not be appropriate for the IB forum but it has the most activity. I have an interview for an ABS Jr. Analyst position on the Buy Side at a large AM/Insurance/Fixed Income company. If you think about it you can probably figure it out. I've been a Financial Advisor/Analyst on a wealth mgmt group at MS for the past two years. Needless to say ABS is not my wheelhouse. The listing says 0-2 years experience and after a few conversations with the guy they don't seem to be too interested in someone with a ton of experience and would even consider someone fresh out of school, hints the Jr. 2 Questions: does any know where I can learn more about ABS? Also what advise would you give for a person who graduated in 08' applying for an entry level position? Thanks,
10 Aug 2011
I am curious to know the pros and cons of these two very attractive alternatives: 1. Hedge fund prop trader- this would be a small team managing a small pool of money on a more or less discretionary basis without extremely sophisticated support. 2. Buy side (hedge fund included) portfolio manager- a bigger group headed by head PM but with a lot more staff- some in research, some in trading etc. and much bigger pool.
29 May 2014
What's the deal with working at Factset? I understand that the "consultant" position is a glorified customer support role, but it seems to me like there could be a genuine exit op. logically speaking you obviously learn the factset software better than any analyst on the buy side based on the fact that this is your primary job. Also you have the opportunity for FaceTime with senior buy side individuals. Am I missing something here or is this a decent company to work for?
04 Mar 2012
Does anyone have familiarity with GfK, particularly their boutique research group? My understanding is that they lay the supply and demand, pricing, and other market data ground work for buy side clients on highly specific sub sectors/products, like packaged meats or wearable media. I am curious as to how sell side groups at banks, or even independent ER shops might perceive the experience, and more so, what exit opportunities to the buy side might look like. Thanks in advance.
28 Mar 2017
Hey guys, thanks in advance for helping me with this. I am gonna start my full time at a BB in SF next month (tech group, Barclay, Citi, BAML type) after my internship there last summer. Knowing that buy-side recruiting will begin soon after my job starts, I am trying to figure out what do I want to do after banking, and I am considering PE as an option. (It is not THE option because I was never really excited about investing, but I "assume" I have the capacity to do it. For the purpose of this discussion, just assume so please....) I came to the States when I was 15, attended a semi-target
11 Jun 2017
Hi, I am looking to interview in buy side firms in Latin america - not Brazil, since i am targeting spanish speaking countries. I'm having a hard time finding hf, asset managers, etc, since everything I find seems to be in brazil. Any suggestions?
02 Apr 2011
just out of curiosity, in real life, shops tend to use DCF, Multiples or a mix of both? i understand both of them have their shortcomings and that maybe especially in the Sell Side Multiples are preferred because it's much easier to give a simple answer to the client (given all the inputs a DCF requires). so which one is it?
02 Apr 2014
A few buddies of mine and I are getting recruited pretty hard by a buy-side advisory. All the essentials that you think are included - cold calling, primary research, managing a team of research interns, etc. Essentially, a buy-side brokerage with a medium amount of financial analysis. While non-glamorous in the short run, a variety of LMM and MM PE funds gave feedback that this experience would be helpful if the ability can be shown to source and vet deals (with the context being that I have a strong quantitative background, and this would round my experience out) My question to you guys - is
18 Jul 2019
If you worked as an ER associate and transitioned to a buy side/specifically L/S hedge fund job, can you please detail your path? What was your education, how long did you work in ER, how did you apply/find your HF job? Any and all info would be greatly appreciated.
17 Feb 2010
Hey Everyone, When comparing Oaktree to some of the other megafunds, how does Oaktree rank? I know they're renowned for their success in credit, but I don't know much about their real estate platform. Can someone tell me a bit more about this firm's real estate group? Thanks in advance!
18 Apr 2019
Hey everyone, I'm currently interning at a major Commercial bank in London and am likely to receive a graduate offer. The graduate programme is rotational and will span accross 4 areas. As my bank does not have an IBD, the commercial banking is in charge of capital and financial markets. (DCM and some trading). If my end goal is to get into buy-side at some point, would it be better for me to start a career at this large bank, or try to aim for a mid-tier Asset Management gig? Assuming that I try for the larger investment banks but am unable to secure a role there. Thanks!
21 Aug 2014
I'm a senior at a lower top ten public university with a BA in Economics. This summer, I interned at a long-only equities AM firm. Now I'm back in school, and have interviews coming up this week with two top tier economic consulting firms (think Cornerstone, NERA, Analysis Group, Brattle, Bates White). These firms have excellent MBA placement after spending 2-4 years there- a quick LinkedIn search found that many alumni head to MBA programs like Wharton, Columbia, Booth or Sloan. (Though there's likely a selection effect here in that the alumni who end up not getting into great MBAs opt not to
27 Sep 2018
What would entry level FI research be like at a buyside firm, ie mutual funds, etc.? How competitive are these positions? What would one expect in an interview?
28 Oct 2010
Purely hypothetical at this point. Here's my situation: I'm currently working full time at a glorified back office job that offers little room for growth and certainly not a path to get me to where I ultimately want to be (that would be buy side equity research). I only accepted this offer because I was coming from a non-target, pickings were slim, and I was running out of options financially. I've been here a little over three years. Don't want to get into details but there is 0 opportunity to stay here and do the sort of work I want to be doing. Since I've been here my finances have gotten much better and I've passed the first two levels of the CFA exam.
15 Feb 2013
If anyone knows anything or has worked with any of the following recruiting firms, I'd like to hear your experience. Also, does anyone know whether each of the firms has more of a focus on PE or HF? Thanks in advance. -Opus Advisors -SearchOne Advisors -CPI
24 Jan 2011
At an up and coming MM bank, how hard is it switching industrys in equity research at the associate level? (This is assuming there are openings in the other positions.) My background is in financial services, and though I am perhaps best qualified for FS equity research, I am ultimately interested in the energy industry. How plausible would a switch be at the associate level? Possible after 1, 2, or 3 years?
12 Oct 2010
I just landed an entry-level position today in Asset Management (Fixed Income Analyst). Salary is lower than BB entry level salary. What are the differences between this and something similar on the sell-side (Credit Structuring, Credit Risk, etc) in terms of pay / growth / exit opps to HF / PE / B-School? I have heard that it's better to start on the sell side, since it's more intense, you learn more, and they have formal training programs. Can anyone shine a light on that? For the record, yes I have used the search function but all I could find were threads on Equity Research.
28 Jun 2010
Hi, guys. Currently working within real estate investment banking boutique in New York (capital raising, financing, large portfolio and note sales) and am considering an offer to move to the buy side world. Real estate private equity certainly has its allure, but the company I am looking at would require me to re-locate to Charlotte, Atlanta or Dallas. Anyone have a good idea on what both base salary and bonus structure would look like for a Senior Associate / Junior VP role within any of these cities in a real estate buy-side role? I have found a lot of PERE pay data but it is mostly for jobs
04 May 2016
I am a senior looking to get into trading. Unfortunately I do not have an offer on the sell-side, but know a few people on the buy side that have offered to help out. How does trading for a large buy-side firm like Fidelity compare to trading for a bank? Sell side trading seems a lot more interesting as you are responsible for producing revenue. At most buy-side firms, do traders take risks or are they just executing for the PMs? Thanks a lot.
08 Nov 2008