Starting school this Fall, background is in ER. Dream career is working at a value oriented HF or traditional asset manager. Not as interested in the multi-manager platforms since I wouldn't have pursued an MBA. Beyond even obtaining a role post-MBA , there is the concern of being irrelevant as a fundamental equity analyst in 15+ years. The industry is obviously changing, and tbh does the world really need another person determining the right P/E multiple for Target? All that said, I enjoy the investment process and the job's lifestyle compared to other roles. I see it more as a craft that I
17 Jan 2020
going to be starting in equity research at a mutual fund. i'll be be covering companies and so wanted to ask the wso community (specifically those working on the sell side) what are the characteristics of buyside analysts that you like to work the most with? what is your ideal relationship with buyside clients? what do you wish was different? what do buyside analysts do that annoy you most?
08 Nov 2018
For many, institutional sales offers the best of all worlds: great pay, fewer hours than in corporate finance or research, less stress than in trading, and a nice blend of travel and office work. Like traders, the hours typically follow the market, with a few tacked on at the end of the day after the market closes. Another plus for talented salespeople is that they develop relationships with key money managers. On the downside, many institutional salespeople complain that many buy-siders disregard their calls, that compensation can exhibit volatile mood swings, that they are overeducated for
13 Mar 2018
Hi all, I am an analyst in a BB IB who has just accepted a Buy-side role and want to hear your opinions regarding logistics. My specific doubts are: (1) Is it ok to announce my resignation after the bonus number is announced but before it hits my account? Given that it is a BB, I am thinking that once the number has been cleared with HR, Group Head, etc. and has been communicated to me, they would not modify it following my resignation; (2) Should I offer to continue "working" for a 1/2 weeks? (Perhaps better to let them decide?) What are your thoughts? Also, if you have any recommendations on
27 Jul 2018
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
Hey guys, I'm pretty down right now. Yesterday I received an email that I was not being presented an offer for my dream job as a buy-side equity analyst at a value investing shop. I'm not really sure what I'm hoping to get out this thread other than a place to vent, and maybe some advice on what to do going forward. This rejection comes after 5 initial interviews, a 12 page stock report and Skype presentation and then 3 more interviews in person. I live on the west coast and was flown out to Toronto all expenses paid. I felt all 3 meetings were excellent, and was then notified a few days later
11 Apr 2016
Mod Note (Andy) - We're reposting the top discussions from 2015, this one ranks #19 and was originally posted 11/21/2015. In the forums I see a lot of questions and comments contrasting banking and the buy-side. It seems many of you are thinking about all the right topics, and I want to share with you some of my insights from my own career at Goldman and Carlyle as well as from working with clients on both sides of the street. Here's 10.5 things I wish I knew earlier in my career: 1. Buy-side envy Many bankers have buy-side envy because it is generally considered a more interesting, lucrative
01 Jan 2016
Hi, I am a canadian buy-side analyst working at a $50mm+ hedge fund. It is my 3rd year on the job and my experience are predominantly in the event driven space (risk arbs, special situations) but I do have some experience covering long/shorts via my current job and via previous 2 years on the sell side. Currently trying to move the states as I think that US is still the best place to grow if you are looking to establish yourself in money management... I would like some help and thoughts on how do I make that transition... Recruiters? online applications? cold calling...? who here has made it
04 Feb 2018
Was wondering if anyone can give a breakdown of firms and what its like to work on the buy-side in the South? Specifically for PE and any hedge funds/investment managers that have a strong presence. Topics that would be helpful: -list of firms and locations -recruiting process -culture -compensation -MBA -lifestyle -exits (?) Thanks for any comments!
20 Feb 2015
You work for 2-3 years, get promoted to associate, then work for 0-1 years and decide MBA. You're 25-26 (normal age of any MBA applicant). How does this look to top MBA's? I'm assuming any investment bank would still only hire you as an associate...is moving to the buy-side possible? Also interested in this question for VP's (eg, you work in banking for 5-6 years, hit VP, and decide you want to get an MBA--would another investment bank still only hire you as an associate?). This situation seems really bizzarre to me and it doesn't seem like anyone has ever asked about it on these forums before
30 Oct 2014
I'm in my mid-30s with a non-linear career path and lack pedigree. At 18, I made the uninformed choice to attend a state university close to home having not yet realized my passions. Following graduation, I was a loan officer, analyst at a strategy consulting firm, founder of college textbook drop-shipping start-up (successful for 3-4 years) which morphed into an online consignment start-up (which failed) and then to my most recent position. For the last two years I was a research analyst at a buy-side research house where I was part of a team that picked up on early company trends such as the
29 May 2016
It's not uncommon to see bankers on the sell-side transition into industries they cover at mid or senior level, especially during the bad economy. Is it possible for the people on the buy-side to make the same move when the financial industry shrink? Some may ask, why would they want to make that move. Well, when the financial industry shrinks, some people will have to make that move, willing or not. Do the people on the buy-side have the option of moving to the industries ? Or they can only bounce around among the buy-side firms? What will they do if the entire buy-side shrinks?
10 Jan 2013
Hey all, Was reading through Flake's ER Q&A posted around the holidays and thought that his thread was fantastic. My experience / background is a little different than his was, so I wanted to start this thread as an opportunity to help provide at least some insight into other ER routes that aren't predicated on being at a BB. Forgive me if it's redundant to some of you, but this was something I wish I would have had when exploring other options. For a bit of background information on me, I went to a very small non-target UG school and studied Finance. It was a writing intensive college, which
02 Jul 2012
I'm interviewing for a portfolio management role at an entrepreneurial firm with a large capital float that they use to collateralize their primary business. Had the second round yesterday; it went very well. I don't know if they'll pick me (it's down to two candidates). There are *ton* of risks with taking the job, but I think it might be too sexy to pass up, so I'm leaning towards saying yes if they pick me. One concern I have regards research platforms - I highly doubt they are aware of what Bloomberg or Factset is, and I don't want to demand that they shell out $25k/yr for a subscription while I'm negotiating salary.
31 Jul 2013
I know Lazard has the prestige, deal flow etc in the US, but in London it has only done really well recently. Apparently it is better to start off in an position in a BB, as you could always move to boutiques after and it is just generally easier to move to the buy-side/other opportunities after as that's how recruiting seems to work in Europe. I like both a lot and I know the differences between the two in terms of atmosphere etc. If anyone with any banking/buy-side experience in London could offer advice, I would greatly appreciate it. Thanks!
15 Dec 2014
We all know that the buy side is the supposed "promised land" for those in the finance field, but what is the job security like at some of these buy side firms? In this economy it is much harder to jump from firm to firm so job security seems to become increasingly important. Who cares if you're making bank if you will be unemployed in two years? From what I understand, hedge funds seem to be the most risky path to take. Hedge funds fail all of the time and your job will be gone as well. They also seem to be the most performance based, so if you make a few bad trades in a row your job might be on the line. Of course though hedge funds do hold incredible earning potential.
09 Sep 2012
"Worked at a $1bn private equity firm" Is that $1bn referring to: 1. AUM 2. Size of current fund 3. Amount of fund invested 4. Total amount of fund raised? I keep reading sentences like these and have no idea which people are referring to.
25 Dec 2010
I'm currently a first year analyst in the FIG group of a BB. Started getting contacted by headhunters in the past few weeks but have not met any of them yet. Not 100% sure whether I want to go into PE or HF after IB, and was wondering on ways to prepare in general over the next few months for buy-side recruiting. -Any suggested resources / guides to read about the junior roles in PE, HF, and about specific shops? -How to prepare for meetings with headhunters? -How to prepare for PE & HF interviews (is it ok to pursue both)? -How important is networking for buy-side recruiting compared to networking for IBD? -What to be doing in the office to increase exit opp chances? -Any specific types of funds to be targeting as a FIG analyst?
04 Jan 2011
I currently work at a prominent investment fund (public equities) as an analyst and find myself increasingly… bored. While the pay and the lifestyle (read: hours) are great, I've found that the learning curve has flattened out substantially after 3 years on the job and the investment process has become a repetitive quarterly process – earnings release/call, meet with management, update models, decide if investment thesis has changed, buy/sell/hold. I realize that leaving the buy-side is a rare occurrence, but does anyone have any experience moving on to a new career path after the buy-side? Any stories of regret related to leaving a buy-side gig?
10 Sep 2012
I plan to interview for an ER internship at a buy-side firm this coming fall. Would holding a company's mutual fund in the investment style I prefer be helpful when discussing personal holdings?
14 Jul 2014
I might have just got an offer at a buy-side intermediary.. What would an intern there do? Would they do the same things as a standard investment banking analyst?
17 Jul 2012
First of all, please pardon my ignorance. In the Spring of 2010 I graduated from a top-50 private Southern school with an undergraduate major in Finance and a Masters in Accounting (joint program). Why Masters in Accounting? Good question. I spent much of my first few years at school in a drunken haze, more concerned about my social life than something as distant as real life. Truth be told, I made this decision after my sophomore year, when I still had aspirations of going to law school. I had an internship with a local commercial real estate firm, and their CEO happened to be an alum of my school who recommended the masters of accounting - law school path.
13 Jul 2011
Newbie question. Besides PE, what other fields in finance have "buy-side?" Thanks I might not be clear on what I wanted to ask, sorry. When people talk about the buy-side, which field in finance are they referring to? I just know that PE is the buy-side (or maybe I'm wrong.)
02 Jun 2010
new here, would very much appreciate your advice and wisdom. having interned with both a BB and a commodity MNC previously, i'm inclined to joining the latter (one in the likes of bunge, cargill, vitol etc). though i am interested in commodities, there is no real specific preference on the asset class. rather i'm concerned with the future prospects and recognition of employment with a commodity firm should i decide to leave after a few years. past colleagues have often praised sell-side experience, but i'm beginning to think that it's about pimping stocks, products, etc. in the end.
09 May 2011
Hi everyone, I would really appreciate your advice, as I'm trying to make tough decision. Just some background first: - Graduated from a non-target w/ economics - ended up with a 3.3 GPA total - Tried to break into IBD SA/FT but didnt work out.. - Decided to take the F500 corporate finance route in a rotational program (not a very good one.. its ok.) - Thinking about either doing CFA or an MBA.. all depends. Given the above, probably sounds like im still interested in IBD. I'm really not in a position to pick and choose where I end up on the street.. anywhere is great to me. I just want to work closer to the capital markets as thats where I have always had a strong interest.
17 Apr 2011
I recently e-mailed an executive director at a prestigious i-bank that also has operations in asset and wealth management. In my e-mail to him, I mentioned " I have a particular desire to work on the floor in fixed-income S&T and ultimately progress to buy-side money-management." His response was: "I would be happy to speak with you however let me give you some guidance here. If you are looking for a career on the buy-side (which I agree is the better place to be vs. sell-side) I would suggest you start your job hunt there; moving from sell-side to buy-side is tough and frankly doesn't make sense at your place in life, in my opinion. Also prepare to study for and take the CFA which is becoming a staple if you want to advance in the portfolio management world."
06 Jan 2011
The deadline to submit applications for the 2018 FINCAD Women in Finance Scholarship is Saturday, June 30 at 11:59pm EST. Please plan accordingly. -- 2018 has been a significant year for women, who have been at the center of various political, economic and social changes across the globe. FINCAD recognizes this is a time of growth in the industry, and would like to see more women be a part
19 Jun 2018
FINCAD is now accepting applications for the [Women in Finance Scholarship 2018, a program designed to promote outstanding women in the field of finance, particularly those pursuing careers in the capital markets and/or financial risk management. This has been a significant year for women, who have been especially influential in driving many political, economic and social initiatives across the globe. FINCAD also recognizes this is a time of growth in the industry, and would like to see more women be a part of this growth. If you are a woman pursuing graduate-level studies in Finance, we
06 Jun 2018
I'm a little confused on how bulge-bracket research departments are organized as it pertains to buy-side vs. sell-side. Obviously BB Banks have their sell-side departments but they also have divisions doing research for their own investments, correct? Is there is a list somewhere that contains the different names of the divisions at these banks and their function?
26 May 2011
Can anyone recommend any good services/templates for resumes? I recently just started actively looking for another job. I work on the buy side as an event-driven investment analyst, looking to upgrade to a better buy-side/hf. My resume template has not changed for years, and I am wondering if it is becoming outdated, especially now that I have almost 5 years of experience. If there are good sources for resume writing/review, that would be greatly appreciated it. anyone tried WSO's resume reviewing services? Thanks,
09 Feb 2018
I am currently working at a large investment/insurance firm as an intern director and junior partner to two advisers' private practice. Sounds pretty ok, it isn't. 1099 income, no benefits, measly hourly wage ($18/hr, I am still in undergrad). I have just accepted an offer to start immediately as an internal wholesaler for a small firm, 30 employees, 1.0B AUM. Tripled salary plus commission and paying for rest of school. I am available only 30 hours a week due to school, they are paying 75% salary. When I come on full time, full salary. I also just received an opportunity to interview with a
06 Oct 2017
Curious to know about the differences in placement from the leveraged Finance groups across PE/HF shops... Specifically: Jefferies HSBC RBC Wells
06 Mar 2017
So this may come off as a dumb question, but it's some thing I've been thinking about for a while. I've already accepted at MBB offer for this fall, but eventually I'd like to move to the buy-side. Since my finance background is limited, is it dumb to think about doing some sort of finance-based internship this summer (after graduating but before starting)? Are there places that accept seniors? Maybe small-fund PEs or elsewhere not looking to hire full time?
01 Dec 2009
Hi All, Could someone explain the main differences between a fund structurer (buy-side structurer) and a 'sell-side' structurer if any? Thanks
04 Mar 2016
I have an interview for the below position in ABS/CMBS trading in the investments group of a major insurance company. I am trying to figure out if this is a more substantial position than a strictly buy-side trading execution job. Any thoughts would be greatly appreciated: Large Insurance Co is looking to hire an ABS / CMBS Associate for its trading desk that will deepen its existing structured finance platform. The primary objectives of this role will be (a) Provide analysis for potential ABS and CMBS purchases (b) Perform surveillance and risk management on the existing portfolio. (c) Execute trading responsibilities when warranted. Principal Responsibilities: • Run monthly analytics and models to assess current and future portfolio risks.
28 Feb 2012
The phrase 'buy-side' refers to companies that are in the business of buying others, rather than selling them. Investment banks are not usually part of this; although they may advise on the purchase of companies, they do not invest their own capital. The buy-side is made up of private equity firms, hedge funds, mutual funds, pension funds, proprietary-trading firms etc. When a television program or article refers to "investors", they usually mean buy-side firms. Related Terms Hedge Fund (HF) Mutual Fund Private Equity (PE) Proprietary Trading
29 Sep 2011
Hi everyone, I have already done an intership at a tier one bb in sell side research but want to switch to the buy side. My focus is on equity research. I was wondering if someone could tell me AM firms with the best graduate programmes for buy side analysts. I really don't mind boutiques as bb can also be really disappointing... many thanks
09 Feb 2010