AllianceBernstein & ER

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phBOOM

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Hey guys, I have a phone interview for an equity research associate position with AllianceBernstein (sell side ER). I’d appreciate any interview advice/tips.
 
There was a thread about them a few months ago. They are very respectable. They have a reputation for value. I went to one of their retail investor schpiels and they were touting a bunch of growth stocks like google, apple and proctor & gamble.
 
I posted recently about the process there. It’s well respected, but I think their culture isn’t that great to be honest and pay is a lower than market. I like their research, but I wouldn’t want to work there (and hence didn’t).
 
depends what level…i think entry level associate (0-3 yrs. exp) probably base of around 75k tops with bonus that is 20-40%.
Caveat: It’s been a while since I interviewed there…they actually paid less back then (I think it was 55k base - cheap b*stards). Those figures above are from a recruiter that was trying to get me to go in again (no thanks).
 
OK, i had an interview for equity research entry level and didn’t nail it. A few things looking back that I could have definately done better:
1) When they ask you about your financial statement analysis skills, do not hesitate! You need to come across as confident in your abilities blah blah blah.
2) Know the coverage universe of the group and pick one to two stocks that you will learn the ins and outs of prior to the interview. Be able to talk intelligently about those stocks (related to industry, new product line?, sales forecasts? e.t.c.) Also relate that back to industry (or sector) trends that are relevant to the groups coverrage universe.
3) Be able to explain your idea on how the market is in the present, and your expectations of where it will go in the future.
I think if you can do those three things, then you can easily land a job in equity research (entry level). I can’t speak for something higher than that.
 
DirtyZ Wrote:
——————————————————-
> depends what level…i think entry level associate
> (0-3 yrs. exp) probably base of around 75k tops
> with bonus that is 20-40%.
>
> Caveat: It’s been a while since I interviewed
> there…they actually paid less back then (I think
> it was 55k base - cheap b*stards). Those figures
> above are from a recruiter that was trying to get
> me to go in again (no thanks).
sounds lower than what you would get at a BB, for sure. didn’t realize they paid below street
 
which is below street, the base or bonus? or both?
 
numi, what’s the range of bonus for 1st and 2nd year associates for BB? thanks.
 
Both base and bonus are below street. They are cheap at the Associate level…although at the more senior levels I’d assume they pay their people. They almost admitted as much to me, saying that the pay starts out low but increases substantially after 2 or 3 years. Of course, 3 years is about the longest you’re gonna stay at the lower level before they give you the boot anyway because we all know they don’t promote analysts from within. Still, if you can work there for 2-3 years, you can use that exp. and have your pick from some good exit opps - I’m sure Bernstein knows this, hence why they are intentionally cheap.
 
Thanks for the advice all. Great tips Reefkill. Since this is only a phone interview I don’t expect it to run into deep analysis. Of course, I’ll update you guys on their pay scale when I become privy to such knowledge.
 
phBOOM…what is your experience to allow you to get an interview?
I currently have a position doing back-office fund accounting/cash rec’s/performance reporting…all that fun stuff. How would someone like me go about getting into the direction of an entry-level equity research position…is it even possible? Any advice is welcome!
 
PhBOOM - mine was only a phone interview. 1st with HR which was just fit questions, 2nd round with the MD of the group. MD of the group asked me those exact topics i listed above.
GOOD LUCK! Let us know how it goes. (I interviewed for T. Weisel Parnters Equity Research)
 
Thanks guys. This position is based in NY. I was firing off my resume like crazy and one day got a call from a hh who led me to this opening.
I graduated from one of the top 10 schools, 3.5+ GPA, CFA lvl II candidate, and currently working in an economic consulting firm for little over 1 year. Had done a investment manager internship back in college and has been investing for sometime now.
I consider myself really lucky to land an interview. Though some may say it’s “preperation meets opportunity”
Amtrak, this job market is not a terribly good one. But I’ll just keep on trying and explore every opportunity to an opening. To be honest, this is my first interview after sending over 50 resumes. If you want it enough, something will show up.
Btw, my interview is actually next week. Apparently they are hiring in multiple sectors none of which I am familiar with. But I guess I’ll impress them by talking about the general market/trend and investment strategies.
 
Update…
Just had a short phone conversation with the HR. After inquiring about my current position, the guy jumped directly into “do you have any questions for me”, and the whole time I was preparing left and right, researching stocks, market trend, company.
The HR told me last that he’ll forward my resume to the actual research department and hopefully do another phone interview with someone there. If things go well then, I’ll do a face-to-face in NY.
What do you guys think.
 
dealing with HR is just the beginning. I think you have a LONG ways to go…
 
Update:
Had my second round of phone interview, again with the HR. Again, I prepared my stock pitch and was ready to talk about the market, but instead I was given a consulting case study and was given 5 mins to come up with a numerical figure. I thought I did ok.
Now the wait…
 
wow…HR gave you a case study? that’s pretty intense. in most cases the HR is just trying to see if you have the “soft skills” for the job…
 
DirtyZ Wrote:
——————————————————-
> I posted recently about the process there. It’s
> well respected, but I think their culture isn’t
> that great to be honest and pay is a lower than
> market. I like their research, but I wouldn’t
> want to work there (and hence didn’t).
DirtyZ, what did you mean by their culture is not that great?
 
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