entry level analyst jobs at bb

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numi

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mwr:
"you have a good point, but i think you are reading way too much into the question, possibly because you are offended. as noted above, there is a difference between administrative type tasks and tasks that involve critical thinking. i just want to know what the break down is. my suspicion is that it's mostly administrative. if that's wrong, please explain why."

No, I'm just amused by the skeptical and derogatory tone of your posts, as if you had a thorough understanding of sell-side research. I�m not personally offended that you�re asking how much of the job entails administrative duties � should I be? You tell me.

Also, as Ted mentioned, there's "grunt" work for every type of job, and someone has to do it. Is it a big part of an associate's job? Hopefully not...they are getting paid too much to be doing basic administrative tasks and they (at least the ones I know) have top degrees and MBA's that can be put to much better use. That's why most teams have admins.
 
Numi, you are probably the most knowledgeable person on this thread so perhaps you can answer this (and I think this is probably what MWR was trying to find out). In general, what would be the difference in job responsibilities between the junior analyst and the senior analyst?
 
Like stylemog said,

BB sell-side research usually consists of the following structure:
- Research assistant: Responsibility can vary. Usually does some general model maintenance work, in addition to administrative duties (booking flights, etc).
- Research associate: Associates do most of the number crunching. They create the models, forecast financials, and develop the valuation techniques.
- Senior analyst: Analyst usually has two to three associates under him, whose work he oversees. Often goes on trips to meet with management.

Buy-side research usually has the following structure:
- Junior/senior analyst: Duties can cary. Usually cover multiple sectors, coverage is broad and thin.
- Portfolio Manager: Makes investment decisions based on the advice of the firm's analysts.



Edited 1 time(s). Last edit at Tuesday, September 19, 2006 at 04:45PM by Dermot81.
 
jg1996business wrote:

<<Numi, you are probably the most knowledgeable person on this thread so perhaps you can answer this (and I think this is probably what MWR was trying to find out). In general, what would be the difference in job responsibilities between the junior analyst and the senior analyst?>>

The senior analyst is the individual whose name goes at the top of the report and is responsible for the investment recommendations that are made, as well as the associated valuation statements and opinions regarding each company under coverage. The senior analyst is essentially the person who has ownership of research coverage over companies in his or her given sector or universe or stocks.

By "junior analyst," I assume that mwr is referring to research associates. By definition, a "junior analyst" on the sell-side is NOT an entry-level employee as mwr suggested -- it is someone with coverage responsibilities under the supervision or organization of a senior analyst that is responsible for covering the broader sector or group of companies. As far as day-to-day tasks, it really depends what responsibilities the senior analyst opts to delegate to the associate -- it varies based on coverage universe, team structure, etc.

With respect to career development, the person has to start somewhere, and it may involve basic work such as populating historical models, building simple graphs, etc. And yes, they spend a lot of time sifting through SEC filings, but that's what research folks do -- and they get paid for it, because most people don't have the time or interest to work their way through these documents. However, at a very early stage, the associate helps with writing notes and thinking proactively about how various things can move the stock, whether it's news, competitor pieces, conversations with senior management, proprietary industry checks, market research, etc. Writing generally is one task that associates are delegated earlier on in their career (it's not necessarily easier, but it's still one of the first things they're exposed to since most people hired as associates are decent writers...or at least they should be.

In comparison, modeling, while mechanically simple, requires greater exposure to the coverage universe to really understand quantitatively how different things will affect the movement of the stock and the growth forecasts for the company. Modeling may entail populating numbers from SEC filings and various other data sources -- this is work that has to be done -- but on a deeper level, it is a responsibility that is typically entrusted to associates once they have developed more experience, and requires a lot of critical thinking and a thorough understanding of the company and its industry. The associate needs to understand the analyst's assumptions, the company's key drivers, when and why certain metrics are used, why certain numbers are what they are, what things are most important and influential to the movement of the stock, and most importantly, how to manipulate these numbers and put them all together into a cohesive investment thesis. This is not an entry-level task, as it takes time, diligence and experience to really "know" a company.

Anyway, I hope this answers the question. BTW, I had a sense of what the question was when it was posed the first time around, but it didn�t seem like the author had a real sense of what �modeling� was or what it entailed. A model, by definition, involves the use of historical data and assumptions in order to extrapolate projections or estimates of something that is not factually known, and being able to freely manipulate a model is not generally considered a "basic" task. It has a direct impact on valuation and the investment thesis, and those are pretty important aspects of research, to say the least.



Edited 2 time(s). Last edit at Tuesday, September 19, 2006 at 08:20PM by numi.
 
thanks all, particularly numi, for your insightful posts. am i right in concluding that the term associate as used in equity research is equivalent to associate in IB, meaning the title given to an exceptional analyst (entry level) who has been invited back for a third year and/or an entry level mba position?
 
No problem...typically, most firms call their entry level research folks "associates," and usually this is just assumed to be the entry-level title. However, some firms call their new hires "analysts," others call them "RA's", etc.... it's not quite as set in stone as banking is where a person hired from undergrad is an analyst and a person hired from MBA is associate, but when at most firms, even an entry-level person that passes the required regulatory exams for research (Series 7, 63, 86 and 87) are called "associates." It's really somewhat of a default term, since the guys at the top who are responsible for the investment opinions are called "analysts" -- and they have been called "analysts" for several decades now.

Anyway, no hard feelings about the previous posts or anything -- I just like to see questions that are clear and objective, because I try to provide answers that are also clear and objective (hopefully).



Edited 2 time(s). Last edit at Tuesday, September 19, 2006 at 08:48PM by numi.
 
Numi - because it can never be said enough - your deep insight on this forum is greatly appreciated by all.
 
numi, you seem like a decent enough bloke so dont take this as an attack against you, but for christ's sake, if i see one more post from some loser sucking your *&$# about how wise you are i'm gonna lose it. will you people get a freakin life already?
 
wegowayback Wrote:
-------------------------------------------------------
> numi, you seem like a decent enough bloke so dont
> take this as an attack against you, but for
> christ's sake, if i see one more post from some
> loser sucking your *&$# about how wise you are i'm
> gonna lose it. will you people get a freakin life
> already?

How would you like this forum to post? Like yours above? I'd rather see posts that can answer valid questions from an experienced and objective position rather than yet another derogatory flame which I can find in any forum all over the internet. You don't like it? You don't have to read it.
 
dont be mad at me just because you sound like an idiot. that an unknown dude on some message board is your primary source for investment business insight is not a good sign for you. just thank the guy at the end of your message and leave it at that, enough of the gag-inducing praise
 
wegowayback wrote:
<<numi, you seem like a decent enough bloke so dont take this as an attack against you, but for christ's sake, if i see one more post from some loser sucking your *&$# about how wise you are i'm gonna lose it. will you people get a freakin life already?>>

I can graciously accept that some people here appreciate my contributions, because it does take time to post. I don't think anyone here is engaging in "gag-inducing praise" -- what I post here for one person to see can be seen by everyone else who wants to read it, and nobody is getting any preferential treatment. I don't think other people are "idiots" as you stated for asking thoughtful questions about a profession in which they don't work, and I don't think that anyone should begrudge them for taking the opportunity to learn.

If you have a problem with people expressing their gratuity, I think this is just something you'll have to take up with everyone else.
 
I dont think the CFA is very good for any modeling type work aside from understanding of some of the most principal underlying theories, most modeling these days seem to be through a mixture of MATLAB, VBA/Excel, and C/C++. In other words, the quants are doing most of the real modeling.
 
masamunexs Wrote:
-------------------------------------------------------
> I dont think the CFA is very good for any modeling
> type work aside from understanding of some of the
> most principal underlying theories, most modeling
> these days seem to be through a mixture of MATLAB,
> VBA/Excel, and C/C++. In other words, the quants
> are doing most of the real modeling.


Isn't that a different kind of modeling.

wego... what's with the unnecessary hositility?



Edited 1 time(s). Last edit at Wednesday, September 20, 2006 at 09:37AM by CFAAtlanta.
 
I've been doing retail financial sales for my entire career. All I can say is that if someone gave me a shot on a research team, I would gladly do all of the grunt work they wanted to throw at me.
 
sorry for my ignorance, but what does "dredging through qs and ks" mean?
 
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