Life after Equity Research

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pimp

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So I’m heading towards completing my 4th year in Equity Research. I’m bored of publishing notes and industry publications and focusing on one sector. Where does one go after equity research at the associate level?
 
industry, hedge funds, occasionally PE or business school
btw why don’t you talk to your colleagues and clients, if you’ve been on the sell-side for four years i think you’d have a lot of contacts
 
pimp: can i contact you via email/IM? i have a couple questions you might be able to answer.
 
j-rad Wrote:
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> pimp: can i contact you via email/IM? i have a
> couple questions you might be able to answer.
You’re not going to ask him if you can have his job are you? J/K
 
Does buy-side analysis offer the same exit opportunities?
Besides do the % of fix salary mentionned on http://www.analystforum.com/phorums/read.php?1,666212
provide with an industry benchmark? ie around 20%?
I would have expected at least 50% in regard with the “prestige” of those positions.
Maybe does it depend too on your sector or the preformance of the funds managed by the PM you work for.
Any inputs appreciated.
 
Buy side analyst roles typically have less good comp to begin with, but the upside is also greater. At the end of the day, if you are one of the lucky few that can generate (positive) alpha, then the sky is the limit. On the sell-side, you can’t make the really big money because you’re not making anyone any money (directly).
20% bonus might be right at a conservative firm, experiencing mediocre performance, for a first year. Or perhaps for someone working in a sort of satellite office (e.g. not in London, if you are in the UK). Otherwise, very low and a bit of a ding.
 
At my BB, bonuses were about 40% of base this year. There’s no money in sell-side ER.
 
pimp Wrote:
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> At my BB, bonuses were about 40% of base this
> year. There’s no money in sell-side ER.
not as bad as BofA…there were definitely ppl at MS and Citi in that range too. your bank was exposed to large writedowns too like the others mentioned above
 
pimp Wrote:
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> At my BB, bonuses were about 40% of base this
> year. There’s no money in sell-side ER.
how does that 40% figure compare to previous yearrs?
 
pimp, that’s not bad compared to a lot of other places on the street
 
It’s not bad, but sell-side research doesn’t pay squat, and the field is experiencing a slow death. I’m out this summer after I finish (and hopefully pass) L3.
 
pimp,
How are the exit opportunities from the sell side ? People like me are trying to get a break in sell side ER hoping that the experience and skills you learn will lead to positions in buyside down the line ?? What is your take on this ??
You probably have contacts/friends working in buysde. How does their total comp compare to what you are making on the sell side ?
 
Don’t mean to be too nosy but if you don’t mind sharing the range of the base salary at your BB, I would really appreciate it.
Thanks.
 
taz722 Wrote:
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> Don’t mean to be too nosy but if you don’t mind
> sharing the range of the base salary at your BB, I
> would really appreciate it.
>
> Thanks.
i admire your discretion
 
as somone who works on the BS as a ER assoc, let me tell u pay sucks.
 
pimp, one thing i’m curious about is why have you stayed in sell-side research for 4 years if you haven’t been given your own coverage? granted, there are definitely people i know who stay as long as you have, but most of them are either hoping to get coverage (which is why they’re sticking around) or because they don’t want to go look for another job (laziness, fear, lack of qualification or skill, etc.). most people seem to turn over after 2-3 years, myself included.
 
buddha,
You work on the Buyside and still think pays sucks ( I am assuming BS = Buyside ) Can u elaborate a bit more on the “pay sucks” part.
 
numi Wrote:
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> pimp, one thing i’m curious about is why have you
> stayed in sell-side research for 4 years if you
> haven’t been given your own coverage? granted,
numi you make it sound like not getting coverage after 4 years in SS is out of the norm.
unless you count as “coverage” some assocs/assoc analysts who have a few stocks to cover under the umbrella of the real senior… i woud think 4 years would be very quick for someone to gain coverage…
 
I have co-coverage, which means my name appears on the front of the report instead of the back, but that doesn’t mean the pay gets better. I know people here that have been doing the same grind for 5 years with no promotion or primary coverage. Research has been dying a slow death each year from what I have experienced - and because of that, senior analysts are reluctant to give up their powers in terms of granting primary coverage, etc.
 
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