Middle market SS ER in NYC or large (but not bulge bracket) SS ER in a non-financial focused city. Both require you to relocate, associate level.
neither, SS ER is dead.
I’d say MM SS in NYC unless the other job is very compelling. Being in NYC puts you at a distinct advantage to network and interview with other firms. It’s quite common that BB’s poach MM banks for associate talent. The work at a BB vs. MM isn’t fundamentally any different and you actually often get more responsibilities at the latter. If you really do want to make the jump to BB, just be sure to know who the lead analysts are, HR, and recruiters and network with them. Very doable to make that jump once you’re “in” for 1-3yrs.
Sadly though, MailSnoop is right. I wouldn’t plan on staying in the industry for long. Your best bet frankly is to try and move to corporate via one of the companies you cover. Buyside (AM and HF specifically as you won’t be considered for most PE) is also an option, but it’s increasingly quite difficult to make that jump.
Which “non financial focused” city? Seems like this depends on whether you want to live in that place.
Anyway, I don’t really think research is going to be eliminated completely. It’s just less prominent now than before, as clients are starting to value execution cost savings over research. If your exit plan is to work in some random corporate role, research shouldn’t be that much worse. Ok maybe you will be laid off at some point, but what job has no instability?
Actually, yes, a lot of “bulge bracket” research people started at middle market firms, and there is still a fair amount of transition between the two types of places. If you look at those analyst marketing materials, a lot of them came from some hacksaw place originally.
I’m not sure if the term “bulge bracket” means anything any more though… I can name many smaller name places that are preferable to DB, CS, or similar places that used to be good places to work.
While there are headwinds to the business, you are also new. As long as you don’t expect to make as much as your boss did in 2000, should be an OK job for a while. Won’t be as good as before, but seems that’s true for lots of finance fields. Some firms seem to be doing it quite successfully. I’d choose based on the analyst, what your role will be, and what kind of research you will do. These vary wildly from analyst to analyst and you want good experience, not mediocre
what’s so bad about sell side research? Is is similar to that of sell side traders who believe they are “traders” but in reality nothing more than salesmen?
Is this the issue with sell side? They don’t really “analyze” much because they just churn out bunch of reports?
+1
Yup along with other 20,000 people from all over the US and world.
along with lots and lots of hot chicks too … amazing
Thank you all for the post, really appreciate them.
Here’s an article I read today about SS ER in general, supporting some of ya’lls beliefs that big changes are going on.
Yes, most of the sell side is not in the business of analysis. A lot of the guys have good relationships with management teams. If you look at surveys, management access is one of the main things buy side say they pay for. The SEC has given indications that this is the next area of focus. I’ve worked for several sell side analysts at this point and the different approaches are night and day. My friends who have had multiple seniors experienced the same thing.