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Breaking into ER after school

Can you read itera? Geo said not a bank, twice!

i meant bank generically; as in firm or company. not sure why thats critical anyway 

Hope. It is the quintessential human delusion, simultaneously the source of your greatest strength, and greatest weakness.

It’s highly critical. Corporate treasury has nothing to do with bank or fund treasury.

“I can no longer obey. I have tasted command, and I cannot give it up.”

geo wrote:

It’s highly critical. Corporate treasury has nothing to do with bank or fund treasury.

Didn’t you just say that you didn’t work in treasury in a previous thread?

I honestly have to disagree with your opinions about exit opportunities out of FP&A, particularly corporate development which is really not a common exit opportunity at all for FP&A people. I am assuming you are in Calgary, and out of all the people I know who have made it into corporate development roles at firms like Total S.A., Agrium etc., they have all come from either banking or in select cases ER backgrounds. I am not saying it’s not a possibility out of FP&A, but generally FP&A does not nearly have as broad of an exit opportunity set as a comparable role on the sell-side whether it be banking or ER.

My first job was in emerging markets sell-side ER, and from that role I was able to move into investment banking and now most recently a corporate development role at a national oil company. There is no doubt in my mind that I would not have had nearly as much versatility thus far had I not started in ER.

So I’m going to say anyone would be wise to take a role on the sell-side with a preference toward ER or banking to maximize their career flexibility, since moving from an FP&A role to the sell-side is going to be tough regardless or what market you are in, CFA or no CFA… 

geo wrote:

It’s highly critical. Corporate treasury has nothing to do with bank or fund treasury.

Didn’t you just say that you didn’t work in treasury in a previous thread?

I honestly have to disagree with your opinions about exit opportunities out of FP&A, particularly corporate development which is really not a common exit opportunity at all for FP&A people. I am assuming you are in Calgary, and out of all the people I know who have made it into corporate development roles at firms like Total S.A., Agrium etc., they have all come from either banking or in select cases ER backgrounds. I am not saying it’s not a possibility out of FP&A, but generally FP&A does not nearly have as broad of an exit opportunity set as a comparable role on the sell-side whether it be banking or ER.

My first job was in emerging markets sell-side ER, and from that role I was able to move into investment banking and now most recently a corporate development role at a national oil company. There is no doubt in my mind that I would not have had nearly as much versatility thus far had I not started in ER.

So I’m going to say anyone would be wise to take a role on the sell-side with a preference toward ER or banking to maximize their career flexibility, since moving from an FP&A role to the sell-side is going to be tough regardless or what market you are in, CFA or no CFA… 

^ Funny, I had an offer from Agrium in corporate development, but that was out of treasury, not FP&A directly. Wasn’t my cup of tea, too much travel. Anyway, I’m not in treasury anymore. I do some really unique work, not really a traditional role.

I still think, like I said earlier in this thread, that ER is good work. Its just not the be all, end all. I think your IB experience is much more valuable and flexible, especially in corporate development.

At the end of the day, like I said, OP should do what he is passionate about. You’ll find the greatest success when you’re passionate about what you’re doing. Struggling through ER won’t get him anywhere.

“I can no longer obey. I have tasted command, and I cannot give it up.”

can one of you give me a name of a very good SS ER analyst and what companies he/she covers.i want to read some of their reseatch reports.

you can pm me if you dont want to post the name here.

thanks

"You want a quote? Haven’t I written enough already???"

RIP

igor555 wrote:

can one of you give me a name of a very good SS ER analyst and what companies he/she covers.i want to read some of their reseatch reports.

you can pm me if you dont want to post the name here.

thanks


On related matters, could someone give me the exact location of ElDorado…

You can pm me if you dont want to post the coordinates here.

Thanks

Jokes aside: Bloomberg gives you analyst returns. Then there’s also Tipranks and Stocktwits.

igor555 wrote:

can one of you give me a name of a very good SS ER analyst and what companies he/she covers.i want to read some of their reseatch reports.

you can pm me if you dont want to post the name here.

thanks

I can’t help you directly with your request but I would say that a very good SS ER analyst won’t necessarily produce brilliant reports because most are heavily constrained in what they can publish. In my experience the top SS ER analysts will know their sector and companies inside out and be able to share that knowledge with clients mostly over the phone and in meetings. They will also email their in-house models and unpublished comments to top clients which would contain information that doesn’t go in the public report. 

So don’t expect to see a detailed note with a sell recommendation on a major company with a target price 50% below the market price for example. Sure some boutiques do that, but the major brokers won’t due to relationships with the corporates. Chinese walls are only so thick. 

Also, picking up on the previous poster’s comment. Yes you can look up analysts’ track records on Bloomberg but I would caution against ascribing them too much value. The price targets issued by SS ER are generally of little use and the rule of thumb for calculating them is usually ‘today’s price plus a bit’ for buy recommendations and ‘today’s price minus a bit’ for sell recommendations. No serious BS analyst pays any attention to them and in my opinion they are not a useful barometer of the quality of the SS analyst who nominally produces them. 

Just amusing that every time I see the title of this thread, I think this must be about “Breaking into the cafeteria after school.”

You want a quote?  Haven’t I written enough already???

Carson wrote:
They will also email their in-house models and unpublished comments to top clients which would contain information that doesn’t go in the public report.

Pretty much sums up what I thought went on in the industry. Issue one report, and then tell your top clients something different. Solid gold.

I’m pretty sure that’s an ethics violation, but hey, why bother. Fair dealing requires disclosure of material facts to all research clients. Having one report largely with consensus and then telling top clients something else and providing them all these additional material comments and models is definitely BS. 

But that’s the industry for ya. 

“I can no longer obey. I have tasted command, and I cannot give it up.”