Best career track

I have posted previously regarding the dissatisfaction with my current job in ER. However, after looking around, I see that all sell-side ER seems to be going downhill (in pay and prestige), with hedge fund gigs too extreme in terms of job security.

I have always liked AM culture, but I really wonder if AM can absorb all the people moving over from sell-side etc? How sticky AUM is going to be with low cost ETFs?

What do you guys think is the best long term career in the public markets?

ok a lot of things here 1) there are very few unicorn spots. long only, stable fund, paying you big bucks to slightly beat the index. yea those spots are super rare because no one leaves them. 2) no one will pay you big bucks to run a “low cost etf”. if you work for a tracking fund that can be run by a monkey with a program, your pay will be proportional 3) ss er will never die, companies will need coverage, banking will need a research arm, and buyside will need ss. but I agree ss er has plenty more to shrink 4) and no, not anywhere enough seats on buyside to house all the ss folks. senior associates are already feeling the glass ceiling and many have left 5) with pay and prestige comes risk and high volatility in job security. that’s how it is. based on your comments, your ideal place to work is one of large funds at Wellington or Fidelity.

Great Insight! You are also spot on about my ideal work place but Fidelity/Wellington are super competitive and difficult to get into. Do you think moving internationally might be helpful? Like a big name shop in emerging/ Tier 2 place like Dubai/Singapore etc

It’s less competitive to get a particular job outside US or UK. For instance, someone might not be able to get a certain investment job in London or NY, but they might be hired in Singapore, Australia, or even Hong Kong or Tokyo. Of course, this still depends on your qualifications. For Asian countries in particular, “Western” backgrounds are highly attractive, as these backgrounds are associated with more prestigious education and usually come with better presentation and communication skills.

Yea going international will definitely make it easier. many people don’t want to move so the pool shrinks meaningfully. an additional bonus is that the further away you go from the financial hubs, the more the CFA program is valued.