This is for people actually working in Equity Research. As the post says I have been in this role for a few months now. Obviosuly, I can’t disclose the company. All I can say is that this is a equity-research position in a quasi-sell side shop, not really well know or respected. The problem is that this company pays about 50% (no exaggeration) of what a typical ER role pays and NO BONUS, assuming 60-70k for industry norm before bonus. Knowing that I make literally half of what analyst make at BB’s (JP Morgan, UBS) or shops like Jefferey’s, hedgefunds, Raymond James, really bothers me constantly. I know I’m lucky to have landed this role as I didnt even have a job a few short months ago and was unemployed for a long time after graduating. I took this role because ER jobs are almost impossible to get out of undergrad, but I’m making less than some janitors in NYC lol. I think this would get to most people, knowing that guys down the street are getting payed double what you make and doing the same type of work. How long do you guys think I should wait before looking for my next role? Do I have to stay here for at least a year? And what would be the next move?, bank, boutique, hedge fund? I’m working on the CFA too, so that might help as well. Sorry for the rant I’m just a bit frustrated.
I’m guessing you couldn’t get a job at the BB shops, so why should you be paid the same? This shop you’re at isn’t that well known or respected, so what makes you think they should pay you the same as the shops that are? If your market value is higher than what you’re getting paid, then go realize that market value in a new job! I have a feeling you’ll be at that position for a bit longer…
del
Dannyboy I’m not saying I should be paid the same…I’m asking what are my chances of moving t a bb after being here for a year and maybe passing some cfa exams, I already have level 1. I think market value is a bs concept for people out of undergrad…the guy coming out of columbia or penn doesn know any more than I do,but can get those jobs because of their pedigree…don’t get me wrong,they deserve to get paid more,but I would like to catch up!
bkballa Wrote: ------------------------------------------------------- > Dannyboy I’m not saying I should be paid the > same…I’m asking what are my chances of moving t > a bb after being here for a year and maybe passing > some cfa exams, I already have level 1. I think > market value is a bs concept for people out of > undergrad…the guy coming out of columbia or > penn doesn know any more than I do,but can get > those jobs because of their pedigree…don’t get me > wrong,they deserve to get paid more,but I would > like to catch up! Nobody can tell what your chances will be until you experience it yourself. Why don’t you take level 2 in June (pass it) and then see if you are getting interviews at some BBs? What will matter is whether you can fit well or not in their company culture. I don’t think the fact that you make less now will matter. (IMO)
To answer your questions: 1) You should apply to every single job you see that might be better than your current job. 2) You should start applying right now. 3) You should pass the CFA exams also. If you think that you’re starting from a disadvantageous position, then you need to work harder and be more aggressive than other people.
Also, don’t be picky about fields at this level. There are many good fields to get into, not just equity research.
You need to really pay attention to what DannyBoy says, you know his firm rejects Harvard MBAs! Otherwise, keep focusing on CFA along with your job and keep applying man, it’s a competitive field. After your exam is over, try hitting up the alumni network, local firms in your area etc.
ohai Wrote: ------------------------------------------------------- > To answer your questions: > > 1) You should apply to every single job you see > that might be better than your current job. > 2) You should start applying right now. > 3) You should pass the CFA exams also. > > If you think that you’re starting from a > disadvantageous position, then you need to work > harder and be more aggressive than other people. +50. I started off without the pedigree/typical background and went through hell and back to get the job I’m in now (very small mutual fund). I make less than folks working for BB firms, but I love the work, respect my firm, and am happy to be where I’m at. Don’t take what you’ve got for granted; there are plenty of undergrads out there who can and will poach your job if you half-a## it. There are plenty of boutique ER firms, SS research shops, small IBs, tiny funds, etc that do great work. They just aren’t as well known, don’t work on deals/funds as big, and aren’t as prestigious or as well paying. Some of them don’t really have any strikes against them other than the fact that they simply haven’t been around as long. So what? Pair up with a company that is doing work that interests you, at a payscale that you feel is acceptable for your skill set. How your firm and pay compares to bulge bracket pay/prestige/ whatever is irrelevant, because you’re not doing work at that level and you aren’t (by your own admission) as qualified as a lot of the undergrads that those firms hire. Follow ohai’s advice if you want to move up, but don’t knock your current job just because it’s not what some people view as “the top tier” of investment analysis jobs.
Danny Boy Wrote: ------------------------------------------------------- > I’m guessing you couldn’t get a job at the BB > shops, so why should you be paid the same? This > shop you’re at isn’t that well known or respected, > so what makes you think they should pay you the > same as the shops that are? > > If your market value is higher than what you’re > getting paid, then go realize that market value in > a new job! I have a feeling you’ll be at that > position for a bit longer… man what a brutal soul crushing response this was buuuut i agree 100%
What kind of hours are you working for 35k in NYC?
My advice is to get out of there asap. I was making over 100k in 4 years doing accounting on the buyside. There is no reason you should be working in NYC in finance and making 35k. They’re taking advantage of you. You should go out and find a place that is willing to pay you for your hard work and unique skill set.
Not to mention I went to a city university where the tuition was $3,500 A YEAR. Amazing ROI. Those opportunities are only available in NY.
Well I’m only working about 40hrs a week, but I agree It still pathetic, thats why I posted. I will probably start looking again after I take the CFA in June
^ only 40 hours a week?! what kind of ER job is that?? Even associates at small ER shops on average push 55+ minimum a week (during non-earnings), and that can go to 80+ hours a week during earnings season.
greengrape Wrote: ------------------------------------------------------- > ^ only 40 hours a week?! what kind of ER job is > that?? > > Even associates at small ER shops on average push > 55+ minimum a week (during non-earnings), and that > can go to 80+ hours a week during earnings season. there isnt a shred of truth in this statement. Normal work week is about 50hrs (10 hr days, on average) earnings season work week is about 60 hours. obviously, this all depends on your # of stocks under coverage but for those with laundry lists of stocks all you’re doing is company maintenance and not much real research
I work in ER, there’s not a shred of truth in YOUR statement. If your earnings only requires 60 hour week you probably cover 8 BS companies no one gives a crap about.
Err… I’m sure there are ER people who work 70 hours a week, and there are ER people who work 50 hours a week. There are a shitton of ER people out there…
80 hours a week is about 11.5 hours a day, seven days a week, week in and week out; there are many more people who say they work that much than than people who actually do it. 55 hours a week could be about 8 hours a day, seven days a week, week in and week out, or 11 hours a day (including Fridays), five days a week, week in and week out; again, there are many more people who say they work that much than than people who actually do it.
Yea people who say the’re working 80hrs a week are usually exagerating,that means u work like 8am to 8pm 7 days a week.if that is the case you should either be making 200k min or you should seriously consider jumping off a bridge. Even investment bankers only pull those kind of hours maybe one or two weeks a month. The reason I only work 40hrs a week is because we don’t write 12 page research reports on companies, the research is not that in-depth. That’s why I want out, because its kind of a bs job. I want to pass level 2 this june and move to a proper shop, with proper hours and legit pay.