Like many people here, I have been looking to get into ER. So far, my experience is that this is a tough industry to break into (I was told that myself by a MD). In relative terms, what does everyone else think about how difficult it is to break into ER?
You mean how hard is it for Joe Finance who went to a state school, got an average GPA, and is relatively mediocre?
As hard as a teenager on a nudist beach, my friend.
phBOOM Wrote: ------------------------------------------------------- > Like many people here, I have been looking to get > into ER. So far, my experience is that this is a > tough industry to break into (I was told that > myself by a MD). In relative terms, what does > everyone else think about how difficult it is to > break into ER? isn’t “tough industry” a relative term? it all depends what you compare it to. i would say that ER is easier to get into investment banking and certainly easier to get into than big 3 consulting, but a quick perusal of the posts in this board should give you a sense of how many people are trying to get into ER versus how many people actually work there…
Enzoi10, really appreciate the insight there. Numi, I think a ER vs. IB position at the same BB would be equally difficult to get into. Consider ER is a more value-added work, hire less, with a relatively lower turnover. Thanks for the input.
I am attempting the Ol’ ER career change and all I can say is that the only way I have got any traction is by cold calling analysts, writting my own reseach, telling everyone you are looking and by not giving up. The one thing I have learned is that fit is key. If you make it to the final inetrview round the decision seems to be all fit at that point and coming in second means that you are judged to be a serious candidate but a less ideal fit. Just my .02 CDN.
for me, getting interviews was the toughest part. it helps if u network and know people in the industry who can refer you for an interview. then of course u need to do well in the interviews once u get them.
I have a question similar to his and didn’t want to post a new thread and piss people off so hopefully I’ll get some responses on this one. How hard is it to move around in the different sides of finance. Ie- someone starting out as a financial analyst (budgeting/expense) at a bank, or even a non-financial institution and passing 2-3 levels of CFA and then trying to get into a more wall street type of role?
phBOOM Wrote: ------------------------------------------------------- > Enzoi10, really appreciate the insight there. > > Numi, I think a ER vs. IB position at the same BB > would be equally difficult to get into. Consider > ER is a more value-added work, hire less, with a > relatively lower turnover. > > Thanks for the input. i actually think turnover in ER is pretty high as well, and less structured/predictable. most people in banking will leave after bonus is paid, generally two years with a few leaving after one year on an undergrad level. i also used to think that there was more “value-added” work in research given that research teams tend to be smaller, but there can also be a good amount of busy-work too, and quite a bit if you have a bad analyst. also, having applied for and received offers in both banking and research at BB’s, i can definitely say that the quality of the resumes tends to be somewhat higher for IB jobs. there’s grunt work in IB, for sure, but don’t think there’s not in ER. and IB definitely sets you up for much better exit opportunities…coming out of research, if you want to go head-to-head with some of these bankers for spots at the top hedge funds or private eqiuty firms, you have to be at the top of your game. in any case i still think it’s challenging to get into ER at a bulge bracket – if it’s any indication, i think i screened about 200 resumes for a position we were hiring for last year and maybe found a dozen or so that i actually liked – but again i think the applicant pool was probably slightly lower than what would be seen for the IB division at our bank.
numi, great post as always. I’m having a difficult time getting much traction with my resume (undergrad 06 from Canadian school, L3 candidate) for ER jobs in my local market (TO, which I know sucks, but I don’t have papers to work in US or EU). I currently work in a BO for a hedge fund admin company. Anyways, would an American company, (I believe you mentioned you are in NYC) ever look at sponsoring a work visa guy with minimal exp from Canada?? Thanks as always
CFA, i think we’re in similar situations. you think the L3 is giong to help us a lot? i spoke to some senior people and they gave me some positive feedback. also on the good side, many started in positions like ours.
firms in NYC will not sponsor someone from BO for their FO jobs. might be easier if you’re in IT and going for an IT role.
CFA_Halifax Wrote: ------------------------------------------------------- > numi, great post as always. > > I’m having a difficult time getting much traction > with my resume (undergrad 06 from Canadian school, > L3 candidate) for ER jobs in my local market (TO, > which I know sucks, but I don’t have papers to > work in US or EU). I currently work in a BO for a > hedge fund admin company. now’s not a good time to be looking because a lot of firms have shut down hiring for the remainder of the year, but the recruiting environment should improve come january. your qualifications don’t stand out so your best is just to send your resume out to as many recruiters as possible, and then call them and try to build a rapport with them over the phone. they deal with tons of candidates every day but if you can at least make yourself stand out in terms of personality and knowledge given your age ('06 is still quite young), they can help. hit the “jobs” button on your bloomberg terminal and see what kinds of postings have gone up for equity research jobs in the past…that should give you some contact information some recruiters that act on a contingency basis (don’t bother going for ones that act on a retainer basis because you don’t have the experience they’re looking for). also if you email me at porcupines AT gmaiI dot COM i’d be happy to send you a few names for different recruiting agencies that might be able to help > Anyways, would an American company, (I believe > you mentioned you are in NYC) ever look at > sponsoring a work visa guy with minimal exp from > Canada?? > > Thanks as always probably not (again because of your experience), but hey, if they think you’re the best guy for the job, then they’ll definitely find a way to resolve the visa issues
Numi thanks alot for the info, I will definetly try that. I haven’t been actively looking since November for the reasons that you state, waiting until after the new year. I will send you an email