If you are interested in alternatives you would probably have to start out in a manager research role. You would basically meet with alt managers, detail their staff, credentials, process strategy, etc and share the updates within the firm. You’d also be a resource for general consultants. Eventually you might get some clients of your own (big funds often have a general consultant and a separate alternatives specialty consultant) but you would have to gain a good bit of experience before you could do that. I think about 1/3 of our research people focus on alts. You could also try for a general consultant position. You usually have to start in a more junior role unless you have a ton of experience. You wouldnt have any clients at the outset but as you gain experience you will slowly pick some up. These roles are more client facing so you need to be comfortable with that. Mercer, Hewitt Ennis, Cambridge, Russell and Callan are all well respected and have a lot of assets. There are good small shops but they usually dont have a large research staff. Also at smaller firms its hard to get meetings with managers but the ones I listed above have managers beating on the door daily.
The guy I talked to worked at one of those you mentioned. What is the likelihood given my non top 10 school (top 50)?
What do manager research analyst’s make?
HG, I’m in research right now but looking to make a move… Could you fill me in on how I could find out more about the consulting biz; sounds potentially interesting to me. Any good headhunters you recommend?
I work in project finance on the debt side. Let me tell you, there is a crap load of money to make for equity sponsors in some fields. It bears many similarities with real estate. I also don’t understand the huge hype with ER. I don’t think I would enjoy it. You’re basically not making any deal, not financing anything, no risk, no money changes hands, etc. You’re just producing a piece of paper based on public info. Pretty low on the food chain methinks.
being a CFO or some other corporate gig where you make strategic choices sounds like more fun to me
Viceroy Wrote: ------------------------------------------------------- > > I also don’t understand the huge hype with ER. I > don’t think I would enjoy it. You’re basically not > making any deal, not financing anything, no risk, > no money changes hands, etc. > > You’re just producing a piece of paper based on > public info. Pretty low on the food chain > methinks. I couldn’t have said it better. Buyside would be a step up, yes. However, I just do not enjoy it.
QuantJock_MBA Wrote: ------------------------------------------------------- > The guy I talked to worked at one of those you > mentioned. > > What is the likelihood given my non top 10 school > (top 50)? Top 50? St Thomas MBA is like Top 200. Try fund accounting, you aren’t cut out for ER. Deloitte was too much for you too.
I don’t understand why people think life/work balance is bad in ER. I don’t see many associates working more than 50hrs/week in my office. It’s obviously more during earnings but that’s 4 times a year.
50? 65 is average at my bank (excluding earnings) and I often hear that the guys in a BB work 70-80.
I’m reading through this thread, and it’s just sad. A bunch of people filling it with wrong and biased information. I’m in Equity Research, at a REAL JOB. The Op’s “research position” is him studying as a full time student in a crummy ranked school given 2 stocks to cover. It’s sad some of you people actually think the 2 would be comparable. Viceroy seems even more clueless. he called ER “producing a piece of paper based on public info. Pretty low on the food chain” that’s even more total ignorance. Clearly, he’s never been in a research position either. Seriously people, if you never did the job yourself, just don’t comment or speculate, you just sound like an total fool to people actually in the industry, and give others wrong impressions. My senior research analyst deals with top executives CEO and CFO’s of leading companies, meets with industry insiders, discusses trades with top hedge fund traders, wealth management portfolio managers, gets interviewed on CNBC or bloomberg, travels to meet with senior mgmt and arranges meetings with private equity. Goes to hockey or football games with clients or the institutional sales guys for fun building relationships. SS research isn’t “selling a piece of paper”, it’s building relationships that can make crazy money. A hedge fund who follows you can cut you a check for $30k in a snap, and that’s on top of trading commissions. It’s not hard to see why SS research analysts can make multiple millions a year, have a good work life balance, hang with top execs and big money, and move markets with an interview on bloomberg. And this money is steady. In a bad economy, bankers get laid off, consulting business dies off, traders can lose it all, but ER analysts can still rake it in. If you go to a crummy school as a full time student covering 2 companies, you’re definitely not doing any of the above.
The Legend is killing it
Greengrape: Thank you very much sir, I was going to have a detailed post calling out QuantJock’s fake ER experience but I was too busy working. I appreciate your efforts. I have never heard of Saint Thomas MBA. I have no idea why people like QuantJock like to lie about their credentials.
This thread is hilarious.
Viceroy Wrote: ------------------------------------------------------- > I also don’t understand the huge hype with ER. I > don’t think I would enjoy it. You’re basically not > making any deal, not financing anything, no risk, > no money changes hands, etc. > > You’re just producing a piece of paper based on > public info. Pretty low on the food chain > methinks. totally agree! ER is boring unless you love writing and prefer a stress-free life
i like how a bunch of people who would probably give their left nut (including the girl above me cause she’s from Kazakhstan) to be in ER are bashing the position. Y u guys so mad? lol
TheLegend and GreenGrape, get a hold of your hubris. I work in ER as well but don’t over sell the value proposition involved. In the 90s this position was great due to lack of regulation; it is still an awesome job but not the end all, or 90% of our analyst and associates wouldn’t be attempting to jump to buyside research. OP, Legend and GG are right; your experience is hardly that of true equity research… Although it is better than nothing IMO. One more comment, GreenGrape; just b/c your analyst goes on Bloomie or CNBC doesn’t make him badass… II speaks for itself, that is where you really want to gain notoriety.
Even II is a bit of a marketing trick funded by the BB. I work in a non-BB bank with a lot of well connected/well read analyst and none of them have every been II ranked. In fact, one of the “World’s Top Analyst” according to FT/Starmine works at my firm but he has never been II ranked either.
I’m not saying II is the end all, it is generally a good measure of the top in the space… I think a newer trend in research (not too new) is independent shops. You see a lot of well respected guys rolling out their own shops… Zelman, Rochdale, MW Co, Wofe Trahan, etc… All of those analysts were top ranked and now operate under their own umbrella…
Flux Capacitor Wrote: ------------------------------------------------------- > Zelman, Rochdale, MW Co, Wofe Trahan, etc… All > of those analysts were top ranked and now operate > under their own umbrella… do these guys have training programs or do they snipe from other shops?