Hey guys. I am new to the forum. Pleasure to meet you all. I have been a broker at Morgan for about a year and I am debating making to switch into equity research and eventually PM. It truly is my passion. Would it make sense for me to take CFA level 1 in December, assuming June is a little to late for me, so that I can transition into research easier or would it be smarter to get a position first? Keep in mind, I am in Philadelphia. The job opportunities are a little more rare to a NYC and I don’t want to relocate.
Wait, how come so many people believe that equity research is their true passion even though they’ve never been equity researchers? Ok, but never mind that. You should just be aggressive as possible; for everything that you postpone, there is a guy who didn’t postpone that same thing and would hence be better than you. Also, I would consider moving to NY. Your opportunities in the near term and a few years from now will be vastly superior compared to Philadelphia. Good luck.
I appreciate your insight ohai, but moving is out of the question because of family and friends. Furthermore, just because someone has not been employed and not been paid as an equity researcher, doesn’t mean they don’t have a passion for it. Wouldn’t you agree? It’s funny how quick people are to judge and form opinions when on forums when they are behind the comfort zone of their own computer. Please hold of the comments that don’t add any meaning to my situation, as well as others. I/We would appreciate that. Regardless, I agree with you statement about being as aggressive as possible and that there is always someone looking to outdo you. Anyone have any insight?
People have these reactions based on what you tell them. You may be a unique snowflake and prove everyone wrong, but since we’re given limited information there is limited advice. You’re geographically constrained - strike You’re a broker - strike What else do you have? Taking the CFA will increase your chances, but do you have anything better to offer to overcome the two strikes? They’re not giving these jobs away. Top undergrad? Connections? Something interesting to add that will impress someone?
Hmm, the question I was indirectly asking is that if you have never done something full time, how do you know that you will enjoy this profession? I like hot dogs, but this doesn’t mean I should be a professional hot dog eater. This would be the same question that I would ask someone in real life (though probably without the hot dog analogy). You might have valid reasons for believing that research is your one true passion in life, but there is little in your initial statement to support this. It’s better that you come up with a believable answer now than when face to face with your first interviewer.
I understand Philadelphia is an issue, but why is being a broker a strike? Ohai, I understand your comment much better now that you calrified.
if ER is your passion, why didnt you do it right of out school ?
I came out of school in 2009. It was a difficult time for job hunting. I figured with a year as a broker under my belt, and an internship at Merrill, I would have a decent amount of experience to start as a junior analyst now. Initially, I was torn between being a broker and analyst, but the more I do my own research, modeling, and client personal portfolios, the more I realize that I want to cover my own equities, rather than sell sell sell. I have read countless books since I was in high school and played around in the market since I was 18, so I just feel this would be the best move for me now. I have some decent connections from being a broker and from past teachers, but nothing that I can just walk in on and expect a job. I went to PSU for undergrad, nothing amazing, but not bad. (3.5 gpa)
Non Target undergrad, 3rd strike. Face it there are 1000s of people out there with better credentials than you. Even just in Philly you have all of the Wharton, and normal Penn kids have you crushed. Starting as a broker really crushes you. You’re going to have to go back and get a top MBA. CFA won’t even help you really at this point. Everybody can pass Level I it’s not hard. Even passing Level II is becoming passe. Only way is to stand out at MSSB, rack up millions of sales and then get to b school.
Wow, I didn’t expect so many negative responses. It sounds like to become a junior analyst, you need top this top that. I know people that are analysts that are far from the credentials that your saying MissCleo. I never thought starting as a broker can crush a person. Can you elaborate on that a bit for me?
listen to Miss Cleo mon. She used to have crystal ball 1-900 number.
I’ve also heard that being a broker isn’t good experience. Can someone explain why ?
i’d do 2 or 3 more years at MSSB and go to a top B school. maybe take level I of CFA and get it out of the way. your gpa is fine so just take the gmat and get >700.
True, for some jobs, at some firms you will have an uphill climb. For instance, bulge bracket firms typically hire from ivy league UG and top 5 MBAs for analysts and associates in ER. So if you are not in that group, are you excluded from ever being an equity analyst? NO! You just need to take a non-traditional route. Finance is competitive, so like others have said, improve your resume and your connections, and think about other ways in. Some ideas - 1. Start with insurance companies, boutique investment banks and boutique broker dealer. 2. Talk to your internal analysts within the PWM area of MSSB. You have an area that does equity strategy, portfolio management, trust admin etc. They need analysts and the competition is lower. Its not as direct a route as being hired directly to ER, but you learn skills you can parlay. 3. Start preparing research reports on your own, and send them to ER directors. See if you can get an interview. Don’t worry about your supposed “strikes against you”…it just changes the strategy you need to take.
AnalystAlan Wrote: ------------------------------------------------------- > I came out of school in 2009. It was a difficult > time for job hunting. I figured with a year as a > broker under my belt, and an internship at > Merrill, I would have a decent amount of > experience to start as a junior analyst now. > Initially, I was torn between being a broker and > analyst, but the more I do my own research, > modeling, and client personal portfolios, the more > I realize that I want to cover my own equities, > rather than sell sell sell. I have read countless > books since I was in high school and played around > in the market since I was 18, so I just feel this > would be the best move for me now. I have some > decent connections from being a broker and from > past teachers, but nothing that I can just walk in > on and expect a job. I went to PSU for undergrad, > nothing amazing, but not bad. (3.5 gpa) Being a broker all but ruined ur chances. Obviously you do not have good research skills because if you have done your due diligence you would not have gone this route. What makes you think you can get into research now when before you couldnt? stick to sales, someones gotta peddle the goods
1morelevel thank for the good advice. It’s good to see someone have a positive outlook on the forum. Doesn’t seem like most people in the place do. SuperiorReturn, thank you for the great advice. Next time I need some motivation, I’ll be sure to ask for you directly. Geez guys. I just wanted advice. I didn’t ask for “you are screwed, you took the wrong direction, your life is ruined in finance.” I’m 25 years old and asking advice from my peers. Maybe if people were a little more positive, you analysts would actually outperform your benchmarks and earn your money and stop having brokers like myself make excuses for your mistakes to our clients. Seriously, I just wanted advice. Not the give up your not good enough, strike 3, critique, you suck. I’m motivated, smart, and sorry to say guys, just like all of you, even though you might not think so. I happen to have a lot of confidence and a lot of skills that I know can be utilized if I was in research. Thank you all for the positive advice.
SuperiorReturn Wrote: ------------------------------------------------------- > stick to sales, someones gotta peddle the goods …good point, someone’s gotta polish the turds;)
Come on, guys. ER is not *that* hard to get into. There are a sh*tton of research associates out there. I’ve seen some resumes with pretty weird first jobs…
A broker isn’t finance, as much as they want to sound like they are. They are stock pushers, cold callers, or extremely successful relationship managers (no real in-between… you either make a shit-ton or you hate your job & life within 3 years). Saying a broker is in finance is like saying a pharmaceutical salesperson is a doctor. They’re not practicing medicine, they’re pushing product. Doesn’t mean they can’t make good money though…
A broker is how you want to run your business. Yes you cold call and manage relationships, but I happen to do custom portfolio, which I do research and create portfolios from scratch. I don’t always hire managers. I do consider it to be finance. If you choose to be a drone and push company products, yes, you are just in sales. Danny Boy, your comparison is a bit off. Is it fair for me to assume that an ER analyst is nothing more than a excel guru who can plug in financial statement figures?