Salary/Hours - Sell Side Research

TITLE: Associate, Fixed Income Research COMPANY: Full service boutique investment bank (ON THE WEST COAST), focuses on middle market companies. OVERVIEW: Assist the Senior Analyst in providing research coverage on fixed income securities. The associate will construct detailed financial/valuation models while engaging in primary fundamental research on various industries and companies. The position will be expected to deliver independent research based on company financials, drafts and published research reports and provide research presentations. SPECIFICS: -Provide support to a Senior Analyst through fundamental analysis and investment recommendations on fixed income securities with an emphasis on original, bottom-up research. -Lead all aspects of the building financial and valuation models, including: researching efficacy of quantitative factors, developing multivariate factor models, and writing research reports. -Conduct primary research through industry sources including: financial analysis, due diligence on industry trends, company managements and strategies. -Write comprehensive research reports and present findings. -Draft reports/notes on relevant investment themes, events, and breaking news. -Respond to client and internal inquiries regarding research findings and directives. EXPERIENCE/EDUCATION: -Bachelor’s Degree is required. -MBA preferred. -CFA and/or CPA designation is a plus. -1-2 years of experience working directly on conducting research covering multiple industries on the sell side or as a buy side generalist. --------------------------------------------- SALARY + BONUS = ??? NOTE: I’m a CFA Charterholder w/o MBA, 4 yrs work experience in corp finance/credit risk Also, what should my expectations be for hours as a sell-side analyst??? Cheers, RG

Not sure which West Coast city the firm is based in, that will have an impact on the salary ranges. On the equity side, Associates make about $55K-$80K base with $20K-$40K annual bonuses here in Baltimore. I’m on the equity side of sell-side research, so not sure how/if it would be different in fixed income, but hours are pretty normal on a typical day (7:30am-5pm), but it depends on the companies you cover. My group covers mainly small cap companies so there’s not much newsflow on these names, so not as much to keep us here late. That’s obviously differerent if your covering high-profile names… During earnings season you may be pulling 16 hour days for a week or so, but its only 4 times a year…

A friend of mine just got fired from Fixed Income Research.

I was thinking more like 90 + 30 minimum According to the CFA Salary Survey, for what that’s worth, median comp should be 130-150 all in. Perhaps that thing is just a bunch of bs, though. Numi & others - your thoughts?