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Buy-side versus sell-side analysts


❶Still very tough though.

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Equity Research Analyst

Interacted regularly with sell-side analysts and respective company executives. Collaborated with client development team in fund marketing and investor meetings. Consolidated financial statement information using company reports and performed ratio analysis. Researched market information using FactSet to conduct analysis on macroeconomic market, industries. Business Administration And Economics.

Focused on the industrial and chemical sectors, as well as corporate spin-offs. Generated buy and sell recommendations for current and potential portfolio companies based upon detailed fundamental analysis.

Your Resume, Made Easy. Proven experience in assessment of creditworthiness of client companies. Wide background in financial information analysis including cash flow records and management accounts. Strong current knowledge of compliance and legal issues involved in credit approval. Crafting a Credit Analyst resume that catches the attention of hiring managers is paramount to getting the job, and LiveCareer is here to help you stand out from the competition.

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Organized, disciplined, self-driven individual seeking underwriting position requiring multitasking, analytical, and cr Is it purely a money-thing? Money is one factor. Another is being on the buy-side you act as principal, not just as advisor. They come to you, less structure, more freedom to make better decisions unobstructed by Bullshit and conflicts of interest. Some of the sweetest jobs in finance are being a top PM within a large IM company. I get it now. For eg a banker goes to a company or government and creates securities to raise financing for that entity.

In terms of lifestyle it is generally agreed that people on the sell-side work more hours although that is not always the case.

Buy-siders also can make much more money if they are stars. Because of this it is extremely, gut-wrenchingly stressful. Having risk in the market is different then anything else on wall st. You may leave at 5pm or before that but it is no less stressful then banking An unwaivering confidence in all aspects of the job and an ability to respond in a fitting manner to any unforseen obstacle? I believe the one trait that is common amongst all great traders is absolute, iron-clad discpline When risk is in the market and prices are moving many cannot act correctly and undesirable traits of their personality like impulsiveness, greed, or fear take over and their best laid plans are tossed out the window.

Likewise, many people who i would not consider the smartest in the World are great, consistently profitable traders. I would say these are all traits that can be learned if a person has the right level of commitment. I can say that charisma has zero to do with it, except that people with a good sense of humor tend to be able handle the stress better maybe a little bit at least.

I love u ivy leaguers! However I need someone with experience to tell me how feasible would it be to move straight from my degree to an MBa and then into an associate position at a BB firm Bearing in mind that i will have approximately 4 years work experience at Dow Jones. And as my uni is quite close to the London Bureau I should be able to maintain my full-time position here.

Can you start your career on the buy side? Has anyone ever done this with respect to hedge funds? Is it possible to become successful without prior IB experience? Is it a necessity that someone teach you the ropes? How much of a disadvantage is it starting here? Obviously depends on the firm but answers would still be appreciated.

I had friends who did just that. They get relatively menial tasks in comparison with the work that the other individuals receive. In regards to the above post, the larger the fund the less responsibility you will be able to get coming right out of undergrad. It might be a wise choice to seeks positions at the middle-sized shops in order to get the best experience. Contrary to what many will say on this board, you really dont need i-banking experience to be successful at a hf.

I know a bunch who have Still very tough though. Banking is touted for the learning experience and exit opportunities it provides. However, those first two years can be fiercely grueling and most only endure them in hopes of reaching the promised land the buy-side.

So I ask myself, if I can get into a reputable buy-side firm right out of undergrad, why not do it? My issue--and I freely admit this--is that I am somewhat of a prestige whore. I have few marketable skills just like anyone still in college. I believe that a name brand helps establish a sense of stability and can provide a slight edge in a very competitive industry. Five 2nd-years are going to KKR this summer. Four of the five are either from GS or MS this is from a second-hand source.

Of course, fit is going to be huge as well. So here are my questions: Is it smart to skip banking in favor of going to the buyside early? For others, investment banking is the ultimate goal, and for others, getting into B school with some money saved, and then figuring out the next plan or starting your own company, etc is the plan.

If you are wondering which firms to pass up on Goldman banking, that is entirely up to you. If your goal is to just be at the most prestigious company, then that should be pretty easy.

Apply, interview, get accepted, and then look at league tables and hiring stats, and decide. If there is more to it, then you really have to go on a company by company basis, and figure out where you will be happy for 2 years or so, and then decide what will open more doors to your goals. Also, what should I say when asked in an interview why I would be interested in the buy side right out of college?

Because on the buy side, you are the client. This leads to longer hours, overly long powerpoint desks, and nasty cocaine habits. On the sell side, you slam the phone down and yell "Fuck you! Also, would you rather be the hooker constantly servicing clients or would you want to be the client who gets to pick the hooker? On the buy side you have to really know your shit, because if you buy a loser your boss is pissed.

On the buy side, you have to be right much more than you are wrong. I learned a lot and was able to tell interviewers why I would be interested in the buy side. If you get a job at a hedge fund or in private equity right out of college, you no longer have the need to work for something. So, what do you look forward to besides the money?

You will bypass the misery of IB, but you will begin at a disadvantage because of the skills and networking you gain from banking. After you are in the business for a while it wont matter, but in the beginning it will be a disadvantage. In fact, I would sooner let the janitor touch my book then you because at least I have seen him show good judgement over a period of years.

Depends from fund to fund. This type of work is typically not very interesting to someone who aspires to be a PM someday, and you gain very few transferable skills; the only upside is that you are exposed to the industry and can soak up some general knowledge. If these positions exist, someone please let me know. This is completely false. I have such a position and have many friends who do as well. I guess we have to start distinguishing between dudes who are on the buyside because they are good investors and dudes who are on the buyside because of their banking stint and connections and not because they like investing or are any good at it, but merely because "it is the good thing to do" for pedigree purposes, parents being proud, blindly following their analyst class, etc.

Unfortunately for the latter group reality will catch up with them, and if their stock calls fucking suck they will be shitcanned and thrown out the effing window like a sack of shit regardless of pedigree. I have not seen a single PM come up from an entry-level gig at a HF right out of college unless they got into a trading role - and that was only in the old days when the industry was smaller.

So yes, you are on the "buyside" but you are not going to be a baller like John Paulson. Such funds do exist. I have a friend going to a HF right out of college and the track is to be a PM.

Also, at the PE firm I worked at, I was told many times that they do not seek to churn and burn their analysts but rather want them to grow with the firm i. Often, the kids going to the buyside is because they have managed to set themselves apart and have the same skills a 2nd year analyst at a BB does.

This is not true. Investment positions out of undergrad while rare, do exist. Not exactly hf, but off the top of my head,i know fido and wellington both hire a few ER associates out of undergrad a year. I am not as familiar with the hf landscape but I think I have seen quant investment research positions listed on the career service website during my undergrad years.

I have not seen a single PM come up from an entry-level gig at a HF right out of college You have an overwhelming amount of logic deficiency. No offense but you are coming off as naive. I am a PM at a hedge fund and I never worked on the sell-side. That experience is way more valuable then anything you can learn on the sell-side and because of this I have been trading at a big name fund for longer then just about anybody I know who is my age and went thru the sell-side.

On the sell-side they are mostly teaching you to sell, whether you know it or not. As I have said many times before, to be a PM on the buyside I would rather be an assistant to a PM as a post-college jon then an investment banking analyst.

Go win the fucking Super Bowl. Same logic, your goal is to be the most baller fund manager ever, get to the top of your firm or launch your own , etc. You either come in knowing it after working on the sell-side, or having taught it to yourself like alex said.

Point is, how many kids know enough to teach themselves equity analysis and modeling? You should always be excited and striving to achieve the "next level. There is always something to work towards and you should never get complacent. Until you make it to the top there will always be someone watching over you and making sure you pull your weight. These roles are designed to develop TAs into potential future PMs. There is no doubt that a sell-side analyst stint provides you with a defined skill set and a great opportunity to network but if you can bypass this step and go directly to the buyside you would be an idiot not to unless you enjoy sales and client service type positions.

At the end of the day, most people join finance for the competition and money is the only way to keep score. I view money as nothing more than a way to buy free time, which at the end of the day is far more important than money. Thank you all for coming out of the woodwork to expose my bullshit and show me how big a dumbass I am. I will stop speculating about an industry and career path I know hardly anything about, and try instead to land a real job in finance first.

What is the success rate for people who start out as PM assistants like Bondarb? What would do these people do if they fail to make PM? Book trades and get lunch for the rest of their careers? There are ER positions out of undergrad where you are making investment decisions. In Toronto at Fidelity out of undergrad they start you with M to manage. The hours are amazing at worst! My concern is though, is it a bad idea to try to get into the buyside directly without any fulltime sellside experience?

Does anyone have any personal experience or anecdotes about this uncommon career path? Be happy where you are. Sounds like a fantastic opp.

Take it and be happy. Is this not the case? I also still have a few sellside prospects, but I really think this is ultimately where I want to be. In retrospect, getting my offer rescinded was almost a blessing in disguise, as cliche as that sounds - Otherwise, I would have never experienced this side of the business and found out how great it was. There are only two valid reasons why having sell side experience would be useful for someone who is looking for a buyside career: On the buyside your initial network will be smaller especially among your colleagues , but the contacts that you will make will be different in many cases better as you progress.

Also in many cases you need to do a stint on the sell side before you are useful to the buyside firm i. I am working towards getting into the position you are now, waiting to hear back. Take it and run with it.

Buy side always seemed like the place for me. Relinquis is spot on. Many people, especially at the undergraduate level, end up on the Sell Side not because of some burning desire to pitch value-destroying deals, but because as Relinquis noted, undergraduates are useless. The best are at least charmingly useless, and eager to learn. Considering the minuscule number of Buy Side positions available for undergraduates, that must be saying something. Plus, the work is great. Also, check out this thread for more information.

It applies to public markets specifically, but the principle is nonetheless there:. It will end at some point, but nobody knows when and it is at the mercy of the prevailing bias of the masses as it relates to ks and the stock market.

I believe its coming to an end and I invite any counter arguments. Could you specify what exactly you are predicting? By and large, retail investors have not participated in this most recent rally, which has been quite an upwards move. Investors know the history of stock returns, especially with long term horizons, therefore the market is always attractive in a certain sense. Emerging market growth is also being ratcheted down a bit too.

But overall equity has seen net outflows. It seems clear that the big inflows were before the crisis. Your concerns are somewhere between naively quaint and naively pedantic.

I need more flexibility from my career when i eventually settle down and have kids. I hope that things work out after all the crap life has thrown at me this year lol. I understand where the OP is coming from on this one, but I think that doing sell side just to have done it is a bit silly. I admit it can be hard to give up the brand name, experience and training you get out of sell side.

However, if you want to work on the buy side, it seems unlikely to me that the best way to do that is choose to go to the sell side over a buy side job at a good firm. I will destroy you. Bunch of my classmates started out directly on the buyside most of not looked back. A couple are on the path of PM soon.

Great decision for them. Some people are just born natural stock pickers or risk takers. Is the your hours as an intern? I am stunned that junoir people at any buyside shop start later than 7: The Stock Pitches for the Interview 1. Why Investing Answer for Hedge Fund 2.

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Analyst on two-member team that invested $ million in equities focused in the consumer, healthcare service, industrials and transports sectors, leveraging sell-side consumer and healthcare services experience. Assisted portfolio manager in the stock selection process, generating over $40 million in profit in , & 1Q

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Candidates for Equity Research Analyst positions typically list a degree in the fields of finance, business, or accounting on their resumes. For more information on what it takes to be a Equity Research Analyst, check out our complete Equity Research Analyst Job Description. Equity Research Analyst (Buy-Side) • Conducted in-depth fundamental research on companies in Healthcare/MedTech industry for Evergreen growth, value and core funds with approximately $2 billion in assets under management.