Vagabond
Machine
Few corrections
Buyside vs sellside: This has nothing to do with the stock recommendations. Sell-side = you work for an investment bank, i.e. you work as a broker. Buyside = you work for a fund manager, etc. where your recommendations are for internal use for investment decisions.
The comment about not being customer facing - very false. ER isn't just about hiding under a desk and writing reports - I would say ~ 20% of the job at best. A senior analyst may spend more time talking and meeting with clients than doing anything else in their day.
Your clients are primarily the buy side (as described above). Its a two-way street - you're expected to follow up on them, pushing your investment ideas and views, not too dissimilar as to what a salesperson would do, but also, you're expected to be on call for their requests and questions. Your clients, i.e. customers, won't deal with you exclusively, they're likely to deal with several of the major banks all at the same time, and then formally rank you based on service.
Besides clients, there's also industry contacts. Any respectable ER analyst should have an ever expanding list of industry contacts to talk to. This is how they get snippets of information and form a view (that might not be as obvious to other players in the market) and, more directly, they earn brownie points for setting up meetings/Q&As between the bank's clients and their industry contacts.
Newbie made the comment about no pre-requisite skills... not entirely true - depends on the sector. Vast majority of resources analysts I know are ex-engineers. Vast majority of insurance analysts I know are ex-actuaries. The junior/grad hires without industry experience go to sectors like media, retail, etc that can be picked up relatively easy.
Not many people start in research because there are hardly any jobs to begin with. ER intake across the bulge bracket may be less than what one of the larger banks hires for corporate finance alone.
I could ramble on but I'll stop there for now.
Buyside vs sellside: This has nothing to do with the stock recommendations. Sell-side = you work for an investment bank, i.e. you work as a broker. Buyside = you work for a fund manager, etc. where your recommendations are for internal use for investment decisions.
The comment about not being customer facing - very false. ER isn't just about hiding under a desk and writing reports - I would say ~ 20% of the job at best. A senior analyst may spend more time talking and meeting with clients than doing anything else in their day.
Your clients are primarily the buy side (as described above). Its a two-way street - you're expected to follow up on them, pushing your investment ideas and views, not too dissimilar as to what a salesperson would do, but also, you're expected to be on call for their requests and questions. Your clients, i.e. customers, won't deal with you exclusively, they're likely to deal with several of the major banks all at the same time, and then formally rank you based on service.
Besides clients, there's also industry contacts. Any respectable ER analyst should have an ever expanding list of industry contacts to talk to. This is how they get snippets of information and form a view (that might not be as obvious to other players in the market) and, more directly, they earn brownie points for setting up meetings/Q&As between the bank's clients and their industry contacts.
Newbie made the comment about no pre-requisite skills... not entirely true - depends on the sector. Vast majority of resources analysts I know are ex-engineers. Vast majority of insurance analysts I know are ex-actuaries. The junior/grad hires without industry experience go to sectors like media, retail, etc that can be picked up relatively easy.
Not many people start in research because there are hardly any jobs to begin with. ER intake across the bulge bracket may be less than what one of the larger banks hires for corporate finance alone.
I could ramble on but I'll stop there for now.
