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Banking or equity research?
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Date: November 11th, 2014 10:29 PM Author: excitant area Serious advice please.
So I recently got an offer for a senior research associate role at Sanford Bernstein, an elite sellside equity research shop. ER at banks suck because they are a cost center whose sole existence is to funnel money into banking and trading. Bernstein however is different because they only do research, and the caliber of their research is substantively better than banks. Moreover, the people there are smart as hell and I was blown away by the caliber of people (Ex-MBB consultants, STEM Phds from top schools, etc.). The culture is extremely cerebral, unlike banks. Finally, their associates all move to the buyside after a few years.
The con is however twofold. First, the pay is not as nearly as good as the banking offer I am considering. Second, I would be assigned to cover a specific sector, and I would become a specialist. My concern here is that I won't develop broadly transferable modeling and valuation skills that bankers get and that this might hurt me in the long-term.
The deadline for accepting either offer is December 1st.
TYIA.
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Date: November 11th, 2014 10:30 PM Author: Translucent partner mood what bank, faggot (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26698995) |
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Date: November 11th, 2014 10:31 PM Author: excitant area one of the top boutiques (lazard/greenhill/evercore/moelis) (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699009) |
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Date: November 11th, 2014 10:32 PM Author: Henna floppy old irish cottage international law enforcement agency LOL then my post below is even more emphatic. Bro take the banking offer immediately and don't ever look back (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699019) |
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Date: November 11th, 2014 10:32 PM Author: Translucent partner mood then you easily take the banking offer you faggot. if you were talking a sub-BB bank then sure its a hard decision (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699026) |
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Date: November 11th, 2014 10:32 PM Author: excitant area thanks (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699031) |
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Date: November 11th, 2014 10:32 PM Author: Talented bronze ape boiling water the only thing lazard is a "top" of is you when they pound your ass without lube. you'll probably enjoy that though and find someway to justify it on here, jjc (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699029) |
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Date: November 11th, 2014 10:34 PM Author: Translucent partner mood its a great firm. sure you live there (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699041) |
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Date: November 11th, 2014 10:48 PM Author: Heady skinny woman jjc said if he made 10mm/year he'd have the confidence to finally get laid, so if he takes the banking offer, he should get to that level of yearly comp in like 500 years. Almost there Prodigy! (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699179) |
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Date: November 11th, 2014 10:47 PM Author: Heady skinny woman I really need you opinion on this
"I know this is heresy on this board, but after going out tonight and talking to some people, I think this whole game thing is grossly overrated. I've gone out with so-called master pickup artists, and their performance was mediocre at best. The fact of the matter is, without looks, money, power, or status, it's extremely difficult to get super hot girls. There is only so much game can do for you. I'm 100% confident that if I were a celebrity or making 10 million a year, I can get hotter girls than Tyler. By the way, have any of you guys actually seen RSD instructors pull hot girls at clubs/lounges/bars? I have a feeling that a lot of their so called "achievements" are exaggerated. I'm thinking of quitting the game within the next three months and focus exclusively on making tons of money. In the end, nothing beats money and power. Not even game.
JJC "Prodigy" Chicago, IL" |
Date: November 11th, 2014 10:31 PM Author: Henna floppy old irish cottage international law enforcement agency Banking and it's not even close. Equity research is supposed to be super boring dead-end TTT hell. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699012) |
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Date: November 11th, 2014 10:32 PM Author: excitant area even Bernstein? I agree with you that in general ER sucks, but it seems like they're different. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699020) |
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Date: November 11th, 2014 10:33 PM Author: Henna floppy old irish cottage international law enforcement agency Bro LAZARD and MOELIS are extremely prestigious and have like .001% acceptance rate to their analyst programs, I think you will be much more set in the long run if you take that offer. ER will limit you long-term much moreso than being an analyst "specialist" will. Virtually all analysts specialize in something. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699035) |
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Date: November 11th, 2014 10:34 PM Author: excitant area TBF, this is a post-mba associate role. Thanks for your input. I've actually gotten conflicting advice from my classmates. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699049) |
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Date: November 11th, 2014 10:35 PM Author: Translucent partner mood what school? businss week rankings just came out (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699061) |
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Date: November 11th, 2014 10:36 PM Author: excitant area non-hbs/stanford M7 (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699066) |
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Date: November 11th, 2014 10:41 PM Author: Translucent partner mood good job. how jelly are your classmates of your offer? i interviewed with lazard but didnt get it (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699120) |
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Date: November 11th, 2014 10:44 PM Author: excitant area uh, they don't give a fuck. a bunch of my classmates got buyside finance offers (hedge funds such as blue ridge, baupost, lone pine, various tiger cubs, and long only mutual funds such as fidelity, capital group, wellington, t rowe price). these guys laugh at banking. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699146) |
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Date: November 11th, 2014 10:47 PM Author: Translucent partner mood most m7 people I know got shit jobs post graduation. even some of those buyside offers I think are lame (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699169) |
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Date: November 11th, 2014 10:48 PM Author: excitant area serious? those buyside offers are legit as FUCKKK. i would probably kill multiple people in cold blood to cop an offer from a place like capital group. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699180) |
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Date: November 11th, 2014 10:50 PM Author: Translucent partner mood asset management seems guy as fuck to me. I like banking and PE because its a lot of finance but also a lot of relationship building and working with people (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699195) |
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Date: November 11th, 2014 10:51 PM Author: excitant area fair enough. i'm a research guy, so it would be a good fit for me. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699209) |
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Date: November 11th, 2014 10:52 PM Author: Heady skinny woman (replaceable NOWAG cog in the machine) (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699212) |
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Date: November 11th, 2014 10:53 PM Author: Translucent partner mood (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699233) |
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Date: November 11th, 2014 10:50 PM Author: Heady skinny woman So you NOWAGd out of post-MBA life already? LOL (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699193) |
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Date: November 11th, 2014 10:31 PM Author: seedy glittery site Literally all associates move to the buyside after a few years? Is the long-term goal to work at a hedge fund? (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699018) |
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Date: November 11th, 2014 10:32 PM Author: excitant area that's what i was told. they basically kick you out after a few years, and the associates get picked up by funds that love bernstein's research. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699028) |
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Date: November 11th, 2014 10:41 PM Author: seedy glittery site That's what they told you? That's a sales pitch if ever I heard one. They could not function if they pushed out literally every MBA hire after a few years. I'm sure some end up staying. On the other hand, they are probably using a VERY expansive definition of the word buyside to include mutual funds, endowments and other stuff that is lower paying than hedge funds. And of course some people are going to wash out of the business entirely.
I will say, in contrast to some other posters, that you should not automatically choose banking in every circumstance. When I was a naive undergrad, I had a choice between an internship in banking and one in private equity. The mouth breathers in my school's career services office were telling me to do banking, but luckily, a guy from our MBA program who had been assigned to me as a mentor set me straight, and I ended up doing the PE gig. That being said, this doesn't sound like it's worth skipping banking for. |
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Date: November 11th, 2014 10:45 PM Author: excitant area jfc. only a moron would tell someone to do banking when they have a PE offer (unless the PE firm was TTT and the banking was top BB). are you still in PE? (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699156) |
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Date: November 11th, 2014 10:46 PM Author: seedy glittery site Yes. Run my own small firm now. The career services people at my school are a true waste of oxygen. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699166) |
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Date: November 11th, 2014 10:49 PM Author: excitant area career services, even at top b-schools, are a joke. they don't know anything specific about industries and firms. i only turned to them for advice on resume and basic interview prep.
range of your ug? |
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Date: November 11th, 2014 10:53 PM Author: seedy glittery site Ivy. I shudder to think what is on offer at regular schools. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699220) |
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Date: November 11th, 2014 10:56 PM Author: excitant area yeah scary to think how bad it gets at those schools. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699259) |
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Date: November 11th, 2014 10:32 PM Author: Sapphire infuriating depressive kitchen banking regardless of the bank (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699023) |
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Date: November 11th, 2014 10:40 PM Author: Fighting Stag Film Police Squad If the goal is to work at the buy side, ER research would be better IMO. I have no doubt the research skills would be useful to a HF.
Banking would naturally exit to PE, but I don't hear of many post MBA associates making that leap. It seems mostly analysts move to PE. My impression is post MBA associates don't have as strong modeling skills as the analysts. |
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Date: November 11th, 2014 10:42 PM Author: excitant area yup; you hit the nail on the head. from what i gathered, post-mba bankers stay in banking. going from that to the buyside is quite difficult, even from an elite boutique. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26699132) |
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Date: November 11th, 2014 10:51 PM Author: Heady skinny woman "Prodigy" running his "game" on a hooker he paid for sex:
Hey guys. This is not a "normal" field report but thought I should post it. Anyways, I was really bored and stressed today after work, and since I had cash to spend, I decided to see an escort. She was a blonde HB9 with big tits and a firm tanned body, just the way I like them. She used to be in pornos before becoming a professional escort.
Right before I went to her apartment, I remembered reading about some PUA's who game escorts for fun. At first, I thought it was absurd and impossible. But for some reason, I decided to game this chick. From the moment I saw her, I played it cool and talked to her like I would to a girl at a club. She was a bit taken aback at first and then got more comfortable with it. After the sex, she kept talking to me, and started opening up. When I asked her if she was going out this weekend, her face lit up and said we should meet up. Instead of displaying excitement, I was completely nonreactive and casually mentioned I have to attend a company party on Saturday. We then talked a bit more. Finally, before leaving, I told her I'll give her a ring on Friday so we can hang out. She gladly agreed that would be a good idea.
I'm pretty nervous about the day 2 because her hot girlfriends will also be there, and I feel enormous pressure to be "cool." I was super confident towards her, so I can't let my old AFC self show up. However, I'm still excited about the potential opportunities.
JJC1122 "Prodigy" Chicago, IL |
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Date: November 12th, 2014 12:28 PM Author: Plum Multi-colored Trailer Park Headpube What did you do before bschool? If finance, what area? (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26702108) |
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Date: November 12th, 2014 12:31 PM Author: at-the-ready mexican Given the tens of thousands of hours you spend on internet forums, there is almost no chance you have the skills to excel in banking beyond the associate level. You aren't going to be closing deals if you get AMOG'ed by 5'4" white dudes. ER is probably a better fit longterm. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#26702127) |
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Date: October 3rd, 2015 2:02 PM Author: Free-loading Cruise Ship Potus (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#28891387) |
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Date: October 3rd, 2015 2:12 PM Author: walnut exciting field Equity research sounds incredibly boring. (https://xoxohth.com/thread.php?thread_id=2725425&forum_id=2#28891465) |