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Buy-side front office exit opps for lawyers
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<blockquote data-quote="Romiras" data-source="post: 110487" data-attributes="member: 1993"><p>I'm going to preface that I'm talking about the context of IBD into PE/HF/AM as opposed to other FO roles like equity research, sales, trading. I'm also talking with certain funds in mind (e.g. not quant funds that typically want a PHD student). </p><p></p><p>Technically, there's arguably no all consuming objective reason as to why sell-side is easier to get into simply other than that there exist more roles at sell-side than their buy-side counterparts. Traditionally funds hire from sell-side (unless they run their own program which is akin to a graduate program) after they've gained two or so years experience. This is typically the time-mark where they become an associate and move into communicating with ICs and take on a more project management role and go further away from the "technicals" to-do list that an analyst would have to prepare. Therefore, they've learnt some technicals (which may or may not be that relevant to their future buy-side role depending on the fund and its strategy), they are learning about project management and therefore are more useful (they're not just a body, but a body with a brain), and they've proven they can handle certain soft factors these funds are looking for: ability to do the hours, pedigree, indication of their aptitude, etc. </p><p></p><p>Why is sell-side less sought after? Well that's a loaded question. If you enjoy serving clients, enjoy managing lots of transactions, working in a bigger team, etc, you'll enjoy sell-side. There's also typically more job stability here. Buy-side, on the other hand, with the funds I have in mind, provide a variety of different things that are attractive to the prototypical finance-minded person. You are the client. You decide what the sell-side tries to recommend/push you to buy. You don't work to their schedules (largely speaking), but they work towards yours. However, you have to manage your own portfolio and if you mess up, you will get sacked or get very little compensation. On the flip side, if you are someone who is excellent and market conditions willing, you will see financial compensation that can dwarf your sell-side counterparts (although this is becoming less true given the increased finreg). I guess there's definitely a reputation that those in buy-side are the client, the big boss, the crème de la crème, etc, as a result of the lesser roles available, the relatively cutthroat environment, and the financial upside.</p></blockquote><p></p>
[QUOTE="Romiras, post: 110487, member: 1993"] I'm going to preface that I'm talking about the context of IBD into PE/HF/AM as opposed to other FO roles like equity research, sales, trading. I'm also talking with certain funds in mind (e.g. not quant funds that typically want a PHD student). Technically, there's arguably no all consuming objective reason as to why sell-side is easier to get into simply other than that there exist more roles at sell-side than their buy-side counterparts. Traditionally funds hire from sell-side (unless they run their own program which is akin to a graduate program) after they've gained two or so years experience. This is typically the time-mark where they become an associate and move into communicating with ICs and take on a more project management role and go further away from the "technicals" to-do list that an analyst would have to prepare. Therefore, they've learnt some technicals (which may or may not be that relevant to their future buy-side role depending on the fund and its strategy), they are learning about project management and therefore are more useful (they're not just a body, but a body with a brain), and they've proven they can handle certain soft factors these funds are looking for: ability to do the hours, pedigree, indication of their aptitude, etc. Why is sell-side less sought after? Well that's a loaded question. If you enjoy serving clients, enjoy managing lots of transactions, working in a bigger team, etc, you'll enjoy sell-side. There's also typically more job stability here. Buy-side, on the other hand, with the funds I have in mind, provide a variety of different things that are attractive to the prototypical finance-minded person. You are the client. You decide what the sell-side tries to recommend/push you to buy. You don't work to their schedules (largely speaking), but they work towards yours. However, you have to manage your own portfolio and if you mess up, you will get sacked or get very little compensation. On the flip side, if you are someone who is excellent and market conditions willing, you will see financial compensation that can dwarf your sell-side counterparts (although this is becoming less true given the increased finreg). I guess there's definitely a reputation that those in buy-side are the client, the big boss, the crème de la crème, etc, as a result of the lesser roles available, the relatively cutthroat environment, and the financial upside. [/QUOTE]
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