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    Hi guys, I just had a few questions;

    I was unsure is Equity Research position considered as a Front Office or Back Office role?

    How hard is it to then make the transition from Equity Research at an IB to an ER position at a Hedge-Fund? Side question what's the difference in salary between working in ER at an IB to a Hedge-Fund?

    Is it possible to transfer from ER to any other FO roles within an IB and what other FO roles can you feasibly transfer to?

    In relation to the last question how would you go about making this transfer from ER to other FO roles, could you do it directly or would you need to transfer to other positions to build up experience?

    Thanks in advance, any input would greatly be appreciated.
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    its a fo role
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    Yes, it is a front office position.

    Yes; there are tons of people from equity research that join hedge funds, plenty of examples on wallstreetoasis.

    You could almost definitely transfer to something like ECM or DCM, maybe some coverage group but a jump to plain M&A will be hard to make(not impossible though).
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    (Original post by dibs99)
    Yes, it is a front office position.

    Yes; there are tons of people from equity research that join hedge funds, plenty of examples on wallstreetoasis.

    You could almost definitely transfer to something like ECM or DCM, maybe some coverage group but a jump to plain M&A will be hard to make(not impossible though).
    What's the comparison in salary between working as an ER in an IB to HF?

    Would you say that M&A is the hardest position to get to in an IB?
    And how would you go about getting this position would you just apply directly to an M&A role are there any qualifications that you would need to do on the side in order to strengthen your position.
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    (Original post by gr8wizard10)
    its a fo role
    I'm in my final year of university, didn't manage to get an internship during my penultimate year, haven't managed to get anything for this year.

    What's the best course of action just continue applying to off season internships or try another route of entry into IB?
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    (Original post by DreamChaser111)
    I'm in my final year of university, didn't manage to get an internship during my penultimate year, haven't managed to get anything for this year.

    What's the best course of action just continue applying to off season internships or try another route of entry into IB?
    off-cycles / retry for summer internships i would imagine
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    (Original post by gr8wizard10)
    off-cycles / retry for summer internships i would imagine
    I have an offer for Audit at a Big 4 firm, I was thinking of taking that up and then moving to equity research and then to a HF position. What do you think?
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    (Original post by DreamChaser111)
    I have an offer for Audit at a Big 4 firm, I was thinking of taking that up and then moving to equity research and then to a HF position. What do you think?
    wouldn't know if thats a conventional route to take
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    If you get into HF straight out of undegrad which is incredibly unlikely(but possible, if you network your arse off and cold email every single hedge fund under the sun) then the salary would be slightly higher than in IB and your work would be marginally more meaningful. At higher levels HF salaries are way higher than those at IB(generally).

    i wouldn't say that M&A is the hardest to get into; strats and quantative research are impossible to get into(especially at MS, GS and CS). There are stories of Goldman taking 3 years to fill one of their strat positions cause they didn't like anyone that they interviewed.

    Well, when you apply for a grad position or an internship then you will have to state investment banking as your choice as opposed to technology or S&T. Then after your interviews you will get placed or go through a rotation in one of the groups. Some banks would have plain M&A groups; others will be split into sectors and one of them would be called "UK M&A".
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    (Original post by DreamChaser111)
    I'm in my final year of university, didn't manage to get an internship during my penultimate year, haven't managed to get anything for this year.

    What's the best course of action just continue applying to off season internships or try another route of entry into IB?
    big4 grad scheme then segue into ER upon ACA qualification

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    (Original post by gr8wizard10)
    wouldn't know if thats a conventional route to take
    In terms of applying to internships I virtually have no experience in a bank.
    What do I need to do in order to improve my chances of getting one?

    Do IB not really care about the ACA qualification? What qualifications do you undertake as an analyst?
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    (Original post by DreamChaser111)
    In terms of applying to internships I virtually have no experience in a bank.
    What do I need to do in order to improve my chances of getting one?

    Do IB not really care about the ACA qualification? What qualifications do you undertake as an analyst?
    ACAs move over all the time, not gonna be easy mind.

    afaia you don't do a qualification in most Analyst programs.. if you were to do one it would be the cfa or imc

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    (Original post by dibs99)
    If you get into HF straight out of undegrad which is incredibly unlikely(but possible, if you network your arse off and cold email every single hedge fund under the sun) then the salary would be slightly higher than in IB and your work would be marginally more meaningful. At higher levels HF salaries are way higher than those at IB(generally).

    i wouldn't say that M&A is the hardest to get into; strats and quantative research are impossible to get into(especially at MS, GS and CS). There are stories of Goldman taking 3 years to fill one of their strat positions cause they didn't like anyone that they interviewed.

    Well, when you apply for a grad position or an internship then you will have to state investment banking as your choice as opposed to technology or S&T. Then after your interviews you will get placed or go through a rotation in one of the groups. Some banks would have plain M&A groups; others will be split into sectors and one of them would be called "UK M&A".
    Do you need an internship or any previous experience in order to apply to a Hedgefund position as a graduate? Becaus will I haven't managed to get any internships. If I do get accepted into an HF position is there any qualifications that they make you do or is it just an experience based job?
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    (Original post by DreamChaser111)
    In terms of applying to internships I virtually have no experience in a bank.
    What do I need to do in order to improve my chances of getting one?

    Do IB not really care about the ACA qualification? What qualifications do you undertake as an analyst?
    The analyst experience doesn't lead to qualifications but it's usually as respected, probably more, as an ACA and most employers recognise that it gives you similar skills.
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    (Original post by Princepieman)
    ACAs move over all the time, not gonna be easy mind.

    afaia you don't do a qualification in most Analyst programs.. if you were to do one it would be the cfa or imc

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    It seems that your quite knowledgable in regards to the ACA route;


    -so in your opinion which would be better to do Audit or Tax at big 4 with the end goal being to go into ER. Is it possible to get into ER from Tax?

    What would you suggest that I need to do throughout my time doing the ACA in order to move into a FO role like ER at an IB?

    -Would taking the CFA level 1 exams alongside ACA improve my chances and show that I am very interested in ER?

    -Should I transfer to Transaction Advisory Services (TAS) role within the Big 4 after I achieve the ACA, or do you know if I can transfer whilst an Audit trainee?
    -Or would it be better to transfer to Corporate Finance rather than TAS, and could I do when I start as a Trainee or wait until I have completed my ACA 


    Thanks for getting back to me I am very grateful for taking the time to answer my questions.
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    Well in theory you don't need any experience but in practice it will be impossible to get a job then.

    Here is what I would do If I was you. Accept your big 4 offer---> Transfer into their Valuation or corporate finance division which would be wasy---> Get your ACA----> By then, your modelling and valuation skills will be off the charts, which would make technical interviews piss easy. At that stage you must apply for every jop opening in investment banking there is. Like literally anything and everything. Network like a ninja.-------> Let's say you have secured a place in IB at any front office position----> Start applying for Hedge funds which are relevent to your group/divison eg Merger arb, tmt----> reach out to headhunters, go through the interviews, all the usual stuff------> get the job.

    This is probably the most optimal path for you. It could take up to 4-5 years though.
    Either way, good luck and I hope that you get the job!
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    (Original post by DreamChaser111)
    It seems that your quite knowledgable in regards to the ACA route;


    -so in your opinion which would be better to do Audit or Tax at big 4 with the end goal being to go into ER. Is it possible to get into ER from Tax?

    What would you suggest that I need to do throughout my time doing the ACA in order to move into a FO role like ER at an IB?

    -Would taking the CFA level 1 exams alongside ACA improve my chances and show that I am very interested in ER?

    -Should I transfer to Transaction Advisory Services (TAS) role within the Big 4 after I achieve the ACA, or do you know if I can transfer whilst an Audit trainee?
    -Or would it be better to transfer to Corporate Finance rather than TAS, and could I do when I start as a Trainee or wait until I have completed my ACA 


    Thanks for getting back to me I am very grateful for taking the time to answer my questions.
    Deinfitely better to do audit than tax.
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    (Original post by Ladbants)
    Deinfitely better to do audit than tax.
    Why is that? is it simply because of the skill set that you develop from doing audit, or is it due to the negative connotations with tax, the fact that you will be viewed as being part of tax and you are pigeonholed.

    Also thanks for your advice man, it's much appreciated.
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    (Original post by dibs99)
    Well in theory you don't need any experience but in practice it will be impossible to get a job then.

    Here is what I would do If I was you. Accept your big 4 offer---> Transfer into their Valuation or corporate finance division which would be wasy---> Get your ACA----> By then, your modelling and valuation skills will be off the charts, which would make technical interviews piss easy. At that stage you must apply for every jop opening in investment banking there is. Like literally anything and everything. Network like a ninja.-------> Let's say you have secured a place in IB at any front office position----> Start applying for Hedge funds which are relevent to your group/divison eg Merger arb, tmt----> reach out to headhunters, go through the interviews, all the usual stuff------> get the job.

    This is probably the most optimal path for you. It could take up to 4-5 years though.
    Either way, good luck and I hope that you get the job!
    Thanks for your advice man greatly appreciated, just two follow up questions

    What is the valuations department? is it the same as Transaction Advisory Services?

    When you say transfer to the corporate finance division, when exactly can I do this, during the first year of my trainee position or after I have completed the ACA?

    Thanks a lot for taking the time to answer my questions.
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    No worries.

    Yeah, transaction/valuation something along those lines.

    You should transfer to the corporate finance divison as soon as you can, preferably during your first year; do that and work your arse off.
 
 
 
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