At a top shop shop right now helping a senior analyst cover a sector I enjoy. Unfortunately, the place is very precious about making juniors covering analysts. It feels like the odds of me covering my own stocks are slim here. This is not a me thing, its a group wide thing - some support analysts have done the job for more years than me and still don't have coverage. For context, I've done 4.5 years of ER helping the same analyst cover the same sector. Its fine but getting bored of doing grunt work and would be cool to have some more 'skin in the game' / be in the debate myself as the lead analyst.
The question is, should I leave to another place that gives me coverage of stocks? Subsequent Q's are 1) Would you move to a less prestigious bank for the purpose of getting your own coverage? 2) How important is getting your own coverage to progressing a career in ER? 3) Would you move to a different bank to cover stocks in a different sector?
Any perspectives would be appreciated.
Based on the most helpful WSO content, here are some insights and advice regarding your situation:
Moving to a Less Prestigious Bank for Coverage:
Importance of Getting Your Own Coverage in ER:
Moving to a Different Bank to Cover a Different Sector:
Additional Considerations: - Networking: Maintain a strong network regardless of where you work. Networking can open doors to new opportunities and provide support throughout your career. - Work-Life Balance: Consider the work-life balance and culture at potential new employers. A supportive environment can significantly impact your job satisfaction and overall well-being.
Ultimately, the decision should be based on what aligns best with your career goals, personal interests, and long-term satisfaction.
Sources: Tips to stop chasing prestige (and be grateful)?, Is Prestige Really All That Important?, Renege your IB SA offer for GS IBD offer?, Bank of America is Paradise, Why does everyone want to work at a top bank?
Moving to a lower tier bank to get coverage happens all the time in ER. That’s kind of the name of the game tbh. You typically have some sort of carve out (2-5 names) at x bank before you move to y bank and get full coverage. I could be wrong but that’s my understanding.
This is exactly what I’ve heard and come around to. OP, it’s a comfy seat and ppl try not to leave
Also you’ll make a lot more if you have coverage at a smaller bank… like a lot more… if you care that much about being at a BB or top research firm as an associate over $$ then you’re kind of an idiot imo.
Yeah more of an ear what u kill system. Which can be quite stressful in sectors thatre very capital markets heavy like biotech. But small shop ex: ur Co. does a $300M raise, economics 10-15%, ~$2M fee to bank. Now you’ll get a slice of this fee (maybe 10-20% or more). Do a few of those a year and you can see how bonus can become pretty hefty for an Analyst. This is just one way to bring firm $ - mulitiple other ways
Yea I wonder how long this can keep going for. Say I’m an analyst and I join a new shop and launch on 10-12 quality names. I’m saving the rest of my capacity for banking deals (biotech) - I can’t be adding new names to my arsenal perpetually. I’m capped at 30 or so names right? Then bonuses dry up?
Having any coverage is better than no coverage anywhere. But having coverage at BB is generally better than coverage at smaller firms.
So if you’re an associate at BB, it’s a probabilistic exercise on how confident you will actually get coverage and when.
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