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- 2011-7-11
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8#
发表于 2011-10-12 10:55
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Zuran Wrote:
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> If he is jumping from a small buyside firm to a
> top-tier sellside firm, that is totally rational
> decision as his pay will be much higher and future
> career progression will benefit a lot from having
> a "brand name" on the resume.
Just to clarify, most of the best buyside track records are accumulated with small teams, typically <10 investment professionals, and sometimes <5 firm-wide. It's different in PE where you need larger deal teams, but overall it's definitely inaccurate to imply that smaller is worse. Mega funds such as SAC that employ hundreds of people are the exception on the buyside. Generally, unless you are working at a crusty mutual fund or something, going BS to SS is a step down, and that's why it rarely happens.
Your presmise that compensaion is all that matters is flawed. A BB SS may or may not pay more right off the bat, but over the long-term, it will almost certainly have a lower NPV to the candidate than working at even a reasonably good BS shop. You don't learn how to invest on the SS, you learn how to model, write reports, and answer the phone. The BS is a different ball of wax.
The most valuable thing you can learn in this business is how to actually put capital to work in a successful manner. If you were guaranteed to learn that but had to work for FREE for 3 years, it would still be a fantastic investment for you over the course of your career (even though no one would ask you to work for free), though obviously the more you can squeeze out of an opportunity, the better. My general observation is that people are way too short-term focused in this business and miss the big picture, but then again, that's where the opportunities come from, so maybe that is a good thing for the rest of us. |
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