I lurk more on /g/, but I'm a buy-side analyst at a reasonably sized asset manager (40B AUM).
I've always wondered how many people here work on the street, but I never see any posts from people who actually work in the industry.
I work in NY with a focus on US Large-Cap Equities, specialty tech and macro. I'm junior though, so I do other coverage as requested by senior analysts/pms.
Ask me some questions, and I'll do my best to respond. Questions about recruiting, breaking into the buy-side, street sentiment, and all general questions are welcome.
NYC college student here, how to go about getting started in a career in this field?
About to graduate with a major in economics and a minor in math from a CUNY school, no internships but I am apply to masters programs.
I used to work at a $2B AUM FoF and before that a < $100M HF, both in Chicago.
Not in the industry anymore because I couldn't tolerate the personalities, the egos, and the fraud (the firms I worked at were doing shady shit, both unethical and illegal, without batting an eye).
I'm not sure if you have experience working with people in Chicago, and I'm wondering how different NY is. So my questions to you: (1) have you personally met many narcissists and sociopaths on Wall Street and (2) how bad is the fraud you've seen?
FoF is a tough business. Very nice when everything is up; sucks to be long/short when everything is down then a +50 bps management fee. I know guys who ran FoF and are just bleeding money nowadays.
I don't really have experience in working with Chicago. I don't trade either - we just put it on a blotter.
1) I have in sell-side recruiting, not as many in buy-side. There are jerks everywhere, but I'm happy to say the place I work with is full of nice people. If the market is down, some guys haven't a "don't fucking talk to me face", but no one is an outright dick.
I've certainly met my fair share of them though.
2) U.S. Equities AM is pretty hard to commit fraud in - there just isn't really a mechanism for it. I worked in sales/trading for a summer and there was rampant fraud everywhere, but it was a second-tier shop so it was kind of expected. Numbered accounts, manipulation of trace, dodging capital requirements, absurd spreads, the lot. In finding a needle in a haystack, great to be the guy hiding the needle.
>MBA is typically a very good reset.
That's cool. I work in the defense industry as an engineer, and I'm in the process of getting an MBA right now (from a top 50 university, but not an Ivy league). By the time I have it, I'll have had 8 years of experience on projects in the defense industry, but I'm very tempted by finance.
What do I look for when it comes to the job hunt?
It's really what you want. Depending on your level of skill, it affects the choices available to you. If you're a killer networker and murdering the interview, you'll have a lot of choices. If you haven't networked that much yet, you might have to take what comes your way - it's a bear market and there's a lot of firing going on right now. Hiring for Associate/VP is less favorable - really VP, but you get the idea.
In terms of picking a place you want to work, find an area of finance that you really enjoy. I enjoy analyzing investments, so I went buy-side. If you like schmoozing and yelling, trying sales in sales/trading. Read some books, talk to some people, and find an area that really hums with you ; you'll know it when you see it. Don't get locked into a prestige trap or job skipping - try and find what you really want.
I don't really thing being a leader would be fair - probably won't be in there enough to justify it and there are probably people on this board who know more than me. Happy to be a participant.
Congrats anon, you've committed the first step towards securities fraud. I'm sure your compliance department will be thrilled to learn that you've solicited contact from anonymous market participants.
You seem like a nice fellow. Be sure to come back and tell us about your next job.