Investment Banking vs. Equity Research vs. Sales & Trading | A Former J.P. Morgan Analyst Explains
Рет қаралды 135,048
Күн бұрынIn this video I discuss financial careers in Investment Banking, Equity Research, and Sales and Trading. I discuss what you do in each of these finance fields, the hierarchy, hours, lifestyle, compensation, exit opportunities, and how to choose a career between them.
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⏱Timestamps⏱
0:00 - Introduction
0:37 - What You Do
4:33 - Sponsorship From Financial Edge
5:21 - The Hierarchy
6:32 - The Hours & Lifestyle
10:53 - Compensation & Exit Ops
12:17 - How to Choose
🎥My Other Videos🎥
How Much Hedge Funds Investors Make: youtu.be/watch?v=nZN5iAbtN8c
Crazy vs. Easy Week in Banking: youtu.be/watch?v=-DNtDWhYQXs
My Role During a $6.1BN M&A Deal: youtu.be/watch?v=TjjKFnMH1TI
J.P. Morgan Recruiting Secrets: youtu.be/watch?v=Pg7iMmylLZ8
My J.P. Morgan Resume: youtu.be/watch?v=Cm4YSClxAI4
How I Spent my ENTIRE Banking Salary ($155K): youtu.be/watch?v=hnmM-0E2bx0
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🔎Disclaimer🔎
All content in this video is for entertainment purposes only. I am not a professional financial advisor and my statements are not to be taken as instructions or directions. In addition, some of the links above are affiliate links, meaning that at NO additional cost to you, I may earn a commission if you click through and make a purchase.
@rareliquid 2 жыл бұрын
📈Jumpstart Your Career in Finance Through Financial Edge📈 ► Use Code RARELIQUID25 for 25% OFF: bit.ly/3vx0wIM
@samuelcarey1441 2 жыл бұрын
By studying business analytics in degree can land a job In any of this field ?
@savagecontent8712 Жыл бұрын
Hey bro is financial edge worth it? Currently looking for a ne w job in finance graduated in 2020 with a finance degree from fordham
@ChauNguyen-wd6fm 8 ай бұрын
Really structured and insightful video, thanks!
@adelali8654 2 жыл бұрын
Recently I have a JP Morgan interview. This is very helpful. Thank You!
@Ashdestine Жыл бұрын
How’d it go
@user-pp8xq7wr5p 2 жыл бұрын
I really appreciate that you do quality product placements that are actually useful to your viewers. 👌🏽
@santyv9466 2 жыл бұрын
Very informative. Thank you.
@goldenskyblue8261 2 жыл бұрын
Dude this is very insightful. Thanks so much
@user-oo6re4yv2f 2 жыл бұрын
the most video about investment banking i've ever seen thank you soso much
@moinsheik1106 Жыл бұрын
I wish I had seen this vedio a year earlier , would have saved my one year and a lot efforts..
@harshgangurde7616 2 жыл бұрын
Wow really imformative ❤️🙏🏻
@evaistheway 2 жыл бұрын
You are a godsend!
@Luis-oc6ml 2 жыл бұрын
Hey, thank you for putting so much effort into the videos to help us viewers as much as possible. I am trying to break into the investment banking world from a non-target school. Is there any advice you could give me?
@tumelogiven6304 2 жыл бұрын
Informative. Thank you. What do you mean by Saturdays are very sacred in equity research?
@JC-kz3ut Жыл бұрын
I was around pre-Volcker, and every time I see videos like this, it makes me really sad that the industry has basically been decimated and turned into a commission model. This used to be the bitch money pre-Volcker, but now it's the biggest source of revenue... Hopefully they let IB's start trading their own books again...
@user-wb4ne4st3s 11 ай бұрын
What background knowledge should I have before taking the financial edge course? I am a rising sophomore in college at Emory University.
@Hennrri 2 жыл бұрын
Very helpful info's 👍
@stonchong 2 жыл бұрын
Ex equity research analyst here - the other thing I'd mention is that generally speaking sales & trading seems to suit more extroverted people who enjoy talking to clients. Equity research from a personality perspective tends to suit introverted people who like to go in depth with detail better than sales trading. However you still need to wine and dine clients etc build relationships with the corporates under your coverage. I found the latter seemed to come earlier in my career (from end of year 1 onwards) for ER than my IB peers
@rareliquid 2 жыл бұрын
thanks for the additional insight!
@breadpitt2475 2 жыл бұрын
Hi, Which one is better for an introvert, Investment banking or Equity research analyst ?
@marshalsaini9619 2 жыл бұрын
@@breadpitt2475 equity research analyst
@iluvsquarez 2 жыл бұрын
Don't get ER wrong as @W stated, you are still required to maintain relationships with clients (funds) and the companies you cover (IR, c-suite, etc). You will not survive in equity research if you spend the whole day fidgeting with models and reading 10-Ks. If you are the type that can't sit in a circle with 10-15 fund managers and converse over dinner, you might wanna go for a credit rating agency.
@stonchong 2 жыл бұрын
@@iluvsquarez agree with this Just to add to this - I agree on the importance of relationships in finance. I'm now a buy side fund manager, I'd say aside from the fundamental skills I picked up during my 5 or so years in equities research - the biggest benefit to my career has been the network I built (which to be honest at the time was mostly unintentional), whether from doing investor trips and getting to know sell side competitors, ex colleagues who've moved into industry or to other buy side firms, bankers on the other side of deals, long term contacts with suppliers, competitors, industry experts etc to the companies we now analyse on the buyside. People are much more willing to help or share their expertise with you when they know you (though there's still a place for cold calling). People are often surprised to learn that I am an introvert - you can train yourself to strike up a conversation and connect with anyone - unfortunately, they don't teach this in degrees (well not mine anyway!)
@KitkatTrading2024 Жыл бұрын
Very good !
@zakiii3913 2 жыл бұрын
Like the change of background but its slightly echoey. Great video anyways as I need to decide what internships and spring weeks to apply for soon.
@rareliquid 2 жыл бұрын
traveling so was at a friend’s place temporarily!
@patrickzotti2563 2 жыл бұрын
I believe I asked for this 👀. You are the goat
@kulsumhafiz8500 2 жыл бұрын
Fund accounting - NAV will come under what ?
@moonbeam254 2 жыл бұрын
liked before started watching, I was just wondering this morning if I missed a video you posted or not. Feel like it's been a while.
@luyombojonathan6688 2 жыл бұрын
Very helpful
@aidandubitsky9577 Жыл бұрын
Thank u man
@tilelate9718 2 жыл бұрын
Can you make a video on prop trading?
@therankmaster9279 6 ай бұрын
What is the best one for going to a hedge fund
@LasVegasImp 2 жыл бұрын
Useful.
@therankmaster9279 6 ай бұрын
If I do sales and trading can I still get in a hedge fund
@user-pj3kp7pb5z 8 ай бұрын
how im access morgan stanley and credit suisse research report?
@gerardoparedes4321 5 ай бұрын
Prime market terminal
@alolugo Жыл бұрын
I just graduated with my financial planning degree as an undergrad and i don’t have any work experience any advice on where to start off please
@linzixuan29 5 ай бұрын
Go try your luck or go consulting .
@mdcarillo 2 жыл бұрын
Between IB and equity research, which branch travels more?
@jessicajaw5120 2 жыл бұрын
I’m offended my apartment wasn’t good enough for your backdrop
@dayanaabdullin4622 2 жыл бұрын
Thanks for the great video. Was really helpful to see the difference between ER AND S&T
@moogoogaipan3089 2 жыл бұрын
Very accurate for ER
@JimBob-ib3iu 2 жыл бұрын
I clicked on this video out of curiosity... How can people work 70+ hours a week and have a life? Do people really enjoy doing these types of jobs/ schedules? I make $215k+ a year (not including stock options + benefits) as an Enterprise Account Executive at a Fortune 500 company in Bay Area and I work 35-40 hours a week. Took me 2.5 years out of college to get here; working my way up to $350k/ year. Can someone please answer my questions above? I genuinely do not understand why people get into this industry
@jahimuddin2306 2 жыл бұрын
Some people genuinely enjoy working longer and are fine with it. I personally like working more than 40 hours but I am a blue collar guy so my work is a lot different.
@georgealmerco4159 2 жыл бұрын
What was yo major out of college man I’m curious about it. I agree with you I don’t how some people work 70hr a week and have a life but some enjoy it.
@InvestorCenter 2 жыл бұрын
Because if you work your way up towards the top, total compensation can be over $1 million a year
@Zeegoner 2 жыл бұрын
Because being an account executive is not as sexy to these people due to their nearsightedness. Account Execs don't have a well-known exit opportunity to 1 mill+, in their eyes. Idk if this is true, I hear a lot of CEOs come from sales backgrounds, and I'm sure that AEs at successful companies have a path to senior levels approaching $1 mill.
@Zeegoner 2 жыл бұрын
By the way, is your company hiring? Lol I'm interested.
@kevinsuh5313 2 жыл бұрын
Thanks papi!
@IvanVesely920 2 ай бұрын
Nice
@MrTjStylez 2 жыл бұрын
where's asset & wealth management :( i'm doing a summer internship with jp morgan awm
@jalengopie8832 2 жыл бұрын
if you don't mind me asking, how did you land the internship?
@MrTjStylez 2 жыл бұрын
@@jalengopie8832 applied online and went through the normal process, no referrals
@rareliquid 2 жыл бұрын
had too much to cover already with these three fields haha
@divitpratapsingh7841 2 жыл бұрын
@@MrTjStylez does that really work with every bank?
@MrTjStylez 2 жыл бұрын
@@divitpratapsingh7841 nope, every bank has different application processes
@lohithreddy7221 2 жыл бұрын
Hey, I’m an international student trying to break into finance industry and I don’t have any prior finance experience. I’m going USA to pursue masters in finance. Can you give me any suggestions which might be helpful to get into IB? And I’m going to a non target school.
@JokeinParis 2 жыл бұрын
networking (at school, Linkedin), following and applying for Summer Analyst programs etc..
@lohithreddy7221 2 жыл бұрын
@@JokeinParis thank you so much
@lilottovert1787 2 жыл бұрын
Buy the bank cookies
@josephboo6756 2 жыл бұрын
hey ben! are you filming these videos in south korea or in california?
@rareliquid 2 жыл бұрын
This one was filmed in SF, the most recent one in LA, but the majority of my videos are filmed in Korea as of now
@ivonajavorovic7310 2 жыл бұрын
Hey I am from Croatia(Europe).I am passionate to run Private Equity Firm or Venture Capital. What position should I look for ? I work as financial analyst (performing equity valuation), accountant and also consultant role. I think I need skills across investment banking (valuation) and private equity ( understanding industry and businesses - operation) and fundrising.
@xgarrison96 2 жыл бұрын
Hey Ben, great video. Big fan of the channel, congrats on Wharton (Katalan's options class and Wry's entrepreneurship classes were some of my favorite). Just to knit pick a little bit, I would probably say that prop trading has an equivalent if not more lucrative exit opportunity as those you've listed. I believe that it pays better than Private Equity with significantly less hours and is only accessible from school directly or experience in S&T (obviously only comparing the big firms, Citsec who offered fresh grads 400, Jane St, HRT, Optiver, etc, etc).
@AAA11546 2 жыл бұрын
Would be interesting to see your take on corporate banking vs IB. and also how they work together to satisfy client’s needs. :)
@ayushirabatti9791 2 жыл бұрын
Hey, how long does it take to get a reply from JP Morgan after the Hire Vue Interviews ? This is for the Investment banking Analyst position.
@gloriaesthefaniameza3039 2 жыл бұрын
About a week or two, for the second/third interview the same. The only ones that are quick are from the HR department that are about days
@kishorelukalapu3635 2 жыл бұрын
Investment banker or corporate controller which field is best
@davontawilliams3958 2 жыл бұрын
So if join financial edge does that mean I don’t need a degree, I don’t have go to college ?
@davontawilliams3958 2 жыл бұрын
So with the sales & trading do you get a base salary + Bonuses + commissions ?
@user-bz8zq4mk3l 2 жыл бұрын
Yeah
@user-bz8zq4mk3l 2 жыл бұрын
Which country are you located in and which firms are you interested in ?
@davontawilliams3958 2 жыл бұрын
@@user-bz8zq4mk3l U.S & IB
@luxwx 2 жыл бұрын
Checkout Anton Kreil's seminar on how much money do trader make, he's an ex trader from Goldman Sachs And JP Morgan, Im not a bot i swear, your answers are all there.
@davontawilliams3958 2 жыл бұрын
@@luxwx which seminar? Send the link.
@andrewlau6804 2 жыл бұрын
in sales and trading, your hierarchy is determined by the number of screens 😂
@rareliquid 2 жыл бұрын
lolol
@allengrootboom5680 2 жыл бұрын
Could you still work in finance if you major in science or engineering
@rareliquid 2 жыл бұрын
yes!
@gospelasonye8376 2 жыл бұрын
I recently made the transition from academia (PhD/Immunology) to equity research.
@jingming601 2 жыл бұрын
@@gospelasonye8376 Hi how do you like your equity research job? I have a phd in pharmacology and working biotech now, thinking of switching field
@gospelasonye8376 2 жыл бұрын
@@jingming601 I love it! It's the perfect blend of science & finance. Every day is not the same in terms of tasks/project. The finance is challenging but that makes me want to be good at it!
@jingming601 2 жыл бұрын
@@gospelasonye8376 good to know! what did you need to do to get yourself into equity research?
@africanboi4542 Жыл бұрын
For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
@Ethen-Quanxing Жыл бұрын
I been trying to stick with index funds. I feel this new interest rates hikes could crash this economy. Nevertheless I'm in need of a good investment plan currently. Do you have more clues that could help?
@ayamblaze8924 Жыл бұрын
you need to develop yourself in all ramifications don’t just jump in because you heard someone made so amount of money, employ professional help if you need to because on the long run you’d lose money not sand. In the long run, markets always have and will go back up.
@kaylawood9053 Жыл бұрын
@@ayamblaze8924 wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
@ayamblaze8924 Жыл бұрын
@@kaylawood9053 Having a coach is key to portfolio diversification, My advisor is “Eleanor Annette Eckhaus” You can easily look her up, she has years of financial market experience.
@FactFlix3 9 ай бұрын
my advisor is called John BLACK BOY (he loves black)@@kaylawood9053
@SCrimson 2 жыл бұрын
Great video! Exactly what i was looking for! Just a small question about credit research, and does something similiar to bond research exist(equivalent to eq. research but for bonds?). And is the paygrade terribly worse for credit research than eq. research?
@suh1302 2 жыл бұрын
Works at Ib for 3 yrs as an bottom 99% entry analyst, sells the experience to the public for 30 years to follow. Calls it content creation.
@ndumisolushaba2403 4 ай бұрын
Brah 😂😂😂
@arslanfaizullin2337 2 жыл бұрын
Great video! It would be interesting if you made a similar video about buy side
@eddierosario1537 2 жыл бұрын
Can we really get 25% off with your code?
@rareliquid 2 жыл бұрын
yup
@eddierosario1537 2 жыл бұрын
@@rareliquid Thanks and do they have courses for people that want to get into equity research
@maido8977 2 жыл бұрын
WONDERFUL VIDEO! THANK YOU SO MUCH
@andrezbenard5861 2 жыл бұрын
Another awesome video ❤️❤️Am investing my time and money in crypto now, this new price is a clear sign for new investors to come in✅✅.. Yeah, That's good idea.. A trader would be the best option if you are new to investing...
@andrezbenard5861 2 жыл бұрын
@Smith John I’ve been trading crypto with Mr Steven Lawson for over a year now and I've made about a whooping profit of $86,000 in crypto its not much but I'm ok with the progress since i now make a whole lot from the comfort of my bed....
@PyrexPopp 2 жыл бұрын
Directors “work” 40-60 hours a week but don’t include the 10 hours that they spend picking up their kids.
@rareliquid 2 жыл бұрын
looll
@salmanali579 2 жыл бұрын
I have an interview with Credit Suisse for a Junior Tax Analyst role. I have 1.5 year of experience so if they ask me about the salary range, what should I tell them? (Manhattan, NY) Please help
@thepastrypantry1983 2 жыл бұрын
Hey can you come back and comment on how it went? I want to apply for a Junior Compliance Role at Credit Suisse! :)
@sahilkhanolkar4641 2 жыл бұрын
Hey, great videos. Can you cover careers in wealth management in a future video?
@jamesbrown7885 2 жыл бұрын
can accountants land on one of these jobs ? if so how - what are the steps I have to take and know ? thanks! great content!
@davontawilliams3958 2 жыл бұрын
It should be easy since accounting and finance is similar
@Ll-kk3oo 2 жыл бұрын
@@davontawilliams3958 is that a joke lol
@davontawilliams3958 2 жыл бұрын
@@Ll-kk3oo no
@rjw19 2 жыл бұрын
@@davontawilliams3958 You are incorrect, sorry to inform
@davontawilliams3958 2 жыл бұрын
@@rjw19 explain
@humichael7228 2 жыл бұрын
Thank you for the informative video! I wonder if one can publish/sell his or her independent equity research report without being employed by equity research firms or investment banks etc.
@MadeInChina700 2 жыл бұрын
whos gonna stop you?
@iluvsquarez 2 жыл бұрын
If you are *not compensated* - yes. If you are compensated for your investment opinion you will need to be licensed (series 7 and 63 to give said advice and series 86 and 87 to put your name on research). These, however, would require sponsorship from a registered broker-dealer. And I'm making the assumption you're in the US and governed by applicable industry regulation. So if you do decide to publish your own independent research, make sure you're not being compensated. The internet is still fairly new to the industry so there's a lot of gray area but the last thing you wanna do is be used as the example setter on future legal issues.
@barryaherne215 2 жыл бұрын
Every time you talk about the hours that go into IB I wince; it's unnatural to work so long! Where on the spectrum would RL be? It seems to dip into elements of all three... Great video as usual ☺️
@jacksinclairr 2 жыл бұрын
30k base salary as entry level analyst in UK
@davontawilliams3958 2 жыл бұрын
Damn that sucks do you get bonuses?
@jacksinclairr 2 жыл бұрын
@@davontawilliams3958 it's good for the UK and yeah we do, but I dont know the numbers off the top of my head
@davontawilliams3958 2 жыл бұрын
@@jacksinclairr compared to the US in NYC that’s scraps 😢
@blackensky 2 жыл бұрын
I'm surprised at this... In my experience most IB grads start circa 40/50k (not including bonus) depending on the firm. Retail banking grads generally start around the 35k mark, again depending on the firm but their bonus pool is nothing to write home about. This is London specific, with other cities / regions of the UK being much less. Obviously this is just from my experience working in the city.
@J.T.A 2 жыл бұрын
Really? What bank?
@hiteshsuvarna308 2 жыл бұрын
Hi Can you throw some light on "effective writing skills", this would be of immense help to people getting into equity research. Thanks
@iluvsquarez 2 жыл бұрын
Not really necessary for equity research. After 1-2 months on the job if you just read the team's research and mimic the writing style you're good. You're not gonna be writing for the first few bits and even if you do, 100% someone more senior will proofread what you wrote and send you an email going like - FYI I made edits, this is good to publish. And you'll get a copy back with a bunch of redlined text. After a few tries you'll be aight.
@user-xs6wy6bw4s 2 ай бұрын
t
@natashaslogan6646 2 жыл бұрын
The market is growing daily with new strategies and trading opportunities. Financial empowerment is our everyday chase and Maria has proven be a part of this mission her strategy is the best
@lucaswhite3799 2 жыл бұрын
I advise y all to forget predictions and start making a good profit now because future valuations are all speculations and guesses the market is very unstable and you can't tell if its going bearish or bullish. While myself and others are trad! n without fear of making a loss others are being patient for the price to skyrocket. It All depends on the pattern you follow. I was able to make up to 24k from 4k In just July from implementing trades with tips and info from expert Maria
@toshatorri9510 2 жыл бұрын
Simple step-by-step process, excellent communication and response times, the service was extremely streamlined and friendly throughout. Would recommend anyone to Mrs maria and give a try.
@jprinfret6112 2 жыл бұрын
Wow..... am from Mexico, so much impressed with her trade service, any easy way to commence with her
@lucaswhite3799 2 жыл бұрын
@@jprinfret6112 Write or chat up on wassap, tell her I referred you.
@lucaswhite3799 2 жыл бұрын
+154
@SohaibAshraf 2 жыл бұрын
First!
@ankurthesolohealer 7 ай бұрын
Can you speak slow in videos?
@rareliquid 7 ай бұрын
i’m in a race against time my guy
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