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Permanent corporate banker vs. contract equity analyst?

I graduated last year and now work at a top-tier corporate bank as Account Officer. I want to do equity research and a few weeks ago I got an offer from a top-tier i-bank as a 6-m contract research analyst. The head of that i-bank explains he really wants me but they have headcount freeze now, so the contract position is the only way get me(a junior) there. shall I accept it and expect some day maybe after 6 months I'll be a permanent employee? or stay at my old place? thank you!

Asked by calden

Posted in Switching Sectors and Research

18 Jun 2008

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Answers (4)

  • If I were you , I'd definitely take it

    ouais 18 Jun 2008

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  • That's a toughie. Given current conditions and the soft medium-term outlook, switching entails a very real risk you might end up unemployed after six months. On the other hand, moving now also carries a career upside, above and beyond the opportunity to do the kind of work you want for the next 6 months and build a track record in the field you really want. The added upside is this: Most career experts tell me that the passion for equity research that you would demonstrate by making the move with your eyes open (i.e., willingly taking the risk of giving up a permanent job for a contract job), would be viewed very favorably by future potential employers. So even if you had to pound the pavement as your contract period wound down (or after it ended), you might still look better to a research director than if you stayed where you are and later tried to make the same move while still employed in corporate banking. I guess a big question is, could you afford to be out of work for a time if the contract wasn't either renewed or replaced by a permanent offer?

    Jon Jacobs, eFinancialCareers News staff 18 Jun 2008

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  • Agree with Jon. If you don't mind the benefits as a contract staff, go for it~

    danny 19 Jun 2008

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  • I think that you should go for it! Especially in this economy, it seems to be the best way to get hired for the position that you want. I think that the market for equity research analysts appears to be stabilizing. The banks cannot continue with reducing head count among analysts for much longer. Hence taking a contract position now will eventually lead to a permanat position as an equity research analyst if not at the institution that is contracting you, another top-tier institution.

    ksunilreddy 19 Jun 2008

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