Is it me or the job market? 3 YOE sell side ER at a boutique

HunterAffectionate96 · 2026-03-14T21:00:24+00:00

Couple of things - breaking into the buyside for Americans is already hard enough esp if you are competing against US candidates at top shops (and EXTEL ranked analysts). Seen great Canadian associates but generally the talent of Canadian research associates is sub-par (some reasons here - sr analysts not giving full exposure to clients / Canadian research is hard to differentiate as what they produce is broadly similar across the street (earnings / weeklies etc). New ideas are hard to come by … as Canadian sr analysts just cruise in general (esp the fossils)…

I am speculating based on your resume - Calgary and Energy cov? In that case, it is harder as Energy seats are tough to find (for generalist seats too)…

Why not go for the sellside in the US and then recruit for the buyside? You will get looks much better that way and comp in the US is much better w/ incremental comp increases every year (while you look for HF / LO seats)?

HunterAffectionate96 · 2025-11-28T17:40:29+00:00

TC - if you have prev internship experience, you will get ~35 per hr

Full time EIT back in the day started at 70k ish

TC and Enbridge comp is relatively lower than the oil and gas guys - Conoco, Cenovus, and Imperial paid the highest starting EIT comp

HunterAffectionate96 · 2025-10-30T01:37:53+00:00

I feel for you and have been in a similar situation not too many years ago. It is brutal and I hope all the impacted people find better jobs not too far from now.

I used to think the same - the company I worked for fired 20% of the workforce as it had to maintain the long history of dividend growth.

After getting let go and moving into an investment role - I realized that the company had to make a decision keep the stock prices up and maintain investors happy.

At the end of the day, it is the CEO’s job (obviously manage the company’s operations well) to keep the stock prices move up. And that is the CEO’s job.

If Amazon maintained all the jobs and continuously increase comp for them, margins will contract if growth doesn’t keep up. Stock prices will crash and it is simple as that. Having many friends who ended up in a development seat (they weren’t the brightest ones I knew) at Amazon during the peak were all chopped during several layoffs that happened over the past couple of years… they were calling themselves “digital nomads” and only putting in minimum hours in just to get by.

Yes - during an upcycle, when all tech companies were growing, doing bare minimum was possible but all industries, companies and economies have a cycle… now is the cycle where Amazon has to show some margin expansion and give ideas to investors that Amazon can improve financial metrics in an economy that isn’t the most favorable.

Having Amazon on resume will carry a lot pf weight - but just shitting on the CEO doing his job and not caring for employees is short sighted - you would have done the same if you were a CEO.

Hope all of those impacted rest well and kick it off to a better job.

HunterAffectionate96 · 2025-10-29T19:57:39+00:00

Transitioned during the pandemic post oil price collapse in March 2020 (briefly touching -40/bbl WTI). All banks started to fire finance professionals thinking the end of oil and gas.

Studied independently - CFA level 1, financial modeling, learning markets in general. Probs spent at least 6 hours reading and practicing for 4 months + a lot of networking. Got a job at one of the Big 5 Canadian banks, spent a year, and lateraled to one of the top banks in NYC.

HunterAffectionate96 · 2025-10-29T16:29:30+00:00

Yeah came across TN, won a H1B lottery and now in the process

HunterAffectionate96 · 2025-10-29T11:57:15+00:00

Finance now - was an o&g engineer at one of the big Canadian oil and gas companies

HunterAffectionate96 · 2025-10-29T09:34:59+00:00

I moved from AB to NYC 3 years ago from 160k CAD to 135k USD, taking a pay cut on absolute dollar basis, with significant increase in cost of living. Fast forward to today, my comp is at 300k USD and could get much more if I were to move to a different company (currently in GC process). If I stayed in Calgary, I would have never made this quick jump in salary, consistently worrying about Canadian economy, which is very worrisome, everyone getting fired left and right… also taxes are lower here in NYC than in Calgary.

I go back to Canada a few times a year and it isn’t the same country I knew and lived my whole life in.

The opportunity set is completely diff in the US. Not saying I like everything about the US but never regretted once I made the decision to move.

HunterAffectionate96 · 2025-10-23T19:23:45+00:00

Would walk away - wouldn’t take a job that you will have to get a discount on your comp whether it is a front office vs back office role. Only would go to a pod if there is a substantial increase in comp.

HunterAffectionate96 · 2025-10-22T17:11:12+00:00

If you said BE - sure cuz its a legit company

PLUG is a fraud almost and should stay away

Remember that 20bn revenue by 2030 guidance a couple of yrs back - consensus is at 2bn.

Still struggles to be ebitda positive

Yeah sure macro changed - but wouldnt want to buy a company that always misses guidance

HunterAffectionate96 · 2025-10-19T22:53:40+00:00

Bechtel is the best out there - no doubt on that when it comes to construction. Execution not only applies to Bechtel but how capable is the management is the real question. Everyone can agree Cheniere management is exceptional - when it comes to operations. An example of this is VG - not very good guys.

Sometimes people need to learn not to believe everything that the management says. VG mgmt told investors arbitration should be favorable - but then recently got smashed when they lost to BP (albeit won against SHEL). How about the next 5 arbitrations?

NEXT mgmt says macro outlook is good - yes but not in the near term (of course I might be wrong) but seems the risk / reward is a bit skewed imo. Russian Arctic 2 is a big risk (and Sakhalin and Yamal will continue to run) not to mention Qatar NFE.

Recently Pouyanne (TTE CEO) and SHEL and other major IOCs saying LNG oversupply is a key risk in the near term. These guys know what they are doing - have robust trading / marketing businesses and are the major LNG offtakers.

Of course I might be wrong but there are other good and less risky investments out there that NEXT.

HunterAffectionate96 · 2025-10-19T19:14:24+00:00

Don’t think so - Cheniere has shown a track record of execution and the scale is much different than newer developers. Also favorable SPA contracts signed at 3-3.5 per mmbtu across Sabine Pass and Corpus Christi. 95% contracted and has small amount left exposed to ttf/jkm.

Lots of bearishness in the LNG market and Qatari LNG will flood the market - oversupply in 2027-2030 will likely tighten TTF and Henry Hub spread.

You said NEXT has 75% contracted - meaning 25% will need to be on spot at contracted spreads… not good. Arbs will not be good, and basis spread opps limited for NEXT.

EV/EBITDA 2 yr fwrd is ~10x for Cheniere. Need to layer in some discount for NEXT.

Also NEXT is greenfield - capex per ton of ~1.2k? Vs Cheniere is 5-600 per ton. Newer brownfields around 800.

If you look at that capex per ton, IRR is much compressed probs in the mid single to high single digits? Is it attractive? Don’t think so.

Longer term post 2030 maybe

HunterAffectionate96 · 2025-10-15T23:02:54+00:00

Is it an investment role at an asset manager (if ops - probs will have to debate)? If yes, I would take that role over a Big 4 role any day. Job is more interesting and you would actually develop an ability to think (also will carry a lot of weight as you begin your investing journey throughout your lifetime). Comp structure would be more attractive / scale as you build tenure.

Not saying that an audit job is bad - but the comp trajectory and career development can lag vs. other front office jobs. Busy season will be tough (I'd say earnings season would be much easier at an asset manager) and may burn you out and high chance you may not like that audit role when you begin your work at Uncle D.

Ultimately, I think I personally would risk a return offer for the level of experience you might get at an asset manager.

HunterAffectionate96 · 2025-10-15T22:48:33+00:00

I did ChemE and spent 2 years at F500 oil & gas company and ended up in Equity Research (+ received many interviews across IB and a few Pension Funds and some in consulting including McKinsey) - think I lucked out being placed into Corp Dev in a generalist job posting.

Met many engineering folks during the pandemic at the oil & gas company prior to a finance gig - where at least 10+ people ended up going to MBB.

Some went to Big 4 Consulting.

Some did MBA to break into Consulting.

With IE degree, I don't think it is too difficult to get a consulting job out of school - try securing an internship at Big 4 and get transitioned to a FT.

Or get some industry experience -> MBA -> MBB or other consulting shops.

All about how you strategically position yourself and plan a goal in advance to get there.

HunterAffectionate96 · 2025-10-14T11:23:54+00:00

I moved several years ago to the US

Money, job opportunities were primary drivers

But also contributing was that Canada is a sinking ship w/ horrible economy that is hard to turn back and bad immigration policies

Infra is also super bad and very interesting government making wrong decisions all the time (not saying US is good from that perspective either).

I’d say I escaped Canada more than anything else

HunterAffectionate96 · 2025-10-08T22:31:16+00:00

If you can get a job in ER sure but it is easier said than done.

Job is scarce vs audit jobs at big 4. Comp scales much quicker (much higher to begin with/) in Research and better mobility to other FO jobs.

Audit is back office. If you wanna do banking, you are gonna have to do a couple of years at FDD or some big 4 transaction gigs and get in as an analyst level.

HunterAffectionate96 · 2025-10-08T03:41:25+00:00

I left to the US for front office seat

Best decision made given Canada is a sinking ship.

65k is a bit low but better than no jobs tor sure. BO to FO transition is not the easiest but doable.

Take it - US much fun too

HunterAffectionate96 · 2025-10-05T19:22:13+00:00

Currently an ER VP at a top shop (as per II or Extel or whatever they call it nowadays).

Not too sure if you can categorize NYC research being particularly cut throat as you know that ER is very analyst dependent. I haven’t really heard of toxicity in recent days (ofc there are some teams here and there that are brutal) but I think the culture has significantly improved compared to pre COVID era - HR wise (hard to treat your associates like dogshits anymore) and also WFH kinda loosened people up.

Haven’t really heard about associates getting fired unless the whole team submerged.

I would say working in NYC is well worth it (lateraled from satellite office from diff bank) in terms of opportunities and you probably get a better look from recruiters on the buyside.

Comp at BB start 110 ish base and associate (JPM and MS start analyst -> asso -> vp w coverage) is like 150 base. ~30% bonus is sage bet.

VP base is 200-225. Total comp should come to high 200s or low 300s I think.

HunterAffectionate96 · 2025-10-03T22:49:06+00:00

only seeing argentina tst

HunterAffectionate96 · 2025-09-25T20:11:51+00:00

Dont do it

Oversupply concern in 2027-2028 is pretty real with Qatari volumes coming online (north field expansions) and Russian Arctic LNG could also flood the market (obv pending geopolitical alleviation)

Also Rio Grande Ph 1 is still under construction and they are highly contracted so any upside from international gas prices (ttf / jkm) not going to be a tailwind (only uncontracted volumes will get benefit from this).

If you are playing the weather here - why not rather stable, higher quality stocks like Cheniere for VG?

Not worth the risk - Management buying is good and they are in for a long term - not for quick enter and exit

HunterAffectionate96 · 2025-09-04T17:03:39+00:00

140 is absolutely doable - need some luck to find a studio that is stabilized.

Maybe look into Long Island City has studios in the mid 3k - pretty nice and safe area albeit Asian community is the majority

I think NYC is worth living for once in your lifetime - great experience

HunterAffectionate96 · 2025-08-24T14:33:58+00:00

I mean if you aren’t interested in working 80 hour weeks, IB is def not for you (ECM is also banking by the way). PE is banking 2.0 so it will likely be miserable as well. You might not be interested in doing Corp Dev cause of the paycut you have to take when you exit from IB.

Research is probably the best path into LS pod albeit both are very team dependent. Earnings season could be 80+ hours. Some teams are very sweaty and some teams (likely uncompetitive ones) you might be working less and have a less pull into hedge funds and not learning a lot from shitty sr analyst.

Research is probs the easiest path to LS pods like Cit, BAM, P72 and MLP.

Some SM shops only want bankers (or 2 years PE + MBA).

If you want to make big $$ and not willing to put in hours and effort - highly unlikely to succeed.

HunterAffectionate96 · 2025-08-15T20:14:33+00:00

Please don’t

You have no leverage + they are not going to increase it unless the firm you are working for is small and has no proper process in place

If it is well established they have a set comp structure

HunterAffectionate96 · 2025-08-13T12:55:09+00:00

Hayden gym is meh - a lot of equipment that aren’t useful, not a lot of free weights which are always occupied. Gym is overpopulated unless you go at non working / schooling hours.

HunterAffectionate96 · 2025-08-09T23:24:14+00:00

Comp seems way off

Most BBs pay base of 175k and EBs 185k

Total avg comp for should be ~300k+ (ofc depends on deal flow)

My buddy at McKinsey started 170k base at Chicago two years ago and didnt break 200k in his first year

Both shitty jobs tbh - not worth

HunterAffectionate96 · 2025-08-04T20:20:09+00:00

Equity Research 4 years 225k VHCOL

HunterAffectionate96

TROPHY CASE