http://blog.naver.com/96scud?Redirect=Log&logNo=60047835415
Buy Side vs. Sell Side
|
Buy Side |
Sell Side | |
|
Client |
Internal portfolio managers (within your firm) |
Buy-side analysts and portfolio managers, internal sales force |
|
Product |
Write-ups and informal discussions |
Published reports, First Call notes, morning meeting comments, marketing presentations |
|
Measurement |
Portfolio performance |
Institutional Investor rankings, client relationships |
|
Career Development |
Usually portfolio manager, although career analysts do exist on the buy-side |
Career analyst at a sell-side firm or on the buy-side, or work in strategic planning or mergers and acquisitions at a company with which the analyst is very familiar |
|
Lifestyle |
Fewer weekends and late nights, 50-70 hours per week, moderate structure, travel low to moderate |
Deadlines during earnings season, always on-call |
|
Investment Philosophy |
Styles vary by firm but dictate which companies/industries analysts will cover, and in how much depth |
Service clients with a variety of investment styles |
|
Job Description |
As industry-wide analysts, they cover more companies than sell-side analysts |
Sector-specific analysts |
|
Compensation |
Depends on firm |
More upside, more volatility |
|
Recruiting |
Several larger, more traditional investment management companies recruit on campus. Firms that do not know their hiring needs far ahead of time and have smaller yearly needs/yield, such as hedge funds, will often opt to post in the spring time or hire through networking on an as needed basis |
Most large firms recruit on campus and have a formal process with training and resources once you start (especially helpful for career switchers) |
Lifestyle
The lifestyle on the buy side can vary depending on the fund's investment mandate (short-term trading, long only) and type of firm (hedge fund, mutual fund, insurance company). But generally speaking, the lifestyle is better than other industries (consulting and investment banking). The research analyst and portfolio manager hold market-driven hours and work weeks generally range from 55-70 hours per week.
Work Environment
Most MBAs start out as research analysts covering a specific industry. They are usually the only person focusing on that industry, and the work is very independent from the other analysts. The work generally requires someone with a disciplined work ethic who does not need much supervision, but is able to stay motivated and be productive.
From Columbia Business School COIN site
B2C
일반관계 Customer -> Company
금융거래관계 Buy Side -> Sell Side
시스템관계 Client -> Server
B2B (법인영업, Institutional Trade)
일반관계 Client -> Company
FIX(금융거래관계) Buy Side -> Sell Side
시스템관계 Client -> Server