Background: I did an IBD rotation program a bunch of years ago, which included a 3 month rotation in equity research.
I enjoyed research.
I liked learning about new industries, new companies, new technologies, etc.
Writing came relatively easily for me, and the modeling was not as crazy as in PE (once you have a model for a company, chances are you can re-apply it later).
A) So what is the industry really like now?
When I talk to professionals in the industry now, they complain that the job has changed.
I hear:
a) it's become an equity sales job, that they are spending nearly all of their time on calls with the buy-side,
b) that the pay has gone down a lot,
c) that buy-side is now being billed directly for research which makes things harder...
d) that they fear too few people read their research these days, as opposed to buy-side writing their own research
e) is there a huge amount of time pressure, to write, to generate ideas, and to do so quickly?
f) pressures on rankings
g) pressure to generate unique insights that can move a stock or benefit from some insight
h) how can you get insight anyway without having material non-public info?
And how does one generate real insights in research these days?
My former employer was well-known for being a maverick, doing a lot of primary research (surveys, etc.), and of writing thematic books (new industry initiatition top-downs, etc.).
How can that be leveraged?
B) If I do want to re-join this part of the finance industry (I'm in PE now, turned 40 recently, but I did seem to enjoy the research and writing aspect)
a) is it even possible? Do I really have a chance, especially if I haven't published in a decade?
b) how can one try to re-enter the industry if one has ?
c) Would anyone even take me seriously?
d) And what might my path to getting back in look like? Network, have a sample report that I write up, and pass around to recruiters and others?
e) How can I deal with not having the benefit of starting as a junior making mistakes and trying to promote up?
How can I try to wedge in as a mid-level?