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Hi Salesman,

1. Exit opps – better in research. Sales is pretty much a dead-end. You have your client portfolio, but generally (unless you are a specialist in sales) you don't really have any content knowledge or transferable skills. You can't go into trading (the 95% in-road I've seen is to start as a trader), research (you're too generalised with no content skills), IBD (same problem as research), structuring (same problem as research) corporates (your client portfolio is irrelevant), buy side (same problem as corporates). Conversely, research (note that I'm talking about stock analysts, but I imagine its the same for macro) provides access to (1) Sales (2) hedge funds (I'm certain you could join a macro fund)… which may end up in a portfolio manager role (i.e. high value trading) (3) Various economic advisory firms / think tanks (4) Certain consultancies (probably economic consultancies). I'd also imagine that you *may* have some transferability into various desks such as rates or commods. A growing theme is for the researchers to sit on the trading desks. Often they can use this to request transfers into trading… usually starting with a small personal trading account… note that the full transition can take a while

2. The hours – similar. In equity research, I was in the office for 7. Out by 6.30 or so (though obviously I had later nights than that!). Equity sales was in at 6.15 / 6.30 for the trader call. They were out around 6ish…. so roughly the same hours. Though sales don't pull late nights very often… unless you count socialising with clients as late nights. Equity sales had more early mornings as they had to deal with more company earnings reports

3. Pay difference – negligible. You get paid on the commission you generate in both jobs. Maybe sales pips research slightly but, I'm guessing by 5-10%s

I would focus most on the exit options. The researcher that moves to buyside is minted relative to the sales guy who's stuck on sellside. And the researcher can always switch into sales, but sales can't move into research.