Pros
SIG Equity Research is a solid place to start a career if you don’t have a top-tier college degree or previous experience at a leading Equity Research platform. The company will invest in you by sending you to modeling/writing classes, as well as sponsorship in the CFA program. Perks include free meals and casual dress code. Research Associates with 2-3 years experience can move to larger shops with better compensation, and occasionally the buyside.
Cons
SIG has a strong brand in the derivatives world, however the institutional equity business, namely Research and Research Sales, is an amateur organization at best. The idea that SIG will leverage its Options expertise to build a strong institutional equities business has been unsuccessful as most equity investors do not care to understand derivatives (and vice versa). Senior Analysts and salespeople are generally comprised of has-beens and never-will-be’s, which is par for the course at most small boutique operations. Leadership is the real concern, as the defacto head of the institutional brokerage operation is a SIG-lifer with little brokerage experience, employing self-serving sycophantic department heads beneath him. Sales tends to rule over the Research Department with little regard or understanding of the Research process (scheduling firm-wide meetings and other important events during earnings season). Salespeople are loathe to make outgoing calls, save for one or two, and are typically interested in heading to the bar by 4:05pm. The Director of Research is a former salesperson who embodies the company’s lack of understanding of how to run a research business. This individual lacks research experience (and the respect of many senior analysts and associates), making up for that with canned speeches about the bright future of the business. Nearly 25% of the company’s Senior Research Analysts defected to competing organizations in the past year as the business continues to shrink under current leadership. The firm has make some questionable hires to replace departed analysts, including individuals who have been out of Equity Research for more than 3-4 years. With the NYC office’s lease up for renewal in 2018 many believe the founders may cut their losses and shut the business entirely.