Job Responsibilities
The cyclical nature of the research year causes there to be
significant chunks of time where all your efforts are
concentrated in one area, until you move on to the next phase of
the cycle. The different parts of the cycle in the eyes of the
RA (research associate):
1. Survey design - mostly formatting in Word or Excel, a month-
long process that requires a lot of back-and-forth with
consultants.
2. Designing the format to present results: VERY detailed work,
all done on a UNIX-based platform. You must have (or have the
ability to develop very quickly) good computer skills. Most of
this is done using UNIX codes through a proprietary program.
This is also when the setup for the standard presentation occurs
using another piece of proprietary software. Less code involved
in that one, but it is truly a headache, and very detailed work.
3. Data collection - data comes in at the mid-point, 75% complete
point and the end of the fielding process. The RA scrubs the
data by sending it through previously created templates (step 2.
Again, a lot of code, a lot of staring at small numbers, and a
lot of back-and-forth with consultants.
4. Delivery - Results of the research are delivered to clients.
You are responsible for creating ALL materials the consultants
require. Many of the consultants are extremely demanding - they
are dealing with the uppermost executives at major financial
institutions, who demand a lot out of them.
Hours during peak times (the peak of each of these parts) are
usually 65-75 hours a week. A couple weeks between each major
portion hours will be around 50/week.
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Job Requirements
Bachelor's degree from a good university is required. A
finance/business degree will be slightly helpful, but not
necessary at all. Decent MS Excel skills are necessary.
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Uppers
You stay on top of financial trends, and always have a bird's-eye view of the
market. Also, dealing with top-level excutives gives a certain amount of
exposure that the entry-level employees in their own group probably don't even
have.
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Downers
They sell the position as a financial markets position, but it is
much more similar to market research. You do have a view of
financial trends, but the products you could be researching can
be anything - even laundry detergent.
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Lifestyle
No travel to speak of until you become a consultant - which requires an MBA, and
often, several years of experience. Hours vary - 9 months of the year, about 70
hours/week on average, the rest of the time is interspersed 2 weeks at a time of
50/week. Dress is business casual. There are two company events - a picnic in
the late summer, and a holiday party in December. Also, there are monthly
"Member's Dinners" (employees are referred to as members, not employees), hosted
by one or two managing directors at the Greenwich Yacht Club. These are
semi-formal, sit-down dinners.
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Compensation
$45,000 base (all RAs start at that level). Bonuses are awarded
in July, and are up to 10% of your base salary. There is no 401K
plan, however, they have a profit-sharing plan, which can be up
to 15% - they haven't paid out the full amount in 4-5 years
though. Benefits are good.
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Advice to Jobseekers
This is a niche market - most people do this for a couple years
before going to business school to go work at an investment
management firm or investment bank. It's a decent experience to
have, but not good if you are looking for a position that will
help you figure out what you want to do in life. Something to
keep in mind - 40% of the research staff leave within a year of
starting.
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