& lt responsibility >

What the seller does, in the traditional sense, is nothing more than investment banking. Corresponding to the current IBD (Investment Banking Department), it is already a huge machine, and all departments are out to sea. What does IBD do? IPO, quarterly stock underwriting, bond issuance, and now there will be some structured products for sale, that's all. How to make money? According to different commissions, there are sometimes some sales commissions, which are actually called commissions. Therefore, listening to the list of investment banks often sounds scary. In fact, the money you get may be only 1% (of course, there are a lot).

Similarly, investment banks now generally have a sales &; Trading sales and trading department, this department is actually a market maker. How do they make money? By providing liquidity, the simplest thing is to earn the bid-ask price difference, and every little makes a mickle. Their list is also very large, which is also tens of millions and billions. In addition, the liquidity exchange will provide rebates, which is also a kind of income.

So to put it simply, the seller's duty is to maintain the operation of the financial industry, then act as a middleman and then collect commissions, and occasionally draw.

What buyers do is to invest, nothing else. The well-known Buffett Soros corresponds to the buyer. Basically mutual funds and hedge funds. These people charge investors' money, not customers' investment, and then charge management fees, and in the case of hedge funds, they will also charge a commission on the proceeds.

& lt company structure >

The seller company takes investment behavior as an example. Is a bloated big machine, in fact, the most critical departments are IBD and S&; T, but in order to maintain the operation of these two departments and comply with national supervision, it is necessary to hire a lot of extra people, such as risk control, such as legal compliance, such as operations, IT and so on.

The buyer's company is relatively simple, just leave the person in charge of investment behind. It is likely that four or five people manage billions of assets and then outsource accounting, manpower and so on. So the size of the buyer's company will not be too large (relative to the size of the investment bank).

& lt Career Path/Career Path & gt

In the seller, the title is everything, in fact, it is to climb slowly on the career ladder. The typical seller level, taking Goldman Sachs as an example, is as follows:

1. Analyst

2. Lenovo

3. Vice President (Vice President)

4. Executive Director

5. General Manager

6. Partner (Goldman Sachs was originally an LP company, so this title has been retained)

Other companies will set many other levels, such as SVP (Senior Vice President), AVP (Vice President), Analyst I, Analyst II, Supervisor, etc.

The buyer is very simple, which is typical (many buyer companies are limited partnerships for tax avoidance reasons)

1. Analyst/Assistant

2. Manager

3. Partners

Company management is very flat.

& lt salary >

On the seller's side, the salary is linked to your professional title. The taller you are, the higher your salary will be. If you do MD, you can expect to take 2 million to 6 million home a year.

On the buyer's side, if you are not a partner, your salary has nothing to do with your title. Salary is everyone's secret, and you can basically understand it as the recognition of your ability by your superiors. The greater the ability, the higher the salary, and the assistant salary is not necessarily lower than that of the manager. If you are a partner, congratulations, you are equivalent to a major shareholder, and it is not surprising that you share money with other partners every year and get 100 million yuan.

The salary difference is an important reason why many people like buyers, but when novices first join the company, the salary of sellers is generally higher.

& lt corporate culture >

As mentioned above, the title of the seller is everything, so many political struggles in the seller's office are inevitable. Promotion means higher salary and status, and even people should be more confident. The buyer only values the value you can create, the title is not important, and there are relatively few political struggles.

Besides, the seller must be wearing a suit and tie, while the lady is wearing professional clothes. Where's the buyer? Of course, there are companies like Citadel and PIMCO, which fight in suits and ties every day, and then look at BridgeWater. Everyone dresses like going camping every day. There are many buyers' companies, so don't worry about it. If you like, you can wear Nike basketball shoes to work, as long as you can finish the work. Many times, if the buyer's staff don't pay attention to dress, it will be easier to win the trust of investors and think that you have not wasted your time in places that should not be wasted.

Let's talk about working hours. The seller's classmates are more bitter. In the first three years, 80+ hours a week was a common occurrence. Please be prepared (except traders). It is no exaggeration that the buyer's company works from nine to five. This is also a reason why many people prefer buyers. Sellers often need to work overtime, because you have to meet the needs of customers, buyers are investments, and you don't have to show them to anyone. If you don't do well, investors will take away your capital. As long as you can do it well, do it casually. ...

The seller's culture is similar. The cultures of Goldman Sachs and Morgan Stanley are actually very similar. Of course, there are some differences. But the buyer's culture is really strange, like stars in the sky. Tell a maverick (or wonderful) example: Bridgewater, whose Chinese name is BridgeWater. Bridgewater is now the largest hedge fund in the world, and its boss is Ray Dalio. As soon as Soros retired, hedge funds were eyeing him. Bridgewater's office is deep in the jungle. Working is like going camping. Every morning, the employees of the company go to the office by bus. People basically wear clothes like North Face. Ok, let's talk about the characteristics of this company. The company encourages everyone not to hide anything. If you want to scold your colleagues, you must not tolerate it. You must scold them face to face and express your feelings in the simplest and most direct language (you know). The most important thing is that every time we have a meeting and argue, including these activities in the office, it will be recorded by the camera, and then everyone can call up the scene of the day at any time. (= =) So employees will feel uncomfortable at first, because your colleagues are not "polite". If you are not tortured to tears, you can only say that your personality is strong enough. Then the company has a special video to record the scenes of these people crying repeatedly, and savor it carefully, with a look of "brother (sister) has gone through vicissitudes now".

Ray Dalio, the boss of Qiaoshui, has been dressed like this for decades.

& lt conclusion >

Because this topic is often mentioned in the financial industry, I can really say a lot. I'm just going to talk about it briefly here, and it can really last for several days. ...