快猫短视频

KARSTEN HIPLER and Glen Liddy are scientists who have changed their career
direction to become equity analysts in the City. Having studied physics at the
University of T眉bingen, Hipler completed his PhD at Basel while working for
Ciba Geigy and became an expert researcher in physical biochemistry.

鈥淢y research included studies on protein-protein interactions using X-ray
crystallography and enzyme kinetics.鈥� From there Hipler took a postdoctoral
position in Tokyo and eventually came to Britain to continue his research in the
Department of Haematology at the University of Cambridge.

So far, you might think, his is a career which is quite normal for a young,
successful researcher. However, instead of renewing his temporary research
contract, Hipler looked at the alternatives and left Cambridge for employment in
London as a biotechnology equity analyst with Nomura, a leading Japanese
securities house.

鈥淣omura had just established a new team specialising in high-growth companies
and seemed to offer an interesting opportunity with a high degree of personal
responsibility,鈥� Hipler adds.

Liddy鈥檚 PhD was in organic chemistry at Queen Mary and Westfield College,
London, where he specialised in the use of nuclear magnetic resonance to study
sulphur compounds. Having completed his PhD, he quickly decided against taking a
postdoctoral research job and went straight down the road from Mile End to the
City of London.

Salaries in the City for new graduates, as outlined recently (Appointments,
28 March, p 66), are now between 拢24 000 and 拢28 000, PhD scientists
and engineers are attracting starting salaries of around 拢30 000 and
someone with relevant experience and an MBA from a top university can begin on
twice that.

鈥淚 specialise in researching biotechnology companies and my job includes two
major roles,鈥� says Hipler. 鈥淭he first is to identify, through active research,
companies with attractive projects and needs for funding. When such a company
has been identified and the management commissions the bank to raise capital
through the placement of shares, the real work begins, and usually to tight
deadlines.鈥� The corporate finance team checks issues related to finance,
contracts, patents and legal affairs and its findings are summarised in a
prospectus (sometimes called the 鈥減lacement document鈥�). This contains only
factual information. At the same time, Hipler writes research
notes鈥攆orecasts for the future based on independent assumptions. These
inevitably involve a degree of subjectivity which is not acceptable in the
formal prospectus but which fund managers need if they wish to invest.

The second part of his job is to research companies quoted on the stock
market and to brief the sales team on press releases and new developments before
the market opens. This helps it to communicate the latest information to its
fund-manager clients.

鈥淏eing an analyst sometimes requires me to travel extensively,鈥� says Hipler.
鈥淢ost of the companies visit our offices but I also visit theirs. It is
important to talk to the people on site and get to know them. In the recent past
I鈥檝e visited firms in Britain, France, Belgium, Ireland, Italy and the
US鈥攅specially at Houston and Seattle. I find it useful to discuss projects
with the scientists in the laboratory, not just the senior management. My
scientific knowledge is an essential factor鈥�.

Liddy gained experience with a number of employers before becoming a senior
equity analyst at Schroders. As a trainee analyst with Security Pacific, he did
some mathematical modelling and came to terms with pricing theory on capital
assets. It worked well for bonds but not as well, he found, for equities. Taking
a job with Dresdner Kleinwort Benson, he became an equities analyst, writing
research on any German company but specialising in engineering, the automotive
industry and pharmaceuticals. Eventually, he became an expert in engineering and
after six years moved to his present job at Schroders where he researches
European engineering companies.

鈥淚 visit them, write research reports and then decide if their shares should
be recommended to institutional investors,鈥� says Liddy. 鈥淭he companies I visit
are for the most in Finland, France, Germany, Switzerland and Sweden. I don鈥檛
speak all their languages but have a working knowledge of some.

Equity analysts have to pass an exam set by the Securities and Futures
Authority, London, otherwise they are not allowed to talk to investors. Many
also study over three years to pass examinations and become a member of the
Institute of Investment Management and Research, London.

Now, before you leap out of the laboratory to grab an application form for
employment in the City, think carefully about your suitability. Hipler is
multilingual with experience in international employment; it can be an important
factor when seeking a job with a major global player in the financial markets鈥�
He is well versed in both physics and biochemistry of proteins. And he can
offer a sound, broad scientific perspective. His interest in and understanding
of financial markets, particularly equities, must have been sufficiently
stimulating to persuade Nomura to make him an offer.

If you still think that you fit the bill, consider also the working
conditions. Most of this sort of work takes place in the major financial
centres鈥擫ondon, New York, Tokyo and the like. If you are better suited to
life in the countryside, it might be best not to apply. Liddy is at work by 7.30
am to brief the sales and trading floors on his latest analyses before the
London International Stock Market opens at 8.30 am. If he leaves for home before
8.00 pm that is early and he may have more work to complete during the weekends.
Travel is an essential ingredient, an attraction for some but a turn-off for
those unwilling to spend long hours in air terminals.

Surprisingly, many scientists and engineers do escape from the laboratory,
the workshop or the design office for a job in finance, and equity analysis is
not by any means the only opportunity. Twenty per cent of graduates with a BSc
in mathematics and/or statistics chose a career in the financial sector. For
scientists, the figure is 7 per cent and for engineers 3 per cent. So what are
the real attractions?

Employers of bankers, accountants, actuaries and employees in the insurance
business all demand recruits with high levels of numeracy. They appreciate good
practical problem solvers with an analytical bent. If you can add to that a real
interest in finance, a determination to succeed, an ability to get on well with
a broad range of clients, and have a capacity for hard work, this could just be
the career for you.

If you have a PhD, don鈥檛 assume that all you can do is scientific research.
Fund managers, employed by international banks, insurance companies and other
financial institutions particularly appreciate you analytical abilities.