The Russia Journal

Yaroslav Lissovolik graduated from Harvard University in 1995, with a bachelor's degree in economics. He then took master’s degrees in Moscow and London before graduating with a Ph.D. in economics from Moscow State Institute for International Relations in 1999.

His first job after Harvard was at the Russian-European Center for Economic Policy (RECEP), where he worked as an economist from 1995-97. He now works for Renaissance-Capital.

The Leared: What can someone expect when starting work as an analyst?

Mr. Lissovolik: For anyone starting work on research in the financial business world, the pace of life will definitely step up. I came to work as a macroeconomic and political analyst at Renaissance-Capital after doing a Ph.D. in economics. It could probably be compared to driving Formula-1 after driving a tram — spontaneity and a fast reaction to current events is the main thing that makes the difference in the business sphere.

The Leared: What qualifications are necessary?

Mr. Lissovolik: A Ph.D. is not needed to start working as an analyst in an investment bank. A diploma from a university is enough. What matters is not some piece of paper, but a real, live capability to do the job. Diplomas don’t help in this field unless the holder has learned the trick of continuous learning and the ability to transform any enterprise into an educational experience.

The Leared: What personal qualities are essential?

Mr. Lissovolik: What is needed is dynamism and initiative, as well as the ability to see beyond banalities and conventional tenets, i.e. to come up with new thoughts and ideas. Anything like that is transformed into superior performance of the company on the market.

The Leared: Is hard work recognized and rewarded?

Mr. Lissovolik: Any contribution to improving the performance of the company is readily rewarded. It is this objectivity of the market mechanism that makes the business environment so compelling. Everyone works hard, knowing that ultimately his/her performance will be objectively scrutinized and rewarded according to clear and specific criteria.

The Leared: Could you describe a typical day at the office?

Mr. Lissovolik: For an analyst, a typical day starts at 8-8:30 a.m. with a review of the newspapers. This is followed by meetings in the research department, which center on the main events that have relevance to the market. After the meetings, analysts typically start writing their research pieces, which summarize the main events of the day. This normally comes on top of the larger research products that come out as separate publications and focus on some of the larger issues that have longer-term implications for the market. While immersed in research, the analyst always has to keep an eye on market dynamics and the flow of events and be prepared to comment expeditiously on whatever happens in his/her sector. This continues until the markets close, and the analyst is left to process the information for the day and prepare to report on the events next day. The working day typically ends at 7-8 pm. On the whole, the workload appears to be quite hefty at first, but with time it is bridled into a routine that makes it manageable.

The Leared: Is it all just routine?

Mr. Lissovolik: The world of an analyst is not confined to routine, and in order to make life in the company more diverse there are corporate events, which are designed to foster teamwork and cooperation in the company.

Sports are a useful way to mix with other people in the company and to take a break from market turbulence.

The Leared: What role does teamwork play in your company?

Mr. Lissovolik: Teamwork is an important counterbalance to individualism — which could otherwise be carried to an extreme in a competitive environment. This emphasis on teamwork is in fact one of the cornerstones of the corporate ethic at Renaissance. At the end of this year, our company was voted as Russia’s best domestic investment house in the annual Reuter’s survey, which is just one illustration of how team spirit and common effort translate into superior performance.

The Leared: Why are people attracted to your profession?

Mr. Lissovolik: On the whole, working in the business community is fun.

It is challenging, dynamic, and gratifying. There is also plenty of room and opportunity to find your own special niche in the business and become real good at it. And there are also wide-ranging possibilities for exploring other activities within the company that are not necessarily related to research, such as investment banking, for example. It is a matter of being able to take advantage of the vastness of these opportunities.

And one of the first steps on that road is to realize that they actually exist.