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Key takeaways: Buy-side is a term used in investment banking to refer to buying securities to generate returns for an individual or account. Sell-side is an investment banking term used to describe the selling of securities to produce a return for individuals or large accounts. Buy-side and sell-side analysts perform buying and selling.
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The Buy Side refers to firms that purchase securities and includes investment managers, pension funds, and hedge funds. The Sell-Side refers to firms that issue, sell, or trade securities, and includes investment banks, advisory firms, and corporations. Sell-Side firms have far more opportunities for aspiring analysts than Buy-Side firms.
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Buy side is the side of Wall Street made up of investing institutions such as mutual funds , pension funds and insurance firms that tend to buy large portions of securities for money-management.
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To complicate matters a bit, the terms "sell side" and "buy side" mean something completely different in the investment banking M&A context. Specifically, sell-side M&A refers to investment bankers working on an engagement where the investment bank's client is the seller. Working on the buy-side simply means the client is the buyer.
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