Equity Research Analyst

Most of the interview process is typical of other on-campus recruiting, except for the "P Test" (stands for prospectus) in the 2nd round. For the P Test, they bring you into a room and give you a computer with no internet access, sell-side reports, and the latest Ks and Qs. You have three hours to analyze the company, build an earnings model, and prepare a presentation. The interviewers seem to care much more about your skills at Fidelity rather than cultural fit. This seems to be consistent with feedback that Fidelity is much more about having their new hires simply prove themselves and are more willing to let them go if they begin to flounder. The work culture seems to be very intense, with hours longer than many other traditional AM firms.