The Wall Street Oasis Equity Research Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the equity research industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please n...
|0||4 months 1 day ago|
One of the non-financial companies we look at has established a small loan portfolio which it intends to grow. I get inputs like gross loans written, APR, average loan life, average loss rate - so I have all the data I need to model the cash flows and intuitively I understand how it should work, my ...
|1||18 min 39 sec ago|
Hello. I am seeking some advice on breaking into ER from the experienced Monkeys here and would appreciate any input. I want to know if there is anything I can do besides networking like crazy. Do you think if it is beneficial to get my feet into finance first like some quantitative positions if ...
|2||1 hour 55 min ago|
Hi, I'm selling series 7, 73, 86 and 87 notes, books, online final exams, and access to lectures and lecture handout. This is the same I used to pass all 4 exams easily in one go. Can either post the books or meet in person in NYC to hand over. Willing to sell for cheap. If you are interested, plea...
|3||2 hours 1 min ago|
Hi, I will be having an upcoming phone interview with an HR for this position. I would love to hear any suggestion on how I should prepare for this? From what I understand, there will be brainteasers, probability and stock pitch? ANy take on this? Thank you! ...
|19||3 hours 46 min ago|
I am interviewing with MM equity research shops (think Blair, RBC, Jefferies, etc.) for a Research Associate position and I am curious if there is typically a signing bonus involved for this type of position. If so, what is a typical/average signing bonus and when would it be paid? I have been wor...
|2||9 hours 49 min ago|
Made it to the first round with for a SUMMER ANALYST position in New York. Had my first interview on September 22nd 2016 with an equity research associate. Still haven't heard back, Should I be concerned? I did check my account on their website and the status hasn't changed since my interview. Let m...
|9||13 hours 12 min ago|
Hi everyone, I'm a CPA working for a financial regulator and I'm also earning my MBA part-time. I'm doing everything I can to land a role in sell-side ER when I graduate, preferably covering financial services. I've heard ER salaries are not as high as they used to be, but out of any job out there...
|0||20 hours 49 min ago|
Hi monkeys, just a question. If I'm writing a literature review on an acquisition, how would I cite analysts' opinions from the equity research reports? ...
|0||1 day 14 hours ago|
2nd year analyst at a boutique broker-dealer from a non-target state school. Also a CFA Level 2 candidate, working under multiple sector analysts with decent exposure to Oil & gas, metals & mining, and retail. We publish mostly on high yield/distressed debt situations but also some special s...
|20||1 day 22 hours ago|
Hey guys I have a writing test in 2 weeks with Bernstein's London office but I assume it's pretty standardized across geographies. Has anyone done one of these before or know I should best prepare? ...
|1||2 days 1 hour ago|
What is Equity Research hierarchy and salary range? Salary range for Analysts (the senior ones) I've seen ranges for Associates not the Analysts. Is there a potential to make millions like in IB and Consulting? ...
|3||2 days 15 hours ago|
Does anyone have any insight on the FT recruiting process for GS Global Investment Research? I got a first round HireVue interview but haven't completed it yet. Also, it says to complete the interview by October 3; does this mean it has to be done before October 3 or can I do it on that date? Thanks...
|4||3 days 1 hour ago|
I have been accepted for equity research at Goldman Sachs. However, due to incoming regulations and changes I am not sure about the job security in ER. I would only stay there for the short term , because I would like to do an MBA down the line. Is M7 feasible with everything else in line, and what ...
|22||3 days 2 hours ago|
I was selected for a first round interview through OCR with T.Rowe Price for a Fixed Income Associate Analyst position and was wondering if anyone could provide some advice on the company or any insight into their interview process. Thanks! ...
|3||3 days 6 hours ago|
Has anyone used Kensho? Is it actually useful for discovering deep (hidden) correlations? How much does it costs? ...
|0||3 days 9 hours ago|
I have done bachelors in mechanical engineering (2016 pass out) and now want to start my career in Equity research. What would be the best option? Doing CFA or joining a B-school? I have tried a lot with engineering degree to enter into some brokerages but they offer sales job which i do not want to...
|3||3 days 10 hours ago|
Hi, I am interviewing in 2 days at RBC Capital Markets for their summer equity research role. They said there is going to be an assessment that will take ~75 minutes. Does anyone know how I should prep for that? Also, what is usually the hours for equity research associates? I couldn't find that onl...
|1||3 days 13 hours ago|
I'm interviewing with a emerging markets asset manager with 100B+ in AUM for a Junior ER position doing the standard grunt work. After reviewing the funds the PM manages, appears they are value investors doing fundamental analysis on emerging market positions. Funds are fairly actively managed. I...
|0||3 days 18 hours ago|
Hello, I've been looking at various securities on Bloomberg recently and I notice that sometimes the coupon rate is rounded from 4.336 to 4.34, or even 4.3, and sometimes it will contain all 4 digits. Is there a methodology behind this? When reviewing mass amounts of data I am not sure if there are ...
|0||4 days 3 hours ago|
Hey guys, I'm doing corporate valuation for Kohl's and in order to calculate the cost of debt, I need to calculate the YTM on the bonds and interest rate on the capital leases and then take a weighted average of these two. I calculated the YTM on the bonds, but still struggling with calculating inte...
|0||4 days 3 hours ago|
Hi everyone, I was going through the forum threads looking for research associate salaries specific to Canada, but didn't seem to find anything that wasn't dated or too general (not firm specific). I like to think that I have a pretty good idea of what the average base and bonus are for a first yea...
|8||4 days 10 hours ago|
From what I have researched the Program fees are variable...if you enrol early it will cost you less. This is not the problem but initially I thought that since it is so expensive (Enrolment $450 + Early registration fee $650) it would also cover books...now I have heard that I have to purchase thes...
|12||1 week 17 hours ago|
I have had three internships as an undergrad. - wealth management, credit analyst and a boutique investment bank. My question was vague; I should have been more specific. I am aware that hedge funds are private, less regulated and only open to qualified investors. I read ALOT. Most recently, I have ...
|9||1 week 2 days ago|
my bachelor degree is in Interntaional Economics and Trade. i will go for a management master degree. Should i prepare CFA now or learn VBA/SAS/Python if i want to get the job doingindustry research in a security company or FA company and finally become a fund manager? ...
|3||1 week 2 days ago|
Hi, So recently I was in a recruiting process for a position as an equity researcher for small/midcap tech companies. As a part of that process we were asked to do a small analysis of a firm. They were happy with my description and analysis of the firm and industry. However they were dissatisfied wi...
|2||1 week 2 days ago|
Hello, Today is my first day as being a member of Wall Street Oasis and this is my first post. I was quite fortunate to enter the buy-side immediately after graduating undergrad. The company I worked for had 6 mutual-funds and while we were small we had great success initially. I worked my way up fr...
|1||1 week 2 days ago|
Hello WSO, So I have been searching for an equity research analyst role for months but cant get any hits. Anyone have any tips or would be willing to look at my resume? ...
|1||1 week 3 days ago|
Hey guys, Anyone on here apply for commodities analyst internship at MS? Got an email a few weeks ago to submit an "application supplement" (essay about oil/energy/ etc...6 options to choose from) and was wondering if anyone else has gone through this process before/ is going through it now. I know...
|2||1 week 3 days ago|
just did the Hirevue interview for GS's GIR for SA 2017. obviously, waiting to hear back. comment if you've also done it and if you've heard back ...
|0||1 week 4 days ago|
Had a chance to talk with a MD in BAML Global Research. I feel like the in her words the job is pretty interesting. I wonder is Global Research kind of similar with equity research or more like a support team for S&T? What does they actually do? Thank you for your answers! ...
|6||1 week 5 days ago|
Made it to the first round with for a SUMMER ANALYST position in New York. Had my first interview on September 22nd 2016 with an equity research associate. Still haven't heard back, Should I be concerned? I did check my account on their website and the status hasn't changed since my interview. Let ...
|0||1 week 6 days ago|
As stated, trying to decide about breaking into equity research for less lay then I currently make. Right now I work in NYC for a major French bankin operations, but have been offered a position as a sell side associate at a boutique firm. Not having experience in ER, I have been trying to break an...
|1||2 weeks 6 hours ago|
I am selling my STC books and supplementary materials for Series 86 and Series 87 Research Analyst Exams. Also access to the online Qbank with practice questions and mock exams for both tests. I used the STC materials to pass the two exams. The online access will be valid until January 2016. I am wi...
|2||2 weeks 1 day ago|
Hello, Could somebody help me to balance financial statement please ? I am completely lost. Especially about what to put in cash and equivalent. Best regards, mio ...
|2||2 weeks 1 day ago|
I am trying to get my hands on an equity research report from 2008. If anyone is so kind and able to help out, please PM me. The report I am looking for is a specific report issued by UBS or BAML about the French Retail sector. April 2008, I believe. Thanks! ...
|3||2 weeks 2 days ago|
I have an interview coming up (Friday) with Fidelity for the 2017 equity research summer analyst position. I have been working on a few stock pitches. I have two longs and one short thesis. I am going to lead with the short thesis to hopefully stand out a bit. I am going to post the narrative I will...
|14||2 weeks 3 days ago|
For 3 Statement Models, where quarters are used, how do you usually organize the financial statements? Q1|Q2|Q3|Q4|Annual|Q1|Q2|Q3|Q4|Annual or Q1|Q2|Q3|Q4|Q1|Q2|Q3|Q4| |Annual|Annual| Do you need to link the statements twice, once for quarters and once for annuals? Or do you just link the quarters...
|This topic has been moved|
I am looking for some healthcare/pharma/biotech primers, primarily from BBs. If anybody can provide copies of the most recent editions, particularly Deutsche Bank's "Global Pharmaceuticals: Pharmaceuticals for Beginners", they will receive 2 SBs for each primer. PM me please if you have any primers....
|46||3 weeks 1 day ago|
I have an interview at a buy-side investment manager coming up, I was wondering if anyone has any insight on how to best prepare for a Fixed Income Research interview. This is for an entry level research associate position. I would really appreciate any insight! ...
|1||3 weeks 1 day ago|
A little background about myself, currently in my third year in a prestigious, however non-target school (my school is way more known for accounting than finance), i plan to finish my degree with a specialization in finance and economics. My GPA is shit (2.4)! However, i plan to bring that up in the...
|2||3 weeks 2 days ago|
Hi everyone, Currently work in research at a BB but was interested in seeing whether there were any opportunities out in LA, and whether they would be from larger shops or smaller players. Thanks! ...
|0||3 weeks 2 days ago|
MLPs have gotten killed this year and now sport a yield of around 9%. Outside of Kinder Morgan (which annihilated their payout and isn't technically an MLP anymore), I do not detect a decline in the quality of the businesses that remotely matches the price decline. Talk me out of loading the boa...
|4||3 weeks 2 days ago|
Have any of you analysts ever been mistreated by management for giving a company a sell or underperform rating? Or perhaps someone has a link to a story of this happening before? The only example that I've been able to find is the story of Jerry Treppel and Biovail in 2002. ...
|0||3 weeks 3 days ago|
I don't think I have ever seen anything recent on this part of a BB. Surprising since it considered FO and that is what most on this forum want. What do you guys see as the future of institutional equity sales? ...
|9||3 weeks 6 days ago|
I've been trying to build an integrated 3-statement model for a Chinese (HK-listed) company and I have problems converting the Cash Flow Statement to the same template used in most modeling courses (the indirect method). Does anyone know what would be a good data source for learning more about this?...
|0||4 weeks 1 day ago|
Hi guys! Is anybody here going to the Barclays After the Bell capital markets educational program on 09/22 in NYC? Looking to make some friends prior to the event :) Also, has anyone attended this event before and can give some insights about what the program is like? ...
|4||4 weeks 1 day ago|
I was recently informed that I have received an interview for a full-time position at Prudential Global Investment Management. Has anyone on this forum heard anything about PGIM from a research perspective? Prudential Fixed Income manages 651 billion and Prudential Investments manages around 76 bil...
|0||1 month 4 hours ago|
When running an analysis on multiple companies that might be of potential interest, going through the SEC filings is the most important yet most time consuming part of the process. 10Ks and 10Qs can go from 50 to hundreds of pages depending on the size of the target company. Anyone has tips on how t...
|5||1 month 9 hours ago|
I was motivated to make this thread after reading a lot of the other threads in this forum, about why certain top analysts are still on the sell-side. It appears that almost everyone who doesn't work on the buy-side or sell-side, or even a remotely close front office position fails to understand ho...
|106||1 month 21 hours ago|
Does anyone have information on T Rowe Price's Associate Analyst Program? Is it ER or something different? Any ideas on responsibilities and *culture* would help my upcoming interview. Thanks! ...
|20||1 month 1 day ago|
Doing a start-up media company... financial services related in an emerging market. I'm not sure if anyone remembers me, but I use to "blog post" 2-3 years ago. Maybe the start-up will go the way of the blog posts... We secured some funding, but I'm trying to tidy up my projection/financial model. ...
|0||1 month 2 days ago|
My name is Evan Chen. I am a sophomore at Endicott College. I currently study Finance and minor in psychology. Last summer I did an internship at EFG Bank AG, Hong Kong. It was an eye-opening experience to the banking industry. Even though my parents have been in the banking industry for many years,...
|4||1 month 2 days ago|
Hi, I've read a lot of posts around here re. transfers but didn't find an answer specific to TMT. How hard is it to transition to ER to cover tech stocks as someone who has 2.5/3 years of tech work experience? Am I stupid to even consider this w/o an MBA given how hot tech is/has been? I did econo...
|2||1 month 3 days ago|
Are ER groups allowed to hire people from companies that they cover? I'm considering taking a job at a large, publicly-traded company that's in an industry I would like to cover from an ER group. ...
|0||1 month 4 days ago|
I am a recent graduate from a non target school, just joined a big 4 Valuation and financial modelling team in Hong Kong. My equity research experiences are only an internship in a mutual fund(institutional only), and a case comp in Uni. Guys do you have advices for me to break into equity research,...
|0||1 month 1 week ago|
After working as an equity research associate for a couple of years, is it possible to exit into a corp development role at one of the companies in your coverage universe? Is it a viable exit strategy for someone in ER? ...
|6||1 month 1 week ago|
Hey everyone, I'm looking for a 2016 TMT primer to gather general knowledge of the space. I have access to CS equity research reports on most mid-to-large cap companies and a few small caps that are largely uncovered. I also have a credit ratings primer (July 2016), a few healthcare, financial ins...
|0||1 month 1 week ago|
"If you could create the ideal finance job, what percent of your day would you prefer to spend on analyzing financial statements, writing, and speaking with clients?" I encountered this question recently for an equity research summer analyst position. Any ideas how I can best answer this question? ...
|1||1 month 1 week ago|
I have wanted to break into the equity research sector for a while now and have gained relevant internships to prepare for a summer internship in ER in order to get a full time role - however looking at the situation on the street right now has made me re-evaluate whether it is decision still worth ...
|0||1 month 1 week ago|
Hey all, I am a second year analyst at a solid middle market bank in Boston, doing primarily Software M&A. I absolutely hate banking but I've gotten some good experience in my year and change on the desk. I'm looking to switch into ER but would like to stay in Boston. Does anyone know if there a...
|4||1 month 2 weeks ago|
Hi, I'm very interested in breaking into a buy-side research/strategist role from M&A. My long-term objective is to be able to land a portfolio manager position. I have around 3 years of M&A execution experience from a reputable boutique bank and have the CFA Level 1. Background wise, I have...
|1||1 month 2 weeks ago|
Hey all, I am going to be a sophomore at a non-target (as my post history can tell) school with a Finance major, very interested in equity research which is why I'm posting here. My GPA is a bit low (<3.3), but right now I am grappling with the question of minors. I can do a Math/Econ double mi...
|1||1 month 2 weeks ago|
Hi, I recently read of a very interesting graduate programme offered by Standard Chartered. I'm currently in college, but have completed two ER internships (sell-side boutique and large asset manager) so far. I'm now looking for a summer internship for my final summer before graduation. and if I get...
|2||1 month 2 weeks ago|
Wanted to grasp on what everyone thought about this - as I can see both sides of the spectrum of this argument. Read an article from BI stating that with CRM (i.e. SalesForce, etc.) technology advancing in the ER workforce and ultimately cutting out some ER spots in firms. Firms are going to be pay...
|14||1 month 2 weeks ago|
Hi there! A little background about me: Bio major pre-med/dental in undergraduate. Currently in a masters program for bio again- will graduate in 2017. Decided to switch to finance earlier this year. Unsure if my masters in bio will help or hurt if i do end up going into equity research (guess I'm p...
|6||1 month 2 weeks ago|
Hey guys, I am looking to diversify my overall market knowledge and it is easy to pigeon hole yourself by only looking at one industry . Anyone have any primers they'd be willing to share? Preferably anything in the basic materials space, but I'm open to any and everything. ...
|4||1 month 2 weeks ago|
Hi guys, So I want to do equity research. I know that there is sell-side and buy-side and, so far, I have a few distinctive arguments for both (see below). What I would really appreciate to find out is your views in terms of the experience quality that both offer. Thanks a lot! P.S.: Not trying to t...
|7||1 month 3 weeks ago|
I've received a verbal offer from a MM bank for a position within equity research. The hiring manager requested I make a decision by the end of the week, and I have not received a written offer. Is it appropriate to ask to see the written copy ahead of time to look over? I'm not sure what is the ...
|1||1 month 3 weeks ago|
I recently completed my MBA and a non-target school which I rushed into after graduating. From Maine and had little exposure to financial markets and large industries. During grad school I really started to focus on career routes and got interested in Equity Research. At this point, fields such a...
|4||1 month 3 weeks ago|
Looking to get some more tangible excel financial modeling experience using real world examples. Is anyone familiar with these three different equity research training platforms? If so, which seems to be the best? ...
|0||1 month 3 weeks ago|
Title basically says it, I'm entering my final year of university at a target in Canada Ivey/Queens with a 3.3 cGPA and a boutique investment banking internship under my belt. I'd love to work full time in ER, but I'm worried that my GPA will hold me back. Sitting CFA l1 in December if it makes a d...
|0||1 month 3 weeks ago|
Figure the answer is yes, just want to verify. Banking has been sluggish as well, compounding the problem. ...
|0||1 month 3 weeks ago|
I'm currently starting my senior year at a non-target (DePaul). The full-time job search for Finance is coming up, and I'm a bit overwhelmed, and worried I won't take the right steps. Some info about me: -Currently work at a small research firm (2 others aside from myself) which few employers would ...
|1||1 month 3 weeks ago|
Hi everyone! I'm just in the beginning stages of really taking action on this journey of becoming a portfolio manager- not right out of college, but wanting to take the right steps that will get me there 20-30 years down the road. I find it vastly interesting to research companies, look for trends t...
|6||1 month 4 weeks ago|
I'm going to be an equity research SA next summer and I was wondering if any ER-types who have made hiring decisions could chime in on how interns are allocated to sector teams. I met a fair amount of current VPs/MDs from different sectors during my interview process (a lot of the superday group in...
|9||1 month 4 weeks ago|
Does anyone have any insight on FT recruiting for ER? Unfortunately I didn't summer in an ER role but am curious if BB/MM/boutiques is doing ER FT recruiting. I imagine I may have missed the boat but does anyone have an idea of who's hiring (if anyone) and what the timeline's looking like? ...
|0||1 month 4 weeks ago|
Do you have any insights / information about equity research industry in France? (companies, how to break, etc.) Thank you ...
|0||2 months 10 hours ago|
Hello everyone, I could use some advice on my current situation. My situation in bullets: - Joined equity research two years ago in Germany as a newcomer/analyst level - Low salary in comparison to peers (wont tell to stop you from laughing) - Took over a full coverage of 9 stocks as lead analyst af...
|23||2 months 15 hours ago|
Hi guys! I'm doing equity research for the first time and I'm wondering how should I proceed when having consolidated revenue by region (e.g Africa, Latin America, etc.) to convert it to a given nacional currency (as US Dollars or Euros). Is there something like a "basket" of currencies for each reg...
|2||2 months 2 days ago|
Currently doing a SOTP on a company in my home country. They're going to start distributing a new product after a recent acquisition and as such no info regarding this new business segment is out on their financial statements as of now. If I were to choose to not factor in this new business segment,...
|0||2 months 2 days ago|
Hi all I'm a newbie of equity research. Can you please have a look on my model and share your opinion with me? This is a Hong Kong beverage firm. Thank you very much. ...
|1||2 months 3 days ago|
I was always interested in this field and had a question that I wanted to address to Analysts or people with knowledge in this domain, How many of your own Buy/Hold/Sell recommendations would you include in your personal portfolio aka IRA account? Are ER Analysts under pressure to maintain a favorab...
|6||2 months 3 days ago|
Three ways that investors might try to forecast current-year earnings: 1) Use analysts' estimates 2) Assume results will approximate last year's earnings 3) Calculate an average of the last several years' worth of earnings. Of the three alternatives, analysts' estimates were the worst predictors of ...
|15||2 months 5 days ago|
PAX CFO Resigns After Throwing Macquarie Analyst Out of Meeting, original article: http://www.bloomberg.com/news/articles/2016-08-17/... The Analyst was the only one to release a bearish rating on the firm out of 17. -> CFO Reaction: "Kick the bear out of my room" -> Final outcome: CFO Resigns...
|1||2 months 5 days ago|
Hi All, I wanted to use the proper commodity prices in order for me to analyze the raw materials cots for a company i am analyzing. I found a ton of indices and not sure what is the right index to look at for gold, oil, copper aluminium etc. Shall i look at the spot or the forward rates? I got a bit...
|1||2 months 5 days ago|
If someone could explain why my sensitivity table on the last page isn't correct and how to fix it, that'd be great. ...
|4||2 months 6 days ago|
I've been working at a boutique equity research shop for the past 11 months and am hopeful to get the bump from an assistant to a salesperson within the near future. The associate of the company that I replaced when he/she received their promotion has been having a rough time getting "accepted" onto...
|1||2 months 6 days ago|
The Beta of a company is different from various sources (i.e., Yahoo! FInance, Bloomberg) and can have a significant impact on the valuation. How do I decide which source to use for the Beta value? ...
|8||2 months 1 week ago|
What are the Equity Research prospects like in Australia? I'm currently in high school and I've figured out Hedge Funds and AM in general isn't very large in Australia. I was wondering if that was the same for Equity Research ...
|2||2 months 1 week ago|
Hey guys, I'm trying to do a bit of research into what tends to make share prices move significantly following the release of earnings reports. 1. Could someone refer me to a source where I could quickly gather earnings estimates from a number of different analysts? 2. Also, assuming what drives sha...
|2||2 months 1 week ago|
Please help -- Which developed economy would you go long on? Why? As of 2016, I don't think any but what do you guys think? ...
|0||2 months 1 week ago|
Friends, The Series 86 exam today has put me in a state where I doubt all my knowledge, financial background, and skills obtained & learned over the last few years on the street. I might sound like a person IN SUPER NEED OF CONFIDENCE but the fact is that I failed it by 7-8 points today and for...
|33||2 months 1 week ago|
Hi Guys - I'm working on a blog (or maybe ebook) to give junior staff and interns an idea of what it's REALLY like to work in the equities sell-side business at a BB. For starters, I'm at a top 3 BB based in Asia contributing in an equity sales front office function. Since I joined in Nov. 2008 duri...
|73||2 months 2 weeks ago|
Dear All, I am thinking about training program for fresh analyst. We are working in frontier market and lack of some practical training for fresh analyst. Please kindly tell me how fresh analyst trained in your company? Does your company have some course for them? In my opinion, I think some course ...
|1||2 months 2 weeks ago|
I'd love to work in equity research, but as a Sophomore in college, how likely is it that equity research will still be around in the US 10 years from now? I honestly think there is a limit to how much can be outsourced, because analysts need to meet with management of the companies they follow, and...
Hooked on LEAPS
|10||2 months 2 weeks ago|
I'm looking for some industry primers on TMT, Industrials, Financials, and Consumer. Please PM them to me if you can. Appreciate your help. ...
|15||2 months 2 weeks ago|
msg me if you would like copies - comprehensive industry reports - full length ...
|14||2 months 2 weeks ago|
Hello, I am considering doing an MBA in a top program. I want to get into the buy side as an equity research analyst. I wanted to know what companies will you recommend that provide the necessary training to excel in this field. I went to a top undergraduate business program, but I have a limited fi...
|0||2 months 2 weeks ago|
Looking for advice on breaking in to equity research after 1yr in operations at BB and another 2 with a SIFI Custodian. for the past two years ive been following the markets on a daily basis to gain a better understanding of its intricacies. Ive also enrolled in the CFA program (sat for level 1 in j...
|6||2 months 2 weeks ago|