Hey everyone...
Anyone have ER advice for a complete noob...
Basically, I have no background in ER....happened to get a spot at a small firm doing ER unpaid...I have to pitch a new stock weekly...
What should I read up on...what should I be reading daily....WHAT DO I DO?!?
note: they are doing minimal teaching here and promise to "recognize and award" the top performing interns..
| +81 | Q&A - Buyside Equity Research Analyst/PM | 29 | 5d | |
| +32 | How the heck do you learn all of this stuff? | 10 | 12h | |
| +28 | Getting Frustrated | 10 | 4w | |
| +28 | My experience on the sell side | 20 | 2w | |
| +24 | Clues in Financial Reporting Analysis | 7 | 2d | |
| +17 | Am i fairly compensated? | 9 | 3d | |
| +14 | Data Science to PM | 8 | 1w | |
| +14 | Heard they don’t model at Oppenheimer | 10 | 2w | |
| +12 | ER - Remote Jobs? | 8 | 5d | |
| Equity Research at Bank vs IG, High Yield & Leveraged Loans Research at Asset Manager | 4 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Do you have specific coverage or is it a generalist role? If specific, get to know your industry -- who are the players, what are the major driving themes, are the stocks performing well or poorly (and why)? What is the outlook? Read the old reports of whomever you are helping (there should be a shared research drive or something like that) -- what has happened over the last 2-3 years in your industry and what does the analyst expect to happen going forward (what is their stance on the industry?). Don't do anything controversial, just agree with whatever they think if you are asked (but don't quote them -- make it seem like original thought).
Do you know how to put together basic earnings models? If not, learn.
Do you know the basics of accounting and valuation? If not, learn. What is a multiple? What multiples do most of the companies in your industry trade for most of the time? Can you connect the three statements in Excel?
Some people might say you should read the WSJ daily, etc. but I disagree. You're going to drown in information if you're not careful. Figure out whatever you are going to be judged on (if you don't know, ask for clarification) and then focus almost exclusively on that. You want to know the general state of affairs (level of the market, situation in Europe, etc.) of the markets but you aren't going to get "paid" by having a broad sense of what is happening -- focus on what is impactful for the end of period review.
Don't ask a lot of annoying question (or a lot of questions period). Based on your description, they apparently want self starters. That's the way my firm works as well, and the squeaky wheel gets kicked in the balls (don't be that guy).
Don't help the other interns.
Track down some ER guides on this site or elsewhere.
I would recommend reading 10-Ks and initiation reports every day.
From the 10-Ks, you'll learn A lot of industry data Company segment information Economic/business driver Capital allocation Obstacles the company faced (goodwill impairment, margin pressures, etc...) You should be able to pick up the quality of disclosures among the various management teams
From initiation reports More industry data More company data What investors pay for (growth and ROIC) Valuation
Hope this helps,
KB
ravenous---generalist for sure...I have no experience in ER, and prior to this internship had no interest in an ER career...the internship isn't the most legit thing ever but I will certainly be in a position to learn a tangible skill while simultaneously searching for a full-time job.
I need to learn the basics quickly...specifically accounting and valuation..what is the best way to do that? thanks so much for your help.
Do you have a business / finance / accounting degree or are you starting from absolute zero?
finance major...i'm somewhat knowledgable i just don't possess any of the skills...also not to good with financial statements but I can learn to sort through the important stuff, at least to be able to do what is required for this internship...just need direction as to where to look and what to do
Est sint illum dolore corrupti ea qui et. Sit delectus non iste fuga fugiat. Iusto eum officia et aliquam. Consequatur alias eos eum cupiditate enim. Fuga rem voluptatem dolores ut vero.
Qui quo natus et ea. Facilis iusto ut et consequuntur. Reiciendis ut consequuntur ad sit. Cupiditate esse excepturi inventore aut ut similique. Iusto quis incidunt maiores vel. Illum neque sint aspernatur asperiores et eos.
Eius voluptatem hic reprehenderit atque unde blanditiis exercitationem. Sed voluptatem et quibusdam est perferendis.
Qui dicta voluptates atque. Doloribus ea facilis ipsum corrupti soluta esse voluptate. Quo quidem et repellat ullam nam sed nam. Eveniet dolores aspernatur eveniet et ratione velit nisi aliquam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...