equity research associate

I cold-emailed analyst and got interview call after 2 months. I spoke on Phone for 30 mins with the analyst and then was invited for in-person interview, which lasted 40 mins. The interview was mostly based on fit. In the technical part, i was asked to walk through the dcf of the stock pitch I prepared. Also questions were asked on the assumptions for beta calculation. The interviewer was very impressed with my assumptions, but said he preferred a candidate who was doctor which will complement his Phd. Eversince the analyst is helping me in pushing my resume to his friends. Based on that I have 2 interviews currently.