Equity Research Associate

I was referred to the position opening by a friend who noticed it on the CFA website and was also familiar with the group. I sent an email with my resume attached to the contact name, briefly explaining my background and why I thought I was an ideal candidate. I heard back the following week, wherein I was asked if I was available for a phone interview later that week. The phone interview was with the lead analyst and lasted about 30 minutes. The following week, I did another phone interview with two associates which lasted about 45 minutes. Both interviews were mostly for "fit," with technicals being kept to a minimum. I have experience in the industry the group covers and have passed Level 1 of the CFA, so the questions were mostly geared toward 'why' I wanted to make the transition and how my skillset was applicable.

That weekend I completed a 12 hour 'excel assessment.' I was sent a model shell of a company that was completed through 2012. I had to fill in info for the 3 statements through 2013, then forecast the income statement forward two years. Then, I had to do a valuation of my choosing, and write a 1-2 page report on my thoughts regarding the stock. I chose DCF. It was very difficult to fit all this into a 12 hour window. After sending in my report, I was never given any explicit feedback regarding my work. Two days later, I was called in for a final round to meet the team.

The following week, I came in to meet with the team. I was interviewed by 4 people. The interviews varied in technicality; two of them were very conversational, the other two more "interview-like." I was asked to pitch a long and short idea, which I was prepared for. Twice I was asked to 'walk through the financial statements' with little or no guidance. Questions were not overly specific, but instead geared toward guaging my interest in the position and whether I was teachable. Group was all very friendly.