Silver BananaTopicReplies
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WSO Hall of Fame: Equity Research 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 navigate ...
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Credit Suisse - Review - Equity Capital MarketsGood pay good learning great opportunity out of school especially for a student from a non-target school. Long hours, can be tough some days but I overall enjoyed this experience for the summer. Most people got offers....
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How do we forecast companies without production/sales data?Hey guys, I hope I'm posting this in the correct forum. I am a fresh analyst in a developing market who's been tasked to model a chemicals and pharmaceuticals company. The issue I have with it is that the company in question has not given any production or sales data for their products nor does the ...
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Help, Model share repurchase with debtHello. Can someone help me understand this? Or how would you model this? Assuming cash is 0. If a company repurchases its shares by borrowing debt, the future cash flow should not change, then the enterprise value would not change. Shareholder value/Equity value = enterprise value - debt, since the...
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Mizuho - Review - N/A-good environment, friendly coworkers -hours are on average with the industry, good work life balance -work is interesting. - tough to communicate with senior management, very rigid structure - 401k match program not spectacular ...
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Thoughts on Gilead?Gilead's had an interesting year this year. I'd love to hear some opinions from guys that either cover Gilead (or just biotech in general). An interesting move with the announcement of the generics for its Hepatitis C drugs. I thought the acquisition of Juno a few months back was a solid move but th...
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Morgan Stanley - Review - Equity ResearchGreat team with steep learning curve. Given alot of responsibility considering junior level position.. Hectic hours during earnings season, the environment is abit too quiet. Might not enjoy the environment if you are nautrally instrinsic....
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Choosing Between Buy Side vs Sell Side in Equity Research?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. P.S.: Not trying to touch on things such as...
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Scotiabank - Interview - UtilitiesThe phone screening with the HR recruiter consisted of behavioral/fit questions with a few questions that drilled into previous work experience and analytical capabilities. As the position is industry specific, I did receive a few very basic questions about the overarching industry. Ultimately, it w...
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From Credit Rating Agency to Equity Research - how common?I've seen the discussion in other part of the forums, but I wanted to see what people with insight into ER think about the exit opps from CRAs. It's one of the big 3 firms and an analyst position for the financial institutions team. How good are my chances of moving into ER after 1-2 years? Do I h...
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Wells Fargo and Company - Review - ResearchGreat learning environment, amazing boss and teammate. Tech is a hot space with a lot of deal activities both on the IPO and merger side. . IT sucks. Lots of mundane tasks but that's just nature of the sell-side. Sales people are like headless chickens who dunno their shit. I don't plan to stay on t...
Raymond James Financial Inc. - Interview - GeneralistWalk me through an income statement. What sector of the market would you underweight in a portfolio, and why? Why equity research instead of investment banking or some other field? Describe the different ways to value a company. Which one is your favorite, and why? Where do you see the S&P 500 t...
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Recommended ReadingHello monkeys, As I am gearing up to start interviewing for equity research jobs, I am wanting to read some books to have a better understanding of investing and the markets. A little background on me, I am a CPA working in big 4 audit trying to break into ER. I have recently started reading Securi...
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Morgan Stanley Equity Research Junior Associate Program Anyone else interviewing for the position? the 1st superday was on 10/3, but they have more on 10/10 & 10/17. Would MS wait till the end of all the super days to send out offers, or on a rolling basis?...
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What salary would you take to give up ER training?Hi all- I currently work as an analyst at a BB in Private Wealth Management, in a more quantitative, portfolio asset allocation focused role. I was recently offered a position internally with an Equity Research training program. When I told my current manager, he was upset, and asked me to put a nu...
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nomura securities - Review - EquitiesOverall the atmosphere in the company is good and people look after one another; sales and analysts are all hardworking.. There is not much career advancement opportunities for the more junior members as sectors are covered by senior analysts...
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Stock Pitch-Informational InterviewShould I be prepared to pitch a stock in informational interviews? I've had a few so far and have not been asked about a stock pitch, but just wanted to see if anybody has been asked to pitch a stock or had been asked about technicals during informational interviews? Thanks....
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Equity Research Associate Offer- Should I Accept It?Wanted to hear other people's take on this- I received an offer for an associate position in my preferred sector and city with a competitive salary. I am concerned however that if I take the position I will not get the required mentor ship and training as the analyst I would be under was just promot...
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How to find discount rate of company that does not raise debt or equity capitalI am doing a DCF for (PetMed Express - PETS) and they don't raise debt or equity capital. It seems their cash to operate comes from their operations itself. What would the discount rate be? Thx...
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International Investor RankingsDoes anybody have the II rankings that were released this morning? ...
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Raymond James Financial Inc. - Review - Real EstateGreat work environment. Hour's aren't too bad and management wants to see you succeed. Work with you to ensure whats best for you.. Due to location in Florida there are limited exit opportunities. Additionally being located in Florida results in lower gross pay. ...
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Goldman Sachs GIR SLCHi, I completed my HireVue for Goldman's Global Investment Research (GIR) group in SLC last week. Has anyone heard back about superdays?...
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Wellington Management - Review - N/AThe people are smart, kind and humble. Wonderful perks and great food Constant learning environment . Boston weather can be tiring, especially during winter. Winter months tend to be long. My happiness measure is correlated with high temperatures....
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Wolfe Research.Thoughts on the firm / culture / reputation within equity research? I have done a forum search but everything is old. Glassdoor has mixed reviews. What sort of exit opportunities would be possible if you were in a ranked team there?...
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ER Entry RoleHow do I get an entry level ER job from a non target school as low gpa. I have experience in the real estate industry and am currently working at a small PE firm (raises money by deal). What firms should I look at? Can i break into REIT ER from REPE?...
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Baird ER SA Superday inviteAnybody hear back from Baird for their ER superday? Had my first round on Monday (non-target state) and I was told that I'd get notified either today or Monday. ...
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Credit Suisse - Review - Equity ResearchGreat benefits, hours were not terrible, office location is great, people were very friendly, cafeteria and gym are convenient . Not a fan of the head of research, technology is frustrating, impossible to get more than one monitor ...
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How to best prepare for SIE?Hi Guys, Has anyone taken the SIE yet? How long did you prepare? What resources did you use to study? I am coming from science background with no real finance background and just landed a job as a junior ER analyst. Any help is appreciated! Thank you!...
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Best books or sources to get better at understanding economics?After a bit over a year on the job, I've identified that I have a very weak grasp of economics. I'm not really interested in reading academic texts and would rather read something that'd help me just understand the relevant bits for someone doing research. I understand the basic concepts but it's di...
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JPMorgan Chase - Interview - Equity ResearchThe questions asked were pretty simple. The first question was to just run the recruiter through your resume, which i did, explaining previous experience in equity research. Then I was asked to elaborate on what my coverage was during my previous experience, and what other work I had done during my ...
AIG - Review - Equity Capital Markets5 weeks of PTO (combined with sick days), 6% match to 401k (another 3% discretionary), work from home policy. Very little pay increase over time, lots of reorganization going round, lack of job stability and future...
RBC Capital Markets - Interview - Equity ResearchMost of the interview questions were relatively difficult. They tested your depth of knowledge so even if you answered the question correctly they would ask you follow ups. The interview focused on three statement financial analysis, macroeconomic events, microeconomic events, and assessing quantita...
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Equity Research Excel Test Advice - examples if possible!I have a second round interview for an entry level equity research role at a large investment bank next, including an Excel test. If anyone has experience doing excel tests for equity research interviews I would love to hear your advice and know what tasks you needed to complete. If anyone has act...
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Industry "pigeonholing" in ERHey guys, I am a senior undergrad with one equity research internship under my belt (last summer). It was at a small asset manager and I was able to do a lot of research, even generate my own initiating coverage reports on a few companies mostly covering REITs and TMT. Right now, I'm looking at an...
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From Semi-Target to MO to ER. My storySince this forum was helpful for me eventually making my move into ER, I figured I'd share how I ended up in ER. I had no idea what I wanted to do specifically in school. I didn't put much thought into what career I wanted to do in school and had the mentality that if I got good grades the rest wo...
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How to become a ER analysts Just finished my undergrad. Currently working in DCM in HK, main work is execution and credit advisory which prepare presentation materials and financial model for companies wishing to get a rating for their bond. I have passed CFA level 1 and both part of FRM. My goal is become an equity PM or anal...
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Full time ER??Anyone know if there are any positions open at any sell side shops or BBs? Asset Management ER??????...
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Credit Suisse - Review - Equity ResearchGood people to work with, all bright and mostly willing to help you out. Nice and challenging environment to work in.. Hours are long, even when they don't need to be - there is a "time at desk" mentality that really isnt helpful...
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What's it like as a first year ER Associate?There's a lot of threads of ER in general but some seem dated so I'd like to ask, for those who have graduated with a BA or Masters etc and gone into equity research (any sector): 1. What was it like your first few months to a year on the job? Was the day to day mostly number crunching and sitting ...
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Fixed Income Portfolio Analysis Group interview. Any idea what they could ask?I have an interview coming up with the portfolio analysis group of a large (>1 trillion aum) FI group. I'm concerned as for technicals I am mostly ready with bond basics (duration, convexity, rates, credit risks) but not sure how to scale up these concepts from a single instrument to an entire portf...
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Raymond James Financial Inc. - Interview - EnergyI was given information and asked to calculate the following. 1. Calculate Net Income 2. EBITDA 3. FCF 4. WACC I was also asked to walk through 3 main financial statements and how they relate to each other. If you had to pick one which one would it be and why? If you had to pick 2 which one would yo...
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List of publicly traded companies and their credit ratingsAnyone know where to find a free (or very low cost) list of the current credit rankings for publicly traded companies? I thought one of these sites like FinViz would have this, but guess not. I don't have access to Bloomberg or other financial systems. I'm creating a basic model to do credit rank...
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SS ER NYC-London relocationdeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleted...
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Canaccord Genuity - Review - IndustrialsLaid back dress code, free seltzers, and amazing experience. Learning a lot even in my first few months. Siloed work, not a lot of interaction with other people. My boss can be a little demanding at times, but that is to be expected...
Bank of America Merrill Lynch - Review - Equity Researchgood culture, but your experience really depends on your team (which is randomly selected for you)... There has to be a better way to place interns because you could easily end up in credit research even though you're really passionate about equity...
Jane Capital Partners - Interview - RiskI don't remember the specific question, but for advice, it would be good to have general knowledge of how to model probability events, maximize expectation, and use bayes rule, etc not necessarily in the context of stock pricing or options but in simple games. I don't remember the specific question...
Sidoti and Company - Review - Equity ResearchFlexible working hours. Now it’s very focused on working remotely and some say that is a bad thing. Small cap niche. Terrible culture - generally people are unhappy unless they are interviewing for a new gig Quality of research is low....
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Written interview question - What do you think about this company as an investmentHi fellas, Heard back from a midsize buy side shop about a second round for which I'll have to answer four questions over email. Last one is "what do you think about company XX as an investment?" They attached a sell side ER report for context. Got a week to do this, how detailed of an analysis are...
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Securities Exam Series 7, 63, 86 and 87 recorded lectures, exams and books for sale cheap 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, ple...
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bcIMC - Interview - EquitiesNothing unexpected as the first round is a take home assignment. One question asks to write up a 2 page note for an earnings call. The second question in the assignment is to forecast the same company's financials for five years and derive a price point through a DCF. They require comments about ass...
Russell Investments - Interview - EquitiesWhat do you know about the markets/current events and what does that mean financially? A lot of behavioral questions essentially asking how you would work in a professional environment and in a team setting. Was not really asked any technical questions; however did bring a stock pitch and was asked ...
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Any JPM NY 2019 Summer Markets - Equity Research Analyst?Just wondering if anyone is joining JPM NY's equity research next summer? Curious about what people's backgrounds are like, and also what does the lifestyle in ER look like? ...
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JP Morgan AM - Equity ResearchWondering if I could get some color on JPM Equity Research, under Asset Management in the Investment Management arm. Locations/prestige/hours/pay/work/exit ops Thanks...
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Transaction valuationCan a merger transaction be analyzed with the following data: Accounts payable -1,708 Accounts receivable 16,942 Accrued liabilities -9,423 Debt assumed -385 Deferred revenue -1,766 Goodwill 79,639 Intangible assets 41,460 Long-term deferred tax liabilities -14,169 Other assets 53 Other liabilities...
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Software Industry Equity Analysis: Do you add back Def. Rev?I know that due to GAAP accounting, revenues are recognized on the basis of how often the payment is due. The rest is compiled into deferred revenues. Thus, is it reasonable to add back deferred revenues to sales? ...
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Software Primers for Equity ResearchAre there currently any primers for the software industry atm? I'm familiar w/ several resources such as arkInvest and Meeker trends, but in terms of understand the software, and how the software market is, there aren't much information to anything. I'm open to anything!...
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Equity Research 2019 intern recruiting?When does recruiting for 2019 internships start in ER? I know that IBDs has already started general recruiting but I haven't seen much for research divisions. Any info is appreciated. ...
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Starting Coverage-Good and Bad SectorsJust wanted to get everyone's idea on what is currently a good or bad sector to initiate coverage. My firm is considering having me cover cannabis. I don't know if that's the right path for me and also don't know if I want to get involved with working for a cannabis company down the road. I have ...
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Raymond James Financial Inc. - Review - N/A*able to actively contribute to reports *management does good job of checking in *very laid back / relaxed culture. *cubicle lifestyle; not much interaction with others *don't get to pick your group *not enough work to do...
Evercore - Interview - N/AHow does depreciation affect the 3 financial statements?How does depreciation affect the 3 financial statements?How does depreciation affect the 3 financial statements?How does depreciation affect the 3 financial statements?How does depreciation affect the 3 financial statements?How does depreciatio...
Credit Suisse - Review - Equity ResearchGreat hours in Chicago branch. Pretty much worked market hours. Also a very intellectually stimulating group, want to see you grow.. Fairly small branch of Credit Suisse. Not a lot of access to other groups. Also being in Chicago means lack of networking opportunities with other banks....
Raymond James Financial Inc. - Interview - Equity Capital MarketsThe behavioral questions were fairly straight forward and very typical of first round interviews. 1) Why Raymond James? 2) Why equity research? 3) Tell us your story? (wording a bit weird, but just a variant of tell us a little more about yourself) 4) Rate yourself from strongest to weakest on thes...
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What can I do 2 yrs before graduating PhD Life Sciences in non-target school to be a competitive ER applicant I am doing my PhD in Pharmaceutical Sciences/Toxicology in a non-target school in New York City. I am in line to have a solid publication record come graduation and have presented at several internationally recognized conferences. What are some things I can do (besides networking) that will help m...
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Which capex I should use? (one in cash flow; one in ppe schedule)Hi guys, I'm always confused of which capex I should use for FCF calculation or company analysis. There are two capex in financial statement, one is from cash flow segment and one from ppe schedule. So which one I should use? Thanks very much!!...
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Morgan Stanley Smith Barney - Review - Private Wealth ManagementLaid back team with friendly culture. The supervising FA is willing to teach me general finance to me during down time; good opportunity to learn about asset management. . Nature of the work I was given to do is not very exciting for me as a young professional. Didn't really see an opportunity to mo...
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CFA Study Hours (that it took you to pass) in relation to alma mater, major, and GPABasically I'm studying for the CFA Level 1 right now and everyone puts up a number of hours that they took to study. However, everyone comes from different background and has a different IQ so it would be nice to see some numbers from people who include their alma mater (or general type/"quality" of...
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National Bank Financial Group - Review - IndustrialsA structure which wants to create the change, and understands the reality of the market. Really competitive employee plan and salary. Could moove too quick for some "Traditionnal" banking profiles, Not a lot of benefits, holidays are less....
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Insights into Capital Group's Investment Group Information Resource (IGIR) Associate position?Does anyone have any insights into the Capital Group's Investment Group Information Resource (IGIR) Associate position? It doesn't look quite like equity research, more like doing research for investment analysts. Any information would be great (actual work, comp, exit opp, MBA boost etc.) Thanks in...
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Deutsche Bank - Review - Equity Capital MarketsGreat culture and top notch people who are all working hard. Very flat organization and not very hierarchical. . A lot of hours with early mornings expected. not very many promotions from inside. No 401k company match. ...

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