Silver BananaTopic
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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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Exit opps for ER @ small investment management firmHi all, I have an opportunity to join a ...
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Did I make the right move?Hi All, After spending almost 7yrs in the financial services sector (since the start of my career), I have recently joined a high street bank in their equity research team. It feels like a whole new world, and I don't feel too bullish at the moment. Im supporting the equity strategy product as an ...
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Valuing Exxon Mobil with DCF?Hi all, apologize if this is in the wrong forum. I need to value Exxon Mobil for a presentation and have been told that a DCF would not be accurate for reasons that have not been well communicated to me. Someone has mentioned using APV, but quick searches on WSO have said that APV is purely academi...
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Is Summer 2019 ER SA recruiting similarly accelerated?Title. Also would an ER internship 2019 look fine if I potentially wanted to do IB full time? Probably won't, since ER is what I'm passionate about, but I wanna keep my options open....
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How to transition from biology to market/equity research (in life sciences)?Hey guys, I'm hoping I can get some information on what kinds of jobs I could use as a launch point to enter the business (I'm specifically thinking market/equity research or M&A) arena from a biology background. I got my B.S (Biology). in 2016 and I have been working at a state university's medica...
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Stock Pitch CompetitionsWhat are some notable undergraduate stock pitch competitions that are held on a national level? Anything like the Ira Sohn Idea Contest would be helpful. Thanks....
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Company Review: BMO Capital Markets - Enjoyable place to work Very palatable working hours. Get to travel a fair bit. Small team with friendly feel. Reasonable buy side reputation.. Potential lack of progression within the company. Employees frustrated by this. It systems are behind the times....
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Company Review: UBS AG - Decent BB houseFocus on research. Stable outlook. Good work environment. Decent sales. Good platform and client reach. . Bad hours. Outdated IT infrastructure. Too many internal procedures. Bureaucratic. Low efficiency. Limited upside. ...
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RIA: Is this a viable option for an ER analyst who hopes to enter into AM firms and HF?I hope to start in Equity Research soon and was looking at a few ways the career itself would branch out after several years of experience. I was looking through Asset Management in the forums and I came across RIA (Registered Investment Advisory firms). Most of these firms are founded by older guys...
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Equity Research Interview: Oil Modeling HelpHi guys. I'm currently interviewing for an equity research role and they sent me an excel/modeling test. They basically gave me a bunch of data on well performance and want me to create some output (yea they were kind of vague). The overarching goal is to find the best operator. Note: best operator ...
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Cross Research GroupDoes anyone have any information on this company? Boutique equity research firm that focuses on InfoTech. Applied for an entry-level associate position and have a phone interview tomorrow. Looking for any information. Thanks....
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Company Review: Fitch Ratings - Fitch ratings InternGood culture, alot of learning. Not too many hours (45week) Nice MD's Good Pay. Interesting work, access to a lot of software (Bloomberg). Sometimes the office would be a little slow especially in regards to intern work, not as much modelling experience...
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Best undergraduate degree for equity research?I already read "Here are the target undergraduate schools in Canada," which seemed like it was more for people who wanted to go into IB. I'm more interested in ER, and thinking about possibly going into HF later on. Which (Canadian or US) undergraduate programs do you guys recommend? (Which undergra...
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When and How To Exit?Been in ER for almost 2 years; clearly an excellent opportunity and learned a ton, including numerous certs etc. I've realized I' extremely unhappy on the job, granted I am doing it well and better as time goes on, but I know I would never want my bosses job. I've just had too many conversations a...
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Company Review: ABN AMRO Group - ER Internship- Great exposure to senior Equity Analysts - Fully implemented in the Equity Research coverage process - Early responsibilities - You learn a lot. - Hours and days can be long - Sometimes expected to show up on weekends - A little unorganised at times...
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2018 ER BonusesHere we go again Let's keep this pretty simple and straightforward: Bank: BB/MM/EB/etc. Bonus: in USD. Also denote whether or not it's a stub. Base: current and whether or not you got a bump. Years experience: How long have you been doing SS ER ...
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garch modeli have a time series of stock return, for which i would like to estimate conditional volatility by a garch model. My aim is not to correct an ARMA model, but only to estimate conditional variance. I used in matlab, estimate garch offset for p=1 and q=1. For some variables with outliers i have inac...
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Can a listed company that is not at risk of bankruptcy choose to end operations?If its possible, what happens to its stock and to its bonds? And is it the same case for a private company?...
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Company Interview: Raymond James Financial Inc. - Raymond James & AssociatesOverall, the interview process was not too difficult. Everyone that makes it to Super Day is, generally, smart enough to do the job. They want to confirm your intelligence and passion for the industry, and see if you'd be a good culture fit. One of the math questions was what's 6 divided by 7 to 3 d...
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Company Review: JP Morgan Securities - Good proving ground Best management team I've worked for. Few upward mobility options. SMID Cap coverage is always influx. . Hours have gotten better with time but pay and quality of research has slipped. Too many career associates. ...
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CFA Registration InquiryHello everyone, As the title suggests I have inquiry regarding the CFA Level 1 exam registration process and specifics around the “requirements” for enrolling for it. To give you some background information, I’m doing BA HONS in the UK (Scotland) and my course is composed of Bachelor’s Deg...
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Moelis Young Leaders Diversity ProgramJust an FYI, saw this come across my feed on LinkedIn and thought some of you could take advantage: [quote]Calling all sophomore undergrads in the US! Moelis is pleased to announce its inaugural Young Leaders Diversity Program. This hands-on and immersive program gives sophomores an opportunity to ...
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T Rowe PriceI was hoping someone could shed some light on the T Rowe Price Equity research program in London. I know their headquarters are in Baltimore, but I am assuming their London office is quite large. Compensation, bonus, Exit Ops, culture, etc (incoming associate analyst)...
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Chances of getting into top MBA program with a shit GPA?Currently a Junior at a nontarget university in the Bay Area and there's no way my GPA can be any higher than 3.3. What would increase my chances of getting into a top MBA program (besides getting a good GMAT score)? Another question I have is what type of internships should I be seeking? I'm curre...
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Company Interview: Canalyst - Summer analyst If the us government 10 year bond yield rate goes up what will that change the commodity market for lumber in Canada. The questions are mainly focused on commodity market instead of equity. However, the main business of the company is equity research. The questions are extremely difficult. Then they...
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Company Interview: CITIC Capital - 2018 Investment Analyst InternshipThe interviews consist of the typical equity research questions. It also include more specific company and industry questions based on the investment thesis report. In the end, you will also be asked about the behavioral type questions based on the CV you submitted. The most difficult part is the ...
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3 statement financial model templateDear all, I got past my second round interview for equity research associate position, and they have sent me an assignment to do. I was wondering if anyone had a dynamic 3 statement financial model that they would be so kind as to let me see. I want to make sure that I am doing everything right, ...
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Primer on investment banks/asset managers/brokersHi everyone, Does anyone have a primer that covers investment banks, asset managers, and brokers? Thanks!...
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Rutgers NB Junior 3.5 GPA PWM intern looking to break into ERHi all. The title gives a decent background for me. I'm a junior finance major with a 3.5 cumm at Rutgers New Brunswick. I currently intern at a small PWM firm specializing in healthcare. I do some research but for the most part, it is just your typical PWM internship, cold calls etc. I have been ap...
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Equity research -- interactions with buyside?Could anyone in equity research (particularly junior) describe special project you did for someone on the buy side? Trying to get a better grasp on work that is outside the scope of normal model and idea updates, initiations, etc...
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Private Bank Trading Desk to BB Equity Research Hi Guys, So currently I am in the Private Bank at a BB. I sit on the sales trading desk and cover semi institutional clients (think 200MM+). Basically we do a sales trading job, pitching ideas we get from the asset class strategists in our PB to our clients (all assets classes equity, fixed income,...
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P-test Exercise for ER interview Hi, I have an equity research interview coming up soon and part of the process is a p-test exercise. This is my first ER interview and so I am unfamiliar with this exercise. I have previous intern experience in a banking role but nothing modelling related. Could someone possibly point me in the righ...
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Choose between BoAML ER or PIMCO product analyst?Received summer internship offer from BoAML Equity Research and PIMCO product analyst, both at London. Any thoughts on which one is better? Like return rate, salary and career path?...
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Facebook - What's Their Next Plan?Hi everyone, I'd like to know how you all are thinking of a next move by Facebook in 18's and perhaps whether my thought process might resemble with some of yours. If different, I welcome any different opinions. After their last earnings release and Mark's statement of creating an internal progra...
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Introducing Myself - 24 year old studentHello, I just wanted to introduce myself, as I just joined and the starting message mentioned I should. Currently I am a student in Cleveland, Ohio, and I will be graduating in December. After some changes in majors over the years, I finally know I want to be doing equity research. I have stumb...
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Company Review: The Motley Fool - Okay place to workVery relaxing environment. Pretty easy to choose the project you're on. What you get out of it directly scales with the amount of work you put into it. You aren't really pushed to perform. Intern program isn't very structured. Not as many perks as other big tech firms....
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Difference between sell-side and buy-side equity research (culture/ atmosphere, salary, career paths, etc.)?Hi, I'm very curious about the difference between being a sell-side or a buy-side equity analyst. Of course, one main difference is that you don't talk to clients when you are a buy.side analyst and that your reports aren't published, as they are for internal use only. but what else? do pay (of cour...
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Equity Research - Which banks will "survive" post-MiFID?**Question**: Incoming FT in Equity Research and as the news go (lately with Nomura signaling a shake-up), I was wondering which banks you think will have to cut down significantly when the effect of MiFID have gone into place? **Sub-question**: As an incoming FT for a BB (without getting to specif...
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Company Interview: Dimensional Fund Advisors - AssociateWhy do you want to work at DFA? Explain DFA's investment philosophy? ...
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(TGT) Target Corporation 10-K Analysis: Accounts ReceivableHey Everyone! I'm an undergraduate Finance major. I've been practicing my valuation skills with real companies to understand better how it's really applied to the market. I'm proud to say that I improved a lot. However, there're still times in which I have trouble understanding financial reports....
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Target IRR for Small/Mid-Market CompaniesIs there a general target IRR the market is trying to hit when valuing an acquisition? I realize it may vary a lot by industry, but I was just wondering if someone could give me a generally accepted minimum target IRR or maybe a quick breakdown by industry. ...
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CFA Materials: Schweser vs BloombergHello all, This week I registered for CFA Level 1. I registered for the June 2016 exam. I am wondering if anyone has used the Bloomberg study materials for the CFA. I know Schweser is the go to for most people but it looks like Bloomberg's product is pretty strong. You can get either program for ar...
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Travel Passport for CFAHello, For all those who have taken the CFA, I have a quick question regarding passports for the exam. I am not a US citizen and have a regular passport from my country of origin. The requirement states that I need an International **Travel** Passport. I'm not sure if there is a difference between ...
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What am I expected to know as an incoming ER SA?My fellow monkeys, I am in dire need of some guidance, here! I won an ER SA position for this upcoming summer with an MM bank and was looking for some advice on what I should be brushing up on in the next few months leading up to my internship. Coming from a non-target, I don't have any classmates ...
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Equity Research vs. Due DiligenceIf you had 2 offers: 1) Equity Research Associate- Sell Side- at Susquehanna International Group (SIG) or 2) M&A Advisory Due Diligence Senior at Deloitte (not the corporate finance group) Which one would you take and why?...
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Horrible Boss or is this Wall St?Hello Everyone, I'll keep this short and sweet. I took an ER job out of school (after running my own little ER biz). Working on Wall St is great, I'm learning a ton, I put in the hours and I'm on the front lines. Outside of continually getting up to speed, I passed my Series 7/63 within two months ...
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Best Equity Research Providers For Small FundsStarting with a small fund focused in US equities shortly and was curious where these funds find research content. I know in Europe the unbundling is pushing bulge bracket research prices down, but a lot of it still seems too pricey for a smaller fund to pay for. Here in NA content access is still t...
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NOPAT with benefits from income taxesHey - am using the marginal tax rate for my NOPAT calculations. How do you treat benefits from income taxes though? Simply using 0% for the marginal tax rate so that operating profit = NOPAT? ...
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Susquehanna International Group (SIG) Equity Research Associate First Round IntervireHi, 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! ...
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Company Review: Goldman Sachs - SatisfiedDecent work - life balance; had most weekends to myself outside of quick report/model updates and emails to senior analyst.. Outside hires and lack of internal promotions was demotivating. Did not see many individuals promoted from associate to VP...
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Looking for an equity research mentor!Hi, I will be interviewing tomorrow with for a MM ER role (junior) and I finally realised that I really need someone to help me with a few things before that. I am looking for a mentor / tutor who would be willing to help. I can obviously pay as I recognise it is someone's effort! Please let me kno...
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Company Interview: Morgan Stanley - Junior Equity Research Summer AssociateHow would you value a deferred tax asset? What is something interesting that is occurring in your local economy? What is the Bloomberg Aptitude test? What is one of your biggest failures? Why do you want to work in equity research? Why do you want to work at Morgan Stanley? How did you get intereste...
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Equity Research Summer Internship - Placement and Coffee ChatsHi all, I was fortunate enough to land an ER internship at a BB this summer. My HR contact informed me that because I am in NY, and the internship takes place in NY, I have the opportunity to grab coffee with associates. She also told me that placement will take place in a few weeks, and I should s...
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Company Review: Goldman Sachs - SatisfiedWorking with very intelligent peers. Teamwork collaboration. Unparalleled corporate access and network. Can be difficult to get promoted. Compensation variable across groups. Political work environmentsss...
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Company Interview: CRT Capital Group - Research AssociateNothing too unexpected. Have a good sense for the job and what it entails. The presentation component is where you can really shine. Otherwise its just the normal stuff from the guides - was asked about my accounting background, what I knew about the job, perspective on current events, background ex...
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Company Review: Morgan Stanley - Equity Research Summer AnalystGood culture and meaningful work. Great learning opportunity and ability to explore different groups.. Cost cutting and MIFID II regulation is negatively effecting the future of the industry and compensation....
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Help with a financial model. I cannot figure out where my links are wrong. I have spent the last couple of days trying to figure out where I am wrong in this model. It is my first one and I have basically lost the forest for the trees. If someone has time to look this over I would be grateful....
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Company Interview: Susquehanna International Group - 1st Year AnalystThere were a handful of difficult questions. For example, market-sizing-esque brain teasers (e.g. how many tennis balls can fit in an airplane); and then some somewhat difficult brainteasers (e.g. how would you go about cutting a cake into eight equal pieces using only three cuts; what is the date c...
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Maximum permissible limit for an investor to purchase shares in a company?Hi everyone, I wanted to know if there is any limit on a shareholder to acquire shares of a US-listed company. For example, is there a percentage limit of total shares that a shareholder (including the original company founder) can purchase from the open market before any rules or limits trigger in...
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Equity research reports - BB technology TMT industry reportsmsg me if you would like copies - comprehensive industry reports - full length...
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Company Review: UBS AG - Equity Research AssociateGood culture but teams dependent. reasonable hours if you have good sense of the industry. ok benefit among banks. Loss of good analysts consistently. only a couple top analysts left. young guys have to work very hard....
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Choosing peer group companiesI have to do competitive positioning analysis of a mining company which focuses on copper mining/production. The company also produces some other metals as by product. The share of company in global copper industry is very small-less than 0.5%. How can i develop peer group? What factors should i loo...
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Mining company revenues forecastingHow can i forecast the revenues of a mining company for 5 years. What sources can i use? Is there any standard financial model?...
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DCF valuation of a copper mining companyWe have a copper mining company to value. The share of our company in global copper market is very small-less than 0,5%. We are going to use 2 models.The first one is Discounted cash flow model and we are struggling with it. In order to calculate free cash flows we need projected revenues and capita...
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Equity Research ProductsHi All, **What types of products do you produce as a sell-side analyst?** I have been able to get my hands on some reports and they are either very detailed (25-40 pages) or very brief (2-6 pages). As far as I know, for each stock, an ER analyst produces an initiation, quarterly previews (what the...
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AMA: Sell-Side Equity Research todayI’m an MD in equity research with 15+ years experience. I’ve worked at bulge brackets, mid-sized firms and regional firms. Ask any questions on life as a an analyst today vs. several years ago including pre-settlement and bulge bracket vs smaller shop....
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How did you get the knowledge required for your ER gig?**MAIN Question is in bold below** I have 6 months to land an ER gig. **I know what I have to do:** -Write a research report -Learn to build DCF models like the back of my hand -> -Send these out like crazy in networking attempts. -> -Learn accounting/ IB technical guides etc for interview ques...
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Interning at an Independent SS ER Shop: What to expect?Hey guys, I am a freshman who is really interested in working in ER or AM as a future career. I have been fortunate enough to receive a summer position from an independent ER shop, but I am not sure what to expect. When I asked my interviewers what my job would be when I was interviewed, they said ...
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what to move into in a post mifid world?Trying to figure out what are the exit opportunities now in a post-MIFID world. I am currently in BB for a few years, but I dont think people will survive in research. Just trying to cover my own end. To be clear, my goal is not to take a 50% paycut obviously and go into IR as an associate lol, but ...
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Help getting pro ER financial models (mining, reits, FIG, O&G, etc)Does anyone out there have real, professional equity research financial models? I'm practicing as much as I can but I am getting stuck designing models from scratch for more complex companies as all of the templates for the modelling courses I've done have been relatively simple. What I'm lookin...
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Company Interview: HSBC - Equity ResearchWalk me through how you would evaluate the value of art body. Basically, there are more than one way to answer. My answer did not meet interviewer's expectations because he wanted me to use DCF (while I relied on comparable analysis). He specified the question and asked me how you would evaluated it...
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Company Interview: Bloomberg - Summer InternEverything is fair game but the most difficult or unexpected interview questions was that the interviewers kept asking deeper in a situational question regarding teamwork and a situation where no one has the time to get work done how would i manage my time and prioritieze different types of work... ...
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JP Morgan Work Opportunity Tax Credit for ApplicationHas anyone applied to JP Morgan and had to fill out a work opportunity tax credit (WOTC) before the interview? I received an email after applying and just wonder what they would use the info for?...
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Best Fixed Income/Credit Research houseI was just wondering if anyone here had an idea of how the various banks and even independent research houses rank when compared to another. With Mifid 2 now implemented, I believe it is more relevant now than ever before. Sadly, I don't have access to the Institutional Investor ranking. I'm mostly...
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Quick question.. How niche of an industry can you usually choose? (If given a choice)Basically, I'm really interested in food/beverages, but it seems like many associate positions would cover staples as a whole? Typically, would it be possible to focus on just food/beverages. I do see some analysts as Staples, and some really specific, like only restaurants, so I was wondering if ...
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Company Interview: Credit Suisse - Credit Suisse Equity ResearchTell me about your most philanthropic effort. Tell me about a time that you ran in to a conflict with a co-worker and how you dealt with it. Tell me about a time that you worked on a team - what role did you play. What industries are you interested in covering. Asked about a company that I was inter...
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Company Interview: AllianceBernstein - Sophomore Diversity Rotational InternAn unexpected interview question I was asked would be a case study that was presented to me by one of the analyst. The context of the question was how one would go about evaluating Lyft. Another questioned that followed that would be how could someone take Lyft and compare it to its competitors, the...
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Advice if you can't stand it?Started ER this past summer thinking I would be happy in the job for a few years before likely trying to go to the buy side. I've quickly realized that ER is not for me, and I'm not sure moving to the buy side (if possible) in a year or two would be much better. Any advice on how long should I stay ...
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How to Get Started Writing Equity Research Reports As An AmateurHi, Since I have been struggling finding a job this summer, I was thinking about writing some equity research reports on my own while studying for the CFA and perhaps use these as a way to show interest and maybe break into ER for the next summer. However, I have to be honest, I don't really know w...
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Company Review: BB&T - BBTGood work life balance, solid industry expertise with lending in their sector. DoR is very hands off.. Now no longer offering research/sales/trading, DoR being hands off also translated to him not paying attention to which associates were truly value-add...
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Elijah Watt Sells Award"The EWS award is bestowed upon CPA candidates who have obtained a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination and passed all four sections of the Examination on their first attempt. A total of 102,323 individuals sat for the Examination in 2016, with...
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Company Review: Scotiabank - Satisfiedpretty happy with the team/work, would rate 9/10. Work and sector cover's very interesting given Canadian lags behind US counterpart. Median pay Hour expected, maybe a bit long for equity research No allowance like IBanking but livable...
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Your sales process for selling research - HELP!Need help describing an in depth sales process for research sales. I have an interview with a large Gartner like firm and need more detail in describing pipeline growth and just general process. Any description would be a huge help and much appreciated...

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