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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Work/Life Balance: Equity Research vs. Investment Banking - (A Definitive Guide, Part 1)I'm probably one of the few people on here that has done both IB and ER. So I thought that I would share a guide on the pros/cons of both. A lot of these items have been covered in other posts so I'm going to focus on the nuisance and specific details which others often leave out. I don't want to m...
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Expert Network to Research positionHey guys I have a 2nd round interview with a expert network in NYC. I'm from Florida. I was wondering if it's worth taking this job to gain experience and relocate to NYC? I know I'm thinking a couple steps ahead of the process, but that's just the kind of person I am. ...
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Independent Research PayIt's been well covered on the site what salaries, both base + bonus, look like in sell-side bank research as well as research in the buy side, at large AMs and funds. However, I am curious what pay looks like at independent research shops that are selling their research to the buy side? Thanks for...
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Energy Aspects ThoughtsHey WSO Community, I'm on the commodity side of things and we look at quite a bit of research both out of banks and independent consultants/buy side research. I was curious if anyone has come across Energy Aspects' work and/or has experience working at the company? Any further thoughts on best in ...
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Company Interview: Bloomberg - Research AnalystThe most difficult question was only difficult because it is not how I practiced interviewing. They sort of ask about your soft skills outright, in the what makes you more qualified, that we havent already asked about, kind of way. I imagine they were looking for certain qualities. Other than that t...
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Fixed Income Index Analyst interviewHi all, I am interviewing for a role as a Fixed income index Analyst and would be grateful if someone can give me more color on what I should be expecting in the interview and How I should prepare. The role encompasses the full lifecycle of index product development, from market research, prototyp...
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How to select which valuation multiple to use?Hi, How do we select the correct multiple for a target price calculation? Equity research reports often say our target price of X is based on a 50:50 combination of P/E and EV/EBITDA (This was for a European Utility Stock)... How is that ratio determined? When should we use P/E, EV/EBITDA? Woul...
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long run buy-and-hold abnormal returnsWhat is the method of calculating buy-and-hold abnormal returns? Could you explain it with an example?...
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Internship Applications - Academic vs. Work experience?Hi everyone, I am a student at non-target UK university and currently applying for summer internships in ER. I have two finance/ER-related pieces of experience under 'Work & Leadership Experience'. I am now deciding whether to put in a 3rd place quite recent 6-month non-finance related internship ...
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Which stock index to use to run regression against for beta calculation?Suppose I am valuing an Indian company with foreign operations, then which stock index should I be using? Similarly which indices to use under different situations? Any comprehensive guide or intuition for the same? My friend was asked this in a job interview......
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European Utilities- Primer please?Hey, would really appreciate primers on European Utilities specifically for upcoming interviews please, I don't have access to the terminal or any such reports. Please help...slightly urgent. the reports I have are for American Utilities which is irrelevant to me......
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Company Interview: Morgan Stanley - Research Summer AnalystI was asked many different questions by different people. One guy went very in depth into technicals. He asked about DCF, 3 statements, and valuation. Another guy went very in depth into my stock pitch. He drilled down into one section that I did not look at a whole lot. Lastly, a girl asked me all ...
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where to get the inputs to calculate FCFF?Hello friends, I am trying to learn DCF valuation, however, the books I read (McKinsey and Damadoran) and the online resources I looked at have conflicting sources of where they get their inputs. for example: For calculating Net Capital Expenditures, some models just take the number on the cas...
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Company Interview: JPMorgan Chase - Equities Research at JPM Asset ManagementFirst two interviews were expected of a research role, such as basic accounting questions, knowledge of the financial statements and how they work with each other, as well as a basic stock pitch Slightly more difficult questions regarded questions about how to value the acquisition of a single rest...
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Overstock.com Stock Thoughts https://finance.yahoo.com/quote/OSTK?ltr=1 Currently trading at ~$50, analysts have priced it at $85. They are an online retailer getting into the ICO trading platform game. Bold move, Cotton. ...
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How to Contact an ER Analyst and Get a ResponseGot a few inbounds requesting more info on how to best contact an equity research analyst and get a response. Here are five steps: **1. Get contact info from Bloomberg, FactSet, Capital IQ, old research reports, and online** What's great about equity research is that it's fairly easy to find e-ma...
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Help - LBO AssignmentHi everyone, I need LBO assignment help can some help with the modelling. I can PM the question Thank you Kapil ...
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Doctor thinking of exit opportunities Dear all, I am new to this community but not new to contemplating my exit from clinical medicine. I have been weighing pursing consulting or equity research in biotech/pharma/healthcare. I crave learning about innovative solutions in healthcare and medicine, creativity, being surrounded by more like...
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Interview with Zelman & AssociatesHello, I have an upcoming interview for a summer ER position at Zelman & Associates and was wondering if anyone could help me out with listing off things to know. If anyone has experience and can chime in that would be very helpful. I found a past thread on Zelman but it was a few years old so I'm c...
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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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Feedback on Valuation Attempt (Costco)Hi I am currently trying to teach myself financial modeling, wondering if anyone would be willing to provide some quick feedback on an attempt at modeling Costco?...
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Morgan Stanley Summer Equity Research Interview Help!!!Made it to the first round with for a SUMMER ANALYST position in New York. Had my first interview on September 22nd 2016 with an equity research associate. Still haven't heard back, Should I be concerned? I did check my account on their website and the status hasn't changed since my interview. Let m...
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Potential Stocks that will turn out in the long run?I'd like to hear what the community thinks the best long term plays in the stock market are as of now. I would also like y'all to include why and possibly include what industry or sectors you think will perform in the long term. Thanks :)...
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Magellan Research Group--Anyone know anything about it? Greetings, I've been a lurker on this forum for years and have gleaned some great advice from it--now I decided I would ask a question of my own. Sometime ago I applied to an Analyst position at Magellan Research Group through a school job board and they just reached out to me to schedule and inte...
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Company Review: Morgan Stanley - Satisfied overall Only been here a year but enjoying so far. Usually get weekends off outside of earnings season, CFA paid for with allocated time off to study, motivated people. . Little time off during the week due to early starts but no specific to MS. Earnings season gets pretty bad, but again to be expected in t...
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Company Interview: Goldman Sachs - GS Global Investment Research Summer AnalystQuestions were mostly based off of your resume. Asked me some specifics about the regression models that I used in my prior research and the assumptions that I used. I had done some behavioral economics research in the past so he also asked me why I decided to make the switch to finance research. On...
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3 Key Tips for Getting an ER InterviewBack when I was applying for ER associate positions, I was really struggling. Only a handful of positions per year opened in my industry, so I got very good at making the most of each application. I got to the point where if there was an opening, I had a 50% chance or better of landing the interview...
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Research Associate Oil&Gas Salary ExpectationsEntry-level job in Calgary conducting investment research for companies in the Oil and Gas industry. E&P. What should I expect as a salary? ...
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How do I Break into Financial Services in the Boston Area?I am looking to break into the financial services sector and was hoping to find out if you would be willing to provide some advice as to how to go about doing so? I am a first-year MBA student with an undergraduate business degree who is in search of an entry-level position. I have interned for a fi...
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Company Interview: FBR Investment Management - Equity Research AssociateNo unexpected question, most questions are average and typical questions to be asked during an equity research interview. The most technical one is to estimate the market size for a technique that seems most interesting to me in the current biotech industry, which is gene therapy in this case. Follo...
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Company Interview: Robert W. Baird & Co. - Equity Research AnalystYou will get grilled on your stock pitch by at least one interviewer. He/she will pull it up on Bloomberg or FactSet or whatever and ask you about the technicals behind it. So keep up to date with news on your stock and know the big numbers. Lots of brainteasers as well. Predict how many sneakers ...
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ER Post Final Round Interview (off-cycle)Just finished a final round with a boutique this Monday. This was an off cycle position on a team looking to replace an associate whose leaving. Had some great feedback from the senior analyst on the team who said they were looking to fill this role ASAP. I was asked throughout my rounds when my ava...
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GS gap year intern GIRHello everyone, have anyone applied GS GIR gap year intern and got any interview before? I will have interview with GS soon, and can anyone share sth about it? thanks....
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Best accounting books or courses for stock investorsHey guys, The title says it all: can you pls recommend accounting books or courses that are useful for equity investors, essentially what to look at when a potential stock investment is screened. Thank you...
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Big 4 to Equity research.....what are some possible routes? Im only a 2nd year in big 4 audit so I know manager in big4->Mba->ER might beone route but I cannot stick the job anymore....No way I am sticking around until manager. So what are some alternatives? Im willing to start from the beginning (e.g. internship)....
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Company Review: Needham & Company - ER AssociateGood work life balance for the industry. Senior analyst is good at mentoring and allowing me to run with projects.. Outdated/slow technology. Some dislocation between senior management and sales and trading/research....
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Technology Financial Model?Hey guys, I was wondering if some one could send me a technology related model just as reference for the purpose of learning. I have the grasp of the basic financial modeling concepts; I just want to see what a technology financial model looks like. I would really appreciate it!...
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Company Review: Credit Suisse - Restructuring, Morale Down, Room for Improvementbetter hours if on better team, able to plan your schedule, more qualitative work, exposure to VPs or MDs if you work with one in your team, able to later move on to clients, less tough rigorous than banking. less quantitative exposure, earnings season is tough, research is undertaking structural de...
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Interview Question- What would happen to the world economy if US throws nuclear bombs at North Korea?I was asked this in JPMC. Here's what I told them- There will be capital flight from US as the confidence in the economy goes down because of fear of retaliation from North Korea and investors would flee to safer haven like Europe. This would lead to depreciation in USD. After that, even South Kor...
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Company Review: Morningstar - Equity AnalystPhenomenal work/life balance, ability to move up quickly and gain client visibility with both institutional clients and media.. Pay, pay, pay. Base salaries are below market value, and the bonus program is pitiful with little tieback to actual performance....
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Company Interview: Jefferies & Company - Equity ResearchI made a long pitch during my phone interview with the lead analyst. He grilled me on my investment catalysts and refuted that one of my points was not a catalysts and that in his experience the opposite is true. I substantiated my statement and stuck to my original theses. With prior experience i...
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Company Interview: Deutsche Bank - Deutsche Bank Research AssociateNot a lot of real surprises as I already had experience. Most difficult was defending a call our team had made that was the opposite of the hiring team's recommendation. Another difficult conversation/question was on the area of compensation. I was underpaid at my current firm, so apart from naviga...
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Bloomberg Intelligence Research, Thoughts? I'm currently an equity research associate covering the technology sector for a boutique. With an industry that's consolidating and the upcoming MIFID regulation, it looks like Bloomberg is positioning themselves to provide investment value with their own in-house research. The research arm, Bloombe...
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Moving from SIG ER to HF (equity)Hey guys, I have recently received an offer from SIG in their equity research division. In a few years I would like to move to a good HF (between $1B-$10B). Specifically looking at L/S, fundamental value, etc. Is this realistic? How is SIG ER with regards to placement? Does it matter whether it is B...
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Company Interview: Raymond James Financial Inc. - Raymond JamesYou should brush up on accounting before the interview, the questions weren't difficult per se but could easily catch you off-guard if you haven't looked at financial statements in a while. You should know to explain the structure of the three financial statements and know what kind of changes certa...
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Incoming Equity Research Associate - Series 7, 63, 86, 87 Exam Study Materials - STC? FINRA? Mometrix? Hey Everyone, I'm a newcomer to Equity Research and will have to complete the Series 7, 63, 86 and 87 exams coming up. Does anyone have experience and recommend specific study materials they used? I've heard people using the STC materials for the 86 & 87 and sometimes for the 7 & 63 also. All of t...
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Advice From a Seasoned Equity AnalystMod Note (Andy): #TBT Throwback Thursday - this was originally posted on 8/9/13. So, I used this website years ago when I was getting into equity research. 7 years on and now considering the buyside, I thought it would helpful to share my experience and advice as this website at the time was very u...
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What Causes Stock Price to Rise or Fall?I get that when investors sell the stock the price of the stock goes down and vice versa... but isn't a typical investor selling the stock back to the broker dealers? AKA every time someone is selling a stock someone on the other side has to buy it? In other words, there are a set number of shares...
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Should I read something really technical to learn my sector?Hi everyone, I am starting a long-term internship in a lower MM ER. I am thinking about buying a book from Amazon to learn something very technical (for example, a book called basics of quantum mechanics, its applications, etc. ) regarding my sector covered. It is an engineering/renewable energy re...
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SB for Healthcare/Pharma/Biotech Industry PrimersI am looking for some healthcare/pharma/biotech primers, primarily from BBs. If anybody can provide copies of the most recent editions, particularly Deutsche Bank's "Global Pharmaceuticals: Pharmaceuticals for Beginners", they will receive 2 SBs for each primer. PM me please if you have any primers....
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Company Interview: Capital Group - Fixed Income AnalystThe most difficult questions asked as what do you think is the misperception about the rates market in Asia, has there been a time that you have to speak against majority of the group. Interview started with some self introduction. Interviewers are very nice, two analysts, one senior and one junior,...
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2018 Rating Analyst Internship program- HELPInterviewed with a rating firm for their SA position last week (10/25) on campus, the final interview was two 30mins back to back with associate directors. Received an email a day before actual interview stated that I will find out the decision by 10/31/17, which is today. As of now, I haven't heard...
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Company Interview: T. Rowe Price - Summer Equity Research InternI would recommend that you read an investment book - or at least know about an investment book - before going into the interview. He point blank asked me "so tell me what sort of books on investing you've read?" Be prepared with a book, why you liked it, and how it has impacted your investment style...
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Company Interview: Needham & Company - Equity Research Summer AnalystThe interview was relatively straightforward. I did not get any technicals and got standard behavioral questions. I was first asked to introduce myself and describe my background. I then got asked about three words friends would use to describe me. After that, I was asked what in particular about th...
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Company Interview: Morgan Stanley - Equity research1. What's your process in reading the newspaper - do you read certain sections or follow certain industries. 2. What discount rate would you use for a mining company? What does the street usually use and what's your opinion? 3. What's the market trading at? What do you think about the current market...
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Company Interview: Susquehanna International Group - Equity Research Associate1. How many raindrops fall every year? 2. Five guys walk into a bar, how many ways can they sit so as to be arranged from oldest to youngest? 3. If you have 8 marbles and one is lighter than the rest, using a scale how would you figure out which one it is in two steps? There are many different v...
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equity research modelling(excel) and written testHi all. I am going to have an ER modelling and written test very soon. I have searched over the forum and found some useful info. However, in terms of the excel test, i still have very few clue about what it's going to be. My background is non-accounting and I'd say i didnt know how to do the financ...
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Activision Blizzard: How to project RevenuesHi all, Im currently working on a personal project related to Activision Blizzard. Now im trying to understand is the company KPIs as a way to project the revenues. What is the correct way to look at this company?, project MAU? or perhaps their most important IP? Thanks a lot....
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Company Review: Nomura Holdings - Good culture and good peopleGood people and culture. Generally good work life balance. People are respectful of each other and no big ego. . Senior management departure. Comp is slightly below industry average. IT is on the weak side and not enough 3rd party resources. ...
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Company Interview: Morgan Stanley - Equity ResearchI was asked to do a stock pitch and some technical questions, which I was not expecting. I was also asked some regular behavioral questions, like my strength/weaknesses and about my past experiences. I was asked about the 3 financial statements: income sheet, balance sheet and cash flow statement. I...
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Morgan Stanley: Upcoming Equity Research Phone Interview for Summer Analyst PositionHi guys, I have a phone interview for a Summer Analyst position with Morgan Stanley in London next week. You guys have any idea what to expect and how I can prepare best? I thought about preparing for technicals (DCF, ratios, etc), CV and fit-based questions and a stock pitch (or two?) Do you hav...
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Importance of modeling courses (BIWS, WS Prep, etc.) for ER?What's up WSO? I have been networking and preparing to transition from credit analysis at a rating agency into ER. During my conversations with people in the industry, I often ask them about the necessity of modeling courses like WS Prep, BIWS, etc. I have gotten mixed reviews from these people and...
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Company Review: Goldman Sachs - ER reviewGood group excellent management great colleagues decent travel opportunities good client interaction. poor communication amongst team role was based in a different location which made communication difficult...
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Interview for Evercore S&T ER Sales Summer analyst 2018 Please HelpI just got a interview for Evercore ISI equity research sales, can someone shed some light on it. What should I expect at the interview?...
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Company Review: Credit Suisse - Associate A large amount of resources available to conduct equity research. Associates have the chance to work with strong Analysts. Due to Credit Suisse's size, there are many corporate restrictions that equity research often has to go through...
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Goldman Sachs GIR Superday Stock PitchOn October 30th I have a superday for Goldman Sachs GIR internship. It is three 30 minute interviews, it the email it explicitly stated to have a stock pitch prepared. How prepared should I be with my pitch from your past experiences?...
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goldman intern and personal relationshipsdo interns in goldman have breaks during the day? my boyfriend works till late in the night but never messages me . i'm starting to think it's a fake relationship. are interns really busy at goldman that they can't say hello to their girlfriends. i said hey to him yesterday he replied but didn't bot...
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Company Interview: UBS AG - Intern- What are the regulatory pressures our firm is facing? - Tell me about a situation where you learned the most about your strenghts and weaknesses - Why should we hire you over other candidates? - How many light bulbs are there in the UK? - How would you invest USD 100,000,000? - I just woke up from...
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Semiconductor and software financial modelling - need a mentorHi everyone, I'm looking for someone who can mentor for financial modelling for semiconductor / software. Is anyone available? Please PM me...
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Company Interview: Susquehanna International Group - Equity ResearchThe most difficult questions that were asked were "Have you looked at our website? What did you find interesting about it?" Just checking to make sure you've done your research on the company. They also asked about "Why equity research?" "why SIG?" Overall, nothing to difficult. They definitely like...
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How to survive post Mifid II?How should a new guy in the industry best position himself to survive the impact of Mifid II on the sellside? ...
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Boeing 3Q HighlightsBoeing 3Q results beat estimates; EPS: $2.72 vs. $2.66 (est) and revenue: $24.3 billion vs. $23.9 billion (est). It has also raised the 2017 EPS outlook by 10 cents. For now, Boeing clearly leads in orders vs. Airbus with 498 at the end of September compared to 271 for Airbus. It also has trade disp...
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The right time to lateral?**BACKGROUND:** I have been at a Credit Rating Agency (Moody's, S&P, Fitch, etc.) for four months. I started straight out of undergrad as an Associate Analyst (comparable to an analyst in IB or associate in ER). I graduated from a small non-target with a 3.9 GPA, Economics and Poli Sci double major,...
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Financial modelling Basics - where do you link those non-cash related b/s item movement in cashflow statement.Hi Guys, Please help me with this. An typical example is lease. When you have the capital lease in your book, you assume the assets with lease liabilties directly on your book. In theory, you shall not link the increase of those leased assets with any capex item you create in the CFI section. Ho...
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Bloomberg Email Format?Does anyone know the email address format for Bloomberg Intelligence? Want to reach out to a few alumns but can't seem to find any info on WSO or any other sites....
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Company Interview: bcIMC - Equity Analyst Co-opWhat will you do if you had $100 million? (They want to hear how passionate you are about the industry. Show your passion not knowledge) Why do you think the company you analyzed would have a lower p/e than the next comparable public company? What do you expect to be doing in the next 5 years? ...
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Company Review: Morgan Stanley - Solid PlaceI love it. The people are very easy to get along with, the work is interesting, and they take pretty good care of you.. The promotion process can be slow and career development is heavily dependent on your analyst. Cost cutting measures have affected work quality to a degree. ...
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WACC and negative equity - please help!Hello, At first, I want to excuse for my weak English (I’m a foreigner student). On my course, I have to find an information, how to solve a problem with WACC. How WACC should have been computed, when Equity is negative? I have a problem with that, because the company is “Ltd.” – I am able t...
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Bloomberg Research Analyst Pre-Recorded InterviewHey everybody, I'm hoping someone can provide some color on the content of first round pre-recorded interviews at Bloomberg. I just received a first round interview offer for the Bloomberg Intelligence Research Summer Analyst position, and they're a little vague on the content of the questions, so I...
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Problematic interview questions and how to deal with them-Help!Interviewers remember stories and accomplishments better than they do common answers Dig into the old treasure chest and come up with memorable stories and accomplishments that substantiate the skills needed to make you a strong candidate. I read the above somewhere. Can you please describe in bri...

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