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Career Ladder: Equity Research vs. Investment Banking - (A Definitive Guide, Part 3)

NoEquityResearch

Hey everyone...sorry to take so long for part 3 of equity research vs. investment banking. For those who missed the first two parts, see the links below: [Work/Life Balance: Equity Research Vs. Investment Banking - (A Definitive Guide, Part...

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Anyone worried about getting laid off?

SomePleb

Title says it all. Would be interesting to get a poll going including firm size (bb/<abbr title="middle market">mm</abbr>/etc) and sector.

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I was in Equities Research for 10 years in Asia – Ask Me Anything

bankingtostartup

Just some brief background about myself. I started in Australia working as an Actuarial Analyst and moved to Hong Kong just before the Financial Crisis. My first job at an Investment Bank was at a Bulge Bracket doing Data Management for their Equities Research Department. Eventually, I got...

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WSO Hall of Fame: Equity Research

WallStreetOasis.com

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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How to best prepare for SIE?

the4thcafe

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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I'm a Senior Sell-Side Research Associate, AMA

Street Smart

Quick Bio: I'm in sell-side research and have been for 4+ years now covering the same sector. Prior to research I did a few years in a finance-related role that was moderately applicable to my current role. For the people who care, I went to what would be labeled a "non-target" university and obtain...

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Choice of Analysis

Dusker99

Hi, I've been given the opportunity to receive an analysis from a top IB of my choosing for educational purposes. I'm trying to learn more about analysis of individual stocks. I'm currently battling if I should pick a large standard stock like General Motors or if I should pick a tech stock since...

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Sell Side Equity Research Positions?

R2342002

Can someone please lay out all positions in sell side equity research from low to high? (i.e., research assistant, research analyst, blah blah). The reason I am asking this question is that I do not know which position is at a higher level. Also, when people say RA, does it mean research assistant, ...

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Automating Reading SEC Filings

justdoright

On a scale of 0-5, how valuable would a tool be for automatically identifying the 10-Ks and 10-Qs which have a substantive change in a particular section (e.g., Risk Factors or MD&A)? If it'd be valuable, how often would you use a tool like that?...

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I was in Equities Research for 10 years in Asia – Ask Me Anything

bankingtostartup

Just some brief background about myself. I started in Australia working as an Actuarial Analyst and moved to Hong Kong just before the Financial Crisis. My first job at an Investment Bank was at a Bulge Bracket doing Data Management for their Equities Research Department. Eventually, I got an Equi...

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TMT Internet Industry Outlook Report

wallstreet_hacks

I have some great reports. TMT, Internet Industry reports by BBs. One report is on 2015 U.S. Consumer Internet Outlook 476 pager!...

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Equity research reports - BB technology TMT industry reports

wallstreet_hacks

msg me if you would like copies - comprehensive industry reports - full length...

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Structured Equity Research Process

vikkumar

Hello, I am in college and have been trading a small account of around 50k, primarily investing for the short term (1 week - 1 quarter). So far, I have been trading successfully based on new market news updates and fundamental analysis of 10-K's. I have been trying to find ways to formally structu...

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BB Equity Research VP or B-School to pursue M&A Associate Role?

momofuku20

Dear WSO, I need some advice as I've been pondering and losing sleep day and night on this topic. I'm 30, in ER in a MM for 4.5 years prior to which I was an auditor for 2 years (gained amazing accounting skills, work bored me to death, made the switch through massive networking/hustling at the ...

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Cold emailing ER, what do you think of my template

monkey10011

Hey, I am in the process of cold emailing ER professionals, and I wanted to gauge how well I'm doing/ whether I need to alter my email template a bit. So far I emailed 30 contacts and have only gotten 1 phone call. Here is my template: Hi X , My name is Y, I graduated in yearZ from schoolA, and I ...

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ER Full Time?

moneymachine12

Hello all, I am looking to recruit FT in ER. This summer I am going to a credit fund, but working at an HF is where I wanted to be since I was a kid. I tried to recruit for IB for this summer and it didn't work out, but I still want to go to equities. Should I delay my graduation and do summer recr...

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Barclays After the Bell?

js656

It is a networking event with members of Barclays' equities division in NYC. Have not looked too much into Barclays equities, so I thought it would be a good learning experience. Has anyone been to the event or have any insight on the program? The only previous threads on the event don't really have...

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Future of Equity Research - 12+ Months into MIFID II

LDNFinance

Just came out a client meeting on the dynamics of the Equity Research industry following the implementation of the industry killer aka MiFID II. Here are a few insights: #### Pros: 1. Due to the changes in fee structure and the quarterly evaluation of research providers by the buyside, banks are...

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Raymond James - Equity Research Full Time Associate Program - How to get Accepted?

[email protected]

Hello, I have a MS from a non target school, however I I have demonstrated my interest in equity research/related financial fields by enrolling in the CFA. In addition, I have added several finance badges on Coursera offered by UPenn, but not sure how much they help in landing a competitive fina...

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Bulge Bracket ER AMA

nerd13

I've been on buy side, currently bulge bracket ER. I've got a liberal arts undergrad in classics and non target MBA. Ask me anything, would like to help those in need. Best, nerd ...

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Leaving Equity Research

millennialjobhopper

Hi all. Wanted to get some views from ppl in the business on career path-ing. Bit about me, I was an accountant, went to a shitty grad school, lucked out by breaking into BB (lower tier) ER and have been at it for about 5ish years give or take. Money is decent (~250 all in) but hours are crappy. I...

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H.C. Wainwright, no information online?

gogogadget37

I can't find much/any anecdotal information about this firm online... only one glassdoor review and nothing much on this site. Can anyone/does anyone know who can speak to their experiences interning at H.C. Wainwright in NYC? Either for investment banking or equity research....

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Differences between IB and ER recruiting?

ThePiedPiper

Is recruiting for ER as formal and structured as IB recruiting? How different are the timelines and the interview questions? It seems like the overwhelming majority of students at target schools are interested in IB, and very few for ER. Does coming from a target school matter for ER just as much as...

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Quant Equity Research

tpjknicks10

Quant Equity Research -What is it? -What types of roles, at what kinds of institutions? Buy side/sell side? Front/middle/back office? -How does this relate to quant finance? Thanks for the help. ...

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+15
What would you ask the CEO of a company you're looking to invest in?

charlie the unicorn

If you were limited to 3-5 questions to ask the CEO or the founder of a company you are looking to invest in, what would you ask? Obviously you'd leave out most of the technical questions that you could ask the IR team or look into yourself. I'd like to imagine the most valuable information you coul...

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Are there any firms that take any entry level equity research associates?

BoogieTown

I graduated in December of 2018 and have been trying to find an ER associate role around the US. I haven't found any entry level roles that will give me a shot and I'm sending out mass emails every week to try and connect with people. Does anyone know of ER roles that may still be recruiting off cyc...

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Fisher investments securities research exit opps

Logisticjoe

Has anyone done this role at Fisher investments or know anyone who has? Were you able to leverage this into a good ER role at another shot after sometime? Is it actually research? They want to fly me out for this role but concerned its nonsense and I won't be able to leave to a good shop after a yea...

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I suspect ppl in finance are dishonest about the CFA

OnedayCFA

Given it's a low risk lie - I've heard quite a few people in finance say off-hand that they got through Level 2 CFA, but then life got in the way and they never finished. Seems like easy opportunity for a low risk lie as I've encountered many ppl who have said this. Anyone else heard the same thing?...

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Moving from Biotech into Equity Research

Collin B

I worked in the biotech industry for 2 years following undergrad, then transitioned into finance related roles. I got licensed at a life insurance company then moved into investor relations, however I want to move away from customer service roles. I write due diligence and analysis on different ...

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Citi Research 2020 internship

Nontarget2019

Hey everyone, I just got a first round for Citi's 2020 research summer associate program. Has anyone gone through the process yet, that can tell me what to expect? The call appears to be with a recruiter. Thank you!...

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Jefferies ER - London. M&A to ER Advice

dng992

Working in tech m&A and have the opportunity to interview for a tech ER role. This is for a senior junior role e.g. 3+ years professional experience 1) Anyone got good info on Jefferies, ER in London 2) Any specific things to get to grips with on skills/valuation/models - Prep to date has always be...

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L&T’s Buyback – The Curious Case Of Rejection Of The Behemoth’s Proposal

NightHawkCapital

L&T’s buyback proposal was recently rejected by SEBI on the grounds that the capital gearing ratio would exceed 2x, thereby breaching SEBIs buyback regulations. The marked difference in debt levels between the standalone and consolidated business’ is mainly due to the debt levels of L&T Finance,...

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ETFs Vs Index Funds – Which Is The More Cost-Efficient Option?

NightHawkCapital

The U.S. based Vanguard group provides a cost comparison analysis for all its ETFs and Index funds to give the investor a clear picture on which would be suitable to them. However, I have not come across such a comparison when it comes to the funds in India. So let’s compare ETFs and Index funds p...

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Need help balancing the 3 statements

pinata123

Hi All, I need some help in balancing the 3 statements on a financial projection which i did. I went through courses ( course material and actual things are 2 different animals). I would greatly appreciate if someone could take a look at them and help me on - balancing and where i went wrong and w...

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ER modeling Test - Modeling template?

kfactor824

I was wondering if anyone had an ER modeling template they could send me. I have a few interviews lined up and wanted the extra practice. Thank you....

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Equity Research writing test+modeling test next Tuesday, seeking for advice

ashleyho

Hey guys, I am going to attend a 2 hours writing test + modeling test for an ER position next Tuesday, since I dont have any experience or much knowledge about ER, could anyone give me some advice on what the test might cover or what should I prepare for it? Thanks....

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What career should I go into to transition into ER if I can't do it out of college?

17lowee

I go to a nontarget school and while I think it's entirely possible I could get ER at a large bank because I'm pretty prepared and have an excellent resume, I think it's worth considering that it's not a guarantee. If I don't get an internship, what should I go for in order to transition into ER lat...

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Internship at a small hedge fund

Tora

Hi everyone, I am an international student in a non-target school MS-finance program in the US pursuing a career in equity research. I have a summer internship offer from a small (capped at $250 MM) long-short small-mid cap focused hedge fund in upstate new york. My initial plan was to break into...

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I am a freshman student and interested in the research department. What can I learn as preparation for it?

EugeniaLu

Like basic finance knowledge or something? Does accounting skill matter? Also I am not a very social person. Hope you give me some suggestions....

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From ER internship experience to IB internship/full-time position

THE_JOKER

Hey guys, I am currently doing my master's in Finance in London and I would like to apply for a couple of Investment Banking internships or full-time positions after graduation. My problem is now that I don't have any internship experience in IB (4 internships - 1 in Financial Services Consulting, ...

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Is it pesky to email ER contacts when they're quoted in a major newspaper? Or is it an appropriate touchpoint?

Guy4444

An equity research contact of mine was quoted in a major paper, think NYT/WSJ/WaPo (tho just in the online edition). Is it appropriate to send him a quick email note referencing it? I know aspiring IBDs send their contacts congratulatory emails when they have a major deal close, and I figured that t...

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Switching Office Locations

Chiwhomst456

I have currently been working in ER around a year now in Chicago. Things have been going well but my fiancé just got a big job offer in New York. I am hoping I can ask my senior analyst,l if I can just work out of the New York office, but am thinking that might be a bad move. I just wanted to see i...

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Preparation for internship in ER

mito

Hi everyone! In a couple of months I will be starting my summer internship in ER at a MM Bank. I don't know which sector I'll cover yet but I am still curious about how I could prepare best for my time there. One associate from the firm told me that being comfortable with Excel is the most importa...

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Alpha Capture?

Wallstcheater

Does anyone have experience providing trade idea recommendations to quant funds through an alpha capture system? Background: Some quant funds have built alpha capture systems, similar to TIM Group to capture trade ideas. Any ideas on how to get into these systems and what the largest systems are? (I...

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AMA on the WSO IG today with @ironman32

famejranc

@ironman32" will be hosting an AMA on the WSO Instagram (https://www.instagram.com/wallstreetoasis/?hl=en) today, he'll start answering questions in about 30 mins. His background: - equity research professional and CPA - he started in accounting, and made the switch to equity research 4 years ago T...

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Alger?

teachmepls0101

Hello, I was wondering what current Alger employee's thoughts on the firm. It seems like a great growth investing mutual fund. ...

0
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Beginner Questions about Risk Free, Risk Premium and Beta

Beginer Investor

I have been learning DCF model and hope someone can help answer a few questions below. Thanks a lot in advance! 1. (Risk free rate) I found some posts stated DCF model is based on the nominal term so we use nominal interest rate. If that is the case, do we always use 10 year Treasury yield + inflat...

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Question on treasury shares & retired shares

dorothylhs

Hi, I would like to ask a couple of questions below. 1) Are treasury shares included in market capitalization and EV calculations? Generally/in textbooks it should not be included. However, some analyst reports include while others don’t. Further, treasury shares should be excluded from the EPS...

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Equity Research SA Return Offer Rate

CapeLiivin

What % of an ER intern class tends to get return offers. Is it as high as IB return rates, or much lower?...

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For the target price: rather use DCF or a multiple?

casualgamer

Would you say using a DCF or a multiple (P/E, EV/EBITDA, etc.) is more common nowadays? I feel like a DCF is way too subjective and can be manipulated greater...

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Sophomore Internship - What steps should I do for the summer?

Watches and Stocks

Background: I am a dual citizen (U.S/Canadian) sophomore at a top Canadian university with a 3.92/4.3 GPA (trying to get it up). I'm majoring in business and hope to go into Equity Research. I did not have a freshman summer internship/job (mistake #1). I am however on a few university investment clu...

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Series 86/87 Advice/Materials

nofunleague

deleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleteddeleted...

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2019 ER firm Tiers

NonTargetIntern

With the newest II rankings showing a really close ranking between almost five firms. I was wondering what tiers of firms were in regard to quality of department/exit ops/prestige/pay. 2018 II saw JP Morgan at 1, BAML at 2, and then MS, Barclays, Citi, Evercore all be within one or two II votes of e...

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Equity stub valuation with JVs / Associates

sa-jue

Hello, am looking at an example where a company has a number of JVs and associates and goal is to calculate the value of the stub. A company owns 80% of JVs worth 100m due to a recent deal with an investor, has 10m in net cash, the JVs are valued at 5m on the balance sheet, the current market cap ...

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ER Interview/Model

t.stone291

Hi All, I have an ER interview/model test for an associate position within their Banking group. I am looking for advice and any practice models. I am a novice with other models but no specific experience with banking firms. I know there are other threads related to interviews but I haven't found...

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DCF analysis on car rental companies

Christian-Stoyanov

Hello guys and gals, I need help with a DCF analysis for a car rental company. First, do I include vehicle related depreciation and amortization in my EBITDA number or not? Second, do I include vehicle related capex numbers in the dcf, if I do I get negative cash flow, I suppose I don't include it, ...

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Real-life M&A case/asset sale - deducing EV adjusted cash consideration?

HvaCapMar

Hi, guys and girls! This is an actual asset (i.e. subsidiaries) acquisition case upon which two companies has agreed to a purchase price based on an enterprise value methodology. The transaction comprise the following assets and liabilities: Intangible assets: 650 927 000 Tangible assets: 1...

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Buyside -- Sellside -- Industry

LongsOnlyPlsThx

Hi everyone, I know this topic has been discussed; however, it has been some time based on the threads I've seen, and given the highly dynamic nature of the business, I wanted to pose the question again: **does it make sense to ever go back to sell-side from buy-side? Would the rational action be t...

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SmartKarma - how reliable?

dorothylhs

When reading equity research reports/recommendations/news websites, we need to consider the reliability of the source. In this case, can you advise how reliable SmartKarma is (1 to 10, 10 being the most eg. the Financial Times), and elaborate why? ...

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How much does the sector you cover matter for exit opps/B-School?

TheKid51

If you are covering something like Utilities or Paper or Building Products, how will this be viewed if you end up wanting to make the jump to HF or B-School? Does it really matter as long as you are with a well ranked team? I know for certain sectors like Biotech and Oil & Gas it can be too speciali...

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Analyzing bank stocks

laks

Hello, I am an equity research analyst in a boutique sell-side research firm. I focus on generating and working on general short ideas. However, until now, I have not had a chance to analyze a publicly traded bank stock. Any recommendation on what books to buy to analyze bank stocks? I bought a f...

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What tasks do 1st and 2nd year ER analysts perform?

James500

Apart from financial modelling, what else do they do? Do they attend meetings with company executives and industry conferences? What would be a typical day for junior analysts?...

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How do ER analysts calculate EV/net debt?

James500

Most of the material I read only define the EV formula as Equity value + Net Debt, and net debt is defined only as Debt -Cash and cash equivalents, but is there a more detailed formula? say, does it get adjusted for provisions and NOLs?...

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Breaking into ER?

SeekingTheta

Hello, I'm looking to break into the Investment Management industry soon here - specifically, ER. I'm one year removed from a non-target school, currently working as a Financial Analyst at a Fortune 50 tech company. I'm not happy with the mindless corporate finance ass kissing, and want to be more ...

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