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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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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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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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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PEG based valuationI'm looking at a sell-side report where the analyst hasn't shown his work, and my boss won't explain because he thinks PEG ratios are meaningless. Can someone just walk me through the logic here? *We arrive at our price target of $100 based on a 2018 target P/E multiple of 25x (based on global pee...
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Mining and metals researchI am a geologist that has worked in mining/metals for nearly 10 years. I have experience across the whole value chain and I am currently completing my MBA from a UK university. How would you go about moving into the finance side of metals, either as an analyst or working in equity raising. Thanks...
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PhD, engineer to Equity Research Hello. I am seeking some advice on breaking into ER from the experienced Monkeys here and would appreciate any input. I want to know if there is anything I can do besides networking like crazy. Do you think if it is beneficial to get my feet into finance first like some quantitative positions if ...
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Hunting for live project opportunityI am an MBA candidate at India and interned with Goldman this summer. To further solidify my profile, I am hunting for live project opportunities in research. Please PM me and I will be happy to take it forward from there....
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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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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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Company Interview: PricewaterhouseCoopers - PwCCase question with 5 page PDF. Sends beforehand. Make sure to know everything about this pdf, will be expected to. Then go through client situation and explain what you would recommend and what your reasons are. Behavioral was pretty easy, just normal questions. Nothing unexpected. Really enjoyed ta...
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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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Intern CompI recently had a first round interview with a MM bank for an ER internship. They asked what my target comp would be, and I said "market salary, 35-40 an hour" because that's what it is at BBs. They said it would be more like 17-20 an hour.. Is this normal? Does it reflect comp at the full-time level...
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Company Interview: Deutsche Bank - Full time analystI thought it should be mainly competency based questions, since this is just graduate level. But there was a lot of finance-related ones, although not too difficult if you have somewhat learnt finance as a subject somewhere. It was difficult for me since I only prepared technical questions for equit...
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Company Review: National Bank Financial Group - Equity Research MTL-lots of chances for opportunity and moving around -Good company culture, strong mentorship -highly ranked in the region with leading market share. -work output not necessarily correlated with praise or pay -quiet environment, uncommon extracurriculars...
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Breaking into equity research - Graduating senior from a non target well I am a graduating senior from a non target, with two internships under my belt, one is on the research side for a big wealth management firm and the other was an overseas opportunity in africa in which I might add was a great experience. I am looking to get into equity research and will start ...
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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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Raymond James ERJust curious if anyone has some insight into where equity research at Raymond James ranks on the totem pole of ER industry. Is it a good shop to learn the basics and make connections, with the end goal being to eventually move into buy-side PM role?...
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Company Review: Morgan Stanley - VP* collaborative culture * excellent product / coverage groups * top tier client base * good exit opportunitie . * difficult to get promoted * long hours * old technology * bureaucratic with expected level of officepolitics ...
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Interview question- Suppose I give you $10,000 USD. How will you invest it?Or some variation of this question. What are the follow up questions I should ask (eg: expected return, time horizon) And were I to answer this in October of 2017, what could be a good answer structure? ...
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Meal AllowancesDo equity research associates typically get a meal allowance similar to how IBD analysts do? At bulge-brackets and middle market banks, specifically....
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Chances of hearing back and making the cutHi everyone, I'm a sophomore at a large non-target school in the southeast. I've applied to equity research positions at BB for a summer internship. I'd like to hear you thoughts on my stats, feel free to criticise any problems you see or add your suggestion. Economics Major minoring in mathematics...
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Company Review: Scotiabank - Somewhat satisfied but still hungryGood work-life balance, challenging interesting job with a lot of exposure to clients. Independence of investment theses.. Low wage compared to bulge bracket banks. Equity Research is an interesting job but not a direct revenue contributor (only soft dollars)...
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Company Interview: Fidelity Investments - Associate Sector Specialist InternDuring one of the superday interviews, I was asked how I would invest $100,000 if I got it right now. This was even before I introduced myself or anything, so I was kind of caught off guard. I was also asked about how proficient I was in excel and coding, but did not have any technical questions in ...
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Advice for after Equity Research? Hi Everyone! I am a sell-side research associate in Canada, covering the mining industry (quite big here). My two year term will be ending next June, and I wanted some advice on the different roles I have available to me. My strengths are writing reports and generating unique ideas. I am very open ...
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Introduction !Hi all, Just writing to say hello and glad to be part of this community. I am looking to gain more internal insight regarding the equity research and portfolio management industry. Looking forward to being part of this community. Nico A. ...
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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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WS-Prep 3-statement Question - Segment Growth SetupHello, I have a novice question for modeling the segment portion of the IS. For those of you who took the WSP course, the example of Apply breaks down the segment section into 3 part - Products, Units, and ASP(Average Selling Price). By forecasting the growth in both Units and ASP, the new projecti...
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Company Interview: Morgan Stanley - Morgan Stanley Equity Research Summer InternThe biggest part of the interview was the stock pitch-- all of my interviewers (there were 3 of them) asked me to pitch something. There were several follow-up questions to my pitch about industry trends, margins, why all of this information was not already priced into the stock, etc. My interviewe...
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II 2017 Research RankingsII research rankings out...can anyone post the full results? Any suprises? Also, for those who work with an II ranked analyst, do you get a better bonus or is there any uplift in your compensation? ...
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New ER associate looking for earnings model adviceHi all, I'm a new equity research associate heading into my first earnings season. I cover life insurance, and our companies have very in-depth financial statements. What tips and suggestions do you guys have in being efficient in adjusting the earnings model to the latest financials, as well as d...
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Insight on Raymond James ER Superday?Hey guys, I was wondering if anyone has any recent insight on equity research superdays at Raymond James? I've only found some older stuff about the firm and how they conduct equity research super days....
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Shipping and offshore drilling rig valuationWhy are market values, of for example shipping vessels and offshore drilling rigs, sometimes referred to as charter-free? I've come across a research report that adjust all EVs for charter values. ...
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Perfect Earnings Prediction? I’ll Pass.How much would you be willing to pay for a model that perfectly predicted the earnings of the companies in your portfolio? According to Professors Feng Gu and Baruch Lev of SUNY Buffalo and NYU Stern –not much. In their recent article, [“Time to Change Your Investment Model”](http://www.cfapu...
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Cement Industry PrimersWas wondering if anyone could share some recent primers/reports for the cement industry. Trying to get a better understanding of the key drivers and important things to consider. Responses without a primer would also be appreciated if it could help me understand the sector more....
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Primer on entertainment industryI am looking for a primer on the entertainment industry. I am interested in Hollywood film studios, media, theme parks, show venue owners, show production group. Could anyone help please?...
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Company Interview: Morgan Stanley - Morgan Stanley Summer AnalystCan you pitch me a stock? Tell me about a recent piece of news that interested you. Market sizing question Can you translate this article for me? What differentiates the firm from competitors? What separates you from other candidates? Walk me through DCF What is FCF? How would you value an unlisted ...
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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 Interview: Brandes Investment Partners - analystStarted with an initial phone interview where the topics included what my background was, why I was interested in joining Brandes, my interest in capital markets. There were a few fit questions on calculating free cash flow and putting together a discounted cash flow statement (also asked about diff...
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Valuing a Publicly Traded Construction Company Hey everyone, I wanted to get the opinion of some experienced individuals on how to proceed with the valuation of a publicly traded construction company. Currently, my approach is to model Backlog growth, and tie that with revenue through the Burn Rate. Once I have my revenue figures, just kinda f...
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Diabetes Primer/ResearchHi everyone, Does anyone have any primers on the diabetes market? Any sort of research would be great - initiations on pure plays like Dexcom or Tandem, etc. Thanks in advance!...
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Company Review: Markit - Markit InternFree Lunch Casual Attire Laid Back . Low Pay Monotonous Casual Attire Upward Mobility ...
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Is it reasonable to include a section about a company's management for a equity research paper for a school project?I have a 7 page max limit, I was wondering if an 'analysis' of some sorts would be beneficial or is it just silly? For example, history of the current CEO, track record, etc. It wouldn't be too long, maybe 0.25 pages. Thoughts?...
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Incoming ER associate - learning coverage universeHi everyone. I've managed to break into sell-side research and will be starting in a few weeks. Does anyone have any advice on what I should do to learn about my coverage universe before then? I'll be joining during earnings season so I want to be able to hit the ground running. So far I've downlo...
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Simple Industry Data (Retail Market of Coffee) for ER reportHello, I am in the middle of data mining to write my first ER report, in this case for Starbucks. I picked a simple company that is easy to understand, and so far have gone through the 10k, one quarterly, some outside ER reports, some yahoo finance/WSJ financials. I was wondering if someone could p...
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Company Interview: Barclays Capital - Equity ResearchPitch me a stock [long and short]. There were some hard follow up questions on these. Additionally there were questions about what is going on the in the market, what sectors are strong currently, some mention of jobs data, and then overall what specifically Equity Research is and why I am intereste...
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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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Question on Credit Suisse HOLTI have an interview with CS for a HOLT Sector Specialist position this Friday (lateral from IB). I've read all the related posts on this forum and from my understanding, it serves as a complementary function to ER and also deals with interacting with investors on valuation based on CFROI and HOLT's ...
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Full Time Job, Part-Time Master’s Degree, and CFA at same timeHi all – looking for some feedback to see if anyone has attempted this, has been successful or recommends working full-time, studying part-time for a master’s degree, and pursuing the CFA at the same time. From what I gather, most people work full time and do the CFA….and do a full time mas...
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Company Review: Moelis & Company - Analyst(intern)Friendly and helpful colleagues Good location being middle of CBD Great leaning experience with modeling and financial analysis. No training offered, you are expected to know your stuff Hours are not very flexible, but much better hours compared with IBD ...
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Company Interview: Guggenheim Partners - Research analystThe interview questions were mostly around the pitch. The interviewer (lead analyst) went into a lot more detail than i was expecting, and grilled me on a small part of the business. The interview was more around Q&A rather than anything else. With the other more junior members of the team, it had ...
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BAML Global Research InternshipLast week I had a 1st round interview (HireVue) with BAML for a Global Research Summer Analyst position. I'm wondering, has anyone that has taken it as well heard back from them yet?...
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Company Interview: Fidelity Investments - Asset Management InternHad me describe process of DCF using Excel. Job was related to data analysis so also asked several questions about my background knowledge and proficiency with Excel and SQL. I didn't have much background in SQL so I was asked generic questions about database management. Was asked the particulars of...
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Company Interview: Susquehanna International Group - Equity Research AnalystLots of math questions. Better have a good answer for why you fit in well and want to do ER. No difficult questions persay but some of the higher level people do try and rattle you up a bit to see how you react under those circumstances. Have stock pitches ready but almost undoubtedly you will get i...
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Company Review: T. Rowe Price - ER Associate @ TRPVery intellectually stimulating work. Working with brilliant people who become industry experts and are highly respected by the sell side. Very collaborative environment. . Baltimore is meh. Great place to raise a family but if you're a young professional it's not the best social scene. The flip sid...
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Looking to start an equity research firmQuick Introduction: I've visited WSO on and off over the years, I'm a Actuarial Science Grad however I've trained as a chartered financial accountant within the private equity and Asset Management space. My true passion is equity and investment research with a gearing towards both Value and Tech/Gr...
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Preparing for a strategy roleI've accepted an offer to join a small sell-side team working for the head of regional equity strategy. I have worked in equity research (not strategy) a few years back and will be rejoining the industry after a brief career change. I have a month or two before starting - what is the best way to pre...
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Company Interview: Morningstar - internresearch a company and its stock.Present your findings in the form of a recommendation for the company? I prepared a research report that mirrored Nike's research ,including a company description, an "economic moat" analysis, fundamental analysis according to its financial statement .Also, calcula...
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Company Review: Roth Capital Partners - Internship reviewGreat learning experience where team was willing to help the interns learn Great learning experience and industry analysis. . There is no growth for interns for a full time position. Work for a long time but limited learning possibilities. ...
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Company Review: Credit Suisse - Decent EmployerVery much amazing atmosphere, great colleagues and always good support from superiors. Would definitely recommend working there! . Sometimes its hard to understand who gets promoted and who doesnt. It doesnt always feel like its justified the way they do tings. ...
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Company Interview: Strategas Research Partners - AssociateNothing too difficult and nothing out of the ordinary. The skills test was unexpected but that was to make sure i was proficient in excel and that i can do the work. The interview was mostly fit and why i was interested in the position. Questions such as why i am the right candidate for the role and...
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Company Interview: Stifel Nicholas - stifelThis was for their equity research division. The Managing director had us sit through an earnings call and then asked for our thoughts on the call. We then went into one on one interviews with 5 members. They asked typical banking questions, why Research as opposed to investment banking. Asked us co...
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TMT/Tech financial modelssHey guys, I was wondering I found you guys could send me a Technology/TMT financial model sample? I'm going to be tested and they hinted at me that it will Be tech focused. It would be greatly appreciated! ...
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Networking for Emerging Market AnalystsI work as a research analyst in EM. Given the growth of emerging markets and the difficulty in networking across countries, I thought I should create a whatsapp group to make the process easier. Reach me if you're interested....
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Company Review: Tudor Pickering Holt and Co - Equity Research Summer Analyst Good equity research experience and ability to get good work. Able to get responsibility from early on.. Equity research is dying, and the energy industry is doing terrible right now. Firm securities division not performing....
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Best SS shop ahead of MiFidCurious what other sell-siders think is the best type of shop (boutique vs. bulge bracket), or specific place (JPM, Citi, ISI) to be at once MiFid rolls around. Is anyone actively trying to move around because of this? What cautionary statements are you guys hearing?...
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Company Review: Standard and Poors - S&P Global ReviewThe work is interesting and the work life balance is really great.. Very typical hours and not much to complain about. . Not much room for exit opportunities. The company really wants you to stay with them long term so they want you to take the CFA. ...
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Company Interview: T. Rowe Price - Equity AssociateThere were not unexpected interview questions. It was a pretty standard interview process for and Equity Associate position. The interview started by asking me to walk through my resume. They I was asked why I wanted to work for the company and what interested me in the position. Finally, I was aske...
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Is an internship important for equity research?I know an internship after junior year is essential to get an ibanking job after college, but is it the same for equity research? I'm currently a sophomore and want to get into equity research and am wondering if I should get an internship. If so, is it fine if I do it this summer or should I wait u...
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Top 5 Stupidest Publicly Traded Companies I was screening for new l/s ideas yesterday and forgot to filter market cap. Some hilarity ensued, and having a minute this morning, I figured I would share this collection of monkey shit. Yes, these are/were real companies and you can look them up on Cap IQ if you want. **5. Reality Racing (OTCPK...
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Analyzing bank stocksHello, 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 few a...
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Independent Contractors - Equity Research AnalystsI am looking to start a fee based equity research company covering small, micro, and nano cap companies. I am trying to get an idea of what kind of time and compensation independent contractor analysts would be seeking in this type of role. A few things to keep in mind: 1) You would transfer ...
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Equity Research interview with no finance backgroundHey everyone, my first post here. I'm a medical doctor transitioning (or trying) to biotech equity research. Any tips on doing a deep clinical trial analysis and writing an update from a press release? The MD knows I have virtually no finance background, with him telling me it can be taught. ...
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Can someone please send me a sample financial model?? (Tech-related if possible would be great!)Hey everyone, I was wondering if anyone could send me a financial model template (if you have one of a tech company, that would be great as well!). I'm an undergraduate student trying to learn how to model companies. I would be extremely grateful if you guys can comment a template below or PM me! ...
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Second Interview Equity Research AssociateI have my second round interview for an equity research associate - real estate position next week which is a 2 hr interview. 1 hr VP and 1 hr test. I believe the test to be modelling which I am comfortable with. However, I work in private markets and this is equity research= public markets, I worry...
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Next Steps in Prepping for Transition to ERFollowing up on a previous post of mine: https://www.wallstreetoasis.com/forums/critique-my-career-plan TL;DR - I work in risk and have been scheming to jump to ER. I passed L1 of the CFA this June. I am now trying to gain a foundation of knowledge so that when I network and eventually interview I...

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