Silver BananaTopicReplies
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WSO Hall of Fame: Equity Research The Wall Street Oasis Equity Research Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the equity research industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate ...
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Best Sell Side Analyst of All TimeThis is a topic that does not get much discussion but who do you consider the best sell side analysts of all time to be? None come to mind besides Danny Scotto. ...
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How to be a Healthcare Analyst? I work at a generalist fund, but our team is particularly light on healthcare so I figure it'd be good for me to become as well rounded in the sector as I can. I've made some decent event-driven calls so far with devices and HC services (hospitals / ASCs / etc), but have always been uncomfortable ...
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Evercore ISI email format?Tried [email protected] and [email protected] but both didn't work. Any suggestions?...
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Equity Research - HomebuildersI'm currently in S+T and interested in ER, specifically in Homebuilders/Real estate Equity Research. I've done modeling courses but I'm curious as to how to model for Homebuilders. Is there anything specifically that I need to know or any metrics that are looked at more often other than economic/ind...
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Morgan Stanley - Review - Equity ResearchDecent hours for good pay. Good culture among associates. Havent been through bonus season yet. Good office location.. Some analysts are promoted to lead analyst but cannot lead teams. IT architecture is not great. Efficiency is not valued. ...
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How much would it help to pass the CFA Level 1?Currently in my senior year of undergrand at a non-target. I have a decent internship as an investment analyst at a pension fund for the last year. I graduate in the Spring and am considering taking the CFA Level I in June, before I start my MSF in the Fall. How much would passing the CFA level I re...
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Firm vs Analyst for Buyside Recruiting, Business school, Non-high finance jobsI currently work for a top ranked analyst at a middle market equity research boutique. The boutique is well-known within its sector / equity research but not outside of equity research. I have received an offer to move to JPM / MS / Bank of America within the same sector (analyst it not ranked, but...
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What is your salary expectation? Interview question ER at BBHave been interviewing for an equity research role at a BB and wondering what's the salary I should expect/ask for? I see on glassdoor for an ER analyst it's about 92k. When asked this question in my next round or when I speak with the hiring manager which is after the next round I was told, is 92k ...
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Potential upside (but when?)Lets say that I use a DCF or comps and find that there is an upside compared to the current market pricing of the stock. This essentially only tells me that there is an upside based on the intrinsic valuation, but how will this translate into practice? What I am wondering is if there are some sort ...
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RBC Capital Markets - Interview - Metals and MiningMost difficult was the excel valuation, they provided financial data on three companies and asked you to populate a comparable metrics table, which was not too hard. In the second part, they provided 5 years of financial data and asked you to forecast an integrated 3-statement model 5 years forward....
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Compensation in ERI haven't seen a lot of concrete info on compensation in ER. Does anyone have reasonable expectations for comp at the junior analyst/associate and VP levels? of course senior analyst will vary but I'm curious about junior levels. Does BB vs MM/Boutique matter much?...
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Can you start your own ER firm?How would you sell that research though? ...
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what is a jr analyst?if a company is hiring a junior analyst in ER, what kind of level is that/ranking? .....................
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I was in Equities Research for 10 years in Asia – Ask Me AnythingJust 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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JPMorgan Chase - Review - Equity Researchgreat brand smart people good culture exposure respected resources are decent training program is good nice. hours stress somewhat dated systems approval process analyst / associate relationship varies by team...
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JPM military pathways equity researchWas wondering if anyone has any experience going through JPM military pathways equity research interview process? I am currently I guess you can say round 3, I was given hirevue and then received a phone call to talk more in depth about myself. Was told I would receive another call soon. Did the las...
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Discord group to discuss markets live?Hello, This may already exist, but has WSO created a Discord channel or some other equivalent for the members to discuss the markets live? One of the best thing about Bloomberg is the chatrooms to keep you involved with market activity all day, but for those who don't have access, there should be a...
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Potential Year-End Bonus ClawbackHi all, I started as a first-year associate in equity research at a BB in June 2017. I received a 2017 year-end bonus (hit my bank account in Jan/Feb 2018) of $15k and was told that it was not 6-months prorated, but was for the full year (even though I started mid-year). Which would mean that the $...
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Citigroup - Review - Equity ResearchExperience in this department is very dependent on which analyst team you are working with (how much responsibility you are given, the level of autonomy you have, how shitty your work/life balance is, etc). Overall strong growth trajectory (management constantly sends out stats and holds meetings ab...
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Which Valuation Technique for each sector in Equity ResearchAs the title implies, which valuation technique are generally more useful for each sector? More specifically, if one were to interview for an associate position and were asked the sector that most interests them, I presume they'd then be asked something along the lines of the type of valuation techn...
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Aiming for ER but might have credit opportunityHey All, Currently I am stuck in a public finance role. It isn't really back office, since I look at issuers financial statements and ratios, but it is still just data entry. My current job title sucks really bad, and my pay is nothing to brag about. I am working on moving my way into an ER position...
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Wolfe Research.Thoughts on the firm / culture / reputation within equity research? I have done a forum search but everything is old. Glassdoor has mixed reviews. What sort of exit opportunities would be possible if you were in a ranked team there?...
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RBC Capital Markets - Review - N/ASupportive senior employees, good culture generally. Nice to work at the #1 firm, clients care what you have to say. . Not the strongest presence in the US compared to global banks, although it is improving. Compensation progression unclear. ...
Robert W. Baird & Co. - Review - Equity Capital Markets- Better quality lifestyle in Milwaukee vs. NYC - Better pay on a cost adjusted living basis vs. NYC or CHI - Great company benefits, perks. - Pay could be better - Resources can be limited at times for junior analysts depending on how seniors operate...
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Equity Research: Future Outlook.The questions here are more about the future and existence of the industry itself and how the current experts see it growing/dying. (Context: I am a 22-year old Indian guy with a graduation in business administration and zero experience in finance. In a recent discussion, I posted these questions t...
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Product Management to ER after 1-yr post MBAAbout me: Finished MBA at a top-10 school in May 2018. Worked as a Product Manager in Tech (think Uber, Amazon) before MBA and went to business school planning to switch to Management Consulting after. Discovered during b-school consulting won't scratch my itch, and fell in LOVE with ER and security...
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Credit Suisse - Review - Equity ResearchThe culture and autonomy was probably the best thing about working here for me although I'd say that this is highly dependent on your team.. The management recently changed and created a very stringent environment with seemingly mandatory face-time...
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Macro research vs ERHey everyone! I’m an undergrad currently considering my internship options for next summer and I was hoping that WSO could shed a little light on an issue I’ve been struggling with. I’ve always been more interested in ER but I currently have an offer for an internship in macro research at a B...
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Citigroup - Review - Equity ResearchGood platform, good trajectory in the research business vs. competitors. Growth is a priority. Many strong analysts, Training is ongoing and there is an emphasis on promoting associates to be junior analysts. . Work/life balance very dependent on the team/analyst you work for. Compensation is averag...
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Fixed Income Research (CLOs and ABS) AnalystHi Gang, I'm coming from a top investment management firm (think PIMCO, T.Rowe, BlackRock, Fidelity, etc...), in a client-facing position and am interviewing for a fixed income research role at the junior level at another top asset management firm (think GSAM, Nuveen, Wellington, etc...) that's foc...
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Citigroup - Interview - Risk ManagementThere were of course the generic questions such as "walk me through your resume" and "why quant research". The interviewer also asked me what i thought my strengths and weaknesses were. There were two technical questions which I felt that I should have done better on. The first question was a probab...
Credit Suisse - Review - Equity Capital MarketsIt was pretty nice working there, learned a lot of the basics that finally led me to work in consulting. . Pretty low compensation for all of the work that we put in, no bonus or any other attractive offers. ...
Barclays Capital - Review - Equity ResearchThe culture was highly flexible and you were solely responsible for the product, the franchise and the end results. Having come from a different BB Investment bank - I found the freedom absolutely delightful to work with and as a result, the end products were vastly superior to my earlier firm.. No...
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Sector most sensitive to politicsI have read in a few posts on this forum that sectors like O&G, A&D, and Industrials generally are among those most politically driven, or at least the most sensitive to political developments. I was wondering if anyone who works in these sectors (or sectors that you believe are also very sensitive ...
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Covering small stocks vs large stocks?Curious about the consensus view of pros and cons of covering large or small companies in equity research? Is there much difference in the work?...
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What is the salary and bonus for equity research associate position?Hi, What is the salary and bonus for equity research associate position? I would appreciate your replies. Thanks....
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Biotech equity research possible with ZERO finance experience? Hi all, So I graduated a couple of years ago with a science background, have been in research 4+ yrs at a top institution (in a very competitive field) with a handful of publications (including first author). I have been interning this summer at a pharma consulting firm but am also interested in ex...
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Biotech Equity Research with no Science backgroundHi all, I recently finished up an SA S&T stint @ a BB and received a full-time offer. I have been contemplating the decision on whether or not S&T is the right place for me. Being in markets I obviously had a lot of exposure to research and found it very interesting. I have always had a desire to ...
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RBC Royal Bank of Canada - Review - GeneralistGreat corporate culture. Surrounded by smart people/leaders who enjoy teaching interns. No such thing as a dumb question.. Terrible pay..seriously, my friends doing food delivery made more money. There was no overtime pay either....
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Affect of the sector you cover on work/life balance for ER Associate?While I have heard that the most significant factor impacting an ER associate's work/life balance is the analyst that they work under (their style, etc.), I was wondering if covering certain sectors vs. others can cause an ER associate to have to work more/stranger hours, whereas others allow for a ...
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Job Search Help - Graduating in MayHello, I am a bit new to this site and forum so here is a bit of background on myself. Non target, 3.3 GPA, multiple campus leadership positions, currently interning for a Wealth Management team (Think Goldman Sachs, JP Morgan, UBS, Morgan Stanley). I am looking to get into ER, have applied to 50+ ...
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Can someone please explain to me the financial mathematics of the T.V. show "Shark Tank"?Hello, I have been watching a lot of "Shark Tank" but I don't understand some of the financial mathematics within the show. Lets say that a person owns a company, worth $5 million dollars. He pitches to the sharks for 20% in exchange for $1 million. But then, the sharks ask, what do you need the mo...
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Jefferies & Company - Review - Equity ResearchHaven't arrived yet Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum . Haven't arrived yet Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lorem ipsum Lore...
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Newbie question regarding multiples (P/S and EV/EBITDA)Hello, I have read some ER reports recently and there is one thing I am trying to understand. Usually I see some dcf valuation output, which is then followed by some ratios. The ratios are lined up and correspond to the forecasted years. However, what I don’t understand is the rationale when pu...
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ER career paths, an updateI've been reading previous posts on this topic, but I wanted to get an update in the post-Mifi world. Currently, I work at a smaller boutique and have been here a couple of years, but not have received great training. I'm trying to make the jump to bigger firms, and have been getting interviews....
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JP Morgan Securities - Interview - GeneralistThey asked me in depth questions about the stock pitch that I gave. They wanted to know margins and growth rates from previous years so you really have to know the company well. They also asked me a lot more about my previous internship, more than I had anticipated. With my final interview, which wa...
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Strategist Q&ASo, I thought I'd answer any questions from monkeys about the arcane world of investment strategy. My career path to date has been: global hf junior pm/strategist ($1bn) => long-only em pm/strategist ($10bn) => partner at em hf ($1bn) => sell-side em strategist at boutique em shop I focus on equit...
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Terminal value/EV over 90%I'm trying to do a DCF over a 5 year period and I've tweaked things such as growth %, WACC and multiple used. When I use the perpetuity growth method of 2%, I get an implied exit multiple that is way lower than its current one and its peers. I've aligned growth and WACC with estimates from other sou...
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Solutions to Common FactSet ProblemsConsidering the number of people complaining about FactSet on these forums, I thought I would start a thread to provide people with solutions for some of the more common problems. Despite the large number of FactSet users that are out there, it is surprisingly difficult to find solutions to common p...
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Move from GS/MS/JP to UBS/DB/CSHi guys, I am currently employed at GS/MS/JP in a front office role, but in a role I do not want to stay in. It’s not really building skills that are transferable to the roles I want in the future (except perhaps asset management), at least in my mind, as it does not involve financial analysis. I...
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ER PREP - Selling Used EDUCBA, Wall Street Mojo Online MaterialHi, I am selling my used EDUCBA, Wall Street Mojo online material which has comprehensive financial training. It covers core areas like Equity Research, Investment Banking, Financial Modeling, Private Equity, Mergers & Acquisitions, Credit Risk Modeling, Venture Capital, CFA Level 1, CFA level 2, I...
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Oil & Gas NAVAll - Attempting to pickup some O&G coverage at the office. We utilize a sell-side constructed model and I'm trying to reconcile the reserves information from the model with actual data provided by the company. I've been able to tie the PDP numbers, but I can't find where I should be looking for t...
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Applying for ER Associate jobs without Series 7/86/87Is not having the proper exams yet a big issue when applying for an ER positions? I am attempting to switch careers to ER from academia (still in mid-twenties), so I never had the opportunity to take the Series 86/87. Will this keep me from getting hired, even if I can do the modeling, etc. that is ...
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Most needed skills for a research associate?What kind of modeling and valuation skills are needed as an associate? Is a CFA becoming necessary to reach the analyst level?...
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UBS AG - Review - Natural ResourcesGenerally collaborative atmosphere. Great onsite facilities at new office. Opportunities to move around within the group. . Good operators are promoted to managers even if they don’t possess management skills. Significant pay differences for same rank / department ...
Citigroup - Review - Equity Capital MarketsI like the group that i am working with and am happy with where my life currently is. I wanted to first be an orthodontist . I kind of wonder what could have been had i chose to go through med school, but i am not really sad about much else...
UBS AG - Interview - Equity Capital Marketsit was all pretty average and behavioral except i was asked to explain a model i used to value a security. during my 2nd interview face to face with a 3rd year person in the team I was asked how i kept up with the current market. one person i talked to in the office asked me to run them through the ...
Fisher Investments - Review - Equity Capital MarketsGood work life balance. Decent pay. Great offices. Nice location. Friendly coworkers overall. Good benefits.. Tough to learn a lot when not a lot is being taught. Cultish culture. Kind of out in the middle of nowhere....
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Has anyone taken the Series 86 recently?Has anyone taken the 86 after October 1st? If so did you use STC materials for the test to prepare? Thank you. ...
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UBS/DB or GSHi all, I have an offer from a few different banks including GS, UBS and DB in London as a first year analyst. Does anyone have a recommendation of which to join? Especially with Mifid II in mind? Also does it matter which team you join? Or is the sector not super important? Thanks!...
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How to best prepare for SIE?Hi Guys, Has anyone taken the SIE yet? How long did you prepare? What resources did you use to study? I am coming from science background with no real finance background and just landed a job as a junior ER analyst. Any help is appreciated! Thank you!...
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Berenberg CM Program US?I have applied. Seems like an awesome program. Just wondering if anyone has heard back about assessment center? Anyone have any thoughts on the bank?...
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Macquarie Group Limited ABN - Review - Equity ResearchGood place to work, overall good working environment. Good opportunity for upward mobility for those who work for it. Pay is low compared to the street and it is hard to get a pay bump unless you get promoted and are covering stocks under your name...
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What do Equity Strategist do? Hi folks, a college sophomore thinking about working in finance here. I just started to build my network in this field. So I successfully connected to an alumni who worked in MS HK office in Equity Research division, his title is Equity Strategist and we'll make a phone call next week. So before our...
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Bloomberg - Interview - Equity ResearchWhy Bloomberg Intelligence Equity Research and not sell side (note BI is not exactly sell-side research as they are not regulated by the securities commission)? Why should we accept you given that you are only in your first year (I applied when I was in my first year of study)? One of the interv...
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AMA- High Yield/Distressed Debt Sell Side Analyst2nd year analyst at a boutique broker-dealer from a non-target state school. Also a CFA Level 2 candidate, working under multiple sector analysts with decent exposure to Oil & gas, metals & mining, and retail. We publish mostly on high yield/distressed debt situations but also some special situation...
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For other junior equity research associates working on the sell-side out there, what was the culture like for you?Right after college, I worked as a sell-side equity research associate for one year before I jumped to a buy-side fund. At the sell-side gig, I had almost zero client interaction, I guess because (1) there were not enough clients to talk to and (2) my senior was quite protective of his client resour...
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Sell side equity research: coverage universe?For people who are working or used to work in sell side ER, how much of your coverage universe is puprely for corporate relationship? The reason I’m asking is because at my last sell side ER job at a boutique, we covered many names with almost no client interest. Is this less common at a BB perhap...
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Stephens Inc - Interview - Equity Research1) "How do you you value a company today that is highly invested in autonomous driving when it is impossible to tell how long it will take for the market to adopt. How can you project future cash flows for such a company?" 2) "Describe yourself honestly in three words without using typical bullshit...
Goldman Sachs - Review - Equity Capital MarketsI have worked at this company for a few months now and while there is a lot of work i feel that it has been extremely rewarding so far. I am looking forward to working here for a while.. The hours can be daunting. If you are looking to have a good work-life balance, do not look into a career in Equi...
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ER at DB vs back office at MS?(first post please be gentle) general profile: >3.6GPA, top 20 US university, studying economics, history, and anthropology (eclectic mix for finance I know) I recently got an offer at DB for their grad program in Jacksonville, which places recent grads into IB, S&T, and ER positions based on desk...
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This Post Has Been Removed by Owner This Post Has Been Removed by Owner. This Post Has Been Removed by Owner. This Post Has Been Removed by Owner. ...
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I need to consolidate the BS with the CFS so they "match" when I will be modeling the DCF. Big problems!Hi all! I am facing a big issue with the part of consolidating the CFS and BS so they "match." I am referring to the process that you have to go through to organize the BS and CF statements in such a way that they will flow into each other and there will be no items left on the BS without an equiva...
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Citigroup - Review - Equity Researchbulge bracket, global presence, solid platform investing to be competitive and take advantage of DB, CS weakness.. bulge bracket w/ tons of layers/bureaucracy, antiquated technology systems. other than that no qualms...
Lazard - Interview - Equity ResearchI was grilled on everything on my resume. Rule of thumb: if you can't backup or speak confidently about something on your resume, do not include it. That is a weak spot that could be exploited by the interviewer. You should know a bit about valuation skills. Equity Valuation is basically the proce...
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Pay Cut for European ER AnalystsDue to the introduction of MiFID II in Europe, banks now have to be more transparent about how they charge their clients and "*must charge separately for research and trading*." According to a report released by Greenwich Associates, Research budgets are also being slashed. The largest funds in th...
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How to Pick a Stock to CoverI work at a unique ER group covering smid biotech companies, and get to pitch possible companies to cover to the heads of the group. Do you have any advice on the best way of sorting through to find ones with high potential? I have been sorting companies with an important catalyst in the next year...
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Non-Target, 3.44 GPA, CFA Level II candidate How to build up careerHello everyone, I'm new here. I'm a non-target school undergrad student major in Finance. I'm graduating this December. I've been looking for jobs for couple months. I currently have an internship at State Street Corp. as operation analyst. I took my CFA level I this summer and passed. My dream dep...
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