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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Bank of America Merrill Lynch - Review - Equity Research- global platform - respected brand (especially in equity research and BAML's strong balance sheet) - smart people. like most banks: - lots of people with robot mentality - back-stabbing/everyone look out for themselves - overly focused on industry metrics...
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Equity research reports - BB technology TMT industry reportsmsg me if you would like copies - comprehensive industry reports - full length...
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You get yelled by your analyst? I got that a few times a week particularly when he is under huge pressure or in a bad mood, that sucks. I even heard he made his previous associate cry couple times. How about you guys? ...
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Excel Modeling Test for InterviewSo, I just had a second round interview for a research associate role and then was given a modeling test. I was told to fix three errors in the forecasting period of the IS. At first glance I see four errors in the forecasting periods for Gross Profit as it does not incorporate all 4Qs in FY 2016....
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Modeling in Cash Plug with Existing RevolverHi All, I posted this in the IB Forum, but also wanted to try here- I'm currently building a model for a case study and have gone the route of using a cash plug on the balance sheet. However, the company I am modeling out has the following cap struc: a 900m revolver; a TLB; cash pay notes; and PIK...
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Banks/FIG ROE QuestionDoes ROE improve when a bank grows deposits more than loans? For a non-financial institution, it would make sense that increasing liabilities while holding assets and (for purposes of example) profit constant would be akin to levering up and would improve ROE that way. But for a deposit-taking inst...
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Equity Research opportunies in Canada for new immigrant?I plan to move to Canada in July as a new permanent resident The brief of my background is as following: 3.5+ year buy-side equity research experience in Chinese market,; 1y experience in big 4 accounting firm; Master's degree in Finance from Oxbridge; CFA Charterholder; Speaking Mandarin, Japanese...
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BB vs MM research role in Post-MIFID EnvironmentHi Everyone, Wanted to get insight on which one was a better move for an ER associate, especially in a post-MIFID world? 1) working under a II-ranked analyst at a MM whose an MD 2) working under a lesser known and probably worse analyst at a BB whose an ED The sector-attractiveness is roughly ...
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Morgan Stanley Smith Barney - Review - Wealth ManagementWorked on a close-knit team. Learned a lot about the wealth management industry. Compensation was solid as well.. The wealth management sector of Morgan Stanley is undergoing some internal changes since the company has been placing a greater emphasis on wealth management. As a result, some positions...
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Disclose Misdemeanor DUI Charge prior to Background Check without Prompting?Caught a misdemeanor DUI charge about a year ago, against which I am still fighting in court with expectations for resolution, one way or the other, by July. I am currently employed and licensed with FINRA. Both organizations, i.e. my current employer and FINRA, are aware of the charges. However,...
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Interning this summerHi, I'm going to be doing a 2-month internship at a small firm in the Bombay stock exchange starting in May as an equity research analyst and I'm a bit worried about what they expect me to know? I'm taking the CFA Level 1 exam this June and I have a bachelors degree in financial accounting and audit...
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Perks of equity research I was wondering what perks are associated with sell side equity research at different levels. What can be expected in the first few years if anything, and what do senior analysts get? Assuming this is at a bulge bracket bank. ...
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Non-Fiance Major Need Help with Resume!I am a Statistics Major who has taken only one Fiance Related Course (Macro Economics intro Gen Ed.) I was the President of the Investment Club at my Community College and now the Vice President of the Investment Club at the University I transferred to. How do I convey I have Financial knowledge on ...
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Advice on approaching call with ED at BBHi, I am a senior at an Ivy majoring in the sciences. I realized pretty late that I'm not keen on going to medical school and networked with an MD alum at a BB. Because of my non-finance research background and other reasons, I decided that I am interested in ER. The MD generously connected me to an...
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Series 86 AdviceTaking the series 86 in a couple weeks. Have heard from a few people it can be a challenging test to pass. Any advice from past test takers? Using STC study materials as of now, hoping those are sufficient to pass. Appreciate the help!...
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The Joyous Process of HiringThis is more so letting me vent, so bare with me here. I've begun the process of hiring a few new analysts, and it amazes me that the job postings spell out VERY SPECIFIC base requirements and people just ignore this. Now, I'm not talking about "minimum 5 years experience" and the person has 4, no...
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Starting a career in ERI want to switch careers into ER- in pharmaceuticals or healthcare. I have a PharmD and have been working as a pharmacist. I did an online MBA (not a top business school) with the intentions of getting into the pharma industry. I recently discovered ER and was looking into switching careers. I l...
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Top 50 UK companies on the Buy Side by Fund SizeI there any source or database that i can search for sell side/buy side firms by country and fund size?...
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Buy Side NewbieHi everyone. I'm a couple months (associate level) in at a boutique shop working directly under a PM(...
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SeekingAlpha as practice for Equity/Macro Research reports. New user. I'm curious as to what WSO thinks the value of writing up Macroeconomic/Equity Research reports on SeekingAlpha would be? I'm looking at just sharpening my investment thesis creation skills, and possibly using it to provide references for applications for future internships. Thanks for...
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Sanford C Bernstein - Interview - Oil & Gasthe questions revolved mainly around technical questions on the sector and a general chat on the industry and my thoughts. there was a focus on why i was leaving my current job and why i was particularly interested in bernstein. the interview consisted of meeting the head of the sector and his junio...
Bank of America Merrill Lynch - Review - EquitiesHaven’t started yet so I can’t say much. I chose this position because the culture seems to be centered around learning.. Haven’t started yet so I can’t speak about cons. I will speak more about them after my start. ...
JPMorgan Chase - Interview - Equity Capital MarketsNo question was difficult or unexpected. I think he asked me the ISIN number of th estock i had invested in which was very difficult and silly too. Apart from that I dont think anything else was difficul. It was my first interveiew, So I would say tell me about yourself also seemed difficult but on...
Analysis Group - Interview - N/AWhy economics research and consulting, what problems are you interested in solving, why do you think yo are a good fit with your background, tell me about yourself and why should you be hired, walk me through X internship, what did you learn, what was a failure, how did you deal with it, what is you...
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Citigroup BuffaloAnyone have any information at all in terms of office culture, comp etc etc? Similar to DB Jacksonville or GS SLC? Any chance they move the position into NYC for the right candidate? Have several years of sell-side ER experience in a similar space. Want to make sure Buffalo wouldn't be a dead end...
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Choosing Between Buy Side vs Sell Side in Equity Research?Hi guys, So I want to do equity research. I know that there is sell-side and buy-side and, so far, I have a few distinctive arguments for both (see below). What I would really appreciate to find out is your views in terms of the experience quality that both offer. Thanks a lot! P.S.: Not trying t...
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Purple Innovations Can someone please help me find the Purple Innovations equity research report by Wedbush..........? ...
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Concentration while everyone around is on the phoneHi everyone, I just moved to the sell side. Ive been having trouble concentrating while everyone else at the office is on the phone talking to clients. Apart from headphones do you have any other tips on how to mind my own business and read while the office is chaotic? Do you just focus on other a...
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OTR Global - Interview - Quantitative ResearchThe two questions I was asked that I did not expect were as follows. 1) What are your favorite data visualization sites or blogs? 2) What are your favorite three excel functions? I'm not sure if these are usually questions that are asked during the initial phone interview with OTR Global. My expe...
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How do people get fired in equity research?Hi I'm about to start working in a BB as a junior associate. I wonder in what ways do juniors usually underperform until they get fired? Appreciate if you can share some observations/experiences so that I can try to avoid the mistakes....
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Equity Research Associate Salary? - Canada Hi everyone, I was going through the forum threads looking for research associate salaries specific to Canada, but didn't seem to find anything that wasn't dated or too general (not firm specific). I like to think that I have a pretty good idea of what the average base and bonus are for a first ye...
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RBC Capital Markets - Review - Consumer - RetailInvesting in great top-tanked analysts, data science, and technology. Tries hard (and succeeds) in being a top-10 shop in II rankings.. Developed market focus, aka lacks scale in LatAm or Asia— means fewer global resources for research product....
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Need help - Confused whether to use short term investments or short term debt as a balancing figure?Hey folks, I have to project balance sheet for a company which historically keeps both short-term investments and short-term debt. I am having confusion which of these to use a balancing figure? And should I include short-term debt in working capital?...
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2018 ER BonusesHere we go again Let's keep this pretty simple and straightforward: Bank: BB/MM/EB/etc. Bonus: in USD. Also denote whether or not it's a stub. Base: current and whether or not you got a bump. Years experience: How long have you been doing SS ER ...
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Canaccord Genuity - Interview - Oil & Gas1) What are your 3 strengths? 2) Why Equity Research? 3) Are you applying to IB? 4) How do you feel about working long hours and arriving early (4 am) at the office? 5) Various technical and industry related questions: WACC, DCF, O&G ratios, pitch me a stock, what are the main financial statements? ...
Credit Suisse - Review - Equity ResearchGood offer, liked the people at the firm quite a bit, but stressful and weren't sure which industry group you are in until sign. Long hours, not the top firm for notoriety in industry, not sure which analyst working with or what industry until sign...
RBC Capital Markets - Review - Equity ResearchEntrepreneurial environment, great "nice" Canadian culture, strong team of analysts across core sectors including tech and healthcare. Large gap between promotions, non-linear path to pick up coverage, no junior associates to help with data repositories, data collection etc......
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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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Interview at Third BridgeHi fellow chimps, I've finally managed to claw my way to earning a jr research analyst interview from the depths of operational roles. Third bridge is the firms name and I'm trying to know what to expect and what to have ready. Do i need a stock pitch at the ready? Has anyone here interviewed/worke...
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Morgan Stanley - Review - Equity Research- Work with impressive people - Good exposure to lead analyst on the team, got coffee with him at least once a week and got regular assignments directly from him throughout the summer. - Transparent feedback, never got shocks during review throughout the summer. - While feedback and review process w...
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Horrible Boss or is this Wall St?Hello Everyone, I'll keep this short and sweet. I took an ER job out of school (after running my own little ER biz). Working on Wall St is great, I'm learning a ton, I put in the hours and I'm on the front lines. Outside of continually getting up to speed, I passed my Series 7/63 within two months ...
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MSCI Inc - Review - Equity ResearchLots of autonomy and great camaraderie among colleagues. Culture of the international satellite offices is great. . Though international offices have great culture, the manner with which NYC management deals with foreign staff needs improvement....
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CFA Study Hours (that it took you to pass) in relation to alma mater, major, and GPABasically I'm studying for the CFA Level 1 right now and everyone puts up a number of hours that they took to study. However, everyone comes from different background and has a different IQ so it would be nice to see some numbers from people who include their alma mater (or general type/"quality" of...
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Goldman Sachs - Interview - ResearchDue to the lack of human interaction and the imperative time constraint, the video interview was the most challenging. As there were no technical challenges, I had to answer both behavioral and competency based questions, showcase commercial awareness and good knowledge about the bank. While most qu...
Goldman Sachs - Review - Equity Research-Worked with really smart people -Great exposure to clients and senior management teams -High degree of responsibility . -Long hours -Very competitive environment -High turnover at all levels / feeling everyone is short term employee...
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Should I move from VC to ER?First time on the ER forum! I recently relocated for personal reasons and had to leave my previous gig as a VC Principal. Now looking for new jobs, and I may have the opportunity to take a position in boutique ER shop. The reasons not to do this are somewhat obvious to me. My skill set is a bad ...
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Estimating cost of equity foreign companyHey all, long-time lurker here. Great to finally post on here! My new job is focused primarily on valuing companies located in emerging economies. As part of my job, I have to do DCF valuations (including WACC estimates for each company). Al the CFs are in US$. I've seen that both, books and prac...
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Need Equity Research Report Sample Hey all, I was talking to a equity researcher sell side( C.L King and Associate) . He suggested that the best way to impress ER analyst is to build a pitchbook/ Equity research report and present it along with cover letter. I would appreciate if if somebody could share any sample report and suggest...
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1st Year Equity Research Analyst BB London - AMAHey guys, Long time lurker here, thought I would give back and add some value to WSO after learning a lot from here during the last few years. As the title states 1st year analyst (nearly 2) , have gone through the whole progression system; Spring > Summer > Grad position. I'm happy to answer an...
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AMA: Sell-Side Equity Research todayI’m an MD in equity research with 15+ years experience. I’ve worked at bulge brackets, mid-sized firms and regional firms. Ask any questions on life as a an analyst today vs. several years ago including pre-settlement and bulge bracket vs smaller shop....
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Ask a VP in Equity Research anything - 2018 EditionIt’s been two years since I did the last one ("Ask A VP in ER anything" ), so I figured I would do one more. Let’s talk about the industry, MIFID, banks in general, trends in the industry, long term career outlooks, etc. ...
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What are the best independent research shops?Hey Guys, i was wondering what you guys thought were the best independent research shops? i know that bernstein and isi have great reputations. jeff degraaf, former of isi just started his own shop called RenMac and fromer Strategist Jason Trennert runs Strategas. There are also the cleveland shops...
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Equity Research writing test+modeling test next Tuesday, seeking for adviceHey 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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Cornerstone MacroHas anyone heard of Cornerstone Macro? They are primarily a macro research shop founded by some former ISI mangers back in 2013. Would be great to get some feed back on how they are perceived on the street....
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Goldman Sachs - Review - Investment ResearchInteresting work with a very steep learning curve. People I worked with are highly intellectual and division has a very collegiate feel.. Fair amount of chart/spreadsheet/ppt updating. Hours can be unpredictable when publishing schedule becomes filled up. ...
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What can make a stock overvalued/undervalued interview question?Was asked in an interview to give a reason why the current share price of a stock may be overvalued or undervalued. I know that there are the obvious fundamentals such as ratios that can indicate this. However, in an emerging industry such as blockchain or cannabis, these fundamentals can be pretty ...
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Research Management SoftwareHi, I spend a lot of time gathering data and adding it to my valuation model. Whether it be compounds, 10Q or even a video. The excel files are a bit difficult to maintain. I'd rather only use it for the analysis. I am wondering if there is a better alternative. Any tools you guys use to manage due...
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T. Rowe Price - Review - Equity ResearchReally relaxing working culture. The job is fun by itself and I got to do lots of research on the buy side funds as we are a fund of funds. Not fantastic location. Especially for sophomores trying to network during the summer. Had to take 5 hours of bus in order to get to New York...
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Delaying Graduation or Finishing school and finding Industrial PlacementCurrent undergradutate with a decent GPA (Second Upper) in Singapore. Currently only have 1 BO internship (Regulatory Compliance) and 1 upcoming summer Middle office internship at the Central Bank (Financial Markets Development). I have one last semester to go before finishing school. Here is the di...
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UBS AG - Review - Equity ResearchWork life balance, autonomy, engaging / interesting work, interaction with C suite, Sales, Trading, Buyside . Compensation could be better; Culture could be better - more social outings; ongoing development could be better...
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How to get projections/forecasts for a listed company if the company has not provided any projections? Hi all, I am a 1st year analyst with a Private Investor, I have studied in South Africa and pursued a double major in Finance and Economics, at present I am a CFA Level 1 Candidate. I am currently working in India gaining exposure to the Indian Markets. Considering, that now I am practically on th...
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Is the equity research recruiting timeline on the same timeline as IB?Are BBs recruiting this spring for Equity Research? Should I be info interviewing and stuff right now? Also, if I potentially wanted to do IB after a summer ER at a BB, would that be possible?...
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Research Request: BLKLooking for initiating coverage on BlackRock. I read [Barclays launched coverage in Sep 2017](https://www.barrons.com/articles/asset-managers-good-businesses-bad-stocks-1504895050). It'd be great to have the report as well as the one that covers the broader industry. Up for trade: equity research...
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Is Cyptocurrency a Form of GamblingThey're called "cryptocurrencies" in popular lingo, but Bank of Canada Governor Stephen Poloz has a different name. "They are crypto but they are not currencies," Mr. Poloz said recently. "I'm not really sure what they are…. It's just essentially speculative or gambling." No one yet knows what t...
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Going from Buy-Side Analyst to Sell-Side Equity Sales?Hi everyone, Just wanted to ask you a few question - if you happen to want to give your opinion on that. I am currently working on the Buy Side at a large AM house in London, mostly as an equity analyst, with 3 years exp since graduation. A well-regarded Broker wants to poach me, but not only thi...
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PREDICITION: Apple to lose 20% of current smartphone market share by 2020Thoughts? I have noticed a general shift in sentiment. This could just be my own social circle but it reminds me of Instagram's introduction of stories and the shift away from Snapchat. Once the stigma around using none iOS devices is broken, the bottom will fall out on iphone ownership. ...
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Equity Research in the 90sHello, how come Equity Research is not anymore one of the best jobs on the Street like it was in the 90s early 2000?...
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I want to get an article from the CIBC database but I do not have an account. Is there another way to get it?.........................................................................................................................................................................................................................................................................................
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BMO Capital Markets - Interview - Equity ResearchI have not taken any accounting any accounting courses at my college so I did not know how to answer any of those. The questions began as mostly behavioral questions asking about resume content/past work experience. Then the interviewer asked if I follow the markets. I told him I follow the equi...
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T Rowe Price Equity Research Summer Analyst ProgramThinking of recruiting for T Rowe Price's sophomore summer analyst program next year - heard some good things about it from someone I networked with who works at Blackstone. How does this program stack up against other sophomore internships? What's the summer analyst experience like?...
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Morningstar - Review - Structured Products FSRGood deal volume; smart co-workers who know both the real estate side of the business and the credit/structuring and securitization side; very good work-life balance (almost too good); ample opportunities to go beyond your role definition and have firm-wide impact. Low pay (comparatively speaking); ...
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Breaking into ER from REI've been interested in breaking into sell-side ER for a while. Trying to get some advice and a bit of motivation. Below is some background info about myself: Graduated in 2013 from a semi-target. Finance major. Dull GPA, but above 3.0. Working in real estate my entire career. A few years at a glob...
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Equity Research summer internship starting soon, how to prepare?Hi, I'll be starting at a major european bank, as an equity research intern in the summer. How should I prepare? As a background, I have a Msc in finance and have read a loot of basic books in investing. In addition I have no prior experience in ER. And I have no idea which industry I will be work...
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Jefferies & Company - Review - Equity ResearchLots of resources: mentorship program, frequent associate training, quarterly stock pitches. feels as though the research group has a cohesive goal. office feels slightly disjointed but that is probably a result of being in a regional office. nothing else...

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