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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Exiting an Equity Research dream jobI always wanted to be an equity research analyst (sell side or buy side). But now that I finally broke in, and have been here for some time, I realize how bad shape the industry is in. Buy side keeps getting hit by shift to passive, while sell-side (where I am) faces structural challenges from MIFI...
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In ER, what is the difference between biotech, pharma, healthcare>For example, it seems like some banks have different divisions and even for something like... AMGEN, it can be listed as a biotech at some and healthcare equity at another shop. Is there a difference or are they all one and the same? Please clarify! Thanks!...
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Exit Opps for Economic Research vs FIWhich one would be the best for eventually transitioning to a global macro fund (am most interested in FX) ...
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Credit Suisse - Interview - GeneralistHow do you work in a team, Describe the team structure at your current job. Do you follow specific stocks and what is your investing history. At your current job what was your schedule like dirt busier and less busy times, and are you a morning person. Are you okay with working with a small team for...
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Credit Suisse lead analyst in an attractive sector vs. top-10 HF analystAble to get an offer at CS research for a good sector (VP role w/ a junior analyst, base 250k) and an analyst role at a top-10 HF (fundamental L/S, base 150k). Both seem interesting; CS would likely be less day to day stress. Which do you think is better?...
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Would your job be easier/better without quarterly earnings? Trump today proposed a possible change to earnings season: reporting earnings only twice a year, instead of four. https://nypost.com/2018/08/17/trump-asks-sec-to-study-six-month-reporting-system-for-public-firms/ Would eliminating quarterly earnings make your job easier/better/more enjoyable? Or...
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T. Rowe Price - Review - Equity ResearchTROW has a really supportive and engaging environment. The people there are, for the most part, helpful and positive. I learned a decent amount in my summer there. Pay and hours are also very, very good - they pay you $1k a week (~40 hours a week). . The equity research internship was very unstructu...
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Earnings Calls and TranscriptsHey guys! Can you suggest where I can listen to archived earnings calls as well as earnings transcripts of US public companies? I tried EarningsCast, but couldn't get the last year's earnings audios. ...
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Dividing all constants by 1000 in excelHey Monkeys. I noticed that an earlier model that I created had numbers down to the thousands of dollars. It is not optically pleasing and I was wondering if there would be a way to divide all constants by a 1000. I think that should fix the issue....
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Go from well-known MM ER after 2 months to new VC firm?Hi everyone, I am using a throwaway for this post for obvious reasons.... I am trying to figure out whether I should leave a brand-name MM firm where I just started doing ER for a role in a new VC firm. Here is a quick synopsis of my background & position: My background: - 2 yrs exp in consulting ...
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Seaport Global Securities - Review - Equity ResearchOverall was a great experience in equity research, was given alot of autonomy and it's mostly what you make of it. If you ask for work and ask how to improve there were great mentors across mutliple industries not just in my team. . HR was very unprofessional on the summer onboarding process, hours ...
Bloomberg - Interview - GeneralistNone of the questions were overly difficult. It was mainly fit with very few technicals. They want to know why Bloomberg and why equity research. They want to make sure you understand how to analyze a company and have very god writing skills. One interviewer started asking me some technical question...
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SS ER Associate interview with the AnalystHi guys, I have an interview this week (on Tuesday) with the analyst, who I think is also the director of research on the sell side with a large organization. Any idea what to expect/what to be prepared for? He's one of the top in the sector that he covers. He's aware that I don't have experience in...
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Company or investor WACC?I was confronted with this issue a week ago - investor or company WACC? When estimating the value of a listed company, say Facebook. Do you use Facebook's WACC or the WACC of a highly diversified investor, say a mutual fund? Might be a weird question....
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In search of a mentor - Equity ResearchGood afternoon friends, mentors, and esteemed members of the community! I am pursuing my MBA in Finance and Accounting from the University of Rochester (Simon Business School); I graduate in June 2019. I have 5 years of IT development and IT consulting experience and currently working as a Finance...
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Bank of Nova Scotia - Review - EnergyI would say that the work life balance at the company is a major plus. Autonomy within your work as well.. Working for a Canadian bank and outside of New York can be tough in terms of low interaction with upper management on a regular basis....
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2-hour modelling test - sector specific?I was asked to come in for a 2-hour test. Based on previous forums I am assuming it will be a model update + written component. In your experience, was the modelling sector specific? Ie. I am interviewing for FIG but the ratios used to value FIG companies will be completely different than for instan...
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Private Banking vs. Equity ResearchI was wondering how private banking and equity research divisions are related and how their pay and work/life balances differ. Also which would be a better starting position for a strong career? Are they similar in regards to competition for positions? Approaching my sophomore year and I am trying t...
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Is Equity Research Dying?I've been reading articles about how Millennials are dumping individual stocks and plowing money into ETFs… https://www.cnbc.com/2018/06/12/millennials-are-dumping-their-individual-stocks-and-flocking-to-etfs-schwab-survey-shows.html Coupling this information with investors’ general trend tow...
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Looking for somebody to reviewMonkys, I built up a 3-statement DCF as well as short 2-page research report to send in hopes of landing an equity research interview. Was seeing if I could send this to anybody, preferably somebody currently working in/has worked in equity research, to take a look at? Any help would be much apprec...
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Post PhD timeline adviceHi all, New to this so hope this is the correct place to post. I'm about to get a Ph.D. in cancer biology, but I was wondering when to apply for positions for biotech equity research. I have an internship lined up in the Fall (great opportunity as I don't really have finance experience) after I grad...
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Wolfe Research - Interview - Equity ResearchThe interview itself was fairly easy. The far more critical component came from the writing and modeling test. The modeling test involved modeling two companies within an 8 hour period (it was an at-home test) and after emailing it back with them checking it, I then had to build a merger template wi...
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Healthcare Sector ResearchAll, I am curious as to what opportunities in research I would be qualified for based on my career experience. My healthcare sector experience includes healthsystems to ambulatory providers (physician groups, Urgent Care, Home Health, etc.) to Value Based Healthcare policy. 5 years Healthcare Ope...
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Final round interview with panel + Head of ResearchHey guys, I'm into the final rounds of a SS ER position. Can you tell me what to expect? One round is with a panel of associates and final round with Director of Research. Any insight would be great. Thank you!...
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Sell-side vs. Buy-side Equity ResearchI'm a rising senior at a non-target who recently decided not to be pre-med anymore, so I'm looking at my options in finance - I apologize in advance if what I'm asking is silly, and please correct me if I have this all wrong. From what I understand, at GS, the typical entry-level (post-UG) ER role ...
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Reading 10-Ks. Print or Online?To me the answer is obvious, print. Call me old fashioned but I feel like I understand content better when I can actually hold it in my hands, I still buy hardcopies of books opposed to getting a kindle and downloading them. Also, marking up the 10-K with notes is much easier when you print it out...
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Wells Fargo and Company - Interview - InvestmentsIs it better to fund a purchase with debt or equity? Which of the three financial statements is the most important? Give me the journal entries for the sale of a product. What are financial controls and how have you used them? Tell me about a time that you took into account a diverse opinion on a su...
Moodys Corporation - Interview - Utilities1. Talk about what is going on in the utility industry along with infrastructure. 2. What are some non-cash items on the cash flow statement? 3. If you were to evaluate an airport for a rating, what items/categories would you look at? 4. What are some major components of an airport? 5. How wou...
Goldman Sachs - Interview - Investment BankingAsked specifically on accounting and corporate finance questions such as if depreciation changes, how will the three financial statements change accordingly. Other accounting questions include which statement is more important among the three. On top of technical questions, a few questions were a...
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SEEKING ADVICE for internships interviews: I just blew mine right out of the water!Hi guys, I'm making this post in hopes to get professionals such as yourselves to help students like myself to better prepare for technical tests in interviews for entry-level jobs and internships - because I just screwed mine up. I'm a third-year undergraduate student with no experience in banki...
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Citigroup - Review - Oil & GasChallenging environment. Long hours but overall good work/life balance. Good brand and strong platform. Long hours and being a large bank, the system is beauracratic. Not too many relationships built outside of work...
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Fred Alger ManagementAnyone know about Alger investments for an equity research associate? Is this a good firm if wanting to eventually work at a hedge fund? Anything about comp/exits? ...
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Equity Research Intern Modeling TestHello, I have a 2 hour ER modeling test coming up soon. I have no idea what to expect. I did some reading here, but can't find a good example. Does anyone have one laying around or willing to help? It would be greatly appreciated! ...
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BMO Capital Markets - Review - Equity ResearchMore casual and leeway than most banks, expose to clients from day 1, engaging and diverse team, well-funded.. Lack of structure is not ideal for new to industry, software and modeling templates are difficult to understand....
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Help with Writing ER Reports for Beginners (Value Investing)Hello, I am trying to put together a few short ER reports before I start my MSF program in the Fall and don't really know how to make it both educational and relatively basic. I have been self-studying on and off for the past 2 years. I have read a few investment books (Intelligent Investor, Securi...
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MS biotech ER team reputation? Hi, Does anyone know the reputation of Morgan Stanley's biotech ER? Do they have any II-ranked analysts? Thanks!...
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Hearing back from interview during earnings seasonHello all, About 3 weeks ago I interviewed for a FT position as an ER associate at a BB. I didn't go through HR as I had a PM that is their client pushing my resume for me and vouching for me. I thought the interview went very well and they told me what would happen if I got hired etc. However, it'...
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Switching from Endowment Analyst to sell side ERHey everyone, I am currently an Analyst at an Endowment office (not super well known) and I know I do not want to be there long term. Being in manager selection does offer great exposure to the overall investment universe, so I am grateful for that. However, it does not provide direct side exposure...
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ChineseInvestorcom - Interview - Equity Capital MarketsWhat do you think about the US stock market now? How much do you expect the S&P 500 index to reach next year? How do you analyze the stock markets, by technical methods or fundamental analysis? What do you think about Google? How does it make money? What is its business model? If you are the inve...
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Too Old for a CFA?I'm gonna be 28 at the end of this June but I won't be ready for this year's exam. If i were to sit next year and pass all levels first shot (trust I know this is a difficult task) I would have completed all levels at age 31. Is 31 too old for the CFA to make a substantial difference in my career?...
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BAML Global Research Sophomore Summer Analyst Program 2019Hey all, I didn't see a thread for the sophomore ER program at BAML so I figured I'd post one to get the conversation started. Just wanted to see where others are at and get a feeling for how the process is from some who have already gone through it. Any insight is greatly appreciated....
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D.A. Davidson & Co - Review - TechnologyDecent work life balance, good culture, lots of other associates, good training program, good opportunities to prove yourself.. Compensation is on the lower end of the industry average. It is difficult to move from the associate level to the analyst level, and compensation is capped until that point...
SunTrust Robinson Humphrey STRH - Review - Equity ResearchThis heavily depends on the boss/team you're working for, like all equity research, so commenting on my own work experience would be irrelevant. I can comment on STRH ER as a department and the sell-side research experience. STRH has reasonable upward mobility, in that if you show you're committed, ...
Goldman Sachs - Review - EquitiesIntellectually stimulating, no day is the same, constant learning, reasonable hours, friendly people.. Uncertainty regarding MIFID II (although in my view BB research will be fine), very lean (or arguably under-)staffing despite what is ultimately a very demanding job (you need to generate ideas, wr...
RBC Capital Markets - Review - Equity Capital MarketsGreat company/ culture. Full time get 4 weeks paid vacation/yr. 6 weeks paid Paternity leave. 4 months of maternity leave. Work 60+ hours a week. Analyst is only in 1 to 3 days a week making it hard to learn from him. He reviews stuff that needs to be published the next day at 8 pm even though it wa...
Goldman Sachs - Interview - Technology, Media and Telecom (TMT)Walk me through the purchase of capital equipment and how it impacts the three major financial statements. Tell me about a time that you failed and how did you deal with it. Tell me about a time when you encountered a problem with a team that you were on? What is the favorite article you have read...
BlackRock - Interview - TreasuryActually, it is not an hr call... I remember it in a wrong way. The interviewer asked me smart beta, what it is and how I used it during my last internship....................................................................................................................................................
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New to Buyside ER. Which Sector to Cover? HI there fellow monkeys, first time poster here. I just recently broke in to buyside ER and was given the unique opportunity to choose which sector I want to cover since I'll be their first ER guy. Which sector would you guys suggest and why? Thanks in advance ...
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Morgan Stanley - Interview - Equity ResearchSince I have quantitative background, few people from the quant group came in asked me a few statistics related questions. I wasn't prepared for them so I was not able to answer thoroughly. However, the interviewers said it wasn't fair to ask those questions and I don't think those answers really i...
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Barclays ERWould really appreciate it if anyone have inside or decent knowledge about Barclays ER in terms of quality, rank, outstanding group etc. I have an exploding offer with them for 2019 SA, so would love more insight on how valuable this internship could be. Thank you guys in advance...
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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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Switching from Engineering to FinanceDear Friends, Hope you all are doing very well. I am an Engineer with PhD (in Engineering) and 5+ years of work experience in oil and gas industry (living in Calgary, Canada). I always appreciate what I learned from Engineering, both at school and work experience, But I feel that this is not an are...
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JP Morgan ER Offices?Hi, I'm a rising sophomore at a West Coast school and I'm looking at the research role in JP Morgan's 2019 Summer Markets internship. Which JPM offices actually recruit research interns? I'd like to work in SF, but I don't want to apply there as my first preference if there aren't any opportunities ...
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First Equity Research Report - Where to Get Started?Hi all, I've been in finance for a few years now, recently finished my MBA, and just sat for the Level II CFA exam. I'm looking to transition into an equity research role and had an informal meeting with somebody internally about a potential job opportunity. He suggested that I create 2-3 simple eq...
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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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FCFE Question - Negative Change in Net Working Capital (Non Cash)Hey guys, I'm working on a valuation for a company but have some questions. The company I am reviewing is a low capital intensive company. The change in net working capital is negative year over year because the company has over 70% of it's current assets in cash and equivalent. I've looked arou...
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Needham & Company - Interview - Equity Capital Markets1. Appropriate valuation metrics on valuing a software company 2. Walk me through a DCF. 3. Pitching a company; unfortunately was in the guy's sector and he grilled at this point. 4. How are your modeling skills? Can you create a three statement model? It has to be integrated. 5. Describe assumption...
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ER Interview with Associate Director - After 2 yearsJust found out I got an interview with an Associate Director of a large bank this week. The funny thing is that I interviewed with him 2 years ago while I was in a Big 4 and studying for the CFA L2. Now I'm in a F500 FP&A role and a CFA Charterholder. Looking back, he asked some questions that I ...
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BiliBiliThinking about buying some of this stock before the 8/22 earnings release. Has anyone else researched this? ...
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Career Ladder: Equity Research vs. Investment Banking - (A Definitive Guide, Part 3)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 1)](https://www.wallstreetoasis.com/forums/worklife-balan...
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Goldman Sachs - Interview - ResearchNo difficult questions Asked me to describe the type of econometric research I did before. Modeling experiences, and how to project a country's GDP, as I was interviewing for the economic research position. Asked about how exchange rate will react to the interest hike; What can a central bank do to...
AllianceBernstein - Review - TechnologyGood pay, Smart co-workers, best in class research and strong brand on wall street, global recognition. Long hours, Every group exists in its own 'island' , experience highly dependent on the senior analyst you are paired with...
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Would you rather be a SS ER with coverage or BS analyst?Curious the opinions of those with different perspectives if it's a better gig to be a sell-side equity analyst with coverage of any kind but most likely not a major I.I. category or a buy-side analyst (long or HF) at a decent sized AUM house for each respectively. Obviously both industries changing...
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2019 Equity Research SA MegaThread for EMEA and APAC As of now, GS, JPM, MS, CS and Jeffries have started accepting 2019 applications for Equity Research. What have you applied? What should we expect for hirevue/tests? ...
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Ask a VP in Equity Research anythingI haven't seen one of these in a while, so I figured I would start one. I am a Vice President in equity research, with coverage of a selection of stocks (from mid to small cap firms) within a large sector. I'm at a top 10 bank. Ask me about how the industry works, lifestyle, recruiting, compensati...
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Goldman Sachs - Review - Equity ResearchLittle weekend work (3-5hrs). Ownership of products. Easy vacation time. Excellent client connections, interesting research pieces. Intense, extremely high standards, some face time culture, difficult to invest on personal account, ...
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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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Magellan Research Group--Anyone know anything about it? deleted this deleted this deleted this deleted this deleted this deleted this deleted this deleted this deleted this ...
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Is Equity Research really decent at getting exit opps to top AM and HFs?It's hard to corroborate this claim on LinkedIn, since it's hard to get linkedin to search correctly. Can people name some exits they've seen in the past? Thanks...
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If you could cover any sector, what would it be and why?If you could start over and cover any sector from the start which would it be and why? Is there a reasonable argument that any one sector particularly positions you well for eventual generalist investment positions? Bonus: where do you see consumer discretionary fitting into this conversation? I'm...
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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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Test/Case study for RBC Research Associate interviewHey, Wondering if anyone has information on, or has completed the case study/excel test that Royal Bank (RBC) makes potential Equity Research Associates complete. I might have to take it next week, and so any insight would be greatly appreciated. Thanks...
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Depreciation Nerds: Need helpHi guys, i'm looking at a company with a very asset-heavy business model that should depreciate a lot. They include D&A in their financial statements under OpEx, with no further breakdown (just line item OpEx, not even the amount of D&A). In their cash flow statement, however, they have a D&A expen...
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[SA] MS equity research vs. JPM FICC salesI got two summer analyst offers, both leading to potential full-time offer. 1. MS Equity Research 2. JPM FICC Sales. I have been an equities guy, mostly because I started investing in stocks 4 years ago when I first entered college. I am delighted when I have discussions about the eq market but d...
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2017 Institutional Investor All-America Research TeamStarting my ft gig in equity research soon and I'd like to go through the 2017 II list to see which analysts I should be trying to work for when sectors are assigned. Unfortunately I can't find anything online, so if you have a link/pdf you could share here/pm, that would be greatly appreciated!...
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Bradesco BBI - Interview - IndustrialsFor the fit questions, the most difficult questions were regarding my background and why i specifically chose to apply for the internship position at their bank and not others, and why I was trying to pursue a career in Equity Research. These questions are obviously expected, therefore I was well pr...
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Difficulty of Series exams after CFA?So I just took CFA L1 a few weeks ago (crushed it, but probably failed). Just landed a job at a FIG IB in ER. I have a few questions but they are simple. How "difficult" are the 7, 63, 87, 86, combined compared to the CFA, and how much will CFA studies overlap into studying for the Series exams? Als...
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HSBC - Review - Equity Researchgood location close to grand central, no vesting period for 401k with generous match policy, decent health plans.. below market pay, substandard IT systems, and ineffective cross department teamwork. Fairly low morale....
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Breaking into ER, Seeking Career AdviceHi Everyone, I'm a recent graduate from a non-target school. Currently I'm waiting for my CFA lv2 result. I have 80% confidence I can pass that. I always have a strong passion on equity research but I couldn't find one after graduated from the school and I ended up working in a public life scienc...
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