1st Year Equity Research Analyst BB London - Q&A

Ok here we go;

1. It's a sad reality that equity research as a whole industry will get culled when MIFID II comes in, but the right way for some to think about it is as follows;

• BB's aside the around of small boutique research houses is huge.
• Many equity researches do not add ANY value at all, it's simply a process of rinse and repeat when earnings come out or sponging off other reports.
• In a way, if you are motivated and good aty what you do, MIFID is great as your wokr finally becomes revenue generating and so you do good, you get paid better. Suddenly the era of the "here for the sake of it " analyst is over as those will get called out very quickly.
• So in a nutshell, MIFID II is actually a positive if you are good, recognition will be easy to come by and comp will obviously follow (This apples to individuals, team and also firms) I can confirm hat last year , conversions were in the 30%'s, but from what I am hearing intern numbers are up this year by quite a lot and so expect that to rise. It seems as it was brexit uncertainty that was the driver rather than MIFID.

2. See above , yes you've basically got the gist of it. The good will find themselves in a very strong position while everyone else gets clobbered in a free for all.

3. It's definitely very diverse and fits my profile and languages. Every sector has it's perks and downsides, but it is always good to try and join a high ranked team. (You don't always get a choice). Also note, that some sectors are highly specified and use a totally unique set of metrics making them a whole other ballpark and not really comparable to other sectors i.e Banks, Insurance.

4. Well for me personally we have some European companies under coverage and so the language helps massively when trying to contact management, do market research into the home countries industry. To be honest, clients all converse in English, it is very rare for you to use your language then except if it is a longstanding relationship.