I got a 2025 internship offer in equity research. What is the best way to prepare for a successful internship? Is CFA level 1 exam a good starting point? What about other courses or learning materials? Thank you so much for your advice!
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Congratulations on securing your 2025 internship offer in equity research! Preparing effectively for your internship can indeed set a solid foundation for a successful experience. While the CFA Level 1 exam can provide a comprehensive understanding of finance, investment tools, and ethics, which are highly relevant to equity research, it's also important to consider other targeted preparations to maximize your internship experience. Here are some tailored suggestions:
CFA Level 1 Exam: This is a great starting point as it covers a broad range of topics relevant to equity research, including financial reporting and analysis, corporate finance, equity investments, and ethics. Passing the CFA Level 1 can demonstrate your commitment and foundational knowledge in finance.
Financial Modeling and Valuation: Equity research heavily relies on financial modeling to forecast future earnings and cash flows of companies. Familiarizing yourself with Excel and financial modeling techniques is crucial. Consider enrolling in a financial modeling course, such as the WSO Elite Modeling Package, which covers Excel modeling, valuation, and investment banking-specific models.
Equity Research-Specific Courses: Look for courses that focus specifically on equity research. These courses can provide insights into how to write research reports, how to build earnings models, and how to pitch stock ideas effectively.
Stay Informed: Start following financial news and analysis regularly. Platforms like Bloomberg, Financial Times, and The Wall Street Journal can keep you updated on market trends and industry news. Additionally, reading equity research reports from major financial institutions can give you a sense of the writing style and analysis depth expected in the field.
Networking and Mentorship: Connect with professionals in the field through LinkedIn or alumni networks. Seeking advice and insights from current equity research analysts can provide you with practical tips and potentially open doors to more learning opportunities.
Technical Skills: Brush up on your accounting and finance knowledge. Being comfortable with the basics of accounting, especially understanding income statements, balance sheets, and cash flow statements, is essential for equity research.
Soft Skills: Work on your communication and presentation skills. As an equity research intern, you may be required to present your findings and recommendations. Being able to communicate your ideas clearly and effectively is key.
Remember, the goal of your internship preparation should be to build a strong foundation in both the technical and soft skills required for equity research. Good luck with your preparations!
Sources: How should I prepare to be a good intern?, How to Prepare for IB Summer Internship, Just got an IB offer, how do I prepare?, Preparing for an IB internship
Congrats- I’m recruiting ER 25 as well. I’m curious what firm you were able to secure an offer at? BB,smaller firm like Truist…?
Not a big firm. What are the top shops for Equity Research? Just curious.
T1 - JPM, MS, BofA, Evercore ISI
T2 - Wolfe, Jefferies, Barclays
But there are also plenty of great analysts at smaller firms, and your analyst is very important. Rather a great analyst at a smaller firm than a shit analyst at a better firm.
These are all sell side. What about buy side?
LO - Capital Group, Wellington, Fidelity
HF - Much more based on the environment you're looking for but
MM - P72, Millennium, Citadel
SM - Tons of great shops
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