Equity Research First Round Interview – Piper Sandler 

On short notice I have an interview with an analyst early next week for an ER associate position at Piper Sandler.

Here're the points around interview prep I've gleaned from past forums, listed in no particular order: 

  1. Know your story cold: Walk me through your resume / Tell me about yourself. Interest in the capital markets? Why ER? Why leaving current industry/employer? What skill set do you bring to ER, if not direct experience in the space? Why coverage of this specific industry? Why this firm? Etc. 
  2. Technical questions: Walk me through the three financial statements. How do they link? $10 depreciation: How is each statement affected? What are the common evaluation methods? Walk me through DCF. How do you evaluate Company ABC? Etc.
  3. Stock pitch / Gauge market knowledge: Come prepared with 2-3 equity pitches (preferably one short). Keep abreast of larger macroeconomical trends and market movements. Be prepared to rebut objections and admit ignorance of certain areas, if necessary.
  4. Post-interview questions. 

Am I wrong to expect a 50/50 behavioral-to-technical split? 

If any critical points were missed in the above list, please comment below. Further, if anyone has insight into the specific PS first round interview protocol, commenting that below would be greatly appreciated. 

A point of concern going into this interview is around firm reputation. Has MD and VP misconduct at PS ceased, or is this an ongoing issue in 2022? Can PS still be branded a 'sweatshop' more so than other banks? How does the ER division stack up against competition – up and coming, dying, stagnant? Are there any tangible benefits of working ER at PS, outside of the empty jargon found in marketing materials? 

Thanks for your insights, everyone. 

Comments (2)

Jan 20, 2022 - 11:26pm
WSO Monkey Bot, what's your opinion? Comment below:

Assist. VP in IB - Gen, sorry there are no responses yet. Maybe one of these topics can point you in the right direction:

More suggestions...

If those topics were completely useless, don't blame me, blame my programmers...

Feb 10, 2022 - 2:47pm
mcatl123, what's your opinion? Comment below:

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