ER Interview Mock

Based on the most helpful WSO content, here's what you need to know about an Equity Research interview:

Typical Structure of an Equity Research Interview:

1. Introduction and Fit Questions:

   • Background and Experience: Interviewers will ask about your previous roles, especially if you have experience in assurance/advisory or related fields.
   • Motivation: Why you want to work in equity research and why you are interested in the specific sector or company.
   • Behavioral Questions: These may include questions about teamwork, handling tight deadlines, and dealing with challenging situations.

2. Technical Questions:

   • Financial Analysis: Be prepared to discuss financial statements, valuation methods (DCF, comparables), and financial ratios.
   • Industry Knowledge: Questions about the specific sector you are applying for, including recent trends and key players.
   • Stock Pitch: You should have at least one fully developed stock pitch ready. This includes a comprehensive report and the ability to discuss your model, assumptions, and conclusions confidently.

3. Case Studies and Practical Exercises:

   • Modeling Tests: You might be asked to build or modify a financial model.
   • Research Tasks: Analyzing a company or sector and presenting your findings.

Key Topics to Cover:

• Valuation Techniques: Discounted Cash Flow (DCF), Comparable Company Analysis, Precedent Transactions.
• Financial Statements: Income statement, balance sheet, cash flow statement.
• Market Trends: Understanding of the current market environment and how it impacts the sector you are applying for.
• Stock Pitch: A detailed and well-researched stock pitch, including a buy or short recommendation.

Additional Tips:

• Customization: Tailor your stock pitch to the specific firm you are interviewing with.
• Preparation: Review recent reports and news about the sector and companies you are interested in.
• Practice: Mock interviews and practicing your pitch can help you refine your answers and delivery.

For more detailed insights, you can refer to the following threads: - Interview with an Equity Research Associate (Part 1/2) - Bloomberg Equity Research data analyst interview - Breaking into buy-side equity research - my experience

These threads provide firsthand experiences and advice from professionals in the field.

Sources: Breaking into buy-side equity research - my experience, Interview with an Equity Research Associate (Part 1/2), What would you like to know about Equity Sales / Research?, Advice Please! Growth Equity Interview Questions?, Bloomberg Equity Research data analyst interview