How difficult to lateral into ER from Corporate Finance/Strategy

Hello all, I'm currently working a rotational CorpFi position with some strategy-related rotations at a large AM (Blackrock/Vanguard/Fidelity) with 1 YoE out of college.

One of my 6 month rotations was heavily research based with some very light bottom-up + financial modeling experience. I also did a few academic research papers (not published but extracurricular for professors). I am interested in a change of pace and want to try to break into ER, because I really enjoy the research parts of my work.

I know very little about the industry and am starting to catch up on the recruiting process. Is ER something that can only realistically be broken into from undergrad like a lot of traditional paths (IB, ST, etc.)? Or does ER tend to be more welcoming to people who might be coming from a MO role with a year or two under their belt? Would be trying for an Analyst role.

Just want to be strategic about where I want to lateral. Thanks in advance!

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“Michael gave me very practical, specific advice for breaking into equity research as a freshman. I came in with mixed results from past alumni and industry chats, and he showed me how to make them more useful. He advised tailoring the length and questions of each chat to the contact: start with a brief intro, then pivot to targeted questions tied to their role. For shorter calls, he suggested pinpoint questions that draw out actionable advice. When a contact works in a different area, he told me to phrase my interest broadly and then ask for insight into their team or function, so my goals line up with their work. He also changed how I prepare. He told me to read the analyst’s published reports or their firm’s research before the call and to bring one or two stock or sector ideas and ask for their take, which shows I’ve done my homework. He suggested using school resources like terminals and the finance club to gather sources and data. On building my resume, he recommended continuing to publish on a Substack or website, pursuing WSO or part-time research projects, and applying to the WSO equity research internship or similar programs, then adding the published pieces to my resume and portfolio. He also told me to join my school finance club and get Bloomberg access. Finally, he coached me to ask for introductions during the call when it comes up, to repeat the request in the thank-you email, and to explicitly ask who they’d recommend and offer to follow up. I left with clear action items I can start on right away.”

Class of '25 Nov 2026 Cohort

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“Chris was very easy to talk to and made the session feel relaxed and genuinely useful. He gave me clear, actionable tasks that I can go away and work on straight away to expand my network. I hope to reconvene with him at a later date to discuss the progress I have made and get his feedback on the work I have been doing.”

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WSO Monkey Bot

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2y

Based on the most helpful WSO content, here are some insights on lateraling into Equity Research (ER) from a Corporate Finance/Strategy background:

Background and Experience:
- You have 1 year of experience in a rotational Corporate Finance position with some strategy-related rotations at a large Asset Management firm (e.g., Blackrock, Vanguard, Fidelity).
- One of your rotations was heavily research-based with some light bottom-up and financial modeling experience.
- You have also done a few academic research papers as extracurricular activities for professors.
Transition Feasibility:
- ER can be more welcoming to individuals coming from different backgrounds, including those with a year or two of experience in middle-office (MO) roles.
- Unlike some traditional paths like Investment Banking (IB) or Sales & Trading (ST), ER does not strictly require entry from undergrad. Your research experience and financial modeling skills can be valuable assets.
Strategic Considerations:
- Skill Development: Continue to build and demonstrate your financial modeling and research skills. Reading books like Aswath Damodaran's on Valuation and applying them by making your own models can be beneficial.
- Networking: Leverage your alumni network and industry contacts. Even if your school's alumni base is limited to IB, S&T, and PWM, they might still provide valuable connections or advice.
- Recruiting Process: Familiarize yourself with the ER recruiting process. It might involve a mix of behavioral and technical interviews, similar to other finance roles.
Additional Resources:
- Consider exploring WSO's Financial Modeling Resources, Excel Resources, and other career resources to further enhance your skills.
- Mock interviews and resume reviews by professionals can also be helpful in preparing for the transition.

In summary, transitioning into ER from a Corporate Finance/Strategy role is feasible, especially if you strategically build on your existing research and modeling experience, network effectively, and prepare thoroughly for the recruiting process.

Sources: The right time to lateral?, Corporate Finance Q&A with accountingbyday, BJM85, STorIB, and djfiii, https://www.wallstreetoasis.com/forum/investment-banking/how-hard-would-it-be-to-lateral-into-investment-banking-for-ft?customgpt=1, Strategic finance?, Future of Equity Research - 12+ Months into MIFID II

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tds2006

ER

2y

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Authored by: Certified Equity Research Professional - Vice PresidentCertified Equity Research Pro

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How difficult to lateral into ER from Corporate Finance/Strategy

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How difficult to lateral into ER from Corporate Finance/Strategy

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