How many stocks for ER interviews?
Currently in a few ER associate processes. Is it expected that candidates pitch a new long each interview round or can you stick with the same one throughout the process?
Based on the most helpful WSO content, it's recommended to have at least 1-2 solid stock pitches ready for equity research (ER) interviews. Ideally, you should have one "buy" and one "short" pitch prepared. This allows you to demonstrate versatility and adaptability depending on the interviewer's preferences or the specific focus of the role.
While you can stick with the same pitch throughout the process, it's crucial to ensure that the pitch is customized and relevant to the organization you're interviewing with. For example, pitching a microcap might not resonate well with a firm focused on large-cap stocks. Additionally, some interview processes may require you to prepare a new pitch for later rounds, especially if there's a case study or presentation component.
To summarize: 1. Have 1-2 well-developed pitches ready (ideally one "buy" and one "short"). 2. Be prepared to customize your pitch for the specific firm or role. 3. Be ready to create a new pitch if required in later interview rounds.
Sources: Breaking into buy-side equity research - my experience, Feel Trapped, Exit Opps From Sell-Side ER?, https://www.wallstreetoasis.com/forum/hedge-fund/advice-on-hf-recruiting?customgpt=1, Q&A: Equity Analyst at a Sovereign Wealth/Pension Fund, Hedge Fund Careers: Getting a Hedge Fund Job Out of Undergrad and Beyond
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