Is Equity Research Still a Good Career Path in 2026?
I’ve been looking more closely at equity research lately, and I’m curious how people already working in the industry see it today.
The traditional path still looks attractive: learn financial modeling, understand companies deeply, build investment theses and eventually move into asset management, hedge funds or corporate strategy.
But the industry is changing fast.
AI can already summarize earnings calls, screen companies, pull financial data and even help build first-pass valuation models. At the same time, firms still seem to value analysts who can understand a business beyond the numbers and form an original view.
So I’m wondering:
What skills actually separate a strong equity research analyst from an average one today?
Is it still mainly:
- Financial modeling and valuation
- Accounting knowledge
- Industry expertise
- Writing strong research reports
- Management interviews and channel checks
- Developing differentiated investment ideas
Or are there newer skills that aspiring analysts should be prioritizing now?
Would especially like to hear from people currently working in ER, asset management or investment banking.
Bump
Wondering the same thing
any conclusion??
Until massive amounts of capital starts making investment decisions because Claude or grok or whatever thinks a stock is a buy, then investors will find value in an analyst who can go deep in a name and do high quality valuation and analytical work to determine fair value / a price target for an equity security.
I'm not convinced this isn't a bot
You haven’t convinced me that you are someone with enough experience or insight to actually help others with your advice or opinions.
Your account was created 2 days ago and your message has all the hallmarks of AI generated writing. What are you even trying to accomplish here. This isn’t Reddit. Go away
trying to promote my platform pal!
And there it is. You're not interested in the answer. You're just farming engagement for your platform. Why would I bother giving my perspectives (especially when tbh this Q was asked less than a month ago)
egoistic son of a whore
Ben is crashing out 😭
i don't know who he is bro is he you brother-in-law?
Ben Furtado is the guy (you, I presume) who runs Moonlite Money, the platform you were promoting before you changed your username from moonlitemoney to whatever it is now :)
Would you like me to keep going Mr potty mouth
I’m an ER associate and a believer that this is still a great field. Sure, maybe one day it could become “diluted” or “less valuable” from AI but I think that’s a farfetched assumption. The value in humans vs AI here are mainly 1) you speak to management, other investors, attend events behind closed doors, etc. and AI doesn’t. 2) analysts who do deep research and dives on their coverage (notably single-names) benefit as they have knowledge AI can’t obtain from these exclusive events and conversations. 3) AI is far from perfect. It’s an incredible tool but I think we’re far from a world where we have a consensus psychological belief that we can trust AI to be perfect, and until that’s the case, an ER analyst will still be in high demand.
Truth be told, there are so many more reasons than just what I said and I don’t want to ramble but it’s still a great career path. It does matter a lot about who your analyst is, partially about the shop you work at, and that you have an interest in your sector in terms of the type of work you do, how well you enjoy it, and how much value you build in yourself through learning and the work.
Ik im rambling but to answer your question, yes ER still is a lot about modeling, industry research and knowledge, keeping up with companies, coming up with theses, talking with mgmt, reading, accounting, etc. some times are more about that, sometimes things are less. But again, and notably, the analyst you work for can largely dictate what type of work you get out of the job.
I don't think ER can ever be replaced by AI. Because the last thing I want to do is read those BS spam reports
True but ER headcount and opportunities will likely shrink as AI matures
I’m not convinced ER guys are actually that good at financial modelling. I’m a couple of months into my first buyside role (career lateral), and most of the SS models I’ve seen are astonishing. Either they only do annual forecasting, or no proper revenue/cost build, or no proper schedules for debt/leases/PP&E.
Annuals only is wild. My DOR would have my ass if he caught us trying to get away with that. On revenue/cost builds, if disclosures are minimal, do you think SS should try to model this anyway and to try being directionally correct or just not bother?
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