Macro to Micro ER

I was wondering if anyone could explain how ER analyst approach writing reports that include looking at the economy of countries THAN going down to a sector and THAN companies. I am interested in improving my Macro to Micro knowledge and I would like to get a start ASAP. Hopefully I can get some info from analysts that do this for a living and can possibly break this down to a systematic approach or at least an outline approach that I can fill in as I learn more.

7 Comments
 
Best Response

THAN

This may vary by sector, and definitely varies considerably by analyst. Generally though, ER analysts are being leveraged by the buy side for company specific insight. AM/HF aren't looking to outsource their views on the macro world to sell side ER. They'll handle that internally or use economists/strategists as consultants.

That said, it is helpful in your reports to tie in supporting macro developments, and in certain cases (basic materials comes to mind) macro trends creating supply/demand imbalances may be key to your thesis. More likely than not though, ER reports are bottom up driven.

 
jbno1qbTHAN

This may vary by sector, and definitely varies considerably by analyst. Generally though, ER analysts are being leveraged by the buy side for company specific insight. AM/HF aren't looking to outsource their views on the macro world to sell side ER. They'll handle that internally or use economists/strategists as consultants.

That said, it is helpful in your reports to tie in supporting macro developments, and in certain cases (basic materials comes to mind) macro trends creating supply/demand imbalances may be key to your thesis. More likely than not though, ER reports are bottom up driven.

I don't really see how this provides an answer to my question. I know there are people who do ER reports top-down. I don't understand this is a valid question and I am not getting anymore responses.

 

I think part of them problem is the way its worded. You mean a top down analysis of a specific company, in a sector in a country? Uh, the firm I used to be at would have a company to write a report about. They would do the relevant research which included the economic outlook of the country it was in, the health of that companies sector within that country and then the company itself. How did you think it was done, like a google maps search where it just zoomed in from space?

If I had asked people what they wanted, they would have said faster horses - Henry Ford
 
happypantsmcgeeI think part of them problem is the way its worded. You mean a top down analysis of a specific company, in a sector in a country? Uh, the firm I used to be at would have a company to write a report about. They would do the relevant research which included the economic outlook of the country it was in, the health of that companies sector within that country and then the company itself. How did you think it was done, like a google maps search where it just zoomed in from space?

I don't understand the question is straight forward. I want to know how people in ER approach researching macro- to micro. My understanding of macro to micro is what I had mention in my OP. you start with a country's economy than work you way down to the health of the markets than to the individual sector/companies.

And the last statement you made makes no sense at all, maybe you were really trying to help in the beginning of your post but at the end you sounded more like a "smart ass/ Ass". just saying.

 

Aspernatur accusamus est pariatur voluptatibus voluptas veniam nostrum. Quidem nemo quasi impedit voluptas dicta et. Non ex non nihil similique exercitationem aut dolor at. Ea sed nam rerum aspernatur qui. Modi quia consectetur vitae aut. Tempore nam repellat aliquam expedita accusantium saepe quas.

Et vel asperiores alias enim aspernatur esse. Ut temporibus minima nihil est sequi veritatis. Quia porro sint et inventore. Repellendus omnis qui laboriosam id itaque sit ullam voluptatem. Expedita incidunt sunt ipsam id quam quam. Officiis nobis ut ducimus accusantium.

Sequi fugit sit repudiandae accusantium reprehenderit. Velit sint facilis dolores aut repellendus et. Quam voluptatem iure incidunt non enim blanditiis aperiam. Qui nam omnis quidem sit est qui. Quam iste dolorem excepturi eos aut eum eius. Error eveniet suscipit voluptatem dolor eum. Quisquam rerum eveniet ut.

Autem enim nobis dolor dolore molestiae quia. Voluptas qui ipsum odit dolores quo placeat. Id rem asperiores autem non sunt architecto eligendi. Explicabo qui voluptas et est optio iure dolor. Ut distinctio aut eveniet quos assumenda. Illo ipsum eum corrupti atque explicabo unde. Iusto ut enim magni ipsum dolor perspiciatis repellat voluptatem.

Career Advancement Opportunities

August 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Morgan Stanley 08 97.8%
  • Goldman Sachs 02 97.2%

Overall Employee Satisfaction

August 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.9%
  • Morgan Stanley 01 98.3%
  • Banco Santander 02 97.8%
  • BMO Capital Markets 12 97.2%

Professional Growth Opportunities

August 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.8%
  • JPMorgan 01 97.2%

Total Avg Compensation

August 2026 Investment Banking

  • Vice President (16) $429
  • Associates (47) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (25) $178
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (83) $151
  • Intern/Summer Analyst (74) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Secyh62's picture
Secyh62
99.0
4
kanon's picture
kanon
99.0
5
GameTheory's picture
GameTheory
98.9
6
DrApeman's picture
DrApeman
98.9
7
CompBanker's picture
CompBanker
98.9
8
dosk17's picture
dosk17
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
Linda Abraham's picture
Linda Abraham
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”