Preparing for ER interviews
As the title suggests, I’m in the process of prepping for ER interviews. Any suggestions on resources to take advantage of? Is Wall Street prep worth it? I’ve sat for CFA level 1, so I feel confident on most of the technical questions I’d receive, and I’ve done the Adventis Financial Modeling course so I feel pretty confident in my modeling skills. To those that’ve gone through it, are you expected to model from scratch? Level of intensity of modeling should I expect? I’m also up to date on market trends and can articulate opinions on that so I think I have that portion of it covered. Thanks.
Absolutely, I can provide some guidance on this. Based on the most helpful WSO content, here are some tips:
CFA Level I: It's great that you've sat for CFA Level I. This will definitely get you more attention from employers. You don't need the whole CFA this early in your career, but having Level I is enough.
Modeling: You mentioned that you've done the Adventis Financial Modeling course, which is fantastic. In terms of the level of intensity, it's recommended to create an intensive model, something that will take you weeks to build. It doesn't have to be correct, but it should show that you're putting in the work and thinking critically about modeling issues. If someone flips through the tabs for 30 seconds, they should recognize that the model took a lot of work. Some suggest being able to model from scratch rather than using a template.
Wall Street Prep: This is highly recommended by many users. It's a great resource for reading and learning more about the industry.
Reading: The industry is built on reading. Some recommended readings include the Intelligent Investor, Barron's, WSJ, NY Times, Valuation by McKinsey, Rosenbaum and Pearl, Buffett's accounting notes, 10-ks, shareholder letters, and research reports.
Job Boards: The CFA Institute has an exclusive job board. You become a member when you register for the exam. Some have found their current job in ER through there.
Remember, the key is to show that you're putting in the work and thinking critically about the issues. Good luck with your preparation!
Sources: 3 Key Tips for Getting an ER Interview, How exactly should I prep for on-cycle?, A hodgepodge of ER Questions sent to me via PM
Honestly, sounds like you’re good to go for the most part. The modeling intensity will depend on the analyst to some degree, but in general, its nothing difficult. Models are built out from templates and you’ll inherit models that have probably been ongoing for years. Its mostly maintenance work
Forgot to add - just make sure you have at least 2 polished stock pitches
Is it advised that you match the industry of the stocks you’re pitching to the industry to you’re applying for? Or does it not matter that much?
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