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Based on the most helpful WSO content, here are some key takeaways and advice for engaging in an equity research Q&A forum with a seasoned analyst:
Research Platforms: If you're curious about the best research platforms, focus on banks ranked in the top 10 of Institutional Investor rankings or equity capital markets league tables. Mid-cap banks with a strong focus on cash equities or ECM are also worth exploring.
Interview Advice for Non-Traditional Backgrounds: Networking is crucial. Show genuine interest in stock picking and demonstrate your ability to analyze companies. Highlight transferable skills and your passion for the field.
Evaluating Senior Analysts: Beyond speaking with former employees, gauge the senior analyst's reputation by tracking their reports and observing subtle changes in tone or emphasis. This can reveal their credibility and alignment with your goals.
Stock Analysis Tips: Start with company filings, such as 10-Ks, and earnings call transcripts. Understand the firm's research style and tailor your analysis to align with their expectations. Always conclude your analysis with a clear and concise summary.
Key Questions to Ask: When engaging with experienced professionals, ask insightful questions like:
Building Industry Knowledge: Follow companies and industries closely. Understand market size, growth trends, competitive landscapes, and customer buying criteria. This will help you speak intelligently about specific sectors or companies.
If you have specific questions or need further guidance, feel free to ask!
Sources: Ask a VP in Equity Research anything - 2018 Edition, Ask a VP in Equity Research anything - 2018 Edition, Q&A: Analyst --> Associate at a VC / Growth Equity Firm, Investment Banking Interview Questions - 15 Answers to Land the Job, Key Interview Takeaways - 2nd Year Analyst Perspective
Heres a few—
1 Buy and sell companies
2 Please give me more context - sector, team size, number of companies under coverage by team, etc, The dynamic of each team influences how to become a lead analyst.
3 Vague, but what my clients appreciate the most, is never bullshit - they know when you do. Clients want to hear something new- not what everyone else is saying
1 Buy and sell companies
2 Please give me more context - sector, team size, number of companies under coverage by team, etc, The dynamic of each team influences how to become a lead analyst.
3 Vague, but what my clients appreciate the most, is never bullshit - they know when you do. Clients want to hear something new- not what everyone else is saying
Hello,
I’m starting my MBA/MS in the fall at a T15 - to keep it short, I love public markets, generating ideas, and am a bit of a contrarian. Convinced I would enjoy ER over IB 20x over. Are ER shops still taking on MBA interns nowadays? Need to know if it’s worth forgoing a pretty good shot at banking.
I’m pivoting from a non-finance bg but have experience I can speak to in some of the hot industries rn (power+AI)
Great.
Yes.
I see this too many times - chasing money over a carreer and doing what you love. Ask yourself, would wou prefer to make a lot of money but be unhappy about your job , or make well above average money and be happy? By the way a top ranked ER in a top tier IB, makes more money than an average IB. Finally, if you love what you do, the probaility you will success increases massively.
Thanks this is exactly what I needed to hear in this moment.
A told another incoming MBA that he was wasting his one shot when he asked me what I thought about ER or HF. It’s time for me to apologize to him. I drank the MBA kool-aid. Funnily enough, he locked in banking a bit after that so we switched.
What would you recommend for someone breaking in?
I’m registered for the CFA L1, I see the advice of getting your writing out there on LinkedIn, starting your own Substack, etc - are ER artifacts most valuable when forward looking & predictive or would it also be cool for someone hiring to see the way you thought about a past market dislocation
What's your approach in maintaining/keeping a cordial relationship + corp access with management teams when you slap a sell rating on them? Also curious how this may have had implications for the IB side as well, if any.
Did your approach/style drift the longer you covered the space or was it largely the same and anything unique-ish you started with that was eventually commoditized and you dropped it and how was that evolution?
Any difficulty breaking out from under your former boss's shadow?
You can be independent and not care about corporates, or you can nurture the relationship. I favor the latter. I would call and give the company a heads up and explain the rational. The advantage is that you will be able to use them as a sounding board and hear their response when they are called and asked to comment on your sell rec.
If you are correct in your analysis and stand by your recommendation, they will respect you for it.
What do you mean by buy and sell companies— are you on public side or private?
What region are you in?
How do you mentally deal with one’s sector being out of favor / stay motivated when peers in “easier” sectors get more opportunities?
1- private , europe
2- ER is going trhough a rough patch, but it has been the case since MIFID. The activity will remain and the pendulum will swing back. ER is needed by buy, sell sides and corporates.
my contrarian take - the fewer people are interested the easyer it will be accessible.
I would add that ER may not look as it is today. Discussions happened about combining FI with E.
Hey thanks for the thread, I’m a rising sophomore at a semi target who is really interested in ER but am honestly not sure if it’s a worthwhile path considering the sentiment that ER is “dying”. A lot of people in my classes ect are dead set on IB and make it seem like I could be missing out on that if I go for ER, i don’t want to fall into the trap of IB and am much more interested in ER and public’s but I’m just not sure if it’s a worthwhile place to start my career? Do you have any insight?
ER is going trhough a rough patch, but it has been the case since MIFID. The activity will remain and the pendulum will swing back. ER is needed by buy and sell sides as well as corporates.
my contrarian take - the fewer people are interested the easyer it will be accessible.
I would add that ER may not look as it is today. Discussions happened about combining FI with E.
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Thanks so much for the reply here, appreciate it much. It’s amazing that you pivoted from covering a relatively traditional sector to buying/selling private companies, must have been a big jump.
Sorry to add, I meant how does one mentally deal with the relative disadvantage of one’s coverage sector— not equity research as a whole—being out of favor, e.g. not covering an AI adjacent sector right now for example. It’s the same job but much easier for those covering tech and that feels very unfair a lot of the times.
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