+111Overview of the Equity research Industry


I was motivated to make this thread after reading a lot of the other threads in this forum, about why certain top analysts are still on the sell-side. It appears that almost everyone who doesn't work on the buy-side or sell-side, or even a remotely close front office position fails to...

+75Advice From a Seasoned Equity Analyst


Remove this post. It is 5 years old, out of date and I keep getting messages about it! Thanks v. much

+67Work/Life Balance: Equity Research vs. Investment Banking - (A Definitive Guide, Part 1)


I'm probably one of the few people on here that has done both <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview"><abbr title="investment banking">IB</abbr> and <abbr title="equity...

+44Top 5 Stupidest Publicly Traded Companies

George Kush

I was screening for new l/s ideas yesterday and forgot to filter market cap. Some hilarity ensued, and having a minute this morning, I figured I would share this collection of monkey shit. Yes, these are/were real companies and you can look them up on Cap IQ if you want. **5. Reality Racing...

+423 Key Tips for Getting an ER Interview


Back when I was applying for <abbr title="equity research">ER</abbr> associate positions, I was really struggling. Only a handful of positions per year opened in my industry, so I got very good at making the most of each application. I got to the point where if there was an...

+41Career Ladder: Equity Research vs. Investment Banking - (A Definitive Guide, Part 3)


Hey everyone...sorry to take so long for part 3 of equity research vs. investment banking. For those who missed the first two parts, see the links below: [Work/Life Balance: Equity Research Vs. Investment Banking - (A Definitive Guide, Part...

+41NYSSA Equity Research Initiation Report


***Please look at the bottom of the post before PM-ing me for materials. Summary: NYSSA IRC as a Stepping Stone in Getting a Job in <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview"><abbr title="equity...

+36Exit-Ops: Equity Research vs. Investment Banking - (A Definitive Guide, Part 2)


See part 1 here: <a href="">Work/Life Balance: <abbr title="equity research">ER</abbr> vs. <abbr title="investment...

+34Anyone worried about getting laid off?


Title says it all. Would be interesting to get a poll going including firm size (bb/<abbr title="middle market">mm</abbr>/etc) and sector.

+33Ask a VP in Equity Research anything


I haven't seen one of these in a while, so I figured I would start one. I am a Vice <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview">President in equity research</a></span>, with coverage of a selection of stocks...

+31Ask a VP in Equity Research anything - 2018 Edition


It’s been two years since I did the last one (<a href="">"Ask A VP in <abbr title="equity research">ER</abbr> anything"</a> ), so I figured I would do one more....

+30I'm a Senior Sell-Side Research Associate, AMA

Street Smart

Quick Bio: I'm in sell-side research and have been for 4+ years now covering the same sector. Prior to research I did a few years in a finance-related role that was moderately applicable to my current role. For the people who care, I went to what would be labeled a "non-target"...

+29Ask an experienced senior analyst anything

Frank Rizzo

So I'm feeling a bit generous over the holidays. So have at it kids, ask away. Straight-dope answers will be provided.

+28Horrible Boss or is this Wall St?


Hello Everyone, I'll keep this short and sweet. I took an <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview"><abbr title="equity research">ER</abbr> job out</a></span> of school (after...

+28Equity Research Q&A with Flake


<em>Mod (Andy) note: This thread is from December '11, but Flake said he is still up for answering questions, so fire away</em> Given the holiday season, I'm in a relatively good mood and feel the need to give back a little. I've seen a bunch of these "fielding...

+26AMA... 3rd year ER analyst


I have been an <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview"><abbr title="equity research">ER</abbr></a></span> analyst at a <span class='keyword_link'><a...

+22Attached - Equity Research Template Examples


Hi <abbr title="Wall Street Oasis">WSO</abbr>, A lot of people have asked me for equity/industry analyst report templates. In response I have attached a few <span class='keyword_link'><a...

+20DB Oil & Gas Primer 2013


I've been getting a lot of PM's for this primer so I thought I upload it here. Cheers,

+19Choosing Between Buy Side vs Sell Side in Equity Research?


So I want to do equity research. I know that there is sell-side and buy-side and, so far, I have a few distinctive arguments for both (see below). What I would really appreciate to find out is your views in terms of the experience quality that both offer. P.S.: Not trying to touch on things...

+18What would you like to know about Equity Sales / Research?


Hi Guys - I'm working on a blog (or maybe ebook) to give junior staff and interns an idea of what it's REALLY like to work in the equities sell-side business at a <span class='keyword_link'><a...

+18I was in Equities Research for 10 years in Asia – Ask Me Anything


Just some brief background about myself. I started in Australia working as an Actuarial Analyst and moved to Hong Kong just before the Financial Crisis. My first job at an Investment Bank was at a Bulge Bracket doing Data Management for their Equities Research Department. Eventually, I got...

+17AMA: Sell-Side Equity Research today


I’m an MD in <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview">equity research</a></span> with 15+ years experience. I’ve <span class='keyword_link'><a...

+171st Year Equity Research Analyst BB London - AMA


Hey guys, Long time lurker here, thought I would give back and add some value to <abbr title="Wall Street Oasis ">WSO</abbr> after learning a lot from here during the last few years. As the title states 1st year analyst (nearly 2) , have gone through the whole...

+17AMA: ER Analyst at Top BB (Plus About ER & General Advice)


Long-time <abbr title="Wall Street Oasis ">WSO</abbr> user, created a new account for this AMA. I got a lot of help from this forum during my recruiting process and I owe a lot to <abbr title="Wall Street Oasis ">WSO</abbr>. Wanted to try and give back...

+17Don't lose hope, from BO/MO to Equity Research


Seems like there has been a lot of negative posts lately (mainly from a few trolls or most likely the same troll) so I wanted give a positive story for those looking to transition. Quick Background: Went to a non-target state school and didn't know anything about banking for the most...

+17How to improve your knowledge of markets?


Hi all, I am an undergraduate at a target school and interested in possibly working in equity research. The problem is that I am not an expert in any way on financial markets. Do any of y'all have recommendations of any resources (videos, books, publications) that should help me get...

+16Future of Equity Research - 12+ Months into MIFID II


Just came out a client meeting on the dynamics of the Equity Research industry following the implementation of the industry killer aka MiFID II. Here are a few insights: #### Pros: 1. Due to the changes in fee structure and the quarterly evaluation of research providers by the buyside,...

+16Bulge Bracket ER AMA


I've been on buy side, currently bulge bracket <abbr title="equity research">ER</abbr>. I've got a liberal arts undergrad in classics and non target <abbr title="Masters in Business Administration">MBA</abbr>. Ask me anything, would like to...

+16INTERNS! What are you getting paid this summer?


Equity Research Internship Size of Bank: Bulge Bracket Location: SF Salary: 15.00/hr Did you bargain? if yes from what amount: No edit: (landed <abbr title="full time">FT</abbr> <span class='keyword_link'><a...

+16AMA- High Yield/Distressed Debt Sell Side Analyst


2nd year analyst at a boutique broker-dealer from a non-target state school. Also a <abbr title="Chartered Financial Analyst">CFA</abbr> Level 2 candidate, working under multiple sector analysts with decent exposure to Oil & gas, metals & mining, and retail. We...

+15What would you ask the CEO of a company you're looking to invest in?

charlie the unicorn

If you were limited to 3-5 questions to ask the CEO or the founder of a company you are looking to invest in, what would you ask? Obviously you'd leave out most of the technical questions that you could ask the IR team or look into yourself. I'd like to imagine the most valuable...

+15CFA vs Self Study


Is it better to spend time studying for the <abbr title="Chartered Financial Analyst ">CFA</abbr> level 1 or spend time self studying, reading <span class='keyword_link'><a...

+14Why are you still trying to break into equity research?


I keep seeing all of the posts for people trying to get into <abbr title="equity research">ER</abbr> - why?! Commissions were down 10-15% last year, firms are closing, and more regulation is coming....

+14Equity Research experience and take away for aspiring monkeys


Thought I’d post some the PM diarrhea I’ve sent to monkeys (who ask intelligent questions). Here we go… I graduated college with an Econ degree from a top 20 school in the US but not an Ivy. Side-note, monkeys get way too hung up on target, semi-target, non-target on this board. In...

+13Guide To Evaluate a Biotech Company


I am currently a research analyst intern at a relatively decent sized hedge fund. One of my responsibilities is being in charge of the biotech stocks in the portfolio as well as researching new opportunities in the biotech sector. Hopefully this helps some people who are in need of some help...

+122017 ER Bonuses

Street Smart

We are nearing that fateful time of year when numbers discussions take place. There are already a couple of these out <span class='keyword_link'><a href="/finance-dictionary/what-is-investment-banking-division-IBD">there for <abbr title="investment banking...

+12Equity Research Career Path Advice

Investments are cool

Currently working a job in Asset Performance Analytics and reporting at a boutique Investment Management firm. Based on my exposure in school, and what I've learned and been exposed too at my current position, I think I would really enjoy working in equity research. I'm generally...

+12Equity/Credit Research Bonus Discussion


There's currently a bonus forum going around on the banking forum, would be great if we could get something similar going for research so we can all get a pulse on where everyone stands. Try to stick with the following format: Title: Rank: Bank Size: Base/Bonus:

+11What am I expected to know as an incoming ER SA?


My fellow monkeys, I am in dire need of some guidance, here! I <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview">won an <abbr title="equity research">ER</abbr></a></span> <abbr...

+11Equity Research: 3hr Modeling Exam


Hey this is kind of last minute but I have a 3hr modeling exam very soon for a Equity Research position. What should I expect? What is the best way to prepare for this? Does anyone have a model template that resembles what the exam will look like? Thanks in advance to anyone who can help me...

+10Equity Research Associate at a Boutique Firm - AMA


Hi <abbr title="Wall Street Oasis">WSO</abbr>, I want to give back to <abbr title="Wall Street Oasis">WSO</abbr> after using this website and many other resources to move from PubFin to Equity Research. Feel free to ask me questions and I will get...

+10Equity Research - Interview Questions


Positions in equity research are available for seasoned professionals and new hires. New hires out of school will start as research associates and move up the chain to a research analyst after gaining experience. Before any of this though, you must get the interview and show the interviewers you...

+9If you could cover any sector, what would it be and why?


If you could start over and cover any sector from the start which would it be and why? Is there a reasonable argument that any one sector particularly positions you well for eventual generalist investment positions? Bonus: where do you see consumer discretionary fitting into this...

+9Street's View of Meredith Whitney


Just curious as to what people are thinking of Meredith Whitney these days. The first time I heard her speak/learned about her Citi call was in this interview and I was really impressed. <a...

+9Day in the Life of an Equity Research Associate


I have an interview in a few days for a position as an equity research associate with and O&G investment bank in Texas. I have spent the last 2.5 years in investment banking, but out of the blue this firm reached out to me, and now here we are. I am familiar with investment banking, but I...

+8Best undergraduate degree for equity research?

Cosmo Kramer

I already read "Here are the target undergraduate schools in Canada," which seemed like it was more for people who wanted to go into <abbr title="investment banking">IB</abbr>. I'm more <span class='keyword_link'><a...

+8Do I hate ER as a job or my boss?


I started in <abbr title="equity research">ER</abbr> at a <abbr title="bulge bracket">BB</abbr> about a year ago. So far I've hated it, I spend most of my time churning handwritten edits on research notes and updating marketing materials. I get...

+83 statement financial model template


Dear all, I got past my second round interview for equity research associate position, and they have sent me an assignment to do. I was wondering if anyone had a dynamic 3 statement financial model that they would be so kind as to let me see. I want to make sure that I am doing everything...

+8Equity Research sell side: how do you think the buyside should do better to interact with you?


going to be starting in equity research at a mutual fund. i'll be be covering companies and so wanted to ask the <abbr title="Wall Street Oasis">wso</abbr> community (specifically those working on the sell side) what are the characteristics of buyside analysts that you...

+8Which sector coverage would you choose and why?


Hi guys, For those of you that do ER: What would be your favorite sector coverage and why? Since I am a finance student, I don´t really offer any specific industry insights or knowledge. But I would go for Tech, because this area was growing strongly over the last couple of years and...

+8AMA: I am an Equity Research Associate


<b>Bio</b>: tl;dr version: non-target, non-major, also had a sub average GPA in undergrad but compensated with a higher grad GPA and work experience. I went to a non-target, east coast, liberal arts college and graduated with a biology major. Originally, I intended to pursue a...

+8Equity Research 2019 intern recruiting?


When does recruiting for 2019 internships start in ER? I know that IBDs has already started general recruiting but I haven't seen much for research divisions. Any info is appreciated.

+8Biotech Equity Research with no Science background


Hi all, I recently finished up an <abbr title="summer analyst intern">SA</abbr> <abbr title="Sales and Trading">S&T</abbr> stint @ a <abbr title="bulge bracket">BB</abbr> and received a full-time offer. I have been...

+82018 ER Bonuses


Here we go again Let's keep this pretty simple and straightforward: Bank: <span class='keyword_link'><a href="/finance-dictionary/what-is-the-bulge-bracket-BB"><abbr title="bulge bracket">BB</abbr></a></span>/<abbr...

+8Wolfe Research.


Thoughts on the firm / culture / reputation within equity research? I have done a forum search but everything is old. Glassdoor has mixed reviews. What sort of exit opportunities would be possible if you were in a ranked team there?

+8MD (Medical Doctor) wanting to get into healthcare ER


Hello everyone, I am currently a resident in internal medicine that is planning to forgo fellowship to get into <abbr title="equity research">ER</abbr>. Why now? Because I didn't know the field even existed until last year. About me: <abbr title="balance...

+8How to survive post Mifid II?

charlie the unicorn

How should a new guy in the industry best position himself to survive the impact of Mifid II on the sellside?

+8Help with Writing ER Reports for Beginners (Value Investing)


Hello, I am trying to put together a few short <abbr title="equity research">ER</abbr> reports before I start my <abbr title="Masters in Finance">MSF</abbr> program in the Fall and don't really know how to make it both educational and...

+7Equity Research: If you had the choice, what industry would you cover and why?


Are some industries better than others to cover from an <abbr title="equity research">ER</abbr> standpoint? Are some duds (and why)? What are the key ingredients to a successful <abbr title="equity research">ER</abbr> career as far as coverage...

+7Equity Research vs. Due Diligence


If you had 2 offers: 1) Equity Research Associate- Sell Side- at <span class='keyword_link'><a href="/company/susquehanna-international-group" target="_blank">Susquehanna International Group</a></span> (SIG) or 2) <abbr...

+7How to Contact an ER Analyst and Get a Response


Got a few inbounds requesting more info on how to best contact an equity research analyst and get a response. Here are five steps: **1. Get contact info from Bloomberg, FactSet, Capital IQ, old research reports, and online** What's great about equity research is that it's fairly...

+7Life of a Sell-Side Analyst: Finding Your Style (Value-Add)


I'm a sell-side analyst at a solid mid-market shop. I've been in my current senior analyst role for a relatively short time (<5 years) and wanted to share some thoughts over the next few months for those interested in <span class='keyword_link'><a...

+7Why Does Nobody Talk About Equity Sales?


I don't think I have ever seen anything recent on this part of a <abbr title="bulge bracket">BB</abbr>. Surprising since it considered <abbr title="front office">FO</abbr> and that is what most on this forum want. What do you guys see as the...

+7What software do you use for equity research?


Just wanted to ask the community what software do you use to do your equity research. Are you heavily into excel?

+7Leaving Equity Research


Hi all. Wanted to get some views from ppl in the business on career path-ing. Bit about me, I was an accountant, went to a shitty grad school, lucked out by breaking into <abbr title="bulge bracket">BB</abbr> (lower tier) <abbr title="equity...

+7Equity Research - Which banks will "survive" post-MiFID?


**Question**: Incoming <abbr title="full time">FT</abbr> in Equity Research and as the news go (<span class='keyword_link'><a href="/company/nomura-holdings" target="_blank">lately with Nomura</a></span> signaling a...

+7PREDICITION: Apple to lose 20% of current smartphone market share by 2020


Thoughts? I have noticed a general shift in sentiment. This could just be my own social circle but it reminds me of Instagram's introduction of stories and the shift away from Snapchat. Once the stigma around using none iOS devices is broken, the bottom will fall out on iphone ownership.

+7Non-BB Equity Research Q&A with First Year Analyst


Hey all, Was reading through Flake's <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview"><abbr title="equity research">ER</abbr> Q</a></span>&A posted around the holidays and thought that...

+7TMT Internet Industry Outlook Report


I have some great reports. <span class='keyword_link'><a href="/finance-dictionary/what-is-technology-media-telecommunications-TMT"><abbr title="technology, media, telecom ">TMT</abbr></a></span>, Internet Industry reports by...

+6Biotech equity research possible with ZERO finance experience?


Hi all, So I graduated a couple of years ago with a science background, have been in research 4+ yrs at a top institution (in a very competitive field) with a handful of publications (including first author). I have been interning this summer at a pharma consulting firm but am also...

+6Equity Research Interview questions


On short notice I have an interview with an analyst and an associate on thursday for an associate position. Can anyone give me a heads up on what will likely be asked? Will this be a fit interview or more technical based questions and if anyone can give an example as to what level of depth...

+6Observations of an Equity Research Associate


This is just one of those threads, where we talk about what the <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview"><abbr title="equity research ">ER</abbr></a></span> industry is like. I'm a...

+6ER Payscale


Anyone know what the standard pay scale for <span class='keyword_link'><a href="/finance-dictionary/equity-research-overview"><abbr title="equity research">ER</abbr></a></span> is (assuming <span...

+6AMA: Equity Research in HK/Singapore


Hey guys, I've been lurking on <abbr title="Wall Street Oasis ">WSO</abbr> since my undergrad, and thought it was a good time to give back. A bit about me... Grew up in a Western country, did high school in SEA, university from a top school in Australia. Did...

+6Equity research reports - BB technology TMT industry reports


msg me if you would like copies - comprehensive industry reports - full length

+6How to be a Healthcare Analyst?


I work at a generalist fund, but our team is particularly light on healthcare so I figure it'd be good for me to become as well rounded in the sector as I can. I've made some decent event-driven calls so far with devices and HC services (hospitals / ASCs / etc), but have always...

+6Breaking into Equity Research - How difficult is it to break into ER fresh out of school?

Modern Day Yuppie

How difficult is it to break into Equity Research fresh out of school? I attend a target school (a top 15 LAC) and have all the requisite stuff on my resume - 3.7+ GPA, econ major, significant accounting/finance coursework, <abbr title="financial institutions...

+6Is ER a bad goal in college with MiFID II coming?


So I'll start this off by saying I don't really know what I'm talking about. I am a senior in high school who is going to college soon (semi-target). From what I have read, Equity Research seems rather appealing to me, and it would probably be what I network for and hope to do...

+6Modeling Test - Quarterly


Hi Guys, I have an upcoming modeling test in person at a well known sell side firm for research. I’ve done the WSP models and <abbr title="Chartered Financial Analyst">CFA</abbr> 1 but have never done model with quarterly projections/data. Can someone advise how the...

+6BB&T cuts entire ER department

Braininajar Surprised that this wasn't here already. But for any aspiring equity researchers (looking at those ppl who've messaged me as of late asking for advice), this is the risk of entering a...

+6Equity Research, Investment Management, Asset Management and Fund Management


I have had three internships as an undergrad. - wealth management, credit analyst and a boutique investment bank. My question was vague; I should have been more specific. I am aware that hedge funds are private, less regulated and only open to qualified investors. I read ALOT. Most recently, I...

+6Writing an Equity Research Report


I am currently a Global Business/Finance major at a non-target with a 3.7 GPA. I am looking to break into equity research by obtaining an internship next summer (I tried for this summer but did not have luck). I have very little relevant experience and I don't really have any connections,...

+6Best books or sources to get better at understanding economics?

charlie the unicorn

After a bit over a year on the job, I've identified that I have a very weak grasp of economics. I'm not really interested in reading academic texts and would rather read something that'd help me just understand the relevant bits for someone doing research. I understand the basic...

+6The right time to lateral?


**BACKGROUND:** I have been at a Credit Rating Agency (Moody's, S&P, Fitch, etc.) for four months. I started straight out of undergrad as an Associate Analyst (comparable to an analyst in <abbr title="investment banking">IB</abbr> or associate in ER). I graduated...

+6Sector most sensitive to politics


I have read in a few posts on this forum that sectors like O&G, A&D, and Industrials generally are among those most politically driven, or at least the most sensitive to political developments. I was wondering if anyone who works in these sectors (or sectors that you believe are also...

+6You get yelled by your analyst?


I got that a few times a week particularly when he is under huge pressure or in a bad mood, that sucks. I even heard he made his previous associate cry couple times. How about you guys?

+5Equity Research writing test+modeling test next Tuesday, seeking for advice


Hey guys, I am going to attend a 2 hours writing test + modeling test for an <abbr title="equity research">ER</abbr> position next Tuesday, since I dont have any experience or much knowledge about <abbr title="equity research">ER</abbr>, could...

+5Reading 10-Ks. Print or Online?


To me the answer is obvious, print. Call me old fashioned but I feel like I understand content better when I can actually hold it in my hands, I still buy hardcopies of books opposed to getting a kindle and downloading them. Also, marking up the 10-K with notes is much easier when you print it...

+5Why Equity Research?


For those of you interested in, or working in Equity Research, why are you interested? Is there any specific event that you could point to that sparked your interest? <img style="padding: 0 15px;" src=""...

+5Insurance and Banks Coverage?


I'm wondering if anyone can provide color on what the typical day-to-day of working on either the insurance sector or the banks sector is like. From my anecdotal experience, people covering those sectors tend to have advanced maths backgrounds (i.e. majored in pure maths or physics) and...

+5Need career advice.. PLEASE help


I've read many threads on <abbr title="Wall Street Oasis">WSO</abbr> that dealt with career advice, but was hoping to get some input on my situation. Background: went to a non-target private school in the south (decent reputation and ranked business school) and...

+5Affect of the sector you cover on work/life balance for ER Associate?


While I have heard that the most significant factor impacting an <abbr title="equity research">ER</abbr> associate's work/life balance is the analyst that they work under (their style, etc.), I was wondering if covering certain sectors vs. others can cause an <abbr...

+5Moving into Equity Research


I am going to try to keep this short . I just finished the <abbr title="Certified Public Accountant">CPA</abbr> exam, and will start a big 4 gig in audit this summer (NYC). I want to be in equity research in the next few years (does not have to be a <abbr...

+5Too Old for a CFA?


I'm gonna be 28 at the end of this June but I won't be ready for this year's exam. If i were to sit next year and pass all levels first shot (trust I know this is a difficult task) I would have completed all levels at age 31. Is 31 too old for the <abbr title="Chartered...

+5My team just got laid off


Just got the news last Thursdday, our management has decided to let go of our team (since we have teams competing in the same sector/II category). I was already looking to move, but I am now worried where I can go. 1) I don't want to do IR 2) Been trying to do Corp Strategy or Corp...

+5AMA 1st year associate sell-side credit research at BB in London


Hi All, I've been lurking around <abbr title="Wall Street Oasis ">WSO</abbr> for a very long time, and a lot of the information on this website had a big impact on helping me land where I am today, so I thought I'd give back and provide advice to anybody who...

+5Best France/Europe Research firm


Hey guys, I'd love to start my career in Paris or Frankfurt (personal reasons) and am wondering if there is any possibility to work in Research there (Equity/Credit ideally). So I was wondering if any of you knew of well ranked continental european research houses. I already know for most...

+5Model Layout


Hello All, I am currently trying to teach myself how to make financial models (I'm a Law Student that would like to work a fund carrying out equity research after University) and was wondering if you guys include the Balance Sheet and Cash Flow statement when modeling...

+5Why do people rely on analysts' estimates although they're usually wrong?


Three ways that investors might try to forecast current-year earnings: 1) Use analysts’ estimates 2) Assume results will approximate last year’s earnings 3) Calculate an average of the last several years’ worth of earnings. Of the three alternatives, <strong>analysts’...

+5Buy Side Newbie


Hi everyone. I'm a couple months (associate level) in at a boutique shop working directly under a PM(<500m port). Have already covered more than 50 companies since I started and definitely feeling the heat already, is my scope too big (according to James Valentine, hell yes)? What...