Trying to Break into ER
Hi All,
Looking for some advice here. I started as a Fund Accountant at one of the big shops and transitioned into a middle office role that covers a large breadth of responsibility at another big PE shop, but I always wanted to do ER. I just want to research companies, model out how I think they will perform, and see if I’m right. I used to do this to an amateur extent before I started working out of enjoyment (from 2014-2022 I got about a 326% return) , and now I want to make this the thing I do because I think it will make me happier (which has been a big thing for me as I had a pretty scary health scare that took months to clear out of).
I’m 26, 2 good names on resume even though not the best roles (but strong accounting, financial statements, and valuation experience). I also went to a top 35 US news university, but I’m getting no luck even getting interviews. I have been reaching out and trying to network but has never really worked out.
Now I’m trying to decide do I have to just give up? I don’t want to because this is an opportunity to actually enjoy my job and it’s a role I think I would great at. My alternative is taking a product specialist IR role at another PE shop which is a good job but not what I truly want.
Any advice out there?
Breaking into equity research (ER) can be tough, but based on the most helpful WSO content, here’s a roadmap tailored to your situation:
1. Leverage Your Background
2. Develop a Killer Stock Pitch
3. Network Strategically
4. Target Smaller Firms
5. Consider a Sell-Side Path
6. Refine Your Application Strategy
7. Don’t Give Up
If you’re still not gaining traction, the product specialist IR role could be a good interim step. It would keep you in the finance industry, allow you to build more connections, and potentially open doors to ER in the future. But if ER is your ultimate goal, don’t lose sight of it—keep pushing forward!
Sources: Breaking into buy-side equity research - my experience, Advice From a Seasoned Equity Analyst, Breaking into buy-side equity research - my experience
Do you have a masters? I’m not sure this holds true across the industry but all people I know in research value education to a higher extent than other finance careers (PhD preferred, masters okay). Research is in the name of the job after all, and you don’t learn to do any (proper) research in your undergrad.
Once you’re in research it might also be easier to get into ER. Consider macro, rates, fx, sustainability, etc. Highlight relevant experience: talking to seniors, analysis, expressing the results clearly.
If you don’t have any luck with that, consider the intermediate step of working at any of: central bank, IMF, WB, etc. My friends in research eat that shit up. Some in ER have also gone via big 4. Good luck
I have a masters in accounting and decided not to do big 4 because pay was lower and I’m still getting good bit more than my year equivalent in big 4. Though I do wonder if it would’ve been easier just for sake of getting ER interviews
It sounds like you’re clear on what you want, which is huge. Your background gives you a strong foundation for ER, but the key is breaking into the network — sometimes it’s less about credentials and more about connections and timing. Keep targeting smaller or mid-sized shops where your skills can stand out, and consider producing content (like write-ups or models) to demonstrate your approach publicly — it can open doors.
I’ve had referrals when applying to two of the big banks for ER roles and still no interview which I’m just lost on why. I’ve asked for feedback on resume from recruiters and they say it looks good (only issue with them is they only want to put me in roles that much closer to what I do now).
For producing content I’ve always wondered how people actually share their research as just a person. It honestly sounds really fun to me. Only issue is not sure if I would be able to bc of current company not liking it
For displaying your own research publicly, where do you typically post it, and how do you get it across to people you network with without shoving it in their faces?
Linkedin? Substack? Personal website?
Have a look at Seeking Alpha for instance.
add a pitch and a model as additional documents to your application. also would look at the CFA the ER world eats up that designation
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