What can I do to prepare for a career in Equity Research?
I am an undergraduate Finance student who will graduate in May 2017 at a non-target school (University of Utah) with few ER analyst alumni outside of Goldman(where I do not want to work). I am looking to go into equity research and want some advise on what I can do to prepare.
I'm hoping to get an internship next Summer that will hopefully lead to a full time position upon graduation but I'm not sure how much recruiters look at my school for applicants. My grades are good, though not the best (3.5 gpa which would be higher, but I was unmotivated for my pre req's) and the closest experience I have to investing is I've been doing Investopedia's stock simulator for about 6 months running a mock 10k and 1M portfolio. I've been trying to build a skill set for ER by taking a financial modeling course from Wall Street Training and taking Bloomberg's Market Concept course. I am also planning on taking CFA lvl 1 in DEC 2016. I am confident if I get an internship I will do well, but if I don't, I want prepare myself to be that much more qualified when I graduate.
So what are some suggestions of how I can build and develop skills needed for a career in ER. What are some tips you have in getting started?
University of Utah won't be a target school, so you'll need to network to get on firms' radar. Though you mentioned that you don't want to work at GS, you should reach out to alums that work there. They can probably connect you to people they know at other firms. By the way, I wouldn't be so quick to scratch GS off your list.
Take as many finance and especially accounting courses as possible and do well in them. Take the hard accounting courses that center around financial analysis. Do well in these courses (B+ or higher).
Why wait until December of next year? Take level 1 this June and level 2 next December. If you pass both levels by the time internship recruiting comes around I guarantee it will turn some heads. I've never seen a level 3 candidate for an undergrad internship. You should get on this today.
Since you're at a nontarget schoo, it will come down to networking and also having the right credentials. If you pass at least the level 1 CFA exam and do well in finance and accounting courses, your credentials will be decent. You also need to network, since on campus recruiting will probably be weak.
Just so OP is aware, you are not able to register for the CFA Level I exam that early. if you're interested in taking the exam, go to the CFAI website and find out what the requirements are and how to sign up. If I'm not mistaken you must be in the last semester of undergrad or have a 4 year degree before you can register.
The requirement states that I need to be at least in the final year of my undergraduate if I don't already have my bachelor's. Since I plan on graduating in May 2017, I can register in May 2016 for the Dec 2016 lvl I exam.
https://www.cfainstitute.org/programs/cfaprogram/register/Pages/index.a…
Also I have no intentions of trying to cheat the system or being unethical.
If I were the OP, I would sign up for level 1 since CFAI isn't going to care what year of study you are in, they really just want the fees. They do verify work experience once you apply for the designation. Who's to say the OP won't graduate early anyways? That's really a silly reason not to sign up for the exam.
He may graduate early, you are right. I am simply saying, based on the website, that it specifically states you can't register any earlier that what I previously stated. To be fair, if I remember correctly, they verify your educational background in the registration application. I wouldn't consider lying in my application and risk being barred from ever taking the exams and/or receiving the charter and if you don't lie I don't believe you can finish the registration process. Just my two cents, OP is free to do what he pleases.
Interesting, I actually don't remember them asking when signing up for the level 1. It's been 5+ years since I took it though.
If the requirement is to be in the last year of study that's a fairly open requirement. A lot of people graduate a year early. I don't think it's crazy, or unethical, for the OP to signup now.
I could be interpreting things on too literal a basis as it has been awhile since I registered originally.
I think your point about graduation is fair. If OP has any questions, he can always call the people at CFAI. They are very helpful. And I do agree with your original sentiment of take it as soon as you can.
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Considering CFAI's president was recently fired for banging one of his assistants, I don't think CFAI has the moral high ground here.
Nobody is going to consider it unethical that you took the level 1 exam early. That's equivalent of saying its unethical to take the SAT in middle school. Do what you will though. If you follow my general roadmap you'll come out fine.
ER prep (Originally Posted: 08/03/2014)
I am starting a one year placement in equity research at a prop trading firm. I will be starting in September and am looking for some quick things I should look over beforehand. I have studied finance and economics at university but am looking for something more practical to get me prepared. Thanks
I'd suggest getting a hold of some models, learning how they work, and then tying that model with everything else that goes with the job (writing a report, pitching a stock, etc.).
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