What do ER summer analysts actually do?
My guess would be contributing to research reports, updating models, listening in to earnings calls, maybe participation in client calls/communication? Can anyone explain what the summer analysts specifically do? And what the hours tend to look like as well.
Follow up: how much do you use AI?
Also how realistic would going from ER SA to a FT IB role be?
Equity Research (ER) summer analysts typically engage in tasks that provide support to the team while gaining exposure to the research process. Based on the most helpful WSO content, here’s what you can expect:
Responsibilities of ER Summer Analysts
Hours for ER Summer Analysts
Use of AI in ER
The use of AI in ER is growing but is still team-specific. AI tools might be used for: - Automating data collection and analysis. - Generating initial drafts of reports or summaries. - Enhancing financial modeling efficiency. However, the extent of AI usage depends on the firm and the team's adoption of technology.
Transitioning from ER SA to FT IB Role
While transitioning from an ER summer analyst role to a full-time IB position is not the most common path, it is possible. Success depends on: - Networking effectively within the firm and across teams. - Demonstrating transferable skills, such as financial modeling, valuation, and client communication. - Highlighting your understanding of public markets and how it complements IB work.
If your goal is to move into IB, leveraging your ER experience to showcase your analytical and market insights can be a strong selling point during interviews.
Sources: https://www.wallstreetoasis.com/forum/equity-research/qa-er-analyst-at-top-bb-plus-about-er-general-advice?customgpt=1, Q&A: ER Analyst at Top BB (Plus About ER & General Advice), Observations of an Equity Research Associate
Listen to earnings calls, take notes on client calls, review earnings notes, draft deep dive reports, cultivate management relationships, appear on Squawk Box, wine and dine PMs, and initiate coverage on 5-10 names.
Jk, when I had an intern we made him update data sheets that AI could do now and I gave him a learning project to draft up a full presentation/pitch on a stock of his choice. It was terrible, he did not get a return offer.
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