What type of training is given to ER associates out of school versus lateral hires (untraditional backgrounds)

I’m in the middle stages of recruiting for an ER seat at a large sell side firm. My background is (5-8 exp) in primary research (think channel checks/P72 canvas). I don’t have much formal modeling experience at all but my sector specific fluency got me through so far. From a qualitative standpoint, I understand my sectors/companies fairly well.

My main concern: I did not live in Excel models in my primarily qualitative and channel checking oriented role. I understand what my sector KPI’s are, but I do not have direct experience modeling them in Excel. I’m worried I’m going to be very slow on the job when I start.

How should I level set with the coverage analyst during the interview process? Should I ask about participation in formal training new associates usually have? Is this a bad idea as it might make me look weak and would it be better to be lowkey and try to simply learn on the job quietly?

3 Comments
 

Based on the most helpful WSO content, here's how you can approach this situation:

  1. Training for ER Associates:

    • Out of School Hires: Typically, new associates coming straight out of school are given formal training programs. These often include financial modeling, Excel skills, valuation techniques, and sector-specific knowledge. The goal is to bring them up to speed on the technical and analytical skills required for the role.
    • Lateral Hires (Untraditional Backgrounds): For lateral hires, especially those with untraditional backgrounds, formal training might not always be as structured. Instead, the expectation is often that you’ll leverage your prior experience (e.g., sector fluency, qualitative insights) while picking up technical skills on the job. However, some firms do offer tailored onboarding or training for laterals, depending on the team and firm culture.
  2. Addressing Your Concerns:

    • Level Setting During the Interview: It’s a good idea to be transparent about your strengths (sector fluency, qualitative expertise) while acknowledging areas where you’re looking to grow (modeling). Frame it positively by expressing your eagerness to learn and adapt. For example:
      • “I’ve developed deep sector expertise and a strong understanding of KPIs through my primary research experience. While I haven’t had extensive hands-on modeling experience, I’m confident in my ability to quickly learn and apply these skills, especially with guidance or training.”
    • Asking About Training: It’s not a bad idea to inquire about training, but do so tactfully. Instead of framing it as a weakness, position it as a proactive question:
      • “Does the firm provide any formal training or resources for new associates to ensure they’re aligned with the team’s modeling and analytical standards?”
    • This shows initiative and a willingness to align with the team’s expectations without coming across as unprepared.
  3. Learning on the Job vs. Being Lowkey:

    • While it’s tempting to stay lowkey and learn quietly, this approach can backfire if you fall behind. Instead, take a proactive stance:
      • Leverage resources like the WSO Modeling & Valuation Bootcamp or similar programs to build your modeling skills before starting the role.
      • Once on the job, don’t hesitate to ask thoughtful questions or seek guidance from colleagues. Most teams appreciate someone who’s eager to learn and improve.
  4. Actionable Steps Before Starting:

    • Enroll in a modeling course, such as the WSO Modeling & Valuation Bootcamp (2-Day) or the Private Equity Master Package, to build a solid foundation in Excel, DCF, and sector-specific modeling.
    • Practice building simple models for companies in your sector to familiarize yourself with the process and KPIs.
    • Review sell-side research reports to understand how models tie into the narrative and recommendations.

By addressing your concerns proactively and demonstrating a willingness to learn, you’ll position yourself as a valuable addition to the team. Remember, your sector expertise is a significant asset, and with some focused effort, you can bridge the technical gap effectively.

Sources: Q&A: Equity Research Associate at a Boutique Firm, https://www.wallstreetoasis.com/forum/equity-research/qa-er-analyst-at-top-bb-plus-about-er-general-advice?customgpt=1, What am I expected to know as an incoming ER SA?, Starting Career in ER??, Lateral to better bank and recruit off cycle or stay at UBS and recruit on cycle?

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

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