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

NoEquityResearch

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...

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Anyone worried about getting laid off?

SomePleb

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.

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

bankingtostartup

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...

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+5
Best 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 concepts but it's di...

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Retailers -- YTD/TTM same store sales calculations?

golfer23

Retail coverage folks -- I'm curious about how you would calculate the trailing 12 month same store sales figure for a company if you have the quarterly data (let's assume that the 4Q 12 through 3Q 13 same store sales numbers are +0.5%, -0.4%, +1.0%, and +0.2%, respectively -- I picked random numb...

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waiting for official offer for a month already

girl_in_a_mirror

Hi everyone there. One month ago, I finally got a verbal offer from a equity research office from a big bank. We negotiated the benefits, salaries, bonuses. I thought I would get the official offer letter quite soon but unfortunately I've been waiting for a month now. I've been sending follow-up ema...

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Searching: Mentor

Sangisinacoma

Hey Guys, My Name is Mike SanGiacomo and I am an undergraduate student coming out of the University of Vermont. So far at school I have managed to pull a 3.85 GPA with a dual degree in Stats and Finance. I've had a couple internships (3), and I am also an NCAA athlete on the University Snowboard Te...

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Too Old for a CFA?

RamenNoodlesNCHill

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 CFA to make a substantial difference in my career?...

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Bloomberg Equity Research data analyst interview

Logisticjoe

I have received an online interview for an equity research data analyst at Bloomberg. Has anyone been through their interview process both online and phone/in person? What questions should I expect? Any broad insight on working for Bloomberg/comp for equity research would be greatly appreciated. An...

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Great team vs. in demand sector

numbersloth

Currently have offers from two teams - one has a hands-off MD and great juniors in a sector that is experiencing some growth but will likely not last, the other is known to be a bit of a sweat shop but in a very "hot", in-demand sector with great exit opps. The first team generally has juniors stay ...

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Thoughts on Instinet Nomura Research?

nofunleague

Does anyone have any experience reading Instinent Nomura's research and what's their reputation? Would exit ops be other BB or buyside? Would be great to get some perspective as I've found it very difficult to get any sense on the company/...

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Anyone heard of Drexel Hamilton??? Reputation on buy-side?

dkwcapital

I am transitioning from active duty military service back to wall street - came from equity sales with a bulge bracket shop. Met with a firm named Drexel Hamilton, started by a vietnam vet. It's kind of a "for vets, by vets" type outfit; they have Iraq/Afghan vets paired up with wall street vets to ...

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How to narrow my target company

Tohuan1996

Good morning WSO, I am a graduating senior, majoring in Finance and Economics from a state school. I am an international student, and now is struggling to find a way to break into Finance. A little bit about my previous internship, I interned back in my home country (not US my sophomore and junior ...

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Helpful Resources For Breaking Into Equity Research

CeilingAvenue

What's up WSO, I decided to write my piece on breaking into sell-side equity research. I doubt this information is anything new, but I wanted to give my take on what resources I found useful. This list is by no means all encompassing. For background, I was an economics major at a small, non-targe...

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Interview Help ER Sell-side

ZCLE

Hello I have an interview for a top sell-side equity research firm in my city. I just wanted to see if anyone had any advice on what to expect, how to prepare, and what kind of questions I can expect. Should i bring anything like financial models or stock pitches that i have completed? Thanks...

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Two-hour modeling test coming up - looking for help

Brsammy

Hi everyone, I have an upcoming two hour modeling/writing test for an ER associate role at bank. I have been mostly preparing for it using the guides available online (BIWS and the youtube videos on financial modeling), but was wondering if anyone could offer some help with the resources. I did s...

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How hard is it to get a equity research unpaid internship after graduating and doing 1 year of back office work?

Yodawashere

I want to start over my career and do research. I don't want to spend anymore time to pigeon hole myself in a accounting back office role. I'm 1 year in my back office role out of college. The money and steady paycheck isn't worth a miserable life. Is it easy to get an internship with relevant resea...

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Are my "Qualifications" Likely to get me an interview for Career Change to ER?

IRnerd

While I have always enjoyed researching the markets and have been a professional researcher for a while now (albeit in a different industry), I have been thinking for a long time about taking the leap and changing careers to Equity Research. I am finally mentally ready to go this route, but my quest...

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Anyone know any remote equity research internships/companies that hire remote interns?

fomo120

Hello I'm looking for entry level remote equity research internships/positions and was wondering if anyone knows any specific companies that hire remote ER interns? I don't care about the pay (as long as I could get at least minimum wage) since am more interested in the modeling/research. I have so...

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Tips for breaking into ER a year after graduation

Leverup13

Hello-- During my senior year of UG, I realized I wanted to have a career in ER after my time in my school's student fund. I passed CFA Level I as a senior and applied to research jobs for months after college but it was tough coming from a non target; Had a couple interviews at boutique shops, but...

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Series 87 Materials: Which one is better, STC or Knopman and why?

ak3534

Hey guys. Just have the Series 87 to take. Which book is better: STC or Knopman and why? Any feedback would be appreciated. Also which one is more closely tied to the real exam: STC or Knopman?...

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Moody's Operational Associate Analyst

Equities5821

Does anyone have any insight or thoughts regarding the operational associate analyst position at Moody's Investors Services? ...

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MKM Partners Thoughts?

goddzilla

Does anyone have experience with MKM Partners? I saw a "Equity Research Associate" job posting from them and was wondering about their reputation, hours, and possibly salary? On Glassdoor, associates are paid 65K, which is way below market rate. Job posting is for the New York office. Some reviews a...

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Allianz Global Investors Graduate Programme vs IBD?

Asset Management kid

Hello guys, I have just received an offer from Allianz Global Investors to join their graduate programme in the investment track September in the Frankfurt office. I still have not signed the offer and I told HR I will think about it. I come from a target German uni and applied for Frankfurt as I th...

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Goldman Sachs Tactical Research

M8R-6kfgp21

Hello. Does anyone know what Goldman Sachs "Tactical Research" does on a daily basis? What are the exit opportunities from such a position?...

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Capital Group Data Analytics Rotation and Training Program

cseltzer19

I recently applied for the DART program at Capital group, and I am about to take the HireVue interview. Anyone have any insights to the company/ this interview process? Thanks!...

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Job Offer buy side

lakshmiganapathi

I got interviewed by a hedge fund manager in August. I pitched few stock ideas and he liked it. He said he wants to hire me. He reached out recently and said “I would like to set a time to meet the team.” Does it mean I got the job and he will discuss numbers? Or will I’ve to go through anothe...

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Changing the "most important number in the world"

The White Bull

The LIBOR rate (London Interbank Offered Rate) is one of the most important numbers in finance, which helps to calculate the returns for various securities. But it is to be phased out by 2021, owing to[ inherent weaknesses](https://dealbreaker.com/2015/06/admissions-of-widespread-libor-manipulation-...

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Need Advice: Equity Research in Asia versus Market Risk in NYC

LLL_LLL_LLL

Need some advice to compare two offers listed above, both from bb. **Work**: Equity Research: In a newly established tactical Equity Research team. Would like more information on this. Was told that the team is mainly responsible to discover misprice in mid-cap stocks in Asia that have not previou...

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How to prepare for earnings season?

DECS10

We're in it but can any one help with some tip and tricks on how to best prepare for earnings season? I'm looking for something that will help make it smoother - what have you found has been the most helpful in the weeks leading to up, day of, and afterwards. Thanks....

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LBS Master of Financial Analysis Interview

HA101

I have received an interview invite. I was wondering if there is anyone who can share their insights about the interview process. What kind of questions should expect? are there any situational/behavioral based questions? Do they reject a lot of people at the interview stage?...

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Need some career advice for undegrad junior without SA internship offers

galashoww

Hi. I am a non-US citizen (from Asia) going to one of Ivy Leagues with 3.6~ GPA majoring in stats and econ. I have had two internships in the past (one in a long-biased asset management firm back in my country and one that is related to real estate). I am very passionate about equity research, and...

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Healthcare - best sub-sector for exit opps?

numbersloth

In healthcare ER, which sub-sector (healthcare IT + distr., facilities + managed care, biotech, pharma, life science tools and diagnostics, med tech) provide the best exit opps? How do they differ across the sub-sectors? Which sub-sectors are up and coming and which are on their way out?...

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salary/compensation at biotech ER entry level

ritika-das

Hi, I have a tentative offer from a biotech ER group in a small boutique firm and was told that my total compensation would be between 80-90K as an entry level associate. Also, the MD of the group hiring me said something about there being upside from the companies they cover. This is my first finan...

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Confused about deferrals in EA/TTWO/ATVI

casualgamer

Last semester of college brings a lot of free time, so I've been studying the video game industry in the meantime... Sorry if this is generally common sense. What exactly does "impact of GAAP deferrals" mean as stated in ATVI's releases? For instance, in Q3, GAAP net revenues were $1512m and $146...

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MD in biotech ER: long term career advice

pancho23

Hi guys- just wanted to get your opinions on career trajectory long term. To give some background I just started working in ER as an associate in biotech. I have an MD and just finished my internal medicine residency in the summer, passed Level I and II of the CFA as well, taking Level III in June. ...

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Football field graph - how to reach min and max DCF values?

LCHMan

Hello everyone, I'm a junior monkey trying to learn how to properly compose a football field graph and I'm looking for insight into what makes a successful one. Which variables should I take into account and what ranges should I be looking at to get proper min and max values for the DCF method?...

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2.4 GPA, non-target school, previous e/r intern, NEED NETWORKING ADVICE

ebitdapizza

Hey guys, I have 2.4 GPA, attend a non-target school, secured an e/r internship in a boutique investment management firm last fall, and I'm having a hard time getting another internship for this coming summer... looking for creative advice and tricks about networking (anything other than LinkedIn n...

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Recommendations: Academic Research

Callmemax

Hey everyone, I'm currently searching for a topic for my bachelor thesis and I am planning to read some academic research to get a sense of what other people in the finance world write about. Since I am unsure where to start, I'd appreciate recommendations on papers you enjoyed reading/found thoug...

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Need career advice.. PLEASE help

Long_ValueOps

I've read many threads on WSO 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 graduated with honors, currently working at a BB in a BO function (think co...

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Firms that take freshman (going into sophomore) interns for ER

Chairman

Are there any firms that would be open to taking a freshman intern? Not a searchable metric on LinkedIn. Please save the bashing for the sake of boosting your own confidence, I'm not asking if its feasible I'm asking who has taken freshman. Cheers ...

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Realistically, can I become an investment analyst at a Hedge Fund?

koko87

Greetings Fellow Chimps, Apes, and Humanoids, I've taken a long journey down my finance career thus far and I've reached a juncture where it's finally time to pursue my passion of becoming a research analyst at a Hedge Fund. :::pause for uproarious jeers and hysterical laughter::: For the past ei...

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Financial modeling the Balance sheet and CFS

monkey10011

I am looking for some clarity on modeling out the B/S and CFS. Before say projecting the working capital, and everything else on the balance sheet, do I need to make sure that each balance sheet line item has a corresponding link to the CFS line item? I thought that is what I'm suppose to do, but ...

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Buy Side FI Research

pudge1058-.

Going to be starting at an AM firm soon in FI research. Was curious what the average salary for this should be, I know it varies by geography, etc. but generally speaking. (Specifically for a fund with ~$100bn)...

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PCG - Buy, Sell or Hold

FitnessandFinance

Today it was made evident that PCG secured a $5.5B DIP Financing from JPM, BoA, Citi and Barclays... I was under the impression this meant chapter 11 was a done deal.. but the stock price (+12.5% at time of writing) indicates otherwise. Might there be any restructuring experts who can share some kn...

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HY Credit Research Interview Process

maxwell95

This is for an entry level role at a BB. How different should this be than an ER interview? Should I have multiple HY credit pitches prepared for a first round? I currently work in structured credit research, so I'm familiar with FI and credit. I obviously know all the basics of ER interviewing (mar...

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