Silver BananaTopicReplies
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+2
Discord group to discuss markets live?

South Mountain

Hello, This may already exist, but has WSO created a Discord channel or some other equivalent for the members to discuss the markets live? One of the best thing about Bloomberg is the chatrooms to keep you involved with market activity all day, but for those who don't have access, there should be a...

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Potential Year-End Bonus Clawback

ab25375_1

Hi all, I started as a first-year associate in equity research at a BB in June 2017. I received a 2017 year-end bonus (hit my bank account in Jan/Feb 2018) of $15k and was told that it was not 6-months prorated, but was for the full year (even though I started mid-year). Which would mean that the $...

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Which Valuation Technique for each sector in Equity Research

IRnerd

As the title implies, which valuation technique are generally more useful for each sector? More specifically, if one were to interview for an associate position and were asked the sector that most interests them, I presume they'd then be asked something along the lines of the type of valuation techn...

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Aiming for ER but might have credit opportunity

monkey10011

Hey All, Currently I am stuck in a public finance role. It isn't really back office, since I look at issuers financial statements and ratios, but it is still just data entry. My current job title sucks really bad, and my pay is nothing to brag about. I am working on moving my way into an ER position...

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Equity Research: Future Outlook.

DisGuyDucks

The questions here are more about the future and existence of the industry itself and how the current experts see it growing/dying. (Context: I am a 22-year old Indian guy with a graduation in business administration and zero experience in finance. In a recent discussion, I posted these questions t...

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Product Management to ER after 1-yr post MBA

ontothenextone

About me: Finished MBA at a top-10 school in May 2018. Worked as a Product Manager in Tech (think Uber, Amazon) before MBA and went to business school planning to switch to Management Consulting after. Discovered during b-school consulting won't scratch my itch, and fell in LOVE with ER and security...

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Macro research vs ER

udj38293

Hey everyone! I’m an undergrad currently considering my internship options for next summer and I was hoping that WSO could shed a little light on an issue I’ve been struggling with. I’ve always been more interested in ER but I currently have an offer for an internship in macro research at a B...

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Fixed Income Research (CLOs and ABS) Analyst

Mr. Emeka

Hi Gang, I'm coming from a top investment management firm (think PIMCO, T.Rowe, BlackRock, Fidelity, etc...), in a client-facing position and am interviewing for a fixed income research role at the junior level at another top asset management firm (think GSAM, Nuveen, Wellington, etc...) that's foc...

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+5
Sector most sensitive to politics

IRnerd

I have read in a few posts on this forum that sectors like O&G, A&D, and Industrials generally are among those most politically driven, or at least the most sensitive to political developments. I was wondering if anyone who works in these sectors (or sectors that you believe are also very sensitive ...

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Covering small stocks vs large stocks?

LDN2018Apps

Curious about the consensus view of pros and cons of covering large or small companies in equity research? Is there much difference in the work?...

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What is the salary and bonus for equity research associate position?

supman7

Hi, What is the salary and bonus for equity research associate position? I would appreciate your replies. Thanks....

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Biotech equity research possible with ZERO finance experience?

Blue2017

Hi all, So I graduated a couple of years ago with a science background, have been in research 4+ yrs at a top institution (in a very competitive field) with a handful of publications (including first author). I have been interning this summer at a pharma consulting firm but am also interested in ex...

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Biotech Equity Research with no Science background

bulls1997

Hi all, I recently finished up an SA S&T stint @ a BB and received a full-time offer. I have been contemplating the decision on whether or not S&T is the right place for me. Being in markets I obviously had a lot of exposure to research and found it very interesting. I have always had a desire to ...

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+4
Affect of the sector you cover on work/life balance for ER Associate?

IRnerd

While I have heard that the most significant factor impacting an ER associate's work/life balance is the analyst that they work under (their style, etc.), I was wondering if covering certain sectors vs. others can cause an ER associate to have to work more/stranger hours, whereas others allow for a ...

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Job Search Help - Graduating in May

jsb218

Hello, I am a bit new to this site and forum so here is a bit of background on myself. Non target, 3.3 GPA, multiple campus leadership positions, currently interning for a Wealth Management team (Think Goldman Sachs, JP Morgan, UBS, Morgan Stanley). I am looking to get into ER, have applied to 50+ ...

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Can someone please explain to me the financial mathematics of the T.V. show "Shark Tank"?

TheBestMan

Hello, I have been watching a lot of "Shark Tank" but I don't understand some of the financial mathematics within the show. Lets say that a person owns a company, worth $5 million dollars. He pitches to the sharks for 20% in exchange for $1 million. But then, the sharks ask, what do you need the mo...

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Newbie question regarding multiples (P/S and EV/EBITDA)

-Andrew-

Hello, I have read some ER reports recently and there is one thing I am trying to understand. Usually I see some dcf valuation output, which is then followed by some ratios. The ratios are lined up and correspond to the forecasted years. However, what I don’t understand is the rationale when pu...

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ER career paths, an update

ironman32

I've been reading previous posts on this topic, but I wanted to get an update in the post-Mifi world. Currently, I work at a smaller boutique and have been here a couple of years, but not have received great training. I'm trying to make the jump to bigger firms, and have been getting interviews....

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Strategist Q&A

somebody

So, I thought I'd answer any questions from monkeys about the arcane world of investment strategy. My career path to date has been: global hf junior pm/strategist ($1bn) => long-only em pm/strategist ($10bn) => partner at em hf ($1bn) => sell-side em strategist at boutique em shop I focus on equit...

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Terminal value/EV over 90%

jmanchuck

I'm trying to do a DCF over a 5 year period and I've tweaked things such as growth %, WACC and multiple used. When I use the perpetuity growth method of 2%, I get an implied exit multiple that is way lower than its current one and its peers. I've aligned growth and WACC with estimates from other sou...

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Solutions to Common FactSet Problems

StreetMonkey15

Considering the number of people complaining about FactSet on these forums, I thought I would start a thread to provide people with solutions for some of the more common problems. Despite the large number of FactSet users that are out there, it is surprisingly difficult to find solutions to common p...

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Move from GS/MS/JP to UBS/DB/CS

Yogono

Hi guys, I am currently employed at GS/MS/JP in a front office role, but in a role I do not want to stay in. It’s not really building skills that are transferable to the roles I want in the future (except perhaps asset management), at least in my mind, as it does not involve financial analysis. I...

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Oil & Gas NAV

redraidermustang

All - Attempting to pickup some O&G coverage at the office. We utilize a sell-side constructed model and I'm trying to reconcile the reserves information from the model with actual data provided by the company. I've been able to tie the PDP numbers, but I can't find where I should be looking for t...

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Applying for ER Associate jobs without Series 7/86/87

IRnerd

Is not having the proper exams yet a big issue when applying for an ER positions? I am attempting to switch careers to ER from academia (still in mid-twenties), so I never had the opportunity to take the Series 86/87. Will this keep me from getting hired, even if I can do the modeling, etc. that is ...

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Most needed skills for a research associate?

casualgamer

What kind of modeling and valuation skills are needed as an associate? Is a CFA becoming necessary to reach the analyst level?...

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Has anyone taken the Series 86 recently?

nyny100

Has anyone taken the 86 after October 1st? If so did you use STC materials for the test to prepare? Thank you. ...

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UBS/DB or GS

Yogono

Hi all, I have an offer from a few different banks including GS, UBS and DB in London as a first year analyst. Does anyone have a recommendation of which to join? Especially with Mifid II in mind? Also does it matter which team you join? Or is the sector not super important? Thanks!...

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How to best prepare for SIE?

the4thcafe

Hi Guys, Has anyone taken the SIE yet? How long did you prepare? What resources did you use to study? I am coming from science background with no real finance background and just landed a job as a junior ER analyst. Any help is appreciated! Thank you!...

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Berenberg CM Program US?

d3monkey

I have applied. Seems like an awesome program. Just wondering if anyone has heard back about assessment center? Anyone have any thoughts on the bank?...

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What do Equity Strategist do?

RodgerP

Hi folks, a college sophomore thinking about working in finance here. I just started to build my network in this field. So I successfully connected to an alumni who worked in MS HK office in Equity Research division, his title is Equity Strategist and we'll make a phone call next week. So before our...

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AMA- High Yield/Distressed Debt Sell Side Analyst

chmpnarcher

2nd year analyst at a boutique broker-dealer from a non-target state school. Also a CFA Level 2 candidate, working under multiple sector analysts with decent exposure to Oil & gas, metals & mining, and retail. We publish mostly on high yield/distressed debt situations but also some special situation...

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For other junior equity research associates working on the sell-side out there, what was the culture like for you?

Imnotasmartass

Right after college, I worked as a sell-side equity research associate for one year before I jumped to a buy-side fund. At the sell-side gig, I had almost zero client interaction, I guess because (1) there were not enough clients to talk to and (2) my senior was quite protective of his client resour...

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Sell side equity research: coverage universe?

Imnotasmartass

For people who are working or used to work in sell side ER, how much of your coverage universe is puprely for corporate relationship? The reason I’m asking is because at my last sell side ER job at a boutique, we covered many names with almost no client interest. Is this less common at a BB perhap...

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ER at DB vs back office at MS?

mehrling

(first post please be gentle) general profile: >3.6GPA, top 20 US university, studying economics, history, and anthropology (eclectic mix for finance I know) I recently got an offer at DB for their grad program in Jacksonville, which places recent grads into IB, S&T, and ER positions based on desk...

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This Post Has Been Removed by Owner

EconomicEquity

This Post Has Been Removed by Owner. This Post Has Been Removed by Owner. This Post Has Been Removed by Owner. ...

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I need to consolidate the BS with the CFS so they "match" when I will be modeling the DCF. Big problems!

iliavko

Hi all! I am facing a big issue with the part of consolidating the CFS and BS so they "match." I am referring to the process that you have to go through to organize the BS and CF statements in such a way that they will flow into each other and there will be no items left on the BS without an equiva...

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Pay Cut for European ER Analysts

ColdCaller

Due to the introduction of MiFID II in Europe, banks now have to be more transparent about how they charge their clients and "*must charge separately for research and trading*." According to a report released by Greenwich Associates, Research budgets are also being slashed. The largest funds in th...

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How to Pick a Stock to Cover

babaganoosh213

I work at a unique ER group covering smid biotech companies, and get to pitch possible companies to cover to the heads of the group. Do you have any advice on the best way of sorting through to find ones with high potential? I have been sorting companies with an important catalyst in the next year...

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Non-Target, 3.44 GPA, CFA Level II candidate How to build up career

yuqiandaren

Hello everyone, I'm new here. I'm a non-target school undergrad student major in Finance. I'm graduating this December. I've been looking for jobs for couple months. I currently have an internship at State Street Corp. as operation analyst. I took my CFA level I this summer and passed. My dream dep...

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Entry Level Equity Research

bulls1997

Hi All, Just a curiosity question. How do entry-level ER positions work? It is my understanding that the entry-level position in ER is an associate. Does this mean that if an ER intern gets a full-time offer, they return after they graduate immediately as an associate? Wouldn't this entail a pay in...

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Fresh buysider - how should I talk to you/be a good client?

arslonga

I remember seeing a similar topic before but unfortunately I can't find it. It had a good dialogue between buy and sell side ER guys on how best to approach the relationship, etc. I know a lot of buyside guys are demanding assholes. I'm trying not to be one of those, so I want to rehash the topic t...

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Advice with emailing MD

VanceRefrigeration

I've been emailing back and fourth with a MD in FIG at a prospective firm, we also have previously gotten coffee and spoke as well. He has been sending me articles on the current pension issues and cities going bankrupt. I am very unfamiliar with what we have been discussing and have been trying to ...

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What salary would you take to give up ER training?

pinkfairy

Hi all- I currently work as an analyst at a BB in Private Wealth Management, in a more quantitative, portfolio asset allocation focused role. I was recently offered a position internally with an Equity Research training program. When I told my current manager, he was upset, and asked me to put a nu...

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Mining Investment

max_1

This is a forum for anyone working in or interested in the Metals & Mining Investment space. Including Equity, Debt, Royalties, Streaming, Off-take, Convertible Bonds and all other forms of mine financing....

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Info on Cleveland Research Company?

jamatgupta

Just curious to see if anyone had some info on Cleveland Research Company. Only stuff I can find is a few reviews here and there on glassdoor-- can't conclude much from that. Specifically looking for comp (reviews say it's pretty low) and exit ops. Any insight would be great....

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DCF/Comps Weights...how do justifiy subjective decison?

enterthemonkey

TL;DR - tried tweaking DCF to make it more optimistic but cannot honestly justify tweaks. Resorting to arriving at target share price with DCF/Comps weight - don't know how to justify/explain my decision for 60% DCF 40% Comps. Need some guidance. I've built a thorough DCF and comps model from scrat...

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Exit opportunities after research division (not ER) at a bank

mooneater

Hi guys, First, sorry that it doesn't necessarily fit ER, however, I didn't know which forum would be most appropriate. I am studying BSc Economics and am interested in economic research, but have no aspirations of going into academia. Now I am thinking about interning at a research division (not...

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Meeting a manager

Pokerplayer311

Hello, I would be very grateful if you guys could give me some tips. I recently graduated from a good school, studied mathematics. I am going to meet a CEO of an asset management firm next week. I have met with people from big firms before for chat recently (mostly capital markets, a couple equity ...

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How is minority interest factored into a DCF?

charlie the unicorn

If a company has stakes in subsidiaries that they don't fully own, that is usually reflected when you subtract minority interests from Net Income to get Net Income After Minorities. Every line item before that (revenues, costs) are Now when calculating the FCFF, I usually start with EBIAT (Earning...

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Equity Research Interview - Onsite Modeling Test

seeitswolfy

Hi all, I recently made it to near final rounds for an Equity Research Associate position. The team would like me to come onsite to do a modeling test with a given recent press and/or earnings release. 1. Does anyone have any input as to what type of model I will be updating? (3 statement, comps, D...

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Fidelity International Online Interview

westernposung

Did anyone completed their online interview for 2019 Fidelity International Equity Research Summer Associate program or applied for it?...

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