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+39
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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+1
Best Sell Side Analyst of All Time

DLJHighYield

This is a topic that does not get much discussion but who do you consider the best sell side analysts of all time to be? None come to mind besides Danny Scotto. ...

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Fund of the Week: HDFC Hybrid Equity Fund

nishthasharma4302

‘Fund of the Week’ is a new series of weekly articles from Sqrrl’s Blog. This series aims to familiarize the readers with the top performing[ mutual funds ](https://sqrrl.in/blog/invest-mutual-funds-for-beginners/)in the industry, covering aspects like returns, past performance, details about ...

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MIFID One Year In - Impact vs Expectations

Fanalyst

Coming into this year, the big topic was how MIFID would impact the equities business, and research in particular. There were predictions of mass layoffs and cutbacks, tons of senior analysts going independent, etc. One year in, has the impact been as great as expected? I haven’t seen the bulge br...

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+5
Model Layout

Craigp123

Hello All, I am currently trying to teach myself how to make financial models (I'm a Law Student that would like to work a fund carrying out equity research after University) and was wondering if you guys include the Balance Sheet and Cash Flow statement when modeling professionally? Do you genera...

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What does "Tax Basis" mean?

AA777

Rosenbaum uses the term "tax basis" e.g. "The seller considers the tax basis of its assets and stock to decide upon an asset sale or stock sale". Not sure what the term means....

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Investment Philosophies: Quantitative vs Fundamentals Driven Investment

DisGuyDucks

*Note: I have no professional background in investing or research or programming as such; just a fresh graduate starting in investing and shit-scared of the entire doom of fundamental equity research. Please assume that the questions are concentrated around equities only. Apologies for the verbosity...

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JPM military pathways equity research

Logisticjoe

Was wondering if anyone has any experience going through JPM military pathways equity research interview process? I am currently I guess you can say round 3, I was given hirevue and then received a phone call to talk more in depth about myself. Was told I would receive another call soon. Did the las...

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+3
Cowen ER - Reputation and Exit Ops

nofunleague

Currently interviewing for a position for an Instituional Investor ranked analyst a Cowen. Goal is to be at BB ER or HF. What is the reputation for Cowen on the street, hrs, exit ops? Would appreciate to get some view from within the firm as I have access to the research they produce but trying to u...

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Oil Tanker Industry Analysis

human_piranha82

What's up monkeys, I have recently been looking at the depressed equity prices of many oil tanker firms (Euronav, TK, Frontline). Besides the fact that their corporate/capital structure's are relatively complicated, I understand that it is very cyclical in nature: charter rights rise due increased ...

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ETF Research

tim.67879.tim

Hi All, Has anyone ever heard of an ETF specific research position? It would be at a FIG specific firm, but I've just never seen a product focused ER position before. Also would anyone be able to give me some insights on comp, exit opportunities, and the day to day? Thanks, Tim...

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Entering Equity Research at this point in the cycle in Europe? A super dumb idea?

Yogono

Hi all, I was wondering if moving to ER in a Mifid II environment and at this point in the cycle would be a bad move? I’m currently not in equity research and have good job security currently (not in the division I want). Should I stay put for now? Thanks! ...

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Crafting my story in ER

Leverup13

Hello all-- Ever since I joined my school's student managed fund I have been determined to get into ER. This lead me to spend the last semester of my college preparing for CFA Level I which I passed this June; So I graduated last spring and already had a job at a large PWM shop lined up right out o...

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+6
How to be a Healthcare Analyst?

analystguy1

I work at a generalist fund, but our team is particularly light on healthcare so I figure it'd be good for me to become as well rounded in the sector as I can. I've made some decent event-driven calls so far with devices and HC services (hospitals / ASCs / etc), but have always been uncomfortable ...

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Had Off the Cusp Interview with MD

enterthemonkey

I'm going to purposefully leave out some details from this post to avoid being "outed". I had an interview the same day I handed my report to an MD of a notable bank. An hour after handing it in he emailed me asking me to meet with him for 30 minutes. When I was about to meet him, the first thing ...

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How much would it help to pass the CFA Level 1?

ajt803

Currently in my senior year of undergrand at a non-target. I have a decent internship as an investment analyst at a pension fund for the last year. I graduate in the Spring and am considering taking the CFA Level I in June, before I start my MSF in the Fall. How much would passing the CFA level I re...

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Have an on-site modeling/writing interview next week with an equity research firm, any tips?

erbtrader

The test will be 90 minutes long and involve modeling and writing an earnings report for an industrial company. My guess is that they'll give me a model and earnings data, have me update the model, finish the dcf, and write an earnings note (page or two). Anyone who's been through this, if you have ...

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Equity Research - Homebuilders

nofunleague

I'm currently in S+T and interested in ER, specifically in Homebuilders/Real estate Equity Research. I've done modeling courses but I'm curious as to how to model for Homebuilders. Is there anything specifically that I need to know or any metrics that are looked at more often other than economic/ind...

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Evercore ISI email format?

John-Jacobs1

Tried [email protected] and [email protected] but both didn't work. Any suggestions?...

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Firm vs Analyst for Buyside Recruiting, Business school, Non-high finance jobs

rearfraeg

I currently work for a top ranked analyst at a middle market equity research boutique. The boutique is well-known within its sector / equity research but not outside of equity research. I have received an offer to move to JPM / MS / Bank of America within the same sector (analyst it not ranked, but...

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What is your salary expectation? Interview question ER at BB

Logisticjoe

Have been interviewing for an equity research role at a BB and wondering what's the salary I should expect/ask for? I see on glassdoor for an ER analyst it's about 92k. When asked this question in my next round or when I speak with the hiring manager which is after the next round I was told, is 92k ...

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Potential upside (but when?)

TomFord

Lets say that I use a DCF or comps and find that there is an upside compared to the current market pricing of the stock. This essentially only tells me that there is an upside based on the intrinsic valuation, but how will this translate into practice? What I am wondering is if there are some sort ...

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Compensation in ER

Deter6895

I haven't seen a lot of concrete info on compensation in ER. Does anyone have reasonable expectations for comp at the junior analyst/associate and VP levels? of course senior analyst will vary but I'm curious about junior levels. Does BB vs MM/Boutique matter much?...

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Can you start your own ER firm?

jnhadekjs

How would you sell that research though? ...

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what is a jr analyst?

Vandelay Industrys

if a company is hiring a junior analyst in ER, what kind of level is that/ranking? .....................

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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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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

CerebralCapital

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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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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