Silver BananaTopicReplies
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Jefferies & Company - Review - Equity ResearchGood team, solid platform with good access to resources. Coworkers were smart and hard working - very group specific but face time not important. . Firm is very much focused on the banking effort and research often gets the short end of the stick and treated as a second tier effort. ...
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The Motley Fool - Review - Equity ResearchGreat Culture Access to all investment reports, which was a great resource All senior members were available for one on one time to help you learn. Location isn't that great Group I was staffed on was undergoing some change, so I didn't get much meaningful work...
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3 Key Tips for Getting an ER InterviewBack when I was applying for ER associate positions, I was really struggling. Only a handful of positions per year opened in my industry, so I got very good at making the most of each application. I got to the point where if there was an opening, I had a 50% chance or better of landing the interview...
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Goldman Sachs - Review - N/APassionate and smart co-workers across all divisions, highly challenging work, a dynamic work environment that foster collaboration more than other firms across teams, divisions and geographies.. Long hours, amount of repetitive/menial work (even at associate and VP level), quality of technology....
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Deutsche Bank - Review - HealthcareGood work environment and people. Benefits are solid and relocation package was amazing. HR has been easy to deal with and SAs are highly experienced.. Low autonomy initially. IT systems are outdated and slow, need significant upgrade. Cost cutting blocks anything extra you may want like a monitor o...
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Someone with access to Bloomberg Terminal -helpCould someone with access to a Bloomberg terminal please send me equity research for "Stelco Holdings"? My school's finance lab is closed for the break, and I cannot access our Bloomberg terminal. Please pm me if you can and i'll send my email. Thanks so much!...
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Question about Working Capital in Cash Reinvestment RatioHello all! New to the forum! :) When calculating the increase in working capital in order to get the Cash Reinvestment Ratio (Increase in WC and Fixed Assets/ NI+NonCash Expenses-Dividends-Credit Sales) do I calculate the non-cash, non-debt working capital like we do in FCFE?...
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Goldman Sachs - Review - Equity ResearchThe culture at GS equity research is highly collaborative and merit based (no limit to responsibilities given to a strong analyst/associate), and everyone is held to very high standards (which I view as a good thing; more gets done, efficiently, and those that don't contribute to everyone's desire f...
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UBS AG - Review - Equity ResearchVery good equity research department; investment was made to revamp the whole process; interns can participate to many events organized and are given responsibilities.. Did not expect to be as much political in lower levels; I was also disappointed that the intake was very low, you have good visibil...
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Bloomberg - Interview - Investment Bankingwhat is the difference between Bloomberg and Reuters? ...
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JP Morgan Securities - Review - ResearchGood work life balance. Smart people throughout entire group. Good place to get strong foundation of markets knowledge. Career trajectory/exit opportunities are unclear. Not directly involved in any investment decision processes as you are on the sell side....
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Credit or Equity Research at Barclays (London)Hey folks, I received 2 offers for the Research summer internship at Barclays in London - one from equity and the other from credit research. Now I'm familiar with the differences between the 2 and I'm pretty confident I'll end up choosing Credit Research for the following reasons: * Barclays is...
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Biotech Equity Research - Science Background vs. Finance BackgroundHey everyone - I am currently a senior studying finance and will be working within ER when I graduate. My coverage group has yet to be defined, and will be finalized closer to my start date. Based on my experiences (interned within ER covering biotech) and the self-study I have done, I am extremel...
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Jefferies & Company - Review - Equity ResearchJefferies is an up and rising investment bank and they are willing to pay to hire and retain as well as expand. very rare esp with mifid. Culture can be cutthroat/ruthless. There are a lot of people who were brought on on the senior level with no regard to culture fit. ...
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Help. Selection of companies for peer groupHi I am about to try relative valuation and ratio analysis, but I am having difficulty considering which companies belong to the peer group. From what I have read, it seems that companies are considered comparable when they are from the same industry. I have also learned that companies must have th...
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Cowen Group - Review - CreditGreat company, unique culture (truly it seems), for the most part pretty solid management, enjoyable co-workers for the most part. Obviously could have a more well-known or prestigious reputation to help with exit opps and b-school recruiting, etc....
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Fidelity Worldwide Investment - Interview - Equity Research1)Please pitch me an investment strategy of any asset class, ten year horizon 2)Why did u apply for our equity research position 3)Tell me about one time u suffered a setback and how u dealt with it 4)What would you have done to improve your stock pitch 5)Tell me one time you worked in a group and w...
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Goldman Sachs - Review - EquitiesIntellectually stimulating job. I learn a lot every day. Smart and nice people. A lot of responsibility and access early on.. Understandably, clients dictate your work day, requiring you to be very responsive at all times. You need to be a good investor, industry expert, company expert, familiar wit...
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Tudor Pickering Holt and Co - Interview - Equity ResearchThe interview was entirely conversational so there is not anything difficult or unexpected at all. It started off as the Associate sharing about his background then proceeded to ask about mine; walk through resume; why interested in Research? Why the coverage? Why did you choose Research over IB? ...
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EQR to Private EquityHi all, Wondering if I can get some honest advice here. I am currently an ANL in EQR, and have now run into visa issues in the USA. I am now looking to relocate back home, where research isn't a big industry but PE is booming. I have always liked investing, and I also like the idea behind Private E...
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Deutsche Bank - Interview - Equity Researchsince it was equity research, i spoke with the senior associate and analyst. It was only a week long process before I got the job. I found it very quick and simple. the questions asked were basic: background, long term plans, pitch stock, what value add have you done for the current research team...
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TPH SA Equity Research SuperdayJust curious if anyone knows TPH has finished extending Superday invite for their Equity Research SAs ? Thanks ...
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Research Associate Oil&Gas Salary ExpectationsEntry-level job in Calgary conducting investment research for companies in the Oil and Gas industry. E&P. What should I expect as a salary? ...
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What is the best way to break into Research ........................................................................................................................................................ ...
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GMP Securities - Review - ResearchEnjoyed the work, compensation was reasonable - increased annually. Hours weren't too bad for the comp. . Didn't like "fire drill" nature of tasks when news items came out. Did not like disconnect between traders pressuring for fast research and desire to produce high quality analysis. ...
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Magellan Research Group--Anyone know anything about it? Greetings, I've been a lurker on this forum for years and have gleaned some great advice from it--now I decided I would ask a question of my own. Sometime ago I applied to an Analyst position at Magellan Research Group through a school job board and they just reached out to me to schedule and inte...
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BMO Capital Markets - Review - Equity Research* Good base salary to make up for low and volatile bonuses * Predictable hours * Opportunity to do work that is fulfilling . * experience depends entirely on which team you are place on * significant industry headwinds ...
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Comp Question: Equity Research AssociateI am wondering what a fair salary and bonus would be if I were to accept an equity research associate position. I have no Equity Research experience, but I have 1.5 years of solid FP&A experience in the industry I would cover. I am also a CFA level 3 candidate. The positions I'm interviewing for are...
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Full Blown Career Change- Grad School or Entry Level Job?3 years in operations consulting and just left a job two weeks ago. I was a Project Manager on an International scale for the most prestigious advertising firm in the world. I am in the middle of studying for my GMAT and plan to apply to Business School in the fall. My education was in Internation...
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Evercore - Interview - Equity ResearchWhy are you interested in Equity Research and what specifically about REITs? How is the REIT Market doing? How is the overall Real estate market doing? What is your view on the tax plan and how will it affect the real estate market? Why are the debt and equity capital markets important for real esta...
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Credit Suisse - Review - Equity ResearchValuable hands on experience in Equity Research. A unique opportunity to work with and learn from a Senior Analyst for someone who did not get a FT offer out of undergraduate.. All interns are paid $10 for 40 hours per week without exceptions. Typical work week is 50-60 so can lead to frustration....
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Power, Utilities and InfrastructureHello all, Was curious to know if you guys would be willing to share a PUI or midstream sector primer. I've found a few from the department of energy and FERC. However they tend to be focused on the regulation side. Thanks in advance...
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Tudor Pickering Holt and Co - Review - Equity ResearchVery fun culture. Working with group of young peers makes the long days bearable. Also, free dinner every night was a plus. . Having to go to work before 6am everyday and leaving late at night means no exposure to sunlight during the week. Gets kinda depressing. ...
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Stephens Inc - Interview - Equity ResearchAll of the questions were fit based, so not really much to say here. My meetings with the Associates were purely conversational, with plenty of time left for me to ask them questions. They spent a lot of time telling me about their responsibilities, the team dynamic, and gave helpful insight into th...
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Need some help for upcoming ER interview (physics student)I have an interview next week at a BB bank and was looking for some advice on what I need to know for the technical side of the interviews. I follow financial markets and stay updated with current affairs but I'm not that clued up with a lot of financial jargon (study physics). I have an okay unders...
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Barclays Capital - Interview - ResearchA few complicated questions were: * A number of brainteasers questions that can be problematic if you don't know how to handle them. I landed billions away from the correct answer, but since the reasoning made sense with the numbers I used, the assessors rated me quite well. * A lot of second ...
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William Blair - Interview - Equity ResearchHe asked me to teach him something in 10 minutes - it could how to grow tomatoes or how to sew. But he said not to talk about business at all ( I was recruiting for a research associate interview - the best thing would have been to pitch a stock - to which he refused). this was the most unexpected t...
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Fine Dining Comps - Ideas?I am building a comp set for a client in the Fine Dining sector... CapIQ spit out a good but limited data set... I was wondering if anyone with experience in this niche sector could throw some other ideas my way. So far I have: -Trading- Fogo de Chao Ruth's Hospitality Group Del Frisco's Restauran...
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Credit Suisse Equity Research Summer Associate 2018How many of you got an interview call for Credit Suisse Equity Research Summer Associate 2018???????...
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Boutique ER Interview Prepdeleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted....
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Solutions for exercises and cases from Financial statement analysis by PenmanHey guys Does anyone have the official solutions for Financial statement analysis by Penman? Referring to the exercises and mini cases in the book....
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Best SS shop ahead of MiFidCurious what other sell-siders think is the best type of shop (boutique vs. bulge bracket), or specific place (JPM, Citi, ISI) to be at once MiFid rolls around. Is anyone actively trying to move around because of this? What cautionary statements are you guys hearing?...
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Will I Miss The Boat by going to a startup?Hi Everyone, In ER for 1.5 years, in tech. Getting better at my job obviously. Easier to do the job etc. I am dieing for something entrepreneurial, and startup focused. I want to deal with people, grow an actual product/company and to use my personable personality instead of sitting on excel all d...
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Best computer for equity research?Guys I’m new to the forum. I’m looking for a PC. And only a PC. I know there are tons of options out there, but here’s what it’s come down to: Lenovo P51 Lenovo Carbon X1 Dells XPS15 The computer will be used for business uses including modeling, word processing and other related functi...
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EA’s “loot crate” controversy **What happened?** Electronic Arts has recently announced their new game Battlefront II, which included a “loot crate system” that requires real money to purchase. The loot crates grant players the chance of getting popular characters like Darth Vadar without having to spend hours earning point...
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WACC for a company that has no effective tax rate?Any good way to get the cost of debt for a company with negative NI? Would the effective tax rate just be negative? Are there are any other effective ways to arrive at the cost of debt rather than D(1-T)?...
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Software/Tech Primer?Hi, Does anyone have a good software/tech primer on anything other than semiconductors? I've tried searching google and this website and have found some blue papers from MS and a brief primer from Wells, but am looking for something more in-depth or that goes more into the finance/accounting issues...
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How difficult is it to get into equity research out of undergrad?I am currently a first-year at a top target school. The top juniors and seniors in my school are all going into ib, s&t, or private equity. I never hear anything about equity research. I am just wondering what are the opportunities like out of undergrad, and whether it would be more difficult to bre...
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Exit-Ops: Equity Research vs. Investment Banking - (A Definitive Guide, Part 2)See part 1 here: Work/Life Balance: ER vs. IB - (A Definitive Guide, Part 1) As someone who has worked in both areas, I wanted to touch on ER vs. IB exit-ops similar to my [Work/Life balance post](https://www.wallstreetoasis.com/forums/worklife-balance-equity-research-vs-investment-banking-a-defini...
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what sectors hire and value PhD backgroundHello all. PhD breaking into ER has probably been fully discussed in quite a few posts. I know biotech/Pharma hires life science Ph.D.s. However, I have not seen a lot of PhDs hired in other sectors. I have chem Ph.D. and my background focuses on diagnostic/tools/Med. Does this sector value hig...
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S&P Capital - Interview - N/Athey really asked me about "what are some downsides of working at S&P" how can you answer that... Also asked me something about "if HP was getting rid of their enterprise business and wanted to sell if for 4 billion if you can ask the CEO of HP one question what would you be asking him/her?" Whil...
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KeyBanc Capital Markets - Review - Equity ResearchI like working at key bank because of the culture of the firm, I also like the living in the cleveland area. I do not like key bank because of common issues of working at a decent size bank and among many other things. ...
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CLSA - Review - Equity ResearchFriendly team, lots of exposure and doing meaningful work. Got the opportunities to meet management.. Compensation is below industry average, no conversion unless there is a head count in the team. Long hours....
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Bloomberg - Interview - GeneralistTo be completely honest, there really weren't any difficult or unexpected interview questions. First of all, there were literally no technical questions. I got to the superday and had a final round skype interview afterwards, and still had zero technical questions. This is an equity research interns...
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Mining Primers?Anyone have access to any recent mining industry primers? Anything would be good but north american focused if possible. Thank you....
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Risk Management seeking for Equity Research industry Currently working in risk management in a commercial banking, looks for equity research, but not sure if my background(studied Econ) would be a fit for this industry and how to prepare myself for this.. Also through talking to people, most of them say it is a shrinking industry, wondering if i could...
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How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession ...
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Rutgers Econ Major, as a feeder school to NYC firmsHi everyone, this is my first time posting on WSO. I am currently attending Michigan State, I am a freshman. Just wondering about Rutgers-NB as a feeder school to the Big 4 Firms, and what school has a better reputation. I have sent out my transfer app to Rutgers for security because it is due on Fe...
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Market value vs Book valueSince none would like to answer. Never mind. ....................................................................
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equity research modelling(excel) and written testHi all. I am going to have an ER modelling and written test very soon. I have searched over the forum and found some useful info. However, in terms of the excel test, i still have very few clue about what it's going to be. My background is non-accounting and I'd say i didnt know how to do the financ...
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Raymond James ERJust curious if anyone has some insight into where equity research at Raymond James ranks on the totem pole of ER industry. Is it a good shop to learn the basics and make connections, with the end goal being to eventually move into buy-side PM role?...
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Practical resources for understanding accounting policies and financial statementsHey, Title says it all. Looking for a practical resource, ideally with case studies, on understanding accounting policies and financial statements from a shareholder’s point of view. The resource should support the assessment of stocks. Thanks guys...
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Independent Research PayIt's been well covered on the site what salaries, both base + bonus, look like in sell-side bank research as well as research in the buy side, at large AMs and funds. However, I am curious what pay looks like at independent research shops that are selling their research to the buy side? Thanks for...
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Energy Aspects ThoughtsHey WSO Community, I'm on the commodity side of things and we look at quite a bit of research both out of banks and independent consultants/buy side research. I was curious if anyone has come across Energy Aspects' work and/or has experience working at the company? Any further thoughts on best in ...
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Bloomberg - Interview - ResearchThe most difficult question was only difficult because it is not how I practiced interviewing. They sort of ask about your soft skills outright, in the what makes you more qualified, that we havent already asked about, kind of way. I imagine they were looking for certain qualities. Other than that t...
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Fixed Income Index Analyst interviewHi all, I am interviewing for a role as a Fixed income index Analyst and would be grateful if someone can give me more color on what I should be expecting in the interview and How I should prepare. The role encompasses the full lifecycle of index product development, from market research, prototyp...
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How to select which valuation multiple to use?Hi, How do we select the correct multiple for a target price calculation? Equity research reports often say our target price of X is based on a 50:50 combination of P/E and EV/EBITDA (This was for a European Utility Stock)... How is that ratio determined? When should we use P/E, EV/EBITDA? Woul...
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Internship Applications - Academic vs. Work experience?Hi everyone, I am a student at non-target UK university and currently applying for summer internships in ER. I have two finance/ER-related pieces of experience under 'Work & Leadership Experience'. I am now deciding whether to put in a 3rd place quite recent 6-month non-finance related internship ...
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Which stock index to use to run regression against for beta calculation?Suppose I am valuing an Indian company with foreign operations, then which stock index should I be using? Similarly which indices to use under different situations? Any comprehensive guide or intuition for the same? My friend was asked this in a job interview......
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European Utilities- Primer please?Hey, would really appreciate primers on European Utilities specifically for upcoming interviews please, I don't have access to the terminal or any such reports. Please help...slightly urgent. the reports I have are for American Utilities which is irrelevant to me......
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Morgan Stanley - Interview - N/AI was asked many different questions by different people. One guy went very in depth into technicals. He asked about DCF, 3 statements, and valuation. Another guy went very in depth into my stock pitch. He drilled down into one section that I did not look at a whole lot. Lastly, a girl asked me all ...
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where to get the inputs to calculate FCFF?Hello friends, I am trying to learn DCF valuation, however, the books I read (McKinsey and Damadoran) and the online resources I looked at have conflicting sources of where they get their inputs. for example: For calculating Net Capital Expenditures, some models just take the number on the cas...
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JPMorgan Chase - Interview - Investment ResearchFirst two interviews were expected of a research role, such as basic accounting questions, knowledge of the financial statements and how they work with each other, as well as a basic stock pitch Slightly more difficult questions regarded questions about how to value the acquisition of a single rest...
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Overstock.com Stock Thoughts https://finance.yahoo.com/quote/OSTK?ltr=1 Currently trading at ~$50, analysts have priced it at $85. They are an online retailer getting into the ICO trading platform game. Bold move, Cotton. ...
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