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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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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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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

CerebralCapital

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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What is the best way to prepare for the series 86?

nyny100

I took the 86 today...failed by a few questions. I have been using STC's study guide and practice exams. I was averaging 80-85 on the tests. Turns out the real test was really nothing like the STC tests. The real test was basically all conceptual question...I think I had only 5 questions that involv...

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Fitch Ratings Summer Analyst Super Day -- What to expect?

iloveibsosomuch

I will be going to the NYC location. There is going to be a 3 three hour formal interview process, I will be quizzed on excel, and then there is a networking session afterward. I am interested in corporate credit rating. What should I expect? I am a woman from a top 20 public school btw....

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Cliffs CEO trashes analysts

RobberBaron123

https://www.cnbc.com/2018/10/19/ceo-berates-analysts-you-are-a-disasterthey-will-have-to-commit-suicide.html What do you guys think of this? Is that a sign of weakness or is this similar to Trump berating someone and you think "that dude is crazy but whatever?"...

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How do we forecast companies without production/sales data?

fm234125

Hey guys, I hope I'm posting this in the correct forum. I am a fresh analyst in a developing market who's been tasked to model a chemicals and pharmaceuticals company. The issue I have with it is that the company in question has not given any production or sales data for their products nor does the ...

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Help, Model share repurchase with debt

Wayne111

Hello. Can someone help me understand this? Or how would you model this? Assuming cash is 0. If a company repurchases its shares by borrowing debt, the future cash flow should not change, then the enterprise value would not change. Shareholder value/Equity value = enterprise value - debt, since the...

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Thoughts on Gilead?

CerebralCapital

Gilead's had an interesting year this year. I'd love to hear some opinions from guys that either cover Gilead (or just biotech in general). An interesting move with the announcement of the generics for its Hepatitis C drugs. I thought the acquisition of Juno a few months back was a solid move but th...

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+19
Choosing Between Buy Side vs Sell Side in Equity Research?

MonkeyMogul

So I want to do equity research. I know that there is sell-side and buy-side and, so far, I have a few distinctive arguments for both (see below). What I would really appreciate to find out is your views in terms of the experience quality that both offer. P.S.: Not trying to touch on things such as...

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From Credit Rating Agency to Equity Research - how common?

youngprofitable

I've seen the discussion in other part of the forums, but I wanted to see what people with insight into ER think about the exit opps from CRAs. It's one of the big 3 firms and an analyst position for the financial institutions team. How good are my chances of moving into ER after 1-2 years? Do I h...

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Recommended Reading

recaptcha

Hello monkeys, As I am gearing up to start interviewing for equity research jobs, I am wanting to read some books to have a better understanding of investing and the markets. A little background on me, I am a CPA working in big 4 audit trying to break into ER. I have recently started reading Securi...

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Morgan Stanley Equity Research Junior Associate Program

Analyst30

Anyone else interviewing for the position? the 1st superday was on 10/3, but they have more on 10/10 & 10/17. Would MS wait till the end of all the super days to send out offers, or on a rolling basis?...

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How to find discount rate of company that does not raise debt or equity capital

DiscountedAssFlow

I am doing a DCF for (PetMed Express - PETS) and they don't raise debt or equity capital. It seems their cash to operate comes from their operations itself. What would the discount rate be? Thx...

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International Investor Rankings

icehouse95

Does anybody have the II rankings that were released this morning? ...

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Goldman Sachs GIR SLC

_FinanceGirl_

Hi, I completed my HireVue for Goldman's Global Investment Research (GIR) group in SLC last week. Has anyone heard back about superdays?...

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ER Entry Role

futureREmogul

How do I get an entry level ER job from a non target school as low gpa. I have experience in the real estate industry and am currently working at a small PE firm (raises money by deal). What firms should I look at? Can i break into REIT ER from REPE?...

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Baird ER SA Superday invite

LilChimp98

Anybody hear back from Baird for their ER superday? Had my first round on Monday (non-target state) and I was told that I'd get notified either today or Monday. ...

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