Silver BananaTopicReplies
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Meal AllowancesDo equity research associates typically get a meal allowance similar to how IBD analysts do? At bulge-brackets and middle market banks, specifically....
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Chances of hearing back and making the cutHi everyone, I'm a sophomore at a large non-target school in the southeast. I've applied to equity research positions at BB for a summer internship. I'd like to hear you thoughts on my stats, feel free to criticise any problems you see or add your suggestion. Economics Major minoring in mathematics...
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Scotiabank - Review - Equity ResearchGood work-life balance, challenging interesting job with a lot of exposure to clients. Independence of investment theses.. Low wage compared to bulge bracket banks. Equity Research is an interesting job but not a direct revenue contributor (only soft dollars)...
Fidelity Investments - Interview - Equity ResearchDuring one of the superday interviews, I was asked how I would invest $100,000 if I got it right now. This was even before I introduced myself or anything, so I was kind of caught off guard. I was also asked about how proficient I was in excel and coding, but did not have any technical questions in ...
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Advice for after Equity Research? Hi Everyone! I am a sell-side research associate in Canada, covering the mining industry (quite big here). My two year term will be ending next June, and I wanted some advice on the different roles I have available to me. My strengths are writing reports and generating unique ideas. I am very open ...
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Introduction !Hi all, Just writing to say hello and glad to be part of this community. I am looking to gain more internal insight regarding the equity research and portfolio management industry. Looking forward to being part of this community. Nico A. ...
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WS-Prep 3-statement Question - Segment Growth SetupHello, I have a novice question for modeling the segment portion of the IS. For those of you who took the WSP course, the example of Apply breaks down the segment section into 3 part - Products, Units, and ASP(Average Selling Price). By forecasting the growth in both Units and ASP, the new projecti...
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Morgan Stanley - Interview - Equity ResearchThe biggest part of the interview was the stock pitch-- all of my interviewers (there were 3 of them) asked me to pitch something. There were several follow-up questions to my pitch about industry trends, margins, why all of this information was not already priced into the stock, etc. My interviewe...
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II 2017 Research RankingsII research rankings out...can anyone post the full results? Any suprises? Also, for those who work with an II ranked analyst, do you get a better bonus or is there any uplift in your compensation? ...
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Shipping and offshore drilling rig valuationWhy are market values, of for example shipping vessels and offshore drilling rigs, sometimes referred to as charter-free? I've come across a research report that adjust all EVs for charter values. ...
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Perfect Earnings Prediction? I’ll Pass.How much would you be willing to pay for a model that perfectly predicted the earnings of the companies in your portfolio? According to Professors Feng Gu and Baruch Lev of SUNY Buffalo and NYU Stern –not much. In their recent article, [“Time to Change Your Investment Model”](http://www.cfapu...
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Cement Industry PrimersWas wondering if anyone could share some recent primers/reports for the cement industry. Trying to get a better understanding of the key drivers and important things to consider. Responses without a primer would also be appreciated if it could help me understand the sector more....
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Primer on entertainment industryI am looking for a primer on the entertainment industry. I am interested in Hollywood film studios, media, theme parks, show venue owners, show production group. Could anyone help please?...
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Morgan Stanley - Interview - Equity ResearchCan you pitch me a stock? Tell me about a recent piece of news that interested you. Market sizing question Can you translate this article for me? What differentiates the firm from competitors? What separates you from other candidates? Walk me through DCF What is FCF? How would you value an unlisted ...
Brandes Investment Partners - Interview - GeneralistStarted with an initial phone interview where the topics included what my background was, why I was interested in joining Brandes, my interest in capital markets. There were a few fit questions on calculating free cash flow and putting together a discounted cash flow statement (also asked about diff...
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Valuing a Publicly Traded Construction Company Hey everyone, I wanted to get the opinion of some experienced individuals on how to proceed with the valuation of a publicly traded construction company. Currently, my approach is to model Backlog growth, and tie that with revenue through the Burn Rate. Once I have my revenue figures, just kinda f...
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Diabetes Primer/ResearchHi everyone, Does anyone have any primers on the diabetes market? Any sort of research would be great - initiations on pure plays like Dexcom or Tandem, etc. Thanks in advance!...
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Markit - Review - OperationsFree Lunch Casual Attire Laid Back . Low Pay Monotonous Casual Attire Upward Mobility ...
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Is it reasonable to include a section about a company's management for a equity research paper for a school project?I have a 7 page max limit, I was wondering if an 'analysis' of some sorts would be beneficial or is it just silly? For example, history of the current CEO, track record, etc. It wouldn't be too long, maybe 0.25 pages. Thoughts?...
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Simple Industry Data (Retail Market of Coffee) for ER reportHello, I am in the middle of data mining to write my first ER report, in this case for Starbucks. I picked a simple company that is easy to understand, and so far have gone through the 10k, one quarterly, some outside ER reports, some yahoo finance/WSJ financials. I was wondering if someone could p...
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Barclays Capital - Interview - Equity ResearchPitch me a stock [long and short]. There were some hard follow up questions on these. Additionally there were questions about what is going on the in the market, what sectors are strong currently, some mention of jobs data, and then overall what specifically Equity Research is and why I am intereste...
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Question on Credit Suisse HOLTI have an interview with CS for a HOLT Sector Specialist position this Friday (lateral from IB). I've read all the related posts on this forum and from my understanding, it serves as a complementary function to ER and also deals with interacting with investors on valuation based on CFROI and HOLT's ...
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Full Time Job, Part-Time Master’s Degree, and CFA at same timeHi all – looking for some feedback to see if anyone has attempted this, has been successful or recommends working full-time, studying part-time for a master’s degree, and pursuing the CFA at the same time. From what I gather, most people work full time and do the CFA….and do a full time mas...
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Moelis & Company - Review - Equity ResearchFriendly and helpful colleagues Good location being middle of CBD Great leaning experience with modeling and financial analysis. No training offered, you are expected to know your stuff Hours are not very flexible, but much better hours compared with IBD ...
Guggenheim Partners - Interview - N/AThe interview questions were mostly around the pitch. The interviewer (lead analyst) went into a lot more detail than i was expecting, and grilled me on a small part of the business. The interview was more around Q&A rather than anything else. With the other more junior members of the team, it had ...
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BAML Global Research InternshipLast week I had a 1st round interview (HireVue) with BAML for a Global Research Summer Analyst position. I'm wondering, has anyone that has taken it as well heard back from them yet?...
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Fidelity Investments - Interview - Asset ManagementHad me describe process of DCF using Excel. Job was related to data analysis so also asked several questions about my background knowledge and proficiency with Excel and SQL. I didn't have much background in SQL so I was asked generic questions about database management. Was asked the particulars of...
Susquehanna International Group - Interview - Equity ResearchLots of math questions. Better have a good answer for why you fit in well and want to do ER. No difficult questions persay but some of the higher level people do try and rattle you up a bit to see how you react under those circumstances. Have stock pitches ready but almost undoubtedly you will get i...
T. Rowe Price - Review - Equity ResearchVery intellectually stimulating work. Working with brilliant people who become industry experts and are highly respected by the sell side. Very collaborative environment. . Baltimore is meh. Great place to raise a family but if you're a young professional it's not the best social scene. The flip sid...
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Looking to start an equity research firmQuick Introduction: I've visited WSO on and off over the years, I'm a Actuarial Science Grad however I've trained as a chartered financial accountant within the private equity and Asset Management space. My true passion is equity and investment research with a gearing towards both Value and Tech/Gr...
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Preparing for a strategy roleI've accepted an offer to join a small sell-side team working for the head of regional equity strategy. I have worked in equity research (not strategy) a few years back and will be rejoining the industry after a brief career change. I have a month or two before starting - what is the best way to pre...
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Morningstar - Interview - Equity Capital Marketsresearch a company and its stock.Present your findings in the form of a recommendation for the company? I prepared a research report that mirrored Nike's research ,including a company description, an "economic moat" analysis, fundamental analysis according to its financial statement .Also, calcula...
Roth Capital Partners - Review - Equity Capital MarketsGreat learning experience where team was willing to help the interns learn Great learning experience and industry analysis. . There is no growth for interns for a full time position. Work for a long time but limited learning possibilities. ...
Credit Suisse - Review - GeneralistVery much amazing atmosphere, great colleagues and always good support from superiors. Would definitely recommend working there! . Sometimes its hard to understand who gets promoted and who doesnt. It doesnt always feel like its justified the way they do tings. ...
Strategas Research Partners - Interview - MacroNothing too difficult and nothing out of the ordinary. The skills test was unexpected but that was to make sure i was proficient in excel and that i can do the work. The interview was mostly fit and why i was interested in the position. Questions such as why i am the right candidate for the role and...
Stifel Nicolaus and Company, Inc - Interview - GeneralistThis was for their equity research division. The Managing director had us sit through an earnings call and then asked for our thoughts on the call. We then went into one on one interviews with 5 members. They asked typical banking questions, why Research as opposed to investment banking. Asked us co...
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Networking for Emerging Market AnalystsI work as a research analyst in EM. Given the growth of emerging markets and the difficulty in networking across countries, I thought I should create a whatsapp group to make the process easier. Reach me if you're interested....
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Tudor Pickering Holt and Co - Review - Equity ResearchGood equity research experience and ability to get good work. Able to get responsibility from early on.. Equity research is dying, and the energy industry is doing terrible right now. Firm securities division not performing....
Standard and Poors - Review - Credit RiskThe work is interesting and the work life balance is really great.. Very typical hours and not much to complain about. . Not much room for exit opportunities. The company really wants you to stay with them long term so they want you to take the CFA. ...
T. Rowe Price - Interview - Equity ResearchThere were not unexpected interview questions. It was a pretty standard interview process for and Equity Associate position. The interview started by asking me to walk through my resume. They I was asked why I wanted to work for the company and what interested me in the position. Finally, I was aske...
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Is an internship important for equity research?I know an internship after junior year is essential to get an ibanking job after college, but is it the same for equity research? I'm currently a sophomore and want to get into equity research and am wondering if I should get an internship. If so, is it fine if I do it this summer or should I wait u...
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Top 5 Stupidest Publicly Traded Companies I was screening for new l/s ideas yesterday and forgot to filter market cap. Some hilarity ensued, and having a minute this morning, I figured I would share this collection of monkey shit. Yes, these are/were real companies and you can look them up on Cap IQ if you want. **5. Reality Racing (OTCPK...
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Analyzing bank stocksHello, I am an equity research analyst in a boutique sell-side research firm. I focus on generating and working on general short ideas. However, until now, I have not had a chance to analyze a publicly traded bank stock. Any recommendation on what books to buy to analyze bank stocks? I bought few a...
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Independent Contractors - Equity Research AnalystsI am looking to start a fee based equity research company covering small, micro, and nano cap companies. I am trying to get an idea of what kind of time and compensation independent contractor analysts would be seeking in this type of role. A few things to keep in mind: 1) You would transfer ...
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Equity Research interview with no finance backgroundHey everyone, my first post here. I'm a medical doctor transitioning (or trying) to biotech equity research. Any tips on doing a deep clinical trial analysis and writing an update from a press release? The MD knows I have virtually no finance background, with him telling me it can be taught. ...
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Can someone please send me a sample financial model?? (Tech-related if possible would be great!)Hey everyone, I was wondering if anyone could send me a financial model template (if you have one of a tech company, that would be great as well!). I'm an undergraduate student trying to learn how to model companies. I would be extremely grateful if you guys can comment a template below or PM me! ...
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Second Interview Equity Research AssociateI have my second round interview for an equity research associate - real estate position next week which is a 2 hr interview. 1 hr VP and 1 hr test. I believe the test to be modelling which I am comfortable with. However, I work in private markets and this is equity research= public markets, I worry...
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Next Steps in Prepping for Transition to ERFollowing up on a previous post of mine: https://www.wallstreetoasis.com/forums/critique-my-career-plan TL;DR - I work in risk and have been scheming to jump to ER. I passed L1 of the CFA this June. I am now trying to gain a foundation of knowledge so that when I network and eventually interview I...
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Relationships with industry expertsI have 20+ years of semiconductor industry experience (R&D, corporate planning, corporate strategy) at leading semiconductor companies. Given my experience, a few experts networks have reached out to me and I have done a few calls with clients interested in knowing more about industry trends. (The...
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Evercore - Interview - Equity ResearchNothing really unexpected. It was a first-round interview, so the interviewer followed the usual procedure of asking why firm, why that specific department, fit questions. No brainteasers. Asked a few easy probability questions. He then asked if I had any specific team on mind, which kind of caught ...
Fidelity Investments - Interview - Equity ResearchAsked if I was recruiting at any other firms. This was very early, maybe second half of August and I didn't have interviews at any other firms at the time. Was asked specific details about the retail industry because the interviewer wanted to gauge how strong my knowledge of the industry was after ...
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2017 ER BonusesWe are nearing that fateful time of year when numbers discussions take place. There are already a couple of these out there for IBD/S&T so let's round it out with ER. Let's keep this pretty simple and straightforward: Bank: BB/MM/EB/etc. Bonus: in USD. Also denote whether or not it's a stub. Base:...
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Study material for equity research job?Looking for equity research interview prep material any other tips for breaking into this role, what they are looking for etc...
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Why are operating leases discounted at cost of debt and not at the rate of lease payments made? According to Damodaran, operating leases should be considered as debt. Fair enough, but why discount them at the same rate as debt when the cost is clearly different?...
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Deutsche Bank - Interview - Quantitative ResearchThis position involved a lot of machine-learning experience, so: - Can you describe 'word2Vec' algorithm? - Can you explain how Neural-Network work? - What makes deep-learning "deep"? More equity questions: - How do you compute the value factor? - What is a Z-score? - What bias is introduced if yo...
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Choosing between offers: ER vs valuationsSo I'm in a fortunate position post-MBA where I'm in the final round about to receive offers from a few different places. I have the option to become an equity research associate at two different banks working for well regarded analysts, both who've gotten great exit opps for their associates, eith...
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Equity Research Interview questionsOn short notice I have an interview with an analyst and an associate on thursday for an associate position. Can anyone give me a heads up on what will likely be asked? Will this be a fit interview or more technical based questions and if anyone can give an example as to what level of depth the tec...
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What do you mean by Equity side and Credit Side?If you are saying an investor a equity side or credit side investor, dose it simply means sell and buy side?...
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Jefferies Equity Research Summer InterviewI have an upcoming first round phone interview with Jefferies ER. Does anyone know how this process is like and what to expect?...
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Macquarie Group Limited ABN - Review - Equity ResearchGood work environment Great people Coverage at an early age Not terrible hours Opportunity to advance. Not large shop resources not very innovative stubborn management Smaller support staff No personal bloomberg...
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2018 FT positions - What's the turnover of ER and FI desks?Hi guys, So I got a question about the desks in ER division. I see most ER programs at BB are rotational, just not really sure how it works. I mean from my understanding, not every desk hire newbie every year right? What if I had great interest in one specific desk but they have no opening this yea...
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Attend Barclays After the Bell or Uni Career Fair?Hi everyone, I'm a junior at a semi-target and was recently invited to attend the Barclays After the Bell event. However, the event conflicts with my schools career fair. I'm wondering what you all think is more beneficial to attend for someone trying to break into Equity Research. In terms of what...
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Cantor Fitzgerald - Review - Equity ResearchGreat Culture and people, would love to go back to the office. Great summer experience as an intern. . Not too many cons, coworkers were always reasonable, gave quality work and were flexible with me always....
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Biotech equity research possible with ZERO finance experience? 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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Interviewing For A Specific Group- Equity Research I have been fortunate enough to land a few interviews for equity research positions for specific groups. Based on your experiences, what level of knowledge of the industry is expected for an entry level ER associate role? Should I have a long and a short for companies within the group I'm interviewi...
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How do you forecast the income statement of a power generation/distribution company?As the title says, how do analysts usually go about it? The balance sheet might be a bit easier to forecast than the income statement so any information as to how to go about forecasting the income statement would be appreciated. ...
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Equity Research Associate Interview - How Screwed Am I?On a scale of 1 to 10, how screwed am I for this inty? 28 days ago I applied to a couple positions (IB with a specific group and ER with a specific group) at one bank under their capital markets arm. I get a call Thursday saying that the capital markets arm would like to have me in for an interview...
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Ask an experienced senior analyst anythingSo I'm feeling a bit generous over the holidays. So have at it kids, ask away. Straight-dope answers will be provided....
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AMA- High Yield/Distressed Debt Sell Side Analyst2nd 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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GS Retailing Conference Attendees Does anyone have a list of the names at Goldman retail conference this past week? Can't find on terminal. ...
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Career in ER - still worth it?I am wondering if a career in ER (sell-side) is still worth it? Especially in London/Europe. As far as I know it's becoming less important (less budget) and MiFID II is hitting it pretty hard. What's your suggestion for a prospective graduate? Move my focus to IBD (or S&T) instead? Long term goal i...
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Forecasting Dilution Impact of SBCHello everyone, I'm currently modelling a company thats issuing a ton of SBC, and I'd like to take it all into consideration for my 5-Year target price. I've used the treasury method to consider the dilution impact of all previously issued stock options, however this leaves me scratching my head fo...
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Transitioning to ER from IRHey guys, longtime lurker and first time poster. I was wondering if anyone here has ever successfully transitioned from an Investor Relations role to a Research Associate role? If so did anyone do it networking with the sell-side analysts that cover your company? Or is this frowned upon in the ind...
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