Silver BananaTopic
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Series 7, 63, 86, 87, and CFA Level I/II: Which Order to Take?I apologize in advance for the length of this post, but I'm trying to plan for the next twelve months and need a little help. First, some background: I am currently scheduled to begin work as a full-time associate in June. The firm that I am with has no set timeline for completing your licensing ex...
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Why are you still trying to break into equity research?I keep seeing all of the posts for people trying to get into ER - why?! Commissions were down 10-15% last year, firms are closing, and more regulation is coming.......
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GS GIR ART Program (ER) in SingaporeHi guys, anyone know about the ART program for GS GIR in singapore? Read about the ART in SLC, wanted to know if anyone knows about SG as well - comp, hours, lifestyle etc....
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How to learn to evaluate a company like Goldman?* Ducks to avoid Monkey shiat * I want to learn to evaluate a company like a Goldman analyst/ERer. I don't really know where to start though beyond reading ER reports. The search functionality of the site isn't working well for me and I didn't find anything. I can perform most of the basic financi...
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MBA Research Associate- Buy or Sell Side?As an MBA without previous ER experience, would it be better to shoot for a position on the sell side or buy side, in terms of salary progression and work/life. I'd like to see my career progress towards a PM role. I'd particularly like to hear from post MBA associates without previous ER experien...
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Stock Pitch Hello guys, I have an interview with a top BB for their investment research division. I will likely be asked to pitch a stock. I would like to pitch CTRIP and have a strong reason for it on a marco/market share level but have one issue I am not sure how to overcome. The stock is overpriced on a c...
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Biotech/Life Sciences Key DriversHello Monkeys, I have an ER Associate interview in a week for a boutique that covers biotech/life sciences. I have no experience in biotech, but I been reading up on the sector from publicly available sources. This is entry-level so I don't think they'll require me to have a full understanding of b...
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A Predictive Model Using Elaboration of Time and Space Coding (with Drawings)Looking for partners or buyers, any data can be verified by this method. If anyone interested, please contact me. ![DJI][DJI] [DJI]: http://a2.qpic.cn/psb?/V134vDR04BsGYc/yfo5tYVja40wiNdEjrUw9nxPgMPVvmc9xnwgoDiUfhQ!/b/dDwBAAAAAAAA&bo=dQQ1AgAAAAARB3Y!&rf=viewer_4 ...
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Private Company FinancialsHow does an investor looking into the bonds of a non-public company receive financial statements and other information about the company? When I try to find it on Bloomberg the financials are not available. Thank you in advance....
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equity reserch/Equity capital merkets preparation materialHello everyone!!! I am a new member here and i love this community!! Such great info! I have a problem.. I studied at a non target for my undergraduate (2:1...) and now I have an offer for a SUPER target in London for IB. However because it is a one year MSc I don't have a chance for an internships...
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Too Soon to leave ?So I've been thinking about trying to find another ER job elsewhere (buyside or sellside). I love what the job entails and although my analyst is not the easiest to work with that's not the issue. Im covering a sector thats too macro based (highly levered to China), which I think is too easy to get...
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Earnings Season StoriesHi Everyone, I thought this might be a fun thread and a little like the IB stories on their forum. Any stories about weird interactions with management on earnings calls, days when half your coverage reports, major mistakes, etc.? As much as I'd like to start out, I'm just starting my first earning...
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Consolidated Statement of CFs is Presented CumulativelyI am trying to build a quarterly operating model for a company that happens to present its consolidated statement of cash flows cumulatively throughout the year i.e. Q1 is the Q1 cash flow, Q2's, however, is Q1 + Q2... and so on. I didn't think this would be a problem because I assumed that I could...
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Valuation help/insight for a stock pitchHello WSO, I have recently got an interview for an investment research position at a BB. I made an earlier thread about being lost on a valuation part for a CTRIP stock pitch. I was wondering if you could read what I would say in an interview regarding the valuation section of my stock pick and pr...
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HY Research Interview PreparationI currently work in the Credit Department (Lev/structured Finance side) in a bank in London. I have an interview with EU HY Research internally (Sell-side) soon, and I'm hopeful of making that switch. Would be great to get insight into how I should prepare for a High Yield interview, and what the o...
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can equity analyst trade their own moneyJust curious, can a sell-side (or buy-side) equity analyst trade their own money outside the job or is this prohibited?...
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Achieve 1-year target price by DCF?For dcf valuation, it's my understanding that I will reach a fair value of the stock If I want to achieve a 1-year target price, do i need to discount the future cash flow to one year from now or do I just multiple the fair value by a growth rate? Thanks! ...
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Analystix Tools- free Excel Add-ins for financial analystsHi everyone, I developed a package of Excel Add-Ins, designed especially for financial analysis. Excel offers a lot of flexibility, but it lacks specific functions which can be very helpful for Security Analysis and valuation. The idea to create various tools, which can ease and improve the workflow...
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BB Equity Research VP or B-School to pursue M&A Associate Role?Dear WSO, I need some advice as I've been pondering and losing sleep day and night on this topic. I'm 30, in ER in a MM for 4.5 years prior to which I was an auditor for 2 years (gained amazing accounting skills, work bored me to death, made the switch through massive networking/hustling at the ...
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MD (Medical Doctor) wanting to get into healthcare ERHello everyone, I am currently a resident in internal medicine that is planning to forgo fellowship to get into ER. Why now? Because I didn't know the field even existed until last year. About me: BS in biochemistry at a University of California school. MD from a BIG 10 school in the Midwest. Curre...
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Master's in Finance to Equity ResearchI'm an undergrad studying accounting at a non-target state school. I've done some research into finance careers and equity research sounds right up my alley. I wanted to know the best course of action to get into ER. Would it be better to get a MACC/CPA and do Big 4 Audit or try to get into a targe...
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Pfizer & Merck to collaborate with Corning for new pharma glass manufacturing plantPresident Donald Trump announced that pharma giants Merck and Pfizer are collaborating with Gorilla Glass manufacturer Corning for manufacturing a new glass (Valor Glass), which is superior and reliable for the delivery of injectable drugs. Corning is planning to invest $500 million creating 1,000 j...
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Goldman ER Salt Lake City vs. New YorkHi, I'm looking at the Salt Lake City ER ART program and was wondering if anyone had specific experiences with it and how it might compare to the positions in NY or elsewhere. Thanks!...
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Masters and PhDs in Equity Research?I have always been wondering, what are the job placements for masters (finance, economics) and PhDs (economics) in ER? It is widely known that banks recruit a very small amount of masters into IBD (or don't) and people almost never heard of PhDs getting into IBD. What about equity research then? ...
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Slightly tweaked valuation method?I've been thinking about this for a while and was hoping some more experienced people might be able to point out where I've gone right/wrong. Trying to figure out if this is more viable in the real world than DCF as a valuation and investment tool: project out company's financials for 5-10 years, a...
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Need Help Breaking into Equity Research--------------------------------------------------------------------------------------------------------------...
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Adjustments to opening balance of shareholders' equityHi. I am looking into a company which does really poor quarterly reporting - resulting in various adjustments to the balance sheet and reclassification of balance sheet items every year when the audited figures in the annual report are released. One peculiar one is a post in the statement of cha...
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Equity Research Group Sector Presence Hey guys, I was hoping to familiarize myself and get an idea of which firms' equity research teams specialize/have a strong presence in what sector. Would anybody that has had experience in industry be able to provide insight? The size of the company doesn't really matter to me. It can range from a ...
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CMBS/MBS(Agency and Non-Agency)/CMO research teamsHi all, I'm interested in the mortgage backed stuff and was wondering how the research teams in BB doing. Was reading a research report published by CS 2 years ago and searched the team on LinkedIn, it seems a lot people left. Is that common? Also would like to know about how other teams (MS/JPM/Ci...
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Singapore BB Equity Research RA Salary?Can anyone give me a range?...
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West Coast Equity Research Opportunities?Hi, I am currently an undergrad at UC Berkeley. Do you guys know if there are more equity research opportunities in the east coast or the west coast? and how do I go about finding opportunities in the west coast? Thanks!...
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Snapchat App Download PlummetsSNAP's global app downloads plummets 16% in April 2017. Check out for more info! http://alph.st/pcc4d4ba...
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Difference between Equity Research and Research Fixed Income?Im looking for updated opinions and thoughts, and also which will be the best experience for joining a Hedge Fund....
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Buy Side Equity Research Analyst/Associate ProgramsHi all, I'm hoping to learn more about asset managers that have an equity research associate (entry-level) program. I'm particularly interested in companies like Brandes with a long/value focus that may not be as well known as some of the larger asset managers. So far I know the following firms h...
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credit research at JPM and other banks in Columbus, OhioHi all, Does anyone here have any experience or info they could share about fixed income at JPM there? Talked to an alum who works there and he told me that JPM does a third of all their fixed income trading through Columbus (the only other two locations being NYC and London, I was shocked) and app...
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Upheaval in Research RegulationRecently EU lawmakers rewrote their financial rule book MiFID II which will change how research will be sold. [quote] Gone will be the days of offering market analysis for free, as part of a bundle of services offered to clients. Soon, brokers will have to decide how much to charge for researc...
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Equity Research sell side: how do you think the buyside should do better to interact with you?going to be starting in equity research at a mutual fund. i'll be be covering companies and so wanted to ask the wso community (specifically those working on the sell side) what are the characteristics of buyside analysts that you like to work the most with? what is your ideal relationship with buys...
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Don't lose hope, from BO/MO to Equity ResearchSeems like there has been a lot of negative posts lately (mainly from a few trolls or most likely the same troll) so I wanted give a positive story for those looking to transition. Quick Background: Went to a non-target state school and didn't know anything about banking for the most part aside fr...
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MSF for transfer into ER or AM?I am a graduate of a top 10 public uni (UIUC, Purdue, Wisconsin) with a 3.95 UGPA in agricultural economics. My main focus as an undergrad was on econ theory and commodity markets. Currently, I have a merchant job with a large physical trading firm (think Cargill, Bunge, BP). I am currently not real...
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Best overall online equity research course?Can anyone recommend an overall (fundamental, modeling, business analysis etc) online course to do? ...
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Advice for ER Interview at Bernstein?I just got a interview with Sanford Bernstein and I'm looking to see if anyone might have any advice on how to best prepare. Still waiting on the full details (who I'll be meeting with and at what time), but its an in person interview at their New York office at the end of next week. The position ...
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Analyst or Associate?How many years do Equity Research Analysts work before they get promoted to associates at BB these days? Thanks in advance....
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Brean CapitalDoes any body know about this company? ...
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How would you value a company like Amazon?Just curious on what people think of Amazon's current stock price -- while companies like Amazon and Tesla are flying high in stock price, they may seem overvalued based on DCF and comparable analysis evaluations. But I feel that these models don't fully capture the value of these companies due to t...
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WACCDear All, I want to calculate the cost of capital for local government. I am struggling to calculate the cost of equity - I can use the CAPM or the growth model because there are not comparatives for local government given that government is the only shareholder and local government is not listed o...
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CFRA Research?Hi All, Been on the hunt for positions in research and applied for one as a Fundamental Equity Research Analyst at CFRA. It looks like they're a spinoff of S&P. I know they do forensic accounting research but this a different role. Anyone hear of it/have thoughts on how this compares to other sho...
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Qualifications adviceHi guys, I recently graduated from a top 5 business school in Canada in finance (BBA), my GPA isn't excellent but I do have experience in cold calling and market research for a microfinance newspaper, also 4 months as an M&A analyst intern for a pharmaceutical marketing firm. Initially I was quit...
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Industry PrimersI'm looking for some industry primers on TMT, Industrials, Financials, and Consumer. Please PM them to me if you can. Appreciate your help. ...
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BMO Equity Research Interview - 1 hour test Hey all, I have a ER interview scheduled at the end of this week. I was told by that it is test. Does anyone have any experience with this type of interview and what to expect? I am Any help would be greatly appreciated. Thanks...
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Morningstar Style boxHey guys, I was wondering if anyone knew of any alternatives to the morningstar style box. Currently, I'm an intern tasked with researching alternative methodologies to rating our portfolio (mostly highly rated short duration bonds) and I wanted to hear some opinions....
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From Outsourced CIO to Sell Side Equity ResearchI am currently Interning at a reputable Outsourced CIO. I currently have a 3.4 GPA, Econ Major with some Comp Sci classes thrown int there. I am going into my Senior year at a Public Ivy (Think Michigan, UVA, UNC, Berkley, etc) . The work I am currently doing is quickly getting updated to more of th...
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Swapping BIWS (Premium & RE Courses) for WSP Premium Pack.Swapping BIWS (Premium & RE Courses) for WSP Premium Package. Let me know by PMing me! We'll talk more soon. ...
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Independent equity research firmsHey all, I'm a recent MBA graduate from a top 50 business school and have equity research internship experience on both the buy and sell-sides in NY. I was also a summer associate at a boutique last summer. I've been approached by some independent research firms like [Edison] - any thoughts on the...
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Banks & Insurance ER booksHi there, I am a credit portfolio manager on subordinated financial debt (AT1, T1, T2 etc.). I am wondering if there are any good books on financials' (banks and/or insurance) equity research. For you guys on ER what would you recomand to read to beef up my analyst skills ? Also, any training tha...
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Suggestions for forensic accounting booksI was reading a book today that mentioned a couple of forensic accounting books. From the point of view of an equity analyst looking to identify "yellow flags" for further investigation, are there any books you would recommend ? Ideally I am looking for books that would be applicable worldwide. I...
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First equity research report ever writtenWhen was the first ever equity research report written? Does someone has any clue? I am really interested in the history of equity research. Stocks started trading in the 17th century but ER only seems to have started in the post-world war II war. Was there really nothing in between? Any suggestion...
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UBS/DB/GS researchCan someone give me an opinion on UBS, GS and DB research? How are they handling mifid2? We cant realistically see the dept at these banks get laid off totally? The reason i ask is because apart from UBS the others dont necessarily do well in II. ...
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FBN SecuritiesIs anyone familiar with this firm? Smaller family owned Broker/Dealer based in NY with a couple satellite offices. There research looks like its gets picked up pretty well in the media for a firm of its size (CNBC, WSJ etc). Just curious what people know, have heard etc. Thanks...
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Best Path from Recent Undergraduate to Equity ResearchRecently graduated (May 2017), have been offer a job at one of the top expert network firms, but am afraid that the skills I will learn there will not be transferable to an equity research role, which is what what I am really passion about. Thus right now I am in a dilemma. Would it be better to tak...
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Day in the Life of an Equity Research AssociateI have an interview in a few days for a position as an equity research associate with and O&G investment bank in Texas. I have spent the last 2.5 years in investment banking, but out of the blue this firm reached out to me, and now here we are. I am familiar with investment banking, but I am not qu...
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My team just got laid offJust got the news last Thursdday, our management has decided to let go of our team (since we have teams competing in the same sector/II category). I was already looking to move, but I am now worried where I can go. 1) I don't want to do IR 2) Been trying to do Corp Strategy or Corp Dev (but keep g...
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Too Old for a CFA?I'm gonna be 28 at the end of this June but I won't be ready for this year's exam. If i were to sit next year and pass all levels first shot (trust I know this is a difficult task) I would have completed all levels at age 31. Is 31 too old for the CFA to make a substantial difference in my career?...
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CFA vs Self StudyIs it better to spend time studying for the CFA level 1 or spend time self studying, reading 10k's, and mastering writing reports and doing valuations. I have a constraint of both money and time since I work 2 jobs, so I can't really do both. Would the CFA give me any real edge in the short run, or ...
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How common is it to go from BB/Top boutique ER (2 years) to Top HFs these days; Summer Intern conversion %?Is BB/Top boutique ER just not competitive anymore with IB for Top HF these days? Most topics on this on WSO are from years ago. Also, I read ER associates get hired on as-needed basis. So if you do a summer intern stint and perform well, it just comes down to spots? IE, nobody gets hired from th...
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Exiting an Equity Research dream jobI always wanted to be an equity research analyst (sell side or buy side). But now that I finally broke in, and have been here for some time, I realize how bad shape the industry is in. Buy side keeps getting hit by shift to passive, while sell-side (where I am) faces structural challenges from MIFI...
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Want to enter ER straight out of undergrad, what should I say when they ask for my pay range?Hi everyone, The title says it all. I know glassdoor has salary information for different firms, but it doesn't quite differentiate between experience/degree level, i.e. I assume someone entering ER out of a PhD or MBA program gets much higher pay over someone straight out of undergrad. What should...
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duduct minorities interest from FCFF When I do valuation I use FCFF which calculate from NOPAT (net operating profit after tax). It mean minorities interest are included in FCFF. so when I discount FCFF to present, this present value still have a part of minorities interest. Please kindly help me the way to deduct the minorities inter...
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REIT to ERHi Everyone! I just have a quick question on how common it is to go from REIT to ER, and how that career path typically takes shape. I am currently a senior analyst at a large REIT (>15B UM), and the "dream" for me has always been to get into equity research someday. Coming from a non-target, I fee...
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DCF Question - What to do with VATHi all, I am currently modeling the acquisition of a country club and while doing the DCF I have run into what I think is a very stupid question, but here it is: The country club does not charge VAT to it's customers, but it has to pay VAT on its services. What happens to the difference between VAT ...
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What to learn first to be ready to do a stock pitch?Hi everyone! In short I want to do a stock pitch on Chinese airlines because I like the industry and I want to use it a way to learn more about companies, modeling, Excel and the industry. Also it would always be useful for job interviews. I've been researching on the topic and I have found that ...
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1st Year Equity Research Analyst BB London - AMAHey guys, Long time lurker here, thought I would give back and add some value to WSO after learning a lot from here during the last few years. As the title states 1st year analyst (nearly 2) , have gone through the whole progression system; Spring > Summer > Grad position. I'm happy to answer an...
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Chinese airlines stock pitch. Is it a good industry to pitch? Hi everyone! I want to get an internship in the financial industry. My target roles are in Asset Management, namely alternative investments. I am interested in structured finance, HF, PE, RE and portfolio management. However since these roles are quite exotic and competitive I would also like to b...
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What can I do to make my resume stand out?I am a rising sophomore at a semi-target/target school. Unfortunately, I do not have an internship this summer. So, in an attempt to use my spare time wisely, I've been reading tons of stock trading books, and I've developed a strong interest in equity research and trading. Are there any projects o...
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Moving From PWM BB to Equity Research I'm currently at a non-target school and will be completing 2 summer's of BB PWM, but I would like to transition into ER upon graduation. I also have experience within ER via my education curriculum & have my own reports on a few companies. What is the best way to go about this and is it reasonable?...
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Advice for Interviewing With an AssociateBackground: Non-target, 3.25 GPA, relevant boutique internships. Found an open position at a top BB ER firm for a highly ranked team. Applied online, then reached out to the lead analyst expressing my interest to him/her directly with a work sample and resume. Normally I don't hear back more than ...
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Equity research covering public REITs...career path and exit opps??? Can anyone please expand on the exit opportunities for ER covering REITS? I have several questions: 1) Is ER competitive / desired experience in the RE industry? 2) Is transitioning to REIB, REPE, or corp equity research possible from RE research? 3) Does covering publicly traded REITS change the ...
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Brooks Automation, (BRKS) GOP/R= 1.21 P/CF=13.1 P/E= 4.8 CR= 4.05 Net Profit Margin= 25.05% Yield= 3.52% Source: T1 Builds machines that carry out automated manufacturing. Highly levered to cyclicality of semi manufacturing industry but has made several acquisitions since 2011 to enter/expand into the life sciences busi...
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INTERNS! What are you getting paid this summer?Equity Research Internship Size of Bank: Bulge Bracket Location: SF Salary: 15.00/hr Did you bargain? if yes from what amount: No edit: (landed FT IBD role in NYC.. hallelujah)...
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Will Equity Research regulation kill off the future?Stumbled across [this article][] a few days ago, and another one from [FT.][] "MiFID 2, an ambitious set of European financial rules coming into effect next January, will force asset managers to disclose how much they spend on research. So banks will have to “unbundle” their services, billing c...
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Admin works in research? travel booking, printing, binding, etcHey guys, I joined ER last month, on top of research work, I have to LOTS of admin as well, and it is taking me a lot of time. I am wondering if you guys have to do the same thing, and if that is a part of job as well....
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Breaking Into ER - Advice NeededHi All, So to give you a little background on myself: I've spent the past three years working in the back office at a mutual fund administrator in Ohio. Realized this wasn't for me awhile ago and have been trying to land a spot in ER or something similar in the front office. To make myself an attr...
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H.C. Wainwright, no information online?I can't find much/any anecdotal information about this firm online... only one glassdoor review and nothing much on this site. Can anyone/does anyone know who can speak to their experiences interning at H.C. Wainwright in NYC? Either for investment banking or equity research....
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Equity Research training courses?Could anybody recommend me some equity research training courses? Thank you in advance :)! ...
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ER PayscaleAnyone know what the standard pay scale for ER is (assuming BB)? Is it: Analyst 1: 85K Analyst 2: 90K Analyst 3: 95K Associate 1: 120K Associate 2: 140K Associate 3: 160K ...
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MKM PartnersIs anybody familiar with MKM Partners in Stamford? I saw a job posting, but haven't heard anything about this shop. Legit?...
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Incoming Freshman seeking guidance regarding financial modelingI'll be attending college in the fall and wanted to get a head start and learn financial modeling and valuing companies. Are Martin Shkreli's videos on YouTube (https://www.youtube.com/watch?v=ARrNYyJEnFI) a good resource for me to learn modeling and valuating a company? It seems to be helping and I...
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Estimize Friend of mine in B-School told me about this company Estimize. Been playing around with the figures and making estimates for the past couple months and have incorporated it into one of my sources for information when forming an investment thesis. I can't help but think that a company like this (a...
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Finding a team after an getting an offer - expecting a callI will join the ER division of a BB in the fall. I haven't been assigned a sector yet but I have a call scheduled with one team. I am quite unfamiliar with this process as I had always been assigned to a sector. Are those calls pure fit? Or can it be technical (need to brush up some concepts?)? Is i...
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Price/hour clients pay for analystDoes anyone know how much companies pay for having access to analysts on a per hour basis? So for 1-1 meeting....
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please help about valuation for company when it has a real estate projectI am trying to do valuation for a firm which do business on consumer sector. This company also has a real estate project and it make me confused. For real estate project, I calculate NPV (FCFE method) for this project and plus this with initial equity investment. Then divides the result by share nu...
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Possible to ditch out early once a week?So short story I have a medical condition which requires me to get surgery at the end of my SA. I am doing ER in a BB and was wondering if some days I could dip out around 7ish to see my doctor once a week to help me have less pain through the summer. How bad would this look if I explain the situat...
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Recommendation Bias on the Technology Sector?Hey guys... so actually I have been writing my thesis/upper-writing class/the paper I need to write to graduate. The topic I chose is "stock recommendation bias and bank's affiliation" I am a Math and Econ double major and I used a lot of Econometrics data estimations. (Econ class) My data tells m...
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Equity Research Career Path AdviceCurrently working a job in Asset Performance Analytics and reporting at a boutique Investment Management firm. Based on my exposure in school, and what I've learned and been exposed too at my current position, I think I would really enjoy working in equity research. I'm generally knowledgeable abou...
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Should I take the job or wait for this other application?aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa...

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