Silver BananaTopicReplies
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Final round interview with panel + Head of Research

mets15

Hey guys, I'm into the final rounds of a SS ER position. Can you tell me what to expect? One round is with a panel of associates and final round with Director of Research. Any insight would be great. Thank you!...

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How to survive post Mifid II?

charlie the unicorn

How should a new guy in the industry best position himself to survive the impact of Mifid II on the sellside? ...

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Pro-forma income statement model for ER interview

Fantasty

This might be a dumb question but I searched around and found no related answers: I am building a pro forma quarterly and annual income statement model that covers 2017 and 2018 as requested for an interview. I am familiar with 3 statement modeling, but the difficulty arises when they requested tha...

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Splunk metadata information

Soujanya-Bargavi

We recently purchased splunk and hired a contractor to implement it for us. We want to capture information from the log files and display it in a very simple manner via splunk. We are facing issues with collecting some metadata type information. I will try to explain it via an example : Server is ...

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FCFE discount model and DDM

compoundingreturns

Is a FCFE discount model or DDM an accurate way to value a Aerospace and defense company stock. Also what sub industry is the FCFE discount model and DDM the most used within and gives the most accurate value of the company stock. Thank you. ...

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Actuary switch into financial analysis?

RiskIsOpportunity

Hi, I'm brand new to WallStreetOasis and newly considering a career switch into finance. If I have posted this in the wrong spot, or if it’s inappropriate to post a solicitation for career advice here, I apologize - please let me know. I would very much appreciate any comments or insight about ...

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In ER, what is the difference between biotech, pharma, healthcare>

red2016

For example, it seems like some banks have different divisions and even for something like... AMGEN, it can be listed as a biotech at some and healthcare equity at another shop. Is there a difference or are they all one and the same? Please clarify! Thanks!...

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Exiting an Equity Research dream job

ar169

I 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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Exit Opps for Economic Research vs FI

streetrules

Which one would be the best for eventually transitioning to a global macro fund (am most interested in FX) ...

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Credit Suisse lead analyst in an attractive sector vs. top-10 HF analyst

lionheart

Able to get an offer at CS research for a good sector (VP role w/ a junior analyst, base 250k) and an analyst role at a top-10 HF (fundamental L/S, base 150k). Both seem interesting; CS would likely be less day to day stress. Which do you think is better?...

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Would your job be easier/better without quarterly earnings?

MichaelScarn

Trump today proposed a possible change to earnings season: reporting earnings only twice a year, instead of four. https://nypost.com/2018/08/17/trump-asks-sec-to-study-six-month-reporting-system-for-public-firms/ Would eliminating quarterly earnings make your job easier/better/more enjoyable? Or...

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Earnings Calls and Transcripts

MikeyInvest

Hey guys! Can you suggest where I can listen to archived earnings calls as well as earnings transcripts of US public companies? I tried EarningsCast, but couldn't get the last year's earnings audios. ...

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Dividing all constants by 1000 in excel

ResearchLackey19

Hey Monkeys. I noticed that an earlier model that I created had numbers down to the thousands of dollars. It is not optically pleasing and I was wondering if there would be a way to divide all constants by a 1000. I think that should fix the issue....

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Go from well-known MM ER after 2 months to new VC firm?

boomtown917

Hi everyone, I am using a throwaway for this post for obvious reasons.... I am trying to figure out whether I should leave a brand-name MM firm where I just started doing ER for a role in a new VC firm. Here is a quick synopsis of my background & position: My background: - 2 yrs exp in consulting ...

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Company or investor WACC?

afterSun

I was confronted with this issue a week ago - investor or company WACC? When estimating the value of a listed company, say Facebook. Do you use Facebook's WACC or the WACC of a highly diversified investor, say a mutual fund? Might be a weird question....

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In search of a mentor - Equity Research

pranay.arya

Good afternoon friends, mentors, and esteemed members of the community! I am pursuing my MBA in Finance and Accounting from the University of Rochester (Simon Business School); I graduate in June 2019. I have 5 years of IT development and IT consulting experience and currently working as a Finance...

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2-hour modelling test - sector specific?

g1rlinfinance

I was asked to come in for a 2-hour test. Based on previous forums I am assuming it will be a model update + written component. In your experience, was the modelling sector specific? Ie. I am interviewing for FIG but the ratios used to value FIG companies will be completely different than for instan...

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Private Banking vs. Equity Research

tpro3

I was wondering how private banking and equity research divisions are related and how their pay and work/life balances differ. Also which would be a better starting position for a strong career? Are they similar in regards to competition for positions? Approaching my sophomore year and I am trying t...

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Is Equity Research Dying?

MichaelScarn

I've been reading articles about how Millennials are dumping individual stocks and plowing money into ETFs… https://www.cnbc.com/2018/06/12/millennials-are-dumping-their-individual-stocks-and-flocking-to-etfs-schwab-survey-shows.html Coupling this information with investors’ general trend tow...

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Looking for somebody to review

recaptcha

Monkys, I built up a 3-statement DCF as well as short 2-page research report to send in hopes of landing an equity research interview. Was seeing if I could send this to anybody, preferably somebody currently working in/has worked in equity research, to take a look at? Any help would be much apprec...

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Healthcare Sector Research

consultant 13

All, I am curious as to what opportunities in research I would be qualified for based on my career experience. My healthcare sector experience includes healthsystems to ambulatory providers (physician groups, Urgent Care, Home Health, etc.) to Value Based Healthcare policy. 5 years Healthcare Ope...

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Sell-side vs. Buy-side Equity Research

MantisTobogganM.D.

I'm a rising senior at a non-target who recently decided not to be pre-med anymore, so I'm looking at my options in finance - I apologize in advance if what I'm asking is silly, and please correct me if I have this all wrong. From what I understand, at GS, the typical entry-level (post-UG) ER role ...

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Reading 10-Ks. Print or Online?

WidespreadPanic90

To me the answer is obvious, print. Call me old fashioned but I feel like I understand content better when I can actually hold it in my hands, I still buy hardcopies of books opposed to getting a kindle and downloading them. Also, marking up the 10-K with notes is much easier when you print it out...

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SEEKING ADVICE for internships interviews: I just blew mine right out of the water!

ch.j.sh.

Hi guys, I'm making this post in hopes to get professionals such as yourselves to help students like myself to better prepare for technical tests in interviews for entry-level jobs and internships - because I just screwed mine up. I'm a third-year undergraduate student with no experience in banki...

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Fred Alger Management

Parhelion

Anyone know about Alger investments for an equity research associate? Is this a good firm if wanting to eventually work at a hedge fund? Anything about comp/exits? ...

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Equity Research Intern Modeling Test

Xohs

Hello, I have a 2 hour ER modeling test coming up soon. I have no idea what to expect. I did some reading here, but can't find a good example. Does anyone have one laying around or willing to help? It would be greatly appreciated! ...

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Help with Writing ER Reports for Beginners (Value Investing)

NeverOutOfTheFight

Hello, I am trying to put together a few short ER reports before I start my MSF program in the Fall and don't really know how to make it both educational and relatively basic. I have been self-studying on and off for the past 2 years. I have read a few investment books (Intelligent Investor, Securi...

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MS biotech ER team reputation?

kev121212

Hi, Does anyone know the reputation of Morgan Stanley's biotech ER? Do they have any II-ranked analysts? Thanks!...

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Hearing back from interview during earnings season

Xohs

Hello all, About 3 weeks ago I interviewed for a FT position as an ER associate at a BB. I didn't go through HR as I had a PM that is their client pushing my resume for me and vouching for me. I thought the interview went very well and they told me what would happen if I got hired etc. However, it'...

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Switching from Endowment Analyst to sell side ER

wallstreetfuture221

Hey everyone, I am currently an Analyst at an Endowment office (not super well known) and I know I do not want to be there long term. Being in manager selection does offer great exposure to the overall investment universe, so I am grateful for that. However, it does not provide direct side exposure...

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Too Old for a CFA?

RamenNoodlesNCHill

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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BAML Global Research Sophomore Summer Analyst Program 2019

A-D.ER

Hey all, I didn't see a thread for the sophomore ER program at BAML so I figured I'd post one to get the conversation started. Just wanted to see where others are at and get a feeling for how the process is from some who have already gone through it. Any insight is greatly appreciated....

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New to Buyside ER. Which Sector to Cover?

mktmonkey

HI there fellow monkeys, first time poster here. I just recently broke in to buyside ER and was given the unique opportunity to choose which sector I want to cover since I'll be their first ER guy. Which sector would you guys suggest and why? Thanks in advance ...

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Barclays ER

brearraea

Would really appreciate it if anyone have inside or decent knowledge about Barclays ER in terms of quality, rank, outstanding group etc. I have an exploding offer with them for 2019 SA, so would love more insight on how valuable this internship could be. Thank you guys in advance...

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Equity research reports - BB technology TMT industry reports

wallstreet_hacks

msg me if you would like copies - comprehensive industry reports - full length...

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Switching from Engineering to Finance

khajkhkhsskeh

Dear Friends, Hope you all are doing very well. I am an Engineer with PhD (in Engineering) and 5+ years of work experience in oil and gas industry (living in Calgary, Canada). I always appreciate what I learned from Engineering, both at school and work experience, But I feel that this is not an are...

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JP Morgan ER Offices?

Trojan1999

Hi, I'm a rising sophomore at a West Coast school and I'm looking at the research role in JP Morgan's 2019 Summer Markets internship. Which JPM offices actually recruit research interns? I'd like to work in SF, but I don't want to apply there as my first preference if there aren't any opportunities ...

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Interview question- Suppose I give you $10,000 USD. How will you invest it?

Delilah12

Or some variation of this question. What are the follow up questions I should ask (eg: expected return, time horizon) And were I to answer this in October of 2017, what could be a good answer structure? ...

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FCFE Question - Negative Change in Net Working Capital (Non Cash)

Dazed_Iam

Hey guys, I'm working on a valuation for a company but have some questions. The company I am reviewing is a low capital intensive company. The change in net working capital is negative year over year because the company has over 70% of it's current assets in cash and equivalent. I've looked arou...

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ER Interview with Associate Director - After 2 years

Anonymous Monkey

Just found out I got an interview with an Associate Director of a large bank this week. The funny thing is that I interviewed with him 2 years ago while I was in a Big 4 and studying for the CFA L2. Now I'm in a F500 FP&A role and a CFA Charterholder. Looking back, he asked some questions that I ...

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BiliBili

Brio

Thinking about buying some of this stock before the 8/22 earnings release. Has anyone else researched this? ...

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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 1)](https://www.wallstreetoasis.com/forums/worklife-balan...

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Would you rather be a SS ER with coverage or BS analyst?

CFA_monkey13

Curious the opinions of those with different perspectives if it's a better gig to be a sell-side equity analyst with coverage of any kind but most likely not a major I.I. category or a buy-side analyst (long or HF) at a decent sized AUM house for each respectively. Obviously both industries changing...

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2019 Equity Research SA MegaThread for EMEA and APAC

Beabs

As of now, GS, JPM, MS, CS and Jeffries have started accepting 2019 applications for Equity Research. What have you applied? What should we expect for hirevue/tests? ...

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+28
Ask a VP in Equity Research anything

Fanalyst

I haven't seen one of these in a while, so I figured I would start one. I am a Vice President in equity research, with coverage of a selection of stocks (from mid to small cap firms) within a large sector. I'm at a top 10 bank. Ask me about how the industry works, lifestyle, recruiting, compensati...

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Ask a VP in Equity Research anything - 2018 Edition

Fanalyst

It’s been two years since I did the last one ("Ask A VP in ER anything" ), so I figured I would do one more. Let’s talk about the industry, MIFID, banks in general, trends in the industry, long term career outlooks, etc. ...

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Is Equity Research really decent at getting exit opps to top AM and HFs?

lakebeachadvisors

It's hard to corroborate this claim on LinkedIn, since it's hard to get linkedin to search correctly. Can people name some exits they've seen in the past? Thanks...

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If you could cover any sector, what would it be and why?

NYU-Trader

If you could start over and cover any sector from the start which would it be and why? Is there a reasonable argument that any one sector particularly positions you well for eventual generalist investment positions? Bonus: where do you see consumer discretionary fitting into this conversation? I'm...

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Test/Case study for RBC Research Associate interview

ramfinanceguy121

Hey, Wondering if anyone has information on, or has completed the case study/excel test that Royal Bank (RBC) makes potential Equity Research Associates complete. I might have to take it next week, and so any insight would be greatly appreciated. Thanks...

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Depreciation Nerds: Need help

gummybear90

Hi guys, i'm looking at a company with a very asset-heavy business model that should depreciate a lot. They include D&A in their financial statements under OpEx, with no further breakdown (just line item OpEx, not even the amount of D&A). In their cash flow statement, however, they have a D&A expen...

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[SA] MS equity research vs. JPM FICC sales

ijoonna

I got two summer analyst offers, both leading to potential full-time offer. 1. MS Equity Research 2. JPM FICC Sales. I have been an equities guy, mostly because I started investing in stocks 4 years ago when I first entered college. I am delighted when I have discussions about the eq market but d...

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2017 Institutional Investor All-America Research Team

NotThatCreative

Starting my ft gig in equity research soon and I'd like to go through the 2017 II list to see which analysts I should be trying to work for when sectors are assigned. Unfortunately I can't find anything online, so if you have a link/pdf you could share here/pm, that would be greatly appreciated!...

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Difficulty of Series exams after CFA?

gata

So I just took CFA L1 a few weeks ago (crushed it, but probably failed). Just landed a job at a FIG IB in ER. I have a few questions but they are simple. How "difficult" are the 7, 63, 87, 86, combined compared to the CFA, and how much will CFA studies overlap into studying for the Series exams? Als...

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