Silver BananaTopicReplies
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Is ER a bad goal in college with MiFID II coming?So I'll start this off by saying I don't really know what I'm talking about. I am a senior in high school who is going to college soon (semi-target). From what I have read, Equity Research seems rather appealing to me, and it would probably be what I network for and hope to do after college. I en...
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Robert W. Baird & Co. - Review - Equity ResearchNice people: can't stress enough what a pleasure it has been to work for this company from a culture perspective. Very smart, approachable, and generally stress-free seniors make this a truly enjoyable place to work; Great work/life balance (relative to BBs and some elite boutiques, depends on sr. a...
Jefferies & Company - Interview - Equity Research98*96 = . I was a bit stumped by this one since I was expecting more of a "Pitch me a stock" but apparently they ask this. I give you $10m, where will you invest and why? Why do you want to leave your company? Based on what you told me, it sounds like a good place to be. What do you think my job...
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the underdogHi everyone, I am in my senior year in college, I graduate FALL 2018. I want to start my career in ER. Unfortunately, it seems like everything is stacked against me. I come from a non-target school. My GPA is 3.5. The only internship that I have under my belt is an accounting intern. Is there...
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Sandler ONeill - Review - Equity ResearchGreat company to work for: Entrepreneurial spirit Good pay versus the street A lot of development opportunities. Nothing negative to review: Only possible negative is the size of the firm is small and that can bring cons but you know that going in....
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Any alternative to beta? So I have a very fundamental question on Beta. It seems that beta has it's flaws: backward looking, doesn't distinguish between upside and downside and have liquidity bias as well. Beta is a measure to capture market risk but do we only have beta to capture market risk ? What other alternatives do w...
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MCD ModelI can't get my model to balance. Is anyone willing to take a quick look? Also, can someone tell me if there is a way to add a link to the model. ...
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Mizuho - Review - Equity ResearchNice working environment, great pay for intern, treat intern as very valuable, working hour flexibility. No formal training, no information on Full time offer, mizuho software are very outdated, cannot install new software...
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Best undergraduate degree for equity research?I already read "Here are the target undergraduate schools in Canada," which seemed like it was more for people who wanted to go into IB. I'm more interested in ER, and thinking about possibly going into HF later on. Which (Canadian or US) undergraduate programs do you guys recommend? (Which undergra...
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How do rising interest rates impact corporate balance sheets?In an environment of rising interest rates, lets assume we have a few scenarios: Company A: Low leverage (minimal debt to equity), high cash, high A/R, low A/P Company B: High leverage, High cash, High A/R, High A/P Company C: High Leverage, low cash, high A/R, low A/P How will each company be imp...
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Goodwill Reporting on 10-K I'm looking through Lowe's 2016 10-K and it acquired a Canadian company named RONA which was the only acquisition. An exhibit outlining what Lowe's paid for RONA states that goodwill is indeed 976 but the actual goodwill exhibit under acquisitions it has the figure 1015 instead of 976. Is this due...
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Do I have a chance at breaking into an equity research/investment organization at this point?What i am wondering: is it wise at all for me to spend my time applying to investment organizations (is my resume going to continue to get thrown in the trash?). I'm a graduating (in may) economics student at UW-Madison and have a 3.5 GPA with experience interning at a small, no-name real estate val...
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The right time to lateral?**BACKGROUND:** I have been at a Credit Rating Agency (Moody's, S&P, Fitch, etc.) for four months. I started straight out of undergrad as an Associate Analyst (comparable to an analyst in IB or associate in ER). I graduated from a small non-target with a 3.9 GPA, Economics and Poli Sci double major,...
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Best Practices for Equity Research Analysts by ValentineBy chance, does anyone have a pdf ofthis book? if so, please pm me Best Practices for Equity Research Analysts: Essentials for Buy-Side and Sell-Side Analysts James J. Valentine (Author)...
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Equity Research Q&A with FlakeMod (Andy) note: This thread is from December '11, but Flake said he is still up for answering questions, so fire away Given the holiday season, I'm in a relatively good mood and feel the need to give back a little. I've seen a bunch of these "fielding questions" threads and I thought they were ext...
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When and How To Exit?Been in ER for almost 2 years; clearly an excellent opportunity and learned a ton, including numerous certs etc. I've realized I' extremely unhappy on the job, granted I am doing it well and better as time goes on, but I know I would never want my bosses job. I've just had too many conversations a...
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CFA - Anyone burn their Schweser books and just learn from the Videos??!??!CFA Monkeys - Curious to hear your experiences with Schweser Videos or videos from any of the other companies? Helpful? Better than the books or just use them as supplementary to the books? ...
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Exit opps for ER @ small investment management firmHi all, I have an opportunity to join a ...
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ER Salary LondonA good friend of mine was offered an equity research associate position in London by a BB. She has been working for a research boutique in NYC for 3 years post MBA (top 5) and the BB offered her £95k base salary. She asked me for my view on the offer given I am based in London but as I am on the IB...
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Citigroup - Interview - Private BankingThere were no really any difficult questions that were asked. They were mostly just based on my own work experiences and extracurricular activities. With whatever you said, they made sure to ask a number of follow up questions to ensure you are telling the truth and that you arent just over exaggera...
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Did I make the right move?Hi All, After spending almost 7yrs in the financial services sector (since the start of my career), I have recently joined a high street bank in their equity research team. It feels like a whole new world, and I don't feel too bullish at the moment. Im supporting the equity strategy product as an ...
3
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Valuing Exxon Mobil with DCF?Hi all, apologize if this is in the wrong forum. I need to value Exxon Mobil for a presentation and have been told that a DCF would not be accurate for reasons that have not been well communicated to me. Someone has mentioned using APV, but quick searches on WSO have said that APV is purely academi...
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Stock Pitch CompetitionsWhat are some notable undergraduate stock pitch competitions that are held on a national level? Anything like the Ira Sohn Idea Contest would be helpful. Thanks....
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BMO Capital Markets - Review - EnergyVery palatable working hours. Get to travel a fair bit. Small team with friendly feel. Reasonable buy side reputation.. Potential lack of progression within the company. Employees frustrated by this. It systems are behind the times....
UBS AG - Review - Equity Capital MarketsFocus on research. Stable outlook. Good work environment. Decent sales. Good platform and client reach. . Bad hours. Outdated IT infrastructure. Too many internal procedures. Bureaucratic. Low efficiency. Limited upside. ...
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RIA: Is this a viable option for an ER analyst who hopes to enter into AM firms and HF?I hope to start in Equity Research soon and was looking at a few ways the career itself would branch out after several years of experience. I was looking through Asset Management in the forums and I came across RIA (Registered Investment Advisory firms). Most of these firms are founded by older guys...
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Cross Research GroupDoes anyone have any information on this company? Boutique equity research firm that focuses on InfoTech. Applied for an entry-level associate position and have a phone interview tomorrow. Looking for any information. Thanks....
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Fitch Ratings - Review - OtherGood culture, alot of learning. Not too many hours (45week) Nice MD's Good Pay. Interesting work, access to a lot of software (Bloomberg). Sometimes the office would be a little slow especially in regards to intern work, not as much modelling experience...
ABN AMRO Group - Review - Equity Research- Great exposure to senior Equity Analysts - Fully implemented in the Equity Research coverage process - Early responsibilities - You learn a lot. - Hours and days can be long - Sometimes expected to show up on weekends - A little unorganised at times...
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Can a listed company that is not at risk of bankruptcy choose to end operations?If its possible, what happens to its stock and to its bonds? And is it the same case for a private company?...
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Raymond James Financial Inc. - Interview - Equity Capital MarketsOverall, the interview process was not too difficult. Everyone that makes it to Super Day is, generally, smart enough to do the job. They want to confirm your intelligence and passion for the industry, and see if you'd be a good culture fit. One of the math questions was what's 6 divided by 7 to 3 d...
JP Morgan Securities - Review - Equity ResearchBest management team I've worked for. Few upward mobility options. SMID Cap coverage is always influx. . Hours have gotten better with time but pay and quality of research has slipped. Too many career associates. ...
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CFA Registration InquiryHello everyone, As the title suggests I have inquiry regarding the CFA Level 1 exam registration process and specifics around the “requirements” for enrolling for it. To give you some background information, I’m doing BA HONS in the UK (Scotland) and my course is composed of Bachelor’s Deg...
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T Rowe PriceI was hoping someone could shed some light on the T Rowe Price Equity research program in London. I know their headquarters are in Baltimore, but I am assuming their London office is quite large. Compensation, bonus, Exit Ops, culture, etc (incoming associate analyst)...
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Canalyst - Interview - Equity Capital MarketsIf the us government 10 year bond yield rate goes up what will that change the commodity market for lumber in Canada. The questions are mainly focused on commodity market instead of equity. However, the main business of the company is equity research. The questions are extremely difficult. Then they...
CITIC Capital - Interview - GeneralistThe interviews consist of the typical equity research questions. It also include more specific company and industry questions based on the investment thesis report. In the end, you will also be asked about the behavioral type questions based on the CV you submitted. The most difficult part is the ...
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3 statement financial model templateDear all, I got past my second round interview for equity research associate position, and they have sent me an assignment to do. I was wondering if anyone had a dynamic 3 statement financial model that they would be so kind as to let me see. I want to make sure that I am doing everything right, ...
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Primer on investment banks/asset managers/brokersHi everyone, Does anyone have a primer that covers investment banks, asset managers, and brokers? Thanks!...
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Private Bank Trading Desk to BB Equity Research Hi Guys, So currently I am in the Private Bank at a BB. I sit on the sales trading desk and cover semi institutional clients (think 200MM+). Basically we do a sales trading job, pitching ideas we get from the asset class strategists in our PB to our clients (all assets classes equity, fixed income,...
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Choose between BoAML ER or PIMCO product analyst?Received summer internship offer from BoAML Equity Research and PIMCO product analyst, both at London. Any thoughts on which one is better? Like return rate, salary and career path?...
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Facebook - What's Their Next Plan?Hi everyone, I'd like to know how you all are thinking of a next move by Facebook in 18's and perhaps whether my thought process might resemble with some of yours. If different, I welcome any different opinions. After their last earnings release and Mark's statement of creating an internal progra...
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Introducing Myself - 24 year old studentHello, I just wanted to introduce myself, as I just joined and the starting message mentioned I should. Currently I am a student in Cleveland, Ohio, and I will be graduating in December. After some changes in majors over the years, I finally know I want to be doing equity research. I have stumb...
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The Motley Fool - Review - Equity ResearchVery relaxing environment. Pretty easy to choose the project you're on. What you get out of it directly scales with the amount of work you put into it. You aren't really pushed to perform. Intern program isn't very structured. Not as many perks as other big tech firms....
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Difference between sell-side and buy-side equity research (culture/ atmosphere, salary, career paths, etc.)?Hi, I'm very curious about the difference between being a sell-side or a buy-side equity analyst. Of course, one main difference is that you don't talk to clients when you are a buy.side analyst and that your reports aren't published, as they are for internal use only. but what else? do pay (of cour...
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Equity Research - Which banks will "survive" post-MiFID?**Question**: Incoming FT in Equity Research and as the news go (lately with Nomura signaling a shake-up), I was wondering which banks you think will have to cut down significantly when the effect of MiFID have gone into place? **Sub-question**: As an incoming FT for a BB (without getting to specif...
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Dimensional Fund Advisors - Interview - Investment BankingWhy do you want to work at DFA? Explain DFA's investment philosophy? ...
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(TGT) Target Corporation 10-K Analysis: Accounts ReceivableHey Everyone! I'm an undergraduate Finance major. I've been practicing my valuation skills with real companies to understand better how it's really applied to the market. I'm proud to say that I improved a lot. However, there're still times in which I have trouble understanding financial reports....
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Target IRR for Small/Mid-Market CompaniesIs there a general target IRR the market is trying to hit when valuing an acquisition? I realize it may vary a lot by industry, but I was just wondering if someone could give me a generally accepted minimum target IRR or maybe a quick breakdown by industry. ...
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CFA Materials: Schweser vs BloombergHello all, This week I registered for CFA Level 1. I registered for the June 2016 exam. I am wondering if anyone has used the Bloomberg study materials for the CFA. I know Schweser is the go to for most people but it looks like Bloomberg's product is pretty strong. You can get either program for ar...
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Travel Passport for CFAHello, For all those who have taken the CFA, I have a quick question regarding passports for the exam. I am not a US citizen and have a regular passport from my country of origin. The requirement states that I need an International **Travel** Passport. I'm not sure if there is a difference between ...
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What am I expected to know as an incoming ER SA?My fellow monkeys, I am in dire need of some guidance, here! I won an ER SA position for this upcoming summer with an MM bank and was looking for some advice on what I should be brushing up on in the next few months leading up to my internship. Coming from a non-target, I don't have any classmates ...
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Equity Research vs. Due DiligenceIf you had 2 offers: 1) Equity Research Associate- Sell Side- at Susquehanna International Group (SIG) or 2) M&A Advisory Due Diligence Senior at Deloitte (not the corporate finance group) Which one would you take and why?...
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Best Equity Research Providers For Small FundsStarting with a small fund focused in US equities shortly and was curious where these funds find research content. I know in Europe the unbundling is pushing bulge bracket research prices down, but a lot of it still seems too pricey for a smaller fund to pay for. Here in NA content access is still t...
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NOPAT with benefits from income taxesHey - am using the marginal tax rate for my NOPAT calculations. How do you treat benefits from income taxes though? Simply using 0% for the marginal tax rate so that operating profit = NOPAT? ...
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Susquehanna International Group (SIG) Equity Research Associate First Round IntervireHi, I will be having an upcoming phone interview with an HR for this position. I would love to hear any suggestion on how I should prepare for this? From what I understand, there will be brainteasers, probability and stock pitch? ANy take on this? Thank you! ...
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Goldman Sachs - Review - GeneralistDecent work - life balance; had most weekends to myself outside of quick report/model updates and emails to senior analyst.. Outside hires and lack of internal promotions was demotivating. Did not see many individuals promoted from associate to VP...
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Looking for an equity research mentor!Hi, I will be interviewing tomorrow with for a MM ER role (junior) and I finally realised that I really need someone to help me with a few things before that. I am looking for a mentor / tutor who would be willing to help. I can obviously pay as I recognise it is someone's effort! Please let me kno...
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Morgan Stanley - Interview - Equity ResearchHow would you value a deferred tax asset? What is something interesting that is occurring in your local economy? What is the Bloomberg Aptitude test? What is one of your biggest failures? Why do you want to work in equity research? Why do you want to work at Morgan Stanley? How did you get intereste...
Goldman Sachs - Review - HealthcareWorking with very intelligent peers. Teamwork collaboration. Unparalleled corporate access and network. Can be difficult to get promoted. Compensation variable across groups. Political work environmentsss...
CRT Capital Group - Interview - CreditNothing too unexpected. Have a good sense for the job and what it entails. The presentation component is where you can really shine. Otherwise its just the normal stuff from the guides - was asked about my accounting background, what I knew about the job, perspective on current events, background ex...
Morgan Stanley - Review - ResearchGood culture and meaningful work. Great learning opportunity and ability to explore different groups.. Cost cutting and MIFID II regulation is negatively effecting the future of the industry and compensation....
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Help with a financial model. I cannot figure out where my links are wrong. I have spent the last couple of days trying to figure out where I am wrong in this model. It is my first one and I have basically lost the forest for the trees. If someone has time to look this over I would be grateful....
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Susquehanna International Group - Interview - Equity ResearchThere were a handful of difficult questions. For example, market-sizing-esque brain teasers (e.g. how many tennis balls can fit in an airplane); and then some somewhat difficult brainteasers (e.g. how would you go about cutting a cake into eight equal pieces using only three cuts; what is the date c...
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Maximum permissible limit for an investor to purchase shares in a company?Hi everyone, I wanted to know if there is any limit on a shareholder to acquire shares of a US-listed company. For example, is there a percentage limit of total shares that a shareholder (including the original company founder) can purchase from the open market before any rules or limits trigger in...
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UBS AG - Review - Equity Capital MarketsGood culture but teams dependent. reasonable hours if you have good sense of the industry. ok benefit among banks. Loss of good analysts consistently. only a couple top analysts left. young guys have to work very hard....
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Mining company revenues forecastingHow can i forecast the revenues of a mining company for 5 years. What sources can i use? Is there any standard financial model?...
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DCF valuation of a copper mining companyWe have a copper mining company to value. The share of our company in global copper market is very small-less than 0,5%. We are going to use 2 models.The first one is Discounted cash flow model and we are struggling with it. In order to calculate free cash flows we need projected revenues and capita...
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Equity Research Productsdeleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted.deleted....
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what to move into in a post mifid world?Trying to figure out what are the exit opportunities now in a post-MIFID world. I am currently in BB for a few years, but I dont think people will survive in research. Just trying to cover my own end. To be clear, my goal is not to take a 50% paycut obviously and go into IR as an associate lol, but ...
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Help getting pro ER financial models (mining, reits, FIG, O&G, etc)Does anyone out there have real, professional equity research financial models? I'm practicing as much as I can but I am getting stuck designing models from scratch for more complex companies as all of the templates for the modelling courses I've done have been relatively simple. What I'm lookin...
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HSBC - Interview - OtherWalk me through how you would evaluate the value of art body. Basically, there are more than one way to answer. My answer did not meet interviewer's expectations because he wanted me to use DCF (while I relied on comparable analysis). He specified the question and asked me how you would evaluated it...
Bloomberg - Interview - GeneralistEverything is fair game but the most difficult or unexpected interview questions was that the interviewers kept asking deeper in a situational question regarding teamwork and a situation where no one has the time to get work done how would i manage my time and prioritieze different types of work... ...
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JP Morgan Work Opportunity Tax Credit for ApplicationHas anyone applied to JP Morgan and had to fill out a work opportunity tax credit (WOTC) before the interview? I received an email after applying and just wonder what they would use the info for?...
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Quick question.. How niche of an industry can you usually choose? (If given a choice)Basically, I'm really interested in food/beverages, but it seems like many associate positions would cover staples as a whole? Typically, would it be possible to focus on just food/beverages. I do see some analysts as Staples, and some really specific, like only restaurants, so I was wondering if ...
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Credit Suisse - Interview - EquitiesTell me about your most philanthropic effort. Tell me about a time that you ran in to a conflict with a co-worker and how you dealt with it. Tell me about a time that you worked on a team - what role did you play. What industries are you interested in covering. Asked about a company that I was inter...
AllianceBernstein - Interview - N/AAn unexpected interview question I was asked would be a case study that was presented to me by one of the analyst. The context of the question was how one would go about evaluating Lyft. Another questioned that followed that would be how could someone take Lyft and compare it to its competitors, the...
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How to Get Started Writing Equity Research Reports As An AmateurHi, Since I have been struggling finding a job this summer, I was thinking about writing some equity research reports on my own while studying for the CFA and perhaps use these as a way to show interest and maybe break into ER for the next summer. However, I have to be honest, I don't really know w...
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BB&T - Review - IndustrialsGood work life balance, solid industry expertise with lending in their sector. DoR is very hands off.. Now no longer offering research/sales/trading, DoR being hands off also translated to him not paying attention to which associates were truly value-add...

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