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+39
Career Ladder: Equity Research vs. Investment Banking - (A Definitive Guide, Part 3)

NoEquityResearch

Hey everyone...sorry to take so long for part 3 of equity research vs. investment banking. For those who missed the first two parts, see the links below: [Work/Life Balance: Equity Research Vs. Investment Banking - (A Definitive Guide, Part...

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Anyone worried about getting laid off?

SomePleb

Title says it all. Would be interesting to get a poll going including firm size (bb/<abbr title="middle market">mm</abbr>/etc) and sector.

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I was in Equities Research for 10 years in Asia – Ask Me Anything

bankingtostartup

Just some brief background about myself. I started in Australia working as an Actuarial Analyst and moved to Hong Kong just before the Financial Crisis. My first job at an Investment Bank was at a Bulge Bracket doing Data Management for their Equities Research Department. Eventually, I got...

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+1
Are there any reactions of Vyantix RX?

maryweaver

Vyantix RX Reviews:In the past there was no response for the male change. By then with the progress of science and advancement, a couple of medications were exhibited in such way. Later on, the specialists had similarly created careful meds to update the male's sexual features. At any rate, other th...

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Equity Research analyst pay formula

CapitalOcean

I heard that many equity funds compensate analysts with a formula to gauge their contribution to fund performance. My questions: 1. How is the formula structured? By attribution or something else? Any numerical examples? 2. Does the size of the sector you cover matter? Say you cover a sector that ...

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Banks/FIG ROE Question

PacioliBoss

Does ROE improve when a bank grows deposits more than loans? For a non-financial institution, it would make sense that increasing liabilities while holding assets and (for purposes of example) profit constant would be akin to levering up and would improve ROE that way. But for a deposit-taking inst...

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Finally landed a job in ER: What to expect?

gata

Almost unbelievable, I was able to land a job in ER 6 months out of college. As a little background, I graduated from a completely unknown school and had no internship. The position I was able to land is at an FIG IB. I’m still pretty shocked I was even considered, much more so that I actually got...

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Equity Research at Bulge Bracket AM

Never a BanKer

What's the pay like for a buyside junior research associate (out of undergrad) at a large bulge bracket asset manager (think GSAM, JPMAM, etc.)? Offer letter says $85K base and I know the lifestyle is nice - but what about year-end bonuses? Should I expect the same ballpark as regular AM analyst pay...

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Getting sponsorship to take the Series 7 and Series 66

Shiv

I am trying to take the Series 7 and 66 a year from now and have started studying. I have been looking for a FINRA firm to sponsor me, does anybody know which firms are easier to get sponsorship from? I am still in college and want to have this designation before I graduate or right around the time ...

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How Does Equity Research Recruitment Work?

MrWhite24

Just as the title says, how does recruitment typically work? Specifically: - Are new associates hired every year across all coverage groups? - Do you get to pick your coverage group when starting out? - Is there a time when all banks/independents are hiring new grads? Or is hiring done on an as-ne...

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Wall Street Prep Exams

gisthenuts

Hey guys, just took the accounting pre-test from Wall Street Prep for my full-time ER gig coming up next month. Failed it with a 37%. How important is this thing? Should have studied through the courses but didn't. Plus it was a bit harder than I expected. Thanks....

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LSM program at upenn

flitar

Hi, I'm a 17 year old from Colombia wanting to apply to the LSM program at upenn. Thing is, we don't have many research centers or opportunities here and I feel like LSM requires that you have done amazing research to get in. I have the chance of going abroad for research over the summer, but i'd l...

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FCF consensus on Bloomberg

sa-jue

Bloomi keeps getting worse over the years... How do you guys derive consensus UFCF / EFCF? Cannot be bothered to go into analyst models and do it manually. FCF consensus on BB seems to mix UFCF and EFCF. Any suggestions? tx...

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Valuation Analyst to Equity Research

bryan7495

Hi Guys, Does anyone have an insight on how desirable a Valuation Analyst position would be if you're eventually trying to move in to an equity research associate role? (Regional). I am under the impression that it would have highly transferrable skills to ER from a financial modeling perspective a...

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IR Professional Looking to Move to Sell-Side

finance_chica12345

Hi- I went to a top 12 school with above 3.5 GPA and I majored in Economics. I am working at a buy-side shop in investor relations but am looking to pivot to the sell-side. I am open to banking and equity research right now. I want to earn more and learn modeling skills. Any advice on how to move? I...

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Investment Write-Up Advice - Where To Start?

CPBDTen

I am currently looking for a PE, IB, or ER job/internship coming out of a non-target undergraduate school in California (the odds are against me, I know). I have been receiving mentorship from a portfolio manager in LA, and he recommended that along with my resume and cover letter, I should have an ...

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New buy side analyst - Who are you seeking when you need more qualitative information of a company?

Newcoconut

As per topic, who are you seeking when you need more qualitative information of a company you covered ? Like business model , strategy, operating data etc. Do you ask the sell side analyst or the management directly? Appreciate for your helps. ...

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Earnings Call

Newcoconut

I find that most of the EM companies never put the earnings call date and time on their company website. Does IR inform the investors/analysts through email after the subscription of email alert?...

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Equity Research In Family Office

valueboy

Hi everyone, I will be shifting into a family office outfit, doing ER there soon. Just want to find out what are some of the differences in terms of research process, workflow or any other things you think is relevant between boutique, family office and behemoths like Blackrock, Fidelity etc At bo...

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where to get freelance research

TradingCrux

Hi, does anyone know good sources to pay for some proprietary equity research? Im looking for a somewhere I can request decent fundamental analysis on a stock along the lines of a buy-side value oriented structure or a sell-side Initiating Coverage report. I have little time and would like somewher...

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Advice For ER Summer Interns Starting This Week?

axiaskepsi

Hi all, Summer internships are starting tomorrow, and I thought a discussion about what advice/tips can be shared for incoming ER interns would be great. Any advice on how to stand out as an intern? Anything an intern should be aware of beforehand? ...

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MS Question

brickmaster4

**delete*______________________________________________________________________________________________________________________________________________________...

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How to value a private automobile company (a joint venture; X and Y)? and its contribution to the intrinsic value of company X

maniea1990

There is a private automobile company (under development phase) which is a joint venture of two companies: X and Y. Company X is a public listed company. I need to calculate the value of the automobile company and its contribution to the company X value? I am making use of industry’s EV/unit mult...

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What is the reputation of Manning and Napier?

trapdaddy

Exactly what the title says. Particularly as it relates to entry level employees. This is a firm that does not have much literature available on it and my linkedin network is insufficient to get the information that way. ...

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Question regarding applying for an associate position

bryan7495

Hi guys, When attempting to network via cold call/email to seek out an informational interview, does anyone view this as a waste of time trying to get your foot in the door for even an informational interview (obviously with hopes of getting an actual interview) if a firm hasn't explicitly stated t...

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Is Summer 2019 ER SA recruiting similarly accelerated?

lakebeachadvisors

Title. Also would an ER internship 2019 look fine if I potentially wanted to do IB full time? Probably won't, since ER is what I'm passionate about, but I wanna keep my options open....

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Buy Side Newbie

valueboy

Hi everyone. I'm a couple months (associate level) in at a boutique shop working directly under a PM(...

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Fixed Income vs Equity Research

researchsibil

Hi everyone, I have a full-time offer for equity research and one for fixed income research within the specialized products group both at JPM. I am quite unsure about what I want to do long-term, and I do not think I want to stay at a bank for most of my career. In which role would I learn more hard...

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Low GPA - Non Target - Landed a research gig - Help

billystern

Bit of background for context: Experience/Quals -Went to a non-target in AUS (Non Go8) - Low GPA - PWM experience - Ops experience Me -ENTP/ENTJ -Solid writing skills with a serious knack for compiling well written pieces -Consistent curiosity and thirst for knowledge (strong avoidance of complace...

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What is the definition of "Mean Annual Return" in Yahoo Finance?

leveragedlemur

What is the definition for "Mean Annual Return" in Yahoo Finance? The words lead me to believe it's an arithmetic mean of annual returns over a period (e.g. 3Y). But the values just don't make any sense to me. Taking VOO as an example, it says the 3Y Mean Annual Return is 0.88. This value isn't de...

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Bloomberg Intelligence...any info?

DosTorosLegend

Hi All, currently looking into a role as an Equity Research Associate at Bloomberg Intelligence. -Is the experience comparable to typical sell side research associate? i.e. industry research, modelling, meeting with management teams etc. -Has anyone actually the read the research they produce, what...

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Looking for Healthcare, Pharma, or Biotech Industry Primers

josephfcunningham

I am looking for some healthcare/pharma/biotech primers, primarily from BBs. PM me please if you have any primers. All help is appreciated....

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Equity Research sell side: how do you think the buyside should do better to interact with you?

monkey_brood

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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Interview at Third Bridge

Vukdedaj

Hi fellow chimps, I've finally managed to claw my way to earning a jr research analyst interview from the depths of operational roles. Third bridge is the firms name and I'm trying to know what to expect and what to have ready. Do i need a stock pitch at the ready? Has anyone here interviewed/worke...

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3 statement dynamic model with projections template

arya180

Hi Guys, I am in third round equity research interviews and have to put together a 3 statement, dynamic, financial model that is capable of doing not only historicals obviously but projections. Problem is, my group never uses these type of models. Does anyone have a template they could pm me (or i...

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How to Forecast operating profit margin for service companies?

Shokhrukh_96

How can we forecast segment operating profit margin for service companies which have multiple segments? Is there any way to forecast using historical operating margins? For example, if need to forecast operating margin for 4th quarter, is it okay if i calculate it by averaging operating profit margi...

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The Joyous Process of Hiring

ThrowADart

This is more so letting me vent, so bare with me here. I've begun the process of hiring a few new analysts, and it amazes me that the job postings spell out VERY SPECIFIC base requirements and people just ignore this. Now, I'm not talking about "minimum 5 years experience" and the person has 4, no...

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CFA Level III Study Prep

saw23

Hey monkeys, The time is coming up quickly. The CFA exam is in 6 weeks. Does anybody have any advice in regard to studying for the multiple choice portion of the CFA Level III exam? The CFA Institute doesn't seem to post the afternoon (multiple choice) portion of past exams. How are you guys studyi...

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The right time to lateral?

CeilingAvenue

**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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Modelling Template for Interview

mets15

Hi guys, does anyone have a simple financial statement modeling template they can share for interview practice? Thank you so much....

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Final round interview next week. Tips please!

dante_27

Hello everyone, Any insights on the type of questions and assessments (technical) would be greatly appreciated! This is my first time interviewing with PMs so I want to make sure I cover all my bases and more importantly, know what not to say/do to blunder myself. I was already inquired about techn...

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Life Insurance Company Excel Model

ganeshdn

I am trying to build Life Insurance Company excel model. It would be very helpful if some one can give me an example excel model of life insurance company. Please suggest any website from where i can download the model....

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Assignment help Online

Michael-Jones12

Students could often find it tough to write their academic tasks. It could lead to they not getting desired grades in the academics. Opting for our [Assignment Help online](https://www.allassignmenthelp.com/) could be ideal for such students and they can get a complete assignment solution from us....

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1st Year Equity Research Analyst BB London - AMA

otupygak

Hey 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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Equity Research in the 90s

newster

Hello, how come Equity Research is not anymore one of the best jobs on the Street like it was in the 90s early 2000?...

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Independent Sell-Side ER Exit Opportunities

phil ayshio

What are the potential exit opportunities for a sell-side equity research analyst at a large independent shop that primarily sells into wirehouses, e.g. Morningstar? Is this kind of experience, wherein you have your own coverage, respected by banks or anyone on the buy-side? I, too, have traditional...

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Global Investment Research at GS (Insight on superday)

215_1

I was just wondering what a superday for GIR will be like. More importantly how much of valuations will I have to know? Additionally any other insight would also be helpful. ...

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How should I network for full time 2019 when I have a 2018 summer internship?

axiaskepsi

Hi all, I am looking for some advice regarding a situation I am in. I recently got a BB internship in Equity Research for the summer of 2018 (my dream internship) and I am excited for it. At the same time, I still want to expand my network at other firms just in case full-time recruiting is neces...

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Investment Analyst vs FI (Real Estate) Analyst for Port Mgr Career

Danny-Ortiz

I have 5 years of experience as an Equity Research Analyst with a F500 IM firm. I am looking at 2 new offers, 1 in a 3 year Investment Analyst program with a large AM firm and 1 as an Analyst with one of the 10 largest Real Estate investment firms in the US. Real estate firm pays more to start, the ...

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Help: specializing in O&G

pinata123

Hi All, I am a generalist, but have recently been assigned as an OO&G specialist. As i have no prior experience in this industry, I was wondering if any of you could point me to resources that would: 1. Help kickstart my baby steps in this industry (maybe value chain wise, technicals/fundamental k...

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Need help with SS Report

klimaz308

Hey guys, In need of some sell-side notes on a Financial Services stock I currently work on for a job interview - would really appreciate if someone could help out. Thanks all....

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Perks of equity research

17lowee

I was wondering what perks are associated with sell-side equity research at different levels. What can be expected in the first few years if anything, and what do senior analysts get? Assuming this is at a bulge bracket bank. ...

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First Interview ER Jefferies

davidgf

Hi all, I have a first interview at Jefferies ER, this is my first one, what kind of basic questions i have to expect for this type of job? Moreover, could you tell me why ER instead of IB? What about the compensation for a Research associate 1st year in a bank like Jefferies ? Thank you a lot, ...

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Purple Innovations

Monkey_Bubbles

Can someone please help me find the Purple Innovations equity research report by Wedbush..........? ...

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Trading to Equity Research

Phizzurp

I've recently been contemplating making a transition from my current role, Junior FI Trader, to an ER role. Has anyone here made a similar transition, or have any tips on how to do so? I'm still young and I know my passion lies within extensive research. I am taking level 1 of CFA next December and ...

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Need some advice on switching from prop trading (4 years) to equity research

TradingJoeGroup

I graduated from a respected undergrad with a Finance degree and took a job as a prop equity trader with a goal of learning as much as I can to make myself a successful trader and investor. I traded at two different trading firms for about the last 4 years and realized that day trading’s profitabi...

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Final Round with Research Management

Deter6895

Hi Everyone, I have a final round with research management at a BB coming up. Does anyone have any experience with what to expect? What exactly is research management? In a final round I would expect they just want to hear your story and give you sniff test to see if anything stinks on you but I'm j...

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WACC and CASH

jadkabbara

Hey guys Would anyone be able to clarify if I should subtract cash from MV equity while calculating WACC and why ? And WACC is based on Market value of the company`s component. In this case, regarding the debt value, should I use its book value and if not how do I get the Market Value of debt. Th...

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You get yelled by your analyst?

mark1986xy

I got that a few times a week particularly when he is under huge pressure or in a bad mood, that sucks. I even heard he made his previous associate cry couple times. How about you guys? ...

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