Is doing research on companies the bulk of the work for analysts, whether in prop trading, asset management or equity research?

I understand that prop traders have to pay close attention to the specific timing/pricing of their trades, analysts in Asset Management have to pay attention to the diversification breakdown of their portfolio, and Equity Research Analysts only make 'buy/hold/sell' recommendations. But is the bulk of the job at the junior level for all three of these divisions basically researching potential stocks, closely analyzing their financial statements, etc.?