Analyst Training Programs??

I'm graduating in May 2017 and am looking for buy-side equity analyst firms that have strong training programs. So far I know of BlackRock who has a 2 year program and Wells Fargo who has a 1 year program.

The reason why I am looking for firms with training programs is because I will graduate with limited experience (Possibly member of investment fund at school for 2 semesters, hopefully passed CFA lvl 1, taking it Dec 2016, and personal investing) and I feel it is my best shot to get in the industry. Also the reason why I have limited experience is because I decided about a year ago to go into Buy-side equity research.

Does anyone know of companies with good programs, or do all companies generally have training programs for 1st year analysts?

Comments (45)

Mar 23, 2016

Do a search, this topic has been discussed many times. Some of the common names:

Wellington
Capital Group
Fidelity
Trowe
Brandes
Dodge and Cox
Hotchkis Wiley

    • 1
Mar 24, 2016

Capital does not hire for research right out of undergrad, and I believe Dodge & Cox doesn't either.

I'd add to that list Loomis, MFS, Weiss, Dimensional, Putnam, TIAA, WellsCap and Legg Mason

Mar 24, 2016

I believe Dodge & Cox doesn't either.

You believe wrong.

Mar 31, 2016

Capital Group has the TAP program. Really competitive to get into and is a rotational program. But if you do get selected for it then you are on a solid trajectory as the majority of the senior level execs did TAP.

Mar 29, 2016

Thanks @gavin_volure and @models_and_bottles. I tried searching the forums prior to asking but didn't find anything specific about different companies with AM training programs, just a few large funds.

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Apr 1, 2016

Congrats on receiving and accepting your offer - don't stress too too much about training. I would be shocked if less than 100% of people passed. Based on what I've heard from others, there's just a few exams that you have to take along the way during your training, and if you fail I believe you get at least one retake. This is for IBD but it should be similar...

Apr 1, 2016

Agree - you will be ranked and graded by your performance on the exams but never heard of someone not passing.

Apr 1, 2016

I also just accepted an offer to join a BB Private Bank, maybe the same as the OP. I noticed the successful training requirement as well, but after speaking with a few first year analysts they told me it wasn't hard at all and training was some of the most fun they've had at the company.

Apr 1, 2016

My program said the same thing and the analysts I have talked to loved training.

Apr 1, 2016

I applied to JP Morgan Private Banking in late November. Was it too late? Am I out already?

Mar 31, 2016

just buy BIWS, since you have time till 2017 it should be enough time for you to learn all of the relevant stuff in it, after that you can make reports, models, etc . it should be enough prep for starting out ... you can additionally read about stock screening
http://pg.jrj.com.cn/acc/Res/CN_RES/INVEST/2012/6/...,
http://www.finaticsonline.com/Freebies/Stock_Selec... http://www.btinvest.com.sg/system/assets/20621/AP%...

excel based mutual fund tracking
http://freefincal.com/excel-based-mutual-fund-port... http://freefincal.com/automated-mutual-fund-financ...

excel based portfolio by Vitali Alexeev on youtube

the portfolio and fund options in excel are not too relevant since PMs use software http://www.capterra.com/investment-management-soft... but still it could show some interest/effort on your part to the interviewer

you can also check the links in this link for Sell Side ER but some relevant stuff can be found
http://www.wallstreetoasis.com/forums/doing-a-stoc...

    • 1
Apr 1, 2016

Take the GMAT
Do a 1 year Masters in Finance program
Start anew

Apr 1, 2016

Thanks for the response. I have gave that great consideration, however my only fear is that because my undergrad grades weren't so great I wouldn't be able to get in the top MBA programs around here (namely NYU and Columbia). So my logic was maybe after another 5 years or so of solid work experience I might be able to.

Mar 31, 2016

ManuLife's Investment Division Rotational Program is a pretty solid analyst program. Saw people leave it to go HF, sell side research and the large asset managers. Also not impossible to get into.

Apr 1, 2016

day 1 chief

Apr 1, 2016

Don't you go through training first?

Apr 1, 2016

Which program to follow in any case?

Apr 1, 2016

How long are training programs across the street? I know BBs are 6wks but what about EBs like evr, Lazard, Greenhill, BX?

Apr 1, 2016

So for those 6 weeks...my question really is...can i get shitfaced most of the week a.k.a get out at a normal time?

Apr 1, 2016

you'll be just fine, work hard and smart, it is not complicated at all.

    • 1
Apr 1, 2016

Thanks.

Apr 1, 2016

--------

"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."

Apr 1, 2016

you start on "equal" footing but in reality kids who summered get much better deals than you will for your first year. that's how it works at my bank from my experience but not sure if that's true across the st

    • 1
Apr 1, 2016
scrubbanker:

you start on "equal" footing but in reality kids who summered get much better deals than you will for your first year. that's how it works at my bank from my experience but not sure if that's true across the st

seems true at my bank too.

Apr 1, 2016

It matters to an extent, especially for the first 6 months where the star summer analyst will get on better deals, and get more exposure to top MDs, and it's a virtuous cycle. However, I've also seen star summers do poorly once they start and their reputation quickly suffers. Overall, you'll be at a slight disadvantage at the start but it's certainly not insurmountable

Apr 1, 2016

bump

Apr 1, 2016

put the shoe on the other foot and ask yourself the same question. for me its a no.

Apr 1, 2016

No one cares or notices.

Apr 1, 2016

This most likely varies depending on the shop, but from what I've seen most of the 'training' is on the job. Excel modeling skills (understanding of lookup functions, amort tables, index/match) and basic finance knowledge are almost always prerequisites but you'll learn the real estate based on the department you're in and the product types they cover. Some shops will train analysts in Argus but prior experience is a plus. Each shop will have their own models that they use for various deal types and training/introduction to these files should be provided. You're definitely in a position to inquire about this and it should be important to you. Working for a firm that is invested in your future should be a priority as should be learning as much as you can from the smartest people who will give you a shot.

Apr 1, 2016

I've honestly never heard of a shop that trains you, from my point of view on the job training is a myth. I have heard of summer analysts getting trained, but never full time. I have not had the most straight forward career path so maybe my insight is incorrect for the majority of folks. I think argus is where you will get some leeway but it can't hurt to say you know argus and then take a 1-week course before you start the job. I don't think someone has NOT hired someone because they were bad at Argus.

Apr 1, 2016

so for someone like myself that isn't coming from a traditional route (IB, investment internships, etc), and didn't do any formal training, is all the learning essentially on myself?

I'm coming from a valuations background. so i run dcf and dcaps on multifamily properties. i have solid real estate and modeling skills but nothing super complex. I'm trying to figure out what a good next step in my career would be. ideally i would like to get into acquisitions but I'm not sure if a firm ( or what kind of firm) would be willing to train me on the more complex deals and models. would going into a debt analyst role at a bank be a good next step to better set me up for an acquisitions role?

essentially I'm trying to figure out that if my current qualifications aren't good enough to get an acquisitions position or similar position , whats a good career path to set me up to where i can eventually get a job like that.

Apr 1, 2016
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