Equity Research Final Round Interview (I think)

Hey guys, I've got a final round interview for Equity Research, and was wondering if you guys had any advice for me. My last interview that I did with them was at their offices in New York, where I met with 2 associates and the md analyst. This time is supposed to be with the director of research or md of equity product management. Thanks

 

That doesn't sound like a final round. You should list out how many rounds youve had and with whom

 

Final round would be more like a fit interview, alone with an MD. HR would frame it as non-technical and they just want to talk/get to know you.

 

There should be tons of threads on here about this, but in summary I'd expect to get questions about your finance classes, what's going on in the markets, why you want to be in research, financial ratios, and an investment you like. At least at the place I interned, they didn't do modeling tests or ask any modeling questions for interns.

"There's nothing you can do if you're too scared to try." - Nickel Creek
 

You're an underclassman studying History, they won't grill you that badly. I'd expect mostly fit, and probably a stock pitch. What to do? Easy. Read the papers, go to read WallStreetPlayboy's sector guides that are posted somewhere in this site, and visit valueinvestorsclub.com so that you can get a few ideas for your potential stock pitch.

I'd focus more on the qualitative aspect of the pitch rather than the technicals.

 
Best Response

I would suggest having more than one long idea. The reason for this is that you may be slotted to interview with an analyst that covers the industry that contains your initial long pitch. You would be better off pitching them a stock that they aren't an expert on. Be prepared to show a solid thesis, basic valuation numbers, and catalysts for each as well as some of the most important ratios vs peers (profit margin, roe, D/E, P/E, etc)

You may be asked a few technical questions that you can get the answers from in a WSO or BIWS guide. These would include questions like "Tell me how the financial statements flow together". The big two that you will likely be asked in each interview are: 1) Why XXX firm? 2) Why equity research? Practice these, but don't have them memorized to the point that you sound like a robot. These questions give you the opportunity to display your preparation.

From my experience, equity research superdays are largely fit. They want to make sure you'd be able to fit in with their teams as you'll be working in groups for 12 hours a day and have to be a team player. Fit questions will likely include a lot of "tell me about a time when..." questions that focus on leadership, prior internship/work experience, and problem solving.

In addition, they will test your knowledge and interest in the markets. Have an idea of what's gone on in the markets over the past year, big news or headlines in the past month or so, and where you think the markets are heading.

 

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