Equity Research in London
Hi all,
I am a graduate trainee at one of the Big 4 in Financial services audit in London (yes I know, worst of both worlds). I am currently doing an ACA, and am contemplating doing CFA level 1.
Does anyone know whether it is still a possible path to go from this background into Equity Research, in London? If anyone has made the move would they be willing to dm me or comment on my thread to help out with specific advice on how to position myself to make the move (e.g. is CFA level 1 worth it, networking does it matter to make the move, good recruiters etc)
Advice from anyone with knowledge on the matter would be greatly appreciated.
Thank you!
P.S. for what it's worth I have a maths degree from a strong russel group. Does that matter at all? I understand prestige tends to matter in high finance so I'm not sure whether this helps (quantitative degree) or hinders (not completed at LSE/Oxbridge/Imperial/Warwick) my case.
The movement is doable. Clear the 3 levels of the CFA and you will definitely have a shot, even at a tier one BB. Friend of mine was working in B4 audit outside UK, non target european school, and was able to break into ER in London being CFA L3 candidate. So CFA is absolutely crucial to make the move.
Hey thank you very much for the advice. I will look into the doing the CFA level 1 for now, and hopefully take it from there then. It does seem like it helps and your anecdote only further confirms it for me.
In terms of recruiters etc. do you know how one goes about finding recruiters for this niche? Are there famous ones for ER that everyone just knows or is it simply a matter of google search?
Finally, is LinkedIn or cold emailing the main ways of networking or are there other better ways of reaching out?
Yes it's very doable conditional on you showing an interest in stocks. There are several firms that specifically want Big 4 alum (Exane comes to mind, a few others) and even at the rest you'll still have a good chance to get your foot in the door for an interview. However:
Basically once you have your shit together on the points above, get in touch with the recruiting firms/headhunters and try to get your name put forward for an interview -- if you look on linkedin they've easy to find. Good luck, it's not as big a jump as you think you just need to cover your bases.
Hi,
First of all a massive thank you for giving so many great actionable pieces of advice. It's basically sped up the whole process for me, in terms of what direction I should be pushing towards.
If I may, I had some follow up questions based on your advice.
It is interesting that you mention Exane, I just had a look and there do indeed seem to be several chartered accountants amongst them. My question is how do I find these firms as an outsider? Because when I conducted a google search, I did not find this firm (though I did find a few).
Regarding your numbered points:
1) How does one go about improving their models etc. if they have noone to bounce their early work off of? Are you supposed to try and network with people in the industry and get their feedback on it? Shall I cold email/reach out via LinkedIn and try to build up some connections before I start attempting these models?
2) You are indeed correct in your assumptions, and I did apply at two of the other big 4 in these more finance type divisions but unfortunately got rejected. I will try again though as I get more experience in assurance, they do sometimes take people.
3) Are earnings transcripts the analysts' responses to company earnings updates which occur quarterly? Are these separate to their reports on the companies they cover? And are these transcripts available in the public domain?
Lastly, would you mind if I dm'd you in the future if and when I try to put these steps into action, and come across further queries that I would need advice on?
Thanks.
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