How to Contact an ER Analyst and Get a Response

Got a few inbounds requesting more info on how to best contact an equity research analyst and get a response. Here are five steps:

1. Get contact info from Bloomberg, FactSet, Capital IQ, old research reports, and online

What's great about equity research is that it's fairly easy to find e-mail addresses of analysts. The easiest way to find contact info is to get access to Bloomberg, FactSet, and CapitalIQ if your school has access to these services. You can literally get the e-mail of any analyst on the Street. The second option is to try and find old equity research reports. They typically have a list of contacts. And lastly, many company websites actually list the contact info of Equity Research Analysts. This is a little more rare with BBs but fairly common with boutiques.

2. Attach a model and writing sample

As I noted in my previous post, create an intensive model. Something that is going to take you weeks to build. It doesn't have to be correct. The model just has to show that you are putting in the work and are thinking critically about modeling issues. If someone flips through the tabs for 30 seconds, they should recognize that the model took a lot work, is very well organized, and its is thought out. In hindsight, the models that I sent were 100% wrong for my industry. Nonetheless, they still got me more interviews.

Attach a writing sample preferably something published somewhere whether it's an academic journal, the school newspaper, Huffington Post, whatever. I can't stress how important writing is to the job. I would rather hire someone from a non-target school with writing ability than someone from Harvard with a 4.0 and no writing ability.

3. Write a short and succinct e-mail around 150 -200 words

I've tried longer e-mails and had some success, but I found over time that the shorter the e-mail the better the response rate. In your e-mail, you should cover the following items:

  • Why you are writing

  • Why your background and experience fits the role

  • What are your attachments in the e-mail

  • Conclude with an additional reason why you are a good candidate

  • Thank the analyst for their time

That seems like a lot to say in just 150 words - and it is! You should work on this cover letter for several hours going through about a dozen drafts until you can fit the above in 150 words or 200 max. Your resume, attached model, and writing sample, should do the talking. Put this much work into it once, then adapt and re-use as needed. Remember that writing is a big part of equity research. Hence, it is very important to get the cover e-mail right. If I see a 600 or 700 word e-mail from a student, I read the first two lines and then stop.

4. Pay attention to timing - do not send e-mails during earnings season

Be aware of earnings season. Even if an analyst is looking to hire an associate, they don't care during earnings season. Your e-mail will be ignored. There's just too much going on and you can't remember an e-mail from some undergrad looking for a job when six companies just reporting and the trader is calling you every two minutes about some bullshit. Also, avoid sending e-mails in the morning as that's the busiest time of day for equity research analysts. Aim for a lull between 11 a.m. and market close.

5. Use your bullets wisely

Don't e-mail analysts inquiring about informational interviews, internships, and associate positions, if there is not an opening available. Equity research is not investment banking which regularly recruits every year. They will recruit when they need someone. When they need someone, HR will know and it will be an extended search process. So don't waste your best first introduction when there is nothing available.

If you are aiming for a certain industry, remember that there are only about 60 or 70 analysts in your sector - which means a limited amount of times to make a solid first introduction. Analysts typically need a new associate about once every three years. You want your first point of contact to happen when there is actually a position open. Sure, you might get an informational interview and then follow up when a job opens. But you might also be following up 13 months later which is a bad look since you still haven't found anything. This can be a likely scenario in equity research as very few positions open up and your search can last for quite some time. Instead of aiming for an informational interview, just get the damn job when it's available and stop wasting your time and the analyst's time.

Well, I hope that helps...let me know of any other topics of interest for next week.

 

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