Equity Research primarily means analyzing company's financials, perform ratio analysis, forecast the financials (financial modeling) and explore scenarios with an objective of making BUY/SELL stock investment recommendation. Equity Research analyst discuss their research and analysis in their equity research reports.

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Girlfriend worked in IB at Guggenheim in NYC and two of my best friends worked in ER there as well.

I do ER at a different bank but the person whose spot I filled lateraled being an ER associate to an IB associate at a well-known bank.

Your base is probably very similar to banking but your bonus will be lower. However, you'll actually manage to get some sleep and/or spend your money since you wont be working 8am-4am workdays.

Most common ER exit ops are typically buy-side roles (by far), investor relations, or continuing on as an analyst/senior analyst within a particular industry vertical. Less common (and a bit more difficult given skill-set mismatches) but still possible laterals are IB, executive positions in industry (after along time becoming an industry expert within a field), consulting, etc.

If you're set on IB but don't have any IB options ER at Guggenheim should open a lot of doors if you work hard, are diligent, and use the opportunity to develop your network.

Financial Modeling

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