Hey Guys,

I'm an undergrad looking for summer internships and I've been lucky enough to get in contact with a few fund managers. A common theme after talking on the phone with them is that they want to see some of my "work" or something in writing.

I was wondering if those that work in the industry could provide some direction on how a junior analysts report would look like. I think just going over the major sections would be very helpful. Thank you.

Comments (6)


Background Summary
Other considerations

Learn More

814 questions across 165 hedge funds. 10+ Sample Pitches (Short and Long) with Template Files. The WSO Hedge Fund Interview Prep Course has everything you'll ever need to land the most coveted jobs on the buyside. Learn more.

Best Response

It's always a good idea to have one or two stock pitches ready and written up. Doesn't need to be long (they aren't gonna read more than a page or two), but summarizing the key points in your investment thesis. The actual categories you discuss will vary depending on the sector, but something like this would be a good start:

Tables at top of report: Summary metrics / Stock price chart (5 yr or similar) / Target price, mkt cap, multiples (PE, EV/EBITDA), margins

Investment thesis: highlight two or three key bullets that you think will drive the stock. At least one of these should be differentiated (i.e. the sell-side isn't talking about it). Highlight any competitive advantages, and particularly SUSTAINABLE comp adv. that the company has.

Company Overview: Brief (1 para.)

Growth trends - What's driving revenues, margins, etc? Any emerging mkts exposure? Cyclical vs. secular growth?

Risks - only need a couple. Everyone already knows that economic downturn is a risk, highlight unique ones for this company if you can.

Valuation - brief. What multiples are relevant? What's your DCF target price? Upside/downside. It helps if you have a reasonably well formatted model to show them, but they probably won't want to get into a ton of detail.

If you do this out of undergrad, you should do very well. This is really an MBA level template, and I doubt if most funds expect this from research associates. Good luck, and have fun!


Great, thank you!

All in all, it seems I shouldn't go over about 2 pages single-spaced?


+1 to jank for comprehensive breakdown.

Most people do things to add days to their life. I do things to add life to my days.

Browse my blog as a WSO contributing author


you can get a lot of info for free on morningstar.


1-Click to Unlock All Comments - 100% FREE

Why do I need to be signed in?
WSO is a knowledge-sharing community that depends on everyone being able to pitch in when they know something.
+ Bonus: 6 Free Financial Modeling Lessons with 1-Click Signup ($199 value)