NYSSA Equity Research Initiation Report

Human's picture
Rank: King Kong | 1,944

***Please look at the bottom of the post before PM-ing me for materials.

Summary: NYSSA IRC as a Stepping Stone in Getting a Job in ER

It seems like there are fair amount of people who are interested in Equity Research on this site. There are a lot of good advices being given and having the actual work samples to refer to would definitely help prospective Monkeys looking to break into Equity Research. I am pretty sure that it would be very useful for prospective Monkeys to actually know how an initiation report is being put together.

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Obviously, I cannot put out work-related materials here. However, this is the closest thing to the real world work samples that you can find. I was the team captain of my school's Equity Research team and participated in the 8th Annual Investment Research Challenge (IRC) sponsored by New York Society of Security Analysts (NYSSA) from September 2009 to April 2010.

The competition was absolutely brutal. I was doing full time 9-5 internship, full time school after the internship (all evening classes), CFA level 1, and then this competition for six months straight. This experience definitely helped me in making my own case during investment banking interviews where I referenced how I work well under pressure and under a tight timeline. Sleep was nowhere to be found while I was going through my graduate program.

At my school, over 300 people applied for 5 spots available in the team. The odds weren't pretty, 5/300 = 1.67% chances of getting in the team. But then, I made it. I have never taken a "No" for an answer in my life and kept pushing the academic adviser until he let me in the team after two rounds of interviews. My determination and persistence got me into the team and I was picked as the team captain.

And for the 8th annual NYSSA IRC competition, sixteen schools competed. Assuming that each school has similar turnouts: 16 x 300 = 4,800 to fill in 5 x 16 = 80 spots, so there are 16 teams made out of 80 people chosen from 4,800 students. Only one team can win. It was an epic Battle Royale.

The competition was divided into two stages: submitting research report and giving a presentation. Our equity research report placed up among the top five teams. We actually ranked the highest among all the teams beating NYU, Columbia and Yale. We were the non-target underdogs. However, we did not fare very well on the presentation and got ourselves in the 8th place for the overall competition. Fordham University got the first place.

Schools that participated in the 8th NYSSA IRC:
* Baruch College's Zicklin School of Business
* Charles F. Dolan School of Business at Fairfield University
* Christos M. Cotsakos College of Business at William Patterson University
* Columbia Business School
* Cornell University's The Johnson School
* Fordham University's College of Business Administration
* The Hagan School of Business at Iona College
* Hofstra University's Frank G. Zarb School of Business
* NYU Stern School of Business
* Pace University's Lubin School of Business
* The Peter J. Tobin College of Business at St. John's University
* Quinnipiac University's School of Business
* Rutgers Business School-Newark and New Brunswick
* Stillman School of Business at Seton Hall University
* Stony Brook University's College of Business
* Yale University

It was a six months long program, where our team got mentored by an industry expert who guided us through every step in putting together an initiation report. We were also coached on how to think about the industry, put together research report and present our findings. Without having gone through this program, it would have been almost impossible for me to break into Wall Street. Therefore, I would like to share it with fellow Monkeys, hoping that some of you can find meaningful insights from this process as much as I did and will be able to use it to your advantages in securing a full time position. All the files are unprotected, allowing you to make changes as necessary. I would highly suggest going through the financial model.

NYSSA IRC Materials:
NYSSA IRC Timeline: http://www.box.com/s/1cef775bf8f209f27078 NYSSA IRC Previous Year Winner NYU on PVH: http://www.box.com/s/a086141839effba4c25e
NYSSA IRC Judging Criteria (Presentation): http://www.box.com/s/9163f162c5eb145298d8 NYSSA IRC BITS Report: http://www.box.com/shared/p1n6t7vggi
NYSSA IRC BITS Model: http://www.box.com/s/c4a49d276c687078b3da NYSSA IRC BITS Presentation: http://www.box.com/s/a85867fc5e429f3ff859
NYSSA IRC BITS Presentation Q&A: http://www.box.com/s/ecb1963a5bab5a3f3489
Bonus Items:
Quick Overview on Valuation: http://www.box.com/s/810cdfb62535f3081456 Equity Research Analyst Handbook: http://www.box.com/s/95be1f229c51661b9cd9

Press Coverage:
http://www.imakenews.com/nyssa/e_article001586940.cfm http://www.nyssa.org/AboutNYSSA/PressReleases/tabi...

P.S. I have copyrights on all of these materials.
And please show me some love with silver bananas. :-)

Comments (27)

Apr 18, 2012

Very nice. This should be extremely helpful to those pursuing a career in ER. I wish I had this during my SA stint.

Apr 18, 2012

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Best Response
Apr 18, 2012

Oh god how I hate that report template. It's nowhere close to what real reports look like (design-wise, structure is appropriate). Complained to them about this at the Asia Regional Final, so hopefully they'll give the teams some more freedom with design aspects in the future or at least create a better template.

Either way, for those interested here is the written report and presentation from our team (2012 IRC).
Written Report: http://dl.dropbox.com/u/40143194/NTU%20Investment%... Presentation: http://dl.dropbox.com/u/40143194/NTU_Asustek_Feb28...

If people are interested I will also look for and upload the model, so just let me know.

    • 3
Apr 18, 2012
KingEastwood:

Oh god how I hate that report template. It's nowhere close to what real reports look like (design-wise, structure is appropriate). Complained to them about this at the Asia Regional Final, so hopefully they'll give the teams some more freedom with design aspects in the future or at least create a better template.

Either way, for those interested here is the written report and presentation from our team (2012 IRC).
Written Report: http://dl.dropbox.com/u/40143194/NTU%20Investment%... Presentation: http://dl.dropbox.com/u/40143194/NTU_Asustek_Feb28...

If people are interested I will also look for and upload the model, so just let me know.

Thanks for sharing. Are you currently working in Asia (Hong Kong, Shanghai) in investment banking?

    • 1
Apr 18, 2012
sxh6321:
KingEastwood:

Oh god how I hate that report template. It's nowhere close to what real reports look like (design-wise, structure is appropriate). Complained to them about this at the Asia Regional Final, so hopefully they'll give the teams some more freedom with design aspects in the future or at least create a better template.

Either way, for those interested here is the written report and presentation from our team (2012 IRC).
Written Report: http://dl.dropbox.com/u/40143194/NTU%20Investment%... Presentation: http://dl.dropbox.com/u/40143194/NTU_Asustek_Feb28...

If people are interested I will also look for and upload the model, so just let me know.

Thanks for sharing. Are you currently working in Asia (Hong Kong, Shanghai) in investment banking?

Glad to share it. Hope it helps anybody not able to take part in the challenge as well as those considering to take part. Also open to any questions with regards to it.

As of now I am still in university here in Asia, but I will be starting in IB back home in Germany from September. I am aiming on transferring back to Asia at some point though.

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Apr 18, 2012
KingEastwood:

Oh god how I hate that report template. It's nowhere close to what real reports look like (design-wise, structure is appropriate). Complained to them about this at the Asia Regional Final, so hopefully they'll give the teams some more freedom with design aspects in the future or at least create a better template.

Either way, for those interested here is the written report and presentation from our team (2012 IRC).
Written Report: http://dl.dropbox.com/u/40143194/NTU%20Investment%... Presentation: http://dl.dropbox.com/u/40143194/NTU_Asustek_Feb28...

If people are interested I will also look for and upload the model, so just let me know.

Exhibit 40, page 34.. Thai flooding beginned? ... Really?

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Apr 18, 2012
Chicken Dinner:
KingEastwood:

Oh god how I hate that report template. It's nowhere close to what real reports look like (design-wise, structure is appropriate). Complained to them about this at the Asia Regional Final, so hopefully they'll give the teams some more freedom with design aspects in the future or at least create a better template.

Either way, for those interested here is the written report and presentation from our team (2012 IRC).
Written Report: http://dl.dropbox.com/u/40143194/NTU%20Investment%... Presentation: http://dl.dropbox.com/u/40143194/NTU_Asustek_Feb28...

If people are interested I will also look for and upload the model, so just let me know.

Exhibit 40, page 34.. Thai flooding beginned? ... Really?

Haha, seems like I overlooked that typo there. Should have seen the raw version before doing grammar check etc. though. It was a pain in the ass trying to guesstimate meanings of certain sentences and improve on the overall writing style. People didn't even know what "ca." means.

Sep 25, 2012
KingEastwood:

Oh god how I hate that report template. It's nowhere close to what real reports look like (design-wise, structure is appropriate). Complained to them about this at the Asia Regional Final, so hopefully they'll give the teams some more freedom with design aspects in the future or at least create a better template.

Either way, for those interested here is the written report and presentation from our team (2012 IRC).
Written Report: http://dl.dropbox.com/u/40143194/NTU%20Investment%... Presentation: http://dl.dropbox.com/u/40143194/NTU_Asustek_Feb28...

If people are interested I will also look for and upload the model, so just let me know.

OMG....this is the best post I have ever seen on WSO, really really really appreciate your efforts..........could you also kindly share the model, really looking forward to see it, thanks so much!!!!!!!!

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Apr 18, 2012

wow!!

Apr 18, 2012

awesome, thanks a lot!

Apr 18, 2012
valleybandar:

awesome, thanks a lot!

You are welcome.

    • 1
Apr 18, 2012

sxh6321 is one of the most helpful and generous users on this website. Thanks again man!

Apr 18, 2012
A2Allegiance:

sxh6321 is one of the most helpful and generous users on this website. Thanks again man!

You are welcome. Always wiling to help out. :-)

Apr 19, 2012

I am not even in, or interested in ER, but that was amazing. I definitely appreciated the bonus items too.

I have a lot of friends who are in business (non finance related) that I passed this along to- they definitely enjoyed it as well.

SB for sure

Apr 19, 2012

I'm trying to make a career change inti ER from Eng, so this material is huge for me. Weekend, sorted. Thanks!!!!! Silver bananna for you.

Apr 19, 2012

Thanks for posting the links Human & King. I did something similar to this for my school's student equity fund but the reports were nowhere as near in depth. SB's

Apr 19, 2012

Wow, I did the Challenge for my school in the local competition and our report was no where near the quality of yours. Nor was our competition as stiff as yours. It puts things into perspective, I have some big odds to overcome if I want to make it into banking.

Apr 19, 2012

Human is a good dude. He sent me some very helpful information for my analyst report.

I must ask what databases contain analyst coverage on company's? I've made special trips to CBS and I never find analyst reports.

Apr 27, 2012

Awesome! This great information, thanks for sharing!

Jun 19, 2012

This is fantastic

"I did it for me...I liked it...I was good at it. And I was really... I was alive."

Jul 3, 2012

this is absolutely awesome. thanks!!!

Aug 23, 2012

Excellent information for prospects, thanks. SBs.

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Apr 18, 2012
Oct 16, 2012

This is awesome thanks!

Oct 24, 2012

Thank you so much for this! Stellar information.

Dec 3, 2012
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