Equity Research

Hi everyone, I got offers for 2021SA from these three firms. I was just hoping for any info on reputation/culture/compensation FT and which one would you recommend me to take and why? Also, how hard is it to exit to HF/AM from a top ER firm? What's the pay progression in associates? All positions in NY. Thank you for all the help! Sincerely, A confused and lucky monkey

09 Oct 2020

Hi all, I'm in the process of interviewing for an associate role in a sell side boutique. Currently I've passed stock pitch stage and been told the next stage will be a case study/lunch. It's been over 3 weeks and recruiter said he has not heard back re either dates or more info. I really wanted this role and am getting a bit anxious. So I was hoping that I can get your advice on: a) whether I should contact the team directly and ask for an update (I have the contact of the analyst)? b) what to expect in a case study? writing sample? modelling test? another pitch? Thanks all in advance.

23 Sep 2020

Hey WSO, New member here. Was looking into ER roles in London and wanted to understand a bit what the lifestyle is like. I've read around and understood that it entails early mornings and 60-70h per weekly normally. Can someone confirm this? I understand it gets busier during earnings season, but was wondering what an average week is like. Does it every get easier at senior level e.g. 50-60h weeks? Also, what does compensation look like at the BBs for Analyst/Associate roles? Would love to hear insights from any ER folk in London or those who know people in London. Thanks! Verrukte

05 May 2020

Most of the threads on this are several years old. https://www.wallstreetoasis.com/forums/sanford-be… https://www.wallstreetoasis.com/forums/sanford-be… With AllianceBernstein moving their official headquarters to Nashville (research is still in NYC) I'm curious as to how their reputation on the street is. How does ER at Bernstein compare to the rest of the industry in prestige, exit ops, and comp 2019 comment by an MBA hire on a 2010 thread

12 May 2020

I just received an offer from two different desks for equity and credit research. Any insight on which one might be more interesting or pros and cons of each of them? Thank you very much!

08 Oct 2020

I have been doing biotech ER for almost 2 years now at a non-BB...came from a science background... Wondering if it is common or how feasible to jump to healthcare IB as an associate? I just want to do something more exciting while ER (since I don't want to be a stand-alone analyst down the road) seems boring AND not $ rewarding like the banking side...Getting to a quality shop on buy-side proved to be hard for me since I have no Ph.D./MD/MBA or industry experience, still too junior in this game... The problem with my own feeling is that I think ER is an intermediary/mediocre thing to lots of

25 Feb 2020

I did the damn thing (see my intro post from ~6 years ago) and transition time is coming. My military experience has been extremely rewarding and I even got a short combat deployment in. Currently trying to set myself up to make an unaided (no recruiting firm) transition into finance before applying to top b-school in 2-3 years. Currently topping my list is ER at MM, but still open to opportunities particularly if they are interesting and can get hands-on experience I won't get somewhere else, and (selfishly) enhance a b-school app. Reasons for not going straight to MBA or shooting higher on

18 Sep 2020

Which company would you choose for your first equity analysis to avoid businesses which are that too complex or are driven by macro factors that are difficult to forecast?

04 Sep 2020

Hello I know the CFA is probably the best credential you can have getting a job in Equity Research, but would like to know if anyone would share certifications that have the highest ROI. I am currently a grad student trying to break into Equity Research and want to increase my marketability and be able to get through interview questions pretty easily. I have head great thing about the FMVA that CFI offers, but that leans more on the IB side. I am currently contemplating using WallStreetMojo - they have a course called Equity Research and it seems be be pretty thorough in regards to coverage of

30 Jul 2020

Looking to break into Equity Research. Fresh out of college, no ER experience. What is the general consensus regarding an ER role here? I am a little nervous because of its reputation for financial advisors, however the work I would be doing seems to be relatively the same as what I would be doing anywhere else. I have no ER experience which throws me out of the running for most BB and some reputable sell-side shops, so really just looking to get my foot in the door. Does anybody have any insight? Would it be a decent stepping stone to lateral to another firm in like a year or so (Stifel

09 Mar 2020

The opportunity seems like a great way to break into ER, seems open to recent and expected graduates with a Jan 2020 start date. Does anybody know anyone who has applied? Know what they are looking for in applicants? Size of applicant pool? Interview process details? Anyone already apply and hear back?

02 Oct 2019

Hi. Thanks in advance for any comments:) I have seen at least 2 postings about "experienced" professionals (55ish) who were looking to transition to equity research and had great backgrounds (e.g. law, private equity, retired serial entrepreneurs etc.) and the consensus comments were: very difficult on the sell-side unless you had some extreme niche (e.g. M.D./oncologist w/Phase II & III trial experience), and even w/that difficult as might have to start as associate, firm does not want to invest in you (if you retire in 5 years) etc. But what about for a small buy-side firm where you might

20 Sep 2019

Wanted to create a thread for ER recruiting. If you guys could send updates on apps and interviews that would help everyone. From what I know: -Citi is done -Baird is almost done I know there are also a couple of apps open: -MS -Lazard -CS

21 May 2019

Hello there! I am currently enrolled in my senior year of Mechanical Engineering but for a course named "Projects Management", my instructor requested the class to submit a semester's end paper and I opted to write a M&A scenario pitchbook where Walt Disney Company buys MGM Resorts International, hence I need to understand how do these two companies make profits, therefore can anyone provide me some BB's Equity Research documents related to The Walt Disney Company and MGM Resorts International. Thanks in advance!

16 Oct 2020

All, As per the title of the post, I'd be grateful if someone has a P&C insurance company valuation model that can be shared. All I need is just the structure so feel free to wipe out all the numbers if that's the problem. Thanks in advance.

14 Oct 2020

I'm a recent finance graduate from a "non-target" with a 4.0 GPA. I've had a WM internship at a BB in NYC and also worked part time at my school's endowment fund doing ER for the portfolio. I was the only person at the WM internship to get a return offer, which I turned down because I knew I wanted to pursue research roles. For the last year, I applied to any relevant job posting that didn't require experience and got 3 interviews (a boutique HF, a MM FoF and a top consulting firm (MBB). In each scenario, I was able to make it to the final round and was passed up. Feedback said I was a perfect

30 Sep 2019

I skimmed an ER report from Bank of America today on Beyond Meat (BYND) and I saw that, whatever the assumptions regarding revenue, etc., in order to get a price target marginally above the (then) current market price, the analyst used a terminal growth of 5%, which would be a bit on the high side under normal circumstances, but given that there are serious recession concerns in the near future, the idea of 5% growth forever seems kind of out there. Additionally, the analyst forecasts sales out to FY2029 based on assumptions that seem ridiculous because there are SO MANY potential variables

15 Aug 2019

I'm currently working at a small systematic fund in the Baltimore area as a data analyst. My boss told me that by the emd of next year I should move on to a bigger firm because with the level of experience I do/will have there isn't an opportunity for me to progress here. I'm trying to identify job opportunities or even just firms in the NOVA, DC, Baltimore area but haven't had much luck. Anyone know of firms in the area, preferably smaller or less corporate than something like T Rowe? Open to rolls in fundamental or quant firms.

30 Sep 2020

Hi Everyone, What constitutes equity research? My brother would like to start doing some company research on startups. He had some friends / acquaintances who wanted to learn more about current startups and which ones are good to invest on. And he thought it's a good opportunity. And I wanted to help him out as well. He thought it's a good opportunity for him to start his practice doing some company research about startups from interviewing entrepreneurs etc and selling the research reports first to his circle / network. Would my brother need to take the Series 86/87 to start his research

06 Jan 2020

Would anybody be so kind and share their Excel forecast for equity research with me. I won't copy it or publish it anywhere, I'm just trying to learn by myself how to do this and I got stuck and I think maybe it will help if I see some examples.

10 Sep 2020

What the best equity research teams are for all the main industries? Bank ranking doesn't matter(BB/EB/MM), only team/analyst ranking does. Please add the Industry/Bank/Team/Rank and anything else is much appreciated.

07 Sep 2020

Hey, I have a model and writing test on Thursday for an ER associate role in the REITs sector. Given it is three hours, should I expect a valuation style case study or just an update model with the latest news type of case study?

06 Sep 2020

Bloomberg has some insane capabilities, not all of which are widely known. Maybe that's just because I'm new into my buy-side role (Fixed Income). My favorite function: "SPLC" ...shows you a company's entire supply chain (vendors / customers / recommended comps), organized by % of revenue, COGS, etc.

11 Jul 2019

going to be starting in equity research at a mutual fund. i'll be be covering companies and so wanted to ask the wso community (specifically those working on the sell side) what are the characteristics of buyside analysts that you like to work the most with? what is your ideal relationship with buyside clients? what do you wish was different? what do buyside analysts do that annoy you most?

08 Nov 2018

While I have always enjoyed researching the markets and have been a professional researcher for a while now (albeit in a different industry), I have been thinking for a long time about taking the leap and changing careers to Equity Research. I am finally mentally ready to go this route, but my question is what the likelihood is that employers will see my resume and even consider me for an interview. I have attached the resume below with all identifying details removed. I am used to the world of academic resumes, so I'm sure that this is probably severely lacking formatting-wise, but the reason

12 Feb 2019

Hey all, So I completed an internship in corp fin this summer for a large asset manager (think Fido, State Street, Vanguard) and will be working in a corp fin related role again next summer. On a personal level, I don't mind the work I have been doing, however I don't see myself working in corp fin after I graduate and would like to work in an ER role. I am wondering what are some ways in which I could possibly make the switch over to ER (ideally within the firm that I am currently at) and skills that are transferable to that role. Thanks!

14 Dec 2019

Hi All, In two weeks I will be interviewing in NYC for an ER BB position. I'm overly-stressed out and naturally a very task oriented person, so I'm trying to spend all of tonight planning out a "study" plan for these next two weeks. Other than the obvious interview questions and interpersonal skill demonstrations, what should I focus on? Right now I have: A list of technical questions (see below) A spreadsheet and containing the 10 SP500 sectors and their respective industry breakdown + largest companies by revenue Note cards on all sectors and industries in the US (mainly off of S&P 500). A

13 Aug 2019

If you could start over and cover any sector from the start which would it be and why? Is there a reasonable argument that any one sector particularly positions you well for eventual generalist investment positions? Bonus: where do you see consumer discretionary fitting into this conversation? I'm considering a position covering this sector and am looking to weigh other perspectives here.

18 Jul 2018

.................................................................................................... WSO Family Office Database; check it out here

29 Mar 2018

Hi Everyone, I am a PhD student doing clinical research in the field of medicine at a Canadian university. I have had a strong interest in finance, largely derived from trading experience and research over the years. I have built a fairly solid CV and will continue to do so until the end of my degree. As a member of the BoD of a biotech startup in the fundraising stage, I have become further aware of the opportunities that exist on Wall Street in Equity Research and Investment baking at some big firms including Piper Jaffray, Jefferies, Guggenheim, and Cowen, wherein PhD's with bio/medical

25 Oct 2019

So I want to do equity research. I know that there is sell-side and buy-side and, so far, I have a few distinctive arguments for both (see below). What I would really appreciate to find out is your views in terms of the experience quality that both offer. P.S.: Not trying to touch on things such as pay, promotion chances, job security, etc. Just arguments pro- and con- for someone that just wants to do genuine equity research. Obviously those count, but trying to leave them aside for now. sell side vs buy side ER There are numerous differences between working on the sell side and buyside of

09 Mar 2018

Background: I went to a non-target, had a 2.7 GPA, and didn't study finance in college. Ended up landing a job in ER. I apologize in advance that I have failed to contribute as much as I should to these forums. WSO was one of the main tools I used and find myself looking at boards plenty often. My story: Throughout college I never knew what I wanted to do. I was a curious kid who liked figuring out how things work. I liked investing and always had wall st. (specifically ER) in the back of my mind. It wasn't until late in my collegiate career that I wanted to get into ER. In fact, with 4 weeks

13 Feb 2018

I'm an MD in equity research with 15+ years experience. I've worked at bulge brackets, mid-sized firms and regional firms. Ask any questions on life as a an analyst today vs. several years ago including pre-settlement and bulge bracket vs smaller shop.

01 Jan 2018

Hi everyone, I have an upcoming two hour modeling/writing test for an ER associate role at bank. I have been mostly preparing for it using the guides available online (BIWS and the youtube videos on financial modeling), but was wondering if anyone could offer some help with the resources. I did some quick search but it seems like a lot of the links posted are expired. I would appreciate any help with regards to modeling resources. (bank ER models, write-ups, etc....) Thanks and have a great day!

17 Jan 2019

Dear all, I am new to this community but not new to contemplating my exit from clinical medicine. I have been weighing pursing consulting or equity research in biotech/pharma/healthcare. I crave learning about innovative solutions in healthcare and medicine, creativity, being surrounded by more like-minded folk (patients and other doctors can be quite soul-sucking), and more critical and analytical thinking. I've seen physicians (even some former colleagues) cross over into equity research or managemetn consulting so I'm wondering what would sway one more to one side versus the other. I'm also

31 Oct 2017

I just got a interview for Evercore ISI equity research sales, can someone shed some light on it. What should I expect at the interview?

20 Sep 2017

This week, a prominent American Economist famed for his work in Behavioral Finance, Richard Thaler, took home the Nobel prize in Economic Sciences. As I found myself reading these headlines in the news I found some pride in being able to say I was already familiar with his work and the work of his contemporaries. In fact, I recently made an effort to start reading more scholarly articles on finance. Some of the papers I read include: * A paper that claims most research

13 Oct 2017

BACKGROUND: I have been at a Credit Rating Agency (Moody's, S&P, Fitch, etc.) for four months. I started straight out of undergrad as an Associate Analyst (comparable to an analyst in IB or associate in ER). I graduated from a small non-target with a 3.9 GPA, Economics and Poli Sci double major, and internship experience at a rating agency, PWM shop and a start-up boutique IB (aka fetching coffee and sending out mail). Also, I played baseball for four years and held the same extracurricular positions that every other person applying for real finance jobs held (president of investing club

19 Oct 2017

Hey folks - looking for some opinions. Which path would you see as the better move. Moving to work for an analyst at a well known BB with solid comp or a somewhat unknown but growing boutique but having your own coverage (similarly attractive comp)?

26 Apr 2020

Anyone know where they currently stand in the US? Views (positive/negative)? Expanding somewhat quickly and focus more in the smid cap space.

24 Apr 2020

Hey guys, I recently just had a Super day for a 2021 ER internship and was wondering what the time frame to hear back from these typically are. This one was last Friday and so I am not sure if I am just not hearing back because of the weekend or because I was not chosen. I feel like the interviews went really well so I am a bit anxious waiting and not hearing back now for a couple of days. Any insight into this (the interview was at a midwest MM). It is worth noting that there was about a one week period between my first round phone interview and the invitation to the Superday. Any insight

19 Apr 2020

I am currently enrolled at a non-target school in the southeast as a master of science in finance candidate. Through undergrad, and even now, my work ethic has been impeccable. I have earned several merit based scholarships for both finance and real estate. I completed undergraduate majors in both, with a 3.8 final undergrad GPA, and moved on to a masters in finance. So far, I have done extremely well. I have a graduate research assistantship for the 2019-20 academic year, and am only $500 short of having a full ride in this program. My question here is, how do I sell myself to employers? I

02 Aug 2019

Hi, I have heard that stock pitches usually come up in equity research summer internship interviews. While I am aware of how to structure the stock pitch itself, I am struggling with how to spot when a stock is undervalued and what methods to use (how does the P/E ration help, etc) - this applies to both looking for one to prepare beforehand but also when at the actual interview, if I am given a factsheet and 30 minutes to prepare a pitch. Do you have any tips?

30 Jul 2019

Does anybody know how to properly value health insurance companies? Trying to build a model for UNH but getting caught up in how different the health insurance income statements are. Any insight would be helpful.

14 Apr 2020

Last week I wrote a post which mentioned the potential to buy equity in Eminem's music catalog from 1999-2013. Since writing that post, Eminem went on the BET Cypher and lashed out at Trump with his freestyle called, "[The Storm](

)". In light of this new information, the value of Eminem's royalties immediately come into question. On one hand, you can argue that this publicity will result in a surge of streams of his music (i.e., good for royalties). And he may see renewed

12 Oct 2017

Ever thought about owning Media Royalties as an asset class in your portfolio? What would that even look like? One example, is profiting off every time The Real Slim Shady is streamed in Spotify, Pandora, or Youtube. According to Royalty Flow, which recently filed for an IPO in September, you can do just that by owning their stock. Except you wouldn't just own a stake in The Real Slim Shady, you'd own a stake in his entire music catalog created between 1999 and 2013. A quick look at some of the details

12 Oct 2017

Hello Everyone, I'll keep this short and sweet. I took an ER job out of school (after running my own little ER biz). Working on Wall St is great, I'm learning a ton, I put in the hours and I'm on the front lines. Outside of continually getting up to speed, I passed my Series 7/63 within two months of joining. My problem is with my boss. I'll keep this to two bullet points so you get the point: * Expects 5-10 years experience and doesn't realize I've been there for 4 months. Aka, expects me to spot things only he would, you get the point when modeling. * Is unhelpful. Instead of saying "hey

26 Feb 2017

Could anybody recommend me some equity research training courses? Thank you in advance :)!

12 Jun 2017

I'm going to purposefully leave out some details from this post to avoid being "outed". I had an interview the same day I handed my report to an MD of a notable bank. An hour after handing it in he emailed me asking me to meet with him for 30 minutes. When I was about to meet him, the first thing I noticed before I sat down was how there were a lot of notes and circles and scribbles on my report (which I handed to him 6 hours prior). (Note, this report was a thematic industry and equity research report that I have been handing out to showcase my competencies and skill set). Anyways, I talked

12 Dec 2018

Hi Guys, So I'm caught in a bit of a dilemma. I am coming from a non-target school, graduating in a couple of weeks with Finance degree, 1st gen college student. Didn't do BB summer internship, but I went overseas and worked at a 2B+ hedgefund as an equity analyst for summer internship (they only hire CFA charterholders for analyst positions unfortunately) I happen to be in a very affluent town that has a lot of ppl in finance who tried to help me, but most BB fill the 1st yrs with summer analyst positions. So I'm not worried about the networking...I am interested working in Equity Research

12 May 2017