Equity Research

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

Hey guys - this is a weird q so brace yourselves. I'm a very very average person - I studied a non-finance humanity degree, not gifted at numbers, IQ is probably bang average, however, I'm quite a personable person and a decent communicator. Despite the above, I managed to land an ER gig at a BB firm. (I think the only reason why I managed to get the job was that I made a good impression on the right people - not much to do with techincal skill) People who know me are surprised when I tell them lol. I guess what I'm trying to ask is: how intelligent do you truly have to be doing well in ER and

26 Apr 2021

When I did my Q&A thread a while back I promised at least one person that I would share my general research process. So here you go... Every analyst has his/her own way of conducting due diligence. There certainly is no one correct way to come to an investment decision, however, I'd argue that there are certainly several wrong ways, but that is neither here nor there for the purposes of this post. What I am going to describe in this write-up is my personal routine for conducting due diligence. As a disclaimer I would like to state that this is in no way a comprehensive list and my process can vary significantly based on the business and other factors. So, if you use this template to get up to speed on a business and end up missing something crucial don't say I didn't warn you.

27 Nov 2014

Currently debating on whether or not to take an offer for an associate seat for Oil & Gas ER. Reading about the banking side of things a lot of people seem bearish about the future of the industry, but I've gotten more optimistic takes from people I know on the credit side. Personally I am not incredibly interested in Energy but have been looking to move on from my current role into sell-side ER, is Energy esoteric enough where after ~2 years it would be hard to lateral to a different space even if its within Industrials/Materials?

06 Apr 2021

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

Hi everyone! I'm applying to summer internships next year and thought it might be useful for me and others to find out which divisions are the most difficult to get into. What do you think? The divisions (randomised) are... - Risk Management - Asset Management - Compliance - Private Banking/Wealth Management - Equity Research - Corporate Banking - Sales and Trading - Investment Banking Looking forward to your responses!

13 Mar 2021

Mod (Andy) note: This thread is from December '11, but Flake said he is still up for answering questions, so fire away Given the holiday season, I'm in a relatively good mood and feel the need to give back a little. I've seen a bunch of these "fielding questions" threads and I thought they were extremely helpful. I am a week away from hitting my one year anniversary of being in a BB research role and I figured this would be a good time to do an entry-level Q&A session on ER. I will do my best to answer any questions and PM's. It might take me some time to get back to you with all the family

02 Jul 2012

I'm curious to learn more about the exit opportunities that one could expect as a sell-side ER analyst/associate for a middle market firm (Jefferies/Truist/Blair/Cowen/Stifel/Piper). Specifically, I am wondering what quality of placements these firms get with hedge funds or asset managers. So far, I've spoken with a few associates on the Street and I've been told that hedge funds care more about the individual's skills and knowledge of investing or analyst group rather than the name brand recognition of working for say, a bulge bracket. Moreover, they've said that because IB and PE tend to be

04 May 2021

***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. a

18 Apr 2012

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

So you are fascinated by the financial markets and maybe even interested in trading? Great, but access to information doesn't come cheap and can be a real differentiator. After all, how can you possibly get an edge on what is going on if you don't even have a fraction of the information at your disposal that market professionals have without paying a pretty penny? Ten or Fifteen years ago it would have been nearly impossible to come even close to replicating what big firms have access to when it comes to data and information. These days, you still can't get there, but you can arguably get

19 Jun 2012

Thought I'd post some the PM diarrhea I've sent to monkeys (who ask intelligent questions). Here we go… I graduated college with an Econ degree from a top 20 school in the US but not an Ivy. Side-note, monkeys get way too hung up on target, semi-target, non-target on this board. In my book, dumbass vs. non-dumbass is much more important and you can usually tell pretty fast. Anyway, I started a tech business after school, and then sold out (Clearly not for FB level valuations or else I'd be buying Patrick out for shits and gigs).

21 Aug 2012

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

Can someone provide insights on Wedbush Securities (LA)? Specifically their ER dept? What % of summer interns get full-time offers at Wedbush? And what do the exit opportunities look like? Can you transfer into IB later? Can you get into ER at some other top firm (JP, Goldman, etc)? How does the compensation compare to consulting firms?

13 Apr 2021

Hi Guys - I'm working on a blog (or maybe ebook) to give junior staff and interns an idea of what it's REALLY like to work in the equities sell-side business at a BB.

08 Jan 2012

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

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29 Mar 2018

msg me if you would like copies - comprehensive industry reports - full length

12 Apr 2015

I was motivated to make this thread after reading a lot of the other threads in this forum, about why certain top analysts are still on the sell-side. It appears that almost everyone who doesn't work on the buy-side or sell-side, or even a remotely close front office position fails to understand how equity research works, and what purpose it serves. Let me start off by giving you some information on my background. I've been working in equity research at BB for close to 7 months now for a high ranked analyst in the consumer sector. Poor Quality Sell Side Equity Research I don't argue this fact

04 Jan 2014

I have an interview for a Equity Research Analyst role tomorrow. Do you have any good advice for the interview? Also, I've heard that you often will have to pitch several stocks. Do you have some interesting stock pitches at the moment and maybe a stock to short? Thanks!

16 Feb 2021

Hey fellow monkies! I'm an undergrad student at a UK target and after all this rant about the lifestyle of an M&A banker, I have serious doubts about applying for that division next year at IBs. If we are not looking solely at the comp, for my personality and genuine interest, equity research would be a much better option. I feel that it is fairly underrated as everybody is so obsessed with M&A and there isn't really much discussion about it. I would really appreciate some wisdom about focusing on ER out of undergrad from someone more experienced and the knowledge that one can acquire there

08 Apr 2021

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 everyone! :) I am a Spanish graduate student attending an Ivy League university in the US (think Wharton/Columbia/Yale) studying finance and economics. I know I want to work in the Buy Side but I am still unsure if I should do AM or PB. I appreciate work/life balance and I would like to work in EU (UK/ Spain/ Switzerland) after graduation. I have two interesting offers for this summer and both have pros and cons, so I am not sure which one to choose, given that both want me to intern with them on July-August. The positions and characteristics are the following: 1. Dodge & Cox -

26 Jan 2021

My 2021 Trade-off: Working full time starting from Jan 2021 or rather studying for the CFA to complete Level 1 (in Feb 2021) and Level 2 (in Aug 2021)? What would you do? I have just graduated (MSc) and I believe If I will start working full-time I might not be able to pass the CFA exams (because this job will keep me busy from 8am till 8pm). So I am thinking to go for the CFA and then start new job applications after Aug 2021 (hopefully with a CFA level 2 pass I will have more credentials to get a better job/internship with top banks in investment research and/or portfolio management). What

26 Dec 2020

I'm a recent graduate (non-European) and will be applying to MFin/MiM programs in Europe in R2 for the September 2021 intake. I wanted some perspectives on opportunities in London and the rest of Europe after graduating. Would also love to hear some recruiting experiences. I'll apply to IB internships, IB is probably my first preference but I´m also fairly open to consider ER/AM/S&T/Consulting/Corp Dev roles. I suppose that landing client facing roles in continental Europe needs you to be native-level fluent in the local language? I'm native only in English, so I suppose London might be the

07 Dec 2020

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

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

Hello everyone! So I am 35 years old. I have a bachelor's in Economics (graduated in 2009) from top universities in Moscow. I worked mostly in compliance field back in Russia. After I moved to the US I've worked as an administrative assistant only. I am currently working on a stock pitch and planning to send it to asset management companies and hedge funds, since I've figured that with no relevant experience there are no chances for me even to get an interview and internships are only for recent graduates. However, sometimes I think that it might not even worth trying because of my age and

06 Feb 2021

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

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

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23 Nov 2020

Can someone please provide insights on NERA Economic Consulting. Specifically their Antitrust and IP department. What % of summer interns get full-time return offers at NERA? What do the exit opportunities look like? Is it common for employees to enter management/strategy consulting later in the Big 3s or the Big 4s? How does the compensation/job security compare to Equity Research jobs?

13 Apr 2021

Hi all, I have received two very good offers and would be grateful for choice advice. I got offers from BNPP for IBD, and GS for ER. After uni I want to work in IB and was wondering which of these would position me best for that career. Thanks!

01 Dec 2020

Non-target, accepted an ER offer at a top-BB after internship. Felt my performance in general was lackluster at best. This was compounded by a poor final presentation that really paled in comparison to the other interns. I built somewhat of a 'virtual' rapport with the team and I believe this is what ultimately enabled me to scrape by and secure an offer. Since I've returned to college, I can't help but feel a weight on my shoulders. There's a building sense of anxiety around the ever-approaching start date, which I just can't seem to shake. Worried I'm not "quick" enough for the role

09 Dec 2020

With the increase in popularity with SPACs instrument during the last year, what is the best way to model them? SPACs are listed instrument but issues come with the short historical data from them. It comes from the very nature of the product where SPACs generally survive for a maximum of 2 years before an acquisition is done (or not). It is to say, maybe it's the choice of the proxy that could fixed this situation, but what would it be? Technically it can't lost more that what is invested initially minus expenses, because there is always the option to say no to the deal and redeem his share's

09 Dec 2020

So Bloomberg. An incredible useful tool that a lot of the times makes your life exponentially easier. I just have one question: Why is the user interface so incredibly shitty. It looks like a program from '97, and half of the time I find myself gauging out my own eyes because I accidently pressed the back button on a multi-level M&A search. Surely with the amount of money that Mike put in his failed campaign the UX could be refreshed. Any ideas?

10 Mar 2021

I have been an ER analyst at a BB for the last 3 years... I am now moving to the buy side, starting in 2 weeks' time. I have always found these threads useful so thought would create one myself in case anyone wants to ask about sell side (or buy side) equity research, and I will do my best to help. Cheers.

13 Jul 2014

Hi all, Just writing to say hello and glad to be part of this community. I am looking to gain more internal insight regarding equity research and PE as well as IB, since I am trying to figure out the area I am most interested in. I am currently an accountant/analyst at a real estate company that focuses on acquisitions and property management and looking to make the move more out of real estate. Currently studying for the CFA Level 1. Any advice is welcomed. Looking forward to being part of this community. Nick C.

02 Nov 2020

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

I'm a sell-side analyst at a solid mid-market shop. I've been in my current senior analyst role for a relatively short time (

16 Oct 2012

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

Hey, looking for (1) advice as to how can I position my accounting job so it could be somehow useful for ER profile when the time comes. I am learning SAP FICO module and will work with the same within the next 3 months (placement started). Also, am targeting tech companies and e-commerce so as to understand the business more. (2) Advice on any other industry to target would be great. The other threads have been useful as to what skills would help me out but some specific guidance/tips would be appreciated. Background: Current age: 22, Commerce grad (easy UG course), bad GPA : 2.3 , 2 year gap

22 Nov 2020

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

Hi - I have SA offer from one of the top 3 BBs (MS,GS,JPM) for ER and an offer from MM bank for IBD. In the future I would like to work in IBD and so wanted to query about which one do you think would set me best for a career in IB. The reason I'm split is because the BB offer carries a big "brand name" whilst maybe not being as transferrable as MM one. Thanks!

20 Nov 2020

This is an example of how a buy-side analyst would start coverage on a new name and what an initiating memo might look like. I chose Fossil as part of an investment group with some help from BlackHat and this is the final product. Keep in mind this is not a stock pitch, this is an initiation, so you'll notice it's pretty long, somewhat broad in some areas, and aims to lay out the story behind what's going on with FOSL and what an analyst might want to find out before putting a recommendation on it. And lots of firms may do this much differently. It's from August so not completely recent, but

03 Dec 2012

Hey guys, Just for a quick background, I was originally a mathematics and data science major before switching over to economics. I have been on track to graduate college a year early, but this means I have to sacrifice a summer for a potential internship, so I feel a little behind now. Last summer, I was able to get a pretty decent internship, but it was a research position at a pharmaceutical company and is not related to what I truly want to do. I am interested in equity research and investment banking, but I am having a hard time applying to internships with my lack of finance experience. I

07 Jan 2021

I currently work as stock broker for a retail financial service firm. After reading the CFA level 1 books and doing some research online I believe that I would like to make a move into the research side of finance to help make investment decisions for either funds, companies, or high networth individuals. My general understanding is that I should get some analyst roles under my belt to show modeling skills (while studying for the CFA). I have been looking into various FP&A roles, credit analyst roles, and have some other roles within firms that have equity research departments in them

08 Nov 2020

Just started ER and have an opportunity to go into Telcos or Media (European coverage). The Telco team is quite highly ranked whereas Media has a decent gaming coverage. I think both are pretty interesting (slight interest more towards gaming) but Telcos is higher rated. What do you all think here, go for interest or rating? I understand Telcos is slightly more complicated in terms of modelling but there is a risk of being pigeonholed for buyside recruitment.

05 Jan 2021

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

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