Equity Research

I got people find this very relatable and funny, but sadly real. Enjoy. During my sell-side days, I lived in Manhattan and my apartment was 3 blocks away from the office. This represents a day during earnings season, so it's particularly bad, but more entertaining (for you only of course.) 6:00am...

10 May 2022

Thank you all on Instagram who contributed to the career tips. Before I dive in, one point to make: The sell-side research profession entails a lot of figuring things out on your own. As much as I (and many others) suggest finding a good senior analyst as a mentor, most of them are terrible...

01 Mar 2022

After spending 2 years in SS ER (BB) I feel like I have a responsibility to let others know the huge pitfalls of starting your career in research. All I'm about to say has been touched on many times on this forum but I thought I'd compile a list to save college kids and folks looking to lateral some...

21 Jan 2022

For those who want to break in, survive/thrive, and break out of Equity Research, below are all the articles I have written: Networking: Network (In)to The Sell-side Deciding on offers: Deciding on your next sell-side research job Surviving / Thriving, Part I: Advice for Equity Research Associates -...

22 Mar 2022

Two roads diverged in a wood, and I- I took the one less traveled by, And that has made all the difference. Robert Frost Title summarizes the road I've traveled… consultant → intelligence community/SEAL Teams/Special Operations → director of research at a well known hedge fund → tech...

06 Jan 2022

It's no myth that investment management (the "buy-side") job openings are scarce and competitions are fierce. Based on interactions I had with aspiring candidates, I felt the need to lay out what doesn't work. Before I start, I will note two exceptions (that I can think of) to the rule: 1) the...

25 Jul 2021

So, you decided to gun for sell-side equity research. And every job post you have come across reads like this: "We are looking to hire someone with 2-3 years of equity research experience covering my sector who can model and write." I know what you are wondering: how do I get work experience in the...

23 Feb 2022

It's that time of the year where music chair takes place across Wall Street after bonuses, equity research is no exception. This article should help maximize your chances of improving over your current situation and also help new industry entrants decide on a good first role in sell-side equity...

08 Feb 2022

I've noticed some recent debate about the desirability of equity research. I am a former equity research associate who is now a full coverage analyst, managing my own sector coverage and a team of associates. I usually do a Q&A around this time of year, and I figure now is a good time to do one...

08 Feb 2022

Hi, long-time follower of WSO here. Currently based in London at a sell-side bank doing ER, and I have a good chance an offer might be coming for a large AM in Copenhagen to work as a senior analyst at an equity fund. Never been to the city, so have a few questions -- -What's the life like in...

20 Jan 2022

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...

26 Apr 2021

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,...

04 May 2021

Monkeys, I'm a few months into my third year as an ER associate in Toronto at a Big 5 Canadian bank or a Canadian BB, whatever you want to call it. I've decided to try jumping ship to the buy side, ideally at a SM or LO with the right investment style (very few seats, tough interviews… I know, I...

24 Jan 2022

Hello Everyone, I feel like I have finally made some great strides since 2019 when I felt like my career hit a plateau in wealth management. I'm 31 doing my MBA at a t-25. Anyway, I've been reading different resources from here and other things my friends and classmates have shared with me regarding...

14 Jan 2022

Hey guys, so just a bit about myself, I'm currently a sophomore at a non-target university on the west coast majorly known for ranking top 10 in their real estate program. I'm double majoring in finance & RE, was previously super set on trying to break into firms like Starwood, Hines, Brookfield,...

24 Apr 2022

Given the internship season is upon us, I will host a 1-hour Zoom session to talk about my sell-side research internship experience and tips on maximizing your chance of converting your internship into a full-time offer. I will talk for 45 minutes and then leave 15 minutes for Q&A, because you could...

06 May 2022

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)...

25 Feb 2020

Hi everyone,I am currently in a consulting role working in a T1 bank, however the role is mostly PMO related (glorified admin) with slight touch on PM duties. I really really want to get into ER, just wanted to know do factors like age matter? - I am soon to be 28.. For those wondering why i'm in...

27 Mar 2022

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...

13 Feb 2018

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

I am about to graduate from a reputable university in Canada (McMaster University) with an Honours BCom degree (specializing in Finance), and I was just wondering if anyone has any advice for a recent graduate looking to get into the industry? I specifically have an interest in IB, PE, VC, AM & ER,...

12 Apr 2022

Hi, I have received a job offer to start in renewable energy equity research as an associate and am debating whether I should take it or not. The position is with a boutique investment bank. Context: I currently work as a mid-level credit analyst in corporate banking. I participate in client...

30 Mar 2022

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09 May 2022

Hey guys, I'm looking for a weekly magazine that covers companies, i.e. - deep dive into their business model: explanation, comparison with competitors (not only IR blabla BS) - outlook for various companies - interviews with top executives - research about current technological trends shaping the...

22 Feb 2022

Hello - I am interested in hearing updated pay figures (post-fall '21 industry adjustment) for equity research (NYC) Background - presently in IB (1st yr analyst) however I think I would enjoy and learn more of what I'm interested in within ER. Then open doors to potentially exit into AM/HF. My...

13 Mar 2022

I've been in London SS ER for 1 year in a hot sector with probably one of the best analysts on the street and just been told i'll be initiating on a company in the first half of 2022. But I have always wanted to go to the buyside and know SS isnt my long term career preference. The only issue I have...

19 Dec 2021

I have some questions about Equity Research if any of you don't mind answering... What does your typical day-to-day look like? What is something you wish you knew before going into your equity research super day? What technicals would I specifically need to perfect for an equity research super day?...

13 Dec 2021

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...

22 Nov 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...

05 May 2020

Currently going through the interview process for an ER role at a MM bank. I'm somewhat interested in the sector for which I'm being considered, but I recently came across a job posting for an ER position at the same firm covering a different sector, one in which I'd be much more interested. How...

03 Feb 2022

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...

08 Nov 2020

Hey all, I don't intend to work on Wall St. I'd like to brush up my ER and general corporate finance skills. I know Uni + direct experience is the best teacher, but I'm just trying to brush on this skill to make me more valuable, not to work in the space. I've been doing some MIT OpenCourseWare...

05 Jun 2021

I have signed an offer for a top tier BB's research division (think GS/JPM/MS) as a lateral hire and my background check was already completed. But I just got this other offer from another top tier BB (GS/JPM/MS) but it's with their trading division (which I definitely like more and and the role...

22 Jul 2021

Hey Everyone, first time poster. To introduce myself, I recently started a role as an Equity Research Associate at a small financial publishing firm in the mid-atlantic region. In addition, I graduated from a small liberal arts school last May where I majored in Economics. I'm very grateful for my...

13 Dec 2021

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...

26 Jan 2021

On short notice I have an interview with an analyst early next week for an ER associate position at Piper Sandler. Here're the points around interview prep I've gleaned from past forums, listed in no particular order: Know your story cold: Walk me through your resume / Tell me about yourself....

20 Jan 2022

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...

06 Feb 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...

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...

07 Dec 2020

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...

27 Nov 2014

Imagine you've decided to buy a new phone. What would be your process of selection? For the price range decided, you would short list a set of brands, compare various technical specifications and depending upon what factors are important to you - whether it's the batterylife or the megapixels of...

12 May 2022

I'm interviewing for entry-level SS ER positions and I'm curious how to answer this question. Ultimately, I'd like to move to buy-side HF/AM at some point, but is that bad to say in a SS interview? Do they expect me to say I want to be SS for life? Or just that I'm looking to learn a lot from senior...

10 May 2022

Safe to say I just made the worst typo ever in wso history. I've been recruiting for a few opportunities right now and finished a great interview today for Job A. Was told I would be moving to the final round. After I finished, I also wanted to follow up with Job B. I responded to a previous email...

18 Oct 2021

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...

10 Mar 2021

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...

15 Aug 2019

Hey guys, Long time lurker here (thank you to this forum for the career in finance) looking for some advice. I am a top-performing ER associate on a #1 II ranked team in the broader CME sector (not going to be more specific than that) with 2 years of experience looking to move IMMEDIATELY to banking...

04 Nov 2021

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

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...

09 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...

09 Mar 2018

QUESTION: I am aware there are threads on this, but my post pertains to my personal situation. I am currently a first year associate analyst at a Rating Agency and I want to make my way to the buy side. I don't care too much for working at a hedge fund, I am thinking more along the lines of a mutual...

04 Sep 2017