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
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
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
24 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 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 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 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 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
I have some questions about what I should do with my remaining time at college. I am currently in my senior year of college and I am having some serious trouble finding a job. I go to a non-target school and have a 3.6 GPA and have 1 sort of related internship experience, but have decent leadership and extracurricular activities. I have networked extensively, but it still seems to me like I am missing something to get into the field that I am dreaming of (preferably ER, but at this point kind of anything). I have decent leadership at school and have even created an investment club and fund
12 Jan 2021
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
Hi all. Just reaching out to see if anyone has any familiarity with the Research Associate role at Raymond James? The job description says it's mainly doing administrative stuff for PMs and RAs along with market analysis, but wanted to see if anyone is currently in the role or has been in the role who can share insight? Thanks.
10 Jan 2021
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
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 a derivatives trader at a small broker and im trying to switch to equity research. I recently got offered a job as a equity trader for a large asset manager in London (T.Rowe, BlackRock, Schroders etc) but I'm hesitant on taking it because I feel like I'll get pigeon-holed into it and won't be able to switch but the pay is good and I can get my CFA with them. Any advice or insight is welcome.
06 Jan 2021
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
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
Where can I find stock screens from reputable companies (Banks and Asset Managers) similar to those done by BOA research below? I'm looking for screens that list specific buy (or short) opportunities like the BOA example. Any help would be very much appreciated.
30 Dec 2020
Hi all, Looking to get some initiation reports and models for a few companies I am trying to research. Would really appreciate any help and am willing to exchange for any research from 2 BB broker portals that I have access to.
30 Dec 2020
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
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
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
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
People from sales & trading how do you gather information or generate investment ideas for client pitches? Do you rely on the news or is it usually in-house research calls or is it a healthy mix of both?
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
Lessons from the Titans: What companies in the new economy can learn from the great industrial giants to drive sustainable success Filled with illuminating case studies and brilliant in-depth analysis, this invaluable book provides a multitude of insights that will help you weather market upheavals, adapt to disruptions, and optimize your resources to your best advantage. You'll learn hard-won lessons in innovation, growth, resilience, and operational excellence, as well as the time-proven fundamentals of continuous improvement for lasting success. Before Silicon Valley disrupted the world
08 Dec 2020
Lessons from the Titans: What companies in the new economy can learn from the great industrial giants to drive sustainable success Before Silicon Valley disrupted the world with new technologies and business models, America's industrial giants paved the way. Companies like General Electric, United Technologies, and Caterpillar were the Google and Amazon of their day, setting gold standards in innovation, growth, and profitability. Today's leaders can learn a great deal from their successes, as well as their missteps. In this essential guide, three veteran Wall Street analysts reveal timeless
08 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
If anyone is looking for investment research written by fellow HF managers, I would encourage you to check out SumZero. I'm unable to post the link here, but if you google SumZero, you will find our website! Also, if you shoot me an email at [email protected]. com, I'm more than happy to set you up on an extended free trial. For context, SumZero is the largest private buyside research community globally, with a research database containing over 14,000+ pieces of actionable, proprietary, investment research, written exclusively by members of the institutional buyside. If you're looking for idea
04 Dec 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
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
Hello all, I am currently a junior at a non target with a 3.46. I major in financial economics am on track to graduate this year. I have no experience in finance and would like to break into the field and am interested in any type of investment research position. I have the option to do a 1 year masters in Econ or add a second major in finance to do a full 4 years and stall so I have time to maybe get an internship in the summer and recruit for FT for summer 2022. I also have considered graduating this year and taking levels of the CFA to bolster my resume. Also maybe working in CF for a year
01 Dec 2020
A buddy of mine got me a job interview at AllianceBernstein for Equity Research, but I have no idea on what the bonuses look like for first year Equity Research Associates. I already got an offer where compensation is like 115k all in. I know base for AB is like 85k. What do bonuses look like for 1st years?
29 Nov 2020
Hey guys! So I go to a semi-target school and early November, I received a notification for first round phone interviews for MS SA Equity Research. A week later, they got back to me with a superday offer, which I had on the 13th. To let you know how the superday went, I think it went pretty nicely. I had a good convo with the first interviewer and he even said well done for one of my answers while the second interviewer asked me a lot about my extracurricular activities, which i enjoyed talking about. We had a great conversation. The third interviewer was similar. For the fourth interview
28 Nov 2020
I was fortunate to receive SA offers from one of the top 3 BBs for ER and from one of the Tier 3 banks for IBD. Can't decide which offer to choose and will be grateful for advice. I want to pursue career in IB. The BB offer carries big brand name but isn't 1:1 transferrable; whilst the T3 one is in IB whilst not being as recognisable as the BB. Which one do u think will max my chances of lateralling to BB IBD for either SA or FT position in the future? Should I prioritise the name over experience, or the opposite?
27 Nov 2020
LifeSci Capital is a research-driven investment bank with deep domain expertise in the life sciences. Our service model as a boutique investment bank is unique in that we exclusively serve corporate clients who are emerging life science companies that discover, develop, and commercialize innovative products. We view our clients as our partners, and we work closely with them to establish and execute their capital markets strategies. Our broadly-distributed equity research product is differentiated and provides a deep understanding of our clients' businesses and the opportunities they are
26 Nov 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
About me BBA in Finance in 2018 from a non-target in Texas with a 3.4 GPA Have not yet taken the GMAT, but plan on it in early 2021 Currently work in WM at a no name shop in NY (not Manhattan) where I spend half my time doing equity research for our US Equity Strategy and the other half in various roles on the WM side I am trying to break into ER, but I have had little success through traditional methods i.e. networking with alumni and sending my resume into the black hole that is the online application system. My alumni network hasn't worked out due to the simple fact that almost nobody seems
22 Nov 2020
Hi everyone, Was wondering if anyone has seen finance interns from F50 companies (that are frequently covered by the sell side) move to equity research full-time. I have previous equity research experience at a Midwest boutique as well. Not sure if I want to go back to ER but would firms find value in a candidate that has experiences in both institutional ER and corporate finance? For context , next year I will be getting my MSF at a semi-target in the Midwest.
18 Nov 2020
I'm wondering if anyone knows of an equivalent to the Rosenbaum but for Equity Research(/asset management)? I'm basically looking for something that would walk through the best practice on how the equity research process would take place (e.g. in Bulge Bracket). In a similar vein, does anyone know of a course in the style of Break Into Wall Street or WSO but focussed on equity research/asset management?
11 Nov 2020
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
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
All, The HR just told me (a boutique shop) that the 1st round is a writing test where I need to deliver a investment piece within 24h. Although I get that this is going to be a pitch, can anyone shed some light on the kind of information/ analysis that I will need to do, given that there's only 24h (assuming I don't sleep or eat...)? For example, would the expectation to be build a model from scratch or provided one? Will I be required to search info myself or given? Any advice/experience is welcomed. Thanks in advance.
03 Nov 2020
Got an offer for a buy-side ER position at a big AM- wondering what a career path/ opportunities for such position are? How likely is it to reach PM? What are the comps for this compared to positions such IB, PE, S&T, much lower or not so much?
02 Nov 2020
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
Keeping up with the news is (of course) a huge part of the work being done as an analyst or associate, but how often is that just listening in and taking notes on an earnings call? They present essential information but I wonder about the difference in getting that information updated in models and consolidated immediately in real time vs. a few hours or days later based on research reports. How often do you listen to earnings calls and what exactly (aside from the numbers) are you listening for?
24 Oct 2020
Monkeys, I am looking for thoughts and advice on breaking into the industry. My Situation: I am a few years out from a top undergrad B-school (Stern / Haas / McIntire), and work for a T2 Strategy consulting firm (sigh). I have long been interested in the capital markets, and have been actively investing since college (insert shameless plug here about portfolio performance), but chose to go into Consulting instead of Banking because I saw myself as a doer and a strategic thinker, not a spreadsheet cruncher. This turned out to be ill advised. Fast forward, I now am an experienced Consultant
22 Oct 2020