Equity Research

I am a first-year student at a T10 MBA school. I have been actively pursuing summer internship opportunities in the HF/AM field (equity research) and have reached the final interview stage with a few firms, including a highly sought-after HF. Unfortunately, I was unable to secure an internship...

18 May 2023

Hey guys, this is my first post here. I'm currently a sophomore at a non-target school, though it is a well known and relatively reputable state school. I've been really interested in equity research and have created several research reports as part of my time in a student-led investment fund. I...

05 May 2023

I am a back office analyst at a top tier BB and have been applying to anything I can to get out of BO. I recently received an offer for Bloomberg's ER data analyst program, but I'm very apprehensive if this is the right move. My goal is to get as far away from BO as possible, and ideally to be on...

30 Apr 2023

Go with what I enjoy, go with what's best for career progression (HF / PM), or for a mix (optimal?). But the honest truth is, I don't know what I enjoy because I've never tried anything, except tech (personal investing), which I do enjoy. I was thinking an industry/sector that teaches me a lot about...

28 Apr 2023

Incoming MBA '25 candidate. I know AM IM is a tough one to crack (especially Fidelity, Wellington, T. Rowe Price, etc) but rate my chances of pursuing this career path through MBA recruiting. I'm going to a T15 school and have around a couple of years of WE actively managing a seven-figure trading...

26 Apr 2023

I'm currently a senior in high school getting ready to graduate this year, and I've been considering my career options in finance. I'm interested in investment banking, but am still open to exploring other options, one of them being equity research. I've read other forums on WSO and across the...

25 Apr 2023

Anyone hear back after their first round interview for NYC RBC Equity Research SA 2024? Wondering if second rounds started.

15 Apr 2023

Hi everyone, I am considering moving from a buy-side IG credit research role to a sell-side research role. I am considering an equity research and a credit research role both at the same firm. Which role do you generally think is the more attractive job in terms of exit opportunities, general career...

14 Apr 2023

Ok, obviously its not impossible, but everyone on this forum suggests one way or another that its either IB or nothing. I have scanned several notable SM HF employees on LinkedIn, and only a minority of them have previous IB experience. Can a pro-ER intellectual please reassure me that my HF dreams...

12 Apr 2023

Hello, Relatively new to equity research space in an AM. Recently a rumor broke out on a acquisition and wanted to see how seasoned finance professionals assess the likelihood of the acquisition. After researching, I came to conclude that the merger for company A with said Target will achieve...

12 Apr 2023

Hi everyone! I'm only 23 years old and still in college but I've managed to already get ~3 years of experience, having worked 1 year in corporate M&A for a large company with a very active dealflow + 1 year in small Private Equity/Venture Capital fund (it was more VC than PE in terms of company...

08 Apr 2023

Hi, I'm looking to break onto wall street, thinking IB, Equity Research, M&A, or something math related(my dream is quant but I'm aware that's extremely hard to get into, so I think I might want to pursue an MFE after undergrad). I also might want to pursue an actuarial career. Unfortunately because...

07 Apr 2023

I am a student at a UK target university, and I'd like to learn about the ease of transition between various professions. I am interested in studying companies and how they could improve. This has led me to develop an interest in Equity Research, where it's your job to study public companies and...

28 Mar 2023

I received an interview for Global Investments Research Summer 24 internship at GS. Wanted to get some advice and tips for interview?

22 Mar 2023

I've been networking like crazy over the last few months and have finally positioned myself to take a job at SIG. There's a pretty difficult exam that everyone needs to pass before hiring. I've taken it about 8 months ago and failed, and I am pretty lucky to be able to try again. All I know is that...

27 Feb 2023

Hello guys 👋 As a person interested in ER, I have a couple of questions about how the whole process is organised: 1) Who is responsible for creating models for specific companies? I mean, for example, there is a group of 5 members analyzing Western Europe Telecom companies and the Q3 earnings of...

26 Feb 2023

Hi monkies, Hope all of y'all are doing well. It's my first time posting and I wanted to just throw out my question to get as much advice as possible... I'm a senior in college in Chicago, (not UChicago or Northwestern, sadly) and signed an offer as a portfolio management analyst for a hedge fund in...

24 Feb 2023

I'm a first-year MBA student at one of the top schools outside M7. I have a previous buy-side equity research experience outside the U.S, and now I'm looking for summer internship in HF/AM equity research. I've interviewed with five AM+HF so far, but I haven't secured an internship yet. I knew this...

22 Feb 2023

Im currently a student looking to break into the hedge fund industry. Im looking at energy at MM pods for reference, although thats not too relevant to this discussion. I am trying to get a better sense of how to structure my pitches and modeling effectively. I thought that looking through some...

15 Feb 2023

So I am a bit confused about when we calculate free cash flow to the firm, why do we not include net debt borrowings? For example, if firm ABC in Y1 has CFO = $1M, Capex = $500k and Net debt borrowings of $2M, then do they not have 1-0.5+2 = $2.5M in free cash flows to use between debt and equity...

10 Feb 2023

Hi all, Current senior at a non-target (top LAC) and going to do a Master's in Finance program at a T25 B-School (USC, Emory, Vanderbilt) next year. Last summer, I was an SA for a regional boutique in IBD, but I did not accept the return offer knowing I was likely going to pursue a master's degree....

31 Jan 2023

Hey Everyone, Considering bonus season is underway I thought we could get a thread going to get an idea on what bonuses are looking like across the industry. Lets keep it to a simple structure: Title: Rank if applicable: Region: Bank Size: (Bulge, Mid mkt, Boutique etc) Base: Bonus:

30 Jan 2023

Hi! Welcome to a free-for-all asset management Q&A sessions. Here is a little bit about myself and my background: -Current Vice President in quantitative risk at BlackRock, covering equity iShares -Previously spent 3 years at large asset manager in quantitative risk covering fundamental and...

27 Jan 2023

Curious to hear if anyone has any tips to make company/industry research process more efficient - In terms of what tools to use, good practices, as well as any useful templates. Thanks in advance!

26 Jan 2023

Hey everyone! I was hoping to get you input on a situation I have with the firm I interned in 2021. In summer 2021, I worked with an asset management firm (AUM over $2 trillion) as a summer associate and I was able to secure a FT offer with them. I ended up accepting the offer, but my graduation...

23 Jan 2023

I wanted to start a discussion here about how to get your foot in the door when applying for AM roles. I see too many misconceptions out there in these forums. If anyone is interested in breaking into the asset management industry, feel free to reach out. what's most important these days is the...

21 Jan 2023

Hello, I've been fortunate to have made the transition from middle office in AM to front office where I would be covering Energy, Materials and Real Estate while coding (python, C#) some analytical tools for the team. The team is Growth oriented largely looking at small-mid cap companies (seldom...

18 Jan 2023

My question is regarding whether writing for Seeking Alpha could help someone eventually get a full-time job as an analyst in Equity Research. For a quick background on myself, I'm currently a sophomore at a semi-target school working on getting my finance undergrad. I've been writing for Seeking...

16 Jan 2023

I have seen this project related to building research reports using GPT-3 (the same tool used to build ChatGPT). It is clear that equity research is way more complex than writing reports, but how long do you believe that it will take for projects such as this to write a report with the same quality...

14 Jan 2023

Heard GS did a sizable cut in research last week. Can anyone confirm? Any other depts with above normal reductions so far (minus the obvious CS/DB)?

08 Jan 2023

Hope someone can help me, im trying to find a website where research publications from several banks are available. As there is for example on Reuters an own app called "advanced research search" (which i unfortunately dont have). Maybe somebody knows something.

25 Dec 2022

Not seen one for London ER so thought I'd start a thread with current grad salaries... comment base salary / expected bonuses and I'll update the post. Point72: 100k + 30-100% Raymond James: 75k Harris Williams: 75k Macquarie: 70k MS: 70k + >50% Evercore/ISI: 70k Jefferies: 70k + 50-70% Citi: 70k +...

24 Dec 2022

To further elaborate, I am a recent university graduate (may) with a degree in economics from a non-target (if that matters). I finally landed my first job out of school at a BB, albeit in compliance. Although the position so far seems pretty neat - it's completely remote and it pays decent - this...

21 Dec 2022

Hello - I am looking to break into Equity Research. I'd like some constructive feedback on what I need to do to improve my chances of getting a role. Background: - 1.5 years in FP&A role at an Industrials company - Senior Financial Analyst - I work on forecasting, budgeting, modeling, and financial...

30 Nov 2022

Hi! I'm in a unique, not-great position; after a master's at a non-target, I managed to get an equity research job at a very small hedge fund (

28 Nov 2022

I know the bonus percentages are higher in ER and consulting has greater salary to begin with. Do the bonuses form ER added with salary eventually start beating out the pay for consulting all together including with a small bonus.

26 Nov 2022

Has anyone on here spent time working in both sell side Equity Research and sell side credit research? Or know someone who has? Would really appreciate it if you could message me to talk more.

26 Nov 2022

Does anyone have any insight to share on the compensation of an equity research analysts vs a credit research analyst on the sell side? Also for the compensation at HFs, is there more money in credit or equity? Is it close? If anyone has some general numbers that would be great too thanks.

23 Nov 2022

Hi everyone, I recently received two internship offers, one for HY credit research and one for equity research (both BB). I have a lot of interest in both asset classes and don't know which one to pick. Long term I am fairly certain that I will eventually want to work at a HF because I want to take...

21 Nov 2022

About to start studying a Bachelor of Business (major in Finance, considering double major in accountancy as well) at a VERY non-target university (UOW) The reason for this is that I didn't put enough effort into high school to get in anywhere better, and my position at the high school I went to...

15 Nov 2022

Updates on timelines for research roles in buy-side and sell-side at BBs, EBs and AMs in the UK for SA. Let me know so I can update.From personal Experience: GS - Hirevues outHSBC - Job sim outFidelity - Job SimMS - online tests (and TI out?)Blackstone - PymetricsLGIM - Jeffries - BofA - Video...

31 Oct 2022

Hi there, I got 2 offers but am not sure which one is better for a top MBA/MBB/buy-side: first offer: JPM CIB credit risk, tier 2 city; heard it's arguably an FO job in JPM. Exists include top BB IBD and T10 MBA program. second offer: Equity research associate at a low-tier MM, will work with an...

29 Oct 2022

Hi, I'm hoping to get a summer position in ER in London for summer '23. I understand I'm too late for the BB/MM firms. So I was wondering whether anyone can recommend any boutique shops in London I should apply to/shoot off a speculative app. Cheers.

27 Oct 2022

Hi, I am still a bit far out from applying to ER associate positions, but I would like to know which opportunities are good and which aren't. I've seen many posts that says you want a good bank, analyst, and a sector with good deal flow, so which sectors and banks are the best in terms of getting...

26 Oct 2022

What is the best track to being a high level portfolio manager? (I assume a high level PM can make more than an MD?) Is it ER Associate -> ER Analyst -> Exit opportunity to asset management/hedge fund? I've read that IBD is going to have better HF/PE exit opportunities, so would IBD be a better path...

25 Oct 2022

I am recent graduate from Canada with an Honours BCom degree (major in Finance) and am hoping to get into AM. In terms of GPA, I would say it is is average (about 3.5/4.0). I have about a year of actual internship experience, however it was a marketing role during my first year of university. I have...

25 Oct 2022

Title sums it up nicely. Please give me any comments you have on my CV below, going to use it to apply for ER summer positions.

23 Oct 2022

Hey all, curious to know how easy/difficult it is for a sell-side equity research analyst to switch sector coverage e.g. from doing just telcos or oil/gas to consumer or healthcare? Cheers in advance.

20 Oct 2022

Background: Freshman Year interned at AT&T in corporate finance, will hopefully have a 3.6-3.7 come spring recruiting season. Go to a nontarget, but good school with alumni in research at every bank. I have a few offers for my sophomore summer: Amazon - would be in their business unit in Seattle (I...

13 Oct 2022

I have an ER Interview with the director of research at Wolfe. What should I expect? the interview is taking place over zoom. It looks like he saw my model and pitch (I sent it to an associate and he sent it to the director) and he enjoyed it. So I'm guessing he's going to be asking me about that?...

05 Oct 2022