Hi, I will be having an upcoming phone interview with an HR for this position. I would love to hear any suggestion on how I should prepare for this? From what I understand, there will be brainteasers, probability and stock pitch? ANy take on this? Thank you!
15 Jan 2014
I'm currently working as a pricing strategy analyst in tech industry in SF and I'm looking to move to equity research. After a lot of networking for the past 6 months, I've been so far offered a job in a small boutique in Minneapolis but still have difficulties to persuade larger MM firms in New York, which is my ultimate destination, due to lack of direct experience in equity research. How difficult is it to move from Minneapolis after a year of building experience as an associate? Would you take the job in MN or push harder to get something in NY ? P.S. Currently doing CFA Level 1 in
24 Oct 2016
ISI Group is officially and fully under the Evercore umbrella and it seems the traditional Evercore email format doesn't work if you're attempting to reach someone in the Equity Research division. Does anyone know the new convention if in fact it has changed?
10 Dec 2014
I want to do investment banking more but I know that GS is kind of a nice stamp for my resume...I'm currently being considered for GS but I have an offer for IB at a boutique. What should I consider before I decide?
09 Jul 2015
Hello, I am currently a college student looking for ideas on where to start my career. I am an accounting major at a good business school and have a great GPA. I have been doing a lot of searching of what would be a good career path for me. I have been noticing that many finance job exit options tend to be other careers that also work require a significant amount of work per week at the office(HF, PE, IB, etc.), unlike public accounting exit options which often seem to be 40hr a week jobs. To me equity research seems interesting and also doesn't seem to be that many more hrs per week compared to a big 4 audit or TS job. On top of that the compensation is higher which is a huge bonus.
22 Jun 2014
Hi, I am an undergrad senior looking for fulltime I am greatly interested in equity research and I have realized that I have two very big problems. One I am an undergrad student and two, I am not fabulous, which makes it worse. What I realized is that it is EXTREMELY hard to find an equity research role for undergrad student. 99% of the time, the jobs are looking for MBA, CFA with 1-3yrs of related job experience. Are there any of you who found the job as an undergraduate student?
22 Oct 2013
I am starting at a 200B+ AUM long only firm as a buy side equity research analyst out of undergrad. Should I be looking into a CFA or focusing more on recruiting? I'm thinking about possibly joining a L/S (due to background) or event driven fund. What are the names I should be looking into?
28 Aug 2015
Mod Note (Andy): Happy to introduce another new blogger: "User X". He'll be blogging Sundays at 8pm ET. Hey everyone, looking forward to bringing some more interesting discussion threads to the site. Quick background: - Engineering degree + work experience - MBA - Eng-Finance transition - Equity research at boutique brokerage (supporting coverage of several commodities and alternative energy, with an engineering spin) Feel free to ask questions and I'll do my best to get you some answers. -User X
18 Oct 2013
What books/accessible materials do major firms point newbies to to learn the investment appraisal (both in terms of stocks and macro trends)? Obviously a lot is learned from shadowing/on the job stuff, but it would be interesting to hear what professional courses/books are backed by institutions.
13 Nov 2019
Hi guys! It has been a while since I've lasted posted on this forum. Right now I just completed an internship in corp fin for a large asset manager (think Fido, State Street, Vanguard, Blackrock, etc) and will be working in corp fin again next summer. Personally, I enjoy the work but I don't see myself working in corp fin over the long-term and would like to work within AM or ER. Are the skills within corp finance transferable and is this switch common or not? Any advice is appreciated!
11 Nov 2019
For all current summer interns or junior associates, I am curious to know a rough breakout of your typical day. I have seen some "day in the life" posts from higher up analysts, but nothing for junior associates or summer interns. I'm interning at an HF (and considering pursuing an FT sell-side research role) but am a bit clueless when it comes to typical equity research work for the junior levels. Particularly when you are not working on an earnings note, how much time do you spend on building models / going through company filings / preparing investor presentation material / reading general
19 Jul 2015
Hello, I have done the first couple of screenings for an Associate position and gone through the modeling test. I'm scheduled to speak to a senior member of the firm, not on the coverage team. Any idea of what the questions might entail? Is it going to be more of a fit interview or pretty technical?
15 Dec 2014
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, I have a phone interview this week at a MM for an ER associate position. The call is with an MD/Senior Analyst and wanted to know if there is anything you'd recommend prepping for specifically, or if anyone is in ER or consumer/retail and have any anecdotal advice or have noticed anything trending recently. Have read a few of his initiations and will look at all of the companies under his coverage, but wanted to ask to see if there was anything else I should be aware of or expecting. I graduated in May and worked at a startup for a few months, but pretty much would be coming in as a
05 Nov 2019
Hey everyone, This came up rather suddenly, but I have a first round over the phone with Raymond James tomorrow out of their Houston office for an associate position. They haven't said which sector it will be for. Does anyone have any insight into the process, what to expect, etc.? Any advice would be most appreciated.
04 Mar 2014
I've worked in ER at a MM bank for ~2 years and I was wondering what "average" compensation would be at a BB or another bank. I'm currently making ~$75K in salary. Is that comparable to other firms and what's the typical trajectory? Thanks for your help!
03 Apr 2015
No, this is not a topic on various sadistic inclinations that some fellow finance professionals might have. I simply wanted to learn what is your "favorite" piece of analysis when looking at a company's equity (or any other part of the capital structure for that matter) - it can be anything from a simple ROIC calculation to something more involved (somewhat) like calculating the EBIT (or EBITDA) break-even product quantity. I'll start off with a couple of examples and will return to to the thread later to add a few more. 1. Charting the company's share price versus various headline financial
23 Aug 2015
Unfortunately It took me years to find out what i wanted to do with my career, but now that i know i worry it's too late to find a way to break into the industry. I'm 25 years old and just finishing my MBA. I currently am closing in on my second year with a local energy company where i have an accountant / analyst / inventory control type role. Within the past few months i discovered my passion for equity research and the thrill i get trying to find a stock that is about to rise. I don't have any related internship experience so i'm worried i'll never get a shot. I noticed some online courses
18 Sep 2015
Hey Everyone- I am currently stuck in this situation. I interned at a large custody bank this past summer in their Asset Servicing group and have just received a return offer. It is a client coverage group and the career path would lead to Relationship Manager. While exciting, I am currently in talk with another more markets-based department of the bank for a Business Strategy position. My return offer expires this week while the first-round interview for the Business Strategy position is also this week. I feel somewhat positive about my ability to land the Business Strategy position, but my
02 Nov 2019
Anyone have any information regarding analyst positions in equity research at Guggenheim? Exit opps, base/bonus, hours, culture in general? Would especially appreciate info on exit opps and comp.
29 Aug 2014
I'm in my mid-30s with a non-linear career path and lack pedigree. At 18, I made the uninformed choice to attend a state university close to home having not yet realized my passions. Following graduation, I was a loan officer, analyst at a strategy consulting firm, founder of college textbook drop-shipping start-up (successful for 3-4 years) which morphed into an online consignment start-up (which failed) and then to my most recent position. For the last two years I was a research analyst at a buy-side research house where I was part of a team that picked up on early company trends such as the
29 May 2016
Hi guys Before I begin I'll give a brief background of myself; non target grad entering the second year of his role in Credit Risk MO at BB. I want to make the move to Equity Research and have been sourcing a contact list over the past couple months to reach out to as well researching the role. Before I contact anyone for a sit down I want to be sure that I'm 100% prepared. I aim to purchase BIWS modelling prep next month and I've been reading research reports as I go along. Ideally I want to have written my first research report by the end of the year. I'm also in the midst of reading James Valentine. However I have two questions for the learned folks of WSO: 1. Do I need to know my stuff 100% before I begin reach out to have coffee etc with people?
18 Aug 2014
Hi everyone, Since working for this small-cap equity research shop, I've been fascinated with thrift/community banks, particularly ones that have gone through conversions. The value proposition behind them seems so obvious (many trade below tangible BV) and they're often underfollowed. Does anyone know other industries/sectors where the value proposition is presented as obviously as mutual thrift conversions? Thanks!
23 Dec 2015
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
Hey WSO, I have an equity research final interview on Friday. This is the opportunity I have been working for since I graduated undergrad five years ago. Needless to say, I do not want to mess this up. The position is in oil and gas. I am expected to present a stock pitch, preferably an oil and gas company. I have a layman's knowledge of the industry, at best. What are some tips that you all can provide re: a stock pitch. Does this website have an ER/ stock pitch interview guide? If so, is it worth purchasing with an interview in two days time? Thanks for the help.
27 Jun 2018
I'm sure it's different at different firms. But let's say you start directly out of undergrad, how long does it usually take before your job becomes more about bringing in/retaining clients than researching companies? I'm just a lowly intern here but my personal experiences contradict what I've read on this website. We have 0 interaction with sell side guys and buy research based soley on the quality of the content. I've heard here that 90% of the time, people make it past VP in equity research because they know how to sell, not because they're great analysts. Mod Note (Andy): This was
21 Mar 2016
Hi all, I've lurked the forums for some time and am just now starting to post. I've worked in Equity Research for about 5 years - 2 years at a BB and 3 years at MM. I'm starting to get the itch to move on to something else, and thought this forum might spark some inspiration. If anyone has any questions on equity research or finance in general, feel free to shoot me a message!
05 Mar 2014
This could be a completely stupid question, so don't hound me to hard, BUT I have read two different forums (threads 1-2 years old) that have stated that Equity Research is on the decline and could be potentially dead in the next 5 years or so? Is there any validity to this? Cheers
05 Jun 2012
If the ultimate goal is to be a PM, which path should one take when starting right out of undergrad? Post MBA? What are the differences in their career progression? And how do the tasks differ as an entry level employee?
09 May 2013
Hey everyone- I have done some reading over the past couple months regarding a change in careers. I would really appreciate feedback as I have been really thinking about starting the process of trying to break into ER. My history- I have worked at a Commercial bank for 6 months as a credit analyst. It is my first career job (graduated May '14) from a non-target. I work 40 hours a week and the pay is nothing to write home about. I really enjoy credit lending but I am looking to get into ER because I am passionate about the stock market and want to work more than 40 hours a week (and get paid more). 80% of the reason I want to transition is because of what the job entails and 20% for the pay. Resume Highlights: Credit Analyst for 6 months
25 Nov 2014
Hi Monkeys, Need some help. Currently doing a project for my school and would like to have a equity research report for Darden Restaurants, ticker DRI. If anybody can help please let me know. Thanks in advance,
21 Mar 2016
Created this same thread last year and it had a good response so thought it would be helpful to do it again. I get a sense that the street was down across the board this year but all of the focus is on IBD and not ER or S&T so there's very few data points. It's helpful to collect as much comp info as possible to understand the health of our business and also for people to know whether they're fairly compensated. Obviously privacy/anonymity is important here but fill out something generic if you don't mind, as I have done below. Firm Type: MM (Jefferies/RBC/Stifel) Location: NYC Role: 3rd/4th Year ER Associate Base: 90k (unchanged, no raise) Bonus: 50k cash (flat Y/Y)
16 Feb 2013
How do I even begin to introduce Flake? More than anything else, Flake is really here for our enjoyment. Sure, maybe Flake is not as helpful as the legendary CompBanker, but that does not mean he is undeserving a Q&A. Within our interview, there are some real, solid lessons about the realities of networking from the back office to score an elusive FO role. Give the man props, because the BO-to-FO move is the epitome of doing the non-target hustle. Although Flake has previously done an equity research focused Q&A, I wanted to sit down with him to discuss his back-office transition and his
17 Apr 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
Andy note: BIG thanks to bearing for doing the interview with me. bearing is a 3rd year equity research associate and long-time member of WSO. He's been a very helpful member in the forums and was nice enough to answer some questions for those interested in the equity research field. I would first like to thank Patrick and his team for creating WSO and growing the site into what it is now. Having utilized this site since '06, I have found the information here invaluable when I was still trying to break into the industry. Hopefully I can shed some more light on ER for prospective monkeys with this interview. 1. What are some tips you can give out to students who want to work in ER?
05 Sep 2012
Moderator Note (Andy): Best of WSO - this post originally went up January 2008 and we thought it deserved to go back on the homepage for those who may have never seen it. I was just talking with an II-ranked independent research analyst. She was really surprised when I told her that I was interviewing with a BB ER firm; she thought that equity research at BB firms is diminishing in importance because of how brokerage is handled these days. And she spoke about how junior most analysts are these days, and increasingly analysts are putting out sophomoric research and not receiving enough training
16 Nov 2012
I am moving to Waltham, MA soon for my MA in International Economics & Finance beginning this year at Brandeis University. I applied to Boston College's MSF program too but couldn't make it through the admissions. I had plans to apply to European programs but ended up applying to the USA. Putting my guilt of not getting accepted to a good program away and planning for the future. I need some guidance and tips from experienced professionals here on WSO. I am an international student from Asia. I am aiming at entry level roles in equity research/ investment management. I have chosen this school
20 May 2018
I'll be an SA at a BB this coming summer and have to pref different industry teams to determine where I'll be placed. One industry that I really want to cover only has a 2 person team, and covers between 22 and 25 stocks. Is that a warning sign? Or does it just mean that some industries simply require smaller teams? I really am interested in this industry but am hesitant to join a 2 person team instead of, say, a 5 person team.
26 Apr 2015
Won't waste time whining; here's the lowdown: -- Semi-target, 3.3 GPA double major in Finance/Economics, graduating this May -- Sent resumes to 80+ firms, including all BBs/MMs/elite boutiques along with a ton of local boutiques. -- Have gotten ~15 first-rounds (mainly MMs and elite boutiques; think Laz/Evercore/Miller Buckfire) and 6 superdays, no offers. -- Cold-called 40+ firms, most respond with either "Get in touch with us closer to your graduation date" or "We're not hiring for full-time entry-level analysts right now." -- Networked extensively, mainly through alums, LinkedIn, and phone calls. I've been targeting ER, although I will not complain at all about an IB offer.
10 Jan 2012
Hi all, I want to to get some suggestions in terms of choosing between these 3 options, all at their New York offices. I am personally fine with doing any, however I want to know which one might be better in terms of its relative strength, and how probable I can land a full time offer. Thanks!
17 Feb 2014
Hi guys, Two of my friends accepted SA positions with Fidelity ER and JP Morgan PB , therefore they know now that they starting analyst salary would be 38.5k pounds for Fidelity and 50k for JP ( the salary just got increased from 45k to 50k). So I am a bit confused, how can there be such a difference, although reading this forum I get the impression that ER gives better exit opps for MBA and hedge fund / IB Associate afterwards. Thanks for your help !
31 Mar 2015
Hey guys, just wanna start off by thanking pretty much everyone on these boards as I have learned so much over the last couple months after I first discovered this website and it has truly sparked my interest in ER As such, I was wondering if anyone knew of any stories/experiences/colleagues or could provide any general insight into the path to ER as a CPA? Currently I'm an intern at a midsized accounting firm and so I still have about 2 years until a fulltime position and 3 years until I get my license (gonna study my ass off and pass the CPA but still need 1 year full time experience at a public acct firm to become one)
01 Jul 2013
I'm Looking at a company who uses the direct method to get to CFO. Cash Receipts from customers is $7bn but revenue as recorded on the IS is $6bn. Receivables only fell by c.200m so I'm not sure where the rest of this $800m is coming from. Any ideas?
11 Jun 2014
Hey all, WSO has given me a lot of information about the Hedge fund, Investment banking, Private equity, and Venture Capital industries. WSO actually help me get an internship of my dreams as a freshman (VC fund in SF) . I cannot seem to find much about Mutual Fund things here. 1) what is the path "correct" for becoming a PM at a MF, (like is it to join a MF right after undergrad, or is it to join to join ER or IBD get a CFA and get to the MF). 2) How much do the research analysts at MF make, and how much do PM's make ( lets say for a MF like Fidelity) 3) what is the day in the life for a research analyst/PM at one of those MF's? I appreciate all the help again!
13 Dec 2011