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Stocks are Better Than Bonds
Investor psychology is obviously a huge factor in markets, but I feel like many retail traders / people outside of the industry don't think about how these biases and influences to decision making can be used when investing. Having done a fair bit of research into behavioural econ, I wanted to share...
How to Thrive on Your Research Internship
With the internship season upon us, I want to share my advice that help you make the most out of your research internship. You Will Have Many Customers Your number one customer in the summer will be your immediate sector team. Your top priority is to add value to your team in all ways possible. Take...
Equity Research Interview / Modeling, Writing Test Preparation
So I'm gonna be applying to various Boutiques in August / September (some are later). I've done the networking (I have quite a few referrals on the table) and I have work experience (EY M&A - 1 year). I'm Graduating my undergrad in December of this year (Non-Target). My question for you is: I know...
Difficult Decision (Finance to Tech?) - I Love the Markets but...
I know this has been discussed multiple times but I'm currently looking at next steps in my career and I wanted to share my thoughts on a difficult decision I have to make and hear what people have to say as well. I'm currently approaching Year 1 in valuations at an accounting firm (think Big 4). We...
How to pivot to VC (deal team) from ER?
Hi all - as stated in the title, I am wondering how one would go about getting looks/interviews for a position as a partner/principal/vp at a seed/series A shop? I'm currently a lead/covering analyst at a bank in a techy sector (think industrial tech oriented). Maybe it's nearly impossible without...
Need of Equity Research Analyst
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...
How to answer mid/long-term career goals question in SS ER interview?
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...
A Day in Life of My Sell-side Days
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...
Deciding between ER internship at a boutique and Ops internship at a BB
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Webinar - Crushing The Sell-side Research Internship This Summer
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...
Equity Risk Premium Number
Dear all, I am building DCF models for US companies and was wondering what Equity Risk Premium you guys use in the industry? Various data sources suggest 5.5% for 2022, but they do not specify how it was calculated. Historical maybe? Prof. Damodaran from the NYU suggests 4.24% and shows the...
Jefferies ER SA 2023
Hello everyone. I applied to ER SA for 2023 at Jefferies and have not seen a forum and wanted to start one to talk about the recruiting process kicking off. Has anyone heard anything yet?
Help: Previously set on working in REPE, now as a Sophomore I have no idea where I should work at after college..
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,...
Island
Anyone else in ER feel like they're stuck on an island? I just recently joined the industry and quickly realized how much this job gives a deserted island feeling. Not a lot of camaraderie and no true team environment. Considering moving to banking now because there isn't a team feel in this sector....
Any advice for a recent graduate?
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,...
Weird to send an unsolicited stock report after phone screener?
I recently had a phone screener with a vp at a EB for an ER 2023 summer associate position. The conversation went well and I feel that I made my passion clear throughout the interview. I talked about my specific knowledge in an industry and I think I came across fairly knowledgeable for a college...
Help for career decision: stay in corporate banking or switch to ER?
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...
Getting into ER
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...
Dickthesellsider's Equity Research Career Advice Package
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 -...
Unlevered FCF growth too high and termina value as a % of Implied value too high
Doing a 10-year Unlevered DCF of a target. The PV of the terminal value is 87% of the implied enterprise value. The Unlevered FCF growth rate in the last year of the explicit forecast period is 30%. Are these 2 numbers something that CAN happen with valuations and are still reasonable or I should...
Choosing Careers
So I have two job offers to pick from and they are in totally different industries. I received a job offers from a bank in Structured Finance banking for a 2nd year analyst at a bigger international based bank. I also received an offer in equity research as an Associate for a US BB bank covering a...
Equity Research Career Path
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....
Seeking Advice...
Hi All, Been working in MM ER for about a year, and seeking a nontraditional exit (if there even are traditional exits out of ER) - I'm on the West Coast so we're in the office at 4am PT, then working 60-70 hours weekly (I know not even close to IB hours but still exhausting). Do any of you have...
Jefferies ER
Anyone familiar with Jefferies's ER platform? I've heard/read great things but want to confirm. Is quality of research (and hence reputation) very analyst-dependent, or should I expect a superior product across the board?
Q&A: Founder/Tech Exec, Former Hedge Fund Research Director, SEAL Team Intelligence Officer, Consultant
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...
Advice for Equity Research Associates - Part I
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...
FIG ER Career Paths?
Monkeys, I'd like to know what the career paths are like for FIG ER. Is it easy to lateral to other ER coverage teams and are the exit ops similar to that of a 'normal' i.e. retail/consumer analyst?
MM Comparison
Does any have insight into how MM ER divisions compare? In particular, I'm interested in hearing about William Blair vs. Cowen . I've recently applied to positions at both firms (awaiting word from recruiters) and want to know the head-to-head comparison. Yes, this request is premature given my...
Data Visualization Certifications
Which of the business analytics/ visualization certifications should I peruse? I have a little experience with Tableau , SAS , Power BI , etc. but - from your guys' experience - does the AM industry favor one over the other? Looking forward to some feedback on this.
Network (In)to The Sell-side - How to Source Job Leads and Charm the Interviewer
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...
Which weekly Business Magazine covers companies
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...
Equity research
Which firm is better for equity research: MFS or T. Rowe? I don't care about geography.
William Blair – Equity Research
Insight into William Blair's ER team: Culture / work environment? Best sectors under coverage? Reputation with buy-side clientele? Experience, past or present, on the team?
Equity Research Coverage Analyst, Taking Questions
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...
How to pick your next sell-side research job
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...
Switching Sectors Mid-Interview
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...
Global List of Sell-side Equity Research Shops
Given the music chair in sell-side research has begun after bonus season for most shops, I have put together a comprehensive list of sell-side equity research shops so everyone can know whom to network with to source job openings now or in the future....
MM ER Ranking
I'm aware of the Equity Research rankings released by Institutional Investor and I have read through those in their entirety. But I would appreciate additional color around how MM banks, in particular, rank with respect to their ER departments. Specifically, though not limited to this selection, how...
I need your help with this.
Hello everyone, I want to do my bachelor's thesis on equity research and I have a lot of subjects in my mind. Can someone with good experience in the field help me find an interesting subject or give me a suggestion? I appreciate your help.
Equity Research Associate to Buy Side strategies? (Canada to US)
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,...
A warning to those aiming for Sell Side Equity Research
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...
Equity Research First Round Interview – Piper Sandler
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....
Life in Copenhagen
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...
MBA Student Need Help prepping for I.B. & E.R. interviews
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...
[Help] List of Companies that are Family Owned
Hey does anyone know how or where to find a good list of companies in a specific location that are family owned? Need to do a report on comparing some KPIs by families. Thanks in advance
Navigating ER Sector Placement Process
Hello guys. I have seen a lot of threads on what the best ER sectors might be, but not threads on how to get assigned a specific sector. I am an incoming ER associate at a BB and my understanding is that the process is: training for a month or two -> networking with various desks -> a mutually...
What makes a good business?
I was writing up a report this morning and it got me thinking what makes a great business. I personally search for businesses with two things: High Quality Management and a defendable Competitive Advantage. Management to me is of paramount importance as they will be executing the business plan. I...
Summer Internship in London - ER/ECM (Advisory)
Hello, I am an Italian guy currently studying the MiF at ESSEC and I applied to Summer Internships during the past months. My medium-term objective is to make a career in Equity Advisory. I reached AC at R&Co for Equity Advisory just to be waitlisted. Now, I have some other AC's for Equity Research:...
What kind of research do financial advisors (RIAs) buy to invest their clients' money?
Hey everyone, Sorry if the question seems stupid, I was just wondering what kind of research financial advisors purchase in order to invest the assets they manage? I am thinking of small sized firms that don't have in-house analysts. Thanks!
First Job as an Equity Research Analyst in France
Hi Everybody, I'm enrolled in a Masters degree in a French Business School (Programme Grandes Ecoles) ranked top 6-7 overall in the country. I feel like ER in France is really tricky to find for a full time because of the IB structure in France (Mostly M&A Deals) 1) Any advices to find a full-time?...
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