How difficult is it to break into Equity Research fresh out of school? I attend a target school (a top 15 LAC) and have all the requisite stuff on my resume - 3.7+ GPA, econ major, significant accounting/finance coursework, FIG analyst for the school's endowment club, two strong internships. Based on the info provided, is this good enough to get into equity research? - What about for KBW, as they only do FIG and that's my main area of interest and experience? TIA
02 Aug 2010
For people fresh out of college who get hired by bulge banks, how many days of the year are spent on the road? What would be the purpose of the travel mostly?
08 Apr 2014
Hey guys, I got an Excel + writing test with Finalta coming up in 2 days, what to expect? What're the question types: for example, do I need to do the ppt based on the Excel (e.g. find a problem & answer 1 question), or it's just sending back the .xsl to test how good you're at certain tech tasks?.. I really appreciate any tips or advice! Thanks, monkeys! P.S. Here is what the HR description: "The evaluation is comprised of two exercises. The first is designed to assess your analytical skills and critical thinking using an Excel exercise. The second is designed to assess your writing and
24 Jul 2015
Hey guys, I'm looking for advice on which mutual funds should I also be considering if I want to move to the buyside. My original goal was to put in ~2-years in SS ER and make a switch to the best HF I can sneak in too. Well my 2-year anniversary is coming up in a few months, I'm getting a little bored being a cheerleader for the management teams, and my bonus didn't give me much incentive to stay either. I want to be in a position where my research directly impacts the P/L. Long-term goal is to be a PM. With the industry in poor shape, I thought it would be prudent to consider moving to a reputable mutual fund, especially if such a move doesn't trap you in the "relative-value world" and discourage future employers.
01 Feb 2012
So you are fascinated by the financial markets and maybe even interested in trading? Great, but access to information doesn't come cheap and can be a real differentiator. After all, how can you possibly get an edge on what is going on if you don't even have a fraction of the information at your disposal that market professionals have without paying a pretty penny? Ten or Fifteen years ago it would have been nearly impossible to come even close to replicating what big firms have access to when it comes to data and information. These days, you still can't get there, but you can arguably get
19 Jun 2012
Are some industries better than others to cover from an ER standpoint? Are some duds (and why)? What are the key ingredients to a successful ER career as far as coverage goes? Should you aim for more obscure spaces with fewer analysts or are there fewer analysts covering these industries for a reason? How about media? airlines? retail?
02 Aug 2010
Hey guys, As part of an interview process for a sell-side ER department I have been tasked with creating a one page earnings writeup with recommendation for the most recent quarter for an insurance company. Also, I need to create an earnings model forecast going through 2013. Honestly, I've never wrote an earnings note - an example would be great. Any advice/tips for this project would be welcome, especially considering it is a financial stock. Edit: This is due Monday morning.
23 Jun 2012
Hi, I work for a sell side research firm, does anyone know where one could find good sell side reports for free? (equity, HY, macro, commodities, anything that relates to investment analysis on certain security)
02 Aug 2013
My background: -undergrad going into my senior year at a top Canadian business school (think Ivey, Queen's) -fairly average GPA -interested in investing, although deal teams are good too Basic situation: This summer I'm working at a multinational insurance company as a part of the fixed income (bond) investing team. However, after I started the job I realized it wasn't the fixed income investing role that I thought it would be. Instead, I'm working as a "credit analyst" and my main responsibilities include analyzing existing issuers within the portfolio to determine internal credit rating
30 Jun 2015
What's the deal with working at Factset? I understand that the "consultant" position is a glorified customer support role, but it seems to me like there could be a genuine exit op. logically speaking you obviously learn the factset software better than any analyst on the buy side based on the fact that this is your primary job. Also you have the opportunity for FaceTime with senior buy side individuals. Am I missing something here or is this a decent company to work for?
04 Mar 2012
Before I continue, am I right in assuming that a full-on release is different than a note created by an Associate and edited by the (sr) Analyst? If so, where can I find a sample note to read over and learn the syntax that goes into these industry notes?
14 Aug 2019
Hello, Does anybody have a template for a 2-4 minute stock pitch? I have been putting pitches together all week but they keep going 5+ minutes. At this point, I think I should adhere strictly to a template and work my story in as I go. Also, does anyone have a personal ER note that they have worked on in the past? For part of the writing assessment for my interview, I will have to take an earnings release and create a 1-2 page note on it. Thank you!
14 Aug 2019
Anyone here a fan of Franz Kafka? He wrote a great story called "The Metamorphosis" and the story's main character, Gergor Samsa is in quite a pickle, work-wise, and fears for his livelihood: [quote]I will get dressed immediately, pack my samples, and be on my way. Will you all, will you let me go catch my train? Now you see, sir, I'm not stubborn and I'm happy to work; traveling is difficult but I couldn't live without it. Where are you going, sir? To the office? Yes? Will you report on everything truthfully? A man can suddenly be incapable of working, but this is the precise moment to
04 Sep 2013
I know the standard advice is to prepare one long and one short for an ER interview but what if it's a long only fund? What about two long ideas where I describe in detail why I would not invest in their competitors to show I can assess the negatives in a business?
29 Nov 2014
Hi everyone, I've recently been accepted as a junior transfer at Villanova. However, I'm really not sure if Villanova is worth it for going into equity research one day or just entering the financial industry in NYC. I know that Villanova is great with its active alumni network, recruiter base, and close proximity to finance internships (philly). But I am most concerned about the following: 1. bring total debt to about 85k 2. can only major in one subject in order to graduate within 4 yrs. On the other hand, my current school's situation is thus: Pros: -can graduate a semester early-->save money -total debt would be less than 60k. Cons: -hate it here (bias reason), bored out of my mind -not a lot of finance internships -non target
05 Jul 2013
I have been trying to break into a ER role for a few months and I just took CFA level 3. Through a combo of headhunting, cold emails and HR harassing, I was able to land interviews at a few firms, including Goldman and Credit Suisse. After somewhat drawn out processes at both, I have received offers from both 3 days apart. Comp is similar (5k difference) and I only have until next week to make my decision so any advice or info is much appreciated.
03 Jun 2012
Hi, Since I have been struggling finding a job this summer, I was thinking about writing some equity research reports on my own while studying for the CFA and perhaps use these as a way to show interest and maybe break into ER for the next summer. However, I have to be honest, I don't really know what's the best way of even going about getting started. I know the basics about DCFs and whatnot, but if you were in my position, what would you recommend doing in order to eventually write good reports? thanks
09 Jun 2011
Hey all, Just finished going through the SA recruitment cycle, and having worked my ass off, I feel very fortunate to come away with two offers for the summer - one at Moelis NY, and one for ER at a top BB (think JPM/BarCap/BAML) also in NY. I am really torn between the two offers, but I know that my long term goal is to be a portfolio manager at a HF. Right now I'm 50/50 and have my own thoughts on both offers, but would like to hear what you have to say before disclosing them. In general, lifestyle, exit ops, and the general experience are very important to me.
16 Feb 2011
Hi, I have a great question for experienced Equity Researchers... I live in Chicago, but I'm open for relocation. I am originally (B.Sc.) from molecular biology and genetics, I have done my M.Sc. in molecular genetics of human cancer, I have finished my Ph.D. in biochemistry in 2011. This fall started an online M.B.A. online program after deciding to shift to equity research (wanted to get out of lab and the slow pace of academia - have always had a passion for business side of science and really enjoyed finance) and being rejected due to lack of experience(?). I'm learning a lot in the M.B.A., but I want to make sure, I head to right direction. Therefore, wanted to request any advise from experienced.
24 Nov 2012
WSO just hit 40,000 members and the last time I checked (minus the trolls and a few odd d-bags) you will probably find some of the most intelligent, entrepreneurial, and ambitious people the world has to offer, all in a single community. The countless threads on exit ops, interview preps, school advice, and ballertude confirms this but what I find rare is what you want to make of your careers in finance. The career path threads for Equity Research, Hedge Funds, and S&T always stop at PM. For the bankers it's getting into Private Equity and then ends at making Partner. We've already discussed
18 Oct 2010
Did any of you guys intern (as an undergrad) in equity research at a bulge-bracket firm (or any firm with an equity research internship program, actually)? What did you get to do during your internship? I ask because I'm an equity research intern right now, but at a small firm with no structured internship program as such. I just want to see if I am gaining a similar set of experiences to that which an intern going through an actual program would accrue. A sample of the kind of stuff I've done so far: • Collected the specifications of all new and rumored laptops (information from company sites, press releases, tech blogs) for a Tech Sector analyst.
12 Jul 2012
I've locked up my internship for this summer as an equity research analyst intern. Now that I don't have to worry about interviewing and can put less of a focus on networking I would like to find a few books on equity research to read in my free time. Any good recommendations? Any books that you have read and really enjoyed or learned a lot from? Though my focus is on research, please feel free to recommend books that you just think are a great overall read as well. Thanks, I look forward to your thoughts!
29 Jan 2010
What is their reputation in the industry? Their culture is top notch and fairly easygoing, but are their analysts any good and do any good buy side guys subscribe to their reports. Who are their main clients? Also how does their pay look for entry level associates? Glassdoor data says 60 + 10 for Analyst positions, but couldnt find anything for associates.
10 Dec 2011
I've been trying to break into ER for the past 2 months following graduation from a target with one summer of IB experience at a small no-name boutique, and several other things on the resume that should convey my interest in the markets (numerous investment books read, investment club activities, etc.). I've been able to interview at a few places and talk with people from the BBs, but for the most part BBs aren't hiring except for spots that randomly open up when associates leave after a year, two, or three. How do I manage to get interviews with the places I'm networking with people? Do I
01 Aug 2019
Hey guys I've been offered an ER position at a BB after an internship, but IBD is where I really want to be. Unfortunately, in this market, not many people are hiring, especially not through the non-internship route (I dont have any prior banking experience either). My first question is: Should I take the offer, and then try and make the switch internally after a couple of years, or should I keep looking until the market picks up again? The reason I ask this is because some people have told me that being in ER virtually rules out ever being able to switch to IBD.
09 Nov 2009
I have 3 offers on the table. - Investment Banking, Bulge Bracket (Toronto) - Debt Capital Markets, IB hours, ~110kUSDall-in 1st year Equity Research, Boutique (New York) - Biotechnology , 60-70 hours a week, ~70-80k USD all-in 1st year My long term goal is manage money at a HF, hopefully equities (Already have 2 summer FO internship at a mega buy-side fund i.e. Fidelity, GSAM).
13 Mar 2014
Purely hypothetical at this point. Here's my situation: I'm currently working full time at a glorified back office job that offers little room for growth and certainly not a path to get me to where I ultimately want to be (that would be buy side equity research). I only accepted this offer because I was coming from a non-target, pickings were slim, and I was running out of options financially. I've been here a little over three years. Don't want to get into details but there is 0 opportunity to stay here and do the sort of work I want to be doing. Since I've been here my finances have gotten much better and I've passed the first two levels of the CFA exam.
15 Feb 2013
In equity research, wealth management, etc, what exactly is the role of "research assistant"? I know "research associate" is usually reserved for people with an MBA or CFA or all-around more experience, and "research analyst" is essentially a team lead. But what is "research assistant"? Would it be a respectable job if I wanted to get into equity research? Basically, I just want to make sure it's not the admin role for the research teams.
23 Mar 2010
Hey Guys, i was wondering what you guys thought were the best independent research shops? i know that bernstein and isi have great reputations. jeff degraaf, former of isi just started his own shop called RenMac and fromer Strategist Jason Trennert runs Strategas. There are also the cleveland shops such as north coast, cleveland research, long bow. Also, wolfe trahan has a good reputation with their Strategist as well. any insight would be appreciated.
14 Mar 2011
Hey Guys, Before I begin, I FULLY UNDERSTAND that industries are picked based on need of the ER division/whatever field interests you the most. However,I was wondering for someone looking to break in, what would be better: 1. Cover a hot industry like Tech and Media 2. Cover an underserved industry - (Examples of underserved industries?) I'm trying to follow 2/3 industries that I can speak intelligently about during networking calls/interviews. Appreciate the advice!
19 Nov 2015
Hi everyone Just wondering if anyone does Equity Research as a freelancer? Is there any scope for this? I am also wondering what research tools one could access as an individual, along the lines of Capital IQ or Factset, but ideally lower cost? I would like to be able to do my own research reports, if not as a freelancer, to at least support my application to work for an investment bank, managed fund, or research house.
12 Mar 2012
Hi Everyone, I've applied to an equity research associate position at Morgan Stanley and as part of the initial screening, I was told that I need to complete a writing and modeling exercise. Does anyone know what this entails? Sorry if this is a stupid question, but I have no clue what this is about. Thanks!
02 Mar 2015
So I am a rising senior at a non-target (still a decent school though). I've been trying to network and have some phone chats set up. With my low GPA (3.3 from a non-target) I realize without networking I probably won't make it through screening. But my experience is OK I just don't know if I have communicated it effectively on my resume. I should be up to a 3.5 by the time I graduate, but that isn't going to help for fall recruiting. Any advice would be appreciated. FYI Financial Analyst intern was at a boutique in China, and then my other internship was with a group in China consisting of the boutique IB, Big 4 Accounting Firm, and a Huge PR Firm. http://www.razume.com/documents/21056
28 Jul 2011
Hi guys, I haven't found a thread about middle market Er reputations posted within the past 5ish years, so I'd appreciate some updated thoughts. Some background: I'm looking to enter the industry as a summer associate, and I've gotten offers/made strong inroads at a bunch of MM firms. I'm specifically interested in which firms have a well-respected research brand, will give me good exit-ops (specifically relating to the buyside and business school), will still exist in 10 years, and will pay decently well. Based on networking calls/interviews/industry awards, here's my impression of MM
20 Jul 2019
Ok, so I started work about a month ago at one of the largest asset mgmt/mutual fund companies in the US. I went through a 5-week training program to be a customer service rep at one of their regional call centers. Duties consist of providing balances for brokerage accounts and getting yelled at by 80-year olds for various reasons. My official title is "Financial Representative" and all through interview and training, upper management was touting how we (20 trainees) were coming in at a great time, that there was tremendous opportunity for professional growth. The reason why I took this position was due to my thinking that I could eventually move into their equity research group or Capital Markets Group. After five weeks there, I could see through all the BS and figure out that such a gigantic move is near impossible - they did say they knew of people going into Asset Management but only to do sht like compliance - not any of the fun stuff like research/trading. But even that is few and far between. We customer service reps get paid sht and basically get moved into other "higher-up" groups such as servicing private clients. It is ALL customer service from here on out.
17 Mar 2010
Hey, Just hoping you fellow monkeys could help me out with a serious concern that's been bothering me. I recently received an offer for an Equity Research Associate position at a major bank but the reason why I haven't been able to take the offer yet is because I'm afraid this career track would jeapardize my chances of getting into a top MBA program. I think ER could be something I can possibly handle or even enjoy, but the greater goal would be to earn a top MBA (H, W, S) and transition to corporate strategy at a start-up. I'm concerened because the top programs don't seem to like wall street professionals too much these days and i think it's even harder to find examples of people with ER backgrounds getting into top MBA programs.
08 Jun 2012
Going to have a phone interview with an MD in Raymond James. I know stock pitch is a big part, but not sure if I should build my own model now to support my pitch...maybe its to late...PLEASE ADVISE! Thanks!
31 Jan 2015
Do most work in a cubicle, and do you get your own cube or do you share? How close do sit next to your analyst? What % of your time at work do you work independently?
13 Jan 2015
I'm trying to decide whether or not to change my current major... I am an Econ major at a non-target, but have the opportunity to enter into the Accounting program. While my school is not known for its Finance/Econ/Business degrees, it does have one of the top Accounting programs in the country. With my current GPA, and assuming I will have at least a 3.5 at the time of graduation, I should be able to secure a job offer from the Big 4 if I major in Accounting. Work there for 5 years, get into the best business school I can, get my MBA...then what?
04 Dec 2011
I'm a soon-to-be sophomore in college and have been reading a bunch of 10-Ks, 10-Qs, and ER reports. Now, I'd like to try to make my own (even though I know it won't be that good). I really want to try it though. Can anyone tell me how exactly you conduct the research for an initiation report, or any report after that for that matter? Where do you look besides 10-k and 10-Qs and Yahoo! Finance articles? Do you know any tutorials online that could help? Could you tell me how? Any help would be greatly appreciated! Thanks!
19 Jun 2012
EPS and other ratios just compare stock prices, I really don't understand why this is basis for an equity output. I'm looking at some reports and all they discuss is these ratios. I'm looking to go into this area, I'm a sophomore, but why does this analysis noy include a fundamental analysis of capital structure? I learnt this on my course, so this confuses me that all research analysts look at is market performance/news etc and not the underlying strength of the firm. Some clarification would be very useful.
09 Mar 2012
Recently saw the pay stub of a coworker due to a tax question and learned that he is making 20k more than me (85k vs 65k). This is for a boutique/MM firm in NYC. We both are two years out of UG and lateraled to this firm at the same time with equal experience. When I joined, I was told that 65k was the firm salary for someone with my experience and that it was non negotiable. Since the firm has frozen salaries since this time, I now know that to be a complete fallacy. Question is, what do I do? I could go to HR but I view them as fairly incompetent and it would ultimately go back to my manager
28 Jul 2011
Graduated from a solid university (Top 20 B-school) now doing industry research for finance, energy, and tech industries/companies. The research is centered around pretty basic financial analysis and forecasting (10-Ks, quarterly earnings, etc) with a solid amount of economic forecasting -- also enrolled in CFA program. In my spare time, I've written research reports on SeekingAlpha for a number of companies in various industries. Is it a pipe dream to eventually move into ER? If not -- do you have any tips to help transition easier and what the time frame you believe is suitable?
03 Sep 2015
Graduated in May '11....had an ER internship for a while and finally got a full-time offer on the sell-side..... My question to those working at big firms on the sell-side...what do I have to do to kill it at this job and continue to strengthen my background/resume so that I can advance rapidly....my goal is either consulting or corporate development in the long run... but in the short term, should i begin the CFA immediately? join networking groups etc....start volunteering? definitely want to get an MBA within 5 years... kinda a vague post here but I'm just excited to finally have an offer and want to make sure I take the right steps to become a top analyst at this firm and open up lots of doors for myself in 2-3 years. thanks a lot!
07 May 2012