Can any equity researchers in here tell me what exactly will I be expected to do if I land a job as an equity research analyst? And what computer skills and financial skills should I have? Please be as concrete as possible? I am an Associate in ER at a BB.

You will be expected to be able to analyze the financials of the firms in your team's coverage. You are not expected to acknowledge the existence of retail clients. Good writing skills are a must, since you publish analyses to the Street. You will write A LOT. You must also be very skilled in Excel not just for financial models , as the job is extremely data-intensive.

You will also be expected to work from about 6 or 7 am until about 10 pm for an average day, just in case you were wondering about the hours.

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I'd agree with the above comment. Although the hours really depend on what bank you work for and what group you're in. DO agree with the writing, but the amount of data analysis depends on desk.

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You're not sitting there opining over DCF 's if you're a consumer analyst, compared to a say pharma analyst. Man, what part of NY are you guys in? I can think of about people that might want to join up. Thanks for all the information from you guys. I am currently studying for CFA. If I do land a job as an equity research analyst, will I even have time to study for CFA at all?

CFA is hard and really depends on how intense your desk is - but it is very useful. I have learnt a shit load from my CFA studying. Make a course first. It's neccessary to become an equity research analyst Equity Research FAQ Originally Posted: No prestige in the firm you work for, more important is your analyst and if he has a marketable franchise.

Working for a no name analyst at a BB is not as good as working for II rock star analyst at no-name shop.

I think that covers it all, these questions are asked all the time. By all means please fill in where I may have missed something. I assume you're in the industry, random question I always wonder, why don't you get the Cert User star? Browse my blog as a WSO contributing author. I am not interested in divulging the information to do that.

You are correct, I do work in the industry though. See, that's the only possible reason I could come up with. Good to know I was on the right track. I just want to clarify what he says only applies to research on the sell side. I guess using words like Roll-Out, Marketing, and Roadshow which could go either way would have been a sign this is geared towards sell side research. Providing color on buy side research is very difficult as their are many intricacies that are firm specific. The BB buyside firms are as follows: Rowe, Fido, Wellington, PIMCO , BlackRock , Janus, Vanguard.

He did join after 3 years of working in a different industry, but nothing in ER. Yes, this is absolutely possible. There are outliers depending on location, size of firm, your experience, how long you've been there, etc.

Ray, could you please share some insights on different BB 's ER strength and current situation? Based on institutional investor, it seems that JPM , Barcap, and BAML are top 3 BB ER now. I heard that CS ER doesn;t have bonus this year.

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GS and MS are ranked very bad 8th and 9th if I recall correctly but MS hired a lot of senior analyst back to late 09 so they may come back this year. I would also like to hear on your thoughts on culture and compensation at different BBs.

I know GS is competitive while CS is quite laid back. Not too many ppl talk abt sell-side research here. I think culture is different from firm to firm. I guess JP has the best culture in my opinion as they retained a lot of ex Bear guys. Barclays retained a lot of the Lehman people and they are the most stuck up culture.

Goldman I have no clue but I would guess it is pretty intense. BofA got a great staff with Merrill but they are big deal chasers Hank Blodget CS I think pays the best and it is supposed to be a great place to work. MMs like Stifel , KBW , RBC , Baird , and Blair all put out good stuff.. Comp is pretty much the same across the street, it goes up with experience I touched on that in my original post.

So I guess I would rank research like this: Ray, thanks for your input. Your comments on CS is high but why they had zero bonus this year, according to deal breaker.

I know the old Bear and Merrill have good research but there were too many turnovers after I recently read MS 's ER handbook all senior analyst's bio and it seems that they recruited a lot of talents from JPM.

What do u think about them? I heard that it's really bureaucratic there. As you said, JPM is probably is best sell-side research now and didn't really cut headcount. Other BBs laid off many ppl during the past two yrs, especially MS.

Many ppl are saying that the sell-side business will shrink even more. What do u think? I recently read MS's ER handbook all senior analyst's bio and it seems that they recruited a lot of talents from JPM. CS did give bonuses. I don't know much about MS , I don't think their research is very strong. They could have picked off the JPM guys who were displaced by the Bear people. Like I said before all the legacy firms are the best; i.

Also Citi is alright The Sellside model is a failing value proposition. It is a cost structure, very few of the analysts can bring in what they make. Beyond that the buyside has their own research and instead of it being geared to a wide audience and strategy Like sell side research it is geared towards their own strategy.

Don't get caught up in the name of the firm you work for, in ER that does not matter. It just serves a different purpose, a lot of times it is more about bringing in banking deals instead of putting your balls out there. How useful is getting an MBA? I interned in ER but ended up working in sales. I like my current job, but ER was much more interesting and since I come from a liberal arts background, I'm thinking that bschool is the only way for me to open up better options.

If sell-side provided little analytical value, I don't not see why they would constantly call. Maybe the buy-side is in the process of increasing headcount to fill this responsibility, but what better place to meet that demand than from those sell-siders already doing it for them? So even if the sell-side if dying don't necessarily agree , it seems like we would be in a good spot to take advantage of it. I think the other part of it is that our buy-side counterparts are generally covering an industry e.

So they're responsible for a broader list of names than we are, which allows us to be more knowledgeable, in general, than they are on the companies we cover. While that is true the buyside analysts are not concerned with the immaterial which often times we know. So there is some value there. Hey I am pretty new to this and I am wondering what skills are essential for an intern in ER.

My skills are definitely more general at this time. I know how the financial statements relate, e. I'm pretty good with execl i. And if I had to build a DCF model from scratch I'd be screwed right now. My interviews mentioned market surveys, so should I brush up on my stats.

Just looking for some guidance from those of you with experience, thanks. You will most likely not be building models, maybe updating and maintaining the comps and economic data.

I would be surprised if you were the coffee fetcher, however during earnings you may have to do something along those lines. Things I would stress; Be helpful, ask your analyst and associate what you can do to help them is there any ad-hoc project you can take ownership of? Be very attentive to detail, when updating models use the right font and color!

If helping write a note make sure you read it over 10x before turning it in. Don't be the first one out, and be in before your analyst and associate; I think those go without saying but you never know.

Try and be as entrepreneurial as possible, I would guess your time will be very independent. Don't bother your associate unless you have employed every feasible resource and still cannot figure it out. Don't be a know it all however have some ideas, you never know when they may use them no joke. I guess back to the model subject; some analysts are writers and some are model builders and all should be salesman. Although some analysts like for their associates to take ownership of the models, I guess it is case by case.

Pay attention because you could become valuable very quickly: I had some of my work included in reports just weeks into an internship for example. It's pretty gratifying work, especially if you get a sector you're actually interested in. To piggyback on the "talking to buyside folks," at my firm the senior analysts each cover multiple sectors with many subsectors and industries within them, plus their other responsibilities.

We often rely on sell-side research to get up to speed on the specific subsector and the company's peer group. It's not practical for any but the largest buyside shops to have the kind of granular research coverage that bank ER does, where a single analyst and his junior staff can cover just semiconductors, for example.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie. Reason why the buyside is better; knowing 15 companies, to the immaterial, your whole career This is a great thread. What is the compensation like for a BB sell side research associate working for a top analyst who moves to a top buyside shop after a few years of work?

Sorry if this is a tough question to answer, but I am really curious to know. I have heard numbers, but they have varied pretty significantly. The base are around the ballpark.

My personal belief based on my experience is that comps at top traditional AM are around the same as SS research, with a much bigger range non-top traditional AM pays worse, and sometimes a lot worse than SS. The biggest perk is that my job is literally 8 to 6 most of the time, earning season or not, because there is no rush to be the first to push out a report like a SS analyst would have to do.

It is almost more interesting because we research for a purpose, at PM's request most of the time, as opposed to volume. The other thing is job security. Continuity is very very much valued by our clients. In most of the fund publication sent out, they usually put stats like average years of service of investment professional in charge of the fund, years with the same team blah blah blah on them. It is also too lean a group to be able to cut much cost from laying off.

My firm has between B AUM and we only have around investment professionals, which includes PMs, analysts, jr analysts, associates, risk guys. You just dont save that much money laying off your bread and butter guys to justify the opportunity costs. A lot of people around here have been working at my firm for 15, 20 years I guess you could say one disadvantage is a lot of your coworkers are old guys haha.

A lot of people have the misconception that SS analysts want to move the the BS because of comps. This must be a US thing. In Europe many buy side firms specifically require that you have gone through a bulge bracket 's graduate training programme, and don't give a shit about who was your lead analyst. I find this perfectly rational, since on the one hand 5 months July-November of intensive research training does make a difference, and the differences in quality among most analysts leading a BB sector is minimal.

Analyst rankings measure who is more "popular" with the buy-side, and this may not have to do with the research quality. It does have a lot to do with how knowledgeable the analyst is, but unfortunately there is no brain transfusion in the 2 years you spend with him.

For example, my lead analyst has always been ranked top 3 by Extel and ii for the last few years, but he is a busy and keeps-to-his-own kind of guy and does not dedicate me as much "teaching time" as some of my colleagues get. Plus let's be honest, in a couple of years you just learn the basics anyway. What are attractive about this job? I read a lot discussion about the job, the life, but little about why choosing Equity Research as career.

Please kindly share some opinion. I'll tell you why I like the job. You don't always have to be right, you just have to have an opinion and be a good source of information. Even at the junior level you're talking to sales and your companies and some accounts frequently. It steps up your learning curve as you dont want to sound like an idiot and breaks up the day from sitting in a cube by yourself all day working in excel.

DCF is useless but you should still be able to build a model with one, I know a few analysts use them, the buyside is pretty unconcerned with the price target anyways. They are looking more for catalysts. Totally agree about predicting 10 years in advance, some kid sent me his initiation with a 10 yr projection- I laughed.

Predicting more than 2 years is futile. And I'm on a 2 man team. I can't imagine what some of these man teams are doing all day during slow periods. Also, I agree that earnings recap notes are worthless. I feel sorry for associates at banks that write up marathon recaps, like Jefferies for example.

Just pointing out 40 hour weeks is a gross underestimate. Sometimes between morning calls and aftermarket hours, you just have to sit through the whole market hour on youporn, SEC style. There are 2 men teams covering 8 stocks in some BB and there are solo analyst covering There is a bit of modeling involved.

Mostly around earnings season when you are updating and forecasting. You will also build models from scratch for initiations. In addition, sometimes clients call and request projects that require some unique modeling. I would think it is not as intensive as IB. I'm not entirely sure. Also depends on your education, experience and how good of an associate you are I've heard of some post MBA associates with 5 years of experience making k after bonus.

If you want to make Analyst one day, it's probably going to be helpful to have a bb on the resume. At a BB, when an Analyst makes a big call, every sales guy in the firm is going to be talking to everybody they know on the buyside, and that's in the us, europe, and in asia.

It's a serious perk for being an analyst at a BB, which leads me to my final point. And they probably brought the whole team there, so no changes to anything.

But look, those roles are few and far between. Do most teams carry two or three analysts incl. If three, how many stocks should that team ideally cover relative to a team with just 2 analysts? Rule of thumb stocks per person on the team. It is somewhat unusual to see a senior analyst with no junior - usually happens with younger guys who cover a subsegment within a larger team or a very small marginal industry.

IB PE HF RE CO TR AM ER CF ALL JOB BSCH OFF FASH TREND BEST. Home Forums Equity Research Forum What is the job description of an equity research analyst. What is the job description of an equity research analyst.

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See you on the other side! Investment Bank Interview - Toughest Questions. I do hours a week max and no weekends. Investment Banking Interview Case Samples. Hedge Fund Pitch Template. Never mind, you're across the pond. Private Equity Case Interview Samples. Best Modeling Courses - Finance Training. If I were in NYC, I'd jump off a bridge. Financial Modeling Training Self Study Courses. Investment Banking Interview Brainteasers. This is helpful, thanks. Most people do things to add days to their life.

I do things to add life to my days. A Posse Ad Esse:. Hedge Fund Pitch for Interviews. Wall Street Prep Discount - Financial Modeling Courses. If I had asked people what they wanted, they would have said faster horses - Henry Ford. I know someone who is a new associate and makes near base. Is this for real? Private Equity Interview Questions. Excel Model Templates and Training. Ray, how many names do you cover? Hedge Fund Interview Questions. FInkle, This is good stuff. Only point of contention: Investment Banking Interview Questions.

Ray, This is a great thread. Private Equity LBO Modeling Tests. Earnings seasons report marathon is not fun but necessary. How many stocks does the average team cover? Id say is about the right size for a two man team. A few more Q's: How much modelling is involved in ER? Pay is base for associate I get confused with ER because Associate comes before analyst?

How does pay progress from there with a BB? How difficuly would it be to break in as a qualified accountant with CFA?

It's a serious perk for being an analyst at a BB, which leads me to my final point 4 being an II ranked guy at a boutique means you are loving life, IMO. Modeling Training - Special for WSO Members. Also, is it uncommon to see some senior analysts working along ie: Must Reads on Wall Street Oasis. Life After Investment Banking Here is How Equity Research Works - 4 Steps.

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My school offers an application only class that manages a portfolio of approx. I am hoping to go into ER, and currently do not have any internships in it.

In order to highlight my experience in Why Do Firms Value Personality and Fit Over Capability? Assuming your GPA and experience are good enough, It seems an outgoing personality and answering the same repetitive questions properly in an interview are what lands you the job, even if you have no I was thinking of doing Risk Managment MO or worst case scenario, Operations BO.

Is the competition less when applying for these areas? Is transitioning into the FO out of the Advice for University student So long story short I am entering my third year at a Canadian university studying political science and a minor in geography. My goal was to go to law school after I graduate but I realized this past RE Investment Sales VS Tenant Rep What career path would be more lucrative investment sales or tenant rep in a secondary but growing market in the southeast?

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