Silver BananaTopic
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WSO Hall of Fame: Equity Research The Wall Street Oasis Equity Research Hall of Fame provides a comprehensive collection of some of WSO's best discussions on the equity research industry. Keep in mind this Hall of Fame does not include Q&A sessions by WSO veterans. To view a full list of Q&A’s & Interviews please navigate ...
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Comp Question: Equity Research AssociateI am wondering what a fair salary and bonus would be if I were to accept an equity research associate position. I have no Equity Research experience, but I have 1.5 years of solid FP&A experience in the industry I would cover. I am also a CFA level 3 candidate. The positions I'm interviewing for are...
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Biotech Equity Research - Science Background vs. Finance BackgroundHey everyone - I am currently a senior studying finance and will be working within ER when I graduate. My coverage group has yet to be defined, and will be finalized closer to my start date. Based on my experiences (interned within ER covering biotech) and the self-study I have done, I am extremel...
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Seeking advice/commentary on equity research reportHello all, I'm a senior at a target school in NYC with a summer of internship experience at a quant shop. I'm looking to transition toward equity research or perhaps PE. I've produced a write-up on Axon Enterprise (AAXN). As I'm planning on using this as I apply for jobs I would like some commenta...
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3 Key Tips for Getting an ER InterviewBack when I was applying for ER associate positions, I was really struggling. Only a handful of positions per year opened in my industry, so I got very good at making the most of each application. I got to the point where if there was an opening, I had a 50% chance or better of landing the interview...
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Equity research reports - BB technology TMT industry reportsmsg me if you would like copies - comprehensive industry reports - full length...
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Insight on Raymond James ER Superday?Hey guys, I was wondering if anyone has any recent insight on equity research superdays at Raymond James? I've only found some older stuff about the firm and how they conduct equity research super days....
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Full Blown Career Change- Grad School or Entry Level Job?3 years in operations consulting and just left a job two weeks ago. I was a Project Manager on an International scale for the most prestigious advertising firm in the world. I am in the middle of studying for my GMAT and plan to apply to Business School in the fall. My education was in Internation...
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Company Interview: Evercore - Equity ResearchWhy are you interested in Equity Research and what specifically about REITs? How is the REIT Market doing? How is the overall Real estate market doing? What is your view on the tax plan and how will it affect the real estate market? Why are the debt and equity capital markets important for real esta...
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Company Review: Credit Suisse - CL King InternValuable hands on experience in Equity Research. A unique opportunity to work with and learn from a Senior Analyst for someone who did not get a FT offer out of undergraduate.. All interns are paid $10 for 40 hours per week without exceptions. Typical work week is 50-60 so can lead to frustration....
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What is the best way to break into Research ........................................................................................................................................................ ...
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Seeking an intraday trading teamI am a manager of an intraday trading team and are leading the team looking for new partners. Our team has about 100 traders. We trade through the Sterling, SW platform. If we have the possibility of cooperation, please call me back. Thank you. Looking forward to your reply....
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Power, Utilities and InfrastructureHello all, Was curious to know if you guys would be willing to share a PUI or midstream sector primer. I've found a few from the department of energy and FERC. However they tend to be focused on the regulation side. Thanks in advance...
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How to survive post Mifid II?How should a new guy in the industry best position himself to survive the impact of Mifid II on the sellside? ...
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Company Review: Tudor Pickering Holt and Co - Research InternVery fun culture. Working with group of young peers makes the long days bearable. Also, free dinner every night was a plus. . Having to go to work before 6am everyday and leaving late at night means no exposure to sunlight during the week. Gets kinda depressing. ...
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Company Interview: Stephens Inc - Equity Research AssociateAll of the questions were fit based, so not really much to say here. My meetings with the Associates were purely conversational, with plenty of time left for me to ask them questions. They spent a lot of time telling me about their responsibilities, the team dynamic, and gave helpful insight into th...
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University Senior looking at pathways to ERWas wondering if being a sales analyst at a f500 would add to being an attractive candidate for ER. Want to know what other options I can explore that will add value while studying for CFA. Background: Non-target, economics major ~3.0cgpa No prior work experience in anything relevant. Thanks!...
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Need some help for upcoming ER interview (physics student)I have an interview next week at a BB bank and was looking for some advice on what I need to know for the technical side of the interviews. I follow financial markets and stay updated with current affairs but I'm not that clued up with a lot of financial jargon (study physics). I have an okay unders...
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Credit or Equity Research at Barclays (London)Hey folks, I received 2 offers for the Research summer internship at Barclays in London - one from equity and the other from credit research. Now I'm familiar with the differences between the 2 and I'm pretty confident I'll end up choosing Credit Research for the following reasons: * Barclays is...
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Company Interview: Barclays Capital - Research Summer AnalystA few complicated questions were: * A number of brainteasers questions that can be problematic if you don't know how to handle them. I landed billions away from the correct answer, but since the reasoning made sense with the numbers I used, the assessors rated me quite well. * A lot of second ...
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Help a college junior break into Equity Research! What steps do I take next? About me: -Studying Finance at Kenan Flager (UNC) -Will most likely graduate Summer 2019 -Really good Grades-3.88 GPA (likely will go down a bit in the next year) -Haven't taken GMAT yet -Two internships but unrelated to ER (Real Estate and Sales) -Considering either MF or MBA but not sure which one...
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Company Interview: William Blair - Summer Research AssociateHe asked me to teach him something in 10 minutes - it could how to grow tomatoes or how to sew. But he said not to talk about business at all ( I was recruiting for a research associate interview - the best thing would have been to pitch a stock - to which he refused). this was the most unexpected t...
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Fine Dining Comps - Ideas?I am building a comp set for a client in the Fine Dining sector... CapIQ spit out a good but limited data set... I was wondering if anyone with experience in this niche sector could throw some other ideas my way. So far I have: -Trading- Fogo de Chao Ruth's Hospitality Group Del Frisco's Restauran...
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Credit Suisse Equity Research Summer Associate 2018How many of you got an interview call for Credit Suisse Equity Research Summer Associate 2018???????...
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Boutique ER Interview PrepHi WSO, I landed an interview with a boutique ER shop that focuses on the tech sector. It is hard to dig up information on the shop, but it is led by a few analysts that are highly regarded on Wall Street. They focus on the printing, photography, display and enterprise hardware industries. **Que...
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Solutions for exercises and cases from Financial statement analysis by PenmanHey guys Does anyone have the official solutions for Financial statement analysis by Penman? Referring to the exercises and mini cases in the book....
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Cross Research GroupDoes anyone have any information on this company? Boutique equity research firm that focuses on InfoTech. Applied for an entry-level associate position and have a phone interview tomorrow. Looking for any information. Thanks....
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Best SS shop ahead of MiFidCurious what other sell-siders think is the best type of shop (boutique vs. bulge bracket), or specific place (JPM, Citi, ISI) to be at once MiFid rolls around. Is anyone actively trying to move around because of this? What cautionary statements are you guys hearing?...
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Will I Miss The Boat by going to a startup?Hi Everyone, In ER for 1.5 years, in tech. Getting better at my job obviously. Easier to do the job etc. I am dieing for something entrepreneurial, and startup focused. I want to deal with people, grow an actual product/company and to use my personable personality instead of sitting on excel all d...
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Magellan Research Group--Anyone know anything about it? Greetings, I've been a lurker on this forum for years and have gleaned some great advice from it--now I decided I would ask a question of my own. Sometime ago I applied to an Analyst position at Magellan Research Group through a school job board and they just reached out to me to schedule and inte...
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Best computer for equity research?Guys I’m new to the forum. I’m looking for a PC. And only a PC. I know there are tons of options out there, but here’s what it’s come down to: Lenovo P51 Lenovo Carbon X1 Dells XPS15 The computer will be used for business uses including modeling, word processing and other related functi...
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EA’s “loot crate” controversy **What happened?** Electronic Arts has recently announced their new game Battlefront II, which included a “loot crate system” that requires real money to purchase. The loot crates grant players the chance of getting popular characters like Darth Vadar without having to spend hours earning point...
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WACC for a company that has no effective tax rate?Any good way to get the cost of debt for a company with negative NI? Would the effective tax rate just be negative? Are there are any other effective ways to arrive at the cost of debt rather than D(1-T)?...
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Software/Tech Primer?Hi, Does anyone have a good software/tech primer on anything other than semiconductors? I've tried searching google and this website and have found some blue papers from MS and a brief primer from Wells, but am looking for something more in-depth or that goes more into the finance/accounting issues...
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How difficult is it to get into equity research out of undergrad?I am currently a first-year at a top target school. The top juniors and seniors in my school are all going into ib, s&t, or private equity. I never hear anything about equity research. I am just wondering what are the opportunities like out of undergrad, and whether it would be more difficult to bre...
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Exit-Ops: Equity Research vs. Investment Banking - (A Definitive Guide, Part 2)See part 1 here: Work/Life Balance: ER vs. IB - (A Definitive Guide, Part 1) As someone who has worked in both areas, I wanted to touch on ER vs. IB exit-ops similar to my [Work/Life balance post](/forums/worklife-balance-equity-research-vs-investment-banking-a-defini...
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what sectors hire and value PhD backgroundHello all. PhD breaking into ER has probably been fully discussed in quite a few posts. I know biotech/Pharma hires life science Ph.D.s. However, I have not seen a lot of PhDs hired in other sectors. I have chem Ph.D. and my background focuses on diagnostic/tools/Med. Does this sector value hig...
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Company Interview: S&P Capital - S&P credit summer analyst they really asked me about "what are some downsides of working at S&P" how can you answer that... Also asked me something about "if HP was getting rid of their enterprise business and wanted to sell if for 4 billion if you can ask the CEO of HP one question what would you be asking him/her?" Whil...
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Company Review: KeyBanc Capital Markets - Very SatisfiedI like working at key bank because of the culture of the firm, I also like the living in the cleveland area. I do not like key bank because of common issues of working at a decent size bank and among many other things. ...
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Company Review: CLSA - StudentFriendly team, lots of exposure and doing meaningful work. Got the opportunities to meet management.. Compensation is below industry average, no conversion unless there is a head count in the team. Long hours....
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Company Interview: Bloomberg - Equity Research Summer AssociateTo be completely honest, there really weren't any difficult or unexpected interview questions. First of all, there were literally no technical questions. I got to the superday and had a final round skype interview afterwards, and still had zero technical questions. This is an equity research interns...
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Best route to HFIf one was looking to move into doing Equity Research for a hedge fund at some point in the future. Would it be better to start out doing buy-side research at a F200 financial/insurance company or doing MM sell-side Equity Research?...
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Work/Life Balance: Equity Research vs. Investment Banking - (A Definitive Guide, Part 1)I'm probably one of the few people on here that has done both IB and ER. So I thought that I would share a guide on the pros/cons of both. A lot of these items have been covered in other posts so I'm going to focus on the nuisance and specific details which others often leave out. I don't want to m...
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Mining Primers?Anyone have access to any recent mining industry primers? Anything would be good but north american focused if possible. Thank you....
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Risk Management seeking for Equity Research industry Currently working in risk management in a commercial banking, looks for equity research, but not sure if my background(studied Econ) would be a fit for this industry and how to prepare myself for this.. Also through talking to people, most of them say it is a shrinking industry, wondering if i could...
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How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession How The Federal Reserve Fights Recession ...
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Rutgers Econ Major, as a feeder school to NYC firmsHi everyone, this is my first time posting on WSO. I am currently attending Michigan State, I am a freshman. Just wondering about Rutgers-NB as a feeder school to the Big 4 Firms, and what school has a better reputation. I have sent out my transfer app to Rutgers for security because it is due on Fe...
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Market value vs Book valueSince none would like to answer. Never mind. ....................................................................
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equity research modelling(excel) and written testHi all. I am going to have an ER modelling and written test very soon. I have searched over the forum and found some useful info. However, in terms of the excel test, i still have very few clue about what it's going to be. My background is non-accounting and I'd say i didnt know how to do the financ...
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Raymond James ERJust curious if anyone has some insight into where equity research at Raymond James ranks on the totem pole of ER industry. Is it a good shop to learn the basics and make connections, with the end goal being to eventually move into buy-side PM role?...
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Elijah Watt Sells Award"The EWS award is bestowed upon CPA candidates who have obtained a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination and passed all four sections of the Examination on their first attempt. A total of 102,323 individuals sat for the Examination in 2016, with...
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Practical resources for understanding accounting policies and financial statementsHey, Title says it all. Looking for a practical resource, ideally with case studies, on understanding accounting policies and financial statements from a shareholder’s point of view. The resource should support the assessment of stocks. Thanks guys...
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3 statement financial model templateDear all, I got past my second round interview for equity research associate position, and they have sent me an assignment to do. I was wondering if anyone had a dynamic 3 statement financial model that they would be so kind as to let me see. I want to make sure that I am doing everything right, ...
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Expert Network to Research positionHey guys I have a 2nd round interview with a expert network in NYC. I'm from Florida. I was wondering if it's worth taking this job to gain experience and relocate to NYC? I know I'm thinking a couple steps ahead of the process, but that's just the kind of person I am. ...
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Independent Research PayIt's been well covered on the site what salaries, both base + bonus, look like in sell-side bank research as well as research in the buy side, at large AMs and funds. However, I am curious what pay looks like at independent research shops that are selling their research to the buy side? Thanks for...
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Energy Aspects ThoughtsHey WSO Community, I'm on the commodity side of things and we look at quite a bit of research both out of banks and independent consultants/buy side research. I was curious if anyone has come across Energy Aspects' work and/or has experience working at the company? Any further thoughts on best in ...
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Company Interview: Bloomberg - Research AnalystThe most difficult question was only difficult because it is not how I practiced interviewing. They sort of ask about your soft skills outright, in the what makes you more qualified, that we havent already asked about, kind of way. I imagine they were looking for certain qualities. Other than that t...
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Fixed Income Index Analyst interviewHi all, I am interviewing for a role as a Fixed income index Analyst and would be grateful if someone can give me more color on what I should be expecting in the interview and How I should prepare. The role encompasses the full lifecycle of index product development, from market research, prototyp...
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How to select which valuation multiple to use?Hi, How do we select the correct multiple for a target price calculation? Equity research reports often say our target price of X is based on a 50:50 combination of P/E and EV/EBITDA (This was for a European Utility Stock)... How is that ratio determined? When should we use P/E, EV/EBITDA? Woul...
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Internship Applications - Academic vs. Work experience?Hi everyone, I am a student at non-target UK university and currently applying for summer internships in ER. I have two finance/ER-related pieces of experience under 'Work & Leadership Experience'. I am now deciding whether to put in a 3rd place quite recent 6-month non-finance related internship ...
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Which stock index to use to run regression against for beta calculation?Suppose I am valuing an Indian company with foreign operations, then which stock index should I be using? Similarly which indices to use under different situations? Any comprehensive guide or intuition for the same? My friend was asked this in a job interview......
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European Utilities- Primer please?Hey, would really appreciate primers on European Utilities specifically for upcoming interviews please, I don't have access to the terminal or any such reports. Please help...slightly urgent. the reports I have are for American Utilities which is irrelevant to me......
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Company Interview: Morgan Stanley - Research Summer AnalystI was asked many different questions by different people. One guy went very in depth into technicals. He asked about DCF, 3 statements, and valuation. Another guy went very in depth into my stock pitch. He drilled down into one section that I did not look at a whole lot. Lastly, a girl asked me all ...
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where to get the inputs to calculate FCFF?Hello friends, I am trying to learn DCF valuation, however, the books I read (McKinsey and Damadoran) and the online resources I looked at have conflicting sources of where they get their inputs. for example: For calculating Net Capital Expenditures, some models just take the number on the cas...
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Company Interview: JPMorgan Chase - Equities Research at JPM Asset ManagementFirst two interviews were expected of a research role, such as basic accounting questions, knowledge of the financial statements and how they work with each other, as well as a basic stock pitch Slightly more difficult questions regarded questions about how to value the acquisition of a single rest...
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Overstock.com Stock Thoughts https://finance.yahoo.com/quote/OSTK?ltr=1 Currently trading at ~$50, analysts have priced it at $85. They are an online retailer getting into the ICO trading platform game. Bold move, Cotton. ...
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How to Contact an ER Analyst and Get a ResponseGot a few inbounds requesting more info on how to best contact an equity research analyst and get a response. Here are five steps: **1. Get contact info from Bloomberg, FactSet, Capital IQ, old research reports, and online** What's great about equity research is that it's fairly easy to find e-ma...
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Help - LBO AssignmentHi everyone, I need LBO assignment help can some help with the modelling. I can PM the question Thank you Kapil ...
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Doctor thinking of exit opportunities Dear all, I am new to this community but not new to contemplating my exit from clinical medicine. I have been weighing pursing consulting or equity research in biotech/pharma/healthcare. I crave learning about innovative solutions in healthcare and medicine, creativity, being surrounded by more like...
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Interview with Zelman & AssociatesHello, I have an upcoming interview for a summer ER position at Zelman & Associates and was wondering if anyone could help me out with listing off things to know. If anyone has experience and can chime in that would be very helpful. I found a past thread on Zelman but it was a few years old so I'm c...
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Morgan Stanley Summer Equity Research Interview Help!!!Made it to the first round with for a SUMMER ANALYST position in New York. Had my first interview on September 22nd 2016 with an equity research associate. Still haven't heard back, Should I be concerned? I did check my account on their website and the status hasn't changed since my interview. Let m...
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Potential Stocks that will turn out in the long run?I'd like to hear what the community thinks the best long term plays in the stock market are as of now. I would also like y'all to include why and possibly include what industry or sectors you think will perform in the long term. Thanks :)...
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Company Review: Morgan Stanley - Satisfied overall Only been here a year but enjoying so far. Usually get weekends off outside of earnings season, CFA paid for with allocated time off to study, motivated people. . Little time off during the week due to early starts but no specific to MS. Earnings season gets pretty bad, but again to be expected in t...
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Company Interview: Goldman Sachs - GS Global Investment Research Summer AnalystQuestions were mostly based off of your resume. Asked me some specifics about the regression models that I used in my prior research and the assumptions that I used. I had done some behavioral economics research in the past so he also asked me why I decided to make the switch to finance research. On...
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Research Associate Oil&Gas Salary ExpectationsEntry-level job in Calgary conducting investment research for companies in the Oil and Gas industry. E&P. What should I expect as a salary? ...
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Feedback on Valuation Attempt (Costco)Hi I am currently trying to teach myself financial modeling, wondering if anyone would be willing to provide some quick feedback on an attempt at modeling Costco?...
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How do I Break into Financial Services in the Boston Area?I am looking to break into the financial services sector and was hoping to find out if you would be willing to provide some advice as to how to go about doing so? I am a first-year MBA student with an undergraduate business degree who is in search of an entry-level position. I have interned for a fi...
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Company Interview: FBR Investment Management - Equity Research AssociateNo unexpected question, most questions are average and typical questions to be asked during an equity research interview. The most technical one is to estimate the market size for a technique that seems most interesting to me in the current biotech industry, which is gene therapy in this case. Follo...
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Company Interview: Robert W. Baird & Co. - Equity Research AnalystYou will get grilled on your stock pitch by at least one interviewer. He/she will pull it up on Bloomberg or FactSet or whatever and ask you about the technicals behind it. So keep up to date with news on your stock and know the big numbers. Lots of brainteasers as well. Predict how many sneakers ...
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ER Post Final Round Interview (off-cycle)Just finished a final round with a boutique this Monday. This was an off cycle position on a team looking to replace an associate whose leaving. Had some great feedback from the senior analyst on the team who said they were looking to fill this role ASAP. I was asked throughout my rounds when my ava...
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GS gap year intern GIRHello everyone, have anyone applied GS GIR gap year intern and got any interview before? I will have interview with GS soon, and can anyone share sth about it? thanks....
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Best accounting books or courses for stock investorsHey guys, The title says it all: can you pls recommend accounting books or courses that are useful for equity investors, essentially what to look at when a potential stock investment is screened. Thank you...
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Big 4 to Equity research.....what are some possible routes? Im only a 2nd year in big 4 audit so I know manager in big4->Mba->ER might beone route but I cannot stick the job anymore....No way I am sticking around until manager. So what are some alternatives? Im willing to start from the beginning (e.g. internship)....
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Company Review: Needham & Company - ER AssociateGood work life balance for the industry. Senior analyst is good at mentoring and allowing me to run with projects.. Outdated/slow technology. Some dislocation between senior management and sales and trading/research....
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Technology Financial Model?Hey guys, I was wondering if some one could send me a technology related model just as reference for the purpose of learning. I have the grasp of the basic financial modeling concepts; I just want to see what a technology financial model looks like. I would really appreciate it!...

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