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The Equity Research Associate: Remnant of a Dying Industry, or the Hero That Gotham Deserves?

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• Many people do not understand what equity research (ER) means, or they conflate it with other industries that happen to have “equity” in their names.
• Many sources mix up the Associate and Analyst roles, or they mistakenly assume that “Associate” means the same thing that it does in investment banking or private equity .
• And then other sources have not updated their coverage to reflect the post-MiFID II world and how the entire industry is changing.

We’re previously covered equity research careers and equity research recruiting , so this article will build on those and cover the Associate role in detail:

The Equity Research Associate Job Description

In sell-side equity research at an investment bank, you analyze public companies, speak with management teams and investors, and make Buy, Sell, and Hold recommendations on stocks.

Although the division is best known for its equity research reports , the reports are not the key “value add.”

Instead, institutional investors value equity research professionals mostly for additional “color” or “nuggets” they can extract from management teams and then relay.

Particularly if someone at a hedge fund or asset management firm covers dozens of names, that person will not have time to dig into every last nuance of each company.

Research professionals can add value by relaying information and even setting up meetings between management and current or prospective investors.

This setup remains the same even though institutional investors now pay directly for the reports (because of MiFID II ) – it’s just that these services are now limited to paying clients.

In research, the senior staff are called “Analysts,” and the junior team members are “Associates” or “Research Associates” – the opposite of the investment banking hierarchy .

But those are just the external titles; within the “Analyst” title, you can still advance from the VP level up to the MD level internally.

And “Analysts” at different internal levels get paid differently and have slightly different responsibilities.

As an Associate , you’ll be responsible for supporting the Analyst in your group.

Research groups vary widely because each Analyst runs his/her group differently, but “support” includes tasks such as:

• Speaking with market participants (management teams and investors).
• Doing industry research (e.g., collecting data on market share, pricing, etc.).
• Writing the reports (both short, update reports and longer thought pieces).
• Building models and valuations.
• Determining market sentiment.

The Equity Research Analyst does more relationship building (#1 and #5 in the list above) and sets the overall direction and culture of the group, while the Associate faithfully executes orders (#2 to #4 in this list).

But if you want to advance to the Analyst level, you’ll need to start interacting with management teams, setting up meetings, and developing your reputation with institutional investors.

Therefore, you need to strike a delicate balance between “doing/checking the work” and becoming a relationship broker.

It’s the same challenge bankers go through when they’re trying to move beyond the VP level .

Equity Research Associate Hours

Equity research operates based on two main “periods”:

• Normal Days – These take up most of the quarter. You do normal work updating models and reports and answering questions, and you can expect to work ~12 hours per weekday, on average.
• Days During Earnings Season and Industry Conferences – These might take place over 2-3 weeks per quarter, and you will work more like ~16 hours per day as you listen to companies report their earnings, ask questions, update your models, and send out new reports to clients.

Your hours will also be affected by how the Analyst runs the group and what he/she focuses on (e.g., on-the-ground research vs. modeling vs. vs. industry analysis vs. relationship-building).

Even something like the number of names you cover, such as 10 vs. 20 companies, makes a difference.

On average , you’ll have a better and more predictable lifestyle than the one offered by investment banking .

You might work an average of 55-60 hours per week , with spikes to 70-80 hours per week in earnings season.

Weekend work is rare, but it may come up when there’s a massive industry change or company announcement that forces you to reevaluate all your views and ratings.

Ironically, your hours might get worse as you advance because Analysts have to travel and do more work outside the office while still overseeing published reports.

Why Would You Want to Be an ER Associate?

In a previous article on equity research recruiting , we mentioned that equity research is in decline.

Headcount reductions and MiFID II – which requires banks to charge directly for research rather than “bundling it” with other products – will continue to hurt the industry.

Plus, the clients that research teams serve, such as asset managers and hedge funds, have been doing poorly because of declining fees, the rise of passive investing, and massive manipulation of the financial markets by central banks.

So, why would you want to pursue an entry-level Associate role in this industry?

Here are some of the top reasons:

• Interesting Work and Solid Pay – The pay is a discount to investment banking salaries , but you’ll still make well into the six figures. And the work is arguably more interesting, with more creativity, less grunt work (e.g., pitch books , briefing books, buyer status logs, etc.), and reduced hours.
• It’s Possible to Break in as a Non-Traditional Candidate – The ER recruiting process is more random and unstructured than the one in IB, and it’s sometimes more feasible to break in as a career changer or “industry expert.”
• Exit Opportunities – You’ll build a solid network of institutional investors and company executives, and you can leverage these connections to move into other roles, such as hedge funds, asset management, and corporate finance at companies.
• Long-Term Career Potential – While equity research careers have become less appealing, top ER Analysts can still earn into the high six figures and beyond.

You can also use the role to switch to other divisions within a bank, such as investment banking industry groups , equity capital markets , or potentially even sales & trading (if you switch early enough).

Equity Research Associate Salary (and Bonus)

Total compensation for Associates in major financial centers is in the “low six figures” – we’ll say between $125K and $200K, with the majority from the base salary.

Yes, this is lower than investment banking pay, but you also work fewer hours and have a less stressful life.

We cover the full salary + bonus progression in this equity research careers article , but as you move up to the VP, Director, and MD levels within the “Analyst” title, you’ll progress to the mid-six-figures and might eventually earn $1 million in a good year.

A Day in the Life: What Does an Equity Research Associate Do?

During earnings season, days are frantic and not that interesting since they’ll all look something like this:

7 AM: Arrive at the office early and join your first earnings call of the day. Ask a few questions about the company’s EPS and operating margin misses, and start updating your model and preparing a 2-page update note for clients.

8 AM: Your Analyst is busy fielding questions about this company’s earnings miss, so he refers a few clients to you. You answer their questions and sheepishly explain why you had a “Buy” rating on the company, even though its stock price just fell by 10%.

9 AM: The next earnings call begins. You still haven’t finished updating the model and report for the first company, so you’ll have to return to that later in the day.

[Repeat the tasks above until 11 PM or midnight.]

Rinse, wash, and repeat this all day as you join these calls, make updates, and answer questions from panicked investors.

You’ll often stay late because you won’t have time to update all the models and reports during the day.

It’s more interesting to look at a “normal day” where there are no earnings calls or panicked investors calling to ask about earnings misses.

Here’s what that might look like in a biotech equity research group :

8 AM – 9 AM: Arrive at the office and check the news for anything involving your coverage universe.

You also read a few emails from traders and salespeople and send off a quick note to them about a regulatory development that might affect one of your companies.

9 AM – 11 AM: Start working on an Initiating Coverage Report for a new biotech company that your Analyst wants to add to the group’s coverage universe.

This will be a 100-page report with tons of industry data, and it will take months to complete. You get started by reading the company’s filings and setting up the revenue and expense categories in your model.

11 AM – 12 PM: Your Analyst is busy with several clients, so she refers a few hedge fund portfolio managers to you instead.

They’re looking for extra insights into one company’s pricing power based on a meeting the management team just held.

They didn’t say anything concrete, so you give your opinion while also downplaying your certainty.

12 PM – 2 PM: Review some valuation work submitted by the equity research intern in your group and a more junior Associate who joined last year.

Their Excel formatting is terrible, but their projections and data sourcing are fairly good.

2 PM – 3 PM: Your Analyst is now on the road, and she calls to ask if you can set up meetings between a few hedge fund clients and 3-4 biotech firms of interest. You start placing the calls and sending emails.

3 PM – 5 PM: One of the companies in your coverage universe has just announced a divestiture of one of its pipeline drugs, which is currently in Phase 3 clinical trials.

This news comes out of nowhere, so you scramble to update your projection model to reflect the inflow of cash and loss of potential future cash flow from this drug.

You also call the Junior Associate and Intern over to help check the numbers.

5 PM – 7 PM: You finish the update and send it out to clients, immediately receiving questions about the selling price and its impact on the company’s valuation.

One hedge fund manager is very persistent and wants to speak with you ASAP, so you indulge him.

You explain your view that the deal is a good one because the drug was unlikely to pass Phase 3 trials anyway, and even if it did, the selling price exceeds its intrinsic value.

7 PM – 8 PM: You finally get back to that Initiating Coverage Report from this morning and start dividing up tasks for the Junior Associate and Intern.

As you’re heading home, your Analyst calls to thank you for your work in the urgent report update and to ask if you can attend the firm’s Bio/Pharma industry conference in a few weeks.

This is a ~12-hour day with a moderate amount of stress.

An unexpected acquisition or divestiture can create an emergency, but it’s usually less severe than a last-minute pitch book in IB.

And most of the day was spent working on a long-term project, answering questions, and reviewing your team’s work.

Since equity research is less hierarchical than IB, office politics within the group is sometimes less of a factor.

How to Break into Equity Research as an Associate

We cover the full process in the equity research recruiting article , but the good news is that you don’t necessarily need to have a 3.9 GPA at Harvard and three previous finance internships to get in.

Equity research recruiting is unstructured and based on the group’s current needs, which means you can network your way in if you’re persistent enough.

Also, ER teams are open to recruiting candidates from more varied backgrounds, including experts in industries where deep technical knowledge is required (biotech, pharmaceuticals, semiconductors, space/satellites, etc.).

The bad news is that you’ll have to do much of the legwork yourself because many groups lack structured processes.

No matter your background, you’ll need 2-3 very solid stock pitches for your industry to have a good shot at winning interviews and being taken seriously.

And you’ll need to know the usual technical topics about accounting, valuation/DCF analysis, and a bit about merger models and LBO models (transactions still come up – see the “Day in the Life” account above!).

MBA programs are not super-helpful for winning equity research roles because many banks do not recruit “classes” of Associates on-campus as they do for investment banking.

The CFA can be helpful in some cases, but it still matters less than university reputation, grades, work experience, networking, technical preparation, and stock pitches.

The ER Associate Job: Right for You?

To break into equity research, you don’t need to spend a fortune on a top MBA, start recruiting in your first year of university, or do all the other crazy things required for investment banking .

So, the real question is, “Should you put in a solid-but-not-overwhelming effort to aim for this role?”

My answer goes back to the “Why Would You Want to Be an ER Associate?” section above.

If you’re a non-traditional candidate , you started recruiting late, or you had some other problem, and you’re interested in the public markets and the potential exit opportunities from equity research, it could make a lot of sense.

But if you have your heart set on private equity or corporate development or something else that is difficult to break into from ER, it does not make much sense.

I don’t think equity research as a long-term career is a great option anymore because of industry and regulatory changes and declining headcounts and budgets.

But if you’re looking for an alternative to the traditional IB or S&T route that is more accepting of candidates “off the beaten path,” then the Equity Research Associate role might be right for you.

It may not be the career you deserve, but it might be the career you need.

You might be interested in Biotech Equity Research: The Best Escape Plan from Medicine or Academia?

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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4 thoughts on “ The Equity Research Associate: Remnant of a Dying Industry, or the Hero That Gotham Deserves? ”

Can I break in at 62 years old? Bloomberg exp only. No grad school exp yet.

Highly unlikely, sorry. ER recruiting is a bit random / unstructured, but they’re not going to recruit someone with 30+ years of work experience in other industries. I won’t say “never” or “impossible” because there may be some exceptions out there, but I haven’t personally seen anyone enter the industry at that age.

I am currently a client facing Portfolio Associate in Private Wealth Management team at a bulge bracket bank managing $1bio AUM for UHNW clients and have received an offer for an Equity Research Associate – Large Cap Banks position.

I have previous experience in corp finance dept of a bulge bracket bank hence the ER offer.

I am confused if I should take it up. Unsure of the pros and cons – if you could help me out. I want to understand which one would be a better choice – i am currently 31 yrs old.

Well, what is your long-term goal? Hard to answer this question without more information.

If you want to invest in individual companies and other publicly traded securities (e.g., eventually move to a hedge fund), the ER offer is better. Yes, ER is a declining industry, but hedge funds and asset management firms still recruit out of the ER pool.

The hours will be worse than PWM and the stress levels will be higher, but the pay ceiling is likely higher, and it is definitely higher if you move to a HF.

If you have no interest in investing in individual securities and are happy with your current compensation and lifestyle and the pay ceiling in PWM, then you should stay where you are.

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What is a Equity Research?

Learn about the role of Equity Research, what they do on a daily basis, and what it's like to be one.

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Definition of a Equity Research

What does a equity research do, key responsibilities of an equity research analyst.

• Conducting detailed financial analysis and valuation of public companies using various methodologies such as discounted cash flow, comparable company analysis, and precedent transactions.
• Building and maintaining financial models to forecast future earnings and financial performance.
• Writing comprehensive research reports and presenting investment theses and recommendations to clients, sales staff, and traders.
• Keeping abreast of industry trends, market developments, and economic indicators that may impact the sectors and stocks under coverage.
• Regularly communicating with company management teams and industry experts to gather insights and validate assumptions.
• Monitoring news and events that could affect stock prices, including earnings releases, regulatory changes, and macroeconomic data releases.
• Responding to requests for information and analysis from clients, sales teams, and traders.
• Developing and maintaining relationships with institutional investors and presenting investment ideas to them.
• Collaborating with internal teams, including sales, trading, and investment banking, to enhance the firm's product offerings and client service.
• Ensuring compliance with regulatory requirements and ethical standards in the research process.
• Participating in conferences, roadshows, and company visits to gain firsthand knowledge and expertise.
• Continuously improving research methods and staying current with valuation techniques and financial modeling best practices.

Day to Day Activities for Equity Research at Different Levels

Daily responsibilities for entry-level equity research analysts.

• Gathering financial data and market research
• Assisting in the creation of financial models and valuation analyses
• Helping to write sections of research reports
• Monitoring news and developments related to specific companies or industries
• Responding to requests from internal sales and trading staff
• Participating in educational and training opportunities

Daily Responsibilities for Mid-Level Equity Research Analysts

• Independently conducting in-depth industry and company research
• Writing comprehensive equity research reports and investment recommendations
• Building and maintaining complex financial models
• Presenting research findings to sales staff, traders, and clients
• Engaging with company management teams and industry experts
• Contributing to the team's investment strategy and sector outlook

Daily Responsibilities for Senior Equity Research Analysts

• Leading sector coverage and setting the research agenda
• Developing and maintaining relationships with institutional clients
• Providing mentorship and guidance to junior analysts
• Representing the firm at industry conferences and media events
• Driving business development through compelling research and client engagement
• Influencing investment decisions and portfolio strategies at the highest level

Types of Equity Researchs

Sell-side equity analyst, buy-side equity analyst, industry-specific equity analyst, quantitative equity analyst, esg equity analyst, macro equity analyst, what's it like to be a equity research , equity research analyst work environment, equity research analyst working conditions, how hard is it to be an equity research analyst, is an equity research analyst a good career path, faqs about equity researchs, how do equity researchs collaborate with other teams within a company, what are some common challenges faced by equity researchs, what does the typical career progression look like for equity researchs.

How To Become a Equity Research in 2024

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Career Guide – Equity Research

In Investment Management by Gaurav Sharma Updated On: May 31st, 2022

Equity Research is the process of collecting relevant information about a company and processing that information into actionable recommendations for trading that company’s equity stock.

Job Description

Equity research analysts exist on a plane somewhere between traders and pure researchers. What this means is that they still spend a lot of time performing quantitative analysis like their investment banking brethren, but this analysis is directly used for the trading of equities in order to profit from stock price movements. The job of an equity research analyst may be divided into three broad categories:

Collecting Information

The first part of the job is to collect all relevant event information necessary for an analyst to perform his job. Analysts gather information from a wide variety of sources. The best source, as you can imagine, are the annual financial reports released by the target company. This also includes quarterly reports containing revenue or other data released periodically. These documents contain a wealth of information and the most thorough and comprehensive data that can be used for equity analysis. Most large companies also have earnings calls where they discuss the company’s financial results during a webcast, for example, and might also field analyst questions.

In addition to company specific information, analysts also have to look at the broader industry and the economy as a whole. For example, if there is a political crisis which is impacting oil prices, then that will likely affect the stock price of every oil company irrespective of its individual performance. This information is either obtained from public sources like the news media or can be bought from research firms which track every news event and then package that information into summarized reports.

Lastly, there are service providers like Bloomberg, Factset and Thomson Reuters which provide a lot of valuable information to paying clients.

As you can imagine, a good analyst needs to have his ear to the ground and expertly curate all sources of information available to him. In my opinion, this part of the job is more important than the actual analysis as the output can only be as good as what you put in.

Processing Information into Actionable Insights

The second part of an equity analyst’s job is to process all available information into usable and actionable insights. All available and relevant financial data is entered into a software (like Microsoft Excel) and then projections are made based on reasonable assumptions, historical data and market trends. This information is then used to calculate the fair price of the company stock or make future predictions.

Each analyst may have a slightly different approach like running varying simulations, using different sources of information, placing different weights on variables and so on. The end result of any such analysis is usually a prediction of the fair stock price within a certain range. The equity analyst might then issue a buy or sell recommendation based on that prediction.

Presenting and Communicating your Recommendations

The final part of the job is effectively communicating your recommendation and the rationale for that recommendation in your concluding report. People making the ultimate buy and sell calls usually won’t have the time to go through your raw data and therefore all the relevant information needs to be presented to them in a digestible and quick summary. Your ability to effectively communicate your recommendations and justifying them using a sensible thought process will have a significant impact on how well your reports do.

Over time, the best analysts develop a reputation for accuracy and credible analysis. They carry this reputation with them even if the switch banks and this “sticky” reputation will add massively to your value as an employee. It can be hard to differentiate yourself in a global marketplace filled with tens of thousands of equity research analysts. How you perform at this part of your job, therefore, can prove to be an important differentiator.

Skill Requirements for Equity Analysts

Equity analysts rely heavily on their ability to manipulate large volumes of numerical data and to make accurate predictions regarding security prices from that data. They also must possess the ability to bring logical order to a job that depends a lot on uncertain assumptions.

Financial analysis – An equity research analyst will spend the majority of his time poring over financial data and performing analysis. Very strong quantitative skills are required for any equity research role. This part of the job includes scenario testing, simulation, analyzing historical time-series data, working with large datasets, risk analytics, portfolio construction, and so on.

Sector specific expertise – Equity research analysts usually cover multiple stocks within a single sector. This means that they are expected to develop an exceptionally strong understanding of how each sector works. Some examples of these sectors are as follows: financials, utilities, consumer staples, energy, industrials, healthcare, technology, telecommunication, real estate, automotive, biotechnology etc.

The analyst would usually be expected to cover just one of these sectors and the more you know about that sector, the better you will perform.

Macroeconomics – It is not only the performance of a specific company that is being analyzed; because peers, competitors and suppliers can also affect it. Macroeconomic trends or geopolitical events also tend to majorly impact security prices. An equity research analyst must therefore be fully tuned into what is happening in the world of business and politics.

Working in a time-sensitive environment – Workload in equity research can be rather lopsided. During earnings season, when a lot of companies announce their financial results, there is a tonne of work to be done. These are weeks when analysts spend countless hours at the office trying to get the research reports out in time. Any delay in the issuance of the reports can lead to a loss of business as there are competing firms trying to sell their own equity research reports.

Resourcefulness – Analysts are expected to work with a lot of data which needs to be acquired from multiple sources. This is not something that is overly complex technically, but it does require the individual to be rather resourceful while still not crossing the ethical line.

Programming skills – Many equity research shops require their analysts to have an understanding of Python, R, Matlab, SQL, VBA etc. Your ability to work with these will definitely increase your value to the firm. These skills can be acquired on the job, through self-study or just by going through some basic online courses.

Creative and technical writing skills – All equity research analysts are expected to produce a report that not only highlights the technical aspects of his research but also presents the information in an easily understandable format. Use of visual aids is usually encouraged along with the ability to present your conclusions without ambiguity or unnecessary verbosity.

Breaking into Equity Research

To build your resume for an equity research role, look at all of the skill requirements and the job description mentioned previously in this article and think about what you can showcase from your academics or past work experience to match those requirements.

The first thing you need to do is to obviously focus on your number crunching and quantitative abilities. This is not just a matter of knowing Microsoft Excel, but also understanding how valuations work. Next up on the list is showcasing your deep understanding of a particular industry. Ideally, this industry should match with the role that you’re applying for. Lastly, your knowledge of Python, R, Matlab, SQL, VBA etc. might also come in handy.

The best way to achieve all of this is by showcasing your previous equity research experience and your best work. Students without any experience can still present reports that they worked on as part of their college curricula or as an extra activity. Keep in mind that the recruiters are probably looking for someone with a solid thought process more than anything else.

All of this information needs to be presented in a manner that makes your CV pop out. Which can mean something like having a big brand on your CV that can immediately grab the attention of the person sifting through a pile of them. If the role specifies a particular sector, it might make sense to highlight anything from your past related to that sector. Equity research is more about understanding the business models of the companies that you track than it is about learning finance.

Lastly, be aware of any major happenings in the securities business. For example, how MiFID II will affect equities trading in Europe or how artificial intelligence and machine learning programs can help or hinder your job.

Academic Qualifications

Like most banking roles, finance, economics, business, mathematics, statistics, physics, engineering or accounting degrees are preferred for equity research as well. If you are still in college, make sure to also develop some programming skills as they are helpful for many roles on the security side including equity research.

An MBA is also valued since you learn a lot about all aspects of business from operations to marketing to finance. And all of these together are what provide value to a company and thus affect its stock price. Knowing how companies operate in great detail is a great asset to have as an equity research analyst.

Certifications

Another qualification that is in great demand for all securities related roles is the CFA designation. The curriculum of the CFA exam matches quite perfectly with all of the things that an equity research analyst needs to know. What you learn as part of your CFA qualification is so valuable for an equity research analyst, that many banks offer to pay for your exam if you decide take it.

I can also recommend the Online Professional Certificate in Valuation offered by the New York Institute of Finance . This fully online course takes about 45 hours to complete and offers the perfect opportunity to build a strong knowledge base while also adding value to your CV.

Lastly, we have the FMVA (Financial Modeling & Valuation Analyst) designation from CFI. This one is becoming increasingly popular of late and is an excellent choice for quity analysts. I have reviewed the FMVA in greater detail in the linked article.

In the US, Series 7, 63, 86, 87 exams (or others) may also be required. Check the FINRA website for details.

If you need some help with your CV, you can try out some of the finance resume review services in this linked article.

Salary and Bonus

Analysts and associates in equity research can expect to earn an annual base salary of between $80,000 to $150,000 in their first few years on the job. There is also a variable component on top of this which depends on your performance and can increase your total compensation by 20% to 50%.

There is a significant difference in pay between the large international banks and smaller regional shops. Location also is a significant factor as places like New York pay the most (but also have a higher cost of living). Global financial hub like Hong Kong, Singapore and London which have a lot of security trading also pay well but generally not close to US levels.

There can also be a difference between salaries based on what type of equity research you are doing. Buy side and sell side research analysts often get paid differently. For some financial institutions, equity research is a cost-center while for others it is a revenue generating department (for example, if the reports are sold). Factors like this can impact your salary.

A Day in Equity Research

A typical day for an equity research analyst can vary wildly depending on when you manage to catch him. During earnings season, most companies issue financial statements showcasing their quarterly results and this can be a very hectic time for equity research professionals. During this period, they are in a race against time to issue their updated analyses on a company’s stock performance based on the recently revealed information.

Earnings season or not, an equity research analyst’s day usually starts early at around 7 AM – well before the market opens. They look at all the major news from around the world that has the potential to impact the sectors and stocks that they cover. Most setups have a daily early-morning meeting, briefing or huddle where the entire team covering that sector meets and discusses events.

Analysts are also expected to frequently update their colleagues on the trading floor with any information that can affect their trades. Senior analysts are further expected to interact with key clients directly. Whereas the junior analysts spend more time working on the reports, the senior teams spend more time communicating with internal stakeholders and clients.

An equity research analyst would usually spend less than 50 hours at the office during a typical work week. The downside, of course, is that most of this time is spent slouched over a computer screen which can get quite tiresome. As you rise through the ranks, things get progressively better. But you still should not expect a huge amount of client interaction, especially when compared with front-end roles.

The work week can increase dramatically during earnings season. This is a period lasting a few weeks which follows the end of each quarter when companies release their updated quarterly financial or sales figures. This release of information is also accompanied by earnings calls where the company’s management discusses the preceding quarter and plans for the coming period. It is during this time that the workday for equity research analysts can stretch to 14+ hours!

In my opinion, equity research is best for people who do not mind a sudden spurt of activity during certain pre-defined periods of the year. It is still a better compromise when it comes to work life balance when compared with investment banking where you may be expected to spend your entire year in top gear.

Career Path and Progression

Equity research professionals have quite a few attractive career options available to them. You carry your reputation in the industry with you so that can be quite an asset to have.

Option 1: Continuing in Equity Research

The most obvious career choice for equity research analysts and associates is to carry on doing what they know best. Equity research analysts and associates rise through the ranks to become AVPs, Directors and Managing Directors. At each of these levels, the work gets progressively better, the hours get easier, and you get quite a decent bump in compensation. Equity research work is well-suited for people who really like to crunch numbers and understand businesses. If that is what appeals to you, congrats, you have found your calling!

Another thing to remember is that the more time you spend covering a particular sector, the more reputation you build as an expert and the more valuable you become to your employer. This, over time, can lead to a fulfilling and rewarding career.

Option 2: Hedge Funds or Asset Management

Countless equity research analysts and associates eventually move on to become fund managers at asset management firms, hedge funds , mutual funds or other such setups. This is an obvious and logical move as the core skills necessary for a fund manager role are quite similar to what an equity research analyst learns over the course of his or her career.

As a fund manager, you use the same research skills to determine whether a security is worth investing in or not. The main difference is that rather than just looking at one single security at a time, you look at your entire portfolio and then do a relative analysis of which security to invest in.

Option 3: Trading or Private Funds

Some equity research analysts have also gone on to manage the private portfolios of high net worth individuals. This essentially means that you work for one or more rich people and manage their personal investments. The reason this may be preferable over other exit options is that you have a lot of flexibility in terms of the amount of workload that you want to take on. You can operate as your own business entity rather than as a salaried employee.

Option 4: Corporate Roles

Lastly, there are roles available on the corporate side. For example, you could be working in the investor relations team of a company which is responsible for interacting with investors including equity research analysts. Depending on your sector experience, you might prove to be quite a valuable asset to a company operating in that sector and will get paid accordingly.

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About the Author

Gaurav Sharma

Gaurav (LinkedIn) started his finance career as an intern in Citi’s Institutional Clients Group in 2009, eventually ending up as an Associate Director at Standard Chartered Bank’s Corporate & Institutional Banking division a few years later. By 2016, he was an independent consultant helping FinTech start-ups in London with product development and launch. Gaurav also helps banks with their digital banking initiatives and advises PE & VC firms with investments in the financial services and FinTech sectors. Gaurav writes on topics ranging from EU banking regulations and tradional finance to Blockchain startups and the future of banking itself! He has an Engineering degree in Computer Science and an MBA with a double major in Finance and Marketing. He is also a Certified Financial Risk Manager .

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How to Become an Equity Research Analyst? A Comprehensive Guide [2024]

Equity research analysts are like money detectives. They check out a company's money history, see what's happening now, and try to guess what might happen in the future with stocks or company shares.

Their main job is to help people decide whether to buy, sell, or keep their money for certain financial things. They look at detailed reports about a company's money and consider the risks involved.

Analysts also pay attention to what a company is doing, like attending meetings or events for investors. They gather all this information and use it to make financial models. These models help determine how much a company is worth and if it's doing well financially. They then predict how a company might do and say if it's a good idea to buy, sell, or keep the shares.

Equity research analysts are important because they help people make smart choices with their money for the long term. They work with different firms; some help manage rich people's money, some deal with pension funds, and others work with banks. They advise people who decide where to invest their money.

Even though they're good at using numbers, analysts spend more time writing reports and giving suggestions than doing complicated math. It's all about making money decisions easier for everyone.

Qualifications for Equity Research Analysts:

To pursue a career in equity research, candidates typically need a bachelor's degree, preferably in a related business field like finance, accounting, economics, or business administration. Degrees with strong quantitative training, such as in mathematics, statistics, engineering, or physics, are also valuable.

While a master's degree is not mandatory for senior analyst roles, obtaining one in business administration or finance can enhance opportunities for career growth , particularly in portfolio and fund management.

Skills Required For Equity Research Analysts

• Excel Skills
• Financial Modeling
• Technical analysis
• Report Writing

Now, let's talk about each one in detail.

1. Excel Skills  - Equity Research Analysts spend about 10 to 16 hours daily using Excel for financial work. Here are the key things they focus on:

• Keep it Neat: They make sure their Excel sheets are well-organized and free of mistakes. Messy tables can cost them clients.
• Fast and Accurate: In the world of Equity Research, being quick and precise is crucial. Knowing Excel shortcuts helps them work faster, and most tasks are done without using the mouse.
• Useful Tools: Analysts rely on Excel tools like Pivot, Filter, Sort, VLOOKUP, and HLOOKUP to understand and analyze data.
• Plan for Different Situations: They create different scenarios (optimistic, pessimistic, expected) in Excel. This helps clients see how changes in assumptions affect things like target prices and CAPM beta.
• Visuals Speak Louder: Instead of lots of written words, analysts often use graphs and charts in their reports. Being good at creating these visuals is an important skill.

In a nutshell, being an Equity Research Analyst means being good with Excel, keeping things tidy, working fast, using helpful tools, planning for different situations, and being a pro at creating clear and informative visuals.

2. Financial Modeling:   Financial modeling is about predicting a company's future using an easy Excel model. This includes forecasting statements like Income, Balance Sheets, and Cash Flows. It's not commonly taught in standard courses, but a modular approach is used. Core statements are built using different schedules, such as for depreciation or working capital. Learning financial modeling takes time and patience, but there's a Free Financial Modeling Course available for those interested.

3. Valuations - Equity Valuation is like figuring out how much a financial asset is worth. This comes in handy for various things like analyzing investments, making budget decisions, handling mergers, and even sorting out taxes or legal matters. Here's what you should know:

• Intrinsic Value: This method (DCF) figures out the value by estimating future earnings from the asset and then discounting them to their present value.
• Extrinsic Value: This method looks at market prices of similar assets. It uses ratios like PE Ratio, P/CF, and P/BV to determine value.
• Choosing the Right Method: There are over 15 ways to value something, including DCF, Enterprise Valuation, and Equity Valuation. The key is to understand why a specific method is used in a certain sector. For instance, banks are valued using Price/Book Value, but other sectors might use different metrics.

4. Accounting - Accounting isn't just about Debits and Credits; it goes beyond that.

• Master Financial Statement Analysis: Being good at Financial Statement Analysis is crucial. This includes understanding vertical analysis, horizontal analysis, ratio analysis, cash conversion cycles, ROEs, ROCEs, and more.
• Get the Right Data: Sourcing accurate data is a challenge. If you need a company's Annual Report, where would you look—the company's website or the SEC website? Key sources include Press Releases, Conference Calls, SEC Filings, etc. Using the correct data is vital for accurate analysis.
• Spot Accounting Tricks: In Analyst-specific Accounting, the goal is to uncover and predict accounting tricks used by companies. These are usually hidden, and spotting them is a key task.

5. Technical analysis - In the role of an equity research analyst, technical analysis skills are essential for comprehensively evaluating securities. A proficient equity research analyst adept in technical analysis can effectively assess market trends, identify entry and exit points, and enhance the overall understanding of a stock's potential. By utilizing various technical indicators and chart patterns, the analyst can provide valuable insights into short-term price movements, aiding in the formulation of investment recommendations. This skill set complements fundamental analysis and helps develop a holistic perspective on stocks, contributing to well-informed investment strategies within the equity research domain.

6. Report Writing - The equity research report is the main way a securities firm talks to its clients. Its main job is to help investors decide where to put their money.

• Priority Matters: Unlike novels where the best is saved for last, in a research report, stock target and price recommendations come first.
• KISS Principle: "Keep it Simple Silly" is the golden rule. Be direct and to the point.
• Less is More: You don't need a Ph.D. thesis. A single-page note or a couple of reports are great. Readers may only have 1-2 minutes, so they might not even get to the second page.

Types of Companies that Hire Analysts

There is a broad range of industries and companies that hire analysts to perform research.

Some of the most common types of companies include:

• Insurance companies
• Governments
• Health Care providers
• Pharmaceutical companies
• Oil & Gas 
• Infrastructure 
• Education & Training 

Progressing in Equity Research:

After gaining experience in junior positions, some analysts choose to pursue master's degrees by returning to school.

On the other hand, exceptional analysts can advance directly into senior research roles without further education. A senior equity research analyst, particularly skilled in a specialized area, may transition into an investment management role, overseeing both a research team and an investment portfolio.

In this capacity, a portfolio manager utilizes information provided by equity research analysts and other team members to daily manage the composition of securities in a portfolio.

Licensing for Equity Researchers:

While some firms may mandate Certified Public Accountant (CPA) or Chartered Financial Analyst (CFA) certifications for equity researchers, they typically do not need Series 7 and Series 63 licenses. This is because equity researchers do not engage directly with clients or execute buy and sell orders on behalf of clients, and thus, compliance with the Financial Industry Regulatory Authority (FINRA) is not necessary for their role.

Frequently Asked Questions:

1. How Much Does an Equity Research Analyst Get Paid?

The salary for Equity Research Analysts in India varies from ₹2.0 Lakhs to ₹24.0 Lakhs, with an average annual salary of ₹9.9 Lakhs. These salary figures are derived from the analysis of 2,800 recent salaries reported by Equity Research Analysts with 0 to 7 years of experience.

2. Who Do Equity Research Analysts Work for?

Equity research has two main types: sell-side and buy-side. Sell-side analysts work for banks and brokerages, studying stocks to advise clients. Buy-side analysts research stocks to find good investments for their own companies.

3. Is a career in equity research analytics a good choice?

One of its notable advantages is the flexibility and potential for advancement. Research analysts are in demand not only in investment banks but also in institutions and independent organizations. With experience, there are opportunities to move into higher roles, like a research team manager or investment portfolio manager.

4. Can a non-commerce student become an Equity Research Analyst?

Students will learn how to study stocks, price assets, and understand finance. They'll also pick up skills for investing, managing wealth, and making sustainable choices. To be good at equity research, students need practical training, projects, internships, and courses that focus on skills, plus talking to industry leaders.  

In short, equity research analysts are like financial detectives who help people decide where to invest their money. They study a company's past, and present, and predict its future to guide investment choices. By looking at reports and attending events, they determine how much a company is worth and whether buying or selling its shares is a good idea. Analysts focus more on writing reports than complex math. To become one, you usually need a bachelor's degree in finance, and having strong skills in Excel, financial modeling, and writing reports is essential. Overall, equity research analysts make it easier for people to decide where to invest their money.

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Equity Research

Investment banking, key differences, special considerations, the bottom line.

• Career Advice

Equity Research vs. Investment Banking: What's the Difference?

Equity Research vs. Investment Banking: An Overview

Investment banking may no longer be the undisputed first choice for the best and brightest. Instead of streaming into investment banking , many top graduates are now opting for careers in management consulting, technology, or launching their own startups. While the allure of investment banking may have dimmed, due to long hours and a stressful work environment, the industry still attracts many workers. Equity research is also another destination for prospective financial employees.

Equity research is sometimes viewed as the unglamorous, lower-paid cousin of investment banking. The reality, though, differs from this widely held perception. In order to help you formulate your own opinion, here's a head-to-head comparison of equity research (sell-side research that is conducted by the research departments of broker-dealers) and investment banking in 10 key areas.

Key Takeaways

• A career in finance can take many paths, including investment banking and equity research.
• Investment bankers work on M&A deals and issue new securities to the market.
• Equity researchers conduct thorough analysis and research of companies and their share price to issue investment recommendations.
• Each role has different responsibilities and hours, which will suit prospective candidates differently.
• The pay for each role is typically the same in starting positions but is much higher for investment bankers as they grow in their careers.

Equity researchers analyze stocks to help portfolio managers make better-informed investment decisions. Equity researchers employ problem-solving skills, data interpretation, and various other tools to understand and predict a given security’s behavioral outlook.

This often involves quantitatively analyzing a stock’s statistical data in relation to recent market activity. Finally, equity researchers may be tasked with developing investment models and screening tools that identify trading strategies that help  manage portfolio risk .

Equity researchers are responsible for identifying patterns with current market price changes and using this information to create algorithms that identify profitable stock investment opportunities. The equity researcher should be able to understand the idiosyncratic differences between various international markets in order to cross-compare domestic and foreign stocks.

The low end of the salary range is $50,000, while the high end sits at around $135,000. Private equity firms and other financial services companies are the chief employers of equity researchers. The majority of these jobs are based in New York City, although firms are increasingly offering positions in major metropolitan hubs like Chicago, Boston, and San Francisco.

Investment banking is a specific division of banking related to the creation of capital for other companies, governments, and other entities. Investment banks underwrite new debt and equity securities for all types of corporations; aid in the sale of securities; and help to facilitate  mergers and acquisitions , reorganizations, and broker trades for both institutions and private investors.

Investment banks also provide guidance to issuers regarding the issue and placement of stock. Investment banking positions include consultants, banking analysts, capital market analysts,  research associates , trading specialists, and many others. Each requires its own education and skills background.

A degree in finance, economics, accounting, or mathematics is a good start for any banking career. In fact, this may be all you need for many entry-level commercial banking positions, such as a personal banker or teller .

Those interested in investment banking should strongly consider pursuing a  Master of Business Administration  (MBA) or other professional qualifications.

Great people skills are a huge positive in any banking position. Even dedicated research analysts spend a lot of time working as part of a team or consulting clients. Some positions require more of a sales touch than others, but comfort in a professional social environment is key. Other important skills include communication skills (explaining concepts to clients or other departments) and a high degree of initiative.

1. Work-Life Balance

Equity research is the clear winner here. Although 12-hour days are the norm for equity research associates and analysts, there are at least phases of relative calm. The busiest times include initiating coverage on a sector or specific stock, and earnings season when corporate earnings reports have to be analyzed rapidly.

The hours in investment banking are almost always brutal, with 90- to 100-hour workweeks quite common for investment banking analysts (the lowest on the totem pole), but usually during busy times and not every week.

There has been a growing backlash against the atrocious hours demanded by investment banking analysts. Although this has led to a number of Wall Street firms capping the number of hours worked by junior bankers, these restrictions may do little to change the "work hard, play hard" culture of investment banking.

The most common complaint of those who have quit investment banking is that the total lack of work-life balance leads to burnout. That complaint is seldom heard from those employed in equity research.

Major financial jobs tend to be concentrated in major financial hubs such as New York, Chicago, London, and Hong Kong. This is no different for equity research analysts and especially investment bankers, many of whom are paid to relocate to their firm's home city.

2. Visibility

Equity research is the winner in this area as well. Associates and junior analysts often receive recognition for their work by being named on research reports that are distributed to a firm's sales force, clients, and media outlets.

Since senior analysts are recognized experts on the companies they cover in a sector, they are sought after by the media for comments on these companies after they report earnings or announce a material development.

Investment bankers, on the other hand, toil in relative obscurity at the junior level; however, their visibility increases significantly as they climb the investment banking ladder, especially if they are part of a team that works on large, prestigious deals.

3. Advancement

Investment banking wins in this area. There is a clear path with defined time frames for career progression in investment banking. This begins with the analyst position (two to three years), then transitions to an associate position (three-plus years), after which one is in line to become a vice president and eventually director or managing director.

The career path in equity research is less clearly defined but generally goes as follows—associate, analyst, senior analyst, and, finally, vice president or director of research. Within the firm, however, investment bankers probably have better prospects for reaching the very top, since they are deal makers and manage relationships with the firm's biggest clients.

Research analysts, on the other hand, might be viewed as number crunchers who do not have the same ability to bring in big business.

4. Job Functions

Investment banking probably wins here as well, albeit only over the longer term. Equity research associates start off by doing a lot of financial modeling and analysis under the supervision of the analyst who is responsible for the coverage of a specific sector or group of companies.

But associates also communicate to a limited extent with buy-side clients, top management of the companies under coverage, and the firm's traders and salespeople. Over time, their responsibilities evolve to less financial modeling and a greater degree of report writing and formulating investment opinions and theses; however, there isn't a great deal of variability in the job functions of associates and analysts. What varies is the relative time spent on these functions.

Investment bankers, on the other hand, spend the first few years of their careers immersed in financial modeling, comparative analysis, and preparing presentations and pitchbooks . But as they climb the ladder, they get the opportunity to work on exciting deals such as mergers and acquisitions or initial public offerings.

Research analysts only get this opportunity occasionally, when they are brought "over the wall" (the "wall" refers to the mandatory separation between investment banking and research) to assist on a specific deal involving a company that they know inside out.

5. Education and Designations

A bachelor's degree is a must for any aspiring equity research analyst or investment banking associate. Common areas of study include economics, accounting, finance, mathematics, or even physics and biology, which are other analytical fields; however, it is very unlikely that a bachelor's degree alone will be enough to get a job in these fields.

The difference between an equity researcher and an investment banker is determined by what post-graduate credentials are usually obtained. Most equity researchers earn a Chartered Financial Analyst (CFA) designation and most investment bankers get a Master of Business Administration (MBA) degree.

The CFA, widely regarded as the gold standard for security analysis, has become almost mandatory for anyone wishing to pursue a career in equity research. But while the CFA can be completed at a fraction of the cost of an MBA program, it is an arduous program that needs a great deal of commitment over many years. Being a self-study program, the CFA does not provide an instant professional network as an MBA class does.

The MBA curriculum, by virtue of being more business-oriented and less investment-oriented than the CFA, makes it more suitable for the investment banking profession; however, the competition to get into the best business schools—which is where most Wall Street firms hire their associates—is intense. Many aspiring investment bankers enter into some other financial field, perhaps working as analysts or advisors, and work toward their MBA.

Investment bankers should have an impressive knowledge of financial markets, investments, and company organization. Many pursue their Series 7 or Series 63 FINRA licenses to demonstrate this knowledge.

The most common career path for investment bankers involves graduating from a prestigious university before working for a major global bank, such as Goldman Sachs or Morgan Stanley. After a few years, the aspiring investment banker returns to complete an MBA or receives professional certifications and licenses. When all is said and done, it may take five to six years after receiving an undergraduate degree before being considered for an investment banking role.

6. Skill Sets

Both jobs require a great deal of analytical and mathematical/technical skills, but this especially applies to equity research analysts. These analysts need to be able to perform complex calculations, run predictive models, and prepare financial statements with quick turnarounds.

As noted earlier, financial modeling and in-depth analysis are common to both investment bankers and research analysts in the earlier stages of their careers. Later on, the skill sets diverge, with investment bankers required to be adept at closing deals, handling large transactions, and managing client relationships.

Research analysts, on the other hand, need to be effective at both verbal and written communication and have the ability to make balanced decisions based on rigorous analysis and due diligence .

7. External Opportunities

Successful research analysts and investment bankers generally have no shortage of external opportunities because of their experience, knowledge, and skills. Research analysts are likely to gravitate toward the buy-side (i.e., money managers, hedge funds, and pension funds), while seasoned investment bankers usually join private equity or venture capital firms.

8. Barriers to Entry

Both investment banking and equity research are difficult areas to get into, but barriers to entry may be slightly lower for equity research. While it is not uncommon to see a professional with some years of experience in a specific sector or area join a sell-side firm as an equity analyst or senior analyst, this seldom happens in investment banking.

9. Conflicts of Interest

Although investment bankers and research analysts both have to steer clear of conflicts of interest , this is a bigger issue in equity research than in investment banking. This was highlighted by the U.S. Securities and Exchange Commission's (SEC)  enforcement actions against 10 leading Wall Street firms and two-star analysts in 2003, relating to analyst conflicts during the telecom/dot-com boom and bust of the late 1990s and early 2000s.

Under the settlement, the firms paid disgorgement and civil penalties totaling $875 million, among the highest ever imposed in civil securities enforcement actions. The 10 firms also had to agree to undertake a host of structural reforms designed to completely separate their research and investment banking arms.

10. Compensation

Both investment banking and equity research are well-paid professions, but over time, investment banking is a much more lucrative career choice.

Investment bankers are famous for their high pay and large signing bonuses. According to the online finance community "Wall Street Oasis," summer interns earn the equivalent of around $77,000, plus a signing bonus of around $6,000. First-year analysts at major banks earned an average salary of $83,278, plus bonuses, according to PayScale.

Total compensation will vary greatly depending on job location, company, and the employee's performance review.

The real moneymakers, however, are investment banking associates, who earn between $150,000 and $200,000, with a 50% to 100% bonus. It is not unusual for total compensation for a senior vice president or managing director to exceed $400,000 annually.

The average equity research analyst earns about $83,996 in annual compensation, according to PayScale, plus a bonus. Research analysts also indirectly generate revenues through sales and trading activities that are based on their recommendations.

The reputation of a firm's research department may be a significant factor in swaying a company's decision when selecting an underwriter when it has to raise capital. But even though the investment firm may make a substantial amount through underwriting fees and commissions, research analysts are prohibited from being compensated directly or indirectly from investment banking revenues.

Instead, research analysts are compensated over and above their salaries from a bonus pool. These periodic bonuses are determined by a number of factors including trading activity based on the analysts' recommendations, the success of such recommendations, the profitability of the firm, and its capital markets division and buy-side rankings.

Nonetheless, entry-level investment bankers may receive total compensation that is higher than their research counterparts, and this gap may widen markedly over time.­

Is Equity Research the Same As Investment Banking?

No, equity research is not the same as investment banking. Both jobs have similarities but clear distinctions in overall purpose. Equity researchers evaluate companies with the goal of making investment recommendations. They analyze a company in all aspects, from its financials to its competition to its industry outlook, and its share price, to determine how the company might perform in the future and how its share price might move. Investment bankers also analyze companies in a similar fashion, but their goal is to determine whether a company is suitable for a merger or acquisition.

What Skills Do You Need for an Equity Research Job?

The skills required for an equity research job include an understanding of finance, economics, and accounting. An equity researcher must be able to analyze a company's financial statement. Equity researchers should also know financial modeling, Excel, and valuation methods. In addition to the quantitative skills required, equity researchers should be able to write well as they will be writing investment recommendations based on their quantitative analysis.

How Many Hours Does an Equity Research Associate Work?

An equity research associate typically works 55 to 60 hours per week, which can increase to 70 to 80 hours per week during earnings releases. Typically, equity researchers do not need to work weekends. The hours for an equity research associate or analyst are often less than that of an investment banker, who often has to work weekends.

Overall, if one has to make a choice between embarking on a career in equity research versus one in investment banking, factors such as work-life balance , visibility, and barriers to entry favor equity research. On the other hand, factors like prospects for advancement, job functions, and compensation tilt the scales in favor of investment banking. Ultimately, however, the choice comes down to your own skill set, personality, education, and ability to manage work pressures and conflicts of interest.

Payscale. "Equity Research Analyst Salaries ."

Mergers and Inquisitions. " The Equity Research Associate: Remnant of a Dying Industry, or the Hero That Gotham Deserves ."

Efinancialcareers. " Why Investment Bankers Work Longer Hours Than Traders ."

Forbes. " After Complaints of '100-Hour' Workweeks, Goldman Sachs Is Allowing Bankers to Take Off On Saturdays ."

Chartered Financial Analyst (CFA) Institute. " CFA Program ."

FINRA. " Series 63 — Uniform Securities Agent State Law Exam ."

FINRA. " Series 7 — General Securities Representative Exam ."

U.S. Securities & Exchange Commission. " Ten of Nation's Top Investment Firms Settle Enforcement Actions Involving Conflicts of Interest Between Research and Investment Banking ."

Wall Street Oasis. " What Is a Summer Analyst (SA)? "

PayScale " Investment Banking Analyst Salaries ."

Wall Street Oasis. " Investment Banker Salary & Compensation, Average Bonus in Banking ."

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Equity Research Analyst

How to become a equity research analyst.

• #Investment Adviser
• Career Types
• Work Environment
• How to become
• Skills and Traits
• Certifications/Internship
• Career Progression

Who is a Equity Research Analyst?

An equity research analyst tells you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful ~ Anonymous

If you are interested in the field of finance and have an analytical mind then choosing an equity research analyst career path is a possible choice for you. With your analytical and research skills you can project as well as recommend your clients in order to invest in equities which will yield a good amount of profit on their investments. If you are hard-working enough you can have your own company and be your own boss with a few years of experience. Not only that one can also become an investment banker and earn big bucks for himself or herself. Equity research analyst job is for both buy-side and sell-side firms in the securities industry. 

Additionally, Equity research analysts produce research reports, projections, and recommendations concerning companies and stocks. Typically, in a career as an equity analyst, one specializes in a small group of companies in a particular industry or country to develop the high-level expertise necessary to produce accurate projections and recommendations. If you have questions like What is equity research? How to Become an Equity Research Analyst? what is the career as an Equity Research Analyst like? Then continue reading the article.

Equity Research Analyst in a Nutshell

The Equity Research Analyst job includes monitoring the market data as well as the news reports. After that, they begin speaking to their contacts in the companies and organisations that they have been studying and following in order to update their research on a daily basis. New hires may work with a variety of analysts over the course of months as a general introduction to the job. In the career as equity research analysts, individuals generally spend most of their time in writing reports as well as they get involved in developing recommendations rather than spending their time on financial modeling.  A Senior Equity Research Analyst who has got a high level of expertise in his or her area of specialty also has a choice of moving into an investment management role where one can do the job of overseeing a research team and an investment portfolio. 

If you want to know more about how to become an Equity Research Analyst? or wish to know more about Equity Research careers then continue reading the article.

Quick Facts for Equity Research Analyst

Male, Female, Others

An individual from any section or gender can become make a career as an equity research analyst. It doesn’t matter which gender he/she belongs to when it comes to becoming an equity research analyst. Equity research analyst jobs are one of the most exciting and non-conventional professions where an individual’s gender is insignificant. Although gender doesn’t matter in this profession, it is highly dominated by men.

When it comes to equity research analyst jobs it is better to be physically fit for a better and efficient way of working. However, there is no hard and fast rule that it is compulsory to be physically fit in the career as an equity research analyst. As long as the disability doesn’t come in the way of one’s work they are good to go for this field.

Table of Contents for Equity Research Analyst

What is the role of equity research analyst.

An Equity Research Analyst is a professional who works in the financial security industry or popularly known as securities industry.  An equity analyst offers his or her services to investment firms (buy-side) as well as individuals or brokerage firms (sell-side) that sell products to buy-side. In a buy-side firm – for example, in the case of a wealth management firm, a pension fund or a hedge fund, an equity research analyst job is about supplying information along with the recommendations to the firm's investment managers, whose job is to oversee the client investment portfolios so that he or she can make the final decisions about what securities to hold. In a sell-side firm, such as a brokerage or a bank, an equity research analyst’s job is to produce reports and recommendations for the firm's sales agents. The information is important for the sales agent as then he or she can go on to use the information to sell investments to their clients and the general public.

Analyse financial information

Equity research analysts’ job is to analyze the bits of financial information so that he or she can conduct analytic and strategic research. Research is a very vital part played by an equity research analyst. In order to meet several client needs, he or she provides support to the research teams of the organisation one is working for.

Prepare reports

The job function of equity research analysts includes using the information that came from their research, equity research analysts then make reports based on their analysis of the financial statements they researched. Reporting helps the companies institutions or government make decisions in real-time, make choices, as well as schedule. It seems to be an internal means of communication within the organization and among the employees. To document on potential issues impacting the company's activities.

Attend meetings

 Meetings help people feel inclusive, confident, and essential members of the team and also having the chance to contribute to the improvement of our businesses. Meetings and private meetings are the catalysts in operating the businesses. Equity research analysts are capable of communicating recommendations regarding and findings, attending meetings with equity research analysts and giving presentations about financial information. They even present their financial forecasts.

Generate Investment Ideas

Equity research analysts’ job is also to synthesize data to come up with new investment ideas and make recommendations about financial actions and decisions. An equity research analyst can help a consumer safeguard their wealth and reduce costs and charges to a minimal level. They will guarantee that the income of a customer is available for distribution as per the desires of the customer. It is focused on the priorities of the client, analysis of financial conditions will cause changes in financial goals.

Types of a Equity Research Analyst

When it comes to equity research careers, there are several opportunities available for the candidates. Some of the equity research analyst jobs are mentioned below:

Equity Research Associate:  Most equity research analysts begin in entry-level research associate positions after completing bachelor's degree programs. Research associates work under the direction of a senior equity research analyst who creates and conducts research and financial models. The job of Equity Research Associates is to analyze securities, conduct performance and changes in financial, assess equity investments, perform industry-specific studies, create proprietary documents and generate financial models.

Equity Research Analyst: Equity research analysts analyze data to develop new investment techniques to make specific suggestions on financial decisions and choices. Equity research analysts are analyzing opportunities and threats in their research and assessments. They convey this to their customers and make suggestions as required. After a few years of experience, one can start working as an equity research analyst. 

What is the workplace/work environment of Equity Research Analyst like?

In the career as an Equity Research Analyst, one usually works in a corporate set up. They keep visiting their clients so they might have to go around places a lot. It is one of the most demanding career that provides a good compensation. Equity Research Analysts spend around 70 or more hour per week. The quality of research is crucial in this career. 

Does Equity Research Analyst require travelling?

Yes, an Equity Research Analysts job requires travel every now and then as he/she is supposed to go and meet their clients on a regular basis.

Employment Shifts

An Equity Research Analyst job is a full-time based job. One may have to work for extra hours depending on the requirement or in order to meet several deadlines or during the peak time of the market. 

Employment Nature

Equity Research Analyst jobs are permanent in nature. Aspirants can find Sell Side Equity Research and Buy Side Equity Research Analyst jobs through job portals such as naukri.in, LinkedIn and others. 

An Equity Research Analyst usually works in an office environment. There is no field work associated in this job role. 

Presence in Geographical Area

In the career as Equity Research Analysts, individuals are usually hired in urban locations as most of these locations form the financial hub of the region.

Time Pressure

Time pressure increases during the end of tax months or financial years in the career as an equity research analyst. In situations like this, they are required to work overtime. Generally, when the work pressure is low, they work according to their scheduled time. But the time pressure increases during the end of tax months or a specific project deadline which results in time pressure.

Overtime Details

Equity Analysts are typically responsible for working 9 hours a day. The work pressure in the equity research careers is considered a little higher than the average. However, it also depends on one’s job role and responsibilities assigned. Sometimes, they are required to work for long hours depending on the deadlines and such requirements. Apart from this, they generally work under their scheduled time itself.

Weekly Hours of Work

Min 50 hours.

Equity Research Analysts job is generally nine hours but it can also stretch to as long as 12 hours when there's a requirement to meet a certain deadline. They work from Monday to Friday beginning from 9 am in the morning. Analysts might work the same amount as Associates: 50-70 hours per week, with ~12-hour days on average, and longer hours during the earning season.

How to become a Equity Research Analyst?

Steps to become a equity research analyst.

This section of the article explores the path of how to become an Equity Research Analyst in India. It provides a step-by-step guide to help you understand the essential qualifications, skills, and career milestones needed to excel in this dynamic and rewarding field. Whether you are a finance enthusiast or a budding analyst, discover the journey of how to become an Equity Research Analyst in India.

Identify the Skills

Enrol in formal education, pursue specialisation/certification courses, build a portfolio, look for internship/job opportunities, begin a career.

Developing these Equity Research Analyst skills will help you excel in this competitive field and make informed investment recommendations. Here are the key Equity Research Analyst skills, both hard and soft, that are essential for aspiring aspirants:

Hard skills

Financial Analysis

Data Interpretation

Industry Knowledge

Accounting Proficiency

Research Skills

Excel and Financial Modeling

Soft skills

Communication Skills

Critical Thinking

Attention to Detail

Time Management

Adaptability

To qualify for a career as an Equity Research Analyst, it's essential to pursue formal education. Typically, a bachelor's degree in finance, economics, accounting, or a related field serves as the minimum Equity Research Analyst qualification. However, to enhance your prospects and competitiveness, obtaining a master's degree, such as an MBA with a finance specialisation, can be advantageous.

Entrance exams like the Common Admission Test (CAT), Graduate Management Admission Test (GMAT), or specialised finance exams may be required for admission to reputable master's programmes. Aspiring analysts should prioritize building a strong educational foundation to meet the Equity Research Analyst eligibility criteria for advanced roles in the field.

Popular Entrance Examinations

Bachelor's Degree

BBA , B.Stat. and B.Com. are preferred courses for an Equity Research Analyst career. 

Master's Degree

MBA , M.Com. and M.Stat. are preferred for postgraduate courses for Equity Research Analyst. 

To enhance your Equity Research Analyst  qualifications and eligibility as an Equity Research Analyst, consider pursuing specialised certification courses. These programmes, such as the Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM), provide in-depth knowledge and recognition in the finance industry. They cover essential topics like financial analysis, investment management, and risk assessment, which are crucial for a career in equity research. Earning such certifications not only strengthens your knowledge base but also demonstrates your commitment to the field, making you a more attractive candidate to potential employers.

Building a portfolio is vital for aspiring Equity Research Analysts to showcase their capabilities and dedication to potential employers. Include detailed financial analysis, stock recommendations, industry insights, and any related projects to exhibit your proficiency in the Equity Research role and responsibilities. A strong portfolio demonstrates your ability to analyze financial data, evaluate stocks, and effectively communicate findings, setting you on the right track to becoming a successful Equity Research Analyst.

To kickstart your journey toward an Equity Research Analyst role and responsibilities, it's crucial to actively seek internship or job opportunities. This hands-on experience is invaluable for honing your financial analysis skills, understanding the intricacies of equity research, and building a network within the industry. Look for internships at financial institutions, brokerage firms, or research companies, and explore entry-level positions like research associates or junior analysts. Gaining real-world exposure will help you apply the skills you have acquired and prepare you for a successful career in the field.

The final step in becoming an Equity Research Analyst in India is to begin your career in this dynamic field. Secure a position as an Equity Research Analyst, where you will delve into the role's responsibilities, such as conducting financial analysis, valuations, and producing research reports. Building on your knowledge, skills, and experience, you will contribute valuable insights to investors and financial institutions. This career phase represents the culmination of your journey how to become an Equity Research Analyst in India, where you actively apply your expertise and make a meaningful impact on the financial markets.

What are the skills and qualities required to become a/an Equity Research Analyst?

• Communication skills
• Analytical skills
• Problem Solving Ability
• Critical thinking
• Attention to detail
• Financial knowledge
• Industry expertise

The equity research analyst skills requirement depends on the experience level of an individual in the field. If the candidate is a fresher, the employer wants a working knowledge of how to use Excel in equity calculations and knowledge of various equity-related concepts.

If the individual has one or two years of experience, the employer, in addition to the above, wants attuned analytical skills and use of logic in preparing ratio analysis, income statement and balance sheet. Candidates must have a basic knowledge of financial modeling, report writing skills, and fluency in English for both written and spoken communication.

Equity research analyst skills required are as follows:

Critical Thinking : Critical thinking is an important equity research analyst skill. This means the ability to use logic and reasoning for ascertaining the weaknesses and strengths of any problem. In the workplace, critical thinking skills should be developed. Critical thinking is relevant as it makes sure you get the best solution to these problems. Employers prefer workers who could really provide a record of using critical thinking abilities. They need workers who would resolve issues efficiently and more specifically, we want those who can solve them quickly.

Problem Solving Ability : The candidate should possess decision-making and complex problem-solving skills in the career as equity research analyst. Even though the equity researcher works with a team, he/she often needs to think independently, be accountable and take self-motivated initiatives. The researcher has to analyze and solve complex problems. It is also an equity research analyst skill to be an active learner. Learning isn't static here. There is a high learning curve because new information keeps coming in and they impact current and future situations and decisions. The equity researcher needs to assess and monitor performance, take corrective actions and initiate improvements in the working process. Sometimes the researcher is required to set up a system to record and analyze performances. The person-in-charge has to determine the working conditions of the research system and its impact on the working environment.

Analytical Skills : An equity research analyst has to be strong in analytical ability. They need to draw out the story behind a company’s data, whether qualitative or quantitative. Strong analytical and reasoning skills is also one of the most important equity research analyst skills that aspiring students need to possess. Analytical skills are valuable as they help people find solutions to existing challenges and to assess what measures to take immediately. Identifying problems and dealing with the situation for viable solutions is a core trait at all stages in each and every job.

Financial Knowledge : Big banks conduct their own training programs and teach their upcoming batches everything from scratch. However, during lateral hiring or in the case of boutique firms that don’t have training resources, a candidate that knows the basics of financial analysis would definitely have an edge over others. Associates are encouraged to invest in a CFA program (Most firms usually refund the exam fees if cleared in the first attempt)

Attention to Detail : Any small error made by the Associate / Analyst in their analysis can cause huge losses for the investors that depend on their opinion. Hence, it is extremely important to be thorough and pay very close attention to detail in the career as equity research analyst. Detail attention is important, as it helps avoid problems and enables workplace success. The issue is that it could be almost challenging to be attentive to detail when you're at work and the supervisor and coworkers continue disrupting you to concentrate.

Industry Expertise : To be successful in the career as an equity research analyst, Associates must aim to become experts in their sectors. This would translate to becoming a top-notch Analyst and a force to reckon with among the industry players. Increasing the knowledge of the industry provides a significant advantage and helps you improve your business. Employees should make plans for business research and education on a daily basis because this is a critical component of your career development.

Communication Skills : An equity analyst must communicate well, at least in the written form to begin with. As he/she becomes an Analyst, apart from coming up with well-written reports with reasonable predictions, networking abilities also become important as he/she may have to do marketing events like arranging non-deal roadshows for their clients. Candidates need to have excellent reading; writing and speaking skills because you are required to read detailed work documents, prepare research reports and verbally communicate information to others without any error. 

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Which certifications and internships can be helpful in becoming Equity Research Analyst?

We have provided below major certification courses specialising in the stock market. Aspiring individuals may opt for these courses to upgrade their skills and knowledge to become Equity Research Analyst. 

Internship Availability

Equity Research Analyst internships are a good way of gaining practical experience in this particular industry. It gives the individual the necessary exposure to the industry and the work environment so that in a way, the candidates are prepared for the pressure which comes along with the career of an Equity Research Analyst. Equity Research Analyst internships also help the candidate in giving a brief overview of what the work environment is like and individuals are prepared to face the possible situations. Not only that, an internship is also beneficial for making contacts, which can later help in getting jobs. There is a wide scope for interns to learn to pick up the tricks of the trade during internships. When it comes to an equity research analyst job it is very important to have a practical world experience. One can go for an internship in this field during the time of their post-graduation or before they join a job.

Career Path Progression for Equity Research Analyst

Assistant Fund Manager :  Countless equity research analysts and associates eventually move on to become fund managers at asset management firms, hedge funds, mutual funds or other such setups. This is an obvious and logical move as the core skills necessary for a fund manager role are quite similar to what an equity research analyst learns over the course of his or her career. As a fund manager, you use the same research skills to determine whether a security is worth investing in or not. The main difference is that rather than just looking at one single security at a time, you look at your entire portfolio and then do a relative analysis of which security to invest in.

Equity Research Analyst : The most obvious equity research analysts career path is to carry on doing what they know best. Equity research analysts and associates rise through the ranks to become AVPs, Directors and managing directors. At each of these levels, the work gets progressively better, the hours get easier, and you get quite a decent bump in compensation. Equity research work is well-suited for people who really like to crunch numbers and understand businesses. If that is what appeals to you, congrats, you have found your calling! Another thing to remember is that the more time you spend covering a particular sector, the more reputation you build as an expert and the more valuable you become to your employer. This, over time, can lead to a fulfilling and rewarding career.

Equity Research Analyst Jobs and Salaries

• Average Salary 82500

Job Description

Equity research analyst conducts in-depth financial analysis and market research to provide investment recommendations, aiding clients in informed decision-making and portfolio management.

Salary Description

As an Equity Research Analyst, you can expect a competitive salary commensurate with your experience and expertise, typically around Rs 9.9 lakhs per annum.

(Salary credit: Ambition Box)

Assistant Fund Manager

Contractual/Permanent

• Average Salary 33547

The Assistant Fund Manager conducts critical investment research, assists in portfolio analysis, and collaborates with senior managers to inform strategic decisions, contributing to the overall effectiveness of investment portfolio management and client return optimisation.

Assistant Fund Managers earn an average monthly salary of Rs. 33,547(approx), amounting to an annual income of Rs. 4.5 lakh(approx), reflecting their role in supporting investment decisions and portfolio management.

What is the job outlook for Equity Research Analyst?

In the career as an equity research analyst, there are significant opportunities for the candidates for job growth. Research is considered as a good entry post as an equity research analyst. With time, junior equity research analysts can climb the ladder and become senior equity research analysts. Equity research analysts salary also increases once an individual is promoted to a senior position. Others can become regional fund managers or heads or research. Most of the important decisions are made by senior persons. Traditionally, going up the job growth ladder in the career of an equity research analyst takes long. Therefore, it is advisable to do a poster graduation in order to experience a significant job growth. Some experts also suggest that moving around in different banks could also help in job growth of an individual.

The Financial Market has grown leaps and bounds over the years for equity analysts. Apart from being one of the largest markets of the county, financial markets have also offered a lot of employment opportunities in the career as equity research analyst. Maybe this is one of the reasons that every year, more and more people are thriving to make their career in the equity market. Unlike in investment banking and private equity, where the Analyst is at the bottom of the hierarchy, the Analyst sits at the top in research. The Equity Research Analyst’s job is to manage relationships with the companies they cover and the institutional investors that might be interested in those companies. The division is known for its equity research reports, but Analysts add value mostly by setting up meetings, making introductions, and giving investors new perspectives or information they hadn’t considered. For many decades, Analysts did this and gave away research for free to encourage institutional investors to trade with their bank, indirectly generating commissions. Now, institutional clients pay directly for research, so the role generates revenue more directly (or fails to do so if the clients don’t pay).

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Frequently Asked Questions for Equity Research Analyst

Que. is an equity research analyst a good job.

When looking at a career in the capital markets, it's important to understand if an individual is a better fit for investment banking or equity research. Both offer excellent work experience and great pay. Equity research analysts’ career path is very demanding, with associates and analysts frequently working 70+ hour weeks.

Que. Is Equity Research stressful?

If one experiences consistent mid-intensity stress levels in banking, equity research analysts’ career path gives you low-intensity stress most of the time, with occasional spikes to high stress. But, if an individual is not okay with working for long durations a day then this job can become stressful in nature.

Que. Why is equity research important?

The role of equity research is to provide information to the market. A lack of information creates inefficiencies that result in stocks being misrepresented (whether over or undervalued). Research is valuable because it fills information gaps so that each individual investor does not need to analyze every stock.

Que. What is the buy side and sell side?

Buy Side vs Sell Side. The Buy Side refers to firms that purchase securities, and includes investment managers, pension funds, and hedge funds. The Sell Side refers to firms that issue, sell, or trade securities, and includes investment banks, advisory firms, and corporations.

Que. What are the different types of analysts?

There are four types of analysts out there, and they have labels: “Super User”, “Business Analyst”, “Analytical Modeler”, and “Business Manager.”

Que. What is an equity research analyst salary?

An equity research analyst salary at the beginning of the career is between Rs. 20,000 to Rs. 25,000. Eventually, with time and hard work one can increase the salary and earn better in the career as equity research analyst.

Que. What are the best colleges to lead equity research analyst career path?

The best colleges to lead equity research analyst career path are Shri Ram College of Commerce, Delhi , Mount Carmel College, Bangalore , Symbiosis College of Arts and Commerce, Pune , School of Business, University of Petroleum and Energy Studies, Dehradun , Indira Gandhi National Open University, New Delhi , Christ University, Bangalore  and  VIT Business School, Vellore .

Que. What does equity research analyst do?

An equity research analyst conducts in-depth financial analysis to provide investment recommendations on stocks and securities. They analyze company financials, market trends, and economic data to help investors make informed decisions.

Que. Is equity research analyst a good job?

Yes, being an equity research analyst can be a rewarding career for those interested in finance and analytics. It offers opportunities for financial analysis and potentially lucrative compensation, but it can also be demanding due to the need for constant research and market monitoring.

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How many hours does a research analyst work?

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I just wonder if somebody can tell me how many hours a research analyst, especially on the fixed income department, usually has to work for a normal week.

usu 60-65, and a bit more during earnings season

7-7 on most days, 7-10 during earnings, barely any weekends if any.

7-7? Figured it was more like 9 - 8, most of the research guys I've worked with aren't in the office till later on. Maybe it varies by group/industry/focus? In general its like 60 hours a week for 40 weeks a year, and then 70-80 for like 10 weeks a year. You'll find that ER hours tend to shrink as you get better and better at doing the basics and spend more time doing higher level thinking.

Disclaimer: I only work with research, but do not work in research

Research has a lot of variability when it comes to hours because the groups are small and independent from each other. My group was 7-7 but I've seen ppl walk in between 8 and 9. The office is a ghost town after 7 thou. To the OP, hours are irrelevent as its all up to your specific covering analyst of your grp. I've seen one team being hammered day in and day out and pull in like 75 hrs consistently every week because their MD was a slave driver but some teams were like 50-55 hours just because a lot of the things you do as an analyst/associate is mechanical so you just get better and faster at what your doing.

big unit, the op asked about FI research, generally in and out earlier than ER

A friend of mine who was interning as a research analyst at Goldman, albeit in equities not fixed income, worked several weekends towards the end of the summer around earnings season. From the above posts, I gather that's not in fact typical?

www.gottamentor.com

but from what I have heard, most associates work quite a bit more than that, especially at BBs . According to friends in NYC at BBs , they work about 75-85 hours a week on average, more during earnings season.

An analyst doesn't need to work that many hours because he has associates doing most of his grunt work (mainly modeling and writing).

that analysts are constantly traveling to meet with investors and attend industry conferences, so if you include travel time that could increase the projected workload.

Okay, fair enough. In Research, the interns would be "associates" rather than "analysts" as you start off as an "associate" and work your way up to "analyst" (in contrast to IBD or S&T). Therefore, my friend who as an intern at Goldman was working weekends come earnings season and thus who were working with him would have been "associates" rather than an "analysts."

7-6, 7-6:30, no weekends ER .

My other question is that, how much do they usually make compared with the IB guys? Thanks

For entry level, same base as IBD and about 1/2-3/4 of their bonus in the boom years. Last year's bonus was like a pittance, 5K-15K. Diverges considerably as you move up. Most covering analysts tap out in the mid to high 6 figure ranges all in. Only the really all star analysts and MD's MD make it into the seven figures.

Wasn't 5-15K what analysts all across the board got?

equities research hours worked and exit opps ( Originally Posted: 02/07/2013 )

I'm at a target school, interested in going into equity research . I was just wondering how the hours were on a typical day at a BB and also the exit opportunities after your stint as an analyst.

http://www.wallstreetoasis.com/forums/equity-research-qa-with-flake

http://www.wallstreetoasis.com/forums/here-is-how-equity-research-works

http://www.wallstreetoasis.com/forums/equity-research-faq

First, there are a finite number of analyst chairs availible, so not that many associates ever make ER analyst, most either go buy side or industry side. I've seen a few ER analysts exit of late, mostly heading to industry to work for the companies they used to cover, and a few going buy side.

Hours vary depending on time of year and how active your analyst is. During reporting season, my hours can break 90/week. Right now, I'm peeled back to 60-65 hours/week. Granted, I also have a very active analyst, we published 250 times in 2012. I think average guys are in the 50-60 hour/week range.

overpaid_overworked: First, there are a finite number of analyst chairs availible, so not that many associates ever make ER analyst, most either go buy side or industry side. I've seen a few ER analysts exit of late, mostly heading to industry to work for the companies they used to cover, and a few going buy side. Hours vary depending on time of year and how active your analyst is. During reporting season, my hours can break 90/week. Right now, I'm peeled back to 60-65 hours/week. Granted, I also have a very active analyst, we published 250 times in 2012. I think average guys are in the 50-60 hour/week range.

Accurate description. I will say that you have a much better chance of making Analyst in ER than MD in IB . An analyst might have 1-2 research associates below him, and that's it. My analyst has also published a ton; he has adopted the philosophy "when in doubt, write a note".

I'm in a satellite office (midwest), and generally work 7am to 6:30pm. Earnings season will have me working 16 hours a day Monday through Thursday, 12 on Friday, and maybe 10-15 over the weekend. Generally, weekend work is rare. Hours might get as low as 50 in the summer and slow periods.

As Overpaid_overworked said, exits are buyside and coverage company. I have seen a few full analysts take senior level positions at highly reputable hedge funds (uber-preftigious) and become head of IR for a covered company.

Have not personally seen too many associates exit, but they seem to end up at long-only AM or L/S equity if they go to the buyside. Might go to Strategy or IR if they go corporate.

I've watched a bunch of associates go to banking, my firm and friends. Enough so that it's now a question in ER assoc interviews: Are you interested in/applying for positions in banking. If you say yes, they'll say no...

overpaid_overworked: I've watched a bunch of associates go to banking, my firm and friends. Enough so that it's now a question in ER assoc interviews: Are you interested in/applying for positions in banking. If you say yes, they'll say no...

This was tough question for me when I was interviewing with the senior members of my group since they all started their careers in IB . I gave solid answers... but they kept going back to why their great experiences in IB right out of college. At one point, it seemed like they were daydreaming about their glory days... talk about awkward hot seat.

How many hours / week are research associates working now? ( Originally Posted: 03/07/2015 )

Just want to get a sense of how much work current equity research associates are putting in every week?

I assume its still an average of 60 and limited weekends during non-earnings and ramps to 80+ and weekends during earnings? Some of the smaller banks are increasing # of names covered and giving junior guys more responsibility in terms of coverage and client contact. Are hours increasing as a result?

Seems like comp is stabilizing now at the bulge brackets which seem to be raising the base salary, but is that to offset lower bonuses or are bonuses relatively the same?

60-65 hours is bang on as the "standard". Doesn't really reach 80+ (personally) though with weekends, normally up to 75 hours with virtually non-existent weekend work. Of course, there will be those who work an extra 10-20 hours as personal initiative.

Also curious. Anybody else with some insight?

Working at a MM firm in ER right now. I think it varies a lot my team. My team puts in most hours than most, typically 70-80 hours M-F and then usually weekends too. Toss in earnings season and we are usually around 100 hours. I see a lot of other teams put in ~60 with no weekends. Largely depends on your senior analyst and senior associates.

BB , 65-70 hours (including ~5 on the weekends). I'd say my team works more than the average team.

MM shop here, put in around 70-75 hrs/week during non-earnings season. Just wrapped up my earnings for 4Q...hours increase to 85-100/week (e.g., this week I put in around 90-100hrs)...the larger your coverage universe, the harder you'll probably work. Also depends on how much you're analyst wants to "deep dive" research.

derpherpderp4760: MM shop here, put in around 70-75 hrs/week during non-earnings season. Just wrapped up my earnings for 4Q...hours increase to 85-100/week (e.g., this week I put in around 90-100hrs)...the larger your coverage universe, the harder you'll probably work. Also depends on how much you're analyst wants to "deep dive" research.

Sounds terrible, hope you're at least II-ranked.

BB , I did 55 a week, though as far as I can tell average is probably 55-60 at my firm. Couple groups do 65-75 if you have a fast moving sector. Earnings season was probably 75 at its worst. Never worked a weekend.

How flexible is research? Like if you have to do something a certain night is it cool to leave a bit earlier and make the time up?

As with anything in equity research , it depends on your senior analyst. But, usually, yes you can leave a little bit early if you have to.

Yea, I feel its all good if you get your work done. Any analyst that tells you otherwise is not someone who you want to be working under.

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2025 Summer Analyst: Stifel Equity Research – Boston

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About Stifel Equity Research

The Stifel Equity Research Group is a recognized leader with a deep and broad spectrum of coverage. Our award-winning analysts are thought leaders, many with hands-on experience in their respective industries, offering objective, in-depth analysis and timely, actionable research ideas.

Stifel is a top 10 provider of U.S. equity coverage in:

• Aerospace & Defense
• Consumer & Retail
• Diversified Industrials
• Internet & Media
• Real Estate
• Transportation
• Business Services
• Energy & Power

Position Description: Summer Internship Program

Stifel’s nine-week Equity Research Summer Internship Program provides undergraduates with a hands-on introduction to the role of a Research Associate. You will work alongside our research professionals, from the Associate through the Managing Director level, and will gain exposure to a variety of investment research methods.

Once on board, Summer Interns will have significant learning opportunities on day-to-day projects and gain exposure to the firm and industry as a whole. Summer Interns work on multiple projects simultaneously, with primary responsibilities including research and analysis for their respective industry group coverage.

Stifel is an Equal Opportunity Employer and our employees, across all subsidiaries and affiliates, are people with different strengths, experiences and backgrounds, who share a passion for Finance. We view diversity holistically – it includes race, gender identity, age, disability status, veteran status, sexual orientation, religion, and many other parts of one’s identity. The range of our employees’ points of view are key to our success, and inclusion is everyone’s responsibility.

Role Responsibilities

A Summer Analyst’s specific responsibilities may include conducting industry research, building financial models, and preparing client presentation materials

• Updating and building financial models on the companies and industry your team covers
• Analyzing emerging trends in an industry or macro economy
• Assessing relative stock valuations and reviewing findings with your team
• Performing in-depth quantitative financial analyses
• Contributing to team meetings and discussions
• Participating in research calls with Sales & Trading

Desired Skills

Summer Intern candidates should possess outstanding academic records and have demonstrated strong leadership ability through involvement in extracurricular endeavors such as student government, athletics, and cultural and entrepreneurial activities.

The ideal candidate will possess the following:

• Excellent verbal and written communication skills
• Ability to effectively manage multiple simultaneous project deadlines
• Proficiency in Excel and PowerPoint
• Exposure to finance and accounting
• Experience with financial modeling and analysis preferred
• Ability to work in teams
• Highly-motivated and energetic
• Demonstrated interest in finance
• Minimum GPA of 3.5
• An anticipated graduation date between December 2025 – May 2026
• Eligible to start on June 2, 2025

Hiring Minimum: $25/hour

Hiring Maximum: $25/hour

Additional Information & Next Steps

Equity Research Summer Internship opportunities may be available in a variety of locations including: Please note that you can apply to only one location.

• Baltimore, MD
• Chicago, IL
• St. Louis, MO
• New York, NY

To be considered for this program you must follow a two-step process by applying in Handshake and UKG. If you are advanced to the next step of the process, you’ll receive an email invitation to participate in a phone interview.

Please note: To be eligible, applicants must be authorized to work in the United States without requiring visa sponsorship now or in the future.

About Stifel

Established in 1890, Stifel is one of the nation’s leading full-service wealth management and investment banking firms. Stifel serves clients from more than 400 offices across the United States and ranks as the nation’s seventh largest full-service investment firm in terms of number of financial advisors. We are also a leading provider of investment banking services to the middle market, a top-ten municipal bond underwriter, and home to one of the industry’s largest research franchises. In addition, our Stifel Bank subsidiary provides a comprehensive range of banking services.

Stifel’s success is rooted in the power of our people and platform. We provide our employees an entrepreneurial environment that rewards collaboration and hard work. We are looking to hire smart, talented, and accepting people who have a desire to expand their skills and realize ambitious goals. We are committed to a diverse workplace that reflects the clients we serve and the communities where we live and work.

At Stifel, we offer an entrepreneurial environment, comprehensive benefits package to include health, dental, and vision care, 401(k), wellness initiatives, life insurance, and paid time off. The health and safety of our employees and candidates is very important to us. We continue to monitor the current public health situation and have adjusted our hiring procedures to include virtual recruiting tools that allow us to continue meeting new candidates. We look forward to “virtually” meeting you. Stifel is an Equal Opportunity Employer.

Please learn more about our firm by using the following website links:

www.stifel.com

www.stifel.com/institutional

http://www.stifel.com/research

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Datadrip is an innovative financial solution that automates and distills earnings PowerPoint presentations from publicly traded companies. Say goodbye to hours of manual analysis for the research analyst – our innovative platform utilizes state-of-the-art transformer models, LLMs, and OCR to extract, analyze, and summarize critical information from earnings slides instantly. An investor can now gain rapid access to essential insights, such as revenue trends from charts, and presentation summaries, all presented in a concise and digestible format. Elevate your decision-making process and maximize your returns with datadrip – the ultimate tool for unlocking the power of earnings presentations effortlessly.

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For more information, check out our  demo  or github .

Datadrip Product Walkthrough

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