job description for equity research analyst

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• Equity Research Analyst: The Job
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Equity Research Analyst: Career Path and Qualifications

Equity research analysts work for both buy-side and sell-side firms in the securities industry. They produce research reports, projections, and recommendations concerning companies and stocks. Typically, an equity analyst 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 .

These analysts monitor market data and news reports and speak to contacts in the companies and industries they study to update their research daily.

Key Takeaways

• Equity research analysts work for both buy-side and sell-side firms in the securities industry producing research reports, projections, and recommendations surrounding companies and stocks.
• Most equity research analysts have a bachelor's degree in finance, accounting, economics, or business administration.
• Having a background in statistics and mathematics is beneficial for equity research analysts.
• Senior equity research analysts often have a master's degree. A Chartered Financial Analyst (CFA) designation, awarded by the CFA Institute, is recommended for analysts who want to move up the career ladder.

What Does an Equity Research Analyst Do?

In a buy-side firm—such as a wealth management firm , a pension fund, or a hedge fund—an equity research analyst typically supplies information and recommendations to the firm's investment managers, who oversee client investment portfolios and make final decisions about what securities to hold.

In a sell-side firm, such as a brokerage or a bank, an equity research analyst typically produces reports and recommendations for the firm's sales agents. The agents then go on to use the information to sell investments to their clients and the general public.

Analysts generally spend less time on financial modeling and more time writing reports and developing recommendations.

Career Paths in Equity Research

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 creating financial models and conducting research. New hires may work with a variety of analysts over the course of months as a general introduction to the job.

Most research associates are eventually assigned to a single working group covering a small group of firms. With more experience and excellent performance, associates can move directly into analyst positions, taking more active roles in the research process.

Educational Qualifications for an Equity Research Analysts

To work in equity research, a candidate must have a bachelor's degree, preferably in a relevant business discipline such as finance, accounting, economics, or business administration. Undergraduate degrees that provide in-depth quantitative training are also good options, including degrees in mathematics, statistics, engineering, and physics.

A master's degree is not required to advance into senior analyst positions. However, a master's degree in business administration or finance can help pave the way for career advancement, especially advancement into portfolio and fund management positions. 

Many equity research analyst positions require a license from FINRA.

Non-business majors should consider taking some courses in finance and other business disciplines if considering a career as an equity research analyst.

Advanced Positions in Equity Research

After several years of working in junior positions, some analysts return to school to earn master's degrees.

Although, high-performing analysts may continue into more senior research roles without returning to school. A senior equity research analyst who has a high degree of expertise in their specialty area can move into an investment management role overseeing a research team and an investment portfolio.

A portfolio manager is responsible for using the information supplied by equity research analysts and other staff to manage the mix of securities in a portfolio daily.

Other Qualifications for Equity Research Analysts

The preeminent professional qualification for equity research analysts and others working in securities research is the Chartered Financial Analyst (CFA) designation, which is awarded by the CFA Institute .

This designation requires candidates to have a minimum of 4,000 hours of qualifying experience. Consequently, it is generally considered a qualification for advancement into more senior positions in the field. The designation requires candidates to pass a series of three examinations.

Many equity research analysts require a license from the Financial Industry Regulatory Authority (FINRA) , a national body charged with oversight of securities firms and brokers. The licensing process typically requires sponsorship from an employing firm, so most analysts complete license requirements only after hiring is complete.

How Much Does an Equity Research Analyst Get Paid?

According to GlassDoor, the average salary for an equity research analyst in the U.S. in 2023 is $114,225.

How Many Hours per Week Can a Research Equity Analyst Expect to Work?

An equity research analyst can expect to work up to 60 hours per week on a typical week, which can increase to upwards of 80 hours per week during earnings season.

Who Do Equity Research Analysts Work for?

Equity research can be divided into sell-side and buy-side firms. Sell-side analysts work for investment banks and brokerages and research stocks in order to provide investment recommendations for their clients and the public. Buy-side analysts research stocks to identify investments for their own firm to invest in.

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Equity Research Analyst Job Description Template

An equity researcher analyzes and provides financial insights on publicly-traded companies and/or sectors to facilitate investment decisions within fund allocations.

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The role of the researcher can be sell-side or buy-side. The former refers to analysts that are in a bank, or a broker, who offer paid research to institutional investors with a view to solicit the provision of further financial services. The latter will be analysts working directly within investment funds that generate investment ideas and strategies for its fund managers.

As the name suggests, this is a role traditionally applied to the equity class of assets. However similar research roles do exist within the commodity and fixed income space. The job description below can be tweaked to apply to such roles.

One quirk of equity research is that an analyst is not an entry-level position, as is a common title in other banking roles. An associate is actually the most junior position within the team and acts as an assistant to the analyst, who will have their name directly attributed to the published research reports.

Equity Research Analyst - Job Description and Ad Template

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Company Introduction

{{Write a short and catchy paragraph about your company. Provide information about the company’s culture, perks, and benefits. Mention office hours, remote working possibilities, and anything else that makes your company interesting. Also frame where the team and role fits into the organisational structure, as research teams can have different coverage hierarchies.}}

Job Description: Sell-Side Equity Research

The Equity Research department provides independent and objective investment research to the global investment community. It collects and analyzes financial information for stocks within {{list coverage sectors}} . Analysts within this team use this data to build financial models to explore future scenarios of the stocks on a company and wider macroeconomic level.

The ideal candidate will combine a strong quantitative skill set with a range of qualitative skills in order to effectively communicate their research in writing and verbally to clients. In addition, we seek someone with the highest level of ethical integrity.

Responsibilities

Create and maintain earnings, valuation, and industrial models for {{allocated number of stocks, or the name of the industry to be covered}} .

Analyze data to identify emerging opportunities and risks, justifying your reasoning.

Provide BUY/SELL/HOLD recommendations and present findings to the investment committee.

Assist in writing research reports with your findings, to be published to the community and media.

Interact with institutional investors, communicating investment research and responding to requests for models and ad-hoc analysis.

Maintain constant coverage of industry-related news, trends, and developments. Disseminate your insight when appropriate to internal and external stakeholders.

Build relationships with investor relations teams of your portfolio companies. This will involve {{domestic and/or international}} travel.

Devise and perform your own primary research methods, keeping abreast of trends and sentiment in the market.

Liaise with internal sales and trading teams for responding to news, corporate action, and reporting events. You will be expected to maintain a procedure protocol for escalating emerging news.

Maintain a public image for the firm at conferences/events. Communicate the company’s research, building its brand and referring potential new clients.

{{Add other relevant responsibilities here}}

Skills and Qualifications

Bachelor’s degree in finance, economics, financial engineering, statistics, or econometrics

Profound understanding of equity markets on a global level. In addition, a deep understanding of fundamental analysis, financial modeling, asset allocation, and strategy research

Prior experience in financial services (2-4 years) within a “front office” role {{such as M&A, ECM, DCM, Sales & Trading or Equity Research}}

Advanced Excel proficiency. 3+ years of practical experience of using Excel for building and maintaining financial models

Platform experience within Bloomberg and {{one or more of: Morningstar Direct, Informa PSN, Facstet, Axioma, or Barra AEGIS}}

Excellent written and verbal communication skills. Proficiency for presenting and debating a point under pressure

CFA is a plus

{{Foreign languages desirable for roles in Europe or Asia}}

Series 7 and 86/87 license is a plus. Unlicensed candidates will be sponsored, but expected to complete accreditation within a short timeframe

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Hire a top equity research analyst now.

Toptal is a marketplace for top Equity Research Analysts. Top companies and startups hire Equity Research freelancers from Toptal for their mission-critical projects.

Andy Vietor

Andy was recognized twice as an All-Star Analyst by the Wall Street Journal. He has been a strategist, operating executive, financier, and top-ranked industry analyst. As a freelancer, Andy advises a range of companies—from early-stage and middle-market to large caps—delivering customized solutions including effective investor presentations, dynamic financial models, and project finance structuring.

Yiannis Ritsios, CFA

Yiannis is an experienced investment professional who manages assets for institutional investors globally and has extensive experience in financial analysis, valuation, equity research, and investment management. He has worked on M&A projects for large corporations and startup funding for the European Commission. With an MBA from Imperial College London, Yiannis began freelancing to help top management, investors, and entrepreneurs create value and sustainable growth.

Thomas Robb

Thomas delivered actionable solutions and insights to multi-billion dollar clients across the tech and software industries as a senior equity research associate at Morgan Stanley. As an entrepreneur, he understands the importance of taking extreme ownership of projects and enjoys working with executives to grow their businesses through financial modeling, competitive market analysis, and creative problem-solving.

Carlos Barrozzi

Carlos, a CFA Charterholder, has extensive investment banking and principal investing experience at BofA Merrill Lynch and Resiliens Capital. He has advised and invested in $4+ billion of equity and credit investments across both North America as well as emerging markets. He consults to meet fascinating investors, managers, and entrepreneurs while leveraging his financial expertise to drive value across a variety of unique business problems.

Nathan Krishnan S

During his two-decade career in Asia and the US, Nathan has consulted in strategy, valuations, corporate finance, financial planning and analysis, forecasting, and investments across six continents—ranging in value from $10 million to $1 billion. While a senior manager at Ernst & Young, he led engagements in valuations and modeling and recently left to pursue entrepreneurial endeavors while working on challenging projects at Toptal.

Wium is a global investment analyst with 15+ years of experience at multinational asset management firms like AllianceBernstein and Old Mutual. As a founder of an independent equity research firm, Wium excels at research, financial analysis, modeling, investment idea generation, and company valuations. He has covered 60+ global listed large-cap companies across all major emerging and developed markets, focusing on the internet, telecom, media, technology, healthcare, and industrial sectors.

An MIT and UPenn alumnus, Matthew has 15 years of experience at top finance firms and startups (Credit Suisse, Morgan Stanley Capital Partners, etc.), working on over $10 billion of capital-raising, M&A, and investment projects. He has worked with clients such as PE firms KKR and The Carlyle Group and worked at three startups, including a unicorn funded by Softbank. He is currently working on a new startup and is always eager to help fellow entrepreneurs and small business owners.

Ivan Arizaga

An experienced consultant and CFO, Ivan took to consulting practice after a long-tenured career in commercial banking and the competitive food and beverage industry. During the past nine years, Ivan has provided key advice on several restructuring cases for companies under financial stress, has valued companies and piloted M&A transactions, and provided solid financial planning and value-creation-focused financial advice for his clients, companies from startups and SMEs to large corporations.

Vinaya Jain

An MBA from Duke University and a CFA, Vinaya has led M&A projects in the US, India, and Africa, managed debt and equity raises in large companies and startups, hedged FX and commodities using derivatives, and supported one of the largest IPOs. He has worked as a CFO at Bent Pixels LLC (US), GM India, Bira91 (Sequoia-funded), and Hindustan Zinc Limited. Vinaya enjoys working as a part-time CFO and on diverse and challenging projects in M&A, fundraising, financial strategy, and treasury.

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The Equity Research Analyst Career Path: The Best Escape from a Ph.D. Program, or a Pathway into the Abyss?

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• “Analyst” is a vague job title that could refer to anyone from entry-level hires in the back office to senior professionals leading teams and managing relationships.
• “Equity” seemingly has 5,192 different meanings depending on the context.
• There are different levels within the Analyst role, and the job also differs based on the company type (bank vs. dedicated research firm vs. hedge fund vs. asset management firm).
• And “Research” itself is a vague term… since all knowledge workers do some amount of research in their jobs.

Here, we’re referring to the Equity Research Analyst role at investment banks and dedicated research boutiques that produce and sell their own equity research reports .

This division is often labeled “sell-side research,” and we’ve covered it in the articles on equity research recruiting , equity research careers , equity research internships , and the equity research associate role .

We’ll pick up the coverage here and move straight to the top of the ladder:

The Equity Research Analyst Job Description

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 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, with MiFID II in place in Europe , institutional clients pay directly for research, so the role generates revenue more directly (or fails to do so if the clients don’t pay).

Banks in other regions can still use the old business model and give away research for free to generate trading commissions, but these new rules are likely to spread worldwide.

If you look at the main tasks in the research division:

• 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.

Analysts spend most of their time on tasks #1 and #5 – building relationships and generating market insights – and little time on writing reports, building models, or collecting data.

A Day in the Life of an Equity Research Analyst

To illustrate the differences between the Associate and Analyst roles, we’ll walk through a day in the life from the perspective of an Analyst.

Note that this is a “normal day,” i.e., not one during earnings season or an important conference:

7 AM – 8 AM: Arrive at the office, read the news, and look at emails from traders and salespeople asking about a few companies in your coverage universe.

You also start reviewing a few research notes written by your two junior Associates. The numbers look fine, but the commentary is too confusing.

8 AM – 10 AM: You communicate your changes to the Associates when they arrive, and then you ask one of them to research a new digital media company in the healthcare vertical that you might want to add to the coverage universe.

The market opens, but there haven’t been any big corporate announcements or other dramatic happenings, so things are calm as you review your calendar for the day.

10 AM – 12 PM: You take several calls from institutional investor clients: one from a hedge fund Analyst at a mid-sized firm, one from a Portfolio Manager at a large asset management firm , and one from a PM at a start-up hedge fund investing in the TMT sector .

They’re all looking for insights into companies’ earnings announcements in a few weeks; a few also want to meet with the management teams of software and internet companies you cover.

12 PM – 2 PM: You head out to lunch on the other side of town to meet with the CEO and CFO of a newly public Software-as-a-Service (SaaS) company in the consumer retail vertical .

They have solid growth and cash flow numbers and want more institutional attention, so you try to explain investor skepticism toward anything retail-related (well, except for Amazon).

But you agree to make their case to a few institutional clients who have invested in the sector before.

2 PM – 3 PM: On your way over to meet with another company, you take a call in the car from an Associate PM at a growth-oriented hedge fund.

He wants to do a deep dive into one SaaS company’s “true” churn rate because he doubts the official numbers released by management.

You don’t have all the numbers in front of you, so you give vague responses and then refer him to one of your Associates to get more detail.

3 PM – 5 PM: You arrive at the other company: a digital marketing agency and online advertising platform with ~200 employees that is looking to go public in the next few years.

You explain that they’ll need much higher revenue (closer to ~$100 million rather than their current $20 million) to get there and that they’ll need to downplay the “agency” part and focus on the tech platform.

They claim that they have a new technology that will use “AI” to automate client onboarding and campaign setup, but they’re evasive about the details.

You’re quite skeptical, but if this company somehow goes public, it might be worth adding to your coverage. You also make a note to ask around about the feasibility of this technology.

5 PM – 7 PM: Head back to the office and review what the Associates have been working on all day, including a few new notes, updated models, and an Initiating Coverage Report.

You make some edits and then strategize with the one Associate about the super-persistent Associate PM who kept asking for the “real churn numbers” for that one company.

The firm is a good client, but this one guy is so demanding that you’re reconsidering the relationship. You head home after this.

11 PM: As you’re about to go to sleep, an activist hedge fund announces that it has taken a 5% stake in one of the companies in your coverage universe: a security software company.

These types of late-night / last-minute announcements are not common, but they do happen.

You’ll need to have an immediate view in the morning, so you ask your Associate to prepare a few thoughts and come in early so you can send out a short note before the markets open at 9:30 AM.

Why Become an Equity Research Analyst?

The equity research industry as a whole is not in great shape, with falling compensation, headcount reductions, and MiFID II forcing an unbundling of research.

And hardly anyone “interviews for” an Analyst role in equity research – you have to work there for a few years and win promotions up to that level.

So, if you break in as an Equity Research Associate , why would you want to stay in the field long enough to reach the Analyst level?

The short answer is, “there probably isn’t a good reason to do so,” but I like to be fair and balanced, so here’s a quick list of the pros and cons:

Advantages:

• Interesting Work and Solid Pay… for Now – Senior ER Analysts can earn in the mid-six-figures up to the $1 million range, and the work is arguably more interesting and less stressful than what Managing Directors in investment banking All signs point to falling pay, though, so who knows if this will last.
• Potential Exit Opportunities – You’re not quite as “trapped” as, say, a mid-level banker who quits and doesn’t have many other options. You could move to buy-side research roles, go into sales, join a normal company, or go into investor relations at companies or fundraising on the buy-side.
• It’s a Good “Escape Route” from Other Fields – Especially if you have something like an M.D. or Ph.D. in a highly technical field, equity research might allow you to use your expertise to move into plenty of other roles (though you don’t need to reach the Analyst level to do this).

Disadvantages:

• The Industry is Declining – It’s still possible to make money and advance in a declining industry, but it’s more difficult than it is an industry where headcounts and revenue are growing. Also, no one knows how MiFID II and passive investing will play out long-term; the impact could be anything from “neutral to slightly negative” to “apocalypse now.”
• It’s a Huge Grind to Reach the Analyst Level – You’ll have to make it through many, many, many earnings seasons and model/research updates to make it to the top. This process can get quite repetitive, especially if you’re covering an industry less prone to surprises (e.g., not tech or healthcare).

Equity Research Analyst Salary & Lifestyle

There are several different levels within the “Analyst” title, ranging from Vice President (VP) to Managing Director (MD).

At the low end, VP-level Analysts might earn around the $200K to $300K USD salary range at large banks in major financial centers.

Directors move up to the $300K to $600K range, and MDs go up to the $500K to $1 million range.

Around 50% of this compensation comes in the form of base salary, and it’s up to 75% at the lower levels.

These figures will almost certainly fall due to MiFID II and declining research budgets at buy-side firms, but you could still earn into the mid-six figures for the foreseeable future.

As you saw in the day-in-the-life account above, Analysts might work the same amount as Associates: 50-70 hours per week , with ~12-hour days on average, and longer hours during earnings season.

The key difference is that Analysts must travel a lot more , including client visits, conferences, and company meetings.

That means it’s arguably a more stressful job since they also have to review work from the Associates and give them direction.

Recruiting: Pathways into the Equity Research Analyst Role

The Analyst role is a senior one, so you don’t interview for it right out of undergrad or an MBA program.

Most often, people start at the Associate level out of undergrad or a Master’s in Finance program , stay for a few years, and then advance up to the Analyst level… if there’s an opening.

Traditionally, it has been quite difficult to move up by staying at the same bank because Senior Analysts rarely left their jobs voluntarily.

So, research professionals often moved around to different banks and advanced with each move.

Advancing to the Analyst level comes down to proving that you can do the same job that they do: speaking with clients and management teams, delivering insights, and setting up meetings – as opposed to burying yourself in models and reports all day.

Besides this path, some people move into equity research from strategy or management consulting, Big 4 firms , or even corporate finance roles.

However, they join at the Associate level unless they’re already quite senior in their previous industry.

Another option is to complete an advanced degree, such as an M.D. or a Ph.D. in a technical field (physics, engineering, biology, etc.), and then work in a group where technical knowledge is required to understand companies ( biotech , pharmaceuticals, semiconductors , etc.).

But once again, you’re unlikely to join directly at the Analyst level, so you’ll have to demonstrate your accounting/finance/business knowledge to get there and then perform well on the job to advance.

For more on these points, see the article on equity research recruiting .

The Equity Research Analyst Job: Worth the Grind or the Career Change?

In these articles, I usually conclude with an “It depends”-type answer and present both sides.

But I’ll be more definitive here: a long-term career in equity research is probably not worth it in the 2020s unless you truly love it and can’t imagine doing anything else.

Research is still a great entry point into finance because of the lack of a standard, on-cycle hiring process, and the ability to break in as a non-traditional candidate.

But there’s serious skepticism about its long-term future, and I can’t credibly recommend it as an option on-par with careers in investment banking , private equity , or venture capital .

People are also pessimistic about the future of sales & trading , but there’s a key difference: there are still opportunities there if you’re a programmer or you work with more mathematically complex products.

By contrast, there’s less room for programming or advanced math in the fundamental analysis of companies, and the negative trends in equity research affect the industry as a whole – not just specific desks or groups.

So, the Equity Research Analyst job may not be “a pathway into the abyss,” but it’s also not a career I would recommend – unless you’re so enthusiastic about research that you couldn’t imagine doing anything else.

You might be interested in:

• Biotech Equity Research: The Best Escape Plan from Medicine or Academia?
• Fixed Income Research: The Overlooked Younger Brother of Equity Research?

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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16 thoughts on “ The Equity Research Analyst Career Path: The Best Escape from a Ph.D. Program, or a Pathway into the Abyss? ”

curious to know your thought on ER now? Im an undergrad studying history but am looking at internships in the ER sector for next summer in London. I have already completed a few virtual internships but am now looking to expand my experience in the financial world. Any advice would be appreciated.

I don’t think much has changed. Compensation might be a little different now, but ER is still not a great long-term career path due to MiFID II, falling numbers of boutiques, and lower fees paid for research. It’s still a decent starting option, but you normally want to move into a deal-based role or a buy-side role after spending a few years there.

Now that this report is 2 years old, curious to hear your thoughts on the outlook for ER. It appears that comp in the U.S. has remained the same since before. Do you think that the effects of MiFid II already been “priced in”? Or will comp begin to fall gradually from here on out?

I would be surprised if compensation increases substantially. It’s true that MiFID II has not been the end of the world, but the impacts on ER groups and firms has been uneven, with some growing and some shrinking. It’s probably less bad than initially feared, but still not a great industry outlook.

I’ve been reading a lot on here for the last couple weeks (love it!) and gotten really interested in Equity Research. Thing is, I’m a 35 year old woman living in Zürich with a humanities PhD leaving the academy. What I read about this career suits me to the core, but I don’t want to invest time in learning modelling and other skills if my apps will be rejected out of hand because of my humanities background. Spent 5 years as a postdoc and realised the academy is not for me, but I got my PhD from an Ivy, if that helps. Do I have any chance of getting into ER? I don’t mind the pay or the shrinking prospects. I love the idea of doing crazy amounts of research and finding things people missed, or just packaging the information so other people can get it.

I think it will be extremely difficult to get into ER if you have a humanities PhD and you’ve worked in academia up until this point. PhDs in technical fields like physics, engineering, chemistry/biology, etc., can get in, but it’s much tougher to do that from a non-technical field. You might have better luck aiming for an investor relations role or something else where communication skills are valued more than technical/accounting/finance knowledge.

Can you chime on the prospect of a career as buyside research analyst? For both equity and credit research. I’m relatively junior but have always worried about things you laid out on this article.

I think buy-side research is somewhat safer because MiFID II does not directly affect firms in a negative way, and buy-side firms will always need people to do fundamental research. Yes, fee compression hurts, but that is just one headwind vs. multiple headwinds for equity research.

I would also say that credit research, especially in areas like high-yield or distressed, is probably safer than equity research because it’s tricky to evaluate those types of bonds, and fixed income has seen less automation / passive investing than equities (yes, there are lots of bond index funds and ETFs, but most are investment-grade).

Saying to avoid it may be a little harsh. Maybe compared to IB/PE, sure, upside comp is more limited. But a job where you can work 50 hours a week and make mid 6 figures still sounds a lot better than most jobs in the corporate world. If you are a good enough associate and stick around long enough you are bound to have an open analyst seat to fill.

That’s fair enough. Though I think 50 hours a week is a bit on the low side, and I expect compensation to drop over time. I guess my thinking is that if you really want better hours, less stress, low-to-mid-six-figure compensation, and more stability, something like corporate development is better… assuming you want to work on deals. If you just want to follow companies, sure, maybe equity research is still a good option.

What about the overall future of Asset Management? Is it wise to pursue a career in Asset Management?

I think it’s also not great, but not necessarily “to be avoided” as equity research is because there’s no MiFID II that completely changes their business model. Yes, fee compression and passive investing have hurt AMs, but passive investing could turn into a giant bubble that bursts at some point, and there will always be some demand for active managers. Also, quant-like skills will become more important there. For more, please see:

https://mergersandinquisitions.com/

I’m curious, is there anywhere in the public equities realm (excluding quant roles) that you would outright recommend to someone starting today?

OK, maybe I’m being a little harsh here. It’s not that I would universally recommend against public markets / public equities roles. It’s more that if you can’t decide between deal-based roles and public markets ones, then you’re safer picking a deal-based role because they’ve held up better over time and are under less fee and headcount pressure.

That said, if you are 100% certain you want to do public markets and have the track record and experience, go ahead.

Within public equities, if you exclude quant roles, Analyst roles at any of the big long-only funds are still fine. It’s just that they don’t hire that many people and turnover isn’t that high, so it’s harder to win these roles.

As always, the more specialized you can be, the better… find a niche like emerging market stocks or a specific industry or sub-industry and become the top expert there.

For the record, I wasn’t trying to be critical of your view. It just feels like every discussion of roles in the public equities realm nowadays is very defeatist. As someone that missed the track for private investing (at least until an MBA at a minimum), it gets a bit heavy to read continuously that your career path is in decline. So I was just curious if there was anywhere that you still viewed positively.

I agree with both views on the LO seats, hard to get and not going anywhere. I would also say that if you don’t mind investing in a very short term, market neutral style, that the multi-manager opportunity set is still quite robust.

Sure, understood. I would not take all of these predictions of doom too seriously – everyone out there, including me, looks at recent history and then tries to project it forward. But things can always change, and industries have gone from positive to negative or the reverse fairly quickly. Just look at all the people who thought investment banking would “die” after the 2008-2009 period, or everyone who thought tech startups would “never come back” after the dot-com crash, etc.

If you like what you’re doing and don’t want to change paths, sure, continue on with it. And yes, multi-manager funds can be a good option as well if you like that style of trading. We did cover MM funds on this site once, but haven’t focused on it too much since I prefer long-term, fundamental analysis/investing.

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Equity Research Associate Job Description

Equity Research involves performing financial and ratio analysis to give recommendations

Prior to becoming our CEO & Founder at Wall Street Oasis, Patrick spent three years as a Private Equity  Associate for Tailwind Capital  in New York and two years as an Investment Banking Analyst at Rothschild.

Patrick has an  MBA  in Entrepreneurial Management from The Wharton School and a BA in Economics from Williams College.

What Is An Equity Research Associate?

• What Is Equity Research (ER)?

Understanding Equity Research Associate

• How To Become An Equity Research Associate?
• The Role Of An Equity Research Associate
• Equity Research (ER) Vs. Investment Banking (IB)

Equity Research (ER) Associates are responsible for researching and providing investment recommendations on stocks of companies in various industries. In addition, their research is generally used to generate buy-sell recommendations for the firm’s clients. Associates are the junior-most role within equity research and are responsible for a lot of the tedious and mundane work done at the junior level. 

Their main role is helping the analyst. They typically share an analyst’s work and do more tedious assignments, such as in-depth research, writing reports, and financial modeling . The position requires an analytical mindset with a strong understanding of the stock market .

To pursue a career in equity research , you are expected to have exceptional mathematics skills and, ideally, a Master’s degree in business or finance. In addition, it is helpful to have a Chartered Financial Analyst (CFA) certification to set yourself apart in many cases. You will also need to be an excellent communicator with strong written and verbal skills, as most of the work involves writing and presenting your research findings.

Career progression is a matter of skills, luck, and networking, as promotions occur at a much slower pace than investment banking (IB) . Further, the career progression is not strictly defined in roles and tenure like other career paths.

The growth of equity research has slowed in recent years in large part due to regulation in Europe known as MiFID II . However, despite this recent legislation, equity research continues to grow, mainly due to new quant-driven analytics that some firms rely on to generate higher returns, which are not easily available otherwise. 

This also means that talented and skilled stock pickers and analysts will thrive in this role in the coming few years. ER is expected to continue to adapt and grow in the future despite the regulation that has recently dampened the industry.

What is Equity Research (ER)?

Equity research is the process of analyzing companies and conducting thorough research on industries and businesses to help clients or the firm make good investment decisions. 

Depending on the company, an ER team may work on the buy-side or sell-side of investment. Regardless of which side, it involves in-depth research of companies, the creation of various financial models , and equity research reports that assess an investment. It can include meetings with investors to describe the models, their importance, and why and how the team came to certain conclusions.

An equity research team can expect to be on the sell-side of analysis in investment banking, advising clients on what stocks to invest in. However, in both hedge funds and mutual funds , it is more common for equity research teams to work on the buy-side , as most if not all of the research is used by the fund itself in their investment process.

The deliverables of ER are almost always their reports. These reports are produced for investors looking to invest and trade in the markets and generally recommend buying, holding, or selling. Top analysts who have honed their research skills and give the best calls have a significant following, generating higher revenue. Also, the best reports are ones that go against the market belief and turn out to be correct.

For example, Meredith Whitney’s report suggesting that Citibank might soon go bankrupt, as their dividends payout were higher than their profits, propelled her to fame. This was in the 2007 boom when banks were priced very high. Her report, though highly pessimistic, turned out to be right when Citibank went on to lose 97% of its stock value by 2009. She was listed among the “50 Most Powerful Women In NYC” by the New York Post, and CNBC named her as the “Power Player of the Year,” beating the likes of Jamie Dimon and Ben Bernanke. 

ER professionals are expected to specialize in a specific sector and generally work in teams that cover a few companies in that sector. Therefore, a lot of traveling and meeting with the management of covered companies are the norm in this profession, as well as having the technical skills ( such as financial modeling ) and understanding of market economics and how it affects stock prices.

Equity research associates conduct great amounts of in-depth research on different companies and stocks. They may be involved in a team that helps make ‘buy’ or ‘sell’ recommendations and helps gather information to create investment portfolios. Associates typically do a lot of grunt work, meaning that they are involved in some of the most tedious aspects of equity research, diving into financial reports and minute details.

Unlike in banking, associates are generally the junior-most rank in equity research. Analysts come next and are usually the ones who are responsible for the reports. After this, the hierarchy differs from firm to firm. Many follow the banking progression of Vice President to Managing Director to Partner, and others report directly to portfolio managers or other leadership positions.

ER professionals generally use publicly available data (such as 10-Ks , 10-Qs , regulatory filings) on the company they cover and information from meetings with various investor relations personnel at those companies to produce a detailed report and recommendation for the benefit of the users. 

The users of these reports benefit from the exclusive information that these analysts have to supplement their own beliefs. Senior positions within the equity research team help direct an associate and give suggestions; however, associates are largely independent and do most of their work with very little supervision.

Associates are largely responsible for assisting the analyst they report to in whatever function the analyst may need them to perform. This varies between teams, but usually, they focus on preparing research and financial models for analysts. They also do a lot of the writing of equity research reports. As a result, they are judged both by the quality of their research and by how much research they can accomplish. 

Analysts are usually more involved in meeting with clients and investors to explain the team’s reasoning, present models, research, and give recommendations. However, it is not uncommon for associates to be involved in these, as some analysts may help associates with research and creating reports.

As a junior position, it is also possible to move up the ladder; however, unlike some other jobs, the timeframe for promotions is less defined and can make it difficult to move up. The best way to move up is for candidates to prove their capabilities and take on a larger share of the analyst’s work, participating in things that may earn them the analyst title. 

ER associates also have access to a significant number of exit opportunities. For example, it is not uncommon for associates to lateral into positions at hedge funds, in asset management , or corporate finance . 

An equity research associate role can also pay very well. While compensation varies, a common salary can range from $90,000 into the low six figures , but that can increase as one moves onto an analyst or a more senior position.

How to Become an Equity Research Associate?

Being an ER associate requires a wealth of knowledge on various financial topics. This job is the most junior in equity research. The position requires an analytical mindset with strong knowledge about equity markets, broad economics, and the effect of various factors on stock prices. Candidates should have a bachelor’s degree in economics, finance, or related fields, and in many cases, are expected to have a Masters in Business Administration (MBA) . They should also have immaculate written and verbal communication skills.

Aside from traditional higher education, it may be in a candidate’s best interest to have several research-related certifications. 

One of the most commonly sought-after qualifications is the Chartered Financial Analyst ( CFA ) certification, which focuses on portfolio management and deep knowledge about financial markets and investment. 

While this is by far the most commonly advised accreditation when applying to this role, there is no shortage of professional certifications that can help a candidate stand out from the crowd. 

A candidate should possess some amount of prior experience in finance. Hiring a new graduate is very rare but not unheard of. A candidate should be ready to present a few stock recommendations backed by really thorough research and financial models to nail an interview. 

It is important that a candidate has knowledge of different financial models and how to create them. In addition, it should possess some knowledge of more complex models like LBO models or merger models.

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To move up from this role, a candidate may want to start taking on more and more responsibility from an analyst to show they can do similar work. In addition, they must display good interpersonal skills, as a large difference between associate and analyst is meeting with clients and management.

The Role of an Equity Research Associate

ER Associate is the junior-most rank in the ER profession. Their main role is supporting the analyst they work with to conduct research and provide recommendations on the covered companies. The work in this role usually consists of a combination of writing and modeling. On average, it is 70% writing and 30% modeling.

An important point to keep in mind is that the type and level of work you do will be dependent on the analyst you work for. 

For example, some analysts like to write their reports (considering it something like their own signature). The associates would primarily be doing modeling with little to no writing. 

On the other hand, some analysts may like to crunch the numbers on their own, and hence the associate would be involved in a lot of writing.

Regardless of that, it is crucial that someone looking for a career in ER is well versed in writing and enjoys it. At the end of the day, it is important to not just have insights but also to present them, and for ER professionals, the primary tool for presenting is written reports. 

Essential job functions of ER associates include:

• Executing fundamental equity research on companies
• Generating investment recommendations for your clients
• Attending conferences and networking events to gain more knowledge about the market
• Actively contributing to discussions on company performance
• Providing analysis for new products or services offered by your company
• Assisting with marketing efforts

The work environment for an equity research associate is constantly changing. They are required to be constantly in the office but are also constantly on the phone or emailing colleagues about company updates. The work is fast-paced but rewarding. You’ll get to see your hard work pay off with real-time updates on the stock market and will often get to travel for conferences and meetings.

Equity research associates typically work around 60 hours per week, but that number can be closer to 80 hours during earnings seasons and during industry conferences. In most cases, weekends remain untouched. This job is fast-paced and can be extremely demanding, especially during its busiest weeks, but in general, it provides for a fairly good work-life balance.

Equity Research (ER) vs. Investment Banking (IB)

IB and ER are among the most highly sought-after jobs in finance. Detailed below are some of the similarities and differences between the two fields.

IB is the more popular of the two. It is generally what most people think of when they hear “finance.” It is a highly competitive area of finance that is extremely difficult to break into. Investment bankers are involved in many areas of finance. For example, they may find themselves making a lot of comparable company analyses , creating financial models, and creating pitch books and presentations. The largest role in investment banking is assisting in large transactions, and as a person moves up the ranks, they are likely to be a lot closer to the action, assisting in large deals such as mergers and acquisitions .

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Experience required for IB and ER can be similar; however, MBAs are more associated with investment banking, and CFA charters are more associated with equity research , but both can be very helpful for setting one apart in either field.

Investment banking is among the highest paying fields in finance, with even entry-level positions earning six figures. However, this high pay comes with extremely fast-paced and demanding work, with schedules that demand 100-hour weeks and little consideration for one’s weekends, although this improves as one achieves more senior positions. Many in investment banking complain of burnout and too much work, and some equate it to selling your soul for the high paycheck it can earn.

Exit opportunities are nearly limitless for investment bankers; having worked 100-hour weeks doing hard work, they have proven themselves to be hard workers and knowledgeable individuals. The high-octane work environment also forces investment bankers to acquire a lot of experience really quickly, allowing them to lateral into many other areas of finance, commonly hedge funds and private equity.

While equity research is considered much less glamorous than an investment banking position, it is still highly sought after and has its own benefits. Work in equity research is considered to be more mundane than investment banking, with work changing very little between associate and analyst positions and focusing largely on a small group of companies or a single sector. This can be tedious work, especially to begin with, with a great amount of research and financial modeling.

Equity research, however, has a much better work-life balance. Typically a person in equity research works 60-hour weeks, as opposed to the 100-hour weeks in IB, and are allowed to keep their weekends. However, they also typically get paid less and make smaller bonuses. 

While investment bankers are able to be somewhat more competitive in exit opportunities, equity researchers follow not far behind, with many being able to lateral into many different areas of finance such as hedge funds and asset management .

In conclusion, these two roles do have a lot in common but also many distinct differences. The key difference between these two fields is that equity research has a better work-life balance with lower pay than investment banking, while investment banking is more glamorous and higher-paying but is much more stressful and demanding. Both these jobs are excellent positions and are highly sought after within finance.

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Equity Research Analyst Job Description Template

An Equity Research Analyst plays a crucial role in the investment banking field. They assess financial data and market trends to help investors make informed decisions. In this job, you will be responsible for analyzing stocks, bonds, and other securities to provide recommendations on the worth of opportunities within various industries. Whether you are a seasoned professional or just starting out, this Equity Research Analyst job description template will assist you in attracting top-quality candidates with the skills and knowledge needed to excel in this role.

Job Overview

We are looking for a talented Equity Research Analyst to join our team. The successful candidate will be responsible for conducting research and analysis of companies, industries, and markets to provide insights for investment decisions.

Key Responsibilities

• Research and analyze industries and companies to identify investment opportunities
• Compile and analyze financial data, including financial statements and market data
• Use financial models to project future performance and make investment recommendations
• Create reports and presentations to communicate findings to clients and colleagues
• Maintain up-to-date knowledge of financial markets and trends
• Collaborate with other investment professionals to develop investment strategies
• Ensure compliance with regulations, policies, and procedures

Qualifications and Skills

• Bachelor's degree in Finance, Accounting, Economics, or a related field
• Experience in equity research, investment banking, or a related field
• Strong analytical skills and attention to detail
• Excellent written and verbal communication skills
• Proficiency in Microsoft Excel and financial modeling
• Ability to work independently and collaboratively in a team environment
• CFA designation is a plus

Salary and Benefits

• We offer a competitive salary based on experience and qualifications
• Health, dental, and vision insurance
• 401(k) retirement plan
• Paid time off and holidays
• Professional development opportunities

Introduction

Equity research analysts are responsible for analyzing financial data and providing recommendations to investors. They evaluate financial statements, industry trends, and economic conditions to help investors make informed decisions. In this article, we will discuss how to create an equity research analyst job posting.

The job title should be clear and concise. Use "Equity Research Analyst" as the job title. Avoid using any marketing jargon or abbreviations.

Job Description

The job description should explain the responsibilities and duties of an equity research analyst. Be concise but thorough. Use bullet points to highlight specific tasks and requirements.

Some suggested items to include in the job description:

• Conducting comprehensive research on a range of industries and companies
• Evaluating financial statements and preparing financial models
• Preparing reports and providing investment recommendations to clients
• Keeping up-to-date with market trends and economic indicators
• Communicating with clients and colleagues in a professional manner

Include any specific software or technical skills required for the job.

Qualifications

List the qualifications required for the position. This may include:

• A Bachelor's degree in Finance, Accounting, Economics, or a related field
• Professional qualifications such as CFA or CPA
• Prior experience in equity research or a related finance field
• Excellent analytical skills and attention to detail
• Strong written and verbal communication skills

Be clear about any specific qualifications required for the job.

Company Information

Provide a brief overview of the company, including its mission and values. This will help potential candidates understand the company culture and values.

• Include any specific benefits or perks offered to employees
• Include information about the team or department where the equity research analyst will work

Application Process

Provide clear instructions on how to apply for the job. This may include:

• Where to send resumes and cover letters
• Deadline for applications
• Contact details for any questions or inquiries
• Expected timeline for hiring

Creating a clear and detailed equity research analyst job posting is essential to attract qualified candidates. Be sure to include all the necessary information about the job and the company. Good luck in your hiring process!

What are the key responsibilities of an Equity Research Analyst?

An Equity Research Analyst is responsible for conducting market research, analyzing financial statements, and providing recommendations to clients on investment opportunities. They are expected to keep abreast of industry trends and assist in the development of investment strategies.

What qualifications should I look for in an Equity Research Analyst?

• A Bachelor's or Master's degree in finance, accounting, economics or a related field is usually required.
• Experience in investment banking or financial analysis is desirable.
• Strong analytical and research skills are a must.
• Excellent verbal and written communication skills are required.

What are the key qualities of a successful Equity Research Analyst?

Successful Equity Research Analysts exhibit strong analytical abilities, problem solving skills, attention to detail and the ability to interpret complex data. They are proficient in financial modeling and have strong communication skills, as they communicate their findings to clients and stakeholders on a regular basis.

What job experience is required for an Equity Research Analyst job posting?

• Candidates for Equity Research Analyst positions typically have previous job experience in finance or investment banking.
• Strong familiarity with financial regulations and compliance requirements is often required.
• Experience with financial analysis software is also desirable.

What is the typical salary for an Equity Research Analyst?

According to Payscale.com, the average annual salary for an Equity Research Analyst is approximately $72,000.

What are the working conditions for Equity Research Analysts?

Most Equity Research Analysts work in office settings, typically for financial or investment firms. Work schedules can be long and demanding, and may include irregular hours due to the need to analyze financial information as it becomes available.

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Equity Research Analyst

Job description overview.

An Equity Research Analyst is a finance professional who is responsible for analyzing financial data and market trends to help investors make informed investment decisions. Their job is to provide insights and recommendations by examining financial statements, market data, and other data sources to determine the fair value of a company's stock. Equity Research Analysts use a variety of tools and techniques to analyze stocks, including financial models, statistical analysis, and industry research. They also conduct interviews with company executives and industry experts to gather information and stay up-to-date on industry trends.

To excel in this role, you should have strong analytical and communication skills, as well as an in-depth understanding of financial markets and the ability to work in a high-pressure environment. An Equity Research Analyst job description may vary depending on the company, but typically requires a bachelor's degree in finance or a related field, as well as relevant work experience or certifications. If you are interested in pursuing a career as an Equity Research Analyst, this could be the job for you!

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Table of contents, job duties and responsibilities.

• Conduct research and analysis to evaluate publicly traded companies.
• Create financial models to forecast earnings and future performance.
• Gather and analyze financial data from various sources, such as financial statements and market trends.
• Write detailed reports on company analysis and present findings to senior management.
• Monitor news and events that could affect the performance of companies in their coverage universe.
• Provide investment recommendations to clients and stakeholders.
• Attend company meetings, conferences and analyst days to stay current on developments and trends.
• Build relationships with industry contacts and maintain a network of experts to gather insights.
• Continuously update knowledge of financial markets, industry trends, and economic conditions.
• Provide guidance and support to junior analysts and contribute to team initiatives.

Experience and Education Requirements

If you're interested in becoming an Equity Research Analyst in the finance industry, you're going to need some education and experience. Generally, you'll need a Bachelor's degree in Finance or another related field. Some good courses to take include economics, accounting, and business management.

It's also helpful to gain experience through internships or co-op programs where you can assist other analysts and learn about the industry firsthand. Networking with finance professionals and attending industry events can also help you get your foot in the door.

Finally, passing the Chartered Financial Analyst (CFA) exam is a must for most Equity Research Analyst jobs. This shows that you have a deep understanding of finance and investment analysis. With the right education and experience, you can become a successful Equity Research Analyst in the finance industry.

Salary Range

Equity research analysts in the finance industry are responsible for analyzing and evaluating stocks, bonds, and other investment opportunities. According to data from Glassdoor, the national average salary for an Equity Research Analyst in the United States is $84,854 per year. Salaries for this position can range from around $46,000 to over $130,000 per year, depending on factors such as education, experience, employer, and location.

In other countries, such as Canada and the UK, the salary range for Equity Research Analysts is comparable to that of the US. In Canada, the national average salary is around CAD 70,000 per year, while in the UK, it is around £49,000 per year.

• Glassdoor: Equity Research Analyst Salaries
• Payscale: Equity Research Analyst Salary
• Indeed: Equity Research Analyst Salaries

Career Outlook

As we head into the next five years, the outlook for a career as an Equity Research Analyst in the finance industry is promising. According to the Bureau of Labor Statistics, employment in this field is expected to grow by 5% from 2019 to 2029, which is faster than the average for all occupations. This demand is driven by the increasing complexity of financial markets and the need for accurate financial analysis to inform investment decisions. Additionally, the rise of big data and advancements in technology are anticipated to provide new opportunities for equity research analysts to analyze and interpret financial data. Overall, a career as an Equity Research Analyst presents a pathway to a dynamic and rewarding job in the finance industry.

Frequently Asked Questions (FAQ)

Q: What does an Equity Research Analyst do? 

A: An Equity Research Analyst analyzes financial data to help investors make informed decisions about buying or selling stocks. They study company financial statements, industry trends, news, and market data to predict stock performance.

Q: What skills do you need to be an Equity Research Analyst? 

A: An Equity Research Analyst must have strong analytical and critical thinking skills, attention to detail, and excellent communication skills. Knowledge of finance, accounting, and economics is also important.

Q: What is a typical workday like for an Equity Research Analyst? 

A: An Equity Research Analyst's typical day involves analyzing company financial data, writing reports and recommendations, communicating with investors and other stakeholders, attending meetings, and keeping up with industry trends and market news.

Q: Do Equity Research Analysts work alone or on a team? 

A: Equity Research Analysts often work in teams with other analysts, as well as with fund managers and other finance professionals. Collaboration is important for getting different perspectives and ensuring accuracy in analysis.

Q: What are the career prospects for Equity Research Analysts? 

A: Career prospects for Equity Research Analysts are good, with a steady demand for skilled professionals in the finance industry. Career progression often involves moving up to more senior analyst roles, or transitioning into management or investment banking roles.

Job Descriptions:

Financial planner, actuarial manager, equity trader, mortgage loan officer, derivatives analyst.

Equity Research Analyst Job Description, Key Duties and Responsibilities

Are you searching for information about the equity research analyst job description? If you are, then this post will be valuable to you.

It provides key duties, tasks, and responsibilities that commonly make up the equity research analyst work description

You will find this page helpful if you are a job seeker looking to be hired as an equity research analyst. You will discover the major requirements most recruiters commonly set for the role.

Please, continue reading:

What Does an Equity Research Analyst Do?

An equity research analyst is responsible for conducting analysis and providing financial insights on securities, publicly-traded companies/sectors to aid the organization or its clients in making solid investment decisions within fund allocations.

They work with security firms, investment management companies, banks, etc

The equity research analyst job description entails building expertise on an assigned sector to understand how market events impact forward relative returns, as well as conducting due diligence on industry and company related trends, analysis of company reported financials, along with extensive modeling and valuation work.

It also involves providing the Investment Policy Committee (IPC) or appropriate unit with regular and ad hoc performance analysis and commentary, and proactively helping to identify industries and stocks likely to outperform selected benchmarks.

Other duties equity research analysts perform include providing quantitative input for the industry and company-specific research and assisting in the preparation of financial models, written reports, and field research.

They are also responsible for preparing research reports that include company overview, competitive analysis, valuation, and other relevant information based on quantitative and fundamental factors.

They are responsible for collecting information such as SEC filings; attending investment conferences; meeting company management, and speaking with industry experts.

The equity research analyst work description also entails preparing presentations for portfolio managers, clients, consultants, and prospects to review the company’s investment process, portfolio construction, individual positions, and performance.

It also includes providing subject matter expertise in their chosen sector; interacting with senior management on assigned corporations to discuss industry/company trends, and current and projected sales and margin outlook to assist them in making sound investment decisions.

Equity research analysts partner with other professional securities analysts both inside and outside the company.

They are also responsible for developing proprietary research and writing reports which is communicated and distributed to clients.

They provide assistance in managing relationships with the senior management team (CEOs, CFOs) of companies under their portfolio.

To work as equity research analyst requires a minimum of Bachelor’s degree.

Individuals interested in the equity research analyst career must possess solid financial foundation, excellent communication and strong research skills; high level of attention to detail, team-work ability, and advanced computer skills to perform their job successfully.

Equity Research Analyst Job Description Example/Sample/Template

The research analyst performs various functions, including undertaking research and evaluating probable risk and potential returns on investments to help the organization or its clients make wise investment decisions.

He/she plays an integral role in the research process through providing comprehensive industry and company coverage for both institutional and individual clients.

The major tasks, duties, and responsibilities of the equity research analyst are shown in the job description example below:

• Maintenance of macro and industry data series as well as company specific financial models
• Partner with the senior analyst in charge, and work within a focused industry team of associates to cover group of 15+ stocks, including small, mid, and large cap companies
• Responsible for scrutinizing and projecting company financials, as well as perform valuation analysis
• Responsible for synthesizing data to generate new investment ideas and/or propose investment action to investment officers and account administrators concerning assigned corporations or committees
• Communicate key findings and recommendations to appropriate unit/team
• Conduct assessment on environmental, social, and governance (ESG) risks, and opportunities
• Responsible for the planning of industry, sector, and company reports and presentations for internal and external clients
• Responsible for managing client requests
• Participate in industry and company sponsored conferences and field trips
• Responsible for initiating research and apply multiple sources, including annual or industry reports, trade journals, technical periodicals, and brokers and management reports to conduct research relating to the investment suitability of various securities
• Stay abreast of trends in business conditions and/or monetary policy that could affect the investment market.

Equity Research Analyst Requirements – Skills, Knowledge, and Abilities for Career Success

To find capable people for the role of the equity research analyst who can effectively perform the obligations, purpose, and objectives of the position that will be assigned to them, recruiters usually give a set of requirements that applicants must meet to access the job.

Shown below are major requirements that interested individuals for the equity research analyst position must meet to be considered for hiring:

• Education: Applicants for the equity research analyst role require a minimum of Bachelor’s degree in Business, Finance, Accounting, or Economics
• Certification: Recruiters may prefer to hire individuals with an advanced degree or CFA certification
• Knowledge: Applicants must possess a strong financial background with knowledge of financial modeling, and ability to dissect financial reports and perform valuation
• Critical thinking skills: They are also required to have idea generation and thought leadership abilities. It is important that equity research analyst can synthesize data as well as apply logic and reasoning to decipher the strength and weakness of a problem, and generate new investment ideas or recommend investment decisions
• Interpersonal skills: They are also expected to possess strong interpersonal skills for establishing and developing relationships with multiple stake holders, including senior management of assigned companies, team members, and other internal and external securities professionals
• Attention to detail: Applicants must have high attention to detail to ensure consistent accuracy in all work documents and data used to arrive at a valid conclusion
• Teamwork abilities: It is essential that they can work effectively in a team oriented environment to effectively collaborate with the sales, client service, and trading teams
• Strong communication skills: It is essential that applicants possess exceptional reading, writing, and oral communication skills necessary for them to read detailed work documents, author thought provoking differentiated sell-side equity research; write objective reports and verbally communicate information clearly and effectively to others
• Quantitative skills: It is also vital that they are highly numerate individuals with the capability to work with large data to derive fact-based insights
• Computer skills: They must possess advanced computer skills, especially proficiency in Excel, with financial modeling experience, PowerPoint, and word.

If you are a recruiter hiring for the equity research analyst position in your company, you will need to make a description of the job available to interested individuals to help them understand what the duties and responsibilities of the role are.

To write a detailed description for the equity research analyst role for your organization, you can make use of the sample job description provided above as a template.

You can simply edit it to create the perfectly equity research analyst work description for your organization.

You will also find this post helpful if you are interested in getting into the equity research analyst career. You will be able to learn and increase your knowledge of what equity research analysts do, and therefore be able to make informed decisions about your career path.

Did this article help improve your knowledge and understanding of the duties and responsibilities equity research analysts perform? Please, leave a comment in the box below. Do also discuss your job description if you work as an equity research analyst .

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Job Description

Equity Research Analyst job description

Example equity research analyst requirements on a job description.

• Bachelor's degree in finance, accounting or economics
• Strong understanding of financial markets, equities and fixed income
• Experience in financial modeling and analysis
• Knowledge of financial regulations
• Proficiency in Excel and other financial software
• Strong communication and presentation skills
• Excellent analytical and problem solving ability
• Ability to work independently and in a team-oriented environment
• Time management skills and ability to meet deadlines

Equity Research Analyst job description example 1

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Equity Research Analyst job description FAQs

What are the most common skills on a job description for an equity research analyst, what does an equity research analyst do.

Updated March 14, 2024

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Equity Research Analyst Related Hirings

• Hiring An Analyst
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Equity Research Analyst Related Jobs

• Analyst Internship
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Equity Analyst Job Description

Equity analysts use their expert knowledge of stocks and bonds to provide financial guidance to individual investors, brokers, and investment consultants. They gather and assess data on stocks and bonds, create financial models, and develop forecasts that will lead to informed decisions about investment opportunities.

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Equity Analyst Job Description Template

We are seeking a highly competent equity analyst to provide our organization with financial guidance on equity investment opportunities. You will be responsible for gathering and assessing data for industry stocks and bonds, developing forecasts, and providing sound investment advice that will lead to well-informed investment decisions.

To ensure success, you should have detailed knowledge of industry-related equities, the ability to spot market trends, and excellent communication skills. A top-notch equity analyst is someone who's knowledge of data modeling and equity trends will lead to sound financial decisions.

Equity Analyst Responsibilities:

• Gathering and assessing securities data including industry-related stocks and bonds.
• Analyzing company financial reports to determine the market performance of existing securities.
• Using data modeling software and methodologies to create financial forecasts.
• Assisting with company initial public offings (IPO), including a stock's value, capitalization, and target price.
• Developing and delivering investment reports to the financial manager and the investment team.
• Providing direction and expert advice on securities to buy, sell, or hold.
• Monitoring industry and market trends for changes and investment opportunities.
• Staying up to date with the latest industry news including company sales and mergers.
• Preparing detailed internal investment reports as well as external reports for public presentation.

Equity Analyst Requirements:

• Bachelor's degree in finance, business administration, or a similar field.
• A minimum of 3 years' experience as an equity analyst in a related industry.
• Expert knowledge of industry-related securities including stocks and bonds.
• Ability to spot and track stock market trends, and act on investment opportunities.
• Detailed knowledge of financial services platforms including Bloomberg and Capital IQ.
• Experience with data modeling software and techniques.
• Analytical thinking.
• Ability to develop and present financial reports.
• Excellent communication skills.

Related Articles:

Equity research associate job description, investment consultant job description, wealth manager job description, equity analyst interview questions, equity research associate interview questions, investment consultant interview questions, wealth manager interview questions.

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Equity Research Job Description

Equity research duties & responsibilities.

To write an effective equity research job description, begin by listing detailed duties, responsibilities and expectations. We have included equity research job description templates that you can modify and use.

Sample responsibilities for this position include:

Equity Research Qualifications

Qualifications for a job description may include education, certification, and experience.

Licensing or Certifications for Equity Research

List any licenses or certifications required by the position: CFA, MBA, CPA, PMP, CMA

Education for Equity Research

Typically a job would require a certain level of education.

Employers hiring for the equity research job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Master's Degree in Finance, Accounting, Economics, MBA, Business, Engineering, Education, Graduate, Business/Administration, Mathematics

Skills for Equity Research

Desired skills for equity research include:

Desired experience for equity research includes:

Equity Research Examples

• Microsoft Word (.docx) .DOCX
• PDF Document (.pdf) .PDF
• Image File (.png) .PNG
• Analyze financial statements, generate financial models, conduct valuation analysis and create detailed reports for specific companies
• Leverage on various research resources (like company profile, financial statements, business publications, ), to help conducting market research and formulating investment recommendations
• Conduct valuation analysis
• Provides accurate and reliable demographic and statistical financial market data to internal database / and to internal/external clientele
• Focus on enuring the integrity of the company's financial market information
• Fulfills the research/analytical/ market study needs required/ requested by the external clients in order to procure and retain future and current business
• This role will engage data analysis and summary to describe current and long term trends in the sector engage in financial modelling and financial statement analysis of specialty companies
• This role will engage data analysis and summary to describe current and long term trends in the sector engage in financial modeling and financial statement analysis of specialty companies
• In a self-reliant manner, explains industry trends with FAs to identify suitable investment opportunities and independently gathers financial and other data from various resources to respond to FA
• Processes daily requests from the media to forward reports or for TV appearances and monitors all technical details of the financial news network TV appearances from firm's camera during scheduled Analyst’s TV appearance
• Professional with a strong work ethic
• Ability to take initiative to identify and recommend improvements in own job function, research and/or investigate issues requiring resolution
• Effective team player who fully participates, contributes to a positive work environment and is flexible in adjusting and changing work priorities
• Supportive of the team by continuously developing knowledge in own area
• Proficient in Microsoft Office Suite and Microsoft Outlook
• The candidate will have 2-4 years of experience in a Financial Services Capacity—including internships — Investment Banking/M&A/Equity Research preferred
• After securing the various licenses, the associate would be responsible for building and updating comp sheets and managing the databases/data services
• Performs other related duties as assigned unsupervised with backup resources readily available
• Co-ordination of logistics and meetings surrounding Canadian Analyst Marketing and Non-Deal Roadshows
• Visit companies, attend conferences and other relevant events
• Identify and formulate new investment ideas, and issue opinions and recommendations to clients on securities and companies in industry groups targeted to follow, in order to generate new business activity
• Perform investment analysis that will be impactful to Russell’s Canadian Equity funds
• Develop an expertise in the Global Exchanges sector
• Create detailed reports for specific companies, which may include investment recommendations
• Create exhibits and presentations for senior management and clients, which may include summarizing conclusions from company and industry analysis
• Evaluate performance of department
• Business curriculum with strong accounting skills and an undergraduate degree
• Solid analytical skills, and proven track record for identifying small to mid cap organisations with strong growth prospects
• Strong interpersonal skills, with fluency in English and Mandarin
• Python and/or experience with a statistical computing environment such as Stata, R, SAS, or MATLAB
• At least 6-8 years of equity research experience, preferably with a global or international focus
• CFA is highly preferred
• Develops, drafts, and edits research reports and notes related to covered companies, biotechnology sector and market trends for distribution to the internal sales force and institutional clients
• Analyse and maintain timely research on Healthcare equities
• Discuss our analyses / findings with salespeople, traders and clients
• Visit the companies management and operations around the world
• In carrying out your supervisory responsibilities, review for indications of non-compliance with Firm Polices, notify the appropriate risk and control areas of such indications, and work with the relevant risk and control areas to remediate issues on a timely basis
• The associate will also interact with company management teams and play a role in staying abreast of the strategic and operational dynamics of companies under coverage in addition to key industry oil service industry trends
• Provide research support to the Research Analysts
• Search, collect, consolidate and interpret company, industry, and macro-economic data
• Develop and maintain financial models and databases
• Play an integral role in the research process
• The candidate will have some experience in a financial services capacity – Investment Banking/M&A/Equity Research preferred
• Solid understanding of equity markets and stocks, globally
• Strong understanding of the investment management industry and familiarity with the Templeton investment approach
• High proficiency in Microsoft Office (particularly Excel)
• Ideally, you will have 5-6 years relevant equity research experience in A Share and H Share, preferably from the top tier foreign investment banks
• You will also have good command of financial modelling financial statement analysis with strong business insights
• Provide regular pipeline reports, customer feedback, and market research knowledge to management to enhance product development efforts and the customer experience
• Assist with various analytical projects
• Maintains calendar appointments, conference schedules and meetings for the research teams
• Assists with the planning, coordinating and arrangements for various client and management meetings, luncheons, Anticipates the needs for meeting rooms, menus, travel arrangements, presentation materials
• Direct involvemen in compay and industry research produced by the team
• Financal modeling to forecast company results and value equit securities, collecting and evaluating industry data, maintaining industry databases
• Advising clients and sales-people on ways to invest in the Building and Building Products sector
• High intellectual curiosity– Interested in digging into difficult questions and thinking outside the box and fully utilize all resources to come up with unique insights
• Strong attention to detail– The ability to work under pressure while delivering high quality product
• Desire to continuously improve– Self motivated to continuously improve individual skill sets, team efficiency, and improve work processes, systems and work flow
• Investment banking, Research or Financial Services background strongly preferred
• Willingess to put in the hours (often on short notice) – especially since western based companies often release after market close
• Superior business writing skills, presentation skills and interpersonal skills, required both for internal and external activities
• Service orientation and professional attitude at all times
• Ability to work long hours as required, especially during reporting season or as a result of surprise events
• Experience with Energy Lending would also be an asset
• Update and maintain financial models
• Write a variety of research reports like initiation reports, sector reports, maintenance reports, reviews, previews
• Carry out sector analysis and come up with investment themes /ideas
• Keep a track of latest developments in the companies under coverage and the sector and incorporate these into the research publications
• Prepare and maintain detailed financial models (including valuations)
• Collate quality information from databases (such as Bloomberg, Datastream and Factiva) and other appropriate sources
• Have 8 years' sell-side equity research experience (preferred)
• Have strong quantitative backgrounds (may have credentials such as the CFA, ACA or CPA)
• Make investment recommendations and manage a sector focus list of 18 to 20 equities for advisor and client use
• Write insightful and timely company-specific and thematic daily commentaries and reports that showcase sector expertise, providing opinions and action-oriented ideas for advisors and clients
• Excel/VBA programming experience a plus
• Proven ability to develop, nurture and monetize “trusted advisor” client relationships with senior executives (CRM roles)
• Proven track record in revenue generation and entrepreneurial nature (CRM roles)
• Strong quantitative, financial modeling and Excel skills
• Understand or ability to learn about financial modeling and accounting principles
• Experience in Utilities/Clean Tech is preferred

Related Job Descriptions

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Equity Research Analyst

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Job details

Full job description

Description

Our Equity group is looking to hire an Equity Research Analyst to join the team in support of their US Large Cap strategy. Your primary responsibility will be to support the Portfolio Managers in conducting fundamental analysis of various companies and industries across US equity markets. Your insights and research will be crucial in identifying potential investment opportunities, evaluating existing holdings, and onboarding and transitioning new clients to the strategy.

Responsibilities:

• Fundamental Analysis: Conduct research on US public equities to assess their financial performance, competitive positioning, and growth prospects. This involves financial statement analysis in support of strategy and due diligence efforts.
• Portfolio Analysis and Onboarding: Gain an in-depth knowledge and understanding of the US large cap equity strategy to efficiently analyze and support transition plans for new business in coordination with client-facing investment teams.
• Data Analysis: Utilize your proficiency in Excel to organize and manipulate data supporting the equity strategy objectives, including research, compliance, new business, and due diligence efforts.
• Market Monitoring: Stay updated with relevant market trends, economic indicators, news, and single stock earnings results that may impact client holdings.
• Collaborative Support: Work closely with the equity team to contribute to investment strategy, idea generation, and decision-making process.
• Continuous Learning: Ongoing education and market research to enhance your analytical skills and knowledge base.
• Communication: Ability to clearly articulate equity strategy positioning and equity market environment to client-facing teams as needed.

Qualifications:

Minimum Required:

• 2-5 Years of direct individual stock research experience
• Independent thinker with a passion for equity markets
• Strong Excel skills with the ability to figure things out
• Previous experience with analyzing financial statements, earnings reports, and market trends.
• Ability to complete tasks and research with minimal supervision, relying on initiative to achieve goals efficiently.
• Strong attention to detail with a proactive mindset
• Excellent verbal and written communication skills
• Experience with FactSet and Morningstar Direct

Education/Certification:

• Bachelors Degree Required
• CFA designation Required
• MBA Preferred

Pay Transparency

The salary range for this position is $130,000- $210,000, plus an opportunity to earn an annual discretionary bonus. Actual pay is based on various factors including but not limited to the work location, and relevant skills and experience.

We offer competitive pay, comprehensive medical, dental and vision coverage, retirement benefits, maternity/paternity leave, flexible work arrangements, education reimbursement, wellness programs and more. Note, Citizens’ paid time off policy exceeds the mandatory, paid sick or paid time-away policy of very local and state jurisdiction in the United States. For an overview of our benefits, visit https://jobs.citizensbank.com/benefits.

Some job boards have started using jobseeker-reported data to estimate salary ranges for roles. If you apply and qualify for this role, a recruiter will discuss accurate pay guidance.

Equal Employment Opportunity

At Citizens we value diversity, equity and inclusion, and treat everyone with respect and professionalism. Employment decisions are based solely on experience, performance, and ability. Citizens, its parent, subsidiaries, and related companies (Citizens) provide equal employment and advancement opportunities to all colleagues and applicants for employment without regard to age, ancestry, color, citizenship, physical or mental disability, perceived disability or history or record of a disability, ethnicity, gender, gender identity or expression (including transgender individuals who are transitioning, have transitioned, or are perceived to be transitioning to the gender with which they identify), genetic information, genetic characteristic, marital or domestic partner status, victim of domestic violence, family status/parenthood, medical condition, military or veteran status, national origin, pregnancy/childbirth/lactation, colleague’s or a dependent’s reproductive health decision making, race, religion, sex, sexual orientation, or any other category protected by federal, state and/or local laws.

Equal Employment and Opportunity Employer

Citizens is a brand name of Citizens Bank, N.A. and each of its respective affiliates.

Why Work for Us

At Citizens, you’ll find a customer-centric culture built around helping our customers and giving back to our local communities. When you join our team, you are part of a supportive and collaborative workforce, with access to training and tools to accelerate your potential and maximize your career growth

Equity Research Analyst/Associate- Transportation & Shipping

Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

The Airfreight & Surface Transportation and Shipping team covers nearly 30 stocks, spanning railroads, truckers, airfreight companies (UPS, FedEx), less-than-truckload carriers (such as Old Dominion Freight Line, XPO), freight forwarders/truck brokers, railroad equipment manufacturers, and international shipping companies. 

The team is known for its ability to synthesize data to help institutional investors with valuation and industry background thoughts.  We have proprietary surveys that provide real time market data unmatched in the industry. 

The candidate will be responsible for all aspects of the job, including idea generation, industry research, client interaction, database creation/management, modeling, writing, valuation analysis, marketing materials, conferences, plant tours, and much more.  The role will be naturally expanded through self-starter initiative and the dynamic role itself.

Responsibilities

• Perform complex financial modeling & valuation work
• Write regular industry and company reports and company launch initiations from scratch
• Analyze data in market research databases
• Demonstrate strong industry knowledge and business judgment
• Interview industry experts regarding our covered companies and industries
• Work with Senior Analysts to develop key industry themes
• Build relationships and facilitate information flow with contacts at covered companies
• Participate and contribute to client meetings and events
• Attend meetings and interact with key opinion leaders
• Closely follow and understand market, industry and company specific activity, and relay to analyst when traveling
• Seek out new, unusual sources of information to augment our research capabilities
• Respond to research inquiries from our institutional investor clients during market hours

Qualifications

• Bachelor’s Degree or equivalent years of experience; MBA and/or progress towards a CFA or other relevant professional certifications is a plus
• Minimum 1-5 years experience in accounting, corporate finance, research, banking or consulting
• Strong modeling and financial analysis skills (income statement, balance sheet, and cash flow statement in Excel )
• Ability to comprehend and create charts, diagrams, tables and other data visualizations
• Strong attention to detail
• Knowledge of statistics and/or data analytics/data science techniques a plus
• General interest in the stock market and/or financial markets
• Must work well in a fast-paced, intense and collaborative team environment
• Must have excellent communication skills, written and verbal
• Business Intelligence
• Financial Analysis
• Financial Forecasting and Modeling
• Financial Management
• Profitability Analysis
• Data and Trend Analysis
• Price Verification and Valuation
• Research Analysis
• Technical Documentation

Hours Per Week:

Weekly Schedule:

Referral Bonus Amount:

Hours Per Week: 

Learn more about this role

JR-24012579

Manages People: No

New York pay range:

$110,000 - $160,000 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

This role is currently benefits eligible . We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

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