The document provides an overview of equity research and the career paths for equity analysts. It defines equity research as conducting research on publicly traded companies to recommend buying, selling, or holding stocks. Equity analysts gather information, analyze companies through financial modeling, and make investment recommendations. Their career can progress from associate to vice president, senior vice president, and managing director levels at investment banks or from research associate to analyst, senior analyst, and portfolio manager at hedge funds. The document outlines typical job responsibilities, compensation ranges, and career timelines within these roles.
How Startups Are Being Valued By Early-Stage InvestorseTailing India
How Startups Are Being Valued By Early-Stage Investors
Today, comprehending the mindset of investors becomes imperative to one’s chances of getting funded. So here’s a series dedicated to understand the nuances of funding in our ‘Funding Series.’ The 1st part of the series will focus on how investors value a startup.
Fundamental analysis is a technique used to evaluate securities based on underlying factors that affect a company's business and future prospects. It involves analyzing both quantitative factors like financial statements, as well as qualitative factors like management quality. The goal is to estimate a security's intrinsic value and find opportunities where it is underpriced. However, fundamental analysis makes assumptions that are criticized, such as whether one can truly estimate intrinsic value better than the overall market. Technical analysis, on the other hand, evaluates securities solely based on historical price and volume data to identify trends and make predictions, without considering underlying company fundamentals. While the two approaches have differences, combining them can provide benefits to investors.
This document provides a comparative assessment of the stock valuation of Intel Corporation and Texas Instruments. It uses both absolute and relative valuation models, including discounted dividend, free cash flow, residual income, and market multiples models. The analysis finds that while Intel derives around 50% of its valuation from PCs, even a large decline in its PC market share would likely have only a minor impact on its overall valuation. It also determines that Texas Instruments' shares are a reasonable investment given its annual dividend, dividend growth history, and discounted cash flow valuation of around $55.9 billion compared to its recent market price of $52.6 billion.
Welcome to the second edition of Multi-Manager
Mindset – STANLIB Multi-Manager’s quarterly thought
leadership publication. In this issue, we focus on the
efficient use of passive solutions in portfolio design.
Factors Affecting Investment Decisions in the Stock ExchangeAyman Sadiq
The document discusses factors affecting investment decisions in the stock exchange. It begins with definitions and an introduction to the topic. The broad objective is to identify factors influencing investment decisions. Specific objectives are to determine the impact of company profile, financial performance, market conditions, financial facilities, types of information, and regulatory bodies. Hypotheses are presented related to each objective. The methodology section outlines data collection through surveys and analysis using t-tests and factor analysis. Key findings indicate company reputation, size, and past financial performance most influence decisions, while market factors and financial services have less impact. Insider information and analyst recommendations also hold sway.
Investment behavior of individual investoramicable
This document discusses understanding the investment behavior of individual investors. It begins by introducing behavioral finance as a new paradigm that examines how human psychology and irrational behavior can influence financial markets, as traditional theories assume rational behavior. The document then discusses the research objectives of identifying determinants of individual investor behavior and their impact on decision making. Several theories are discussed, including the efficient market hypothesis and emergence of behavioral finance as a new paradigm. The remainder of the document outlines the theoretical framework and introduces concepts from behavioral finance like overconfidence, optimism and risk attitude that will be examined to understand their influence on individual investor decision making.
This document provides an overview of conducting a feasibility study. It discusses reasons why feasibility studies should and should not be conducted. It then covers key components of a feasibility study including market analysis, technical analysis, organizational design, environmental analysis, social impact analysis, screening and scoping, political analysis, and more. The document provides descriptions and methodologies for analyzing each component to comprehensively determine the viability of a proposed business venture or project.
Competitive intelligence involves gathering quantitative market information through various legal methods to inform business planning and strategy. This includes collecting government statistics, annual reports, trade publications, and SEC filings to analyze the current market, identify opportunities and threats, track technology and market changes, and find important industry players. It also involves envisioning competitors' responses and presenting findings visually to managers through tools like PowerPoint. Ethics require avoiding deception while information from public sources or third parties is fair to collect.
How Startups Are Being Valued By Early-Stage InvestorseTailing India
How Startups Are Being Valued By Early-Stage Investors
Today, comprehending the mindset of investors becomes imperative to one’s chances of getting funded. So here’s a series dedicated to understand the nuances of funding in our ‘Funding Series.’ The 1st part of the series will focus on how investors value a startup.
Fundamental analysis is a technique used to evaluate securities based on underlying factors that affect a company's business and future prospects. It involves analyzing both quantitative factors like financial statements, as well as qualitative factors like management quality. The goal is to estimate a security's intrinsic value and find opportunities where it is underpriced. However, fundamental analysis makes assumptions that are criticized, such as whether one can truly estimate intrinsic value better than the overall market. Technical analysis, on the other hand, evaluates securities solely based on historical price and volume data to identify trends and make predictions, without considering underlying company fundamentals. While the two approaches have differences, combining them can provide benefits to investors.
This document provides a comparative assessment of the stock valuation of Intel Corporation and Texas Instruments. It uses both absolute and relative valuation models, including discounted dividend, free cash flow, residual income, and market multiples models. The analysis finds that while Intel derives around 50% of its valuation from PCs, even a large decline in its PC market share would likely have only a minor impact on its overall valuation. It also determines that Texas Instruments' shares are a reasonable investment given its annual dividend, dividend growth history, and discounted cash flow valuation of around $55.9 billion compared to its recent market price of $52.6 billion.
Welcome to the second edition of Multi-Manager
Mindset – STANLIB Multi-Manager’s quarterly thought
leadership publication. In this issue, we focus on the
efficient use of passive solutions in portfolio design.
Factors Affecting Investment Decisions in the Stock ExchangeAyman Sadiq
The document discusses factors affecting investment decisions in the stock exchange. It begins with definitions and an introduction to the topic. The broad objective is to identify factors influencing investment decisions. Specific objectives are to determine the impact of company profile, financial performance, market conditions, financial facilities, types of information, and regulatory bodies. Hypotheses are presented related to each objective. The methodology section outlines data collection through surveys and analysis using t-tests and factor analysis. Key findings indicate company reputation, size, and past financial performance most influence decisions, while market factors and financial services have less impact. Insider information and analyst recommendations also hold sway.
Investment behavior of individual investoramicable
This document discusses understanding the investment behavior of individual investors. It begins by introducing behavioral finance as a new paradigm that examines how human psychology and irrational behavior can influence financial markets, as traditional theories assume rational behavior. The document then discusses the research objectives of identifying determinants of individual investor behavior and their impact on decision making. Several theories are discussed, including the efficient market hypothesis and emergence of behavioral finance as a new paradigm. The remainder of the document outlines the theoretical framework and introduces concepts from behavioral finance like overconfidence, optimism and risk attitude that will be examined to understand their influence on individual investor decision making.
This document provides an overview of conducting a feasibility study. It discusses reasons why feasibility studies should and should not be conducted. It then covers key components of a feasibility study including market analysis, technical analysis, organizational design, environmental analysis, social impact analysis, screening and scoping, political analysis, and more. The document provides descriptions and methodologies for analyzing each component to comprehensively determine the viability of a proposed business venture or project.
Competitive intelligence involves gathering quantitative market information through various legal methods to inform business planning and strategy. This includes collecting government statistics, annual reports, trade publications, and SEC filings to analyze the current market, identify opportunities and threats, track technology and market changes, and find important industry players. It also involves envisioning competitors' responses and presenting findings visually to managers through tools like PowerPoint. Ethics require avoiding deception while information from public sources or third parties is fair to collect.
The document provides an overview of 10 popular stock-picking strategies: fundamental analysis, qualitative analysis, value investing, growth investing, GARP investing, income investing, CANSLIM, Dogs of the Dow, and technical analysis. It discusses the importance of analyzing both quantitative and qualitative factors about a company to determine its intrinsic value and whether its stock is under or overvalued. While there is no foolproof strategy, these approaches can be effective if used appropriately based on an investor's goals and risk tolerance.
This thesis examines the "local advantage" of analysts in the Finnish stock market between 2006-2014. The local advantage refers to analysts located closer to the companies they cover having better information and insights.
The study analyzes target price data from local and foreign analysts to test the investment value of the local advantage. It finds that local analysts focused more on sectors located near consumer markets. Market reactions to target price changes were generally insignificant, except for positive revisions by local analysts.
Both local and foreign analysts were overly optimistic in their target prices and exhibited herd behavior. Neither group consistently led or followed in incorporating new information. The study forms portfolios based on local and foreign target prices and finds the foreign portfolio performed better when short
The Role of a Securities Analyst and Their Biasesarishem
1. Brokerage firm analysts research industries and companies to market their views to institutional investors, not individual investors or portfolio managers.
2. Analysts focus on a limited number of companies within a sector to thoroughly track them and assess how internal and external factors will impact them.
3. Analysts must rate companies as buys, sells, or somewhere in between and communicate their assessments to various audiences including institutional clients and the media.
Crowd-sourced Alpha: The Search for the Holy Grail of InvestingQuantopian
It has been said that diversification is the only free lunch. Join Dr. Jess Stauth, vice president of quant strategy at Quantopian, and learn about the criteria we are using to select crowd-sourced algorithms with uncorrelated returns streams to achieve consistent market outperformance.
Quantopian provides this presentation to help people write trading algorithms - it is not intended to provide investment advice.
More specifically, the material is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by Quantopian.
In addition, the content neither constitutes investment advice nor offers any opinion with respect to the suitability of any security or any specific investment. Quantopian makes no guarantees as to accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances.
'The Basics' covers some fundamental investing concepts that we believe to be vital for any young investor. We highly recommend going through this presentation if you're interested in the club but you have not yet taken FIN 300.
1. The document discusses analyzing factors that influence the success and failure of initial public offerings (IPOs) and provides investing tips for investors.
2. It analyzes 3 past IPOs to learn lessons and apply that knowledge to evaluate upcoming IPOs. Literature on IPO pricing mechanisms and performance is also reviewed.
3. The goal is to help investors make informed investment decisions by understanding what drives IPO performance and applying that to evaluate new offerings.
This document provides an overview of various analysis methods used to evaluate investments, including fundamental analysis, quantitative analysis, and technical analysis. It also discusses relevant market theories like the efficient market hypothesis. Fundamental analysis examines macroeconomic factors, industry conditions, and individual company financials. Quantitative analysis uses computers and statistics to identify patterns for investment opportunities. Technical analysis studies historical stock price movements and trading volumes to predict future price changes. The efficient market hypothesis posits that stock prices instantly reflect all available information.
This document summarizes 5 research papers related to investor psychology and behavior in financial markets. The papers find that psychological biases like overconfidence, attribution bias, and following positive feedback strategies can influence individual investors and contribute to market inefficiencies like excess volatility, momentum effects, and price bubbles. Rational speculation is not always stabilizing and may amplify price movements when interacting with noise traders who follow positive feedback. Overall, the research presented suggests behavioral factors are important to consider alongside rational models to better understand market dynamics.
3 ways to know if the price is right identify the overpriced & under pri...Hello Policy
Investors hoping to maximize their gains try to identify stocks that are mispriced, creating long opportunities for under-priced companies and short opportunities for overpriced shares. Not everyone believes a stock can be mispriced, particularly those who are proponents of the efficient markets hypothesis. Efficient markets theory assumes that market prices reflect all available information regarding stock and this information is uniform. Such observers also contend that asset bubbles are driven by rapidly changing information and expectations rather than irrational or overly speculative behaviour.
Fundamental analysis uses economic and financial analysis to predict stock price movements. It involves studying factors like a company's financial reports, industry comparisons, and broader economic changes. The typical approach involves analyzing the overall economy, the relevant industry, the specific company, and determining the company's stock value. Main indicators studied include economic data like inflation, interest rates, and consumer spending.
CASE STUDY ON CORPORATE VENTURE CAPITAL FOR PHARMA INDUSTRY FOR "DELOITTE-MA...Debi Prasad Dash
This document provides an analysis for a corporate venture capital fund to identify potential investment targets in the point-of-care diagnostics segment. It outlines the client's problem of seeking new revenue sources and growth options. The document analyzes segments using the VESSEL framework, identifies point-of-care diagnostics as the most promising, and provides a SWOT analysis. Four companies are then shortlisted in this segment based on an assessment framework. The most attractive target, a pharmaceutical IT company, is identified based on organizational compatibility, synergy, and financial considerations.
This document summarizes a research paper that examines factors affecting investment behavior among young professionals aged 25-35. It conducted a survey of 200 young investors in Lucknow, India to understand their preferences and decision-making processes. The key findings were:
1) The most important factors guiding investment decisions for young investors were safety of funds and diversification.
2) The majority invested for both growth and income, with others focusing on financial stability or tax savings.
3) Statistical analysis found investment behavior to be independent of age, gender, and income among young investors.
AIAR Winter 2015 - Henry Ma Adaptive Invest ApproachHenry Ma
This document discusses the shortcomings of modern portfolio theory and the efficient market hypothesis. It introduces an alternative framework called adaptive investment which adjusts portfolios based on changing economic and market conditions. Specifically, it discusses how the risk/return relationship breaks down when including more asset classes, how average returns and other parameters are unstable over time. It also discusses how traditional investment practices like buy-and-hold and benchmark-centric investing led to suboptimal outcomes for investors. The document proposes that an adaptive investment approach which adjusts to different market regimes may better help investors achieve their goals.
First Serve Asset Management is seeking investor interest in its new energy focused fund, First Serve Capital, LP. The fund will employ fundamental research to identify mispriced investment opportunities across the global energy sector. It will take both long and short positions in equities, options, commodities and futures. The portfolio manager has over 8 years of experience investing in energy and related sectors. Risk management practices are integrated, including daily monitoring and a maximum 50% short exposure.
This is part of the Education Series prepared by StockStream Financial Services. This session looks at the differences between Technical and Fundamental Analysis.
1) Index funds continue to outperform active funds over the long term, as shown by recent research. The Australian ETF sector is growing much faster than the overall market.
2) Active bond managers will need to significantly outperform bond indexes for a sustained period to change investors' perceptions that have favored index funds.
3) Recent data from S&P Global shows that over one, three and five year periods, the majority of Australian active equity and bond managers underperformed their relevant indexes.
Equity Research primarily means analyzing company's financials, perform ratio analysis, forecast the financial in excel (financial modeling) and explore scenarios with an objective of making BUY/SELL stock investment recommendation.
The document discusses equity research, which is the analysis of companies and stocks to inform investment decisions. It describes the equity research process, which involves economic, industry, company, and financial statement analysis as well as financial modeling and report writing. Equity research is used for investment evaluation, in the mutual fund industry, for mergers and acquisitions deals, in financial publications, and by charitable endowments. The skills required for equity research include financial analysis, business knowledge, presentation/writing capabilities, and judgment.
A financial analyst is responsible for researching and analyzing financial information to advise companies and clients on investment decisions. They must have a strong educational background in fields like economics, accounting, and business. Financial analysts evaluate stocks, bonds, and other investments to determine which options best meet client needs and goals. They prepare reports and presentations with recommendations to buy, sell, or hold particular investments. Competition is strong for financial analyst roles.
The document provides an overview of 10 popular stock-picking strategies: fundamental analysis, qualitative analysis, value investing, growth investing, GARP investing, income investing, CANSLIM, Dogs of the Dow, and technical analysis. It discusses the importance of analyzing both quantitative and qualitative factors about a company to determine its intrinsic value and whether its stock is under or overvalued. While there is no foolproof strategy, these approaches can be effective if used appropriately based on an investor's goals and risk tolerance.
This thesis examines the "local advantage" of analysts in the Finnish stock market between 2006-2014. The local advantage refers to analysts located closer to the companies they cover having better information and insights.
The study analyzes target price data from local and foreign analysts to test the investment value of the local advantage. It finds that local analysts focused more on sectors located near consumer markets. Market reactions to target price changes were generally insignificant, except for positive revisions by local analysts.
Both local and foreign analysts were overly optimistic in their target prices and exhibited herd behavior. Neither group consistently led or followed in incorporating new information. The study forms portfolios based on local and foreign target prices and finds the foreign portfolio performed better when short
The Role of a Securities Analyst and Their Biasesarishem
1. Brokerage firm analysts research industries and companies to market their views to institutional investors, not individual investors or portfolio managers.
2. Analysts focus on a limited number of companies within a sector to thoroughly track them and assess how internal and external factors will impact them.
3. Analysts must rate companies as buys, sells, or somewhere in between and communicate their assessments to various audiences including institutional clients and the media.
Crowd-sourced Alpha: The Search for the Holy Grail of InvestingQuantopian
It has been said that diversification is the only free lunch. Join Dr. Jess Stauth, vice president of quant strategy at Quantopian, and learn about the criteria we are using to select crowd-sourced algorithms with uncorrelated returns streams to achieve consistent market outperformance.
Quantopian provides this presentation to help people write trading algorithms - it is not intended to provide investment advice.
More specifically, the material is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by Quantopian.
In addition, the content neither constitutes investment advice nor offers any opinion with respect to the suitability of any security or any specific investment. Quantopian makes no guarantees as to accuracy or completeness of the views expressed in the website. The views are subject to change, and may have become unreliable for various reasons, including changes in market conditions or economic circumstances.
'The Basics' covers some fundamental investing concepts that we believe to be vital for any young investor. We highly recommend going through this presentation if you're interested in the club but you have not yet taken FIN 300.
1. The document discusses analyzing factors that influence the success and failure of initial public offerings (IPOs) and provides investing tips for investors.
2. It analyzes 3 past IPOs to learn lessons and apply that knowledge to evaluate upcoming IPOs. Literature on IPO pricing mechanisms and performance is also reviewed.
3. The goal is to help investors make informed investment decisions by understanding what drives IPO performance and applying that to evaluate new offerings.
This document provides an overview of various analysis methods used to evaluate investments, including fundamental analysis, quantitative analysis, and technical analysis. It also discusses relevant market theories like the efficient market hypothesis. Fundamental analysis examines macroeconomic factors, industry conditions, and individual company financials. Quantitative analysis uses computers and statistics to identify patterns for investment opportunities. Technical analysis studies historical stock price movements and trading volumes to predict future price changes. The efficient market hypothesis posits that stock prices instantly reflect all available information.
This document summarizes 5 research papers related to investor psychology and behavior in financial markets. The papers find that psychological biases like overconfidence, attribution bias, and following positive feedback strategies can influence individual investors and contribute to market inefficiencies like excess volatility, momentum effects, and price bubbles. Rational speculation is not always stabilizing and may amplify price movements when interacting with noise traders who follow positive feedback. Overall, the research presented suggests behavioral factors are important to consider alongside rational models to better understand market dynamics.
3 ways to know if the price is right identify the overpriced & under pri...Hello Policy
Investors hoping to maximize their gains try to identify stocks that are mispriced, creating long opportunities for under-priced companies and short opportunities for overpriced shares. Not everyone believes a stock can be mispriced, particularly those who are proponents of the efficient markets hypothesis. Efficient markets theory assumes that market prices reflect all available information regarding stock and this information is uniform. Such observers also contend that asset bubbles are driven by rapidly changing information and expectations rather than irrational or overly speculative behaviour.
Fundamental analysis uses economic and financial analysis to predict stock price movements. It involves studying factors like a company's financial reports, industry comparisons, and broader economic changes. The typical approach involves analyzing the overall economy, the relevant industry, the specific company, and determining the company's stock value. Main indicators studied include economic data like inflation, interest rates, and consumer spending.
CASE STUDY ON CORPORATE VENTURE CAPITAL FOR PHARMA INDUSTRY FOR "DELOITTE-MA...Debi Prasad Dash
This document provides an analysis for a corporate venture capital fund to identify potential investment targets in the point-of-care diagnostics segment. It outlines the client's problem of seeking new revenue sources and growth options. The document analyzes segments using the VESSEL framework, identifies point-of-care diagnostics as the most promising, and provides a SWOT analysis. Four companies are then shortlisted in this segment based on an assessment framework. The most attractive target, a pharmaceutical IT company, is identified based on organizational compatibility, synergy, and financial considerations.
This document summarizes a research paper that examines factors affecting investment behavior among young professionals aged 25-35. It conducted a survey of 200 young investors in Lucknow, India to understand their preferences and decision-making processes. The key findings were:
1) The most important factors guiding investment decisions for young investors were safety of funds and diversification.
2) The majority invested for both growth and income, with others focusing on financial stability or tax savings.
3) Statistical analysis found investment behavior to be independent of age, gender, and income among young investors.
AIAR Winter 2015 - Henry Ma Adaptive Invest ApproachHenry Ma
This document discusses the shortcomings of modern portfolio theory and the efficient market hypothesis. It introduces an alternative framework called adaptive investment which adjusts portfolios based on changing economic and market conditions. Specifically, it discusses how the risk/return relationship breaks down when including more asset classes, how average returns and other parameters are unstable over time. It also discusses how traditional investment practices like buy-and-hold and benchmark-centric investing led to suboptimal outcomes for investors. The document proposes that an adaptive investment approach which adjusts to different market regimes may better help investors achieve their goals.
First Serve Asset Management is seeking investor interest in its new energy focused fund, First Serve Capital, LP. The fund will employ fundamental research to identify mispriced investment opportunities across the global energy sector. It will take both long and short positions in equities, options, commodities and futures. The portfolio manager has over 8 years of experience investing in energy and related sectors. Risk management practices are integrated, including daily monitoring and a maximum 50% short exposure.
This is part of the Education Series prepared by StockStream Financial Services. This session looks at the differences between Technical and Fundamental Analysis.
1) Index funds continue to outperform active funds over the long term, as shown by recent research. The Australian ETF sector is growing much faster than the overall market.
2) Active bond managers will need to significantly outperform bond indexes for a sustained period to change investors' perceptions that have favored index funds.
3) Recent data from S&P Global shows that over one, three and five year periods, the majority of Australian active equity and bond managers underperformed their relevant indexes.
Equity Research primarily means analyzing company's financials, perform ratio analysis, forecast the financial in excel (financial modeling) and explore scenarios with an objective of making BUY/SELL stock investment recommendation.
The document discusses equity research, which is the analysis of companies and stocks to inform investment decisions. It describes the equity research process, which involves economic, industry, company, and financial statement analysis as well as financial modeling and report writing. Equity research is used for investment evaluation, in the mutual fund industry, for mergers and acquisitions deals, in financial publications, and by charitable endowments. The skills required for equity research include financial analysis, business knowledge, presentation/writing capabilities, and judgment.
A financial analyst is responsible for researching and analyzing financial information to advise companies and clients on investment decisions. They must have a strong educational background in fields like economics, accounting, and business. Financial analysts evaluate stocks, bonds, and other investments to determine which options best meet client needs and goals. They prepare reports and presentations with recommendations to buy, sell, or hold particular investments. Competition is strong for financial analyst roles.
Browse what a private equity analyst is and learn about private equity analyst skills, how to improve them, their workplace role, salary and ways to succeed.
EQUITY RESEARCH OF AUTOMOBILE SECTOR FOR RETAIL INVESTORAnand Kumar
This document provides an overview of equity research and the automobile industry in India. It discusses what equity research is, its purpose and scope. It also discusses fundamental and technical analysis techniques used in equity research. The document then provides an introduction to the automobile industry in India, including key statistics on production, exports, growth drivers and the major automobile hubs. It also gives an overview of 10 automobile companies that will be analyzed as part of an equity research project on the automobile sector aimed at retail investors.
This document provides an executive summary and introduction to a project conducting fundamental analysis of five banking companies in India over 45 days. The analysis included economic, industry, and company analysis to derive an intrinsic value for each stock and determine if it was overvalued or undervalued. Data was collected from annual reports and company websites and analyzed using techniques like CAMEL rating and intrinsic value calculation. The purpose was to forecast future stock prices and provide a basis for informed investment decisions.
This document is a study submitted by Afzalshah Sayed towards the partial fulfillment of a Master of Business Administration in Finance degree from IES Management College in Mumbai, India. The study examines fundamental analysis and is divided into multiple chapters that will cover qualitative and quantitative factors, financial statements, valuation and more. The student declares the work as original and grants the college rights to publish parts of the study.
Summer internship project on angel brokingMehak Mehta
This document provides an overview of Angel Broking, an Indian stock broking and wealth management firm. It discusses Angel Broking's history, vision, departments, awards, and services. Some key points:
- Angel Broking was founded in 1987 and has grown to become one of India's largest retail broking houses.
- It provides stock broking, commodities broking, currency trading, wealth management, portfolio management, and insurance distribution services.
- Angel Broking has received several awards recognizing its contributions to investor education and retail focus.
- It aims to provide best value for money to investors through innovative products and personalized service.
This document contains a presentation on fundamental analysis given by a group of students at K.E.S’s SHROFF College of Arts & Commerce. The presentation covers various aspects of fundamental analysis including meaning, tools, qualitative factors related to companies and industries, and an introduction to financial statements. Fundamental analysis involves analyzing the financial statements and health of a business, its management and competitive advantage, as well as the markets and economy. The presentation defines key terms and ratios used in fundamental analysis such as P/E ratio, dividend yield, and discusses how to analyze industries and companies.
The need for and importance of financial analysis and control for company val...FahimNeloy47
This document discusses the need for and importance of financial analysis and control for company valuation. It defines financial analysis and control, and outlines the different types of financial analysis including fundamental analysis and technical analysis. It describes how financial analysis is used to assess company performance, make investment decisions, and analyze future performance. The purpose of financial analysis and control is to evaluate a company's financial health and value for potential investors or business owners. Key aspects like financial statements, ratios, trends and projections are analyzed to gauge a business's stability and forecast its potential.
The document provides an overview of various careers in finance, including corporate finance, investment banking, investment management, private equity, and venture capital. It discusses the typical roles, activities, lifestyles, and personalities associated with each path. It also provides advice on how to get jobs in these fields, including networking, attending events, and gaining relevant experience through internships and coursework.
This document provides an introduction and overview for a project report on security analysis of selected industries. It outlines the importance of investment, different investment avenues, and factors influencing investment decisions. It then describes the methodology used in the project, including fundamental and technical analysis of securities, construction of industry indexes, and comparison of industries based on the coefficient of variation. The project aims to analyze returns, price fluctuations, and risk levels of different industries like banking, automotive, information technology, and pharmaceuticals.
This document provides information on a 6-month "Professional Value Trader" course that teaches fundamental equity research and portfolio management skills. The objective is to train participants to value equities, manage portfolios, use derivatives, and enhance returns. The course involves 800+ hours of classroom training using real-world examples and simulations with tools like Capital Line and Excel. Participants will learn financial concepts and receive certification upon completing assignments and exams.
This document provides guidance for a classroom project where student teams assume the role of mutual fund managers. The project involves creating a prospectus for their mutual fund portfolio during a stock market simulation. Teams collect weekly performance data and develop an annual report. The document defines key mutual fund terms and outlines activities for teams to create a prospectus, manage their fund, calculate returns, and generate financial statements for their annual report.
This document provides guidance for a classroom project where student teams assume the roles of mutual fund managers. It outlines how teams will create and manage mutual fund portfolios in a stock market simulation. The document discusses creating a prospectus describing the fund's strategy and compiling regular performance reports. It also provides educational resources on mutual funds and financial statements. The goal is for students to gain experience managing an investment portfolio and communicating results to investors.
The document discusses investment process and approaches. It describes the 5 stages of the investment process: 1) framing an investment policy, 2) security analysis, 3) valuation, 4) portfolio construction, and 5) portfolio evaluation. It then discusses the 3 main approaches to investment: 1) fundamental analysis which examines economic, industry and company factors, 2) technical analysis which analyzes past stock price and volume trends, and 3) the efficient market hypothesis which states stock prices reflect all available information and follow random patterns.
This document provides an overview of career opportunities in investment banking. It describes the main divisions including the front office (revenue generating roles like investment banking, sales & trading), middle office (compliance, risk management), and back office (operations). It also outlines the differences between bulge bracket banks, middle market banks, and boutique banks. The main roles covered are investment banking, sales & trading, asset management, and equity research. It details the typical hierarchy within these divisions and average starting compensation for analysts.
Ignacio Velez-Pareja : From the Slide Rule to the Black BerryFuturum2
1. The document discusses using financial modeling as a tool for business valuation and value management, rather than just for transactions like selling or buying a company.
2. It proposes developing a comprehensive financial model with traditional statements plus a cash budget to estimate how decisions impact future cash flows and value. This allows management to proactively shape the future rather than just reacting to the past.
3. The model incorporates factors like inflation, growth, and policies to evaluate risks and test scenarios. It is based on double-entry accounting to help ensure accuracy and identify errors.
A predictive system called "INSIGHT" was built using structured and unstructured data from various sources to identify potential buyers and sellers for large block trades. The system analyzed data like daily block trades, shareholder patterns, holdings, and market news to predict fund behavior. Additionally, the author learned quantitative research including technical analysis, building pair trading strategies, and value-at-risk models to analyze stock predictions and portfolio risk. The internship provided valuable experience in institutional equities trading and quantitative analysis techniques.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Duba...mayaclinic18
Whatsapp (+971581248768) Buy Abortion Pills In Dubai/ Qatar/Kuwait/Doha/Abu Dhabi/Alain/RAK City/Satwa/Al Ain/Abortion Pills For Sale In Qatar, Doha. Abu az Zuluf. Abu Thaylah. Ad Dawhah al Jadidah. Al Arish, Al Bida ash Sharqiyah, Al Ghanim, Al Ghuwariyah, Qatari, Abu Dhabi, Dubai.. WHATSAPP +971)581248768 Abortion Pills / Cytotec Tablets Available in Dubai, Sharjah, Abudhabi, Ajman, Alain, Fujeira, Ras Al Khaima, Umm Al Quwain., UAE, buy cytotec in Dubai– Where I can buy abortion pills in Dubai,+971582071918where I can buy abortion pills in Abudhabi +971)581248768 , where I can buy abortion pills in Sharjah,+97158207191 8where I can buy abortion pills in Ajman, +971)581248768 where I can buy abortion pills in Umm al Quwain +971)581248768 , where I can buy abortion pills in Fujairah +971)581248768 , where I can buy abortion pills in Ras al Khaimah +971)581248768 , where I can buy abortion pills in Alain+971)581248768 , where I can buy abortion pills in UAE +971)581248768 we are providing cytotec 200mg abortion pill in dubai, uae.Medication abortion offers an alternative to Surgical Abortion for women in the early weeks of pregnancy. Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman Fujairah Ras Al Khaimah%^^%$Zone1:+971)581248768’][* Legit & Safe #Abortion #Pills #For #Sale In #Dubai Abu Dhabi Sharjah Deira Ajman
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
1. EQUITYRESEARCH/EQUITYANALYST: CAREER, JOB DESCRIPTION,SALARY, EXITOPPORTUNITIES - A
COMPLETE GUIDE | BankingPrep
Equity Researchis a fundamentaldivisionofallfinancialcorporates.Andyet it stays mystictoa lot ofpeopledue tolack of information.Inthis
articlewewillgiveyouthemost comprehensiveoverviewofEquity Researchandmorespecifically-EquityAnalyst tohelpyoumasterthis term.
Let us guideyour way.
Table of Content
“So exactly what is Equity Research” - you may ask
Equity Analyst: What do they do/ Where are they?
Equity Research: Career Path (Equity Associate to Equity Analyst)
How to break into Equity Research
Some tips from Bankingprep
<ảnh>
“So exactly what isEquity Research” - youmay ask:
Equity Researchis a divisionconsisting ofresearchersforpotentialequity.They willconduct researchabout a listedcompany ona stockexchange
torecommend which stocktobuy, sellorhold. This process contains various steps but mainly representsinthesetwofunctions:
● Evaluatecompany thoughdifferent aspects:
When a company is analyzedby anequity analyst,it is assessedandevaluated bothinternallyandexternally.Anequity researchanalyst
looks at financialperformanceinthepast andpresent topredict theperformanceofthecompany in thefuture.They estimate thepriceof
2. thestockdueto externalfactorssuchas GDP,thesizeof themarket,themarket sharethatcompany is holding,thecompetitivenessofthe
competitor,...Wewill explainthis indetailbelow.
● Recommendtheinvestment decisions forfinancialcorporations orindividualinvestors through EquityResearch Reports withconclusions
suchas “buy”, “sell”or“hold” thecompany’s stock.Oncetheequity researchanalyst finishes withtheresearch(this contains alltheprocess
of evaluationofthecompany’s stockandpredictionofperformanceofthe company) they willgive theinvestment recommendationtothe
fund managertopitchtheideas.
EquityAnalyst: What do they do/Where are they?
Equity researchmeans providing financialanalysis viatheformofanequity researchreport torecommenda company’s stocktoinvestors for
higherreturn.We dividethis process into3 parts ofwhat they do:
1. GatherInformation:
This part of Equity Research means catching up with the latest news that has animpact on the stock markets.
Equity ResearchAnalystsareresponsiblefora groupofstocks orcompanies ina specificfield.They havetogatherinformation-data to
conduct a research.Data willbecollectedfrommany sources,bothpublicsources (google,news,annualreports andsoon) andprivate
sources (thecompany’s boardofdirectors andsoon). They alsohavetolay theireyes ontheglobaleconomicsituation,new trending
markets,sizeofthemarket anda very important element-competitors,tohedgeriskorseizenewinvestment opportunities.
2. AnalyzeInformation:
Information gathered is analyzed daily
Equity ResearchAnalyst analyzes theinformationgatheredby evaluating thefinancialperformanceofthecompany throughfinancial
statements,building financialmodels inExceltoproject revenueandprofit ofthecompany in different scenarios ofthemarket.This gives
readers a clearinsight ofthepotentialofthecompany.
3. Evaluatethestockprice:
Investment Recommendation
Using thedata fromtheprevious step,Equity ResearchAnalystsconduct a researchtoconcludewhetherto“buy”,“sell”or “hold” that
company’s stocktoinvestors. They evaluatethepriceofthestockat themoment by using someEquity Valuationmodels such as DCF,
RelativeValuation,SOTPvaluation,P/EEV/EBITDAmethodologyorusing somemetrics likeP/ERatio,EPS,ROE,ROA,et cetera.
3. Equity Researchcanbedividedinto2 types,Equity ResearchinBuy-side(HedgeFunds,MutualFunds),Equity ResearchinSell-side(Investment
Banks),they generally playthesamerolebut therearesomekey differences.Inthetablebelow,wecoverthesekey differenceforyou:
Sell-side Buy-side
Key difference Investment Bank HedgeFund MutualFund
Working hours 55-60 hours perweek 60-70 hours per
week
58 hours per week
Daily Task Givebuy/sell/hold
recommendationforthe buy-
side
Constantly focus onideas that
aremore likecommercialthan
totally focus onnew potential
company
Not focus on only return, but
also focus on persuading
customers to trade on their
stock exchange
Allreports areon public
domain
Make investment
decisions based on
sell-side analysis
and further analysis
to make investment
decisions
Focus on assets that
bring the most return
in short-term
All reports stay
private
Similar to Hedge
fund but Mutual
fund focuses more
on assets that bring
the most return in
long-term
Compensation
(at entry level)
$125,000-$200,000 $150,000-$200,000 SimilartoHedge
Fund but less
volatilebonus
Goals Analyze,evaluateand
recommend investment
decisionon somespecific
stocks orsomespecificfields
Makeinvestmentdecisions basedonthe
company's analysis andstrategy.
4. ‘Why isan equity researchreport ofsell-sideprovidedfree?”youmayask
Investment Bankspublishtheirreports becauseoftherevenue: Investorsarelikelytotradecompany’s stocksright at thebankwhichpublishes
stockreports ofthat company.This makes thecommissionfeeforthebankincreaseandleads tohigherrevenue.
EquityResearch: CareerPath (EquityAssociate to EquityAnalyst)
Compensationandbonus
Compensationandbonus area littlebit different betweensell-sideandbuy-side
Sell-side
Position Promotion Timeline Base Salary (USD) Total Compensation (USD)
Associate 3 years $93,750-$150,000 $125,000-$200,000
VP-levelAnalyst 2-3 years $150,000-$225,000 $200,000-$300,000
SeniorVP-levelAnalyst 2-3 years $225,000-$450,000 $300,000-$600,000
MD-levelAnalyst 2-5 years $250,000-$600,000 $500.000-$1 Mil
Buy-side(Research/Investment DivisioninHedgeFund)
Position Promotion Timeline Base Salary (USD) Total Compensation (USD)
5. ResearchAssociate 2-3 years ormore $50,000-$70,000 $125,000-$150,000
HedgeFund Analyst 3-4 years $100,000-$150,000 $200,000-$600,000
SeniorAnalyst 3-5 years $130,000-$170,000 $500,000-$1 Mil
PortfolioManager 3-10 years Less than$200,000 $500,000-$3 Milormore
Compensationmay vary a largerangeduetodifferent financialinstitutionsandeconomicsituations.
Career Ladder and JobDescription:
Considering Sell-sidefirst:<chovàotrong khung>
Structureofa team:Eachteamhas 1 Analyst and2-3 Associates,eachassociatemanages 7-10 companies.
Equity Researchcontainsbasically2 big steps inthecareerladder.Let’sstartfromthebottomline:
Position Equity Research Associate Equity Research Analyst
VP-level Analyst Senior VP-level Analyst MD-level Analyst
6. Job Description The most fundamental job of Equity Research -
collecting data and building financial models:
- Collecting the information of the stock, the
market and turning it to valuable data
- Building good-looking charts to pitch ideas to
the sale team or the analyst
- Using some valuations models to conclude
about the price of the stock
- Writing equity research reports.
These positions differ from each other only in leadership, the main work is the same.
Analysts spend most of their time managing relationships with companies or investors in
other financial institutions. They spend just a little time doing research or building
financial models to evaluate the stocks. Their main tasks in the day are:
- Setting up meetings between buy-side and sell-side
- Pitching about the investment ideas to investors with the new perspective
- Checking output of Associates
- Maintaining relationship with investors
- Meeting with new booming startup founders to evaluate their potential when
IPO.
Associatesworka lot withdata tobring out theinsights,sotechnicalskills suchas building financialmodels andinternal communicationskills are
essentials. WhileAnalysts workmoreopenly suchas meeting newpeopleeveryday,setting upmeetingstopitchideas,etc.This meanstobecome
anAnalyst,communicationskillis very vital.Moreover,it oftentakes anAssociate 3-4 years ormoretobecomeanAnalyst.
Buy-side:
On thebuy-side,suchas HedgeFund or MutualFund and soon, thecareerpathis different.At thejuniorlevel,thejobmainly is researchwhileat
theseniorlevellikePortfolioManager,thejobis investment management. Starting at ResearchinHedgeFundmeans thecareerpathis likethis:
7. Position Research Associate
Job Description A Research Associate in a Hedge fund spends time on gathering,
synthesizing data daily. The main difference between Research Associates
in Hedge Fund and Associates in Sell-side is that Research Associates not
only look at stock, but they also look at other financial assets such as bonds,
real estate,... for investment opportunities.
- Perform internet searches to gather relevant information, and record any
findings in a manner pursuant to facility protocol
- Building financial models in Excel to evaluate stocks, bonds, and other
financial assets
- Assist other researchers with various tasks, including data entry, field
research, statistical analysis and presentation preparation
- Verify data in both digital and written form, make sure that any errors that
may occur are eliminated
- Read Sell-side report and conduct macro-economic analysis
- Work with Hedge Fund Analyst to pitch ideas for higher manager
Position Hedge Fund Analyst/Research Analyst
Job Description A higher level of Research Associate is Hedge Fund Analyst. Some jobs that
Hedge Fund Analyst may do are:
- Attend conferences and meetings with managers, suppliers of current
portfolio companies.
- Build different financial models within a sector
- Study sell-side report and macroeconomic research to catch the trend
- Work with Senior Analyst or Portfolio Manager on investment ideas
- Conduct due diligence
8. Position Senior Analyst/Sector Head
Job Description Senior Analyst is essentially the head of the research team. They work
directly with the portfolio manager. The Senior Analyst is responsible for
ensuring the timely and accurate completion of all funds within the team.
Their main tasks in the day are quite similar to Hedge Fund Analyst but there
are some differences:
- Pitch ideas to the Portfolio Manager
- Manage the team to enhance the portfolio performance
- Ensure the team valuations are prepared to meet daily deadlines
Position Portfolio Manager
Job Description Portfolio Manager is a very prestigious position due to not only compensation
but also the reputation he/she got. Portfolio Managers are the ones who make
the final decision to all the investment executions of the fund while also
estimating and hedging risks. Moreover, PMs manage the operation of middle
office and back office like IT, Accounting, Compliance. Some work of a PM
are:
- Construct and review performance reports to show to investors
- Focus on risk management in term of macro risk or individual positions
- Do marketing and raising capital for the fund
- Create research and review platforms for new, existing and potential
investment products
- Perform due diligence visits and assess investment management firms and
analyze investment pools
9. To know moreabout HedgeFund, checkout our article HedgeFund Mega
Working Hours
Associates:
Normaldays:Anassociatehas toworkabout 12 hours perday on average,mostly looks fornewpotentialstocks,updates financialmodels,etc,55-
60 hours per week.
Hot season-earning season:Hot seasonis whenthecompany releasesits quarterreport.During this,anassociatehas toworkfor16 hours or
more perday,70-80 hours perweekon average.
Analyst:
Normaldays:Ananalyst has toworkabout 12 hours per day on average,samewithanassociatebut usuallyupto50-70 hours perweek.
Hot season:Samewithassociatesbut canbeup to100 hours per week(this means weekendworkincluded).Most ofthetime analystsspendon
working with investors/clients/conferences.
Some factors affectingworking hours:
Friday
SincetheStockMarket is not operating during theweekends soFriday is kindofan easy day forEquity Research-ers.Trading volumeis not highas
usual,soyou may arrivea littlelateandleaveat5p.m.
TheAnalyst’s workstyle
A teamusually consists of1 Analyst and3-4 Associates.Sotheworkloadof that 3-4 Associatesdepends closelyontheanalyst’s workstyle.Ifthe
analyst wants a deep,insightfulreport,associatestendtoworkfor longerhours.
Exit OpportunitiesofEquityAnalyst
First option to exit: Hedge fundandother asset management firms
10. A lot of peoplefrom sell-sideequity researchchoosebuy-side(hedgefunds andotherasset management firms)tobethenext step.This is a
straightforwardandlogicalexit optionduetothesameamount ofwork and technicalskillneededsuchas building financialmodels toevaluate
financialperformanceandthepriceof stock.TojoinHedgeFund in particularandotherasset managementfirms,anEquity ResearchAnalyst
needs tohaveotherinvestment skillssuchas building portfolioorinvestment senseabout current financialassets,etc.SincetheHedgeFundis a
very prestigious place,tobreakintoHedgeFund fromEquity Research,anEquity ResearchAnalystneeds to put a lot ofeffort into networking.
Moreover,a CFA is a hugeplus.
Chanceof landing anoffer: MediumtoHigh
Second optionto exit: WealthManagement FirmorPrivate Banking
Anotherexit optionis to joinwealthmanagerfirms orprivatebanking serving a groupofhighnet worth individuals.This exit opportunityis
suitableforthosepeoplewho want to takea breakfromtheintenseworking environment inbothBuy-sideandSell-side.Sincethis optionrequires
a smalleramount ofwork, it requires morehuman skill. Toget this offer,a Equity ResearchAnalystneeds goodcommunicationskillsas wellas a
good reputationintheindustry andthelast is understanding theriskappetiteoftheinvestors.
Chanceof landing anoffer: High
Third option to exit: Corporate
A lot of peoplejump into corporateroles afterequity research.Whileworking, they havea very detailedinsight oftheindustry ingeneralandthe
company in particularwhenanalyzing theindustry overa long periodoftime.They alsohavea very goodrelationshipwiththecompany when
setting upmeetings orresearchingthecompany's policiestomakeinvestment recommendations.This is anadvantagewhenapplying forjobs at
this company.Potentially,evencorporatedevelopment andcorporatestrategyaregoodexit opportunitieswhenthedeepknowledgeofthe
company may makeup for thelackofdealknowledge.
Chanceof landing anoffer: Medium
Fourth optionto exit:PrivateEquity and Venture Capital
Oneof theoptions that many peopleconsideris PrivateEquity andVentureCapital.However,it is almostimpossibletobreakintoPrivateEquity
and VentureCapitaldirectly fromEquity Research.
11. PE/VCneeds otherskills,knowledgethat intheprevious position,Equity Research Analystsdon’t have.Therefore,choosing this optiontoexit,
Equity ResearchAnalystsneedtoat leasttransferto InvestmentBankingtohavesomeexperiencefirst,thenPE/VClater.
Chanceof landing anoffer: Low
Some otherCareerPlanning
How to break into EquityResearch
Some waysto get intoEquity Research:
● UndergraduateandMBAlevelintopschools:
Big banks oftenrecruit directly fromthetopschools.Ifyoustudy at topschool, havehighgrades (above3.2 GPA),someexperiencein
financethenyou aregood togo.
● UndergraduateandMBAlevelinnon-topschools:
Things area littlebit harderinnon-top schools.Toget intoER from non-top schools,youhavetohavesomerequirements (besideshigh
grades) suchas:having experienceinsomesmallfunds (privateequity may alsowork) orinvestmentbanks thenmovetobig ones next,
winning stockpitchcompetitions is a hugeplus.
● BecomeExpert inonespecificfieldlike(Biotech,CleanEnergy,...):
Therearea number of specificindustries suchas BiotechorCleanEnergy that needdeeptechnicalknowledgetobeabletoassessthe
potentialofa company in thesefields.Therefore,largebanks stillrecruit peoplewithfull-timeexperienceoftheseindustries toworkin
Equity Researchtoprovidethemost realisticview.However,they needtoknow thefundamentalskilloffinancetobeableto work
Theprocess of recruitment inEquity Researchis prettyrandomandunstructuredcomparedtotheInvestmentBankingrecruitmentprocess.
Generally,you’llgothroughsome internships tohaveexperience,resumescreening, first-roundinterviews,andthenproceedtoSuperday
interviews at thebank.
Internship- First stepto yourdream
12. Theinternshipprograms forEquity Researcharesuperrare.Statisticallysaying,only 0.3%ofallInvestment BankingInternshiprelatedis Equity
ResearchInternship.Ifyouwant tobreakintoEquity Research,youhavetoput allyourefforts andplana strategicway toapproacheach
opportunity.
Some InternshipPrograms youmay beinterestedin:JPMorganEquity ResearchInternship,RaymondJamesEquity ResearchInternship,Barclay
SummerInternship,etc.
Get prepare for the internship
1. Know the market:
You can get thesenseofthemarket by building yourown portfolio andmanaging it effectively overtime.
2. Practice“reading”news,long articles:
You areexpectedtoknow what is important froma long articleora report,thenhow toshortenit intobullet points.
3. Get someexperiencerelevanttothejob:
It willbe a hugeadvantageifyouhaveexperiencerelatedtoinvestment bankingingeneralorequity researchinparticular.
Network
Likeothers investmentbanking careers,networking isvery importantwhenit comes torecruitment. This is thesameas howtonetworkin
Investment Banking
Resume
Resumeis thefirst andthemost important part whenapplying forbothBuy-sideandSell-side.Throughthis,therecruiters knowmorebriefly
about your skills,experiences andwhat motivatesyoutoget intothefinancialindustry.Herearesometips tohelpyouace this round.
Your target is tomakeyourresumestandout.Todo so, youneed to:
● Highlight yourrelevant working experienceandachievements
13. ● Highlight yourability tailoringtothat positionyouareapplying for
● Shareabout your leadershipexperienceandhowyou work withothers in teamwork
No matterhowmany experiences youhave,youmust keepthembriefwithinone page.You cansharetherest ofthestory at theinterview. After
submitting yourresume,don’t forget toconfirm yourapplicationandstay connectedwiththefirm,youwill benoticedabout thenext steps ifyou
pass theround.
Interview
TheinterviewofEquity Researchis quitesimilartootherjobs inInvestment Banks.Youcanexpect mainly 2 typesofquestions:
1. Non-technicalQuestions:Thesequestions is allabout you
Personalquestions:
Thesequestions arethefirst andthemost fundamentalquestions youwillhavetoface.Mostly it willbeabout yourstrengths/weaknesses,
your goals,yourexperienceinfinance.Thesequestionswillprovidetheintervieweranoverviewabout you.
“Perspectiveabout industry”questions
Industry awarenessis vitalinthis field.Soyoumust havea wide knowledgetocovera lot of fields.Moreover,youwillbe askedabout global
trends,macroeconomic, microeconomic andsomepolicies of thegovernment.
2. Technicalquestions:Thesequestions areusedtotestyourknowledge
Analysis Questions:
They oftenexpect youtoknow briefly about balancesheets,financialmodels,andsoon.Ifyou can’t answerallthequestions given,it’s
totally fine,just askforanother question.
Situationalquestions:
Theinterviewerwillaskyouabout youropinion/evaluatea situation.Theright answeris not neededinthis typeofquestion.Allthe
interviewers want is toexamineyourway ofthinking.Sopleasebecareful,thesequestionsaretrickybut maybeyourlife-saverinthe
interview.
What do you needto master before becoming a part ofEquity Research - Equity Analyst?
14. Equity Researchis a very specificfieldsoit requires a lot oftechnical,analyticalskills.Wewilllist someofit below:
- FinancialModeling Skill
- ValuationSkill
- Words/ExcelSkill
- ResearchSkill
- Financeand Accounting Skill
Are you the rightone forEquity Research?
This is not the questionyoumay facewhileinterviewing but this is thequestionyouhavetoaskyourselffirst.Youarethe right onefor Equity
Researchifyouare:
- Loveworking withnumbers
- Beabletowork long hours (12 hours per day on average)andunderpressure..
- Lovewriting,building models from numbers
- Lovemeeting newpeople(oftenhighnetworthindividuals,founders of startups orportfoliomanagers).
- Beabletowork under pressureandmulti-task.
Some tips from Bankingprep:
Alwaysdouble check yourwork: there isnoroom formistakesin Wall Street
A smallmistakeis prohibitedinWallStreet becausethis may leadtoa biggermistakeanda hugeloss.Makesureyoualways doublecheckyour
work no matterhowsimpleyourwork is.
Do all the tasksgiven
By doing allthetasks givenwillgiveyoua clearerviewofa company stockorget toknowbetterwithyour boss.This helps yourcareerpatha lot
easierandfaster.
It’sall about networking
15. Networking is very important inIBingeneralandER inparticular.Youcanhaveunexpectedgoodjob offers fromalumnior peers in yournetwork.
So makesureyouhavea good networknot only during working hours but alsooutsideworking hours.
Job
Description