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    What technical knowledge is needed for this area? Any books, websites etc recommended?
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    It's a technical role, so a fair bit of technical knowledge. Crucial is a foundation in accounting - you need to know how to interpret and manipulate the three core statements. Beyond that, preferred valuation technique varies from bank to bank. Some prefer DCF, others ratios, others hybrids of both. You'll need to be able to employ and communicate with all of them.

    But I would encourage you to start with the accounting basics. Get a decent textbook from a library; I used Britton & Waterston, and R. W. Mills, although I don't know if they're the best. Mills part 2 takes you onto basic corporate finance and valuation.
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    Bloody hard to get in to that's what it is.
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    (Original post by unlock)
    What technical knowledge is needed for this area? Any books, websites etc recommended?
    What Porcine Aviation said is largely correct. Equity Research revolves a lot around fundamental analysis, and so inevitably a solid understanding of Accounting is imperative. It's also hugely important knowing how to model and interpret accounts so that you can make judgements on the relative health of a company. In addition to the technical skills I've mentioned you have to be an extremely skilled writer, as putting research reports together requires a certain way with words.

    It's a very very competitive industry to break into, possibly more difficult to break into than S/T and Investment Banking, since teams are traditionally very small. Often it's a case of luck getting an Equity Research job, since usually you'd be replacing somebody rather than joining a growing team.
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    They earn much less than S&T or IBD...
    ER is just there so that frustrated Big4 ACAs have something to look forward to in life.
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    (Original post by ReverseConvertible)
    They earn much less than S&T or IBD...
    ER is just there so that frustrated Big4 ACAs have something to look forward to in life.
    Another typical ego comment that spoils this forum.

    Equity Research in terms of technical knowledge revolves around pretty much what PorcineAviation said above. If you need some equity research examples, PM me and you can see it yourself. (obviously outdated research reports)
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    (Original post by ReverseConvertible)
    They earn much less than S&T or IBD...
    ER is just there so that frustrated Big4 ACAs have something to look forward to in life.
    Maybe the average Research Analyst makes less than the average guy in S&T/IBD, but there's a great deal of job security (relatively), and a good Research Analyst can earn as much as a top trader/banker.
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    On that note, what would you say the best firm to work for is, if you want to go into equity research?
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    (Original post by Zweihander)
    On that note, what would you say the best firm to work for is, if you want to go into equity research?
    Define best? So many variables, sector, size, culture...
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    (Original post by II ANALYST)
    Maybe the average Research Analyst makes less than the average guy in S&T/IBD, but there's a great deal of job security (relatively), and a good Research Analyst can earn as much as a top trader/banker.
    And I would add that exit opportunities to the buy-side are excellent.
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    (Original post by II ANALYST)
    Define best? So many variables, sector, size, culture...
    Most original research, which firm is the most intellectually promising?
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    (Original post by PorcineAviation)
    And I would add that exit opportunities to the buy-side are excellent.
    Absolutely, though IBD ->> PE is also a well trodden path. I'm looking at the PE route at the minute actually, but an MBA seems to be a prerequisite.
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    (Original post by Zweihander)
    Most original research, which firm is the most intellectually promising?
    Which sector? Which market? Large cap? Small cap? Each bank has strengths in differing areas. You're being really vague.
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    (Original post by Zweihander)
    Most original research, which firm is the most intellectually promising?
    All depends on the individual analyst.
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    (Original post by II ANALYST)
    Which sector? Which market? Large cap? Small cap? Each bank has strengths in differing areas. You're being really vague.
    Truth be told, I have an interview at Fidelity for an equity research role, but equity research is not my area of expertise, and I have no idea about how they fair in respect to other firms, so I was just hoping for a general opinion on the best firms to work for.
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    (Original post by Zweihander)
    Truth be told, I have an interview at Fidelity for an equity research role, but equity research is not my area of expertise, and I have no idea about how they fair in respect to other firms, so I was just hoping for a general opinion on the best firms to work for.
    Just look at how their funds have performed...
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    (Original post by II ANALYST)
    Absolutely, though IBD ->> PE is also a well trodden path. I'm looking at the PE route at the minute actually, but an MBA seems to be a prerequisite.
    PM'd
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    hi, wonder if anyone ever come across a writing or modelling test for equity research? or general advice what you think it would constitute.. it's likely time pressured so dont know what to expect. thanks
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    (Original post by doinkbear)
    hi, wonder if anyone ever come across a writing or modelling test for equity research? or general advice what you think it would constitute.. it's likely time pressured so dont know what to expect. thanks
    Which bank is making do do a modelling test??
 
 
 
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