Careers in Equity Research and Equity

SalesIs this for me?

Why?High powered, fast moving, stimulating careers

Chance to work with very smart, highly motivated colleagues and clients

Paid to learn. Never stop learning

Every day is different

Financially rewarding

Aggressive, demanding, intense. Fun

Why?Opportunity to work all over the world

Colleagues and clients from every country

Employ a wide range of skills every day

Intrinsically interesting work. Affected by politics, economics, wars, etc.

Skills can be applied, to some extent, in other careers

Hit the Ground running

Deal with key people in government, industry.

What do they do?Equity Research. Support senior analyst. Own stocks.

Meet with company management, company’s clients, company’s competitors, institutional investors, media.

Analyse information: financial reports, news stories, articles from journals, etc.

Meet with sales and other colleagues to share insights. Convince them of your point of view

A detective. Assemble the puzzle. Create the mosaic

What do they do?Equity Sales

Build customer relationships. Understand customer investment ideas, parameters, limitations, etc.

Read, digest and sell company research

Entertain clients.

Sell deals

Work on “crossing” large holdings

How?Summer Interns

Analyst and Associate Hires. BAs, MBAs, PhDs. Training Programs

Lateral Hires

Very competitive. Thousands apply for each position.

Campus recruiting. On line screening. Telephone interviews. Follow up interviews with grad recruiting. Final interviews with hiring managers.

What are they looking for?Broad, well rounded people.

Finance, accounting

Music, theology, philosophy

Athletes. Members of clubs, associations

Community work.

Women. Underrepresented groups. Diversity.

Communications skills. Self confidence.

What are they looking for?Multi-lingual. Multi-cultural.

Team players

Personable

Thinkers (outside the box)

Curious

Driven and motivated

High energy

A Day in the Life of an Analyst

7:00 am – Morning Meeting

7:45 Coffee and a bagel at your desk

7:45 - 9:45 Call clients in your time zone with updates, etc.

10:00-11:00 Listen to conference call on company earnings

11:00 -12:00 Interview with Wall Street Journal

12:00-2:00 Lunch with client and salesman

A Day in the Life of an Analyst

2:00 – 4:00 Work on financial models for your company

4:00-5:00 Stock review meeting with Head of Research

5:00-6:00 Meeting with sales team on new deal

6:00-7:00 Work out in the company gym

7:00 Dinner at desk

9:00 Conference Call with NY.

10:00 Leave for airport to catch overnight flight to Los Angeles

A Day in the Life of a Sales Person

6:00 Arrive at work to prepare for morning sales and trading meetings. Read overnight e mails.

6:30 Sales and Trading Meeting

7:00-7:30 Research Meeting

7:30 – 10:30 Call clients. Read Research notes.

10:30 -11:30 Meet with client at client’s office

11:30-12:30 Deal call

12:30-2:00 Lunch with client

A Day in the Life of a Salesperson

2:00-3:00 Client presentation at office

3:00- 4:00 Go through client commission figures with Head of Sales

4:00-5:00 Listen in to the New York call

5:00-6:00 End of Day Sales Wrap up meeting

6:00-7:00 Workout in company gym

7:00-11:00 Dinner with client. Drinks w friends

What should I study/do?In Shanghai American School

In University

NegativesVolatile. Can be a roller coaster.

Hire and fire. Much higher risk than most industries.

Is there a work life balance?

Costs/Impact on Family.

Time for other interests? Sports, music, literature?

Health impact?

Sample EmployersMorgan Stanley

Goldman Sachs

Large Banks: Deutsche Bank, Credit Suisse, etc.

Chinese Firms: CITIC, CICC

Japanese Firms: Nomura

European Firms: BNP Paribas, SocGen

Related: Private Equity, Venture Capital, Hedge Funds, Asset Management

Questions?