Equity Research Career : What to Do?


Equity Research Career
Equity Research Career


Yesterday, I got a call from Mr.Suresh Vora from Ahmedabad (name and city changed). Suresh wanted my help in designing his equity research career path.

Equity Research Career Conversation

Here’s what we discussed: Why Equity Research

Suresh: “ Hello Sir, I’m Suresh from Ahmedabad. I completed MBA in 2007 and since then I’m working as a faculty in an MBA institute here.”

I: “ That’s great, Suresh.”

Suresh: “ Thanks, but now I want to work in companies.”

I: “ Good. Have you started looking out? What’s the market saying?”

S: “ Well, I applied to three major companies in research and analysis domain, but couldn’t make it.”

I: “ Why? What’s the problem exactly?”

S: “ I cleared all rounds in selection process, except one,where they asked me to do ratio analysis and analyze financial statements using Excel.”

I: “ Yes, majority companies in financial analysis and research conduct this round to check actual skills of candidates.”

S: “ Sir, I have conceptual knowledge of various subjects in finance and I use the same to teach in my institute. I have 5 years teaching experience, so, the companies are not ready to take me as a fresher and since I don’t have practical skills required for the job, they can’t offer me the position of a Team Leader. What should I do now?”

I: “ Suresh, I think, you should first invest your time and energy in learning practical skills required for your job. If you’re really committed to work in companies in Equity Research area, you need to learn skills like – financial analysis, financial modeling, Excel, DCF and relative valuation, stock picking techniques and report writing. If you know the concepts well, it will take only a few months’ time to master these skills.”

S: “ When should I start learning these skills?”

I: “ Start immediately and practice well. Remember, employers look for skills. They want to know whether you can ‘deliver’. So, focus on doing the things on your own, rather than knowing many things at a time.”

S: “ Thank you sir.”

I: “ My pleasure and wish you all the best, Suresh.”

The above conversation is real. I get many such calls regularly asking for careers/Jobs in Equity Research

If you want to get into Equity Research career, start early. Start reading books on Investments. Read Annual Reports of companies and keep your eyes and ears open.

You too want to get into Equity Research? What problems are you facing ?

Write your equity research career queries in ‘Comments’ section below.

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  1. Manisha Mohapatra says

    Hello sir
    I have completed my MBA in Finance. I have knowledge in DCF, FSA, Financial Modelling, Economics etc. I am very interested in Equity Research field.
    I sat for placements in various companies like JPMC, D E Shaw and UBS.
    But could not make it in the final rounds. Then I sat for a Team Lead postion (I do not have any work experience) and got selected for the same. But the role offered is nowhere related to equity research. It is more of People Management. There is still two months for joining.

    I am planning to join the company and meanwhile work on building skills for equity research. And then apply for equity research and change the company. I am also planning to write CFA exam next year.

    Please do give your advice.

    Manisha Mohapatra

    • says

      Hi Manisha,

      Ask yourself whether I’ve skills based experience? You need SKILLS to get a job in such companies. I suggest you invest your 6-weeks in our program and I assure you, you’ll start a rewarding career in equity research.

      If you want to know how this course will fulfill your dream, email me (avadhut@financewalk.com) your contact number and my associate will call you to discuss this in detail.

  2. Deepthi Sharma says

    Hi Avadhut,
    I did engineering and PGDB, and have 3.5 yrs experience in rerail banking industry.
    However i am very much interested in stock market analysis and building career in this field. I know only about fundamental(only thoretical knowledge) and technical analysis. But do not know from where to start.
    Please suggest me what course or certification (and from where) do i have to do in order to start. I can only do online or distance courses.
    Thanks in advance.

    • says

      Hi Deepthi,

      If you want to build long-term career in stock market analysis field, then you may join our online programs. You need to start with Excel, Accounting and Financial Statement Analysis basics and then go to advanced topics like financial modeling and valuation.

  3. vishal tarale says

    Hello sir,
    I am vishal tarale. I have completed BBA, post BBA I have done 1 year course regarding accounting and finance management. I have also cleared Fundamental Analysis Module of N.C.F.M. and pursuing MBA. I have good knowledge of economics. Can I get Job as a fresher equity analyst anywhere in India. Plz guide me. Thanks in advance.

      • vishal tarale says

        Yes respected sir, I have good knowledge of financial analysis, DCF, FCFF, FCFE, Excel, financial modeling, relative valustion, ration analysis, report writting, economic indicators, stock picking techniques.

        My query is that ”Is my qualification eligible to Equity Analyst post?”

        If not, do I need to do job as an equity advisor in order to get experience of capial market until I complete my M.B.A? Plz guide me.

  4. Rajashekhar.C says


    .I am Mba Finance 2013 Pass out, Still I am Searching Job In Particular Equity Research Analyst, I am from Bnaglore, I don.t how get job in banglore in particular this job . can you give any reference. i hope u consider my request .

  5. pranav says

    Hello sir,
    I am an mba in finance from fms bhu,varanas.I passed in 2013 itself.I am a cfa level 2 candidate.Can u guide me on how to start my search for job…Apply online or approach consultancy or anything else?

  6. jagdish says

    hello sir i am b.com pass and i have 5 years experience of capital market and commodity hedging with mcx to cme market please give me details of company where i can grow my careers in international level

  7. POONAM ARORA says

    Hi Avadhut,

    I have solid 6-yers experience in equity research covering biotech, pharma, and medtech stocks. However, this experience was gained at US based banks in the US. I also have a master’s degree in finance and bachelors in business administration with a focus on finance, both from US universities.

    I am currently working on a part time basis with an investment bank. I did get full time offers as equity research associate but the banks did not want to sponsor me and the offers were withdrawn.

    My visa expires in September and I will have to return to India. I have no idea how to find a position in equity research, preferably as an analyst covering pharma.

    It would be great if you could guide me on the names of banks or broker/dealers that are based in India, how to get hold of the recruiters that hire for equity research, also how to reach the recruiters at the large multinational banks that have offices in India. Any help would be appreciated.


  8. protim chakravorty says


    • says

      Hi Protim,

      Qualification-wise MBA is OK.

      NCFM certifications are for knowledge purpose.

      To work in Equity Research (ER) area, you need solid practical skills.

      Please read this article. You’ll be clear about the required skills in ER.

      You can either learn these skills on your own (may take 6 months) or join a training program (1-2 months) which will give you confidence.

      Let me know if you need any more details.


  9. thecharismatic_01 says

    Hi Avadhut
    i m looking for entry level position in Equity Research in a brokerage firm.or KPO. i m from delhi and finding hard to get such jobs in Delhi as hardly any such job available now. Should i shift to Mumbai? i want to get into a brokerage firm in mumbai.
    Strangely, i dont find any job postings for equity research in their websites anywhere? Which is the best way to contact hr ?
    going directly to brokerage firm offices in mumbai ?

    • says


      There are enough jobs in equity research, financial analysis area in KPO provided you have solid skills, knowledge and right attitude.

      We bridge this gap in skills by providing practical program and placement assistance to candidates in Delhi. Please check the details of the Delhi program.

  10. vivek singh says

    hi avdhut,
    i am a b.com, m.com graduate and a fresher, i am interested in making career in equity research in future so for which qualification should i go for if not then what is the probable way to have a career in equity research.
    I know one firm deals in equity research capston securities pvt ltd it has an opening of trader ,it is 3 month training afterwards one will be permanent please suggest me about this
    thank you in advance

    • says

      Hi Vivek,
      To make a career in equity research, you need to be passionate about investing, capital market in general.
      Having said that you should have stock picking abilities, financial and industry analysis skills, Excel and financial modeling skills and good writing skills.
      About qualification, I think M.Com is OK, but you can take a job and study for CFA ASAP. That shows your interest towards finance.
      Do not go for trading/dealer jobs if you’re serious about equity research.

      Hope this helps.


  11. palz says

    Hi, I want to make a career in equity research, My qualification is I’ll be a CA by July ’13. Plz guide me as to how do I actually start..Apart from learning through financial and investment journals how do I make a practical start? Which companies do I apply? (I’ve already applied to many but no satisfactory response).. Which organisations can I actually hope to get real knowledge and skills?? Please help…

  12. Ragavendra says

    Hi,I did my under-graduation in engineering with specialization in Computer Science & Engineering.After my undergrad,I worked for Wipro for nearly 4 yrs in the field of Technology Infrastructure Services.I held the additional responsibility of Team lead when I resigned from wipro.After I quit Wipro,I cleared my Gmat,Ielts and then I went to USA to do my MBA course with concentration in Finance and successfully graduated this May 2012.I searched for a job as Equity analystand I didnt get any positive response as the market was down and they demand for experienced professionals.I came back to India and was searching for Equity Research Analyst job since I came here.I posted my resume in most of the job portal,referral programs and I was totally unlucky till now.I planned to take CFA level I on Dec 2013.I am learning Financial Modeling through Excel and other skills too.I thought of joining as a lecturer in business school and do my CFA level 1 and then search for equity analyst job.Will this be an advisable one?Could you please guide me on this?

    • says

      Hi Ragavendra,
      Thanks for getting in touch.
      I read your case completely. Yes,market is tough at this moment.
      I think you can join as a lecturer in business schools as this profession is in demand. Secondly, you can focus on building skills and be in touch with concepts.
      I think it’s better to take a job as a lecturer, meantime you can build skills and once you are ready and market is good, you can go for jobs in equity analysis.

      Hope this helps.


  13. Siddharth Thakur says

    Hi Avadhut,

    I am a CFA level 2 candidate. I am willing to get into Equity Research. It would be a great help if you could give me some sincere advice.
    I have done BBA(2008-11) with specialization in Finance, Post Graduate Diploma in banking and finance(PGDBF 2011-12). Post PGDBF, I started working for eClex services pvt ltd. as a Financial Analyst, I was employed there for 6 months. Now I want to focus on my CFA LEVEL 2 exam and hence have quit the job. I wish to gain as much skills as possible needed for equity research job in the coming 4 months i.e till june(I am sheduled to take my level 2 in June). After my exam I wish to work for an Equity research firm. Please advice me for the same. How should I proceed?: what all should I need to do? etc..what are my chances of getting an entry level job?

    Thanks In advance.

  14. Astha Yadav says

    Hi Avadhut

    I passed out engineering in 2008 & pursued MBA from Indian Institute of Foreign Trade (2009-11). Post that am working with a widely known for an european investment bank since last 1.5yrs in Financial Reporting Analytics. Also completed CFA Level III in 2012.

    want to pursue career in equity reasearch. However, wherever I apply, response that I get is that, I dont have relevant work experience to get into equity research. Pls advise how to go about ?

    Thank you.

    • says

      Hi Astha,
      Thanks for getting in touch.
      I think you have got required educational qualification to get into equity research. However, I want to know why you want to shift your work area?

      • Astha Yadav says

        equity research is an area where one needs to analyse almost everything about an organisation, from their operations to the kind of investments they make. Almost everything that is and potentially will affect the value. Thus I believe, that area will give most exposure to so many facets.

  15. says

    Hi Avadhut,

    I am a recent graduate in Finance and Accounting from Hong Kong. I have already passed my CFA Level 1. I also participated in the Research Challenge organized by the CFA Institute over my last semester in college. I am now working at a small corporate finance and management consulting firm in Hong Kong. I also have been doing some research and analysis on my own, which can be found in the website that I posted. There has not been a lot of entries.

    In the comment above you mentioned that it would require at least CFA Level 2 or MBA to get into equity research. I also found many jobs in Hong Kong stating that at least 2-3 years of equity research experience at a reputable firm required. How would you suggest me to pursuit a career in equity research? Where should I gain that 2-3 years of experience? Would my own work be valuable? I have enrolled to CFA Level 2 for upcoming June.

    I have originally planned to pursuit a MBA or Master of Finance after some solid working experience. Is it important to graduate from a reputable MBA program? or just any MBA program would be helpful with getting into equity research?

    Your help would be greatly appreciated. Thank you.

    • says

      Hi Kyle,
      Had a look at your blog. Clean and nice look :)
      I think you should try getting an internship at equity research firms and hone your skills and get actual work experience by this way.
      Initially, focus on gaining skills rather than money part. This 1-2 years experience will give you decent money in future.
      If you want to use your blog to showcase your skills and caliber, then write detailed and analytical posts regularly. At least 8-10 articles a month.

      Hope this helps.


  16. Gaurav Bansal says

    I am an engineer from PEC ,chandigarh.I have 1.3 years of experience in IBM India Ltd.I want to pursue my career in equity research and i have been doing financial modeling and equity research by myself.I have done modeling course from Pristine and equity research course from Flip Learning Ltd. I am also skilled in VBA n SAS which helps me to automate many things.I have applied to almost every possible company for this post at an entry level position but i hardly got any reply from them.Can you suggest me what to do.I have already left my job in IBM .I am also waiting for my CFA and FRM level 1 result.

    • says

      Hi Gaurav,

      Thanks for getting in touch.
      In India, employers demand CFA- Level II at least or MBA.
      First complete 2 levels of CFA and keep brushing up your skills in equity research and financial modeling.
      Things will definitely fall in place.

      All the best :)


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