Equity Research Career : What to Do?

Equity Research Career: Our economy or world economy is mainly affected by movements in the prices of Equity, almost all the country has their stock markets where the shareholders buy and sell equity to earn profits either in the form of trading profit or in the form of dividends.

By equity research we mean analyzing and studying in details about the equity of companies so that we can inform the investors as to which shares they can buy or sell, so that we can inform the traders whether to stay invested in the Equity or to Exit and can give advice to the bankers or other financial institutions to understand the Equity of a particular company in details.

Equity Research Career

It is never possible for any organization or individual to study in details about all the companies in which they want to get their money invested and is always dependent on their research team to guide them where to invest and for how much time.

There comes the role of an Equity research person that are required by Stock Brokers, Mutual Funds Companies, Private Equity Firms, Venture Capital Firms, Banks, KPOs, Credit Rating Firms, Media Companies, Data Firms.

For some or the other reason they need the help and guidance of equity research personnel to do their business.

In equity research report the following information is generally available

  1. Company Research and Modeling
  2. Comparable Company Analysis
  3. Dynamic Financial Modeling & Valuation Analysis
  4. Quantitative and Qualitative Analysis
  5. Analyzing News and Events
  6. Segment Analysis
  7. Sector and Thematic Research

Process of Equity Research

  • Financial Statement Analysis – The financial statements are to be thoroughly studied and evaluated, working on all the ratios to understand the financial soundness of the company and its prospects, based on future projections.
  • Company research & analysis – Understanding the working of companies, the way the decision are taken and the cause and effect of the decision on the workings of the company and whether they are going to give benefit to the investors shortly or not.
  • Industry Analysis – Research on the Industry like cost-benefit analysis in comparison to competitors in the same industry. Future prospect and expected growth of the Industry along with Government support and market factors are to be reviewed.
  • Economic Analysis – Along with Industry one needs to research on macro level i.e. economic analysis to determine the availability of infrastructure facilities like ports, roads, electricity, etc. with the help of which the industry can flourish.

Qualification required to make a career in Equity Research 

A post graduate degree would be sufficient to make a career in equity research if you are starting of your own but having specialized knowledge and skill through professional degrees will be an added advantage.

Companies look for persons having Chartered Accountant (C.A), Chartered Financial Analyst (CFA), Master in Business Administration (MBA in Finance) degree, so it's better to grab one before trying to make a career out of it.

Apart from the professional degree, there are some skill sets required like you should be having a good analytical skill and a strong grip on the fundamentals of finance since in equity research most of the reporting is given through numbers. You should also have good communication writing and presentation skill since you need to explain your research to the investors and traders and other users.

If you want to work as an Equity research analyst for Selling products on behalf of any broking firm also called as sell-side equity research analyst in the US you are supposed to pass the Research Analyst examination administered by FINRA (Financial Industry Regulatory Authority) for further details on various examinations and schedules you can log in to www.finra.org

Earnings in Equity Research career

In respect to earnings be rest assured that more your judgments are accurate higher will be your ratings, apart from professional degrees if your work is up to the mark you can expect a minimum of Rs.4 lakh per annum to a high of Rs.20 lakh per annum and from US point of view you can fetch around 80,000 USD plus bonus and incentives per year. Further, since you are doing equity research, you can earn by investing your funds where there is no limit for your earnings.

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

Equity Research Career

As mentioned earlier there are various companies who can hire you, and you can be either Assistant Fund Manager or Fund Manager from Buy-side or sell-side research analyst, either you can be an investment banker or a private equity fund manager, head of the research team.

So there is a good scope. But one thing is for sure that you need to work hard since there are end number of Industry and companies, so you need to focus on few industries and within it few companies to master yourself in this field. If you want to get into Equity Research career, start early. Start reading

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.

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

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

Equity Research Career : What to Do? 1
Equity Research Career : What to Do? 2
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62 thoughts on “Equity Research Career : What to Do?”

  1. Hey, I’m 17 and I see my career in equity research. I do ratio analysis and learning how to find the intrinsic value of a company. But I’m confused what to do after my 12th to get into equity research.

    • Hi Vipul,

      I see you have a lot of questions to ask regarding career and courses.

      I give attitudinal and behavior tips ($97-Value) to my readers for career success (FREE for Limited time only).

      If you want this service (which I highly recommend), kindly WhatsApp me:+91-9422038561 and I will give you tips unique to your career discovery and success.

      Best regards,

  2. Hi Avadhut,

    I am a student of BBA, it is my second year. I have interest in stock market and I am willing to make my career in the same field. I wanted to know what reading material should I use to know the basics of Equity Research and stock market in general. I also wanted to know if there were career opportunities for equity analysts in Government sector. If yes how to prepare for such opportunities.

    • Hi Samarpan,

      Read the list of books here.

      About equity research careers, you need to give some time and attention to decide your career interest. Based on that I can suggest you a course.

      I will help you discover a career which is specific to you and give attitudinal and behavior tips ($97-Value) for your career discovery and success (FREE for Limited time only).

      If you want this service (which I highly recommend), kindly WhatsApp me (+91-9422038561).

  3. SIR i have 3yr work exp. in research field and currently i m working in brokering firm as senior research analyst
    my qualification :-
    MBA (finance)
    NISM level 1 , level 2 cleared

    i want to know about my further carreer growth opportunity
    suggest me some other area of work

    • Hi Rahul,

      Kindly contact me on WhatsApp chat: +91-9422038561 for your complete career discovery and guidance.

  4. Sir, I’m 38 years of age with experience of 7 years in retail and 5 years in finance field. Since my MBA days I wanted to work in equity market but couldn’t do so due to some unavoidable circumstances. But now I’m totally geared up to work as an analyst.. Have done few courses online and worked hard to gain knowledge also planning to get certified through your institute.
    So my question is, at my age, would I be able to get selected as a research analyst?

    • Hi Tabish,

      Knowledge+Skills+Right Attitude is always important.

      Please contact me on WhatsApp chat for complete career guidance.

  5. I am Rashmi Ranjan , presently working in S&P Global as Data Researcher-I, I have total 5 years of experience 2 years 9 months in S&P Global & 2 Years 3 months in HSBC in Hyderabad
    In HSBC I was in payments validation processing mainly SEPA Single Entry Payment Area for all European countries
    In S&P currently I am working as fundamental researcher
    My roles are related with finding & tagging in FDCA (Financial Data Collection Application) of all expenses items from the income statement, Cash Flow & Balance Sheet & in notes information of annual, Qtr, Pres release as per client’s policies
    But I am interested in Equity Research, Financial Modeling & valuation. Please guide me in this area

  6. Sir, I have cleared CA Inter & pursuing CA Final. I want to become Equity Research Analyst.For this, now I am trying to get job as Equity Research Analyst at trainee level in Mumbai so that after becoming CA it will be easy for me to excel in my career.But the problem is, no Equity Research Firm has the vacancy at trainee level (they ask at least 2-3 years experience). Further the qualification they ask is either CFA or Engineering degree.So I want to know that whether CA Inter can get the job as junior analyst or at trainee level? If yes, then which firms in Mumbai offer such job vacancy? If you know any firm which has such vacancy then please let me know.

    • Dear Yogita,

      Please acquire the practical skills mentioned here. Also, please check the companies list here.

  7. I am MMS in Finance in Mumbai.I am currently working has product executive for 5 months in wealth management.I am planing to enter a KPO which will help me to get job in Equity research in Indian Markets. .I am not gettng job in Equity research as i am fresher and Also not done my MMS from reputed Institute. So do after working for KPO One get entry into Equity Reseaarch?I am going in right direction.

  8. sir i m.doing job as a dealer ..nd i have done m.b.a in event and PR ..i want to know that my m.b.a in event and PR will help me for higher post in broking company or not …and what about CFA course

    • Dear Rajendra,

      What’s your career goal?

  9. Hi Avadhut,

    First of all thanks for making such a awesome website for guiding the finance students and professionals. Without a doubt you are adding value to their life by helping them to take profound career decisions.
    My question is , I am a commerce graduate currently working in a leading broking firm as a equity Dealer with 1 year of experience in the same. handling mostly the business part and the clients attrition is in my KRA. i really have the passion for the markets and wanted to take a step in equity research and the same is my long term career goal. since i don’t have any professional degree i am finding it very hard to get into even the entry level analyst positions. currently i couldn’t afford full time MBA or CFA but in mid term i might. i know about your financial modelling course but do you think there is any way to crack into the equity research without mba or cfa? and what is the fee structure of your online course?
    thank you

    • Dear Abhi,

      I suggest you to join our 6-week workshop to achieve your career goal. Online course won’t help you much.

  10. Dear Sir,

    My age is 32 and have an experience of 9 years into sales , i have done executive MBA in Marketing and want to shift to finance for stability
    I came across a Bse certification course in financial modelling 7 weekend programme and onthe face looks promissing.
    Need your guidance on same what would be the future of taking this course and would be the starting salary after the course.

    Is it the right choice to move to finance consedring the age Factor.

    Please reply

  11. 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

    • 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 ([email protected]) your contact number and my associate will call you to discuss this in detail.

  12. 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.

    • 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.

  13. 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.

    • Hi Vishal,

      As mentioned in this article, Do you have these skills – financial analysis, financial modeling, Excel, DCF and relative valuation, stock picking techniques and report writing ?

      If not start learning and applying these skills on your own, spend at least 6 months (200 hours) brushing these skills to clear the fundamentals and clear the interviews.

      Please let me know if you’ve any other specific query.

      • 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.

        • You need knowledge and skills both. So, build your skills. MBA is good enough.

  14. Rajashekhar.C

    .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 .

    • Hi Rajashekhar.C,

      Can you be specific as to what reference you need from me?

  15. 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?

  16. 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

    • Hi Jagdish,

      Is this experience in dealing?

      • yes sir dealing in capital market segment and arbitraging knowledge in commodities market (india to american commodities market) . sir i am searching a job regarding this experience can you inform me in which MNC KPO hiring for this profile
        thank you sir

        • Hi Jagdish,

          I’m not aware of any such KPO where dealer openings are available.

  17. 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.


  18. hi

    • 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.


  19. 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 ?

    • Hi,

      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.

  20. 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

    • 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.


  21. 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…

    • Hi Pallavi,
      Read this article.
      If you have any more queries, don’t hesitate to reply back.


  22. 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?

    • 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.


      • Thank you for your valuable inputs..

  23. 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.

    • Hi Siddharth,
      Thanks for getting in touch.
      I think you’re on right track. Focus on acquiring skill set.
      Read articles on this page.


  24. 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.

    • 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?

      • 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.

  25. 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.

    • 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.


  26. 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.

    • 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 🙂


      • Sir i am near to complete my ca course i want to make career in equity research analyst.
        For this technical analysis is required?
        I did not able to find the companies who provides opportunity to freshers. I read ur article but pls suggest me how i should start and co. Name those are hiring as fresher in equity research field. Pls guide me

        • Dear Gargi,

          The companies look for CA/CFA/MBA + Practical skills.

          Please invest your time in learning these skills at the start of your career and you will do well.


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