I Am a CA, But I Don’t Need to Learn Equity Research

Last evening, I got a call from a girl. She was a Chartered Accountant (CA) and wanted to inquire about the equity research programs that FinanceWalk conducts.

My conversation with her went like this -

I : “Hello, this is Avadhut here, how can I help you?”

The girl: “I want to know the programs that you guys conduct.”

I : “ We conduct online and classroom programs in Equity Research and Financial Modeling.”

G : “ OK, Online programs are self-study programs, right?”

I: “ No, we have instructors who solve your queries quickly, and, this is a highly interactive program.”

G: “ Give me a discount since it’s an online program.”

I: “ Sure. We provide group discounts. How many of you want to join?”

G: “…………. What about placements? Do you think I will have a problem in getting a job since I’m a CA?”

I : “ Well, if you’ve “right skills” and “right attitude”, there is no dearth of opportunities for the right candidate."

G: “ Right Skills? What’s that?”

I : “ Equity Research skills.”

G: “ Well, I’m a CA, I don’t need to learn equity research.”

I : “OK, so do you have any experience or skills in financial analysis or Excel financial modeling or writing reports?”

G : “ Well, no... I’ve two years experience in tax and auditing.”

I : “ In that case, I suggest, you visit job sites like Monster.com, and see what the employers in equity research look for in a candidate.”

G : “ OK.”

I’ve mentioned this conversation in detail just to share some of my experiences with you.

Why I’m doing that? I want every one of us to introspect and do a reality check.

A reality check that will give us far better results than what we’re expecting.

Time and again, I’ve mentioned this secret of making a great career in equity research.

To elaborate this secret, let me give you two sides of the coin.

Equity Research Career: Employer's point of view

I’ve met many employers in this field, everybody told me this—we want trained candidates who will “deliver”. We want a candidate who will do a job better or faster.

We need people who will be productive from day one.

They also added we don’t want candidates who’ve attitude problem as such candidates don’t fit in our organization.

Equity Research Career: Employee's point of view

Regularly, I interact with students who’ve done MBA, CA, CFA or Graduation/Post-graduation in Finance. They think that they are in demand since they have great degrees.

They have this “assumption” about “placements” that will make them managers instantly. They think they have this “Alladin ka Chirag” which will give them any job that they want.

Equity Research Career: My point of view

After interacting with both sides of the coin, I’ve a balanced view:

1. Only degrees/certificates will not fetch you a job. Educational qualifications are just to shortlist candidates.

2. Only right skills and right attitude will give you a job.

3. Right attitude includes patience, conviction and integrity.

4. Right skills include those technical skills that are required by the employer.

5. Be realistic. Check how you can add value to employers.

6. Don’t keep unrealistic salary expectations.

7. If you don’t have right skills, join a course for skills, inquire well about the skills that you will learn. Don’t judge any institute by placements, as the placements figures may not be real ones and can be manipulated easily.

8. Don’t be insecure, rather be confident by acquiring right skills and right attitude.

9. Have patience. It will give you high ROI in long term.

I’ve mentioned all these points after a reality check. So, even if you're an MBA/CA/CFA, you need to learn equity research skills.

So,take 5 minutes everyday for introspection. It’ll change your life 🙂

Focus on skills, rather than only knowledge if you want to get into equity research career.

I Am a CA, But I Don't Need to Learn Equity Research 1
I Am a CA, But I Don't Need to Learn Equity Research 2
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18 thoughts on “I Am a CA, But I Don’t Need to Learn Equity Research”

  1. Hi Avadhut,
    I’m karthick, I have completed information technology but working in equities field for 3 years (1.5 years as portfolio analyst & now in trade dealing ). I need to be a research analyst, was it possible without a degree in financial background.

  2. I am Chartered Accountant having industry experience of 7 years, i am now interested in investment banking profile.

    Can you guide me how can i make entry in the same as i am working as accounts manager in a Pvt Ltd company with profile of audit, MIS and taxation.

  3. Sir , I m pursuing CA and I want to make my career in finance so I want detailed information regarding this course.

    Please provide me the details regarding time duration and fees.

  4. Hi Avadhut,

    I am Bishwa Nath Upreti. I have a B com degree and a CA final student. I want to have a career in the field of equity research. I have had a fair share of searching for job and I completely agree with the post that having a degree is not enough to get a job.They will almost always ask about prior experience. So, I think it would be better to do some internship in research firm to gain some knowledge and familiarity about the field. But, I have had no luck so far. Can you please guide me on this?

  5. Hi Avadhut,
    I am NIRDESH SINGH. I am doing ca(final) and cfa(l2) and is currently undergoing industrial triaining at hsbc in research field.Whatever you have quoted above is true since equity research needs patience and continuous analysis of finance as well as economic factors of the company as well as country in which it operates.Only getting degree can’t makes u a genius as my chartered accountant course is very much outdated in terms of finance field and thats why i decided to go for cfa,but yeah i know this 6 mnths hsbc wont fetch much.So if you could please me in the details of this aforementimoned program to my mail id so that i can ad just my timing for the same.

  6. That is very true Avadhut Sir, bang on the point. i remember this quote, “Knowledge is futile if you cant apply it practically.” I am a CA and CFA student and is interested in making career as a financial/ business analyst, aspire to work on M & A, project finance and business restructuring. I will get the conceptual knowledge as I study CA and CFA, and also through economics times, annual report, books and other sources. I want to enhance my finance related excell skills (I know only basic excell) to prepare financial models, project reports etc. Could you suggest some courses in Mumbai or even a self help book for the same?Also suggest what more skills I can develop to add more value to myself and the career I want to take up.

    • Hi Chhaya,

      Thanks for your comment.

      I would suggest you join online program on Excel and financial modeling fundamentals here. This program is useful for people who want to be confident in using Excel and financial modeling.

      We conduct classroom programs in Delhi. If you are planning to make a long-term career and take up a job in near future, this program is for you.

      Let me know if you need any further details.


      • Could you mail me the detailed prospectus of the course?I want to know the timings, frequency of the course in a year, venue and fees. Do you or any of your associates conduct courses in Mumbai?

        • Hi Chhaya,

          Please email me your contact number so that my associate will call you and give the program details.

  7. Hello Avadhut,
    A very “straight” post, I could almost relate to what all you have written. I am Bhavya, have cleared level 2 of CFA and am looking for work opportunities. You are very right when you say acquiring skills and building upon them is very important. Over time I have come to realize that CFA alone would not fetch any thing and learning Financial modeling is a necessity. The challenge then is to keep practicing and building your skill portal. Your post makes it very clear, have “realistic expectations and clear direction”!

    • Hi Bhavya,
      Thanks for writing.
      Yes, first thing is self-realization and second thing is how you’re fit for the market openings. There has to be a WIN-WIN situation only then both parties will eat the fruits 🙂


  8. Hi Avadhut,
    My name is Anil Soni. I work as independent financial consultant. I have read your reality check example. You have given very practical realty check example which rampant in Indian Job market. People just prefer Fancy Degree and only emphasize on it rather than knowledge. Most of the time many aspirant have attitude of their degree and they do not think about how they can be valuable for others. Once again I must admit I am really impressed by your reality check and hope to join your programme if I find something lacking in my regarding my profession.

    • Hi Anil,
      Thanks for writing. Glad that you liked the post 🙂

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