Equity Research

Become the go-to expert on a handful of public companies — research, writing, and a defensible opinion.

Hours / week: 50–65
Entry pay: $80K–$100K
Difficulty: 3/5

Typical estimates

Your readiness

A typical analyst day

6:00 AMReview overnight news and any earnings releases for covered companies
7:00 AMMorning call with sales and trading to discuss today''s key calls
9:00 AMUpdate a financial model after a company earnings report
11:00 AMDraft a research note on a recent industry development
1:00 PMCall with an institutional investor client about a covered stock
2:30 PMIndustry channel check call (supplier, customer, or competitor)
4:30 PMFinalize and publish a research note before market close review

The job, honestly

Sell-side equity research analysts cover a group of public companies within a sector, publishing buy/sell/hold recommendations and detailed financial models used by institutional investors. The job mixes deep company research with regular public-facing writing and client interaction.

Pros

You become a genuine subject-matter expert in a sector over time
Regular, structured writing and public-facing work builds a strong communication skill set
More predictable hours than banking, especially outside of earnings season
Natural stepping stone into asset management or hedge funds

Cons

Earnings season (several weeks each quarter) is intense, with long hours and tight deadlines
Your public recommendations are tracked and judged, which can feel exposing
The sell-side research model has faced real industry pressure and headcount cuts in recent years
Entry-level pay is modest relative to banking or PE

Recruiting roadmap

Junior
- Summer internship recruitingComing upSEP–MARApplications and interviews for summer research internships, with a focus on writing samples and a sector pitch.
- Summer internshipJUN–AUGA published-quality research note during the internship is the strongest signal for a full-time offer.
Senior
- Full-time recruitingSEP–DECFull-time seats fill mainly through return offers, with a smaller fall recruiting round for remaining spots.
Career switcher
- Lateral entryJAN–DECStrong writing samples and a specific sector pitch matter more than pedigree for lateral hires.

Career ladder

Research Associate0-3 years · $90K–$140K
Senior Associate3-5 years · $130K–$200K
Vice President / Associate Analyst5-8 years · $180K–$300K
Senior Research Analyst (covers own sector)8+ years · $250K–$700K

Typical estimates of total pay.

Where people go next

Asset ManagementThe most common exit — buy-side firms hire heavily from sell-side research.
Hedge FundsSector expertise and modeling skill translate directly to long/short investing.
Investor Relations

Skills and topics

Financial modeling and forecasting
Clear, persuasive writing
Industry and competitive analysis
Client communication and presentation
Building and defending an independent view

1
Accounting Fundamentals
Lesson Practice
2
The 3 Statements
Lesson Practice
3

Interview questions

Pitch me a stock you'd put a buy or sell rating on.
State the rating and thesis up front, support it with 2-3 specific, falsifiable points (valuation gap, upcoming catalyst, misunderstood trend), and note the key risk to the thesis.
Walk me through how you'd build an earnings model for a company.
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What's happening in an industry you follow closely right now?
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How do you handle disagreeing with consensus on a stock?
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From the Circle

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Resources

Books

The Interpretation of Financial Statements — Benjamin Graham & Spencer Meredith
Expectations Investing — Alfred Rappaport & Michael Mauboussin

Podcasts

Masters in Business
Odd Lots

Daily reading

A sell-side research note from a covered sector
Company earnings call transcripts