When news breaks or a company reports earnings, investors turn to the experts for advice on how to react. Research analysts develop expertise – through research and analysis and communicate ideas to clients through reports, calls and roadshows.
Types of Research
Equity research – divided by industry or country - Focus on earnings multiples and common equity value
Credit – divided by class or country; Focus on cash flow and ability to service debt
Other – Economic, Strategy, Multi-Industry or Quantitative
Why Research
Expertise
Develop a highly-valued expertise, learn to value a company from the ground up, learn financial modeling and comps
Exposure, responsibility and autonomy
No set analyst program, Quantifiable deliverables = meritocracy
Develop a corporate, sell-side and buy-side network
Long-term career development
The Intern Experience
Intern involvement is varied because it takes time to build an expertise:
Basic: Bloomberg runs, data runs, news runs, administrative tasks
Intermediate: database building, listening to conference calls, writing draft reports, attending the morning call, preparing responses for requests for information, store visits
Advanced: building a model, attending a client meeting, attending a conference
What it takes
A background/coursework in accounting and/or financial statement analysis
Genuine curiosity about fundamental, technical, and economic drivers of financial markets
Demonstrated ability to synthesize complex data
Confidence to form an opinion
Strong written and oral communication skills
Comfort working independently with limited direction
Dedication, focus, intensity, and intellectual curiosity
