Equity Research SuperDay
So a close college buddy of mine as an equity research interview coming up this weekend and is pretty nervous. I have already accepted an IBD offer with the same bank and he is grilling me on what to expect in his superday. I do not have a clue as to how the research interview process differs from IBD. I have told him how my superdays have gone and offered the standard advice. If anybody could add some more color on equity research superdays and the best ways to prepare for them it would be much appreciated.
Thanks.
Have a few stock pitches ready. Memorize a bunch of stats (multiples, market cap, growth rates, ROE). Have at least one industry under your belt in terms of recent news and trends.
BB Equity Research Final Round Questions (Originally Posted: 02/09/2013)
Is there anyone who has interviewed with a BB Equity Research for SA position in the past. Please share your experience and what kind of questions did the VPs and MD asked. I would really appreciate any input.
Just landed multiple ER SA positions so hopefully I can provide some helpful advice.
Almost every interview starts off with "tell me about yourself" or "walk me through your resume." It's vital to tell a logical story, but most importantly you must articulate your passion for investing. If you're in an investment club or invest your own money, make sure you focus on this (I found it particularly helpful to end with this part) and talk about how much you enjoy analyzing stocks and learning about companies. THIS IS THE MOST IMPORTANT ASPECT OF THE ENTIRE INTERVIEW.
From here, they'll likely ask about how you approach an investment thesis and then ask about some of your most recent investments/pitches. Have a few ideas in mind (usually long, though I was once asked for a short) and know EVERYTHING about them. I've been grilled on these pitches. Bonus points if you read and mention the research reports from the bank you're interviewing at.
Other than that, I occasionally got valuation/accounting questions, but the technical side was never that difficult. I'd also be able to discuss the general macroeconomic picture in the US. They'll also usually ask if you follow a particular sector/industry (I'd prepare an answer for this if you don't follow one already).
Thank you very much Illuminate! I really appreciate your input. Does anyone else have insight on ER final rounds? How many people do you think they interview at the final round if they take only 2-3 for the SA position?
I actually did a final round for ER and can confirm what Illuminate said. I actually focused more on macro-driven ideas and the interviewers then focused on how the macro environment was affecting the company I was talking about. They also asked detailed questions about comps and valuation, so know everything about your companies.
Thank you nontarget kid! I really appreciate your input! Any other ER experienced monkeys out there?
How detailed are the questions about stocks? And how well do I have to know an industry?
I would love to hear an answer to these questions as well. Could someone possibly give an example of how they answered the questions in an interview? Appreciate it, thank you.
I've been asked some rather detailed questions (e.g. capital structure, valuation, catalysts, competitors, dividend yield, market share, consensus growth estimates, major risks, how would "x" affect earnings). For valuation I just stuck to a back-of-the-envelope comp analysis and that seemed to be enough. The structure I used was Brief Overview->Three main points (focus on what the market has not already priced in)->Valuation->Catalysts.
I just new the general trends for my industry and was never pressed too much. I think they're looking more for interest here but who knows they could ask for more detail.
Thank you very much Illuminate! I appreciate your input!
SuperDay Equity Research vs IBD (Originally Posted: 01/28/2011)
I'm new to the recruiting process and have been searching for info on superday for a summer associate equity research process. The superday for a BB is next friday and I was wondering if the questions they ask will be different from an IBD Superday. The only info they gave me was that I need to be able to discuss my views on a stock. Using the search I've found a bunch of info on what happens during an IBD interview but haven't been able to find much on Equity Research. I've pulled together macro economic info, industry info, product line growth, DCF model, EV/EBIDTA comps with competitors, metric anlalysis with competitors. Was wondering if the BS, what are you three great strength type questions are done with and this is mostly a technical type interview.
If any has any additional info so I can continue and prepare myself as much as I can?
Thanks in advance to everyone.
Think you have done sufficient research on your part. ER is always the most difficult in my opinion - it's IBD (valuations) +S&T (stock pick, market views) combined. So yea, know your technicals, read the WSJ and be sure to be able to pitch a few stocks - buy/sell (and do not forget the valuations for those).
Some questions that always pop up, assuming u are undergrad, is whether you have plans for MBA/what do you see yourself in 3-5 years. Also why ER not banking/S&T.
Good luck for your interview!
I'm actually in B school from a non-target in the EU but consistently ranked among the best in EU. I went to b school for a career change where I spent 5 years at a bio tech in FP&A and now trying to make the switch to capital markets.
Thanks for the tips ad alta!
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