Career track · Equity Research

Equity Research

An equity analyst reads the accounts closely enough to disagree with the market. You rebuild the three statements, value the business, and write the note that argues it.

Equity Research careers are found across firms like

Goldman Sachs
Morgan Stanley
J.P. Morgan
Jefferies
Bernstein

Company names are shown as industry examples only; no partnership or affiliation is implied.

Priority 01

Core

cannot work the seat without these.

Explore Core

What’s inside

Practise the questions firms actually asked

100 real Equity Research interview questions from 45 firms, each with a model answer and the mistakes to avoid.

Asked at Morningstar, Man Group and 43 more firms

Practise interview questions

Crack the puzzles interviewers love

100 Equity Research brainteasers, from probability to mental maths. Try each one first, then read the worked solution.

19 traced to firms
11 topics
30 hard ones

Solve the puzzles

Work the cases like a real round

100 Equity Research case studies: a business, its numbers and a task. Work it on paper, then open the solution one step at a time.

30 traced to firms
12 topics
30 hard ones

Work the cases

Case 013Core

Stock pitch case study: Halvoren Tiles has revenue of Rs 2,400 crore and a 14% EBITDA margin expected to reach 17% as gas costs fall. The stock trades at Rs 576, 18x next year's EPS of Rs 32. Build the long thesis, the catalyst and the one risk that breaks it.

1What is the thesis in one line?
2Where exactly do the three points of margin come from?
3What is the catalyst, and what breaks the thesis?

Worked step by step inside

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1 / 44 courses

Core

Financial Accounting, Reporting & Analysis

Business, Industry & Company Analysis

Corporate Finance & Valuation

Public Equities & Securities Analysis

Practise the questions firms actually asked

Crack the puzzles interviewers love

Work the cases like a real round

The LBO in Structure

Precedent Transactions and Why They Differ

Building a Comparable Companies Table

Common Size and Trend Analysis

Reading a Cash Flow Statement

Ratio Analysis That Says Something

Building a Working Capital Schedule

Sizing a Market

Hypothesis Testing

Cleaning Financial Data

Regression for Finance

Comparing Funds Without Being Fooled

How a NAV Is Struck and Which Day You Get

Reading a Fund Factsheet Properly

Measuring Risk in a Portfolio

Writing an Investment Thesis

Building a Discounted Cash Flow

Reading an Annual Report Fast

Reading a Sector Before a Company

Spotting Quality of Earnings Red Flags

Building a Revenue Forecast From Drivers

Short Selling Mechanics

Long Short Mechanics

Fund Waterfalls and Carry

Analysing an Issuer's Credit

Duration and What It Does Not Tell You

Bond Pricing and Yield Mechanics

Tax Aware Portfolio Decisions

Building a Client Risk Profile

Goal Based Planning Arithmetic

Reading a Term Sheet Structurally

Credit Exposure and How It Is Reduced

Value at Risk and What It Hides

Reading a Term Sheet as a Founder

How a Venture Round Actually Works

Backtesting a Strategy

Retrieval and Grounding for Finance

Document Extraction in Finance

Hedging a Real Exposure

The Greeks, Practically

Futures, the Basis and What Moves It

Reading an Option Payoff

Rebalancing: When, Why and What It Costs

Strategic and Tactical Asset Allocation

Equity Research Bootcamp

Portfolio Management Bootcamp

Mutual Funds Bootcamp

Investment Banking Analyst Bootcamp

Private Equity Analyst Bootcamp

Quant & Hedge Fund Analyst Bootcamp

Breaking Into VC Bootcamp

Financial Analyst Program Bootcamp

Risk Management Program Bootcamp

Private Wealth Management Bootcamp

Debt Capital Markets Bootcamp

Derivatives Foundation Bootcamp