Equity Research

A DAY IN THE LIFE

I selected Equity Research…
because I wanted to gain an in depth understanding about a particular sector. I was also very impressed by the amount of responsibility I could gain quickly, and the exposure I’d have to more experienced sector Analysts. I like building financial models and analyzing industries—in Research at Morgan Stanley you can become the expert on a company or a sector, and be seen as the go-to person in that industry. My access to management, as well as the fact that I was encouraged to voice my opinions, made me feel like part of the team from day one.

As an Equity Research Jr. Associate…
it’s important that you come in as a strong communicator, that you’re curious, ask a lot of questions and feel hungry to learn. Once you arrive, you’ll be taught what you need to know about how to create a financial model, evaluate the market and the drivers behind its movements. Just having an idea isn’t enough—you need to express your thoughts clearly and concisely to drive home the main issues so investors can quickly understand.  It’s also important to note that the title “Analyst” in Research actually refers to experienced sector specialists, whereas recent college graduates are referred to as Jr. Associates.

A typical day…
depends on the time of year. During earnings season, I usually arrive around 6 a.m. Companies can start reporting results at 7 a.m., so I need to prepare for announcement time. Once the data is released, I analyze it, write a quick report, get on conference calls and spend the day modeling and reviewing notes on the companies. I also have calls with their management teams, and am pulled into meetings with industry experts. In non-earnings season, I get in around 7 a.m. when the morning meeting begins and people present reports and findings to Sales & Trading. A day can often include weighing in on discussions about the key debates in an industry, digging into data that will help us build a research report or travelling to visit companies.

Many former Jr. Associates have gone on to…
become sector Analysts, while others, given the versatile skills you develop in Equity Research, have moved into Investment Banking, Sales & Trading, Investor Relations, buy-side firms or corporate roles.