Equity Research Analyst

Overview

Equity research analysts study listed companies and produce buy/sell/hold recommendations for institutional investors and brokerage clients. The Indian sell-side research industry (Kotak Securities, ICICI Securities, Motilal Oswal, Axis Capital, Jefferies India, JP Morgan India, Morgan Stanley India) plus the rapidly growing buy-side (mutual funds, PMS, hedge funds, family offices, venture capital growth-stage) hire analysts across sectors. The role demands deep sector knowledge, financial modelling, and the ability to write incisive research notes.

Day-to-day responsibilities

Build and maintain detailed financial models for covered companies; meet management teams and conduct channel checks; write detailed initiation reports and quarterly results updates; develop sector views and identify investment themes; respond to client queries on covered names; participate in earnings calls and investor conferences; track competitor reports and industry data; pitch investment ideas to internal sales teams or portfolio managers.

Skills required

• Financial modelling (DCF, comparable, M&A models)
• Industry analysis frameworks
• Reading and interpreting financial statements
• Excel and VBA proficiency
• Bloomberg and Refinitiv terminals
• Channel-check and primary research techniques
• Writing investment research notes
• Sector specialisation (BFSI, IT, FMCG, Pharma, Auto, etc.)

Education path

Career progression

1. 1
   Junior Analyst / Associate (0-2 yrs)
2. 2
   Analyst (2-5 yrs)
3. 3
   Senior Analyst (5-9 yrs)
4. 4
   Vice President / Lead Analyst (9-15 yrs)
5. 5
   MD / Head of Research (15+ yrs)

Top employers in India

Useful certifications

• CFA Levels I, II, III
• CA (parallel)
• NISM Research Analyst Certification
• FRM (Financial Risk Manager)
• CIPM (Certificate in Investment Performance Measurement)

Adjacent careers

Courses that lead to this career