Finance Track

Equity Research Interview Prep

Equity research interviews test your ability to form and defend an investment opinion. We coach you on building earnings models, writing compelling stock pitches, and speaking to sector trends with authority.

Start Preparing View All Career Paths

1,000+ candidates coached into top-tier firms

What We Cover

Stock pitch construction and defence

Earnings model building (revenue build-ups, margin analysis)

Initiating coverage report structure

Sector analysis and competitive dynamics

Valuation frameworks for ER (P/E, EV/EBITDA, DCF, SOTP)

Behavioural prep and "Why equity research?" narrative

Common Equity Research Interview Questions

Pitch me a stock with a buy or sell recommendation.

Walk me through how you would build an earnings model for a consumer company.

What is the difference between sell-side and buy-side equity research?

How do you decide what price target to set?

What sectors are you most interested in following, and why?

How do you think about revenue forecasting vs. consensus estimates?

Tell me about a company you follow, what is the bear case?

How would you structure an initiating coverage report?

What makes a good equity research analyst?

If management guidance is above consensus, how do you think about where to set your estimate?

These are real questions asked in equity research interviews. Our coaching covers how to structure and deliver winning answers.

What Top Firms Look For

Strong writing and communication skills, ER is a publishing business

Genuine interest in following markets and specific sectors

Ability to form a differentiated view and defend it with data

Solid modeling skills, you need to build and maintain complex earnings models

Intellectual curiosity and willingness to deep-dive into industries

Credibility under pressure, you will defend your calls on client calls

A Day in the Life: Equity Research

An equity research associate or analyst spends their day tracking their coverage universe, monitoring earnings, news flow, and industry developments. Mornings start with market open prep and morning notes. Mid-day involves updating models based on new data, writing research notes, and taking calls with buy-side clients. During earnings season, the pace intensifies dramatically with same-day model updates and rapid-fire client calls. Hours are typically 60-70 per week, with spikes during earnings.

How to Break Into Equity Research

ER recruiting is less structured than IB, roles are often filled on a rolling basis

Having a polished stock pitch with a full write-up is the single most important preparation

Sector interest matters, firms want people who are passionate about specific industries

Paths in include direct from university, lateral from IB, or through research associate roles

Publishing your own investment analysis (blog, Substack, personal research) demonstrates genuine interest

What it pays

On the investment banking ladder, a analyst 1 sits at a midpoint around £80k in cash and a managing director near £1.2m. Bonus is the whole story above analyst level and it is discretionary: two people at the same level and the same firm can be a year of base apart on total. Names vary at the top. What is shown here as Director is Executive Director at JP Morgan, Morgan Stanley and Barclays, and Director at Goldman Sachs and Citi.

Investment banking pay, level by level

Guides for this track

The written material behind the coaching, free to read.

Equity Research Interview Questions: The Coverage Mindset7 min read

Frequently Asked Questions

What is the difference between sell-side and buy-side equity research?

Sell-side analysts work at investment banks and publish research reports for external clients (mutual funds, hedge funds). Buy-side analysts work directly at asset managers and hedge funds, generating ideas for internal portfolios. Sell-side is more about communication and client service; buy-side is more about direct investment impact.

How do I build a stock pitch for an equity research interview?

Start with a clear recommendation (buy, sell, or hold) and a target price. Build an earnings model with revenue drivers and margin assumptions. Identify 2-3 catalysts that will move the stock. Include a valuation section comparing your target to where the stock trades now. Finish with key risks. The whole pitch should take 5-7 minutes.

Do I need a CFA to work in equity research?

A CFA is not required to enter equity research, but it is strongly preferred, especially at sell-side firms. Many ER analysts begin the CFA programme during their first year. Having CFA Level 1 passed before recruiting signals commitment to the profession and can differentiate you from other candidates.

What does L3VLUP equity research coaching include?

Our coaching covers stock pitch construction and defence, earnings model building, initiating coverage report structure, sector analysis frameworks, and mock interviews. We help you develop a differentiated investment view and practise delivering it under interview pressure.

The workflows Equity Research roles expect

Interviews test whether you can do the job. These are the actual on-the-job workflows — each split into what you delegate to AI, what you verify, and what judgment you own.

Earnings Teardown

Understand what actually changed this quarter — before the market finishes deciding.

~25 min · Open workflow

Filing Diff

Find what materially changed between this filing and the last one.

~20 min · Open workflow

Comps Set Builder

Choose a defensible comparable-companies universe, and be able to defend every inclusion.

~30 min · Open workflow

Stock Pitch Builder

Turn research into a pitch with a variant perception, not a book report.

~45 min · Open workflow

Warm up first with the free drills in L3VLUP Labs — no sign-up needed.

This week in your seat

Open NewsViz

“Tell me about something happening in this market” is coming in some form. Pick one story, read the source, and have a view on it.

Your Coach: Surojit Chakraverti

Citigroup · Rothschild & Co · Hedge Fund CIO

Surojit is a hedge fund CIO (Third Wave Capital, previously Redline) and former investment banker who worked at Citigroup and Rothschild — with his core deal experience in M&A at Citi and Rothschild. He has personally coached over 1,000 candidates into roles at Goldman Sachs, Blackstone, KKR, Google, McKinsey, and dozens of other top-tier firms.

Every equity research coaching session is tailored to your specific targets, timeline, and experience level. No generic advice, just the insider knowledge that separates offers from rejections.

Ready to Ace Your Equity Research Interview?

Get 1:1 coaching from professionals who have been through the process and sat on the other side of the table. No generic advice, just what actually works.

Book Your Session

Coached by Surojit Chakraverti — Citi, Rothschild, Third Wave Capital

Interview Prep →

Tell me when Equity Research roles open

Most of these assess on a rolling basis, so the fortnight after a window opens is worth more than the deadline printed at the end of it. We watch the boards daily and email you the day one goes live.

One email when a window opens, plus a short weekly round-up in season. Free, and you can leave at any point.