Equity Research Interview

CFA General
#1

Hi guys,

I have an interview coming up for a short internship at a large equity broker in London. I had previously been for an informal chat with the head of HR and a few days later she emailed me with this opportunity. It is just for a couple of weeks but as a recent grad with low experience I am very keen to do everything I can to get this opportunity.

In my interview with her I expressed an interest in ER but she mentioned they don’t recruit grads into ER specifically unless they come from an accounting background or have worked within the firms other teams. My background is econ grad with an insight internship on the trading floor of a european IB and some temp work within the back office of fidelity. She knows this however in the email she has written the following:

“The successful candidate will be assisting our Utilities team on a detailed study of the last bust cycle of a utilities company, looking at things such as Capex, closures, return focus, business strategy etc. For this they will need to be able to read and interpret company accounts.”

The interview will be with a member of the Utilities team and whilst she has said it will be an informal chat I’m very keen to come across as someone who can come in and just get on, without the need for too much training. I have recently registered for the CFA, Dec 12, so I have study guides etc. I have 3 days in which I plan on reading as much about company accounts as I possibly can. I was hoping for some feedback/advice on which sections will be most important for interpreting company accounts.

My plan is to read up on Utilities but I would like some advice on which of the following sections from my Elan guide would be most useful:

  • Financial statement and Analysis: An Introduction
  • Financial Reporting Mechanics
  • Financial Reporting Standards
  • Understanding the Income Statement
  • Understanding the Balance Sheet

Any input from you guys would be greatly appreciated

Thanks

#2

[original post removed]

#3

^ I think you meant that for this thread http://www.analystforum.com/forums/cfa-forums/cfa-general-discussion/91310501

#4

anyone?

#5

There is almost zero chance that a few weeks of book-studying will help you with this interview.

If you want to improve your odds greatly, show up prepared to give a stock pitch – preferably a stock pitch on a utility company.

90% of the other candidates that apply for the role will have a stock pitch. If the interviewer asks for one (and they most likely will) and you don’t have a pitch, it will be a very short interview.

#6

Thanks for your response Wendy.

I’ll definitely consider doing this, but Im not sure they will be expecting me to be able to analyse and pitch stocks for a 2 week intern, who knows maybe they will.

So perhaps book studying will not help, but what would be the some very basic financial analysis that I can learn so that I can prove in the interview that I am not going to be a dead weight.