What equity research analysts do, the skills and courses that help you enter the field and how it compares with investment banking.

Equity research is a popular entry point into finance for people who enjoy analysing businesses and markets. Analysts study listed companies, forecast their performance and publish views on whether the shares look attractive.

What an equity research analyst does

• Tracks a set of companies in a sector
• Builds and updates financial models after each results season
• Values companies using DCF and multiples
• Writes reports with a clear thesis and recommendation
• Speaks with management, clients and sales teams

Sell-side vs buy-side

Sell-side analysts work at brokerages and banks and publish research for clients. Buy-side analysts work at mutual funds, asset managers and investors, producing research used internally for investment decisions.

Skills you need

1. Financial statement analysis to understand earnings quality.
2. Financial modelling to forecast and value.
3. Industry knowledge to see how a sector works.
4. Writing and communication to present a clear thesis.
5. Curiosity and discipline to track companies consistently.

Qualifications and courses

Common routes include finance or commerce graduation, an MBA in finance, CFA or CA, and practical training in financial modelling and valuation. Many analysts strengthen their profile with a hands-on modelling and equity research programme that includes building models for real companies.

Equity research vs investment banking

Both need strong modelling and valuation. Banking is deal-driven, with intense project cycles; research is market-driven, with a focus on analysis, publications and calls. The skills overlap, so training in one supports a move into the other.

Salary and growth

Entry-level pay in India varies by firm type and city, and progression depends on performance, reputation and client feedback . Strong analysts can move into senior research, portfolio management or corporate roles.

Building a research portfolio

Pick a listed company, build a model, write a short report with a recommendation and defend it. A few quality reports show recruiters your thinking better than a certificate alone.

How TWSS can help

TWSS's Financial Modeling and Valuations and Investment Banking programmes build the modelling and valuation skills equity research demands, with placement assistance for successful participants .

Considering equity research? Book a free counselling session with TWSS.