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Home · Careers · Finance, Accounting & Banking

Equity Research Analyst

Finance, Accounting & Banking

Cover sectors + companies; write reports for buy-side investors. CFA path common.

What they actually do

Equity research analysts cover specific sectors (IT, banks, pharma etc.) and write detailed reports on listed companies. Sell-side (IB-affiliated; reports for clients) + buy-side (mutual funds, hedge funds; reports for in-house PMs).

A typical day

  • Financial modelling (DCF, comparable, sum-of-parts)
  • Company + industry research
  • Management interactions + earnings calls
  • Report writing + recommendations
  • Client / PM interactions

How to become a Equity Research Analyst

1 viable paths.

  • CA / CFA + MBA → ER analyst

    Top route: CFA Level 2+ + finance MBA or B.Com Hons + CA.

Qualifications

  • B.Com Hons / BTech + CFA / MBA Finance
  • Strong financial modelling portfolio

Skills that matter

  • Excel financial modelling
  • DCF + relative valuation
  • Industry depth (sector-specific)
  • Writing skills for reports

Salary bands by experience

Wide bands — real salary depends on city, employer, performance. Pick the midpoint for planning.

  • Fresh (post-MBA / CFA)₹10 - ₹25 LPA
  • 5 yr Senior₹20 - ₹50 LPA
  • Sector head + Buy-side senior₹50 LPA - ₹2 Cr+

Career growth + employers

Associate → Sr Associate → AVP → VP → Director / MD

Top employers (informational, not endorsement)

  • Sell-side: Kotak, Motilal Oswal, Axis Capital, JM Financial, Edelweiss
  • Buy-side: ICICI Pru AMC, HDFC AMC, SBI MF, Aditya Birla AMC
  • Foreign — Goldman, Morgan Stanley, Macquarie India research

Honest pros + cons

Pros

  • Strong learning curve + industry depth
  • Buy-side senior comp substantial
  • Career into PM / CIO possible

Cons

  • Long hours during earnings season
  • Reporting cycles intense
  • Buy-side roles limited in India

Demand outlook

Strong + growing with Indian capital markets.

Related careers

  • Investment Banker / Equity Research

    High-finance careers — M&A advisory, IPOs, equity research at investment banks.

  • Chartered Accountant (CA)

    India's premier finance qualification. 4.5-5 years to clear; high pay + status if completed.

Relevant exams

  • CAT