Hi guys, For Equity Research Associate positions at BB (think MS, JPM, UBS) that require something like 1-3 years of financial services experience, how are the interviews structured? Is there just one round of interview with 2-3 people in the team and they extend you offers or can there be several rounds of interviews? Also, how much does the holding of Series 7, 63 licenses and CFA Level 2-3 candidacy help? Are these more important than just a simple matter of whether they like you or not? Any insights would be appreciated, thanks!
Having BO/IT experience is the best way to get a front office job. Also, MBA > CFA.
I think being a level 2 or 3 candidate will defintely help. Having series 7 and 63 probably little if any benefit I’d have thought. If you have the requisite experience and can present yourself well, then there is a good chance you’d be asked back for round 2. In my experience a position like this would usually involve at least two rounds and often more. Have you been invited to interview for this position?
Oh yeah, I met two people in the team (which is the whole team) for the first round and I don’t know what to expect for the second round if there is any. Is there like an assignment I can expect to get?
Series licenses aren’t really a big plus. If you have a pulse you should be able to pass the exams.
I’d suggest to wait until you hear back from the firm. If they ask you back to a second round, then you should have an opportunity to work out broadly what format it’s going to take. Have you been dealing with HR or a recruiter at all? It might be easier to extract information out of those sources. At the very least, though, you should be able to find out who it is you’re meeting and take it from there.
Nah, I just submitted my resume online and was directly contacted by the senior analyst’s EA. Didn’t deal with the HR at all. Does this mean anything like I was a very good candidate and hence I interviewed directly with the team? Again, this is a position with 1-3 years of relevant experience.
njboe227 Wrote: ------------------------------------------------------- > Hi guys, > > For Equity Research Associate positions at BB > (think MS, JPM, UBS) that require something like > 1-3 years of financial services experience, how > are the interviews structured? Is there just one > round of interview with 2-3 people in the team and > they extend you offers or can there be several > rounds of interviews? First round is typically a mix of behavioral and technical questions. As you move forward through the interview process and meet with more senior people or folks from other teams, they tend to be more behavioral in nature. People are really curious to know that you have good reasons to get into equity research, why you want to work at that firm, and that you really understand what the everyday responsibilities are and how you can add value beyond the typical tactical/execution type of work. There can be as few as two rounds of interviews or as many as four or five. This has been my experience in going through both the hiring process at a bulge-bracket bank, and also being responsible for making hiring decisions too. > Also, how much does the holding of Series 7, 63 > licenses and CFA Level 2-3 candidacy help? Are > these more important than just a simple matter of > whether they like you or not? > Yes…Series 7 and 63 are “nice to have” but no hiring decisions at big banks are made based on the licenses that you hold. CFA Level II and Level III candidacy, on the other hand, can be pretty helpful, but really are only meaningful if you have prior finance experience as the current job market is pretty flooded with people that have strong resumes and/or finance background.
Numi, great response, thanks a lot for your post. One more question, I mentioned that I interviewed with two people, one who’s an associate with 3-4 years of experience already in the group and one a senior analyst (director). I did well at the interview with the associate but not so great with the interview with the senior analyst. Would the associate’s recommendation carry any weight at all? I assume that if I were to join the firm, I would most likely be working together with the associate a lot and not have much of a contact with the senior analyst (at the least initially) so I assume associate’s recommendation can carry like 30% weight? Actually one more question, do you know if there is a signing bonus for experienced hires in equity research? Thanks!
Chances are that if they liked you they will bring you back in to meet with them again and some other members of their industry team. For example, if this was the pharma research team perhaps they will have you meet with the hospitals team. Depending on how closely they work with the trading desk, could also include traders or specialist sales.
FIAnalyst, thank you for your response. Can anyone chime in on the last questions? Any insight would be much appreciated!
Signing bonuses are given mostly to fresh candidates who just graduated from school. Hardly seen anyone with exp getting signing bonus.
Re: Signing bonus - depends on the firm and whether you ask for one. Re: job prospects/fit – both the associate and senior analyst have to like you, but the associate’s opinion definitely weighs in heavily because they will work very closely with you. In fact, if the associate has any strong opinions against you, you won’t get the job. A “good” word from the associate probably doesn’t carry that much weight either; you need something more like a “stellar” word on your behalf because there are so many qualified candidates looking for a job. Moreover, your skills and qualifications are what you have on paper; whether or not you get the job ultimately comes down to the tenacity, charisma, and collaborative spirit you show at your interview. Being a personable team-player is critical; your interpersonal qualities are what you’ll be graded on. Getting back to your question though, I probably wouldn’t try to “predict” the likelihood that you’ll get the job. Just do the best you can, and if it happens, it happens. There are so many criteria you’re being graded on and you won’t ever know what all of those things are…until perhaps after you’ve gotten the job and signed on.
Numi, thanks a lot for your post. You are the best!
Thanks for the compliment, njboe227. It’s my pleasure to help. Good luck and keep us posted.
Holding the Series 7/63 is not something that will get you in, but if they like you, it would definitely be a plus. Passing CFA Level 2 exempts you from Series 86 exam, so holding all those licenses would mean you just need to pass the Series 87, which is significantly less time spent than having to study for everything. I think they think about this, but it is not a dealbreaker. Knowledge of a sector, or your passion to learn, as well as fit, are the main ingredients. Good luck.
mp2438, thanks for your input. I’ll update on how things turn out.