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The Equity Research Associate: Remnant of a Dying Industry, or the Hero That Gotham Deserves?

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Many people do not understand what equity research (ER) means, or they conflate it with other industries that happen to have “equity” in their names.
Many sources mix up the Associate and Analyst roles, or they mistakenly assume that “Associate” means the same thing that it does in investment banking or private equity .
And then other sources have not updated their coverage to reflect the post-MiFID II world and how the entire industry is changing.

We’re previously covered equity research careers and equity research recruiting , so this article will build on those and cover the Associate role in detail:

The Equity Research Associate Job Description

In sell-side equity research at an investment bank, you analyze public companies, speak with management teams and investors, and make Buy, Sell, and Hold recommendations on stocks.

Although the division is best known for its equity research reports , the reports are not the key “value add.”

Instead, institutional investors value equity research professionals mostly for additional “color” or “nuggets” they can extract from management teams and then relay.

Particularly if someone at a hedge fund or asset management firm covers dozens of names, that person will not have time to dig into every last nuance of each company.

Research professionals can add value by relaying information and even setting up meetings between management and current or prospective investors.

This setup remains the same even though institutional investors now pay directly for the reports (because of MiFID II ) – it’s just that these services are now limited to paying clients.

In research, the senior staff are called “Analysts,” and the junior team members are “Associates” or “Research Associates” – the opposite of the investment banking hierarchy .

But those are just the external titles; within the “Analyst” title, you can still advance from the VP level up to the MD level internally.

And “Analysts” at different internal levels get paid differently and have slightly different responsibilities.

As an Associate , you’ll be responsible for supporting the Analyst in your group.

Research groups vary widely because each Analyst runs his/her group differently, but “support” includes tasks such as:

Speaking with market participants (management teams and investors).
Doing industry research (e.g., collecting data on market share, pricing, etc.).
Writing the reports (both short, update reports and longer thought pieces).
Building models and valuations.
Determining market sentiment.

The Equity Research Analyst does more relationship building (#1 and #5 in the list above) and sets the overall direction and culture of the group, while the Associate faithfully executes orders (#2 to #4 in this list).

But if you want to advance to the Analyst level, you’ll need to start interacting with management teams, setting up meetings, and developing your reputation with institutional investors.

Therefore, you need to strike a delicate balance between “doing/checking the work” and becoming a relationship broker.

It’s the same challenge bankers go through when they’re trying to move beyond the VP level .

Equity Research Associate Hours

Equity research operates based on two main “periods”:

Normal Days – These take up most of the quarter. You do normal work updating models and reports and answering questions, and you can expect to work ~12 hours per weekday, on average.
Days During Earnings Season and Industry Conferences – These might take place over 2-3 weeks per quarter, and you will work more like ~16 hours per day as you listen to companies report their earnings, ask questions, update your models, and send out new reports to clients.

Your hours will also be affected by how the Analyst runs the group and what he/she focuses on (e.g., on-the-ground research vs. modeling vs. vs. industry analysis vs. relationship-building).

Even something like the number of names you cover, such as 10 vs. 20 companies, makes a difference.

On average , you’ll have a better and more predictable lifestyle than the one offered by investment banking .

You might work an average of 55-60 hours per week , with spikes to 70-80 hours per week in earnings season.

Weekend work is rare, but it may come up when there’s a massive industry change or company announcement that forces you to reevaluate all your views and ratings.

Ironically, your hours might get worse as you advance because Analysts have to travel and do more work outside the office while still overseeing published reports.

Why Would You Want to Be an ER Associate?

In a previous article on equity research recruiting , we mentioned that equity research is in decline.

Headcount reductions and MiFID II – which requires banks to charge directly for research rather than “bundling it” with other products – will continue to hurt the industry.

Plus, the clients that research teams serve, such as asset managers and hedge funds, have been doing poorly because of declining fees, the rise of passive investing, and massive manipulation of the financial markets by central banks.

So, why would you want to pursue an entry-level Associate role in this industry?

Here are some of the top reasons:

Interesting Work and Solid Pay – The pay is a discount to investment banking salaries , but you’ll still make well into the six figures. And the work is arguably more interesting, with more creativity, less grunt work (e.g., pitch books , briefing books, buyer status logs, etc.), and reduced hours.
It’s Possible to Break in as a Non-Traditional Candidate – The ER recruiting process is more random and unstructured than the one in IB, and it’s sometimes more feasible to break in as a career changer or “industry expert.”
Exit Opportunities – You’ll build a solid network of institutional investors and company executives, and you can leverage these connections to move into other roles, such as hedge funds, asset management, and corporate finance at companies.
Long-Term Career Potential – While equity research careers have become less appealing, top ER Analysts can still earn into the high six figures and beyond.

You can also use the role to switch to other divisions within a bank, such as investment banking industry groups , equity capital markets , or potentially even sales & trading (if you switch early enough).

Equity Research Associate Salary (and Bonus)

Total compensation for Associates in major financial centers is in the “low six figures” – we’ll say between $125K and $200K, with the majority from the base salary.

Yes, this is lower than investment banking pay, but you also work fewer hours and have a less stressful life.

We cover the full salary + bonus progression in this equity research careers article , but as you move up to the VP, Director, and MD levels within the “Analyst” title, you’ll progress to the mid-six-figures and might eventually earn $1 million in a good year.

A Day in the Life: What Does an Equity Research Associate Do?

During earnings season, days are frantic and not that interesting since they’ll all look something like this:

7 AM: Arrive at the office early and join your first earnings call of the day. Ask a few questions about the company’s EPS and operating margin misses, and start updating your model and preparing a 2-page update note for clients.

8 AM: Your Analyst is busy fielding questions about this company’s earnings miss, so he refers a few clients to you. You answer their questions and sheepishly explain why you had a “Buy” rating on the company, even though its stock price just fell by 10%.

9 AM: The next earnings call begins. You still haven’t finished updating the model and report for the first company, so you’ll have to return to that later in the day.

[Repeat the tasks above until 11 PM or midnight.]

Rinse, wash, and repeat this all day as you join these calls, make updates, and answer questions from panicked investors.

You’ll often stay late because you won’t have time to update all the models and reports during the day.

It’s more interesting to look at a “normal day” where there are no earnings calls or panicked investors calling to ask about earnings misses.

Here’s what that might look like in a biotech equity research group :

8 AM – 9 AM: Arrive at the office and check the news for anything involving your coverage universe.

You also read a few emails from traders and salespeople and send off a quick note to them about a regulatory development that might affect one of your companies.

9 AM – 11 AM: Start working on an Initiating Coverage Report for a new biotech company that your Analyst wants to add to the group’s coverage universe.

This will be a 100-page report with tons of industry data, and it will take months to complete. You get started by reading the company’s filings and setting up the revenue and expense categories in your model.

11 AM – 12 PM: Your Analyst is busy with several clients, so she refers a few hedge fund portfolio managers to you instead.

They’re looking for extra insights into one company’s pricing power based on a meeting the management team just held.

They didn’t say anything concrete, so you give your opinion while also downplaying your certainty.

12 PM – 2 PM: Review some valuation work submitted by the equity research intern in your group and a more junior Associate who joined last year.

Their Excel formatting is terrible, but their projections and data sourcing are fairly good.

2 PM – 3 PM: Your Analyst is now on the road, and she calls to ask if you can set up meetings between a few hedge fund clients and 3-4 biotech firms of interest. You start placing the calls and sending emails.

3 PM – 5 PM: One of the companies in your coverage universe has just announced a divestiture of one of its pipeline drugs, which is currently in Phase 3 clinical trials.

This news comes out of nowhere, so you scramble to update your projection model to reflect the inflow of cash and loss of potential future cash flow from this drug.

You also call the Junior Associate and Intern over to help check the numbers.

5 PM – 7 PM: You finish the update and send it out to clients, immediately receiving questions about the selling price and its impact on the company’s valuation.

One hedge fund manager is very persistent and wants to speak with you ASAP, so you indulge him.

You explain your view that the deal is a good one because the drug was unlikely to pass Phase 3 trials anyway, and even if it did, the selling price exceeds its intrinsic value.

7 PM – 8 PM: You finally get back to that Initiating Coverage Report from this morning and start dividing up tasks for the Junior Associate and Intern.

As you’re heading home, your Analyst calls to thank you for your work in the urgent report update and to ask if you can attend the firm’s Bio/Pharma industry conference in a few weeks.

This is a ~12-hour day with a moderate amount of stress.

An unexpected acquisition or divestiture can create an emergency, but it’s usually less severe than a last-minute pitch book in IB.

And most of the day was spent working on a long-term project, answering questions, and reviewing your team’s work.

Since equity research is less hierarchical than IB, office politics within the group is sometimes less of a factor.

How to Break into Equity Research as an Associate

We cover the full process in the equity research recruiting article , but the good news is that you don’t necessarily need to have a 3.9 GPA at Harvard and three previous finance internships to get in.

Equity research recruiting is unstructured and based on the group’s current needs, which means you can network your way in if you’re persistent enough.

Also, ER teams are open to recruiting candidates from more varied backgrounds, including experts in industries where deep technical knowledge is required (biotech, pharmaceuticals, semiconductors, space/satellites, etc.).

The bad news is that you’ll have to do much of the legwork yourself because many groups lack structured processes.

No matter your background, you’ll need 2-3 very solid stock pitches for your industry to have a good shot at winning interviews and being taken seriously.

And you’ll need to know the usual technical topics about accounting, valuation/DCF analysis, and a bit about merger models and LBO models (transactions still come up – see the “Day in the Life” account above!).

MBA programs are not super-helpful for winning equity research roles because many banks do not recruit “classes” of Associates on-campus as they do for investment banking.

The CFA can be helpful in some cases, but it still matters less than university reputation, grades, work experience, networking, technical preparation, and stock pitches.

The ER Associate Job: Right for You?

To break into equity research, you don’t need to spend a fortune on a top MBA, start recruiting in your first year of university, or do all the other crazy things required for investment banking .

So, the real question is, “Should you put in a solid-but-not-overwhelming effort to aim for this role?”

My answer goes back to the “Why Would You Want to Be an ER Associate?” section above.

If you’re a non-traditional candidate , you started recruiting late, or you had some other problem, and you’re interested in the public markets and the potential exit opportunities from equity research, it could make a lot of sense.

But if you have your heart set on private equity or corporate development or something else that is difficult to break into from ER, it does not make much sense.

I don’t think equity research as a long-term career is a great option anymore because of industry and regulatory changes and declining headcounts and budgets.

But if you’re looking for an alternative to the traditional IB or S&T route that is more accepting of candidates “off the beaten path,” then the Equity Research Associate role might be right for you.

It may not be the career you deserve, but it might be the career you need.

You might be interested in Biotech Equity Research: The Best Escape Plan from Medicine or Academia?

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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4 thoughts on “ The Equity Research Associate: Remnant of a Dying Industry, or the Hero That Gotham Deserves? ”

Can I break in at 62 years old? Bloomberg exp only. No grad school exp yet.

Highly unlikely, sorry. ER recruiting is a bit random / unstructured, but they’re not going to recruit someone with 30+ years of work experience in other industries. I won’t say “never” or “impossible” because there may be some exceptions out there, but I haven’t personally seen anyone enter the industry at that age.

I am currently a client facing Portfolio Associate in Private Wealth Management team at a bulge bracket bank managing $1bio AUM for UHNW clients and have received an offer for an Equity Research Associate – Large Cap Banks position.

I have previous experience in corp finance dept of a bulge bracket bank hence the ER offer.

I am confused if I should take it up. Unsure of the pros and cons – if you could help me out. I want to understand which one would be a better choice – i am currently 31 yrs old.

Well, what is your long-term goal? Hard to answer this question without more information.

If you want to invest in individual companies and other publicly traded securities (e.g., eventually move to a hedge fund), the ER offer is better. Yes, ER is a declining industry, but hedge funds and asset management firms still recruit out of the ER pool.

The hours will be worse than PWM and the stress levels will be higher, but the pay ceiling is likely higher, and it is definitely higher if you move to a HF.

If you have no interest in investing in individual securities and are happy with your current compensation and lifestyle and the pay ceiling in PWM, then you should stay where you are.

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Job Descriptions

Equity Research Associate Job Description

Equity Research involves performing financial and ratio analysis to give recommendations

Prior to becoming our CEO & Founder at Wall Street Oasis, Patrick spent three years as a Private Equity Associate for Tailwind Capital in New York and two years as an Investment Banking Analyst at Rothschild.

Patrick has an MBA in Entrepreneurial Management from The Wharton School and a BA in Economics from Williams College.

What Is An Equity Research Associate?

What Is Equity Research (ER)?

Understanding Equity Research Associate

How To Become An Equity Research Associate?
The Role Of An Equity Research Associate
Equity Research (ER) Vs. Investment Banking (IB)

Equity Research (ER) Associates are responsible for researching and providing investment recommendations on stocks of companies in various industries. In addition, their research is generally used to generate buy-sell recommendations for the firm’s clients. Associates are the junior-most role within equity research and are responsible for a lot of the tedious and mundane work done at the junior level.

Their main role is helping the analyst. They typically share an analyst’s work and do more tedious assignments, such as in-depth research, writing reports, and financial modeling . The position requires an analytical mindset with a strong understanding of the stock market .

To pursue a career in equity research , you are expected to have exceptional mathematics skills and, ideally, a Master’s degree in business or finance. In addition, it is helpful to have a Chartered Financial Analyst (CFA) certification to set yourself apart in many cases. You will also need to be an excellent communicator with strong written and verbal skills, as most of the work involves writing and presenting your research findings.

Career progression is a matter of skills, luck, and networking, as promotions occur at a much slower pace than investment banking (IB) . Further, the career progression is not strictly defined in roles and tenure like other career paths.

The growth of equity research has slowed in recent years in large part due to regulation in Europe known as MiFID II . However, despite this recent legislation, equity research continues to grow, mainly due to new quant-driven analytics that some firms rely on to generate higher returns, which are not easily available otherwise.

This also means that talented and skilled stock pickers and analysts will thrive in this role in the coming few years. ER is expected to continue to adapt and grow in the future despite the regulation that has recently dampened the industry.

What is Equity Research (ER)?

Equity research is the process of analyzing companies and conducting thorough research on industries and businesses to help clients or the firm make good investment decisions.

Depending on the company, an ER team may work on the buy-side or sell-side of investment. Regardless of which side, it involves in-depth research of companies, the creation of various financial models , and equity research reports that assess an investment. It can include meetings with investors to describe the models, their importance, and why and how the team came to certain conclusions.

An equity research team can expect to be on the sell-side of analysis in investment banking, advising clients on what stocks to invest in. However, in both hedge funds and mutual funds , it is more common for equity research teams to work on the buy-side , as most if not all of the research is used by the fund itself in their investment process.

The deliverables of ER are almost always their reports. These reports are produced for investors looking to invest and trade in the markets and generally recommend buying, holding, or selling. Top analysts who have honed their research skills and give the best calls have a significant following, generating higher revenue. Also, the best reports are ones that go against the market belief and turn out to be correct.

For example, Meredith Whitney’s report suggesting that Citibank might soon go bankrupt, as their dividends payout were higher than their profits, propelled her to fame. This was in the 2007 boom when banks were priced very high. Her report, though highly pessimistic, turned out to be right when Citibank went on to lose 97% of its stock value by 2009. She was listed among the “50 Most Powerful Women In NYC” by the New York Post, and CNBC named her as the “Power Player of the Year,” beating the likes of Jamie Dimon and Ben Bernanke.

ER professionals are expected to specialize in a specific sector and generally work in teams that cover a few companies in that sector. Therefore, a lot of traveling and meeting with the management of covered companies are the norm in this profession, as well as having the technical skills ( such as financial modeling ) and understanding of market economics and how it affects stock prices.

Equity research associates conduct great amounts of in-depth research on different companies and stocks. They may be involved in a team that helps make ‘buy’ or ‘sell’ recommendations and helps gather information to create investment portfolios. Associates typically do a lot of grunt work, meaning that they are involved in some of the most tedious aspects of equity research, diving into financial reports and minute details.

Unlike in banking, associates are generally the junior-most rank in equity research. Analysts come next and are usually the ones who are responsible for the reports. After this, the hierarchy differs from firm to firm. Many follow the banking progression of Vice President to Managing Director to Partner, and others report directly to portfolio managers or other leadership positions.

ER professionals generally use publicly available data (such as 10-Ks , 10-Qs , regulatory filings) on the company they cover and information from meetings with various investor relations personnel at those companies to produce a detailed report and recommendation for the benefit of the users.

The users of these reports benefit from the exclusive information that these analysts have to supplement their own beliefs. Senior positions within the equity research team help direct an associate and give suggestions; however, associates are largely independent and do most of their work with very little supervision.

Associates are largely responsible for assisting the analyst they report to in whatever function the analyst may need them to perform. This varies between teams, but usually, they focus on preparing research and financial models for analysts. They also do a lot of the writing of equity research reports. As a result, they are judged both by the quality of their research and by how much research they can accomplish.

Analysts are usually more involved in meeting with clients and investors to explain the team’s reasoning, present models, research, and give recommendations. However, it is not uncommon for associates to be involved in these, as some analysts may help associates with research and creating reports.

As a junior position, it is also possible to move up the ladder; however, unlike some other jobs, the timeframe for promotions is less defined and can make it difficult to move up. The best way to move up is for candidates to prove their capabilities and take on a larger share of the analyst’s work, participating in things that may earn them the analyst title.

ER associates also have access to a significant number of exit opportunities. For example, it is not uncommon for associates to lateral into positions at hedge funds, in asset management , or corporate finance .

An equity research associate role can also pay very well. While compensation varies, a common salary can range from $90,000 into the low six figures , but that can increase as one moves onto an analyst or a more senior position.

How to Become an Equity Research Associate?

Being an ER associate requires a wealth of knowledge on various financial topics. This job is the most junior in equity research. The position requires an analytical mindset with strong knowledge about equity markets, broad economics, and the effect of various factors on stock prices. Candidates should have a bachelor’s degree in economics, finance, or related fields, and in many cases, are expected to have a Masters in Business Administration (MBA) . They should also have immaculate written and verbal communication skills.

Aside from traditional higher education, it may be in a candidate’s best interest to have several research-related certifications.

One of the most commonly sought-after qualifications is the Chartered Financial Analyst ( CFA ) certification, which focuses on portfolio management and deep knowledge about financial markets and investment .

While this is by far the most commonly advised accreditation when applying to this role, there is no shortage of professional certifications that can help a candidate stand out from the crowd.

A candidate should possess some amount of prior experience in finance. Hiring a new graduate is very rare but not unheard of. A candidate should be ready to present a few stock recommendations backed by really thorough research and financial models to nail an interview.

It is important that a candidate has knowledge of different financial models and how to create them. In addition, it should possess some knowledge of more complex models like LBO models or merger models.

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To move up from this role, a candidate may want to start taking on more and more responsibility from an analyst to show they can do similar work. In addition, they must display good interpersonal skills, as a large difference between associate and analyst is meeting with clients and management.

The Role of an Equity Research Associate

ER Associate is the junior-most rank in the ER profession. Their main role is supporting the analyst they work with to conduct research and provide recommendations on the covered companies. The work in this role usually consists of a combination of writing and modeling. On average, it is 70% writing and 30% modeling.

An important point to keep in mind is that the type and level of work you do will be dependent on the analyst you work for.

For example, some analysts like to write their reports (considering it something like their own signature). The associates would primarily be doing modeling with little to no writing.

On the other hand, some analysts may like to crunch the numbers on their own, and hence the associate would be involved in a lot of writing.

Regardless of that, it is crucial that someone looking for a career in ER is well versed in writing and enjoys it. At the end of the day, it is important to not just have insights but also to present them, and for ER professionals, the primary tool for presenting is written reports.

Essential job functions of ER associates include:

Executing fundamental equity research on companies
Generating investment recommendations for your clients
Attending conferences and networking events to gain more knowledge about the market
Actively contributing to discussions on company performance
Providing analysis for new products or services offered by your company
Assisting with marketing efforts

The work environment for an equity research associate is constantly changing. They are required to be constantly in the office but are also constantly on the phone or emailing colleagues about company updates. The work is fast-paced but rewarding. You’ll get to see your hard work pay off with real-time updates on the stock market and will often get to travel for conferences and meetings.

Equity research associates typically work around 60 hours per week, but that number can be closer to 80 hours during earnings seasons and during industry conferences. In most cases, weekends remain untouched. This job is fast-paced and can be extremely demanding, especially during its busiest weeks, but in general, it provides for a fairly good work-life balance.

Equity Research (ER) vs. Investment Banking (IB)

IB and ER are among the most highly sought-after jobs in finance. Detailed below are some of the similarities and differences between the two fields.

IB is the more popular of the two. It is generally what most people think of when they hear “finance.” It is a highly competitive area of finance that is extremely difficult to break into. Investment bankers are involved in many areas of finance. For example, they may find themselves making a lot of comparable company analyses , creating financial models, and creating pitch books and presentations. The largest role in investment banking is assisting in large transactions, and as a person moves up the ranks, they are likely to be a lot closer to the action, assisting in large deals such as mergers and acquisitions .

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Experience required for IB and ER can be similar; however, MBAs are more associated with investment banking, and CFA charters are more associated with equity research , but both can be very helpful for setting one apart in either field.

Investment banking is among the highest paying fields in finance, with even entry-level positions earning six figures. However, this high pay comes with extremely fast-paced and demanding work, with schedules that demand 100-hour weeks and little consideration for one’s weekends, although this improves as one achieves more senior positions. Many in investment banking complain of burnout and too much work, and some equate it to selling your soul for the high paycheck it can earn.

Exit opportunities are nearly limitless for investment bankers; having worked 100-hour weeks doing hard work, they have proven themselves to be hard workers and knowledgeable individuals. The high-octane work environment also forces investment bankers to acquire a lot of experience really quickly, allowing them to lateral into many other areas of finance, commonly hedge funds and private equity.

While equity research is considered much less glamorous than an investment banking position, it is still highly sought after and has its own benefits. Work in equity research is considered to be more mundane than investment banking, with work changing very little between associate and analyst positions and focusing largely on a small group of companies or a single sector. This can be tedious work, especially to begin with, with a great amount of research and financial modeling.

Equity research, however, has a much better work-life balance. Typically a person in equity research works 60-hour weeks, as opposed to the 100-hour weeks in IB, and are allowed to keep their weekends. However, they also typically get paid less and make smaller bonuses.

While investment bankers are able to be somewhat more competitive in exit opportunities, equity researchers follow not far behind, with many being able to lateral into many different areas of finance such as hedge funds and asset management .

In conclusion, these two roles do have a lot in common but also many distinct differences. The key difference between these two fields is that equity research has a better work-life balance with lower pay than investment banking, while investment banking is more glamorous and higher-paying but is much more stressful and demanding. Both these jobs are excellent positions and are highly sought after within finance.

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Additional Resources

WSO is a leading provider of financial modeling courses for finance professionals. To help you advance your career, check out the additional resources below:

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A Day in the Life of an Equity Research Analyst

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

Responsibilities of an Equity Research Analyst

Working as an equity research analyst requires multiple talents and skills and can make for a rewarding career. These professionals research public companies and come up with recommendations for investors about whether to buy, sell, or continue holding certain stocks. Analysts are usually assigned a particular group of companies, in a specific industry, for which they are responsible.

Brokerage firms (known as the sell-side , since they provide the research to their customers interested in making investments) employ equity research analysts. Mutual funds, hedge funds , and others that manage their clients’ money and invest on their behalf, known as the buy-side , also employ equity research analysts, who make investment recommendations to their portfolio managers. However, what do these analysts do on an everyday basis?

Key Takeaways

Equity research analysts research public companies and come up with recommendations for investors about whether to buy, sell, or continue holding certain stock.
Both brokerage firms on the sell-side as well as funds on the buy-side both employ equity research analysts.
On a daily basis, an equity analyst keeps a pulse on the stock market and company-specific news that could affect returns, updates colleagues on these changes, and issues reports.

Catch up and Keep up With the News

Typically, equity research analysts start their day pretty early, before the nine-to-five grind begins, and keep abreast of what’s going on with the companies they cover. They do this by keeping up with wire services and other news sources and also tracking global economic and market developments and trends. Throughout the day, analysts stay on top of any breaking news that impacts the stock markets and the companies they cover, getting input from both industry-specific and general news sources. On particularly volatile market days, this can make for quite a roller-coaster ride.

Another aspect of the equity research analyst's job is to inform and update colleagues on the sales side with recommendations and insight on various stocks (buy, sell, or hold ratings) so that brokers can better explain those choices to clients. This requires critical and creative thinking, strong communication skills, and the ability to quickly and accurately synthesize data from several different sources and present that information in an accessible way. Analysts need to anticipate and be prepared to answer questions their sales-side colleagues may have about certain stocks, and they might also need to update senior analysts about actions taken on various stocks.

Throughout the day, analysts may have to meet with colleagues, such as their supervisors, to touch base and exchange notes and ideas.

An analysts day may be quite different around earnings season; when companies release their financial results, an analyst's job may be more quantitative. Otherwise, it may be more focused on managing relationships.

Issue Reports and Keep Track of Companies Covered

Analysts come up with forecasts and earnings estimates for the companies they cover. During earnings season , as companies release their quarterly figures, analysts come out with their take on how the company has performed and might also update and tweak their earnings models for particular companies. In addition to following general news and economic events, analysts track any specific developments that could affect the value of the stock of any company in their particular group.

For instance, if a company announces a new product that could impact its earnings, analysts assess this news and include their findings in the reports they produce. Analysts might need to update these reports daily.

Keep in Touch With Company Management

Frequently, equity research analysts meet with the management of the companies they cover so as to get the most timely information to update their earnings estimates and reports. They could get such updates in person or on conference calls. While management provides such input to equity research analysts, executives have to be careful not to share any information with analysts that might impact the company's stock price and that isn’t available to the public. That would give an unfair advantage to the analysts.

The Securities and Exchange Commission (SEC) has issued rules relating to such fair disclosure practices, meaning analysts have to tread carefully with management. Some companies tend not to cooperate with analysts they feel haven’t treated them fairly in reports. Analysts need to provide investors with an accurate picture of a company’s potential, but they also don’t want to alienate a company's management and risk losing access to important information.

In the wake of misleading research issued during the dot-com boom, the SEC enforced regulatory action meant to curtail the practices of investment banks that used research reports more as an avenue to generate investment banking business than as a means to provide accurate and objective information for investors. This led investment banks to scale back on their equity research needs. However, while sell-side roles at large investment banks have declined, there are still opportunities for equity research analysts, particularly with smaller research firms and boutiques.

What Does an Equity Research Analyst Do on a Daily Basis?

An equity research analyst’s day involves analyzing financial data, monitoring market trends, and producing research reports on specific companies or sectors. They evaluate company financials, build models to forecast performance, and make recommendations on whether to buy, hold, or sell stocks.

What Types of Financial Data Do Analysts Review?

Analysts typically start their day by reviewing financial data such as stock price movements, earnings announcements, economic indicators, and any updates on companies they cover. They pay close attention to pre-market trading activity, industry news, and macroeconomic reports that could influence market sentiment.

What Tools and Software Do Equity Research Analysts Use?

Equity research analysts use a variety of tools and software to analyze financial data and build models. Common tools include Microsoft Excel for financial modeling, Bloomberg Terminal or FactSet for real-time market data, and specialized databases for industry research.

What Are the Key Challenges Faced During a Typical Day?

A typical day for an equity research analyst is filled with challenges such as managing tight deadlines, processing large amounts of information, and staying ahead of market trends. Analysts must balance these challenges along with having to potentially maintain client relationships. This can be especially challenging when markets are volatile; in a given day, they may be tasks with not only balancing the relationship with a client but digesting data to be better informed on where the market is headed in the future.

Analysts typically spend more time than average at their work but don’t need to put in the grueling hours associated with investment banking. In general, analysts keep up with news, update their colleagues, catch up with the companies they cover, issue and update company reports, and attend meetings in their day-to-day work. While the job of an equity research analyst has lost some allure in recent years, as firms have cut back on the number of analysts they employ, it remains a competitive field.

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An Ultimate Guide to Equity Research

This post was originally published on August 15, 2019 and was updated for relevance on July 29, 2024.

Equity research is a specialized field within the finance industry that analyzes public companies, industries, and the overall economy. It helps investors make informed decisions about buying, holding, or selling investments.

In this guide, we’ll explore equity research, its definition, how to conduct research analysis, what goes into a research report, the various roles involved, key considerations when selecting an equity research firm, career pathways into the equity research industry, and more.

With that, let’s get started.

What is equity research?

Before we discuss equity research, it’s important to understand the concept of equity. Equity is the full ownership of an asset once its associated debts have been settled. Equity research, or “securities research,” refers to the process investment banks use to understand a company's overall equity or value.

Equity analysts, often working within an investment bank, lead this process. They create documents that delineate the equity in question within the context of the business, its management, the broader industry, and the economic landscape.

The larger the investment bank, the more reports an equity research team will tend to produce, and the analysis included will be more detailed. Examples of analysis include:

Review of how the macroeconomic picture is likely to affect the company
Operational changes or investments that are likely to affect the company’s performance
Review the company’s financial statements and explanation of changes
Projections on the status of the company’s revenue (and share price) and where it’s headed
Recommendations on whether to buy, hold, or sell the company’s equity

How to conduct equity research analysis

Research is the name of the game. An Equity Research Analyst is responsible for providing vetted and trusted insights to make sound and informed investment decisions. This process is typically broken into four stages:

1. Thorough Research

Equity Research Analysts focus on specific regions and sectors. They leave no stone unturned in conducting extensive research, thoroughly reviewing financial reports, balance sheets in Excel, earnings releases, industry trends, regulatory changes, macroeconomic factors, and more that could impact the companies they are analyzing.

2. Financial Modelling & Valuation

Financial modeling involves creating mathematical representations of a company's financial performance by forecasting future results based on historical data and assumptions. Valuation is used to determine the fair value of a company's stock using methods such as discounted cash flow analysis and comparable company analysis. These tools help evaluate a company's financial health and growth potential to advise on investments.

3. Creating Equity Research Reports

Equity Research Analysts are responsible for condensing their findings into easily understandable reports for investors. We'll expand on this more in the next section.

4. Communication Skills & Publication

Equity Research Analysts in senior or lead positions often present their findings to their organization or client base. These individuals must be able to simplify complex financial data, so strong communication and presentation skills are essential.

What is an equity research report?

Buy-side or sell-side, an equity research report typically includes the following:

An industry research overview that covers trends and news related to competing companies.
A company overview that includes any recent business developments and quarterly performance results.
The equity analyst provides an investment thesis explaining the reasons behind their prediction of the stock's performance. This section also includes the target share price, which many consider the most critical aspect of the report.
A financial model-based forecast of the company's income, cash flow, and valuation.
Risks associated with the stock.

Difference between a career in equity research and investment banking

Investment banking and equity research are similar but have clear distinctions in their intended outcome. Investment banking is all about helping companies raise money through stocks and bonds, offering mergers and acquisitions services, and managing significant financial deals.

Equity research involves evaluating individual stocks and providing investment advice based on their potential value and performance.

In essence, investment banking focuses on managing financial transactions, while equity research focuses on analyzing and valuing individual stocks.

When considering a career between the two, it's imperative to evaluate the following factors:

1. Educational Background

Both career paths require a bachelor's degree in economics, accounting, finance, or engineering. For career growth, a Chartered Financial Analyst (CFA) designation is often required for Equity Research Analysts, while investment banking can require a Master of Business Administration (MBA). Additionally, investment bankers must pass the Series 79 exam , which measures the knowledge needed to perform the critical functions of an investment banking representative.

2. Career Path

In investment banking, the career path is straightforward. It starts with being an analyst, then an associate, and climbing to higher positions. In equity research, the career path could be more transparent. Typically, it involves transitioning from associate to analyst, senior analyst, and then to the role of vice president or director of research. Investment bankers have better opportunities to reach top positions because of their involvement in making deals and managing clients. They often go on to work for private equity firms for venture capitalists. Research analysts are frequently seen solely as number crunchers and not thought of as being able to drive substantial business growth.

3. Skill Set

It should come as no surprise that Equity Research Analysts require strong analytical and mathematical skills to handle complex calculations, build predictive models, and prepare financial statements. They must also be proficient communicators capable of simplifying complex financial data. As for investment bankers, financial modeling and industry analysis are crucial early in their careers. However, as they advance, they transition to a sales-oriented mindset, excelling at closing deals and managing client relationships.

4. Work-Life Balance

Equity research is known for long hours, particularly during earnings season, but there are periods of relative calm. Investment banking is another beast, typically requiring brutal hours, often up to 100 hours per week. A recent article in Forbes highlighted that work-life balance has become a significant concern in investment banking. This is particularly after the reported deaths of two Bank of America employees who were said to be working up to 110 hours per week.

5. Recognition

Equity research reports offer visibility to associates and junior analysts. Senior analysts are sought after by the media for comments on the companies they cover. Junior investment bankers work in obscurity but gain visibility as they progress in their careers. Visibility for investment bankers significantly increases when they work on large, prestigious deals.

6. Compensation

Investment banking generally offers higher earning potential compared to equity research. For example, according to Wall Street Oasis (WSO), investment banking associates earn between $150,000 and $200,000 with substantial bonuses, while senior vice presidents or managing directors earn over $400,000 annually. WSO also says entry-level analysts start between $50,000 and $80,000 and have the potential to make up to $500,000 as they grow to leadership positions.

Roles in equity research

In the world of equity research, it is crucial to understand the distinction between a buy-side and sell-side Equity Research Analyst. Below, we'll outline their respective areas of focus and ultimate objectives.

1. Sell-side analysts

Sell-side Equity Research Analysts work for investment banks and provide their clients with sell-side research and recommendations on stocks and other financial instruments. Their primary goal is to generate trading commissions and investment banking business for their firm.

2. Buy-side analysts

A buy-side Equity Research Analyst works for institutions that buy and sell securities, such as mutual funds, hedge funds, and pension funds. Their role involves researching and making investment recommendations for their firm's portfolios.

Best Equity Research Firms

Below are some of the top-ranking equity search firms.

JP Morgan —J.P. Morgan’s Research team uses state-of-the-art technologies and innovative tools to provide clients with top-notch analysis and investment advice.
Barclays —The equity research teams cover hundreds of stocks across the Americas and Europe, delivering event analysis, stock ideas, and sector themes. They collaborate with other teams to offer clients unique, cross-asset perspectives on industries and markets.
Credit Suisse AG —The team has original research on over 3,000 companies with thought-provoking thematic analysis, differentiated trading ideas, and coordinated global views.
Bank of America Financial Center —The company offers comprehensive research and analysis for both institutional and retail clients. It encompasses over 4,000 companies across 35 global sectors in developed and emerging markets. Its research involves fundamental and technical analysis as well as hedging strategies.
Morgan Stanley —Through timely, in-depth analysis of companies, industries, markets, and world economies, Morgan Stanley has earned its reputation as a leader in investment research.

Things to consider when hiring an equity research firm

When evaluating an equity research firm, it’s essential to consider the experience and reputation of its analysts, the firm’s track record of accurate stock picks and recommendations, the depth and quality of their research reports, the firm's access to company management and industry experts, their industry specialization, the firm's coverage universe, the timeliness of their research, and the overall transparency and integrity of their research process.

How to get into equity research

If you are considering entering the equity research space, you will likely need a finance, accounting, or economics background. Many professionals in this field begin with a bachelor's degree in finance or a related field. Those seeking career advancement often pursue a master's degree or a CFA designation to enhance their resume.

Research assistant, junior analyst, or equity research associate are common entry-level roles. Advancing in your career will require gaining experience in financial analysis, modeling, and report writing. Developing a solid network of connections within the industry is also crucial for discovering new opportunities in equity research. Like all areas of business, networking is critical.

Staying up to date on the latest trends and news within the equity research space is important for understanding the workings of the stock market and developing strong analytical and critical thinking skills. This is crucial for ensuring high-quality, long-lasting success in equity research.

The Importance of Equity Research

As we've discussed, equity research is essential for investors as it provides valuable information and investment recommendations. It involves digging into company finances, creating financial models, and meeting with industry experts.

Equity research supports investment decisions, evaluates securities, and guides investors and fund managers. For example, it helps predict the future growth potential of tech companies, find investment opportunities in the pharmaceutical industry, and understand how macroeconomic trends affect different sectors and stocks.

Final Thoughts

Equity research is crucial in empowering investors to make informed investment decisions. Through comprehensive analysis of financial data, market trends, and company performance, equity research provides valuable insights that enable investors to identify attractive opportunities and manage their portfolios effectively. By leveraging the expertise of research analysts and utilizing robust analytical techniques, investors can gain a deeper understanding of the risks and potential returns associated with specific investment opportunities. Ultimately, equity research is a fundamental tool for institutional and retail investors, helping them navigate the complexities of the financial markets with confidence and clarity.

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Equity research overview.

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Equity research is a great career path that combines deep industry analysis, financial modeling, and writing research reports. Equity research is a field that allows you to deeply learn about a specific industry and forces you to become a subject expert on a group of companies. Equity research is a popular field because professionals tend to work fewer hours than their investment banking / private equity counterparts and enjoy more stable career trajectories.

Equity research is a sell-side role that combines a unique blend of skills that includes writing, deep analysis, and client management. And in equity research, you spend your entire day looking at public stocks and the public markets, which is arguably better training for the hedge fund job than investment banking. As such, equity research is often a great precursor to hedge fund roles and investor relations roles.

What’s very interesting about equity research is that it is often the best entry point for people coming from non-finance industries. To be an excellent equity research analyst, you need to have unparalleled knowledge about an industry, which often makes people coming from that industry more suited for the job. It turns out that it’s easier to teach a doctor about financial modeling than it is to teach a banker about medicine. As such, if you’re in a highly technical field like medicine, engineering, or aerospace, equity research is probably the easiest way for you to lateral into a finance role.

If you're interested in breaking into equity research, check out our course , which will teach you all of the modeling, valuation, and recruiting strategy you need to get the job.

What is Equity Research?

Equity research is the sell-side function in which you develop investment recommendations, industry research, and company analysis for clients. You are responsible for covering a stock, in which you will report on quarterly earnings, financial filings, and all major news events. You are essentially like a news reporter on a particular stock – you study everything to do with the stock and give recommendations based on your research. You will also have direct access to the public company’s management, a luxury that many investors do not have.

Responsibilities typically include:

Building financial models to forecast out the performance of the stock.

Developing a comprehensive report on a new company (an “Initiating Coverage” report).

Writing update reports when a company reports earnings or has a financial event.

Liaising between corporate executives at public companies and investors.

Assisting investment banks with industry-specific knowledge during initial public offerings (“IPO”).

Educate investor base on new tradable securities that the company is going to issue.

Equity research teams typically either operate within an investment bank or as their own independent agency.

Each of the bulge bracket firms (GS, JPM, MS, etc.) has an equity research team and many of the elite boutiques also have equity research functions. Not every equity research team will cover every single industry and company. The larger bulge brackets typically do not directly cover small-cap companies, which are often the purview of small equity research shops. This structure mirrors that of investment banking, where industry coverage is dependent on personnel and client demands.

There are also “pure-play” equity research firms ( Bernstein Research , Frost & Sullivan ) that independently provide high-quality research.

In terms of work/life balance, the equity research job has a high amount of seasonality. When public companies report earnings, the amount of work required by the equity research team is much higher. Companies report earnings four times a year during Earnings Season , whereby equity research analysts have to publish earnings reports, do investor calls, and update their models.

You might work 40-60 hours for most of the year , but during the period that your covered companies are reporting earnings, you could work up to 60-80 hours per week.

Why Equity Research?

Equity research can be a great career path for the right kind of personality. Some of the biggest draws include:

Pros of Equity Research

Become an industry expert in a specialization

In equity research, you get to go extremely deep into an industry vertical and learn about a couple of companies extremely well. You arguably get to learn more deeply about companies in equity research more than any other part of finance due to your access to company management and level of focus.

Understand the investment narrative of both sides of a trade

One of the most interesting parts of the equity research job is that you get to interface deeply with the company and with investors. As a result, you’ll get to learn about what management believes in, what the investor sentiment is, as well as the biggest concerns that investors have. Equity research analysts can assign buy or sell recommendations, meaning that you will be exposed to different parts of the investment narrative.

Develop a broad skill set that helps retain career optionality

Equity research is a career field where you get to do modeling, company analysis, as well as client management. It’s a rare job where you get to work on interpersonal skills and also learn all of the tools associated with financial analysis. As such, many people start in equity research and can move to hedge funds, private equity , corporate roles, business development, or business school.

Learn about public markets

The most distinct advantage that starting in equity research has over investment banking or consulting is that you have much more direct involvement with the stock market. As such, equity research is arguably the best training you can get t to work at a hedge fund.

Cons of Equity Research

Highly variable hours

Hours on average are better than investment banking or private equity, but hours can still be 60-80 hours during earnings season and when doing an Initiating Coverage report. The average work week is likely still in the 40-60 hour range , but the variability can be unpleasant for some.

News-driven work schedule

Like a news reporter, your workflow is highly dictated by what the companies and markets are doing. If your company is going through a lot of corporate events or a period of turbulence, you may need to spend more time writing updates and liaising with investors. Your life can be unpredictable in equity research as you have to be highly reactive to news.

Teams are very small, which may lead to you still doing grunt work as you progress

Equity research teams tend to be fairly small. Even at a large equity research firm, an industry team may only be 2-4 people. As such, even as you progress in the ranks, you will still likely have to do more of the execution grunt work such as formatting, building models, and working with editors.

Compensation is more stable but tends to be lower than investment banking

Equity research tends to have very low variability at the junior level, but salaries in general are lower than some other fields. It’s still entirely possible to make ~$300k with 5 years of experience, but it is relatively lower than fields like private equity and investment banking.

How to Get a Job in Equity Research?

By Victoria Collin |

May 26, 2022

What is Equity Research?

Equity research is one of the most interesting and desirable careers in the financial services industry, but along with investment banking, it’s probably one of the most competitive.

How to Get a Job as an Equity Research Analyst?

New graduates and experienced professionals may seek roles in research but the number of positions is relatively small compared to corporate finance. Research may offer a slightly better work-life balance, although “slightly” is relative. Analysts, particularly junior analysts, can expect a lot of late nights, especially during earnings.

Equity research analysts may work on the buy- or sell-side of the finance business. Sell-side analysts work for brokerage firms and analyze stocks with the goal of making buy or sell recommendations. Brokerage firms rely on research as a marketing tool that they can provide for their clients. Buy-side analysts work for investment managers or hedge funds, researching investment opportunities to assist portfolio managers in making investment decisions. Pension funds, sovereign wealth funds , and endowments also employ buy-side analysts.

Key Learning Points

Equity research professionals produce investment recommendations that are used on both the buy- and sell-sides of the financial services industry.
This field is extremely competitive, as there are relatively few positions available and the requirements are high.
A strong academic background and professional qualifications are very important, but candidates should be able to offer superb presentation, communication, and relationship management skills.
When looking for an equity research position, graduates and experienced professionals alike should network through industry events, pursue advanced qualifications like the Chartered Financial Analyst (CFA) designation, and take full advantage of professional platforms like LinkedIn. Experience in and knowledge of a specific industrial sector can also be advantageous.

What Skills Are Needed?

It goes without saying that candidates should have a strong interest in financial markets , economics, and investing. An equity analyst should have a deep understanding of accounting and financial statement analysis, as these are fundamental to business valuation. Expertise in Excel is essential, as is skill in financial modeling . Analysts base recommendations on stock valuations, so knowledge of valuation methods, particularly the discounted cash flow valuation method, is also essential. Master these ke y skills for a career in equity research by enrolling on our online research analyst course , and you will receive the same training we give to sell-side and buy-side research firms, in some of the largest global investment banks.

Analysts must produce a high level of qualitative due diligence on companies, which includes on-site visits and meeting executives, understanding a company’s business model and operational features, and assessing its competitive position.

Also critical to success as an analyst are writing and communications skills. Sell-side analysts in particular need to be strong writers as their work involves producing written reports for dissemination to clients. Every analyst needs to be able to articulate their investment recommendations clearly, and an analyst also needs to be skilled in interacting with clients. On the sell-side in particular, senior analysts spend much of their time marketing to clients while junior analysts do the heavy lifting of modeling and some report writing.

Is a Degree in a Financial Discipline a Prerequisite?

The vast majority of analysts have degrees in finance and/or MBAs, although there are instances where this is not the case. Sector experience may substitute for a finance background in some instances, while analysts in some sectors have related degrees. For example, analysts who cover the pharmaceutical sector may have medical degrees or advanced degrees in related fields. Junior analysts typically have a bachelor’s degree, while senior analysts will have an MBA and/or hold the CFA designation. An accounting qualification can also be extremely helpful.

Experience and Qualification in Equity Research

Potential Employers

As already mentioned, there are opportunities on the buy and sell sides. Many asset managers offer programs through which university graduates rotate through different departments and teams over the course of two years. Often, following the completion of such a program, graduates are offered a permanent position. Investment banks typically have structured analyst programs that place graduates in divisions throughout the firm, including equity research. Other potential employers may include hedge funds, wealth managers, family offices, pension funds, or endowments.

In terms of compensation, equity analysts typically receive a base salary and a bonus based on both their own performance and that of the firm.

Helpful Tips

There are a couple of things an aspiring analyst might do. Networking is essential – attend graduate and career fairs, industry events, and events organized by professional organizations like the Chartered Financial Analyst Institute. It’s particularly important to network with analysts already employed in the field. Working with recruiters who specialize in placing analysts can also be helpful, and they can offer useful advice on job hunting. LinkedIn, GlassDoor, and eFinancialCareers are also helpful sources for job leads and information on employers.

Typical Team Structure in Equity Research

See the typical team structure in equity research below. To learn more about the level of experience and professional qualifications typically required for each of these positions in equity research please open the attached file.

Equity Research Team Structure Image Final

Additional Resources

Research Analyst Training

Role of ECM Vs. Trading Desk

Equity Research vs. Investment Banking

How to Write an Equity Research Report

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Definition of a Equity Research

What does a equity research do, key responsibilities of an equity research analyst.

Conducting detailed financial analysis and valuation of public companies using various methodologies such as discounted cash flow, comparable company analysis, and precedent transactions.
Building and maintaining financial models to forecast future earnings and financial performance.
Writing comprehensive research reports and presenting investment theses and recommendations to clients, sales staff, and traders.
Keeping abreast of industry trends, market developments, and economic indicators that may impact the sectors and stocks under coverage.
Regularly communicating with company management teams and industry experts to gather insights and validate assumptions.
Monitoring news and events that could affect stock prices, including earnings releases, regulatory changes, and macroeconomic data releases.
Responding to requests for information and analysis from clients, sales teams, and traders.
Developing and maintaining relationships with institutional investors and presenting investment ideas to them.
Collaborating with internal teams, including sales, trading, and investment banking, to enhance the firm's product offerings and client service.
Ensuring compliance with regulatory requirements and ethical standards in the research process.
Participating in conferences, roadshows, and company visits to gain firsthand knowledge and expertise.
Continuously improving research methods and staying current with valuation techniques and financial modeling best practices.

Day to Day Activities for Equity Research at Different Levels

Daily responsibilities for entry-level equity research analysts.

Gathering financial data and market research
Assisting in the creation of financial models and valuation analyses
Helping to write sections of research reports
Monitoring news and developments related to specific companies or industries
Responding to requests from internal sales and trading staff
Participating in educational and training opportunities

Daily Responsibilities for Mid-Level Equity Research Analysts

Independently conducting in-depth industry and company research
Writing comprehensive equity research reports and investment recommendations
Building and maintaining complex financial models
Presenting research findings to sales staff, traders, and clients
Engaging with company management teams and industry experts
Contributing to the team's investment strategy and sector outlook

Daily Responsibilities for Senior Equity Research Analysts

Leading sector coverage and setting the research agenda
Developing and maintaining relationships with institutional clients
Providing mentorship and guidance to junior analysts
Representing the firm at industry conferences and media events
Driving business development through compelling research and client engagement
Influencing investment decisions and portfolio strategies at the highest level

Types of Equity Researchs

Sell-side equity analyst, buy-side equity analyst, industry-specific equity analyst, quantitative equity analyst, esg equity analyst, macro equity analyst, what's it like to be a equity research , equity research analyst work environment, equity research analyst working conditions, how hard is it to be an equity research analyst, is an equity research analyst a good career path, faqs about equity researchs, how do equity researchs collaborate with other teams within a company, what are some common challenges faced by equity researchs, what does the typical career progression look like for equity researchs.

How To Become a Equity Research in 2024

Related Career Paths

Driving financial strategies, analyzing market trends for business profitability

Navigating financial landscapes, maximizing client wealth through strategic investments

Navigating business uncertainties, safeguarding assets through strategic risk mitigation

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Work–Life Balance: Definitions, Causes, and Consequences

Reference work entry
First Online: 17 September 2022
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Paula Brough 4 ,
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Part of the book series: Handbook Series in Occupational Health Sciences ((HDBSOHS))

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This chapter reviews the multiple definitions of work–life balance, including definitions focused on the equity of time spent in the work and non-work domains, satisfaction with performance/time spent in each domain, and the salience of each role for an individual. There is a general consensus that a preferred definition should focus on work– life rather than work- family , in order to include non-family responsibilities and demands, such as study or travel commitments. The chapter also discusses the common antecedents and consequences of work–life balance arising from both work and non-work domains. These include work demands and resources, family demands and resources, and personality antecedents including evidence associating psychological capital constructs with work–life balance. Finally, this chapter considers the future directions for work–life balance research, focusing on technological advancements (e.g., Fitbits) and individual levels of mindfulness and resilience. The chapter concludes by noting the increasing evidence linking employee appointments and retention with an organization’s positive work–life balance culture.

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Work-Life Balance: an Integrative Review

Work-life balance: a quality-of-life model.

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Brough, P., Timms, C., Chan, X.W., Hawkes, A., Rasmussen, L. (2020). Work–Life Balance: Definitions, Causes, and Consequences. In: Theorell, T. (eds) Handbook of Socioeconomic Determinants of Occupational Health. Handbook Series in Occupational Health Sciences. Springer, Cham. https://doi.org/10.1007/978-3-030-31438-5_20

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For the first time in modern history, three of our major social institutions – work, school and family life – are all happening in one physical place: our homes. And that shift may have a greater adverse effect on women according to Shelley Correll , professor of sociology in Stanford’s School of Humanities and Sciences .

Shelley Correll, sociologist and director of Stanford’s VMware Women’s Leadership Innovation Lab. (Image credit: Drew Kelly)

“Even in the best of times, the great majority of employees report experiencing conflict between the demands of work and the demands of family,” said Correll, who is the Michelle Mercer and Bruce Golden Family Professor of Women’s Leadership and director of the VMware Women’s Leadership Innovation Lab. “For heterosexual couples, resolving this conflict is decidedly gendered, with women continuing to perform significantly more housework and childcare, leaving men more time to focus on work.”

To better understand inclusion and equity concerns during the pandemic, Correll and her team recently convened a focus group of 27 leaders from the corporate and nonprofit sectors. “We were interested in understanding how the new work-family arrangements occasioned by the pandemic are affecting employees and what organizations are doing to support their employees during these challenging times,” she said.

Correll’s research centers on gender, workplace dynamics and organizational culture including biases and barriers that limit women’s full participation in society. Here, Correll discusses some of the findings from the group’s discussions.

What do employers need to understand about the challenges around work-life balance during the pandemic?

The first thing employers need to do is adjust expectations of what productivity looks like during this time. Some of the focus group participants shared how their organizations were canceling or deferring performance reviews, recognizing that it is not possible to evaluate performance against goals set prior to the pandemic.

Second, several participants expressed the need to “center the employee at this moment.” Employers shouldn’t assume there’s a single experience for their workforce. Some employees have young children to take care of, and these families vary in their circumstances and composition. Many are increasing eldercare responsibilities. Others may be feeling extreme isolation, and some are facing mental health challenges compounded by this crisis. Many are worried about family or community members “on the front lines.” And economic anxiety is being experienced across the spectrum.

Third, employers should arm managers to support their employees. A large body of research shows that having a supportive manager can lead to greater job satisfaction, engagement, performance and lower turnover. Several of our participants stressed that managers should “lead with empathy” and “model vulnerability” by openly sharing their own concerns and challenges.

What are the particular issues around inclusion and equity that are arising now?

Going to a fully virtual workforce is creating immediate challenges. Without clear norms for communication and managing airtime on platforms like Zoom, employers report that some employees feel less visible and less able to contribute. This reinforces status dynamics that tend to favor members of the majority and leave out the contributions of underrepresented employees. There’s also a danger of replacing the value we used to place on “face time” with “Zoom time,” even though some employees may not be in a position to show up at a certain virtual meeting time.

Another issue raised in the focus groups is that the fear associated with the pandemic is increasing prejudice and discrimination. For example, Asian employees are suffering from the increase in negative stereotypes that have led to hate crimes, fueled by racist rhetoric coming from our federal government.

There are also considerations around the perception of who is showing up to help the organization through this crisis and who is unable to because of their personal circumstances. I am concerned that when organizations make layoffs they will be more likely to eliminate those who can’t live up to ideal worker norms, which is more likely to be women and people of color. We also see inequality over who is deemed to be more “essential.” In the service sector, for example, women of color have been the first hit by the wave of unemployment.

There is concern that the current economic situation will worsen workplace bullying and sexual harassment, especially when social distancing eases. When resources are scarce, as they are now, power dynamics are heightened, which makes sexual harassment by those who control resources more likely. An example is that we are hearing about graduate students struggling to secure funding, which can heighten their dependence on those who fund them. Increased dependence can be associated with increased sexual harassment.

What should companies consider doing in terms of work-from-home infrastructure, policies and communications?

Adjust performance expectations and be mindful that well-known biases in performance evaluations could be exacerbated in this crisis. What are appropriate criteria for evaluation in this “new normal”? If the answer is ambiguous, research suggests that the probability of bias will increase and further disadvantage women, people of color and others. If organizations are continuing with their performance review cycles, they should be especially mindful of providing clear criteria for managers. Several companies we talked to in our focus group are simply delaying or canceling performance review cycles.

Paying attention to the role of managers, and providing them with the right resources and skills to support employees is critical. In our research, we see that managerial decisions and behaviors are at the crux of inclusion and equity. Managers may not be used to leading a remote team and being in charge of crisis management, so they need access to frameworks and research-based insights. Providing tools and infrastructure to work from home safely is also important. At Stanford, trainings on using telework software, for example, have been useful.

How can leaders and managers best support their workers now and plan for the future?

One difficult component of this crisis is that it is a moving target. We talk about a “new normal,” but not a week goes by without another change. Managers and leaders are faced with planning for multiple future scenarios – ongoing social distancing, a partial reopening of certain sectors, or a return to “normal.”

Now more than ever, employers need to reaffirm their commitment to diversity, equity and inclusion. During past economic downturns, some leaders put inclusion goals on the back burner and focused on issues that they perceived to be more critical. If we back off our diversity and inclusion goals now, we run the risk of losing all of the gains we have worked so hard for during the past several years.

Are there any opportunities for improving inclusion and equity in the current situation?

Based on our research, we are seeing some unexpected and promising reasons to be hopeful. Several of our participants shared that this crisis has dispelled the notion that “face time” is absolutely necessary for team and individual performance and innovation.

We also have seen some great examples of online teamwork increasing inclusion when managed well and with the appropriate norms. Several of our participants reported that Zoom meetings made it easier to equalize participation. By requiring people to raise their hand on Zoom before speaking, it is easier to avoid interruptions and ensure that all voices are heard than during an in-person meeting.

We’ve also heard from executives that younger employees, who were less able to contribute to the team before, have now been stepping up and teaching organizational leaders best practices in telework and digital communication tools. Finally, employees now have more of a window into their colleagues’ lives, which we are hearing is leading to increased empathy.

In our lab, we are now focused on studying how we can solidify these new, inclusive practices as organizations create the “new normal.” As one of our participants put it, “This is a test for us for healthier times.”

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Work-Life Balance Is a Cycle, Not an Achievement

Mayra Ruiz-Castro

A five-step approach to identify and overcome unhealthy work habits.

Research has definitively shown that overwork isn’t good for employees or their companies — and yet, in practice, it can be hard to overcome unhealthy work habits and reach a more sustainable work-life balance. To explore what it takes for busy professionals to make a change for the better, the authors conducted a series of interviews with mid- and senior-level managers at two global firms. They found that while the majority of respondents assumed working long hours was inevitable, a significant minority of them were able to resist this pressure and achieve a healthier balance through a process of increasing awareness, conscious reprioritizing, and implementation of public and private changes. The authors go on to emphasize that to achieve lasting change, you must view this process not as a one-time activity, but as a cycle in which you constantly re-evaluate your evolving feelings and priorities, and adjust your work and life choices accordingly.

Despite the resounding evidence that working long hours can be harmful to both employees and employers, many professionals still struggle to overcome their assumptions — and their deeply-ingrained habits — around work hours. What does it take to free yourself from these unhealthy patterns and reach a more sustainable, rewarding work-life balance?

IL Ioana Lupu is an Associate Professor at ESSEC Business School France. She is interested in overwork, work-compulsion & performance measurement in knowledge-intensive settings, such as audit, consulting, and law firms. Follow her on LinkedIn and Twitter @lupu_io.
MR Mayra Ruiz-Castro is a Senior Lecturer at the University of Roehampton, UK. Her research focuses on equality at work and at home. Follow her on LinkedIn and Twitter at @MayraRuizCastr1.

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Work–Life Balance and Parenthood: A Comparative Review of Definitions, Equity and Enrichment

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Supporting employees in the work-life balancing act

Picture a couple. At work, they both hold demanding management-level roles. At home, they have several children. Now imagine how, after a long day of work, the couple divides the burdens of housework and childcare. Our research finds women in opposite-gender dual-career couples (DCCs) are four times more likely than men to take on tasks at home, regardless of who earns more. But for same-gender DCCs, the responsibilities tend to be split more equitably. As one partner in a same-gender couple put it, “Being in a same-sex relationship makes a big difference as to how we approach things.”

Understanding this is critical, as adjusting to having two people working from home has been one of the more persistent challenges of the pandemic. We also know from our extensive research that some 81 percent of women and 63 percent of men are in dual-career couples (DCCs), 1 “ Women in the Workplace 2021 ,” McKinsey, September 27, 2021. where both partners work for reasons ranging from personal and career fulfillment to pure economic necessity.

We found the challenge of achieving work-life balance is often exacerbated by gender stereotypes, which are often avoided by same-gender DCCs. Drawing on qualitative interviews and data collected for Women in the Workplace , a 2021 report published in partnership with LeanIn.Org, we found same-gender DCCs tend to manage household responsibilities using a range of strategies that allow for greater flexibility. These include:

doing tasks each partner minds less
focusing on natural skills and inclinations to determine responsibilities
allocating tasks based on available time and flexibility
responding dynamically to changes affecting work and home life

Our research also identified an unmet need for companies to develop strategies to help couples find and achieve work-life balance. A good start? Ensuring working models are flexible and support the needs of a diverse workforce, and that managers are role models in ensuring employees feel able to craft individualized solutions to work-life imbalances.

Understanding the work-life challenge

For DCCs, managing demanding careers alongside personal obligations is hardly a new struggle. But the COVID-19 pandemic has only added to the difficulties. Even prepandemic, working mothers in opposite-gender couples often worked a “double shift,” spending evenings on childcare and household labor following a full day of employment. And when schools and day care options shut down, that double shift became a “double double” shift as they took on the bulk of childcare and homeschooling. 2 New at McKinsey Blog , “ How are working women doing during COVID-19? Our Women in the Workplace study explores ,” McKinsey, September 30, 2020. Couples’ ongoing frustrations are exacerbated by a perception gap: while 70 percent of men in opposite-gender DCCs believe they share household duties equally with their partners, only 42 percent of women agree (Exhibit 1).

Our research found same-gender DCCs take a more equitable approach to work-life responsibilities. Only 28 percent of women in same-gender DCCs say they do most or all of the housework, compared with more than half of women in opposite-gender DCCs. Same-gender couples report relatively equal prioritization of each other’s career. But in opposite-gender DCCs, women are more than twice as likely as men to prioritize their partner’s career. And individuals in same-gender DCCs are significantly less likely than their peers in opposite-gender couples to consider downshifting their career after having children.

About the research

More than 65,000 employees from 88 companies participated in the 2021 Women in the Workplace Employee Experience Survey. Survey questions covered themes including job satisfaction, employee well-being, work flexibility, remote work, diversity and equity, manager actions, and allyship. The survey also collected demographic data such as age, sexual orientation, family status, and workplace role. Our sample consisted of 14,006 men and 18,734 women in opposite-gender dual-career couples (DCCs) and 536 men and 378 women in same-gender DCCs.

To examine what same-gender DCCs are doing differently from their opposite-gender peers, we started from the hypothesis that without clear gender norms to fall back on, same-gender couples define different mechanisms to divide household responsibilities—and further, that those mechanisms establish greater equity, flexibility, and partnership. We tested this by conducting detailed qualitative interviews with women and men in same-gender DCCs and comparing those findings with responses from opposite-gender DCCs. We spoke with partners separately to ensure honesty. Our interviewees included people with and without children. Our research is not intended to offer a scientific sample but rather to illustrate the range of approaches individuals and organizations can consider to better balance work and home life.

Individuals in our sample self-identified their gender identity, their relationship type, and their partner’s gender. Our conclusions are limited to same-gender and opposite-gender couples, although we recognize that relationships come in multiple forms. We also acknowledge our data set is not broad enough to make conclusions about transgender, nonbinary, and queer communities. We support these groups and recognize their unique challenges but, due to small sample sizes in our survey, we do not have sufficient data to empirically derive specific insights. (For more on the experience of transgender people in the workplace, see “ Being transgender at work .”)

Clearly, some opposite-gender DCCs manage work and home demands equitably, and some same-gender couples do not. Yet in general, our research reveals that same-gender DCCs are more likely to take a balanced approach to household responsibilities. (For more on our methodology, see sidebar, “About the research.”)

To prevent employee burnout and ensure workplace equity, helping couples find a sustainable work-life balance should be a corporate priority. Our research shows that individuals in DCCs who share home responsibilities equally are less likely to feel burned out (Exhibit 2). In addition, one in ten employees in DCCs feel that increased personal demands—such as caring for children or sick relatives—have contributed to their missing out on a raise, promotion, or other advancement. Over time, work-life imbalance may undermine professional confidence, reduce trust in employers, and exacerbate fears about being judged negatively for caregiving responsibilities.

As the pandemic has prompted workers to reassess their work-life tradeoffs, record numbers of workers have quit their jobs or are considering doing so. 3 Aaron De Smet, Bonnie Dowling, Marino Mugayar-Baldocchi, and Bill Schaninger, “ ‘Great Attrition’ or ‘Great Attraction’? The choice is yours ,” McKinsey Quarterly , September 8, 2021. Our research found that 29 percent of people in DCCs have considered taking a job at a different company with a different work culture. Prioritizing employees’ holistic well-being by supporting their efforts to find work-life balance is one way to make clear to them that workplace relationships aren’t merely transactional.

Our research suggests that many same-gender DCCs have upended the notion that career success and managing a household are incompatible. In fact, both partners can prioritize their careers while sharing the responsibilities at home equitably—and reducing gender-based disparities. Lessons from these partnerships will help employees find a sustainable work-life balance and help employers foster a happier and more productive staff.

Learning from same-gender couples

Gender norms manifest in ways both obvious and insidious, from laundry detergent commercials that typically feature women to assumptions people may make about gender based on someone’s job title. But what happens with same-gender couples? Without clear gender norms to fall back on, partners in same-gender DCCs shared that they feel freer to approach household responsibilities fairly and practically. “When we have moments of tension on housework, neither of us has an ‘edge’ because of gender norms,” one interviewee said.

Our interviews surfaced numerous examples of same-gender DCCs deploying strategies to optimize the sharing of household responsibilities. Their strategies came down to comparative advantage—that is, doing whatever makes the most sense:

Do tasks you mind less than your partner. One same-gender couple we interviewed—we’ll call them Roger and Brian—allocates tasks based on what each partner likes the least. “I secretly think that Brian doesn’t like to clean,” Roger said. “So I end up doing that more. But I don’t want to have to deal with our taxes, so Brian takes care of that.” Another couple divides tasks based on what each person actually enjoys. One partner buys the groceries because he enjoys the supermarket. “He might even pick up conference calls while walking around the aisles,” his partner said.
Divide responsibility by skill or practical considerations. One same-gender DCC we interviewed shared that one partner—we’ll call her Susan—takes care of anything requiring organizational skills. “If you ask anyone who knows Susan, they’ll agree she’s the most organized person in the world,” her partner said. “If I was with any other person, I might be doing the planning and finance. But with Susan, she runs the household.” For another couple, practicality dictates the division of labor: one partner has a chronic back injury, so the other takes the lead on any physically demanding activities.
Allocate responsibilities based on available time and flexibility. One same-gender DCC shared that when one partner became particularly busy during the height of the pandemic, the other took on more household chores. “She was more available,” her partner said. “During that time, she did a bit more.” Another couple decided to take advantage of one partner’s more flexible, work-from-home schedule by having him do more of the cooking, cleaning, and laundry. But their division of labor remains fluid. “Tasks are still often shared because life gets in the way and every week is different in terms of demands,” one partner said. “Usually, whoever has the best excuse not to do something gets let off the hook.”
Respond to work-life changes dynamically. Our research found many same-gender DCCs display agility in response to changing circumstances. For example, a two-lawyer couple shared that they trade childcare and cooking responsibilities daily, working around each other’s immovable professional obligations. “We need to calendar when we'll be offline for childcare,” one said. “And we also try to look at big things coming up to make sure, if someone will be out for the whole day, we can adjust.”

Other strategies emerged in our interviews, too. Without the hidden assumption that one partner is “supposed to be” responsible for a certain task, many same-gender DCCs are quicker to seek outside help. “Jane is stronger than me, so she typically snowplows the driveway in the winter,” her partner said. “But last year she was pregnant. I’m useless at [plowing snow], so we hired someone to do it.”

Same-gender DCCs also tend to communicate more frequently about household expectations, based on our research. One couple shared that while they don’t expect housework to be split evenly every day, they do feel chores should be shared equitably over time. “I’d expect things to net out each week unless there’s a logical reason for them not to—for example, if one of us is traveling for work,” one interviewee said. “Otherwise, we’d have a conversation.”

For many same-gender DCCs, an underlying respect for each other’s career—regardless of which partner makes more money—appears to guide their approach to household responsibilities. Fred, a marketing consultant, contributes to household chores even though he is the breadwinner and works longer hours than his partner, who does creative work from home. “There are times when I’m very busy,” Fred commented. “But the minute I have time, I’ll be cooking or wiping things down. I’d say we split things pretty evenly.”

Most couples do not divide housework equally. But for many same-gender DCCs, ongoing conversations make it possible to split housework equitably —in a way that feels sustainable and appropriate to both partners. One interviewee shared that she handles most of the cooking, cleaning, and finances because her wife, Lara, works two jobs, sometimes seven days a week, and cannot work from home. “We’ve had explicit conversations about how we divide things up,” she said. “Lara wants to contribute as much as she can, but it’s hard for her to do more because of her work schedule.”

This isn’t to suggest there isn’t tension. Many same-gender DCCs admitted to arguing about how equitably tasks are divided (“sometimes with a lot of animosity,” one interviewee added). But they often credited the absence of gender norms with allowing for more effective discussions of how tasks should be divided.

“Many times, when we have conversations about who should be doing a certain chore, I secretly wish I could be the ‘useless husband’ in the relationship,” one partner said. “The lack of gender norms means that neither of us has an edge like that. It also makes the conversation fairer.” Another couple said the lack of gender norms actually requires them to have conversations about household chores, which “in the end, makes the relationship better.”

Supporting better balance for all employees

To maintain a thriving workplace, employers could pay attention to employees’ desire for a sustainable work-life balance. Many workers—particularly women and those in dual-career couples—are exhausted by the demands of work and home. About 42 percent of women report feeling burned out (along with 35 percent of men). For women in DCCs with young children, that figure rises to 46 percent (and 39 percent of men). In addition, DCC mothers and fathers report feeling judged when requesting or taking advantage of flexible work arrangements (Exhibit 3).

How could companies respond? Through considering three primary actions:

Adopt flexible working norms. Flexible working norms support all dual-career couples. They include providing the option to work from home or on a reduced schedule; empowering employees to set their own schedules; ensuring no meetings occur during school drop-off and pick-up times; and hosting virtual connectivity events for hybrid workers. DCCs could also be recognized as an affinity group, providing a supportive space for discussing issues and sharing advice. Finally, as more employees return to offices, organizations could ensure those who continue working from home are provided with equitable opportunities.
Offer good benefits and encourage their use. Offering and encouraging the use of health and other benefits (such as parental leave), regardless of employees’ relationship type, supports all DCCs in finding a sustainable work-life balance. Companies could also provide benefits to assist with the costs of surrogacy, adoption services, and expanded parental leave.
Provide positive role models. Previous McKinsey research has shown that supportive managers are critical to ensuring team members feel comfortable discussing and taking time for household responsibilities. 4 “Fulfillment at work,” September 12, 2019. The manager’s position as a role model is especially important as society enters the hybrid “next normal,” where boundaries between work and home may continue to blur. However, leaders should take care to avoid assumptions about an employees’ home lives and instead give them space to define their own models. In particular, managers should not assume that hard-working, top-performing employees don’t also have responsibilities at home.

All couples who live together must strike a balance between professional and household responsibilities—an effort often complicated by gender norms. And DCCs often have an accentuated need for flexibility and support from their employers. The experiences of same-gender DCCs suggest strategies to help all couples find a sustainable balance, including frequent conversations about housework and flexible allocation of responsibilities based on preference, skill, and time. Companies can take note. Supporting dual-career employees is a business imperative—one that will become even more important as companies navigate what work looks like postpandemic.

Clifford Chen (he/him) and Maurice Obeid (he/him) are partners in McKinsey’s New York office, where Jill Zucker (she/her) is a senior partner. Jess Huang (she/her) is a partner in McKinsey’s Bay Area office.

The authors wish to thank their colleagues Nick Stauffer-Mason (he/him), Anne Marie Hawley (she/her), and Zhengren Zhu (he/him) for their contributions to this article. This article was developed, written, and reviewed by leaders of our All-In Diversity and Equal at McKinsey communities across our US offices.

Finally, McKinsey wishes to express deep appreciation to the DCCs who participated in our interviews and openly shared their experiences as same-gender couples for the benefit of others. McKinsey also thanks those who participated in the 2021 Women in the Workplace research and the 2021 Workplace Inclusion Across the Gender Spectrum Survey.

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COMMENTS

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1. Work-Life Balance . Equity research is the clear winner here. Although 12-hour days on weekdays are the norm for equity research associates and analysts, there are at least phases of relative calm.
Work/Life Balance: Equity Research vs. Investment Banking
So in comparison to banking where life gets easier over time, in equity research, your life starts easier, gets worse ,and then if you become a full analyst starts to improve again. Do also remember that the work/life balance has a certain floor in ER. Even as a full analyst with 20 years on the Street, you're still going to be working at least ...
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The nature of equity research involves constant scrutiny and the potential for high-impact errors. Managing work-life balance is essential for controlling stress, which in turn reduces the likelihood of costly mistakes. A well-rested analyst is more likely to catch errors and provide quality research.
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Work-life Balance . 12-hour days are typical for equity researchers. However, their volume of work is usually highest while initiating coverage and during earnings season. ... Let us see what a day in the life of an equity research analyst is like. 7:00 am - Arrive at the office Check emails from salespeople and traders. Analyze how all of ...
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Equity research, however, has a much better work-life balance. Typically a person in equity research works 60-hour weeks, as opposed to the 100-hour weeks in IB, and are allowed to keep their weekends. However, they also typically get paid less and make smaller bonuses.
A Day in the Life of an Equity Research Analyst
A typical day for an equity research analyst is filled with challenges such as managing tight deadlines, processing large amounts of information, and staying ahead of market trends. Analysts must ...
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A recent article in Forbes highlighted that work-life balance has become a significant concern in investment banking. This is particularly after the reported deaths of two Bank of America employees who were said to be working up to 110 hours per week. 5. Recognition Equity research reports offer visibility to associates and junior analysts.
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Research may offer a slightly better work-life balance, although "slightly" is relative. Analysts, particularly junior analysts, can expect a lot of late nights, especially during earnings. Equity research analysts may work on the buy- or sell-side of the finance business.
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2.2. Work-Life Balance Policies and Talent Management. In the highly competitive environment in which businesses operate, it is essential to rely on the most talented employees, not only to develop the activities of the firm, but also to survive and succeed [].Talent requires specific management, since HR are critical for business survival in the current situation of complexity and uncertainty.
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Work-life balance is fundamental to debates around workplace gender equality. The work-life balance concept is in widespread use across the many disciplines that study how work is intertwined with other life spheres, and gender inequalities here (Crompton and Lyonette, 2006). Positively, work-life balance forces researchers of work to ...
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Work-life balance research in the 1960s initially focused on the division of labour (between male breadwinners and female carers) and associated tensions around separating work and personal lives ...
Supporting employees in the work-life balancing act
Our research found that 29 percent of people in DCCs have considered taking a job at a different company with a different work culture. Prioritizing employees' holistic well-being by supporting their efforts to find work-life balance is one way to make clear to them that workplace relationships aren't merely transactional.
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