Home · Careers · Finance, Accounting & Banking

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

What they actually do

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

A typical day

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

How to become a Equity Research Analyst

1 viable paths.

• CA / CFA + MBA → ER analyst

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

Salary bands by experience

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

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

Career growth + employers

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

Top employers (informational, not endorsement)

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

Honest pros + cons

Demand outlook

Strong + growing with Indian capital markets.

Related careers

• Investment Banker / Equity Research

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

• Chartered Accountant (CA)

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

Relevant exams

• CAT