Equity Research Analyst
Interview Questions.
15 practice questions across 12 skills — each with what the interviewer is really listening for. Prepare with intent, not guesswork.
Free · No signup · Grouped by skill
How to use this page
Don't memorise answers. For each question, read what the interviewer is looking for, then practise answering out loud in your own words with a real example. The notes describe strong answers and common red flags — they are for your prep, not a script.
Equity Research
2 questionsWalk me through how you build an investment thesis on a stock.
AdvancedWhat the interviewer is looking for: Strong answers combine business understanding, financials, valuation, and a differentiated view versus consensus, with clear catalysts and risks. A thesis that just restates consensus is a red flag.
Your analysis leads to a recommendation that goes against the market consensus. What do you do?
AdvancedWhat the interviewer is looking for: Strong candidates stand by rigorous analysis, articulate why the market is wrong, and are honest about risk. Just following consensus to be safe is a red flag for an analyst.
DCF
1 questionWalk me through a DCF and what drives the valuation most.
AdvancedWhat the interviewer is looking for: Look for projecting free cash flows, discounting at WACC, terminal value, and recognising discount rate and terminal assumptions dominate. Fumbling the mechanics is a red flag.
Valuation
1 questionHow do you choose comparable companies and which multiples to use?
AdvancedWhat the interviewer is looking for: Strong candidates pick true peers, use appropriate multiples, and adjust for differences. Loose comps or ignoring adjustments are red flags.
Financial Modeling
1 questionHow do you build and stress-test a financial model for a company?
AdvancedWhat the interviewer is looking for: Look for driver-based assumptions, linked statements, scenario/sensitivity analysis, and checks. A rigid model with no sensitivity is a red flag.
Financial Statement Analysis
1 questionWhat would make you question the quality of a company's reported earnings?
AdvancedWhat the interviewer is looking for: Strong answers look at cash conversion, accruals, one-offs, and aggressive revenue recognition. Trusting headline earnings alone is a red flag.
Industry Analysis
1 questionHow do you analyse an industry to understand a company's prospects?
IntermediateWhat the interviewer is looking for: Look for structure — competitive dynamics, demand drivers, and regulation — tied to the company's position. Analysing a company in isolation from its industry is a red flag.
Bloomberg Terminal
1 questionHow do you use the Bloomberg Terminal in your research workflow?
BasicWhat the interviewer is looking for: Strong candidates pull data, estimates, and news efficiently to inform analysis, while verifying. Not knowing key functions is a limitation for this role.
Financial Ratios
1 questionWhich financial ratios do you rely on, and what can they hide?
IntermediateWhat the interviewer is looking for: Look for using ratios in context and trends, and knowing they can be distorted by accounting or one-offs. Reading a single ratio in isolation is a red flag.
Excel
1 questionHow do you keep an Excel model clean, auditable, and error-free?
IntermediateWhat the interviewer is looking for: Strong answers use consistent formatting, clear assumptions, no hardcodes, and checks. Fragile, opaque models are a red flag.
Report Writing
1 questionHow do you write a research report that is clear and persuasive?
IntermediateWhat the interviewer is looking for: Look for a clear recommendation, the thesis, supporting evidence, and honest treatment of risks. Burying the call or ignoring counterarguments are red flags.
Market Research
1 questionHow do you separate a good company from a good investment?
AdvancedWhat the interviewer is looking for: Look for the distinction between business quality and valuation/expectations already priced in. Confusing a great company with a great stock at any price is a red flag.
PowerPoint
1 questionHow do you present your view to portfolio managers or clients under scrutiny?
BasicWhat the interviewer is looking for: Strong answers are concise, lead with the call, and defend assumptions clearly. Overloaded slides or inability to defend the thesis are red flags.
Behavioural & role-general
2 questionsTell me about a stock call you got wrong. What did you learn?
BasicWhat the interviewer is looking for: Look for honest reflection, understanding what the analysis missed, and process improvement. Claiming a perfect record is a red flag.
How do you stay objective and avoid confirmation bias in your research?
IntermediateWhat the interviewer is looking for: Strong candidates actively seek disconfirming evidence and steelman the bear case. Only gathering evidence that supports the thesis is a red flag.