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Equity Research

Analyse companies and guide investors with buy/sell recommendations

Entry ₹6L | Mid ₹15L | Senior ₹25L+
1 0–6 Months Academic Foundation 2 6–18 Months Get Certified 3 Year 1–2 Break In 4 Year 2–5 Senior Analyst 5 Year 5+ Head of Research / PM

Step-by-Step Roadmap

Equity research analysts deep-dive into publicly listed companies, write research reports, and issue buy/hold/sell recommendations. They work at brokerages, asset management firms, or independently as SEBI-registered Research Analysts.

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Stage 1

Academic Foundation

0–6 Months
  • ▸ Study accounting, economics, and finance fundamentals
  • ▸ Learn to read annual reports and quarterly results
  • ▸ Follow 5–10 listed stocks and track their movements
  • ▸ Set up a free Bloomberg / Screener.in account
  • ▸ Understand P&L, Balance Sheet, Cash Flow statements
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MILESTONE Can analyse a company's financial statements independently
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Stage 2

Get Certified

6–18 Months
  • ▸ Register for NISM Series XV (mandatory for India RA license)
  • ▸ Begin CFA Level 1 preparation
  • ▸ Learn Excel financial modelling and DCF valuation
  • ▸ Write your first stock research note on any listed company
  • ▸ Subscribe to SEBI circulars and regulatory updates
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MILESTONE NISM XV cleared; first research note written
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Stage 3

Break In

Year 1–2
  • ▸ Join a brokerage or AMC as a research associate
  • ▸ Support senior analysts — model updates, earnings previews
  • ▸ Cover one sub-sector deeply: auto, pharma, IT, banking etc.
  • ▸ Publish internal or public research notes regularly
  • ▸ Build a public track record (StockEdge, SeekingAlpha)
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MILESTONE First published research report with a price target
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Stage 4

Senior Analyst

Year 2–5
  • ▸ Own sector coverage independently
  • ▸ Publish initiating coverage and thematic reports
  • ▸ Clear CFA Level 2 and 3
  • ▸ Present to institutional clients and fund managers
  • ▸ Be quoted in financial media for your sector
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MILESTONE Recognised sector analyst — quoted by media and trusted by PMs
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Stage 5

Head of Research / PM

Year 5+
  • ▸ Lead the research desk at a brokerage or AMC
  • ▸ Transition to Portfolio Manager role at an AMC or PMS
  • ▸ Launch independent RIA/RA practice
  • ▸ Mentor junior analysts and build the research culture
  • ▸ Write widely-read market commentary
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MILESTONE Head of Research or Portfolio Manager managing real capital

🛠️ Key Skills

Accounting & Valuation Industry Analysis Report Writing Bloomberg/Reuters Financial Modelling Sector Expertise

📜 Certifications

  • ✦ NISM Series XV (Research Analyst)
  • ✦ CFA (Level 1–3)
  • ✦ CA (optional)
  • ✦ MBA Finance

🏢 Where to Apply

Domestic brokerages Foreign institutional brokerages Independent research houses Bank-owned securities firms Rating agencies
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