How To Become An Equity Research Analyst? (A Practical Roadmap for PGDM Graduates)
Introduction – Why Equity Research?
If you’ve ever looked at the stock market and wondered, “How do analysts know where a company is headed?”, then welcome to the world of Equity Research. The backstage room where business stories get decoded, numbers get dissected, and investment decisions quietly take shape. For students pursuing a PGDM in Financial Management, this field becomes even more relevant, as it blends analytical skill-building with real-world market exposure.
Equity Research is one of those rare careers where curiosity pays dividends. You get to read businesses like novels, anticipate market plot twists, and turn raw financial data into insights investors actually bet on. But becoming an equity research analyst is about building a toolkit, such as market and sector understanding, storytelling through research notes, and the ability to spot patterns before the crowd does.
If you’re a PGDM student, or soon to be one, wondering how to break into this high-impact, well-paying, intellectually addictive field, this roadmap is for you.
What does an Equity Research Analyst do?
They are the person investors turn to when they need to know whether a company is worth their money. They dig into financial statements, build forward-looking models, track industry shifts, speak to company management, and distills everything into research notes that guide Buy, Hold, or Sell decisions.
There are two Equity Research Analyst paths:
- Sell-Side Analysts: Work for brokerages and investment banks. They publish reports, track dozens of companies, and influence the market’s perception.
- Buy-Side Analysts: Work for asset management firms, PMS funds, mutual funds, or hedge funds. They evaluate stocks internally to help their fund act on insights.
Equity Research Analyst vs Financial Analyst: Quick Difference
Equity Research Analyst | Financial Analyst |
Focuses on evaluating listed companies and recommending stocks (Buy/Hold/Sell). | Focuses on internal financial planning, budgeting, forecasting, and performance analysis within a company. |
Works with brokerages, investment banks, AMCs, and PMS funds. | Works inside corporations across industries (finance, operations, strategy teams). |
Creates valuation models & research reports for investors. | Creates financial reports for management decision-making. |
Market-facing, industry-deep role. | Company-facing, broader business-finance role. |
Course Details: Curriculum, Skills, and Requirements
An equity research-aligned program arms you with the toolbox needed to decode companies, build conviction, and write insights investors trust. Here’s how the core learning breaks down:
Curriculum Topics | Skills You’ll Learn |
Financial Statement Analysis | Read profitability, liquidity, leverage, and performance trends with clarity. |
Financial Modelling & Forecasting | Build three-statement models, identify revenue drivers, run scenarios, and test sensitivities. |
Valuation Techniques | Master DCF, comparables, precedent transactions, and sector-specific valuation frameworks. |
Equity & Derivatives Markets | Understand market movements, sentiment drivers, macro linkages, and trading dynamics. |
Industry & Company Analysis | Evaluate business models, moats, competitive forces, risks, and growth triggers. |
Tools & Platforms | Excel (advanced), Power BI/Tableau basics, Screener, Capital IQ, Market databases. |
For requirements, here’s what you typically need to enter the field:
- A bachelor’s degree in commerce, management, economics, or related fields
- A PGDM in Financial Management for deeper specialization
- Strong analytical and quantitative abilities
- Comfort with financial modelling and Excel
- Ability to interpret business models and industry structures
- Optional but valuable: CFA Level 1, NISM research certifications, or a credible equity research course
Practical 6-Step Roadmap For Equity Research Analyst
Step | What You Need to Do | Outcome / Why It Matters |
1. Build Fundamentals During PGDM | Choose finance-heavy electives; work on small valuation/accounting projects. | Strong base for modelling, statements, and business understanding. |
2. Secure a Buy-Side/Sell-Side Internship | Target AMCs, PMS firms, brokerages, and investment banks; use alumni & cold mails. | First real exposure to research workflows and live market analysis. |
3. Learn Financial Modelling via Micro-Projects | Build simple 3-statement models, DCFs, and sector sheets using free resources. | Demonstrates practical capability beyond classroom learning. |
4. Add a Credential (CFA L1 or ER Course) | Pick CFA for depth; pick an ER course for hands-on skills. | Boosts credibility and helps you stand out in hiring rounds. |
5. Create a 3-Note Research Portfolio | Prepare three 1-page company reports with valuation & thesis; publish online. | Acts as a proof-of-work portfolio recruiters can instantly trust. |
6. Prepare a Sharp Interview Playbook | Practice stock pitches, valuation logic, accounting adjustments, and behaviourals. | Helps you crack entry-level research interviews confidently. |
Equity Research Analyst Career: Salary and Growth After PGDM in Financial Management
A career in equity research grows fast because the role directly impacts investment decisions. For PGDM in Financial Management graduates, the salary trajectory is strong from the start, especially if you combine modelling skills with sector expertise.
Role Level | Typical Salary Range (₹ LPA) | What You Do at This Stage |
Research Intern (0-6 Months) | 15k–35k/month | Basic data work, model clean-up, and note preparation. |
Research Associate (0-2 Years) | 5–10 LPA | Support lead analysts, build models, track companies, and draft sections of reports. |
Equity Research Analyst (2-4 Years) | 10–20 LPA | Own coverage, write full reports, present ideas, and interact with management teams. |
Senior Analyst / Sector Specialist (4-7 Years) | 20–35+ LPA | Lead sector coverage, create high-impact insights, mentor juniors, and drive client recommendations. |
Fund/Portfolio Roles (Buy-Side Transition) (5+ Years) | 30–60 LPA+ | Participate in investment decisions, portfolio construction, and strategy. |
How Imperial’s PGDM in Financial Management Prepares You for a Career in Equity Research?
Imperial’s PGDM in Financial Management builds the exact capabilities equity research firms look for: disciplined analysis, structured thinking, market awareness, and the confidence to turn data into insight. Here’s how the program creates industry-ready analysts from day one:
- Finance-Intensive Curriculum: Strengthens fundamentals in accounting, valuation, modelling, and markets.
- Hands-on Financial Modelling Training: Helps you build practical 3-statement models and DCFs used by analysts.
- Market Analytics Exposure: Teaches you how real analysts track data, news, and sector movements.
- Live Projects & Research Assignments: Builds your ability to analyse companies, draft notes, and form investment theses.
- Sector-Focused Learning Modules: Gives you clarity on industries like BFSI, IT, Pharma, and Consumer.
- Finance Clubs & Competitions: Sharpens your stock-pitching, presentation, and storytelling skills.
- Strong Placement Support in Finance Roles: Opens doors to internships and full-time roles across sell-side/buy-side firms.
Conclusion
With the right fundamentals, hands-on modelling practice, a solid research portfolio, and smart interview preparation, you can stand out in one of the most competitive yet exciting areas of the finance world, i.e. equity research.
Imperial’s PGDM in Financial Management sharpens these exact strengths, giving you the structure, exposure, and skill depth needed to step confidently onto the research desk. It opens doors to roles that are analytical, intellectually rich, and financially rewarding.
If you’re serious about equity research, understanding markets, and shaping investment decisions, Imperial’s PGDM in Financial Management is where your journey begins.
FAQs
- What is the role of an equity research analyst?
An equity research analyst studies companies, builds financial models, tracks sector trends, and creates Buy/Hold/Sell recommendations that guide investors and fund managers in making informed decisions.
- What is the equity research analyst salary in India after PGDM in Finance?
PGDM graduates typically earn ₹5–10 LPA as research associates, with analysts growing to ₹10–20 LPA depending on modelling skills, sector expertise, certifications, and company type.
- Do I need CFA to become an equity research analyst?
CFA isn’t mandatory, but CFA Level 1 significantly boosts credibility. It adds strong modelling skills, valuation knowledge, and a solid research portfolio, which matter more during entry-level hiring.
- Is PGDM enough to start a career in equity research?
Yes. A PGDM in Financial Management gives you essential fundamentals in accounting, valuation, modelling, and markets. Pair it with a portfolio and an internship to stand out in interviews.
- What skills are most important for equity research jobs?
Financial modelling, valuation, Excel mastery, clear writing, analytical thinking, and understanding industry drivers are core. Recruiters also value curiosity, discipline, and the ability to pitch a stock confidently.