Buy Side Analyst

购买侧分析师工作in asset management, financial advisory, trusts,mutual funds, private equity, and专有交易软件提供商. They primarily conduct research and submit recommendations on securities that fit into their firm's or client'sinvestment strategies. In addition, they are tasked with finding investment opportunities that are expected to outperform the benchmark and provide an above-averagereturn on investment(ROI）。

什么是买方分析师？

买方分析师工作对于为大量证券购买订单的公司而言，通常但不限于股票，因此可以买入购买订单。被认为是买入公司的公司的示例是共同基金，对冲基金，体育公司，养老基金，主权财富基金等。此外，买方公司通常会从经纪公司或投资银行（已知）购买证券（已知）as the sell-side.

分析sts in buy-side work very closely with portfolio managers to help them make sound investment decisions. Some of their obligations include performing analysis and understanding, interpreting, andanalyzing the financial statementsof the companies that are being considered for a potential investment. The financial statements refer to a company'sincome statement(IS),balance sheet(BS), and现金流量表(CFS), as well as the accompanying notes to accounts.

他们通常负责identifying investment opportunities具有积极的前景，将有助于实现并超过基金的目标绩效基准。与卖方分析师的想法不同，他们的想法无法公开使用。他们的建议是为了公司的内部用途，并且是机密的。

They specialize in a specific sector, for instance, retail or healthcare, and analyze and follow the companies within that sector. When combined with their knowledge of the businesses in question and their understanding of the overall economy, this specialized industry knowledge contributes to forming solid recommendations regarding buying, selling, or holding the security.

Major events that can impact the sector they cover, such as changes in interest rates, the stage of the business cycle, and the失业率通常会纳入他们的分析。

您如何成为购买侧分析师？

买方分析师通常拥有商业或金融学士学位。一些金融机构可能需要财务或工商管理硕士学位。

The career path to a full-fledged analyst position involves starting as an intern or an assistant while in university and then leveraging that into a full-time position upon graduation. As with most career paths, internships provide an effective way of breaking into the role.

An aspiring buy side candidate must show proof of relevant work experience to be considered for the highly competitive and sought-after role. Work experience through an internship at private equity (PE) and风险投资(VC) firms can be highly beneficial to land the role.

担任买方角色的另一种选择是考虑在投资银行拥有工作经验。这与渴望为一个工作的卖方分析师特别相关hedge fund(HF) as the fundraising work in both types of firms bears similarities.

In addition to the academic qualifications and work experience, the analyst must demonstrate passion, a strong interest in investing, and an excellent work ethic. Also, it goes without saying that networking plays an important role in the process.

购买方面的分析师技能

A promising candidate has to showcase a combination of hard (technical) and soft (interpersonal) skills to succeed.

• Excellent communication skills- 当他们与投资组合经理紧密合作时，他们必须清楚地阐明自己的投资思想和建议的推理。分析专业知识和对公司的好奇态度是分析师技能的一部分。
• Technical competence- 他们的技术能力和竞争优势源于他们的能力accurately interpretandanalyze证券交易委员会（SEC)filingsandsell-side reports, speaking with management, diving深入研究基础分析，并且能够将警告识别为公司的绩效，无论它在表现不佳还是胜过。

Fundamental analysis is the analysis of a company in terms of management, products and services, and business model. The analyst has tocrunch the numbersand derive the company's value from them. Attention to details such as内幕所有权,institutional holdings, andcurrent short interestcan also helpmake a difference.

• Financial modeling- Moreover, the analyst is obligated to master financial modeling and understand how stocks or bonds are valued from the perspective of a buy-side firm.
• 风险管理- Analyzing and monitoring market, industry, and company developments closely and identifying systematic and systemic risks are among the expectations for the roles. Managing risk is essential in the investment decision-making framework.
  • Systemic riskis the riskrelated to a specific company and industry. It is also known as adiversifiablerisk and can be managed through diversification.
  • Systematic risk, on the other hand, also calledmarket risk, is the risk that affects the broader market and can impact multiple and different industries. It isundiversifiable.

购买侧分析师做什么？

Buy side analysts advise when to buy, sell or hold a security. They work for one of the earlier mentioned buy-side firms and help their firm and clients make investment decisions byproviding information on company performance and competitive strategies.

They are generally required tospecialize in one industry or sector of the economy, such as healthcare or technology. They gather information about companies from published reports and interviews with company management. Finally, they use their knowledge of market trends tomake recommendations about buy, sell or holddecisions for their clients' portfolios.

They must keep up with the daily trends and news related to the industry and the company they cover. They produce reports based on the gathered information and update them accordingly. These reports are available only to the firm for which the analyst works.

他们也参加电话ormeet with the management of the companythey cover to obtain timely information, which is subsequently used for更新报告和预测.

Earnings seasons are particularly important events that they monitor closely. Earnings season refers to the quarterly periods - January, April, July, and October - when companies update the public on their operations, performance, and generated revenue. These periods tend to be very hectic for analysts, as most of the time would be scheduled for attending the related corporate events and meeting the management of the covered companies.

These corporate events allow analysts to set out and review forecasts and issue guidance for investment decisions. Generally, positive news can positively impact analysts' outlook and forecasts. Conversely, a negative event, such as missing an earnings target, has a less favorable impact, which is also reflected in the price of the security.

What Are the Different Types of Buy Side Analysts?

Depending on what category of assets they specialize in, buy-side analysts can be classified into equity orfixed income研究分析师。Equity research analysts cover stocksand equity securities, while fixed income analysts cover bonds and other fixed-income assets.

什么是买方股票研究分析师？

分析sts specializing in stocks are referred toas equity research(ER) analysts. They can work for both sell-side and buy-side firms. Sell-side firms, such as investment banks and brokerages, sell securities to their clients such as pension funds, mutual funds, insurance companies, among others, who are known as the buy side.

Buy-Side Equity Research Analyst Responsibilities

Equity research analysts gather extensive data on the companies they cover toproduce reports,recommendations, and预测. Usually, they follow a small number of companies to ensure in-depth expertise and coverage.

They specialize in particular sectors and companies. Their research and reports are exclusive and restricted to internal use. Highly skilled and competent analysts tend to be better compensated than their sell-side equivalents as they share the upside of arriving at the correct conclusions to generate alpha to helpenhance the fund's performance.

Alphadefines the risk-adjusted performance of a fund, a portfolio, or aninvestment strategyabove their benchmark return. The ability to outperform the market is a key concept of active investment management.

Unlike passive investing, active investors employ strategies that try to exceed the benchmark return they track. For instance, a hedge fund benchmarked to the S&P 500 would try to generate strategies that outperform thatindex.

购买方面的分析师的补偿取决于整个基金的绩效以及分析师选择优于证券的技能。

卖方和买方研究分析师都可以通过获得Chartered Financial Analyst(CFA) designation.Earning the CFAcharter enhances the opportunity to become a portfolio manager (PM). It is not uncommon for equity research analysts to have a background in statistics or mathematics.

What Is a Buy-Side Fixed Income Research Analyst?

买方固定收益（FI）研究分析师是专门从事债券和的分析师other such fixed income securities. Bonds are debt securities issued by companies and governments to fund operations and projects through raising capital in public markets. In other terms, companies and governments borrow money from investors. In return, the investors receive interest on the invested money and the principal at the end of the term.

Buy-Side Fixed Income Research Analyst Responsibilities

买方固定收益研究分析师负责providing fundamental credit and relative value analysison the debt securities, making recommendations based on a company's credit risk, and identifying relatively higher yield investment opportunities. They mustunderstand the impact of the Federal Reserve, known as the Fed,on interest ratesand a company's credit metrics, such as its leverage relative toEBITDAand its coverage or the ability to repay the debt. They also need tobe good at bond pricing, calculating yields, assessing risks,and在分析中表达它们andrecommendations reports.

In addition, they will greatly benefit from havingknowledge of corporate bankruptcy law, which is all the more important when analyzing and submitting recommendations on high-yield bonds and high-risk bonds (junk bonds）。这些债券通常是由更有可能违约的公司发行的，因此高收益率通过投资这些公司来弥补投资者的风险。

The following quote from our forums gives you a good idea of what is usually expected from aspiring fixed equity research analysts.

MonkeyBusiness:

我会给您一系列问题，以及我在最后一轮中听到的其他候选人的信息：

• What is duration? How is it calculated?
• Term structures? Yield curves, their shapes, and how do you make money on the various ones?
• 是什么礼物yield curve looklike here (Canada) and there? (USA)
• Tell me some of the different bonds you know about...what about their prices with respect to each other? (Plain vanilla/convertible/callable)
• 如果利率上升/下降...您将如何处理目前的债券variable in coupon rate那将转换为固定优惠券债券吗？
• Show me how to do aDCF.

Becoming a fixed income research analyst requires a solid academic background, for example, a bachelor's degree in accounting or economics. In addition, a CFA charter is beneficial, and as always, there is no substitute for relevant work experience.

Buy Side Analyst Compensation and Bonuses

According to theUS Bureau of Labor Statistics, the average salary for an analyst was $83,660 in May 2020. The job outlook is expected to grow by 6% in the current decade and align with the overall average market growth for all occupations.MBA在一家领先的公司中，薪水范围超过50万美元的资产，薪水范围超过25万美元，薪水范围超过25万美元，薪水为25万美元至25万美元。

Bonuses can vary and depend on the assets under management (AUM) and the performance of the recommended stocks or fixed-income securities. The bonus for an analyst can be between 50%-100% of their base salary.

在对冲基金（在执行方面得到强烈的投资理解）的支持下，奖金贡献了总薪酬的较高部分。

Private equity firms are famous for thecarryor carried interest. The carry, which designates the difference between the interest earned when buying and selling a company, is an essential component of executives' compensation.

要了解有关这些公司薪酬的更多信息，请参考我们Hedge Fund Pay Guideand私募股权指南articles.

Additional Resources

WSO is a leading provider of354manbetx for finance professionals. To help you advance your career, check out the additional resources below:

• Hedge Fund Manager
• Financial Analyst Job Description
• 发票estment Banking Job Description
• Venture Capital Job Description
• 私募股权职位描述