About Career as a Research Analyst
Stock research comes in two principal varieties: sell side and buy side.
Sell side stock research analysts are employed by stock brokerage firms to offer recommendations to their brokers and clients. The name derives from their place in facilitating brokers' efforts to sell securities to clients. Recent scandals have highlighted the conflicts of interest that can influence sell side stock research analysts' judgment.
It has been noted for many decades that stock research analysts at Wall Street firms give positive ratings to many more securities than those that get negative opinions. Because the large firms on "The Street" also tend to have substantial investment banking business, there is pressure on sell side analysts (overt or subtle) not to anger large corporate clients by issuing negative opinions on their securities.
By contrast, buy side analysts advise money managers on what securities to hold in their investment portfolios. Their reports and opinions are not generally released for public consumption. There normally are far fewer conflicts of interest in this branch of securities analysis, giving the analyst greater freedom to render independent opinions.
Career Prospects of Career as a Research Analyst
There are wide areas of exciting career opportunities for CFAs. Options are available in Banking, Insurance, Corporate Sectors and Leasing Companies. Even organisations like Railways, Reserve Bank of India and Financial Institutions like ICICI, IDBI, IFCI and UTI have given due recognition to the CFA programme. Most of the CFAs professional receive offers for challenging positions with attractive emoluments. Besides this, CFAs can pursue any specialized function. Corporate Finance and Control is one of them. It revolves around mobilization and utilization of domestic and overseas resources for short-term as well as long-term purposes with an objective to maximize returns. International Finance & Risk Management is another specialized function open to CFAs. Their task is to understand the international finance, international capital markets and to manage risk involved in business to its lowest level. Investment Management option is also available to CFAs. Many investors particularly in mutual funds seek their expertisation to maximize the return on investments through skillful shuffling of the portfolio. Moreover, CFAs can provide valuable advisory services to corporate clients on the field of Investment Banking and Financial Services which, includes restructure of capitals, raising funds through IPO's and other means, advice and negotiation in matter of merges and acquisition, rehabilitation of sick units, stock brokering, credit rating and providing venture capital assistance. Above all career opportunities for CFAs with IT skills are increasing at a very rapid pace particularly those who are trained in high-end packages like SAP, Oracle application and Baan.
Skills & Education Required for Career as a Research Analyst
Stock research tends to be fast-paced, pressure-packed and highly remunerative. The CFA is necessary to advance in this field.To be a CFA a graduate required to clear three levels of exams covering areas such as accounting, economics, ethics, money management and security analysis. Nevertheless, before that he requires a minimum of three years of investment/financial experience. The Institute of Chartered Financial Analysts regulates and conducts the Chartered Financial Analyst programme. This programme is offered through distance learning and is open to all eligible applicants throughout the year. There is no Admission Test for enrolling into the CFA programme of ICFA.
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