Last updated on September 22nd, 2025 at 06:25 pm
A equity research Analyst is a professional who is responsible for researching, analyzing, interpreting, documenting and presenting market data. This data is related to markets, operations, finance/accounting, economics, customers, and other field related work. A research analyst is typically very quantitative, analytical, logical, and good at managing numbers and data. The report an analyst prepares entails the examination of public records of securities of companies or industries, and often concludes with a “buy”, “sell”, or “hold” recommendation. This guide will break down the primary aspects of being an analyst in different industries.
Types of Research Analysts
Research analysts exist in almost every industry and sector but are more commonly found in some specific industries – such as financial and banking industries. Within a company, there may be many different departments, with different job titles.
The most common research analyst job titles are:
- Market Research Analyst
- Operations Research Analyst
- Economic Research Analyst
- Financial Analyst
- Equity Research Analyst
Job responsibilities of a Research Analyst
An Analyst (Financial) is primarily concerned with performing financial forecasting, evaluating operational metrics, analyzing financial data, and creating financial models and presentations to assist executive management in its decision making and reporting on the financial performance of the company.
Job responsibilities may include any or all of the following:
- Analyze past results and perform variance analysis
- Identify trends and make recommendations for improvements
- Provide analysis of trends and forecast and recommend actions for optimization
- Identify and drive process improvements, including the creation of standard and ad-hoc reports
- Use Excel functions to organize and analyze data
- Create charts, graphs, and presentations for leadership teams
- Develop recommendations to improve business operations going forward
Skills required for a Research Analyst
There are many key skills that one should have in order for them to be successful in the field of research analysis. While all research analysts have different skillsets, there are some skills and traits that nearly all Research Analysts share.
The most common found research analyst skills and personality traits are:
- Good with numbers
- Attention to detail
- Organizational skills
- Inquisitive
- Logical
- Reliable
- Ability to distil large amounts of information into specific takeaways.
Types of companies that hire Analysts
There is a broad range of industries and companies that hire analysts to perform research. Some of the most common types of companies include:
- Insurance companies
- Banks
- Governments
- Health care providers
- Pharmaceutical companies
- Marketing agencies
- Manufacturing companies
Equity Research analyst career opportunities
In India, it offers a structured ladder for finance graduates, MBAs, or CFA candidates to grow from entry-level roles to leadership positions, with excellent exit options into related areas of the capital markets.
Entry-Level: Junior Analyst
Most professionals as junior analyst. This is training stage where senior analyst train you.
- Collecting and cleaning financial data
- Updating financial models and valuation spreadsheets
- Tracking company news, regulatory filings, and quarterly results
- Preparing first drafts of research notes
This phase typically lasts 2–3 years, and is a crucial learning ground for financial modeling, sector knowledge, and writing research reports.
Senior Analyst
This is a stage where the company trust you now enough to increase your responsibilities and promote you to senior.
- Take lead coverage of specific companies or an entire sector
- Write actionable research reports for institutional clients
- Present investment ideas to fund managers and sales teams
- Build relationships with company management
Senior roles: AVP / VP / Research Lead
With 5–8+ years of experience, you can become an Associate Vice President (AVP), Vice President (VP), or Research Lead managing a team of analysts. Your responsibilities include:
- Overseeing sector coverage and research quality
- Interacting with high-profile clients and investors
- Guiding junior staff on modeling and analysis
- Shaping the research strategy of your firm
Many experienced analysts at this level are invited to speak at investor conferences or appear in financial media, boosting their visibility and career prospects.
Lateral opportunities
Portfolio manager or Buy-side Analyst at mutual funds is one of the options where you use your experience to manage finances of other Institutions or family offices. Moving to corporate finance and M&A becomes easier with the experience, your expertise are very valuable here. Joining PE/VC firms as a sector specialist to evaluate investments. Senior finance or strategy roles in listed companies, banks, and fintech startups. Some analysts start their own research boutiques or advisory services.
Why this path appeals to Finance students
For finance students who are unsure where to begin, equity research offers:
- Direct exposure to financial markets
- Intensive skill-building in valuation, modeling, and communication
- A clear career ladder with high visibility to recruiters in the broader finance ecosystem
| Role | Experience Level | Description |
|---|---|---|
| Research Associate | 0-2 years (entry level) | Supports senior analysts with data collection, modeling, and basic analysis. Learns industry ropes. |
| Equity Research Analyst | 3-5 years (mid-level) | Leads coverage on certain companies, builds detailed models, writes reports, gives recommendations. Possibly mentors juniors. |
| Senior Analyst / AVP | 5-10 years (senior level) | Oversees sector or team, sets research agenda, interacts with big clients or fund managers, deeper industry expertise. |
| Research Head / Director | 10+ years (leadership) | Heads the research department or a sector team, strategy planning, client relationship management, might be spokesperson for the firm’s research. |
Equity Research Analyst salary in India
| Experience Level | Typical Total Salary Range (INR per annum) | Notes / Influencing Factors |
|---|---|---|
| Entry-Level / Freshers (0-2 years) | ₹3.5–6.0 LPA | Fresh graduates working at smaller brokerages, KPOs, or research support roles. Those with CFA Level 1, strong internships, or an MBA from a top institute often start nearer ₹5-6 LPA. |
| Mid-Level (3-5 years) | ₹10–18 LPA | Analysts who lead company coverage, build models independently, and write reports. Mid-size brokerages and national houses tend to offer towards the lower-mid of that range; larger or foreign firms, or analysts with advanced credentials (CFA, prior experience) may earn higher. Indeed average data for Mumbai shows ₹8.5 LPA at these experience levels. |
| Senior / Experienced (8-10+ years / specialized roles) | ₹25-40 LPA, and in very senior or leadership roles possibly ₹50 LPA+ | Senior analysts or AVP/VP/Head of Research positions in big firms, FIIs, or global investment banks often cross the ₹30-40 LPA mark. Those in top producer firms, or who manage large portfolios or lead teams, can reach ₹50 LPA+ especially with bonuses. Locations like Mumbai or Bengaluru tend to pay more. |
Additional Compensation & Variations
Bonuses: Many equity research roles include performance bonuses, often in the range of 10-30% of base salary, sometimes more in firms that reward stock picks or client impact. These bonuses can significantly increase take-home pay, especially for mid-senior roles.
Employer & Location Impact:
- Global or foreign brokerage/investment bank offices in Mumbai tend to pay substantially more than smaller local firms.
- Captive research KPOs have lower base but may offer stable hours and steady growth.
- Cities like Mumbai, Delhi NCR, Bengaluru often offer premium (10-30% above national averages) due to cost of living and presence of large financial firms.
Credentials & Credentials Effect: Having CFA (even Level 1/2), strong track record, good internships, or an MBA from a top institute provides leverage for higher salaries. These qualifications are often deciding factors in mid-level raises and senior role hiring.
Variation by Sector: Analysts covering high growth or tech sectors often get paid more (due to complexity / demand) than those covering slower or regulated sectors. Firms focusing on research reports for clients (sell-side) may compensate differently compared to buy-side funds or asset management firms.
Top companies Hiring Equity Research analysts in India
Global Investment Banks: e.g. Goldman Sachs, Morgan Stanley, J.P. Morgan all have equity research divisions in India (often supporting global teams or covering Indian equities). These firms are known for rigorous work and higher pay.
Domestic Brokerages: e.g. Motilal Oswal, HDFC Securities, ICICI Securities, Kotak Securities, Edelweiss. Also credit rating agencies like CRISIL and ICRA which have equity research arms or subsidiaries.
Buy-Side Firms: Mutual funds (SBI Mutual, HDFC AMC), Insurance investment divisions, Sovereign funds, PMS firms – they hire analysts to research investment ideas for their portfolios.
KPOs & Research Firms: e.g. Morningstar (has an office in Mumbai for research), KPO, HSBC Global Research, etc., where analysts provide research support.
Possibly Big 4 advisory firms or independent research boutiques (like Spark Capital, Sanctum, etc.) could be mentioned. Also, new-age equity research startups or fintech research platforms can be named.
FAQ
What does an equity analyst do?
An Equity Research Analyst (or simply “Equity Analyst”) studies publicly listed companies and industries to help investors make informed decisions. Their job is to collect data, build financial models, and issue research reports that explain whether a stock is a “Buy,” “Sell,” or “Hold.”
What is salary of equity research analyst in India?
| Experience Level | Approx Salary Range (INR) |
|---|---|
| Fresh Graduate (0-1 yr) | ₹3.5-6 LPA (with credentials/strong internship ₹5-6 LPA) |
| 3-5 Years Experience | ₹10-18 LPA |
| Senior / Lead Roles | ₹25-40+ LPA (₹50 LPA+ in exceptional cases) |
Do equity research analyst write alot?
Equity research analysts do write a lot, especially early in their careers. Good writing skills can make you stand out because even the best analysis won’t matter if it’s not communicated well.
