Top 4 Equity Research Analyst Jobs in Mumbai to Start you career

So, considering that you are specifically looking for equity research analyst jobs in Mumbai. Hence, I’ll take the liberty of assuming you do understand the meaning of equity research. Some of these jobs would also qualify for equity research analyst jobs in Mumbai for freshers.

Also, since you are in the land of equity, i.e Mumbai, so there is no dearth of equity research jobs.

So let’s get to the list directly first. However, if you also want to understand some more details about these jobs and how to prepare for them. Then I would suggest you to read the full article.

IIFLSell-SideOmni0MBA/CA- Tier 1
Motilal OswalSell-SideFMCG0Any
Vallum CapitalBuy SideOmni1CFA level 2
Equity Research Analyst Jobs in Mumbai For Freshers

Equity Research Analyst Jobs in Mumbai

So, you might wonder out of so many companies, why have I selected only four? Well, to start with their demands are with qualifications and experience is minimal. Also, these companies are proper domestic Indian markets-based brokerage houses.

IDBI Equity Research Analyst Job in Mumbai

Now, you might wonder in the world of big brokerage houses where IDBI comes in. However, IDBI capital is a subsidiary of IDBI Bank Ltd. Moreover, IDBI capital is also one of the leading investment banking and securities companies.

Now, in the range of their services for the Indian capital market, they have the following;

  • First, Investment Banking
  • Secondly, Capital market products.
  • Thirdly Private Equity
  • Finally, more services include equity research.
Equity Research Analyst Jobs in Mumbai

IDBI Capital- Equity Research Associate

The expected job roles include in this profile are;

Responsible to support the lead analyst in terms of sectoral news updates, making financial models, writing research reports.

Support Lead Analyst in the quarterly result preview/review/IC/MVN and in other reports.

Daily tracking the sectorial and company specific news and giving a brief to the lead analyst and if required update in the morning meeting.

Preparing/updating valuation model post every quarterly result and during the initiation or whenever required.

Preparing insightful financial content from sell-side research using financial modeling and sector knowledge and providing forecasts.

Support lead analyst in addressing client queries.

You can read some equity research reports by the team here.

IIFL Equity Research Jobs In Mumbai

As per their website and other information sources, I would categorise IIFL as a BFSI firm. Hence, it provides services in loans, research, including raising capital for companies.

The company has a nationwide presence with a thriving network of 3,119 branches across 500+ cities.

Equity Research Analyst :Job Description

The candidate will work closely with the lead analyst on the following tasks

– Model creation and maintenance

– Industry and company research

– Report writing

– Client queries

The job offers candidates working in KPOs to move onshore, and offers candidates (both currently working either in KPOs or onshore) a path to become a lead analyst over a period of time. While initially, the job will not involve lead coverage or client interaction, we hire candidates only if they have the potential to become a lead analyst in due course of time

So, in summary I can understand that this job, is looking for a candidate with some experience in equity research with KPO’s. However, the catch is that they want to hire such candidates and make them in the front office side of the business.


So, you can see in the job description that , eventually they want their hires to get into client coverage. Hence, In my opinion the following things are critical.

  • Excellent ability to communicate via various mediums.
  • Also, have the ability to research and create a value proposition.
  • Finally, key skills like financial modeling and research are of course non -negotiable.

Salary in IIFL Equity Research Job

Equity Research Analyst Jobs in Mumbai

Now, 16.4 Lac salary, I feel is normal if a candidate gets into institutional equity research job. However, in the longer term with the right exposure and attitude, you can expect to cross INR 30 Lacs with around 10 years of solid expereince.

Motilal Oswal Equity Research Jobs in Mumbai

Now, MOSL as it is popularly known in the industry has obviously gained its popularity because of Ramdev Aggarwal. Also, rightly they deserve to be known because they started with humble beginnings in the broking business.  

Now, if you have watched or are a frequent reader of markets, then you will understand that MOSL is from the days of Harshad Mehta. Just like the late Rakesh Jhunjhunwala.

Equity Research – FMCG Sector

So, the job description of the equity research job in Mumbai, of MOSL states the following.

– Actively tracking Consumer Discretionary employing thorough fundamental research to identify investment opportunities for the client’s portfolio.

Insight: Here I can understand that, most likely this job is related to their very popular PMS business, because it talks about client’s portfolio.

– Developed and maintained comprehensive financial models, authored daily client notes highlighting earnings releases, press releases, and management & analyst meets, and organized roadshows & investor conferences to provide a platform for effective communication between buy-side clients and company managements.

Insight: Also, in this line I can make out that the job role will also deal with research for the broking clients. Since, they mention road shows for buy side clients.

– Regularly updating clients with key takeaways and near-term triggers from company earnings calls/quarterly results, analyst meets, and our interactions with industry experts.

– Analysing companies in the sector and aiding in preparing research reports with maximum Impact.

Compensation for Equity Research Jobs in Mumbai

So, I feel seeing this survey that MOSL doesn’t have deep pockets.

Although, it says that 92% more than average but believe me for the work that is supposed to be done. Unfortunately, the money is peanuts.

Eligibility for Equity Research Job in Mumbai at MOSL

However, what I like about this job is that they don’t fancy premium qualifications. I can’t get my head around the fact, that how many companies just miss great talents. Since, how many CA’s and IIM’s , or CFA charter holders are really there?

Even If I combine all these three qualifications, the total number of premium candidates, could be somewhere around 5000. Out of which, may be 10% might be actually interested in this field, which is 500.

While, there are so many talented work force out in the open, who just don’t like the idea of pursuing qualifications. Not everyone has the money or interest in spending lacs.

– Candidate should have 1 year of experience with in-depth knowledge of the Consumer Discretionary sector & should have experience in writing reports & be able to articulate well.

– Candidate should have good analytical capabilities

– Strong Accounting and Financial skills

– Advanced level of Excel knowledge and PowerPoint Presentation

– Familiarity with research software like Capital-line, Bloomberg, Reuters, etc.

– Excellent communication, Relationship management and Networking skills

– Ability to work in a self-managed, entrepreneurial environment and should be a good team player

Side Comment on Skills

There is a line in the job description that states;

Familiarity with research software like Capital-line, Bloomberg, Reuters, etc.

However, I wouldn’t worry too much about this. In case you have any premium MBA college nearby then you can request the college to grant you access for a week. Also plenty of online videos, which can give you the required knowledge on these terminals.

bloomberg terminal

Also, some of you who are not aware of these terminals might be wondering what I am talking about.

So, Bloomberg, reuters or capital line are basically data aggregators. Which, means they consolidate all the required data in the financial field in one platform. For eg; I want to know what is the consensus forecast of exide batteries, for the next three years. This is where Bloomberg comes in handy, you just search or put the scrip code and you get everything. Plus it’s reliable.

So, do as much as you can but if its too much trouble then don’t bother.

Vallum Capital Equity Research Jobs in Mumbai

Now, in very brief terms Vallum capital is a boutique investment firm based out of Mumbai. They provide the following services;

  • PMS- Portfolio Management services

Which is headed by Manish Bhandari, CIIA, CEO & Portfolio Manager. Now, if you have to consider this job, then I would have one reason to get into this equity research job in Mumbai . Which is to work and get mentored by Manish.

Team Information:

Manish Bhandari, CEO Vallum capital advisors

So, Manish, Director and Principal Officer of Vallum Capital Advisers Private Limited, aged 47 years, has two decades of experience in the Indian Capital Markets and has co- founded Vallum Capital, an investment management and advisory firm in 2010, advising Institutional, Family Offices and HNIs on Equities and Asset Allocations. Now, Prior to founding Vallum, he has worked as a VP & Portfolio Manager (Equities) with ING Management in India for six years. He has featured in the Editorials in Economic Times, Wizards of Dalal Street, and Next generation promising Investment Manager of India for CNBC. He is a regular contributor to various financial publications in India and abroad. Also, He is Post Graduate in Business Administration and Certified International Investment Analyst (CIIA), in Switzerland.

Job Description


Evaluate companies under coverage and identify broader industry trends
Create and maintain financial models of companies under coverage and conduct valuation analysis
 Contribute to investment ideas
Interpret data and perform channel checks on industry and competitive outlook


1. Minimum 3+ years of experience Boutique Buy side Investing firm. Research exposure to Pharma/IT/Cap Goods sector is preferred.

Insight: I like this requirement, although it says 3 years, but even if you have experience with a small equity research set up then it’s game on.

2. Excellent Financial modeling skills are required as well as a solid grounding in accounting/financial fundamentals

3. CFA/CFA Level II or a graduate Degree in finance with a strong academic track record

4. Effective verbal and written communication skills.

5. Entrepreneurial Nature, Ability to work in a fast-paced, high-energy environment.

6. Right candidate will catapult itself to fund management role in due course.


So, these are my top 4 picks on the best equity research jobs in Mumbai. Now, as I said at the start that the picks or not all the jobs in Mumbai but only the best and niche one’s. I hope, this article was of some use to you and I wish you all the best.

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