Top equity research analyst internships in India

Last updated on January 24th, 2026 at 04:19 pm

Financial Analyst & Investment Banker

ALLEN ARAVINDAN,CFA

The word internship, has been taken too lightly by a lot of candidates in the industry. More over, students are engrossed with certifications and courses. Now I am not saying that you should not add skills, but how would you know what to learn as a skill unless you work. In this article, I will discuss the best equity research analyst internships in India that is good for a investment banking career.

Also, the catch is you get paid to learn. So my advice, is learn and use the money to pay for the skills to be acquired.

What Does an Equity Research Intern Do?

An Equity Research Intern supports analysts in evaluating companies, industries, and investment opportunities. Interns actively work on financial analysis, data collection, and research reports, gaining hands-on exposure to how investment decisions are made in real markets.

Typical responsibilities include:

• Analyzing financial statements (income statement, balance sheet, cash flow)
• Updating financial models in Excel
• Tracking company earnings, news, and corporate actions
• Assisting in valuation analysis (DCF, comparables)
• Preparing industry and company research notes
• Supporting senior analysts during earnings seasons

This role helps interns understand how numbers, business fundamentals, and market trends come together to drive stock recommendations.

Top 11 Equity Research Analyst Internships in India

Equity Research Analyst Internships Overview

Firstly let me give you some background of such internships. After all, its an internship very similar to the word apprentice. Both the employer as well as the apprentice, gain in an internship. The employer gets to, get a low cost short term work done at minimal cost. While the intern gets the exposure.

Now, remember I said exposure, because exposure is critical for a focused career. Which is required early In the stage of exploring various career choices.

Skills Required for Equity Research Internship

To succeed as an equity research intern, candidates must build a mix of technical finance skills and analytical thinking.

Key skills include:

• Financial statement analysis (core requirement)
• Excel proficiency (modeling, formulas, data analysis)
• Basic understanding of valuation techniques (DCF, multiples)
• Strong numerical and analytical ability
• Ability to interpret business models and industry trends
• Clear written and verbal communication for research reports
• Attention to detail and accuracy
  

Candidates with exposure to financial modelling, CFA curriculum, or equity markets often stand out during internship selection.

Benefits Of Equity Research Internships

The sooner you understand, that the industry doesn’t pay because you hold a degree. However, it pays when they see value is the most critical take aways. Equity research analyst internships, give you a path to start creating the value in your offering.

• Firstly, you get how equity research works.
• Secondly, you understand the dirty work in equity research.
• Thirdly, you develop a deep learning of the complexities of the industry.
• Fourthly, you get to choose later if equity research analyst is your choice of career.
• Fifth, you get to use this experience for larger investment banks that you apply.
• Sixth, employers later appreciate your quest for learning.
• Seventh, you make more mistakes, and mistakes are forgiven for an intern.
• Eigth, you get to earn some money for paying off courses.
• Ninth benefit, is that you can use this to get into premiere education institutes.
• Finally, the benefit it exposes you to the realities of the world.

While, I can keep writing about the benefits of internships, the crux to understand here is exposure. So, the objective is not to fill your CV with 100 internships in equity research analyst. However, demonstrate your value, which goes a long way.

Internship to Full-Time Conversion Path

An equity research internship often serves as a direct pathway to a full-time role if the intern consistently demonstrates strong performance.

The typical conversion path looks like this:

1. Internship Phase – Work on live projects, models, and research assignments
2. Performance Evaluation – Analysts assess accuracy, learning speed, and initiative
3. Extended Internship / PPO – High performers may receive a Pre-Placement Offer
4. Full-Time Role – Conversion into roles like Equity Research Analyst, Junior Analyst, or Research Associate

Interns who show strong fundamentals, curiosity about markets, and disciplined work ethic significantly improve their chances of full-time conversion.

Preparing for Internships

Now, there are thousands and lacs of students who would just show up to take the internships. However, when an employer has posted an internships, then the job is serious. While you can’t just show up for the internship, without have the requisite skills and knowledge.

So, let me list out the steps of getting Equity research analyst internships.

1. Prepare the basics of financial accounting.
2. Second, Learn financial modeling and advance excel.
3. Third, prepare some financial models, which can be shown as sample.
4. Fourth, create some equity research reports.
5. Fifth, Read atleast one or two books on equity research- my favourite – Gurus of chaos and One up wall street by peter lynch.
6. Sixth, read the job description of the equity research internship.
7. Seventh, prepare your answer on why you need the internship.

So, the reason why I posted these top 7 steps, is because you need to take the job seriously, Just like it would have been for the full time employment. Also, image you are again exposing your self to the harsh realities of the industry today.

Application checklist section

Before applying for an equity research internship, candidates should ensure they meet both technical and practical requirements. Use the checklist below to improve your shortlisting chances.

Academic & Knowledge Readiness

1.Strong understanding of financial statements
2.Basic knowledge of equity markets and valuation
3.Familiarity with accounting concepts and ratios

4.Awareness of current market trends and company news

Technical Skills Checklist

1.Proficiency in Excel (formulas, pivot tables, financial models)
2.Ability to perform financial statement analysis
3.Basic exposure to DCF and comparable valuation
4.Experience using annual reports and investor presentations

Practical Experience (Highly Recommended)

1.At least 1–2 self-built financial models
2.Company analysis or stock research project
3.Internship or virtual internship (if available)
4.Participation in finance case studies or competitions

Resume & Profile Preparation

1.One-page, finance-focused resume
2.Highlight projects, certifications, and tools
3.Quantify work (e.g., “Built 3-statement model for FMCG company”)
4.Updated LinkedIn profile with clear career intent

Interview Preparation

1.Practice equity research interview questions
2.Prepare explanations for valuation assumptions
3.Stay updated on recent market movements

4.Be ready to discuss one stock in detail

Application Strategy

1.Apply through company websites, LinkedIn, and referrals
2.Track applications and follow up professionally
3.Customize resume for each role or firm
4.Apply early, especially during earnings season

Best Time Internships

Now, philosophically there is no ideal time for internships, in the context of the spirt to learn. However, there still can be an ideal time. I started interning when I was in second year of my college, that too in sales. While, I had no idea why I was doing it. What it did was, it gave the harsh learning that “ Sales is not easy, and especially face to face sales”.

Sitting across the table and understanding the problems of clients is easier said than done. While, at the same time I came to know that no matter what a great student I am in college, the industry doesn’t care at all.

So, ideally the best time for equity research analyst internships, is second year onwards if you are an under-graduate. However, for anyone else whether graduate or working professionals, it is as per your circumstances.

Presenting your Internships in your CV & Linkedin.

Again, lets come back to the same thought that internships, is a tool for exposure and to demonstrate your value generation capability to the future employer. Which, also means that you need to be aware and attentive, on the work that your doing during an internship.

So, for every internship that you get into, make sure to write and get the data mentioned below;

• The project name– client name- objective of the research, sector
• Supervisor– make sure you get a good relationship with your reporting manager while in an internship. It will help you tonnes later for recommendation and reference checks.
• Quantifiable numbers– collect, how your research impacted the company’s client or if in case its an ongoing project or equity research then what value it was supposed to create.
• Recommendation letter: Make sure you get your recommendation on linked in. Beg and beg hard for it.

Now, the job doesn’t end there, write a summary research report and post in your wall and articles on linkedin. No, one just looks at your CV anymore. For example;if I was hiring then I would check your CV and then quickly scan your linked in to assess your enthusiasm. Also find more details about a detailed placement oriented financial modelling course.

Sample internship interview questions

Technical:

1. Walk me through a company’s financial statements.
2. Explain how you would value a stock.
3. What happens to valuation if interest rates rise?
4. Difference between EV and market cap?
5. How do you forecast revenue?

Conceptual:

6. Why equity research and not investment banking?
7. Buy-side vs sell-side research difference?
8. What makes a good research report?
9. How do you track industry trends?
10. How do quarterly results impact valuation?

Behavioral:

11. Tell me about a stock you analyzed.
12. How do you handle mistakes in models?
13. How do you manage deadlines?
14. How do you learn a new sector quickly?
15. Why should we select you as an intern?

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