How to Break In
Investment research roles are competitive, but very achievable for CFA candidates who show the right mix of skill, motivation, and curiosity.
Breaking in often comes down to preparation, persistence, and strategic positioning.
Highlight your analytical edge
Research hiring managers look for candidates who can think independently, write clearly, and build solid models.
Showcase these skills early… whether through a stock pitch, sample research report, or a well-crafted blog or LinkedIn post.
If you don’t have direct experience, demonstrate your thinking.
Pick a company, break down the fundamentals, explain your valuation, and defend your assumptions.
Lean on your CFA credentials
The CFA designation is highly regarded in research… especially on the buy side.
It shows technical competency, ethical grounding, and long-term commitment to investment excellence.
Highlight relevant coursework (like Equity Investments, FRA, and Quant Methods) when applying.
Even if you’re only partway through the program, referencing your CFA exam progress adds weight to your profile.
Build financial modeling skills
Fluency in Excel is expected.
Learn how to build income statement, balance sheet, and cash flow models from scratch.
Be able to link them together, forecast earnings, and perform valuation techniques like DCF, comps, and precedent transactions.
Online platforms like Wall Street Prep, Breaking Into Wall Street, and Corporate Finance Institute offer hands-on courses to accelerate your learning.
Network thoughtfully
Reach out to research analysts on LinkedIn.
Ask for a short call to learn about their work (not to ask for a job).
Be professional, specific, and respectful of their time. Follow up with a thank you and stay in touch.
CFA Society events, investment clubs, and virtual webinars can also open doors.
Don’t underestimate the value of small, genuine connections.
Apply strategically
Look beyond large banks and asset managers.
Boutique research firms, data platforms, and independent shops can offer great experience and faster responsibility.
From there, you can lateral into a bigger role.
Tailor your resume to each role.
Show evidence of writing, analysis, modeling, or sector interest.
And don’t be discouraged by rejection
Hiring cycles in research are slower than other parts of finance.
The CFA Career Series – Investment Research
Table of Contents
Investment research sits at the heart of the financial world.
Analysts dig into companies, markets, and sectors to uncover insights that guide investment decisions.
Their work helps fund managers allocate capital, helps banks understand risk, and helps investors make smarter moves.
This article is part of the CFA Career Series, designed to help you explore how the CFA Program aligns with real-world finance careers.
If you’re analytical, curious, and passionate about markets, investment research might be the perfect fit.
Here’s what the role involves, what skills you’ll need, how to get started – and how your CFA journey can give you a powerful edge.
What Is Investment Research?
Investment research is the process of analyzing financial assets to determine their value, outlook, and risk profile.
The goal is to support informed investment decisions.
Analysts gather and interpret data about companies, industries, economies, and markets.
They build models, forecast earnings, assess valuations, and write reports that guide investors.
Whether that’s a portfolio manager, an institutional client, or the firm’s own trading desk.
There are two main types of research:
Sell-side research
Produced by analysts at investment banks or brokerage firms. Their reports are distributed to clients to help generate trading activity, support investment banking deals, or provide general market commentary.
Buy-side research
Conducted by analysts within asset managers, hedge funds, or pension funds.
This research is proprietary, used internally to guide investment decisions.
The focus is on generating alpha and managing portfolio risk.
Research can be broad or specialized.
Some analysts cover entire sectors (like tech, healthcare, or energy) while others focus on macroeconomic trends or specific asset classes.
At its core, investment research is about forming an independent, evidence-based view… and backing it up with solid analysis.
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Core Responsibilities
Analyzing Companies and Securities
Investment researchers dig deep into financial statements, business models, industry dynamics, and macroeconomic trends.
Their goal is to understand the value of a company or asset – and determine whether it’s a buy, hold, or sell.
This work includes forecasting revenue, modeling earnings, and evaluating competitive positioning.
Building and Maintaining Financial Models
Financial modeling is central to the role.
Researchers build models to project future performance, estimate intrinsic value, and test different scenarios.
These models may use techniques like discounted cash flow (DCF), relative valuation, or sum-of-the-parts analysis.
Writing Research Reports
A key responsibility is distilling complex financial insights into concise, actionable research reports.
These reports are shared with portfolio managers, traders, institutional clients, or the broader public.
Clarity, accuracy, and credibility are critical.
Especially when reports influence real-world investment decisions.
Monitoring Market Developments
Researchers stay constantly informed.
They track market movements, earnings releases, regulatory updates, and geopolitical events that could affect the securities they cover.
Timely insights allow them to revise recommendations and keep stakeholders updated.
Supporting Investment Decisions
Although investment researchers don’t typically make buy/sell decisions themselves, their work feeds directly into the investment process.
Portfolio managers and clients rely on their research to guide capital allocation.
A good analyst earns trust by being thorough, objective, and forward-thinking.
Communicating with Stakeholders
Analysts often present their findings in meetings or calls with internal teams or external clients.
Communication skills are vital.
Whether answering a hedge fund manager’s questions, defending a thesis, or participating in earnings calls with company executives.
Skills and Traits That Help You Succeed
Investment research rewards those who can think clearly, dig deeply, and communicate with conviction.
While technical knowledge is essential, success in this field also depends on how you approach problems and present your ideas.
Analytical thinking
At its core, research is about solving puzzles.
You’ll be expected to form investment opinions based on incomplete information.
That means connecting the dots, asking the right questions, and building defensible conclusions.
Attention to detail
Mistakes can erode trust.
Whether you’re modeling earnings or writing a report, every number, footnote, and assumption must be checked and re-checked.
Precision is a core part of the job.
Curiosity
Great analysts dig deeper.
They follow leads, question narratives, and explore data beyond the obvious.
Curiosity drives better insights… and often, better investment results.
Communication skills
You must explain complex ideas in a clear, persuasive way.
Whether it’s a written report, a client call, or an internal meeting, your job is to make your analysis actionable and understandable.
Independence
Strong research often means taking a view that’s different from the market.
You’ll need conviction, discipline, and the willingness to stand by your analysis, even when it’s unpopular.
Time management
You’ll juggle coverage of multiple companies, deadlines for reports, earnings seasons, and requests from portfolio managers or clients.
Being organized is critical.
Comfort with data and modeling
You’ll work in Excel every day.
You’ll build models, analyze trends, and manipulate data.
Increasingly, research roles also benefit from comfort with data tools, APIs, and basic coding.
Investment research attracts those who are intellectually curious, skeptical, and motivated by insight… not spotlight.
If that sounds like you, this career path may be a natural fit.
Skills and Traits That Help You Succeed
Investment banking is demanding.
The job requires more than just technical knowledge.
it calls for endurance, precision, and the ability to thrive under pressure.
Success depends on how well you combine hard skills with personal resilience.
Technical proficiency
Bankers must master Excel, financial modeling, and valuation techniques.
You’ll spend long hours building DCFs, cap tables, and sensitivity analyses.
Accuracy matters.
A single mistake can derail a pitch or delay a deal.
Financial fluency
You need to understand income statements, balance sheets, and market drivers inside and out.
This fluency lets you assess deals, spot red flags, and speak the language of clients and investors.
Attention to detail
Investment banking is meticulous work.
Formatting, assumptions, footnotes… every detail must be correct.
Sloppy work is noticed, and it’s rarely forgiven.
Communication skills
You’ll present to executives, write internal memos, and negotiate with multiple stakeholders.
Clear, concise communication (both written and verbal) is essential.
Endurance and time management
Long hours and shifting deadlines are part of the culture.
You’ll often juggle multiple live deals, pitches, and client requests. Prioritization and stamina are key.
Commercial instinct
As you move up, your value will depend on your ability to originate deals, understand client needs, and identify strategic opportunities.
Thinking like a business partner (not just an analyst) is critical.
Team collaboration
Deals are team efforts.
You’ll work closely with colleagues across functions, hierarchies, and time zones.
Being responsive, reliable, and professional is essential to earning trust.
Investment banking rewards those who combine raw intellect with drive, discipline, and a willingness to do what it takes… especially in the early years.
Typical Career Progression
Investment research offers a structured but flexible career path.
While titles may vary by firm, the core responsibilities tend to evolve in predictable ways as you gain experience and build credibility.
Entry-Level Roles
Junior Analyst / Research Assistant
This is where most people begin.
You’ll support senior analysts by gathering data, maintaining models, and helping draft reports.
It’s a learning-heavy role, where attention to detail and reliability matter most.
Equity Research Analyst / Credit Analyst
As a full analyst, you’ll take ownership of specific companies or sectors.
You’ll build and update models, attend earnings calls, speak with management teams, and publish notes that reflect your investment views.
On the buy side, you’ll make recommendations directly to portfolio managers.
On the sell side, you’ll write reports for clients and contribute to trading ideas.
Mid-Level Roles
Senior Analyst
You’re now responsible for a broader coverage universe, deeper industry insight, and higher expectations.
You’ll mentor junior staff, field questions from institutional clients or PMs, and sharpen your investment thesis development.
Your name might appear on published reports, and your calls will start to influence real capital allocation.
Senior Leadership Roles
Director of Research / Sector Head
You may oversee a team of analysts, manage workflows, ensure quality control, and maintain relationships with key stakeholders… whether internal PMs or external clients.
You’ll also play a strategic role in shaping the firm’s investment process or thematic research direction.
Chief Investment Officer (CIO) / Head of Strategy (Buy Side)
Some research professionals go on to lead investment teams or set portfolio strategy.
Others transition into portfolio management or asset allocation roles, using their research background as a launchpad.
While not all research analysts aim to climb the hierarchy, many carve out long, satisfying careers as subject matter experts with deep domain knowledge and trusted judgment.
Where You’ll Work
Investment research roles exist across a range of institutions, each offering a different angle on the job.
Your day-to-day work and priorities will depend heavily on whether you’re serving clients, supporting internal teams, or publishing independently.
Buy-Side Firms
This includes asset managers, hedge funds, pension funds, and sovereign wealth funds.
Research here is done to guide internal investment decisions.
You’ll work closely with portfolio managers, and your ideas directly impact how capital is deployed.
Buy-side analysts typically focus on depth over breadth.
You may cover fewer names, but you’ll go deep… building complex models, engaging with company leadership, and tracking industry trends over time.
Sell-Side Firms
These are investment banks and brokerages that produce research for clients – usually institutional investors.
Your output may include stock recommendations, earnings previews, industry primers, and client calls.
Sell-side roles often require faster turnaround and broader coverage.
Visibility is higher, and performance is measured by the accuracy of your calls, client feedback, and sometimes your rankings in third-party surveys.
Research Boutiques and Independent Providers
Some firms specialize in research only.
They may cater to niche sectors, ESG analysis, or alternative data.
Others operate on a subscription basis or offer research-as-a-service.
These roles can offer more flexibility, intellectual independence, and a chance to specialize.
But they may come with fewer resources or support staff.
In-House at Corporates or Consultancies
Larger companies or consultancies may have research teams that analyze competitors, market dynamics, or strategic risks.
The focus here is less about public investing and more about internal decision-making.
Global Reach
Research roles are found in nearly every major financial market – New York, London, Hong Kong, Toronto, Frankfurt, and beyond.
While hubs offer more opportunities, remote and regional roles have grown with the rise of digital platforms and distributed teams.
Wherever you land, research tends to offer more flexibility and a more sustainable lifestyle than roles like investment banking… especially as you gain seniority.
Compensation and Lifestyle
Investment research offers strong compensation, especially as you gain experience, though it tends to be lower than roles in investment banking or private equity.
In exchange, the lifestyle is often more balanced and sustainable.
Entry-Level Compensation
Junior analysts typically earn between $70,000 and $100,000 in base salary, depending on location, firm type, and experience.
Bonuses can range from 10% to 50% of base salary.
On the buy side, compensation may include profit-sharing or performance-based incentives tied to fund performance.
Mid-Level and Senior Compensation
Experienced analysts and sector heads can earn $150,000 to $300,000 or more in total compensation.
At top-performing hedge funds or asset managers, that number can rise significantly, especially if you’re contributing directly to returns.
Sell-side roles may offer less upside but can still be lucrative.
This is especially for analysts with high client visibility or top rankings.
Lifestyle
Research roles typically offer a better work-life balance than banking or trading.
While earnings season or major events (like central bank decisions or company earnings calls) can mean long days, the hours are generally more predictable and sustainable.
Remote work is increasingly common in research, and many roles allow for a hybrid setup.
You’ll need to be responsive and detail-oriented, but it’s possible to build a rewarding long-term career without sacrificing personal time or burning out early.
Advantages of This Career Path
Investment research offers a clear value proposition for those who enjoy analysis, intellectual challenge, and making a direct impact on investment decisions – without some of the intensity seen in other finance roles.
Intellectual depth
This career rewards curiosity.
You get paid to learn, think critically, and develop thoughtful opinions about companies, industries, and the broader economy.
It’s ideal for people who enjoy staying informed and diving deep into subjects.
Visible impact
On the buy side, your research directly influences capital allocation.
On the sell side, your insights guide client decisions and shape market narratives.
Either way, your work matters – and people pay attention to it.
Structured career path
Research roles tend to have well-defined levels of progression.
With each step, you take on more ownership, responsibility, and visibility.
For those who want a long-term career in markets, it’s a reliable path.
Strong alignment with CFA curriculum
The CFA Program prepares you specifically for this kind of role – through training in financial statement analysis, equity valuation, ethics, and industry modeling.
It’s one of the most natural fits for CFA candidates.
Transferable skills
Research builds skills in valuation, communication, forecasting, and financial modeling – making it easier to pivot later into portfolio management, strategy, investor relations, or even corporate finance.
If you value clarity, structure, and evidence-based thinking, investment research offers a deeply satisfying and respected career path.
Drawbacks to Consider
While investment research offers many benefits, it’s important to weigh the challenges and trade-offs before committing to the path.
Like any career, it’s not the right fit for everyone.
Limited direct control over outcomes
As a research analyst, your job is to advise – not execute.
On the buy side, portfolio managers make the final investment decisions.
On the sell side, clients act on your recommendations (or not).
This lack of direct control can be frustrating if you prefer to drive results yourself.
Competitive landscape
The research space is saturated with smart, driven professionals.
Standing out requires not just good analysis, but also strong communication and a unique point of view.
With the rise of AI and algorithmic tools, some firms now expect more data science fluency as well.
Pressure to produce
You’ll be expected to publish notes quickly after earnings releases, respond to client questions, and maintain real-time awareness of your coverage universe.
Timeliness matters.
The pace can be demanding during busy periods.
Sell-side commercialization
If you’re working on the sell side, your output is often used to support trading activity, client relationships, or investment banking deals.
This can introduce conflicts of interest, or at least pressure to “stay in line” with consensus.
Fewer seats, slower movement
Research teams are smaller than those in banking or operations.
That means fewer open roles and slower turnover.
Promotions often depend on seniority or team reshuffling, which can limit upward mobility.
Research is a great fit if you value insight and rigor over speed or spotlight.
But it’s worth understanding the trade-offs… especially if you crave more control, faster career acceleration, or highly collaborative environments.
How to Break In
Investment research roles are competitive, but very achievable for CFA candidates who show the right mix of skill, motivation, and curiosity.
Breaking in often comes down to preparation, persistence, and strategic positioning.
Highlight your analytical edge
Research hiring managers look for candidates who can think independently, write clearly, and build solid models.
Showcase these skills early… whether through a stock pitch, sample research report, or a well-crafted blog or LinkedIn post.
If you don’t have direct experience, demonstrate your thinking.
Pick a company, break down the fundamentals, explain your valuation, and defend your assumptions.
Lean on your CFA credentials
The CFA designation is highly regarded in research… especially on the buy side.
It shows technical competency, ethical grounding, and long-term commitment to investment excellence.
Highlight relevant coursework (like Equity Investments, FRA, and Quant Methods) when applying.
Even if you’re only partway through the program, referencing your CFA exam progress adds weight to your profile.
Build financial modeling skills
Fluency in Excel is expected.
Learn how to build income statement, balance sheet, and cash flow models from scratch.
Be able to link them together, forecast earnings, and perform valuation techniques like DCF, comps, and precedent transactions.
Online platforms like Wall Street Prep, Breaking Into Wall Street, and Corporate Finance Institute offer hands-on courses to accelerate your learning.
Network thoughtfully
Reach out to research analysts on LinkedIn.
Ask for a short call to learn about their work (not to ask for a job).
Be professional, specific, and respectful of their time. Follow up with a thank you and stay in touch.
CFA Society events, investment clubs, and virtual webinars can also open doors.
Don’t underestimate the value of small, genuine connections.
Apply strategically
Look beyond large banks and asset managers.
Boutique research firms, data platforms, and independent shops can offer great experience and faster responsibility.
From there, you can lateral into a bigger role.
Tailor your resume to each role.
Show evidence of writing, analysis, modeling, or sector interest.
And don’t be discouraged by rejection
Hiring cycles in research are slower than other parts of finance.
Resources and Next Steps
If you’re drawn to investment research, the right preparation can accelerate your path.
The key is to build both technical fluency and industry context – while staying connected to professionals in the field.
Books
Security Analysis by Benjamin Graham and David Dodd – A foundational classic for deep value thinking.
The Little Book That Still Beats the Market by Joel Greenblatt – Accessible introduction to quantitative fundamentals.
Best Practices for Equity Research Analysts by James Valentine – Practical guide for aspiring professionals.
The Most Important Thing by Howard Marks – Insight into market cycles, risk, and long-term thinking.
Online learning and tools
Breaking Into Wall Street – Financial modeling and valuation training
Wall Street Prep – Excel, DCFs, and M&A modeling
Coursera / Udemy – Courses on accounting, financial statement analysis, or equity research
Seeking Alpha / Value Investors Club – Real-world research write-ups for inspiration
CFA Institute Research Foundation – Free whitepapers and thought leadership
CFA curriculum alignment
Level I and II: Financial Reporting & Analysis, Equity Investments, Quantitative Methods, and Economics
Level III: Portfolio Management, ethics, and professional communication round out your perspective as a trusted advisor or strategist
Practical next steps
Pick a stock and write a simple one-page research note
Learn how to build a 3-statement model and a DCF from scratch
Subscribe to market newsletters and read company filings weekly
Start conversations with professionals in research, even informally
Track your favorite companies over a few quarters and observe the narrative shifts
This is a field where initiative counts.
Even small actions (like posting a stock write-up or sharing an industry insight) can begin to set you apart.
Take the CFA Career Path Discovery Quiz
Still deciding if investment banking is right for you?
The CFA Career Path Discovery Quiz is a quick, insight-driven tool that matches your personality, preferences, and strengths with eight finance career paths. Based on your answers, you’ll receive a breakdown of where you best fit—whether that’s investment banking, portfolio management, fintech, or something else entirely.
It’s a simple way to step back, reflect, and explore paths that align with your goals.
Take the Quiz Now →
Final Thoughts
Investment research is a career built on curiosity, discipline, and independent thinking.
It’s a space where ideas matter… where deep analysis, thoughtful writing, and clear communication can directly influence investment decisions.
For CFA candidates, the alignment is strong.
The program gives you the technical foundation, ethical perspective, and professional credibility to succeed in research roles across both the buy side and sell side.
If you’re the kind of person who loves digging into the details, forming your own view, and making sense of complex financial data, this could be your path.
And whether you stay in research or use it as a springboard to portfolio management, strategy, or beyond.
It’s a career that opens doors.
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