INVESTMENT MANAGEMENT: FUNCTIONS
EQUITY RESEARCH
BY: MAHA KHAN PHILLIPS
PROFILES BY: STUART NEWMAN
I
f you’re researching methodologies, but what is
equities, you have to have a more common is where fi rms
GURJIT KAMBO, CFA
methodology which let each analyst in each sector
involves understanding the do what they want.” Title: Equity Analyst
industry, understanding how Jim Gerber, director of Current employer:
the company you are looking global value research at
Numis Securities
at fi ts into the industry, and AllianceBernstein, says the fi rm
Previous employers:
how to value it, explains Ella looks for candidates that have
HSBC, Credit Suisse
Brown, CFA, former global an analytical skill set,
University: City University
head of equity research at ABN combined with the ability to
Degrees: Bachelors in
Amro Asset Management. think creativity, and strong
Economics
“Th ere’s an overwhelming quantitative skills. “You have to
Professional qualifi cations:
CFA; ACA
amount of information have an ability to think
published on virtually every through mid and long-term
company every day, but never strategic change in industries
What attracted you to this career path?
do you see a report that says, and companies. You have to
I have an interest in equity markets and I wanted to
this week, company A’s shares have a high degree of
understand what drives value for companies.
are on sale at 80% of their true motivation, and a drive to
value. You have to fi gure that achieve. You also need the
What are the major challenges you face in your
out for yourself, and how you ability to make a decision with
position?
fi gure it out varies from fi rm to incomplete information,
The biggest challenge is that volatile markets make it
fi rm. Some fi rms have because life isn’t that
challenging when determining the fundamental value
established value straightforward,” he says.
Cg
for the stocks that I cover.
Are there certain skills you would consider useful
for your job?
be diffi cult however, I am confi dent in the long term it will be
A keen interest in markets is imperative. So is the
worthwhile.
ability to interpret annual reports, which requires a
degree of accounting knowledge. Valuation skills are
Are there certain skills you would consider useful for your job?
also important.
In my pursuit of a career in fund management, I have had to be
proactive, making sure I acquire the skills an employer would value.
How do you think the role you’re in now will change
This pro-activeness is an important skill in my current role. It is a
over time?
highly competitive industry and you have to be determined, and have
With the growing number of hedge funds there is an
confi dence in your abilities to succeed.
increasing need to consider short term impacts on
share prices. This is in addition to longer term
How do you think the role you’re in now will change over time?
fundamental value. I expect, with the convergence of
As I gain experience I will be given a broader range of coverage. Further,
traditional fund managers and hedge funds, this trend
once I am a CFA charterholder, and assuming that my employer feels
will continue.
that I am ready, I will progress to the role of fund manager.
Do you have advice for someone intending to pursue
Do you have advice for someone intending to pursue the same
the same career path?
career path?
The CFA provides an excellent grounding in the
Do as much research as possible regarding your future employer and
diverse skills required to pursue a career in equity
what skills they value, then acquire those skills to the best of your
analysis. In addition, keeping a close eye on the
ability. It’s important to set yourself apart from your peers and to sell
market is helpful. Possibly running a personal or
yourself with confi dence in interviews. If you are naturally passionate
dummy portfolio allows you to test your stock picking
about your chosen career then that will reveal itself to any employer.
skills.
WWW.CFAUK.ORG CAREERS GUIDE 2009 49
330-55 investman_functions.indd 490-55 investman_functions.indd 49 222/11/08 11:59:372/11/08 11:59:37
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