BANKING: FUNCTIONS
RESEARCH
BY: LYNN STRONGIN DODDS
PROFILES BY: SUSANNA ROBINSON
MELANIE BAKER, CFA
Title: UK Economist
T
hanks to the Myners fi nger must be kept on the
Report, regulation on economic pulse including
unbundling and of interest, infl ation and currency
Current employer:
Morgan Stanley
course, Markets in Financial movements, not to mention
University: Edinburgh
Instruments Directive the latest political trends.
University; University College
(MiFID), the world of
London research has signifi cantly TOUGH TIMES
Degrees: Masters in changed over the past seven Not surprisingly, the last year
Economics and Politics;
years. However, the has been dominated by the US
Masters in Economics
fundamental task of subprime crisis and its
Professional qualifi cations:
CFA
unearthing sound investment aftermath. Several companies
ideas remains the same. have been caught in the
What attracted you to this career path?
According to Nicola maelstrom and are beginning
I wanted to continue to use the economics
Th ompson, research & PhD to see business ebb away. In
knowledge and tools that I had acquired through my recruitment manager, EMEA this situation, analysts have to
studies. But I also wanted to combine that with campus recruitment at Merrill identify who will weather the
working in a fast-paced and challenging Lynch, “a researcher’s job storm and who might go
environment. I wanted a career where I would involves looking for profi table under. Analysts might also be
always be learning. ideas and making investment the fi rst port of call if an
recommendations. Th is entails unexpected event occurs. For
What are the major challenges you face in your
becoming an industry expert example, during the collapse
position?
and gaining insights into a of Bear Stearns and Northern
Managing multiple priorities and deadlines;
particular sector. ” To this end, Rock, investors were worried
responding quickly, but insightfully, to data and
analysts spend the bulk of about the state of their other
events and separating what is important from what
their time pouring over a fi nancial stocks and how they
is noise.
company’s balance sheet to would be impacted.
assess its fi nancial health. Th ey In all cases, analysts do not
Are there certain skills you would consider useful
also have to meet frequently want to see a repeat of the
for your job?
with the top brass, analyse the dotcom bubble in the late
A good grounding in economic theory is essential
competition and look for 1990’s and early 2000’s when
(and econometrics is also useful). As important is
important, yet sometimes they were heavily criticised
having very strong verbal and written
hidden nuggets of for their bullish
communication skills.
information. In addition, a recommendations. Th ey also
How do you think the role you’re in now will
change over time? “A researcher’s job involves looking for
Technology will probably change the practicalities of
the role over time, just as it has over the past decade
profi table ideas and making investment
or two. While the essentials of the job will probably
stay largely the same, the way it is done will not.
recommendations. This entails becoming
Do you have advice for someone intending to
pursue the same career path?
an industry expert and gaining insights
Make sure you have a strong grounding in
economics. Keep up-to-date with key global themes.
into a particular sector. ”
Brush up on your presentation, writing and excel
skills.
Nicola Thompson, Merrill Lynch
WWW.CFAUK.ORG CAREERS GUIDE 2009 69
558-78 investment banking.indd 698-78 investment banking.indd 69 222/11/08 12:23:052/11/08 12:23:05
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