How to Become an Equity Research Analyst | Guide for PGDM Finance Students

Introduction

Equity Research is one of the fastest-growing career paths in India’s finance ecosystem, thanks to the rising market participation, stronger corporate reporting, and the expanding need for data-backed investment decisions.

For PGDM graduates, especially those specialising in finance, this field offers the perfect blend of analytical depth, market exposure, and strong career growth. But breaking into equity research is about knowing the skills, tools, and roadmap that actually get you hired.

In this blog, you’ll explore exactly how to become an equity research analyst after a PGDM, what the role really involves, the salary you can expect in India, and how choosing the right course or institute, like Imperial School of Business Studies, can accelerate your journey.

What does an Equity Research Analyst Actually Do?

An equity research analyst is the person who turns market noise into meaningful insight. Their job is to study companies inside out, i.e. how they make money, what drives their growth, where the risks lie, and translate all of that into clear investment opinions.

There are two key paths in this field:

• Sell-Side Analysts (brokerages, investment banks) share research with the broader market.
• Buy-Side Analysts (mutual funds, AMCs, PMS firms) use research internally to make investment decisions.

On a typical day, an analyst might build financial models, compare industry players, track economic trends, join earnings calls, and publish reports that help investors decide whether to Buy, Hold, or Sell a stock.

Course Details: Eligibility and Curriculum

A well-chosen course or PGDM in Finance gives you that toolkit by blending eligibility fundamentals with a market-facing curriculum.

Eligibility: Who Can Become an Equity Research Analyst?

Most analysts come from business, commerce, or economics backgrounds—but the real requirement is comfort with numbers, logic, and financial statements. Typically, you’ll need:

• A bachelor’s degree in commerce, management, economics, finance, or related fields.
• A PGDM/MBA in Finance for deeper financial grounding.
• Optional, but valuable, credentials like CFA Level 1 or NISM modules.
• Basic familiarity with Excel and financial concepts.

Curriculum: What You’ll Actually Learn

A strong equity research–aligned program teaches you how markets think. Expect to cover:

• Financial Statement Analysis: decoding profits, cash flows, and balance sheets.
• Financial Modelling: building forecasts, driver-based revenue models, and valuation sheets.
• Valuation Techniques: DCF, comparables, sector-specific valuation frameworks.
• Equity Markets & Derivatives: understanding market behaviour and macro factors.
• Sector & Company Analysis: studying business models, risks, and competitive moats.
• Tools of the Trade: Excel, Screener, Bloomberg, Power BI, and statistical tools.

3-Step Roadmap for PGDM Students

If you’re pursuing (or planning to pursue) a PGDM in Finance, this simple 3-step roadmap can fast-track your transition from classroom learning to the research desk.

Step 1: Build Strong Fundamentals During Your PGDM

Pick electives that sharpen your analytical core: Financial Reporting, Valuation, Business Analytics, Portfolio Management, and Economics. Dive deep into financial statements, learn how different industries operate, and practice breaking down real companies.

For an early edge, start building simple Excel models and explore platforms like Screener or TickerTape. This stage is all about creating the “finance intuition” every analyst needs.

Step 2: Get Real Exposure with Internships & a 3-Company Portfolio

This is where most PGDM students fall behind, and where you can stand out. Recruiters love candidates who show “proof of work,” not just intent. Aim for internships in:

• Brokerage firms
• AMCs and PMS houses
• Investment banks
• Research and analytics companies

During or after your internship, build a 3-company research portfolio, i.e.:

• Pick three listed companies.
• Write a 1-page investment thesis for each.
• Add basic valuation (DCF/multiples).
• Publish on LinkedIn or GitHub.

Step 3: Add One Relevant Credential & Prepare for Interviews

You don’t need ten certifications. One good one is enough.

• Choose CFA Level 1 if you want long-term credibility in capital markets.
• Choose a short equity research course if you want hands-on modelling skills quickly.

Next, prepare for interviews the way analysts think:

• Practice 1–2 stock pitches.
• Learn how to explain valuation drivers.
• Brush up on accounting adjustments.
• Follow market news and quarterly earnings.

A confident, structured stock pitch alone can take you further than you think.

Career Scope: Salary, ROI and Growth

Equity research offers one of the strongest ROI pathways for PGDM graduates, with clear growth stages and steadily rising compensation. Here’s a concise snapshot of what to expect:

Salary After PGDM in Finance

Entry-level compensation typically starts at ₹5–10 LPA, depending on modelling ability, internships, and certifications.

• Skill ROI: Strong modelling + valuation skills dramatically increase your chances of getting hired faster and negotiating higher pay.
• Credential ROI: CFA Level 1 or a structured equity research course boosts credibility and improves interview conversion.
• Portfolio ROI: A 2–3 company research portfolio showcases “proof of work” and significantly strengthens CV shortlisting.

How Imperial’s PGDM prepares you for an Equity Research Analyst?

The PGDM program offered by Imperial School of Business Studies has a curriculum that evolves every year, the industry connections grow sharper, and the learning environment feels plugged into the rhythm of the market. Students experience finance through projects, competitions, market discussions, research events, and a culture that pushes them to think like analysts. 

1. A Curriculum Built Around Real Market Behaviour, Not Just Theory Students at Imperial break down real companies, track sectors week by week, and learn valuation through current market movements. It builds the instinct analysts rely on when forming an investment call.

2. Modelling Sessions That Feel Like Actual Analyst Work Students build models tied to real businesses, earnings announcements, and sector catalysts. By the time placement season begins, students have already created the kind of output recruiters expect on day one.

3. Exposure to Tools Analysts Actually Use Daily From Screener deep-dives to Bloomberg terminal walkthroughs, students learn how analysts pull data, screen companies, and interpret numbers. It removes the “tool shock” most freshers face during their first research internship.

4. Projects That Force You to Think Like an Investor Students prepare thesis-driven company notes, sector snapshots, and simple valuation memos. These projects sharpen decision-making and give students real “proof of work” for interviews.

5. Placement Training That Mirrors Analyst Interviews Imperial’s placement prep goes beyond aptitude tests. Students practice stock pitches, discuss market events, and learn how to justify valuations. It aligns training with what research teams actually ask in interviews.

6. A Campus Culture That Rewards Curiosity and Market Awareness From finance clubs to market discussions triggered by real news, students are encouraged to think independently, question assumptions, and form their own views. This mindset is the backbone of equity research.

Conclusion

Becoming an equity research analyst is about developing the mindset to question, interpret, and uncover what drives a business. For PGDM graduates, especially those choosing a finance-forward institution like Imperial School of Business and Management Studies, the path becomes clearer and much more achievable.

With the right fundamentals, a few well-chosen projects, and the ability to turn numbers into narratives, equity research becomes one of the most rewarding careers in the financial ecosystem. Imperial strengthens this journey by giving students market-driven learning, hands-on modelling exposure, and a culture built around curiosity and insight. It bridges the gap between classroom theory and real research work, helping students step into analyst roles with confidence, clarity, and proof of skill.

FAQs

1. Is a PGDM enough to become an equity research analyst? Yes, with the right electives, modelling practice, and a small research portfolio, a PGDM in Finance gives you everything you need to crack entry-level analyst roles.

2. What skills matter most for equity research? Valuation logic, clean financial modelling, sector awareness, and the ability to explain a stock idea clearly. Recruiters care more about your thought process than your jargon.

3. Is CFA mandatory for equity research roles? No. CFA Level 1 helps, but it’s not a requirement. A strong PGDM foundation + proof-of-work projects often make a candidate just as competitive.

4. What is the salary for equity research analysts after a PGDM in Finance? Most PGDM graduates start around ₹5–10 LPA, with analysts growing to ₹10–18 LPA depending on skills, internships, and industry exposure.

5. How do I stand out in equity research interviews? Students should come prepared with 1–2 stock pitches, a simple model, and their own view on why the company is worth buying or avoiding. Authentic insight stands out more than memorised lines.