Investment Research > Associate

Business Description

What is Investment Research?

Investment Research is about understanding companies and their business environment. Through this process we help our internal and external clients allocate their capital to achieve the best risk-adjusted investment returns possible. With over 300 equity Analysts covering over 2,800 companies worldwide, Citi Investment Research is an industry leader in equity research globally. We provide our clients with comprehensive research analysis of companies, industries and the world's economies, enabling them to make informed and profitable investment decisions. We also provide clients with comprehensive quantitative analysis on both an industry and company-specific level.

What service do we provide to our clients?

Our clients comprise external and internal groups. External clients include institutional investors at pension funds, unit trusts and hedge funds. Our Equity Sales and Trading force, Private Bank, and Private Client Group form our internal constituencies.
Our client base is very diverse and their requirements vary wildly. Our investment research Analysts need to be highly flexible. On a given day, our Analysts may be required to give clients an immediate assessment of breaking news that is moving a company's share price, as well as provide a detailed analysis of long-term industry trends within the sector. Our Analysts have to remain in constant contact with clients in order to provide best-in-class service.

What product/groups do we cover?

We are one of the few companies in our industry that provide full industry coverage on both a global and a regional level, based around the major stockmarket sectors including Financials, Consumer, Pharmaceuticals, Telecoms, Industrials and so on. In addition, we provide macro analyses of markets, economies and quantitative analysis of securities. We also have teams dedicated to providing specialized research on Accounting & Valuation topics and on Socially Responsible Investing.

Our Programs

Join us as a Summer Associate in Citi Investment Research, and you become part of the industry leader, helping our research platform leverage our global and local depth to uncover opportunities for investors in the U.S., Latin America, EMEA, Asia Pacific, Japan and Australia.

At the Summer Associate level, you will be responsible for creating, updating and maintaining spreadsheets, quantitative models and databases of assigned companies, proofreading industry/company reports, and preparing written material for event-driven morning calls. Other responsibilities include assisting in writing and editing company reports, providing market information to selective institutional and retail clients, and attending company meetings.

Each Summer Associate will work with an Analyst team for the entirety of the summer, getting involved in the day-to-day responsibilities of the Associate, as well as focusing on a specific project. Common projects are focused around Pricing Surveys, Initiations of Coverage, and Valuation Studies. Each Summer Associate is responsible for presenting the findings of his/her project to the Research Management team at the end of the summer internship.

All new hires in Citi Investment Research, including Summer Associates, go through a two-day training program specifically targeted to the Investment Research Division, which is meant to provide Summer Associates with the tools they need to be successful in their roles. From there, they begin work with an Analyst and can expect to get a great deal of hands-on experience.

Full time Associates hired into the Associate Training Program (every August in New York), participate in a week-long program with their counterparts who have been hired into Citi Training programs. This training provides an intensive introduction to Citi's global businesses.
The Investment Research division offers continual training, so that Summer and Full-time Associates can fine-tune their skill-sets as they progress along their career paths.

Summer Diaries

Name: Brian Ossenbeck 
Group: Citi Investment Research
School: Duke University, Fuqua School of Business


Weeks 1 - 4

After two days of training with the entire Citi Investment Research (CIR) intern class and a welcome reception to kick things off, it was time to get to work with the Engineering and Construction (E&C) team. In addition to the E&C’s, my Analyst covers Merchant Power Producers, which is a part of the broader utilities team at Citi. (It is important to note here that in Research, the Analyst is the senior-most person on the team.) In fact, my first exposure to this larger group was an all day paintball event in upstate New York. I was able to meet new members of CIR in an unusual setting - trading stories in the parking lot in between trading shots on the field. In addition to team-related events, the intern program gave us immediate exposure to other Analyst teams and upper management at CIR on a consistent basis through a series of lunch and breakfast events. The Distinguished Speaker Series also kicked off during this time, eventually culminating with a speech by Citi’s CEO Chuck Prince in early August.

My summer project was an initiation report and financial model for a previously uncovered company in the E&C sector. Building the model in the team’s existing format began with populating historical information and rapidly progressed to forecasting the financial statements line item by line item. The most challenging and interesting task, outside of getting the model to balance, was forecasting revenues. I used a two-phase approach to forecast revenues, one for each segment during the current calendar year combined with a unique forecast for each segment beyond 2007. One segment was closely linked to the U.S. Government so I was actually able to use historical Federal budget estimates to create a robust regression. Building the model, balancing it, running a test update and completing the revenue forecasts took about two weeks. I kept a summary tab in Excel of all the discarded regressions that was dubbed “the regression graveyard.”

In addition to working in Excel, I also began reading the team’s previous initiation reports and industry thought pieces in addition to recent company SEC filings. My goal of both reading and modeling was to make a smooth transition from Excel to drafting the initiation report. The nature of the business also required that I understand current and predicted trends in energy infrastructure and power generation both domestically and globally. I found a substantial amount of reading material on power generation trends which was supplemented by other CIR Analyst research available on the equities internal website. While getting up to speed was a slow process, I felt it was worth the investment to understand my team’s current views and past publications in addition to the current macro level trends before I began writing the report.

In addition to my summer initiation project, I tried to make the most of the other opportunities around CIR and within my own team. The daily morning sales call held at 7:30 AM was a regular part of my summer schedule because I wanted to view first hand the short presentations Analysts made to the sales force. At the end of the summer, we are required to make two presentations in front of Management – one was the summer project and the other is a personal stock pitch. Observing Analysts pitch their best ideas and listening to the subsequent Q&A a few times a week definitely helped me re-think the best way to present an investment thesis.

Weeks 5 - 8

My Analyst was very diligent in providing the full Associate experience. I listened to conference calls, sat with the traders on the floor, went to small client meetings and also attended a full day of marketing around Manhattan. I even utilized my recently completed macro level research to answer a question my Analyst directed to me from the sales force. However, just like a full-time Associate, these activities did not mean that my initiation project could go on the back burner - time management is essential.

About six weeks into the summer, I produced the first draft of my initiation report, having already completed the Excel model. At this point, I had spoken with the investor relations team at my company on several occasions to gain further insight into their operations and growth opportunities. After submitting both the model and report to my team for review, I learned that we would be taking the initiation to the Equity Research Oversight Committee (EROC) during week nine. EROC is an internal process that is meant to help stress-test the investment thesis as well as the presentation of the written report; it is one of the final steps before publication. This new deadline created an additional list of responsibilities that included addressing my team’s comments on the report and getting the model approved for upload into the central database.

Weeks 9 & 10

At the beginning of week nine, we submitted our materials to EROC that included comp sheets for the E&C’s, financial highlights and the now 60-page initiation report – it would later shrink to 48 pages. I also had to wrap up my outstanding questions with the CIR team as well as the follow-up questions generated by our conference call with the CEO and CFO. The EROC meeting was a good experience; I enjoyed hearing different viewpoints on the project that I spent all summer crafting. The members of the committee brought a few key points to our attention that I felt strengthened our presentation. After working on the project for almost the entire summer, it was a welcome change to hear a different perspective on what I had written. The company we were initiating coverage on released earnings the last week of my internship, so I was able to update the model in addition to writing a mock global alert. Unfortunately, the actual project will be published after I leave CIR, but helping get the project that far was a great feeling.

The internship ended with our summer presentations; we presented both our summer project and a personal stock pitch to various members of CIR Management, Human Resources and our teams. Crafting the personal pitch while trying to finish the initiation report was a bit challenging, especially with a volatile market and earnings season. Specifically, my personal pitch included a time-sensitive catalyst and earnings were released a few days before my presentation. Both of these events could have seriously affected my investment thesis, which made for an interesting Week 9. Week 10 was more relaxed than previous weeks as I transitioned the report and model to the full-time Associate on the team, post final presentation. After a summer in New York City, returning to class at Duke University’s Fuqua School of Business will be a huge change but I’m looking forward to sharing my experience with fellow classmates and the incoming Class of 2009.


Name: AJ Coloma 
School: Citi Investment Research
Group: New York University, Stern School of Business

Weeks 1 & 2

Through the course of the recruiting process I had developed a very positive view of Citi Investment Research (CIR), particularly its people. As a result, I knew coming in that meeting people at Citi would be a nice experience and it definitely was. However, I was initially worried about the size of Citi before my first day but I was pleasantly surprised to find that, though Citi is in fact a very big place, the people I met here were all very welcoming. In Research, our internship began with two days of initial training that was very helpful. The training included a variety of sessions ranging from “how to” sessions on the various systems we would use on a daily basis to compliance sessions, to business overviews, etc.

Weeks 3 & 4

I was placed onto a great team that covers the Leisure (Consumer Staples) sector and my Analyst was fantastic. He was very approachable and open with his time and always available to talk and to offer some words of advice. He also gave me a substantial amount of responsibility, which as an intern helped me learn a lot. He was also very hands-off and trusts his team to get their work done. Also beneficial is the fact that the team gets along very well, which made for a great working environment.

During my internship on the team, I was tasked with an industry initiation for a sub-set of the consumer products area that involved an industry overview and investment theses on the two main players in the space. I was also charged with building the forecast models for the two names, including our preliminary earnings estimates. While I very much enjoy the analytical side of the job, I most enjoy figuring out the “why” behind certain trends or occurrences that become evident over the course of researching a company or industry.

As part of my project, I was fortunate enough to be able to attend an Analyst Day for one of the companies on which I was initiating coverage. I also feel fortunate to have attended the Distinguished Speaker Series events that occurred throughout the summer. The speakers, including CEO Chuck Prince, were great and they provided a nice overview of strategic issues and how the different areas of the bank fit together. There were a host of other events for us as well, from lunches with various teams and with CIR Senior Management. We had a substantial amount of direct exposure to Management and I think that this was largely a function of the open and collegial atmosphere here.

Weeks 5 - 8

I was given a lot of responsibility upfront, but by mid-summer even more was added. For instance, the Associate who usually handles valuation on initiations told me to go ahead and have a go at it myself. Also during this time, we had our mid-summer reviews. These were great because they allow you to fix your mistakes before it is too late and of course it also helps you understand what your strengths are as well. My summer review was very helpful in this way.

I received a fair amount of exposure to other sectors and teams. I spoke with other Associates and Analysts that I sat near; all of them were happy to have a chat at any time. In addition, we had several Sector Lunches with different teams that were a great chance to get exposure to various other areas of the organizations. I believe that I have a good feel for Citi in general and for Equity Research at the Firm in particular. I have learned most of it from fulfilling my day-to-day role, but all of the opportunities to network have also been extremely helpful.

Weeks 9 & 10

As the summer came to close, I feel that I’ve made real contributions to my team and hopefully, I’ve been able to make everyone’s life at the office a little bit easier. I had high expectations coming into the summer and those expectations were met. I got a very good impression of Citi and of Equity Research at the bank.

I would advise any student who is searching for Summer Associate opportunities to meet as many people as possible and follow up on absolutely every lead.

Who we are looking for

All of our hires hold degrees with distinguished academic achievement. We hire Summer Associates with a wide variety of backgrounds.

To be successful, you should be:

• A highly ethical and honest individual who is prepared to provide accurate and independent analysis
• A quick learner, who assimilates facts quickly, processes a great deal of detailed information, organizes it, puts in into useful form, and remembers it well
• A team player who works well with clients
• Enthusiastic, eager to take off, advance quickly and assume more responsibility
• Comfortable with a flexible job description
• Thinking "outside the box", and innovating beyond the apparent limits of a position
• Keenly interested in the Securities industry with an intellectual curiosity and always searching for new and creative ideas and innovative strategies that transcend product lines and professional levels
• Extremely entrepreneurial, with exceptional attention to detail and verbal and written communication skills

Recruitment Process

Summer Associate

Citi Investment Research begins the formal MBA recruiting process in early September in the form of an on-campus presentation. All students are invited to attend to learn more about the culture, the business, and the people within Investment Research. Job descriptions are then posted through university career centers. After all resumes have been collected, a closed, targeted list of first round candidates is compiled. First round interviews take place on campus in January, or in our New York offices. Successful interviewees are invited back for a Super Day, at which they will meet with 3 - 5 senior business professionals from Investment Research. Offers are extended as soon thereafter as possible. Once candidates have accepted offers into the summer program, they will be placed with Analysts based on business needs, candidate and Analyst preferences and candidate skill-sets. Summer Associates will then work on specific projects throughout the course of their internships and will deliver a final presentation and stock pitch at summer’s end.

Stage 1: Application is reviewed by Campus Recruitment and the Business

Stage 2: Students are selected for closed list to interview or by bidding for an open interview slot

Stage 3: First-round on-campus interview
              2:1 competency based interviews

Stage 4: Final-round interviews at Citi (388 Greenwich Street, NY)
              Three to Five 1:1 competency-based interviews with a combination of Managing Directors, Directors, and Vice Presidents

Stage 5: Offer extended by Campus Recruitment

Our People

Amit Bhalla M.B.A., Carnegie Mellons Tepper School of Business, B.S., Cornell University Director

What do you consider Citi's competitive edge?

Citi’s people and its global reach allow it to successfully compete in all aspects of the financial markets. Working at a bank of this size opens doors and opportunities across the globe that are otherwise non-existent at other institutions. In addition, the people here are some of the smartest and most talented that I’ve worked with in my career and this combination of people and global footprint make Citi a unique and exciting place to be.

How would you describe your team and the people you work with?

Intellectual, driven, and fun is the best way to describe my colleagues throughout the Firm. Wall Street is a highly competitive environment, but the beauty of a place like Citi is that each day you are working with smart, motivated men and women who help you exceed levels even you thought you could achieve.

What other groups do you liaise with regularly within the Firm?

I interact often with members of sales, trading, product marketing, research management and investment banking. Working at Citi clearly gives you the opportunity to meet new people on a daily basis and learn about different business units and how each fits into the bigger picture of the investment bank.

How do you apply your degree to what you're doing now?

I have degrees in finance and neurobiology and they both come in handy on a regular basis. As an Investment Research Analyst who tracks emerging medical technology stocks, I use my science background to understand how new medical technologies work and whether or not products would be viable and competitive in the healthcare marketplace. I use my finance background on a daily basis to determine what a public company’s stock is worth or the value of a private company’s assets. Ultimately, every person at Citi has their own unique background and I've found that there is no one perfect type of background that you need to have in order to be successful at Citi.

Cornell Burnette Bachelors Degree (Economics) Associate

What do you consider Citi's competitive edge?

I believe that Citi's competitive edge comes from its human capital and its global scope. Working at Citi provides employees with an enormous amount of resources as not only am I typically often able to leverage the knowledge of my fellow colleagues in the U.S., but there is also a broad range of Citi professionals around the globe who I am able to collaborate with.

How would you describe your team and the people you work with?

The first thought that comes to mind when describing my fellow colleagues at Citi would be hardworking, as are all of the individuals that I interface with at the Firm on a daily basis. All are highly professional and extremely dedicated to their job. Overall, there's such a diverse group of people at Citi who are deeply talented and bring a broad skill set to the table. This has been a significant advantage for me personally as over the years I have been able to learn a great deal from my colleagues which has helped my career at Citi progress.

What other groups do you liaise with regularly within the Firm?

I work as an Associate in the Equity Research department at Citi covering the Food Manufacturing industry, which means that I am constantly in contact with the institutional sales force. My primary goal is to effectively communicate our thesis on the industry and evaluate the relative positioning of the individual companies within the group so that our sales force can present this information to their institutional clients. Overall, I typically receive a great deal of satisfaction when I can make a difference and enable our sales force to add value to their client base.

How do you apply your degree to what you're doing now?

I majored in economics at Trinity College and there are many basic concepts which are applicable to my job on a daily basis. However, there's so much that I have learned on the job which I believe is one of the strongest attributes at Citi as hardworking individuals are constantly presented with opportunities to develop their skills.

Ambika Goel BS in Economics from Wharton with a concentration in Finance and Accounting Research Analyst

What do you consider Citi's competitive edge?

Citi's edge is the ability to leverage our global enterprise. For example, in my coverage universe, REITs (Real Estate Investment Trusts), Citi covers the most companies globally versus any of our competitors. The breadth of our coverage allows Citi be the primary contact for our investing clients. Also, in order to provide a global investing perspective we developed a Global Property CEO Conference, attracting over 100 companies from around the world, where our research team hosts interactive round table discussions with each company's CEO. Citi Investment Research is ahead of the curve and continues to invest in its global research franchise.

How would you describe your team and the people you work with?

The people you work with are the biggest differentiating factor and one of the core reasons why I enjoy my role. Our Real Estate Equity Research Team consists of ten members, all of whom are hard working and intelligent, but at the same time are helpful and energetic. Also, I work with some of the most respected and talented people in the industry, who mentor me and help me develop my career.

What other groups do you liaise with regularly within the Firm?

On a daily basis I communicate with the sales force and traders in order to provide my opinion where clients should invest their money. These interactions broaden my perspective. Citi also has several internal resources. As a retail REIT analyst, I am in contact with the Retail Research team and the Econ team, which provides me an edge.

How do you apply your degree to what you're doing now?

I graduated from the Wharton Business School at the University of Pennsylvania with a BS in Economics with a concentration in Finance and Accounting. I have found both concentrations are a natural fit with my role in Citi Investment Research. Accounting is a company's financial language and Finance has strengthened my modeling abilities.

Sara C. Moreno BA Bryn Mawr, MBA University of Chicago Associate

What advice would you offer prospective candidates on transitioning from school to the workplace?

Have a plan of what you want to achieve/learn from your job. Observe people who have been effective in the organization and find mentors (formally and informally) who can help you navigate within a large organization such as Citi.

What do you consider Citi's competitive edge?

Citi's competitive edge is its people and its truly global presence. Citi is able to leverage its global resources with a breadth of human capital to provide timely and superior service to our clients across the globe.

How would you describe your team and the people you work with?

Equity Research has a quick pace and can be highly unpredictable so the people you work with make all the difference. The people I work with are amongst the smartest people on the Street. They are motivated, hardworking, fun and energetic. My teammates are the main reason I enjoy coming to work every day, as we are constantly learning from each other, brainstorming ideas and challenging each other.

How do you apply your degree to what you're doing now?

I have an undergraduate degree in Economics and an MBA with concentrations in Accounting, Finance and Strategic Management. Both of my degrees are helpful in helping me to analyze the companies in my space. Much of what I have learned has been on the job and what my degrees provide is a solid foundation from which I have continued to build my knowledge base.

What skills have you found to be the most useful in your position?

A healthy dose of intellectual curiosity is helpful since a big part of the job is finding sources from which to tease out new ideas or gain added insight. Knowing how to effectively manage stress, be it stressful people or situations, is also a key skill.

What non-work related activities do you get involved in through Citi (community, mentoring, charity)?

I am actively involved in recruiting and mentoring Summer Associates. Citi's human capital is the Firm's greatest asset and I enjoy being part of a process that ensures that the best talent comes to Citi.

What is the most interesting fact about yourself?

I love to cook and have a passion for chocolate. I have learned to make my own chocolate and enjoy making truffles.

Richard Roy MBA, Columbia Business School; B.S. University of Virginia, McIntire School of Commerce Research Analyst

What do you consider Citi's competitive edge?

Without a doubt its global presence. As a firm, we have the ability to provide clients with a tremendous breadth of products all over the globe. In an increasingly global economy, our client base requires that we leverage all of the Firm's resources to provide a timely and customized product.

How would you describe your team and the people you work with?

Since joining the Firm, I have always been extremely impressed with the professionalism and dedication of every person I have interacted with. Many of my co-workers have a wealth of experience in the industry and are always willing to pass on their knowledge. In addition, all my colleagues are intelligent and personable. Teamwork plays a key role in our daily activities and working with individuals who are driven and pleasant to be around makes work even more enjoyable.

What other groups do you liaise with regularly within the Firm?

Within Citi, we liaise primarily with Sales and Trading, and the Private Client Group. They are our partners within Firm and we work closely to ensure that we efficiently use our resources to best serve the Firm's clients.

How do you apply your degree to what you're doing now?

I have an undergraduate degree in Finance and Marketing and an MBA in Finance and in Entrepreneurship. The process of researching and valuing companies is very involved and allows me to apply on a daily basis many of the skills I learned in school. A typical day will require me to utilize my marketing, strategy, accounting, finance, and analytical skills. While my degree helps a great deal in my daily work, one of the most useful skills in investment research is the ability to extract information from a variety of sources, synthesize the data and construct coherent arguments and investment theses.

Terence Sinclair History: Kings College Cambridge Managing Director

How would you describe your team and the people you work with?

Extremely hardworking, creative, detail-oriented, client-oriented, committed.

What about your career excites you the most - gets you out of bed in the morning?

I help big pension funds make better investment decisions. What’s even better is if we predict company performance and share movements right then were predicting the future. That’s worth doing well.

What other groups do you liaise with regularly within the Firm?

Equity sales, sales trading, trading, debt markets, capital markets and the investment bank. Lots of internal stakeholders but the most important clients are the institutional funds who pay for and debate our advice.

What outside influences have the most bearing on what you do day to day, and how do they affect you? (e.g., economic news, world markets, company data, etc.)?

I watch for company data first and foremost although occasional economic news matters. The most important data is material I find by talking to people in the industry that I follow and the market. However, it’s what I make of the raw information that matters most.

What skills have you found to be the most useful in your position?

Interacting with people, finding creative ways to deal with stress, selling and analyzing.

Charmaine Tang Bachelor of Science, New York University - Stern School of Business, 1996 Analyst

If asked about your career at a dinner party, how would you describe it?

I love what I do -- I think being an Equity Research analyst is one of the best and most challenging jobs on Wall Street. Every day I go home feeling that I have learned something new and I can never say that I am bored. I feel that Equity Research forces me to be on my toes -- I have to have a thorough understanding of my industry, stocks, as well as the macroeconomy and how it affects the consumer. I have previously worked in Investment Banking and Management Consulting, but Equity Research is hands-down where I want to be long-term. The people I work with are among the most intelligent on the Street and they provide constant stimulation and food for thought. I love the ability to take a blank piece of paper and use original thought to build in-depth models and analyses, as well as weave in the overall business strategy of the companies in order to have a point of view on a stock. I enjoy the quick pace and the unpredictable nature of the business -- I never know what a day is going to be like -- Will there be news? Is there a merger? Will a company miss earnings?

How has Citi supported your career development?

I was promoted from Associate to Analyst in 2004. The following year, I was promoted to Vice President. Equity Research has a program for associates with several years of experience who are interested in becoming analysts. As I look back at my experience, my senior analyst served as an excellent mentor for me, by developing my skills and confidence to become an analyst. In addition, the Director of Research, has also been supportive of my development and has taken an active interest in making sure I have the building blocks to be successful as an analyst.

What advice would you offer prospective candidates on transitioning from school to the workplace?

Set lofty goals, work hard, and develop solid relationships with mentors. The benefit of being at Citi is that there are so many people to reach out to. Having a mentor doesn't need to be a formal process -- I have several people I consider my mentors and role models and I keep in touch with them. They often provide wisdom, based on their own experiences, as well as invaluable advice.