What this life looks like
You investigate publicly listed companies and tell investors whether their shares are worth buying, holding, or selling. Equity Research Analysts produce detailed reports on companies and sectors — combining financial modelling, industry analysis, and management interviews to generate investment recommendations that major investors act on.
What she actually does
You build comprehensive financial models, analyse a company's competitive position and growth prospects, interview company management, attend investor days and conferences, track industry developments, write research reports, and distribute your recommendations to institutional investors. You develop deep expertise in one or two sectors over time.
Where you can work
| Sector | Places in Africa |
|---|---|
| Investment Banks | Rand Merchant Bank Research, Stanbic IBTC Research, EFG Hermes (Egypt/Pan-Africa), Renaissance Capital |
| Asset Managers | Coronation Asset Management (Nigeria), Old Mutual Investment Research, Sanlam Investment Research |
| Development Finance | African Development Bank Economic Research, World Bank Africa research teams |
| Independent Research | Afrinvest (Nigeria), Exotix Capital, SBG Securities Research, Standard Bank Research |
Why it matters in Africa
The quality and depth of equity research coverage on African listed companies is still developing — creating significant opportunities for talented analysts who can fill the coverage gaps. As African institutional investors grow and foreign investors increase their allocations to African markets, demand for high-quality equity research is increasing.
Your pathway in
- Study Finance, Economics, or Accounting with strong quantitative skills
- Pursue the CFA qualification — it is the most recognised credential in equity research globally
- Build financial modelling expertise: three-statement models, DCF, and comparable company analysis
- Develop deep sector knowledge — choose one or two industries and become an expert
- Apply for equity research analyst positions at investment banks or standalone research firms
Skills you will need
- Financial modelling
- Sector analysis
- Report writing
- Investment valuation
- Communication with investors
- Attention to detail
A woman in this field
Kemi Lawson
Nigeria
Kemi is a CFA charterholder and head of equity research at a leading West African investment bank, where she covers the financial services sector across the Nigerian Exchange Group. She is known for her rigorous financial analysis and her ability to communicate complex investment theses clearly to institutional investors. She is an advocate for more women in the African investment management industry and mentors young analysts beginning their careers.
Take your first step
- Download an equity research report from Bloomberg, Reuters, or the website of any African investment bank and read through the structure
- Build a simple valuation model for a company you know — find its financial statements and calculate a basic price-to-earnings ratio
- Register for a free CFA Institute student account to access introductory learning resources
- Follow a company you find interesting on social media and in the news — practise tracking its performance over several months