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Job outlook for equity research analysts in the United States
Equity research analyst job growth summary. After extensive research, interviews, and analysis, Zippia's data science team found that:
The projected equity research analyst job growth rate is 9% from 2018-2028.
About 31,900 new jobs for equity research analysts are projected over the next decade.
Equity research analyst salaries have increased 9% for equity research analysts in the last 5 years.
There are over 7,263 equity research analysts currently employed in the United States.
There are 85,974 active equity research analyst job openings in the US.
The average equity research analyst salary is $119,540.
Are equity research analyst jobs in demand?
Equity research analyst job and salary trends over time
Equity research analyst jobs over time
Equity research analyst job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 7,263 | 0.00% |
| 2020 | 4,957 | 0.00% |
| 2019 | 4,874 | 0.00% |
| 2018 | 7,620 | 0.00% |
| 2017 | 7,319 | 0.00% |
Average equity research analyst salary over time
Equity research analyst salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2025 | $119,540 | $57.47 | +2.6% |
| 2024 | $116,480 | $56.00 | +1.7% |
| 2023 | $114,570 | $55.08 | +1.6% |
| 2022 | $112,751 | $54.21 | +3.1% |
| 2021 | $109,353 | $52.57 | +1.8% |
Equity research analyst jobs by state
Most common states for equity research analysts
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 415 | 60% |
| 2 | Virginia | 8,470,020 | 1,861 | 22% |
| 3 | Delaware | 961,939 | 203 | 21% |
| 4 | Vermont | 623,657 | 134 | 21% |
| 5 | Rhode Island | 1,059,639 | 205 | 19% |
| 6 | Colorado | 5,607,154 | 1,013 | 18% |
| 7 | Minnesota | 5,576,606 | 997 | 18% |
| 8 | Oregon | 4,142,776 | 761 | 18% |
| 9 | New Hampshire | 1,342,795 | 235 | 18% |
| 10 | Nebraska | 1,920,076 | 332 | 17% |
| 11 | South Dakota | 869,666 | 143 | 16% |
| 12 | California | 39,536,653 | 5,959 | 15% |
| 13 | Illinois | 12,802,023 | 1,935 | 15% |
| 14 | Pennsylvania | 12,805,537 | 1,894 | 15% |
| 15 | New Jersey | 9,005,644 | 1,347 | 15% |
| 16 | Utah | 3,101,833 | 478 | 15% |
| 17 | North Dakota | 755,393 | 111 | 15% |
| 18 | Wyoming | 579,315 | 83 | 14% |
| 19 | Missouri | 6,113,532 | 796 | 13% |
| 20 | Connecticut | 3,588,184 | 471 | 13% |
Most common cities for equity research analysts
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | New York | 2 | 0% | $117,562 |
| 2 | San Francisco | 2 | 0% | $128,455 |
| 3 | Boston | 1 | 0% | $118,057 |
| 4 | Chicago | 1 | 0% | $97,252 |
| 5 | Minneapolis | 1 | 0% | $94,436 |
| 6 | Philadelphia | 1 | 0% | $106,848 |
Equity Research Analyst job outlook: Expert opinions
Our panel of equity research analyst experts
Manhattan College
Fairfield University
North Dakota State University
University of Nebraska - Omaha
University of Oregon
American University
Pacific Lutheran University
Humboldt State University
Indiana University Kokomo
Florida Gulf Coast University
Menlo College
San Francisco State University
Rider University
Pennsylvania State University
Benjamin Franklin Institute of Technology
Kean University
What general advice would you give to an Equity Research Analyst?
Dr. Natalia Boliari PhD: First, learn everything about the company you just started working for - its historical path, management, the way it's dealt with crises, etc. Second, learn everything about the specific industry the company belongs to and see how the company has developed relative to the development of the industry domestically and internationally. Third, always be extremely alert to notice new opportunities and be prepared to take calculated risks. That is, actively look for opportunities to complete as many and diverse tasks as possible, and volunteer to complete any type of work regardless of whether it seems relevant to your assigned job or not. Opportunities to learn, grow, and improve and thus to maximize your income, will only come up if you are exposed to diverse situations.
What Equity Research Analyst skills would you recommend for someone trying to advance their career?
Dr. Natalia Boliari PhD: Be open minded. Finance is the broad definition of an industry which provides opportunities for careers in financial consultancy, financial analysis, stock brokerage, foreign investment, modeling, exchange rate forecasts, and many more. While most of those careers are attributed to the banking industry, you can find those and others in other sectors of the economy, such as insurance, technology, health care/medical, government, and so on. So, be open and look beyond the banking sector, examine the current and predicted trends in the economy to hunt for exciting career options.
What general advice would you give to an Equity Research Analyst?
John McDermott Ph.D.: To maximize your salary potential, keep learning, investing in your human capital, and expanding your capabilities. Learn as much as you can about your new position and industry, work with a variety of people at your firm, and seek opportunities outside your comfort zone. Your salary potential will increase as you are recognized as a capable and hard working colleague.
What will help Equity Research Analysts increase their earning potential?
Clemens Kownatzki PhD, MBA: As a beginner in any field, it pays to listen more than to talk. Be humble, pay attention, be nice to folks and probably most helpful is having a mentor who can guide you along and show you some best practices for navigating your career. You should take advantage of your education, not just to show a piece of paper that says you graduated but think of every single project, essay or paper that you write as part of a portfolio that demonstrates your skill sets. Especially in finance where we can sometimes be enamored with the beauty of a mathematical model, think about how any model should be applied in the real world. In some cases that might mean that you have to “get your hands on the wheel and learn how to drive.” I am not suggesting that you should put all your savings at risk and buy the next iteration of the latest cryptocurrency, but If you’re interested in a career in investing, put a small amount of money at risk and trade a stock, or if you must trade a few dollars’ worth of Bitcoin or Ether – as much as you would risk for a movie ticket seems reasonable. There are lots of virtual trading apps where you can trade with paper money, but there’s nothing like understanding risk when your own dollars are at stake, even if it’s just a few dollars. You should also absorb all the workshops, seminars and resources available out there. Follow Prof. Aswath Damodaran who has a YouTube Channel and hundreds of spreadsheets with financial models, all for free! Also follow some good content providers on various channels to get additional insights – in the field of finance, you need to be up-to-date on all events because those influence markets and the economy. Be ready to continue learning and update your skills and understanding while you’re working. Education doesn’t end after you finish your degree. All successful people are life-long learners.
What general advice would you give to an Equity Research Analyst?
Christina Weber PhD: There are a number of skills that will be important. Soft skills such as creativity, adaptability, collaboration, emotional intelligence, and persuasion. In addition, there is a growing need for folks who have high cultural competence, especially with understanding the experiences of diverse groups. Finally, there is a need for folks to have skills in social science research—understanding how to develop research projects, conduct surveys, focus groups, as well as experience with programs such as GIS, SPSS, and r-studio.
What will help Equity Research Analysts increase their earning potential?
Christina Weber PhD: My advice to students is to use the Career Center for support—practice interviewing, have several people read their resume. I also suggest people get on LinkedIn and start to develop their professional networks. Finally, I think folks should understand that careers happen over time and that your first job will likely not be your only job and that many people have winding career trajectories. It’s important to stay open and adaptable to the job market. Also, do not sell your skills short. You have a lot to add to the professional landscape.
What general advice would you give to an Equity Research Analyst?
John Lyden: Research skills (ability to find and interpret information), oral and written communication skills (ability to present information clearly), data analysis and interpretation, language interpretation and translation. Computer facility will be highly valued. Employers will include those in higher education, government, non-profits, research institutes, and museums.
What Equity Research Analyst skills would you recommend for someone trying to advance their career?
Timothy Egan M.S. Marketing: -Understanding finance and how it impacts the operations of where you work, can help you have great insight into new opportunities or see the writing on the wall in tough times. -Don't be afraid to learn new technologies, especially ones that collect data. Enhance your tech-based skills as that will increase your value to the organization where you work and the business community at large. -Learn Spanish. While globalization may have you think about learning an Asian language, the Spanish speaking market is the faster growing in the US and has been since 2010.
What will help Equity Research Analysts increase their earning potential?
Timothy Egan M.S. Marketing: -Under promise and over deliver. -Know your value, self-assess your skills, your knowledge and your role. Understand when and when not a company can give increases. -Build an internal support system. Make sure you have people who will go to bat for you when you want to move up internally. -After succeeding don't be afraid to ask for an increase. -And remember, stay humble. The minute you think you know everything; you haven't learned anything.
Martha Taylor
Professor and Chair of ClassicsWhat Equity Research Analyst skills would you recommend for someone trying to advance their career?
Martha Taylor: Stay abreast of new trends. Read broadly and be widely curious. Keep up with advances in English literature (since so much of interpretation of Classical texts follows similar lines).
Z. Jay Wang
Department Head, Associate Professor of FinanceUniversity of Oregon
Finance And Financial Management Services
What will help Equity Research Analysts increase their earning potential?
Z. Jay Wang: Students who have a history of doing work in the field outside the classroom either through internships, industry projects, or school-sponsored clubs managing financial decisions are better poised to maximize starting salary potential. Starting early to secure internships with top companies will also position students well for higher earning potential. Most top banks and firms will post internships from April/May to August, and close by the end of September for the following summer. They are also rolling, so may fill the roles by as early as June of the sophomore year for the following summer after junior year. Finally, networking with industry and alumni professionals in the companies, firms, banks prior to applying for an internship or full-time position will have an impact. The candidate will learn more about the opportunity and company culture for their resume and potential interview, and most top companies in finance will have a referral program. If the candidate impresses the internal connection with excellent questions and strategic answers, they may get a referral that moves them up in the stacks of applicants.
Octavian Ionici PhD
Sr. Lecturer in FinanceAmerican University
Finance And Financial Management Services
What Equity Research Analyst skills would you recommend for someone trying to advance their career?
Octavian Ionici PhD: The finance profession is lucrative, rewarding and very competitive. Graduates should do their research about the organization they are interviewing with and be able to discuss how their skills can contribute to the business. They should also know if they would rather interact with people and clients or if they are drawn to intellectual pursuits such as analysis. Do they value power, prestige status, risk, or something else? Ultimately our core values, personal goals, interests, aptitudes, and personality will shape our career paths.
Being able to articulate what sparked their interest in the financial field and why they are interested in a chosen role will be an advantage during the hiring process. While still in college, students should join a professional association like the Financial Management Association to give them more access to that broad network, as well as access to career development resources that can set them apart from the crowd.
It's also critical to get an internship (paid or unpaid) in order to show some real-life experience. They can do this while they are still in college, during the summers, or even afterwards, to get a foot in the door.
Reading the WSJ and FT daily, and listening to Bloomberg, or other financial programs as a regular practice will help them to have fluency in the language of our profession. Because the finance sector is heavily regulated and changes occur due to changing economic and political conditions, they will need to stay updated with those changes. Financial media sources will help bring them that context to stay up to date on all of these moving parts.
What will help Equity Research Analysts increase their earning potential?
Dr. Kimberly Gaither: Maximize your salary potential by asking questions and learning as quickly as possible. Be a good communicator with those above and below you as well as your peers. Be dependable. Persons who show up early and work hard will be valued and rewarded.
Fang Lin
Assistant Professor of FinancePacific Lutheran University
Finance And Financial Management Services
What Equity Research Analyst skills would you recommend for someone trying to advance their career?
Fang Lin: Don't be afraid to negotiate your starting salary. Young journalists have a lot to offer newsrooms through social media skills and a willingness to adapt to new technologies such as artificial intelligence. Technology skills have value and should not be undersold. Also, young journalism students should not discount the value of their student media and internship experiences. Young journalists must use everything on their resumes to show how they bring value to their position and ask to be compensated fairly for the work they will contribute to the newsroom's success.
What soft skills should all Equity Research Analysts possess?
Dr. Anne Paulet Ph.D.: In terms of soft skills, those probably won't change much, they will simply be practiced differently. Being flexible is important since jobs may switch between home and office and since one may be dealing with someone else working from home and the challenges that can present-what cat owner hasn't had their cat walk in front of the camera or step on the wrong computer key? The ability to work in groups will continue to have importance as well as the ability to manage your own time and meet deadlines. At the same time, the nature of computer camera interaction means that people will have to learn to "read" others differently than they would in an in-person environment. Many recent articles have talked about how it is harder to read facial cues or detect emotional responses on the computer. Again, those presently taking synchronous classes have the opportunity to practice these skills--providing students turn on their cameras rather than relying only on audio. If the past year has demonstrated anything, it is that people need to be more culturally aware and sensitive and also be able to work with people of diverse backgrounds. History classes are a great way for students to better understand what others have gone through and how that might impact interaction today. Additionally, history classes-as well as college in general-should provide students with the skills to help create the kind of changes in institutions and companies that need to be made to make them more inclusive. Perhaps the greatest skill college students have is the ability to learn. I never intended to teach online, yet here I am doing just that. It required learning new ways to approach teaching, reconsideration of the ways students learned in the new environment, and figuring out new online programs to make all this happen. I was forced to do this as a result of the pandemic but most students will find that this sort of adjustment-whether foreseen or not-will be a regular part of their career path. The ability to learn these new skills, to apply new methods and to approach issues in new and innovative ways will help them stand out when it comes to looking for a job.
Niki Weller Ph.D.
Associate Professor of Sociology, ChairIndiana University Kokomo
Department of Sociology
What will help Equity Research Analysts increase their earning potential?
Niki Weller Ph.D.: To maximize salary potential at the outset of your career in sociology, consider pursuing specialized certifications or additional training in high-demand areas such as social policy analysis or program evaluation. Researching salary benchmarks for entry-level positions in your location can help you negotiate competitive compensation packages. Furthermore, don't underestimate the value of networking and building relationships with potential employers or industry contacts, as referrals and recommendations can often lead to higher-paying job opportunities. Finally, be proactive in seeking professional development and advancement opportunities within your organization to increase your earning potential over time.
What general advice would you give to an Equity Research Analyst?
Dr. Glenn Whitehouse: -Think of yourself more as a bundle of skills than as an expert in your major - and while you're at it, think of job titles that way as well. Too many liberal arts students never pursue careers they might be very good at, because they couldn't imagine themselves in that job title. But consider: the most common career type for Philosophy BAs without graduate study is Management, and the most common job for Philosophy BAs with graduate study is Lawyer. Those might not sound like "philosophical" jobs, but what do lawyers do? They make arguments, apply ethical principles, and read and write very carefully. What do managers do? They persuade people, analyze problems into parts so they can be solved, synthesize the viewpoints of team members, and mediate between details and the big picture. Does that sound more like your philosophy studies? Learn to see the ways your academic skill set matches real world roles.
-Know the value - and rarity - of your skill set. As you enter the workforce you may encounter peers who walk in knowing business lingo or specialized knowledge you didn't encounter in school. But as a philosophy major, it is likely that you can write clearly, read carefully, think precisely, persuade effectively, imagine alternatives, and assess issues. These are not common skills, and they can be the key to rapid advancement and career mobility. As an entry-level employee, seek out opportunities to showcase your skills, and you won't be in that entry-level position for long.
-Treat your early career as a learning experience. It's very unlikely that your first job will be your forever job, and that means it's OK to try something that will help you develop professionally, even if you don't intend to stay with that employer. You chose a major that called you to do research and stretch your mind to unfamiliar places. Carry that spirit into your first job, and you'll quickly erase any advantage that peers from so-called practical walked in with. You may need to teach yourself some business knowledge and skills as you get started, but I promise nothing you have to learn in the professional world is harder than reading Kant and Hegel!
What are the biggest trends we'll see in the Equity Research Analyst job market given the pandemic?
Shalini Gopalkrishnan: Remote work is here to stay. Don't wait for it to become the normal of 2019; it will never be. Short-term work will also become the norm.
What general advice would you give to an Equity Research Analyst?
Shalini Gopalkrishnan: Reskilling and upskilling rather than four year degrees. Already Google, Amazon, IBM, and other firms have removed the bachelor's degree requirement. Please be agile, keep an open mind, and learn new things. You will always be a student as the pace of change is rapid. Get into a growth mindset now.
Matthew Fisher SFSU, Hult, SMC
Business InstructorSan Francisco State University
Department of Marketing, Management, and Economics
What experience really stands out on Equity Research Analyst resumes?
Matthew Fisher SFSU, Hult, SMC: Experience in the industry that you are applying always stands out more. However, many firms would benefit greatly by hiring individuals with experience in other fields to inject fresh perspectives into the business. As a result, this is one of those areas that many firms ought to be doing something different than their normal business-as-usual practices.
Lindsay Alvarado
Career Advisor and Adjunct Instructor of ManagementRider University
Norm Brodsky College of Business
What are the biggest trends we'll see in the Equity Research Analyst job market given the pandemic?
Lindsay Alvarado: The pandemic has accelerated a lot of trends that were already in motion, most notably flexible work arrangements such as telecommuting and virtual interviewing, hiring, and onboarding. Organizations that were already set up for virtual work transitioned smoothly, and those who hadn't were forced to adopt new technologies and processes for conducting business. Instead of being seen as a perk, employees will come to expect this benefit and level of technological agility from their employers.
Stephen A. Matthews Ph.D.
Liberal Arts Professor of Sociology, Anthropology, Demography and Geography Director, Graduate Program in Demography Faculty Director, Graduate Programs in Applied Demography Editor, Spatial Demography Associate Editor, Mathematical Population StudiesPennsylvania State University
Department of Socilogy na Criminology
What are the biggest trends we'll see in the Equity Research Analyst job market given the pandemic?
Stephen A. Matthews Ph.D.: I send job ads to our students every week, so I still see jobs. The majority of those I am sending out seem to be postdoctoral positions. Personally I welcome this as it provides a great opportunity for early-career scholars to build-up their experience and publication resume (hopefully) before fully committing to an academic career. At this time, it feels like I do not see as many academic jobs (i.e., assistant professor positions), but it would be misleading to say there are none. Indeed, I know of several institutions that are hiring and even conducting interviews over Zoom. I also believe that many universities are exploring ways to enhance their instruction and research around social inequities and race and ethnicity and themes such as racial health disparities but more broadly BLM.
What skills stand out on Equity Research Analyst resumes?
Stephen A. Matthews Ph.D.: Our program is too broad and complex to answer this in any meaningful way (see my opening paragraph). I hope our Ph.D. graduates have both soft skills (e.g., people skills, communication (writing/speaking), team science/work skills, critical thinking skills) as well as the technical skills (e.g., data analysis, data visualization, data ethics, IRB experience, etc.). As mentioned, I also hope they are flexible and adaptive vis-a-vis other perspectives (interdisciplinary outlook).
Are there any particularly good places in the United States for Equity Research Analysts to find work opportunities?
Stephen A. Matthews Ph.D.: Anywhere and everywhere - academia, government (local to national), NGOs, INGOs, private sector, and applied research - in the US and overseas!
What are the biggest trends we'll see in the Equity Research Analyst job market given the pandemic?
Cheryl Dorsey: I think one of the biggest trends in the job market will be IT. With the pandemic and social distancing, IT connections (for example, Zoom, Microsoft Teams, etc.) is very popular because it allows you to continue to conduct business through online media while fulfilling social distancing. IT also allows individuals an opportunity to work from home or other locations. I think this trend will continue to happen in the future and may be the new way to do business.
What type of skills will young Equity Research Analysts need?
Dr. Michael Tin Shan Suen: Students need to have both hard and soft skills. Some of the in-demand hard skills are data analytics, the ability to code, analytical thinking, and the ability to tackle unstructured problems. The essential soft skill includes creativity, self-motivation, work ethics, perseverance, and being patient with your career development.
Are there any particularly good places in the United States for Equity Research Analysts to find work opportunities?
Dr. Michael Tin Shan Suen: Based on conventional thinking, good places for finance graduates to find work are New York (including the tri-state area), Chicago, and San Francisco. However, big cities in Texas and Florida are showing a growth trend.
How do you envision technology impacting Equity Research Analysts in the next 5 years?
Dr. Michael Tin Shan Suen: The field of finance will continue to embrace the advancement and application of the latest technology. Mastering the technology to analyze huge amounts of data is essential. This will turn the data into your competitive advantage.