1. What is a Research Analyst at Raymond James Financial?

As a Research Analyst at Raymond James Financial, you are at the forefront of the firm’s commitment to providing premier, actionable investment insights. This role is the engine of our Equity Research division, directly impacting the investment strategies of both our institutional clients and our vast network of retail financial advisors. Your work helps shape the firm's market perspective, driving capital allocation and active investment management decisions.

In this position, you will dive deep into specific sectors, dissecting financial statements, tracking macroeconomic shifts, and building rigorous financial models. You are not just reporting on the news; you are uncovering the "why" behind market movements and forecasting future performance. The scale of Raymond James Financial means your research will be distributed globally, influencing real-world trading and investment strategies.

Expect a fast-paced, intellectually demanding environment where curiosity and analytical rigor are paramount. You will collaborate closely with Senior Analysts, interact with the management teams of covered companies, and continuously refine your thesis on various equities. This role requires a unique blend of quantitative proficiency, deep market intuition, and the ability to communicate complex ideas clearly and persuasively.

2. Common Interview Questions

The questions below represent the types of inquiries candidates frequently face at Raymond James Financial. While you should not memorize answers, you should use these to practice structuring your thoughts, especially for complex technical and pitch-related scenarios.

The Stock Pitch & Market Knowledge

This category tests your ability to generate ideas and your awareness of the broader financial landscape.

• Pitch me a stock. Why is it a buy/sell?
• What are the key catalysts that will drive this stock's price over the next 12-18 months?
• What is something you have been following in the markets recently?
• How do you think the current interest rate environment affects the valuation of high-growth equities?
• If you had $1 million to invest right now, how would you allocate it and why?

Technical & Valuation

These questions ensure you have the hard skills required to build models and analyze financial statements on day one.

• Walk me through how the three financial statements link together.
• If depreciation goes up by $10, how does that affect the three statements?
• What are the basic valuation techniques you would use to value a company?
• How do you calculate Free Cash Flow to the Firm (FCFF) versus Free Cash Flow to Equity (FCFE)?
• Discuss asset-pricing tools and portfolio theory in the context of active investment management.

Behavioral & Experience

These questions evaluate your drive, your fit for the firm, and the depth of your past experiences.

• Why do you want to work in equity research?
• Tell me about yourself.
• How have you prepared for this role?
• Walk me through the most challenging project you completed during your summer internship.
• Tell me about a time you had to defend an unpopular opinion.

3. Getting Ready for Your Interviews

To succeed in the Research Analyst interview process, you must approach your preparation strategically. Our interviewers are looking for candidates who can seamlessly blend theoretical financial knowledge with practical, market-ready application.

You will be evaluated across several core dimensions:

Market & Domain Knowledge – This evaluates your understanding of current market trends, portfolio theory, and active investment management. You can demonstrate strength here by confidently discussing recent macroeconomic developments, sector-specific headwinds, and how asset-pricing tools function in real-world scenarios.

Technical & Valuation Proficiency – This measures your ability to tear down financial statements and build reliable models. Interviewers will test your grasp of basic and advanced valuation techniques. You must be able to walk through a Discounted Cash Flow (DCF) model, explain relative valuation multiples, and justify your underlying assumptions.

Analytical Problem-Solving – This assesses how you structure your research and form an investment thesis. You will likely face a comprehensive case study or stock pitch. Strong candidates demonstrate a clear, logical progression from raw data to a differentiated, actionable recommendation.

Communication & Culture Fit – This looks at your ability to articulate your views under pressure and your genuine passion for equity research. You must be able to clearly explain why you want to join Raymond James Financial, defend your ideas conversationally, and detail your past experiences, particularly relevant summer internships.

4. Interview Process Overview

The interview process for a Research Analyst at Raymond James Financial is rigorous and designed to test both your technical endurance and your cultural alignment. You will typically begin with a 30-minute video interview. This initial screen focuses heavily on your background, your behavioral fit, and high-level market awareness, such as why you are pursuing equity research and what trends you are currently following.

Following a successful screen, you will advance to the technical and presentation phases. A defining feature of our process is the stock recommendation case study. You will be asked to prepare a comprehensive stock pitch, which candidates often spend significant time researching and modeling. This tests your ability to perform on-the-job tasks before you even step through the door.

The final stage is an in-person Superday in one of our major hubs, such as New York or Los Angeles. This consists of a few hours of back-to-back interviews with various members of the research team. During the Superday, you will present and defend your stock pitch, face rapid-fire technical questions on valuation and portfolio theory, and engage in deeper behavioral conversations about your past experience.

This visual timeline outlines the typical progression from your initial video screen through the intensive case study and final Superday. Use this to pace your preparation—ensure your behavioral narrative is sharp for the early stages, but reserve significant time and energy for building a bulletproof financial model and presentation for the final rounds. Variations in the timeline may occur depending on the specific sector team or office location you are interviewing with.

5. Deep Dive into Evaluation Areas

Your interviews will be challenging, and you must be prepared to go deep into the mechanics of finance and the realities of the market. Our teams at Raymond James Financial evaluate candidates across a few critical pillars.

The Stock Pitch and Case Study

Your ability to pitch a stock is the most critical component of the Research Analyst interview. This is where your technical skills, market awareness, and communication abilities intersect. You are expected to deliver a well-researched, compelling recommendation that goes beyond consensus estimates.

Be ready to go over:

• Investment Thesis – A concise, differentiated view on why the market is mispricing the asset.
• Catalysts and Risks – Specific upcoming events that will drive the stock price, and the downside risks that could derail your thesis.
• Valuation Support – The financial modeling and valuation techniques you used to arrive at your target price.
• Advanced concepts (less common) – Scenario analysis (bull/bear cases), sum-of-the-parts valuation for complex conglomerates, and detailed unit-economic breakdowns.

Example questions or scenarios:

• "Pitch me a stock you are currently following. Why is your view different from the street?"
• "Walk me through the key drivers in the model you built for your case study."
• "If [Macro Risk X] occurs tomorrow, how does that impact the target price in your recommendation?"

Technical Valuation and Portfolio Theory

You cannot succeed as a Research Analyst without a rock-solid foundation in corporate finance and valuation. Interviewers will probe your understanding of how to value a business and how that asset fits into a broader portfolio context.

Be ready to go over:

• Basic Valuation Techniques – Intrinsic valuation (DCF) and relative valuation (comparable companies, precedent transactions).
• Asset-Pricing Tools – Understanding the Capital Asset Pricing Model (CAPM), beta, and cost of capital.
• Portfolio Theory – How individual stock selection impacts active investment management and broader portfolio risk.
• Advanced concepts (less common) – LBO math, options pricing basics, and distressed valuation metrics.

Example questions or scenarios:

• "Walk me through a DCF from Revenue down to Unlevered Free Cash Flow."
• "How do you calculate the terminal value, and what are the common pitfalls?"
• "Discuss how you would use asset-pricing tools to evaluate risk in the context of active investment management."

Market Awareness and Macro Trends

We expect our analysts to be students of the market. You must demonstrate that you actively follow financial news, understand macroeconomic drivers, and can synthesize how global events impact specific sectors.

Be ready to go over:

• Current Market Trends – Inflation, interest rates, consumer spending habits, and sector-specific tailwinds.
• Recent Transactions – Major M&A activity, IPOs, or regulatory changes in your sector of interest.
• Historical Context – How current market conditions compare to past economic cycles.

Example questions or scenarios:

• "What is a major trend you have been following in the markets recently, and how is it impacting equity valuations?"
• "Where do you think we are in the current economic cycle?"
• "How do rising interest rates specifically impact the sector you are pitching?"

Behavioral and Experience Deep-Dive

Cultural fit and historical performance are heavily scrutinized. Interviewers want to know that you have the grit to handle the long hours and the interpersonal skills to thrive on a collaborative team.

Be ready to go over:

• Your Resume – You must know every bullet point cold, especially the details of your past summer internships.
• Motivation – A clear, authentic answer for why you want to be in equity research and why at Raymond James Financial.
• Handling Adversity – Examples of when your analysis was wrong or when you faced pushback on an idea.

Example questions or scenarios:

• "Why equity research instead of investment banking or private equity?"
• "Tell me about a specific project you owned during your summer internship. What was the outcome?"
• "Tell me about yourself and how your background has prepared you for this role."

6. Key Responsibilities

As a Research Analyst, your day-to-day life is dynamic and heavily driven by the earnings calendar and market events. Your primary responsibility is to support a Senior Analyst in maintaining comprehensive coverage of a specific sector. This involves updating complex financial models, writing detailed research notes, and analyzing earnings releases the moment they cross the wire.

You will spend a significant portion of your time conducting primary research. This means calling industry experts, surveying consumers, and speaking with the investor relations teams of covered companies. You are expected to synthesize this raw data into digestible, actionable insights for our clients.

Collaboration is a constant. You will work alongside sales and trading teams to help them understand your team's investment thesis, ensuring they can effectively communicate these ideas to institutional clients. You will also participate in morning meetings, helping to brief the broader Raymond James Financial platform on overnight developments and critical rating changes.

7. Role Requirements & Qualifications

To be highly competitive for the Research Analyst position, you must bring a specific blend of technical rigor and market passion.

• Must-have skills – Exceptional proficiency in Microsoft Excel and financial modeling. A deep, intuitive understanding of accounting principles (how the three statements link). Strong written and verbal communication skills to articulate complex financial concepts clearly.
• Nice-to-have skills – Progress toward the CFA designation (Level I or II). Experience with financial databases like Bloomberg, FactSet, or Capital IQ. Programming skills (Python, SQL) for scraping and analyzing alternative data sets.
• Experience level – Typically, candidates have a relevant Bachelor's degree in Finance, Economics, or Accounting, accompanied by a rigorous summer internship in equity research, investment banking, or asset management.
• Soft skills – High attention to detail, the ability to work under tight earnings-season deadlines, intellectual curiosity, and a thick skin to accept constructive criticism on your investment ideas.

8. Frequently Asked Questions

Q: How difficult is the interview process for this role? The process is widely considered difficult and highly competitive. You are expected to have a firm grasp of both technical valuation concepts and qualitative market dynamics. Preparation is essential, particularly for the stock pitch and the Superday.

Q: How much time should I expect to spend on the case study or stock pitch? The time commitment can be substantial. Past candidates have reported spending upwards of 30 hours researching, modeling, and building presentation decks for their stock recommendations. Treat the case study as an actual on-the-job assignment.

Q: What makes a stock pitch stand out to the interviewers? A standout pitch has a truly differentiated, non-consensus view. Interviewers do not want to hear a summary of what the market already knows. You must present unique catalysts, proprietary research (like channel checks), and a robust defense of your assumptions.

Q: What is the culture like during the Superday? While the questions are challenging, candidates frequently report that the interviewers are pleasant and professional. The goal is to see how you think and how you handle pressure, but they also want to have a genuine conversation about the markets with you.

Q: Do I need to have a background in the specific sector I am interviewing for? While deep sector knowledge is a strong plus, it is usually not strictly required at the junior level. What is mandatory is a flawless understanding of general valuation techniques and the ability to learn a new sector's key performance indicators (KPIs) rapidly.

9. Other General Tips

• Have a Conversation: Do not just robotically recite answers. As previous candidates have noted, the best interviews at Raymond James Financial turn into engaging conversations about market trends and investment strategies. Show your enthusiasm.
• Know Your Resume Cold: Expect interviewers to point to a specific line item from your summer internship and ask you to explain the exact mechanics of what you did. Never exaggerate your contributions on your resume.

• Defend Your Pitch, But Be Coachable: During your stock pitch presentation, interviewers will intentionally push back on your assumptions. Defend your thesis confidently using data, but concede gracefully if they point out a legitimate flaw in your logic.
• Read Actual Research Reports: Before your interview, try to read equity research reports published by Raymond James Financial or its competitors. Familiarize yourself with the structure, the terminology, and the level of detail expected in professional research.

• Master the "Why ER?" Question: This is guaranteed to be asked. Your answer must clearly differentiate between Equity Research, Investment Banking, and Sales & Trading. Highlight your love for deep, continuous analysis over deal-based work.

10. Summary & Next Steps

Securing a Research Analyst position at Raymond James Financial is a significant achievement that places you at the heart of the financial markets. This role offers unparalleled exposure to executive management teams, deep analytical training, and the opportunity to have your insights drive real investment decisions. The work is demanding, but for those passionate about uncovering value in the equities market, it is incredibly rewarding.

To succeed, you must dedicate focused time to mastering your technical valuation skills, refining your market thesis, and perfecting your stock pitch. Remember that the interviewers are looking for future colleagues—people they can trust to run complex models and who bring fresh, well-reasoned perspectives to morning meetings. Approach your preparation systematically, and do not shy away from the hard work required for the case study.

The compensation data above provides a benchmark for what you can expect as a Research Analyst. Keep in mind that total compensation in equity research often includes a base salary plus a performance-based year-end bonus, which scales with your seniority, your team's success, and your individual impact.

You have the analytical foundation and the drive to succeed in this process. Continue to leverage resources like Dataford to refine your knowledge, practice your delivery out loud, and step into your interviews with confidence. Good luck!