By Edward Storm
December 25, 2025

As the holiday season wraps up and markets wind down for the year, aspiring equity research professionals are already eyeing opportunities in the new year. The bulge bracket investment banks—Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America, Citi, Barclays, UBS, and Deutsche Bank—remain the gold standard for sell-side research roles. However, the hiring landscape in equity research continues to be notoriously opaque and selective.

Unlike front-office investment banking or sales & trading divisions, where structured analyst programs dominate entry-level recruiting, equity research positions at the mid-to-senior levels are rarely advertised broadly. These roles are often filled through internal promotions, lateral hires via specialized recruiters, or targeted networking. Public postings tend to cluster around specific sector needs or junior programs leading to full-time analyst positions.

Current Openings: A Sector-Specific View

As of late December 2025, publicly listed equity research openings at bulge bracket firms remain limited but concentrated in targeted sectors. The majority are at the Associate or Vice President level, supporting senior analysts in specialized areas. No widespread Director/Managing Director-level roles are openly posted, consistent with the industry’s preference for executive search firms at that seniority. Goldman Sachs, Morgan Stanley, JPMorgan, UBS, and Deutsche Bank show no specific public equity research openings at present, with Goldman Sachs focusing primarily on upcoming internship and new analyst programs within Global Investment Research (GIR).

Director/Managing Director Level (Senior Equity Analyst)

• No current public openings identified across the major bulge brackets.
• These high-experience roles (typically 10+ years, with established client relationships and sector expertise) are seldom advertised. When they arise, they are sourced discreetly to avoid signaling coverage gaps.

Associate/Vice President Level (Mid-Level Equity Research)

Several targeted positions are active, often requiring 3–7 years of experience in equity research, buy-side analysis, or related fields:

• Goldman Sachs:
• No current public lateral openings in equity research identified.
• Opportunities typically arise through internal networks or recruiters; focus is on program-based hiring.
• Bank of America:
• Equity Research Analyst/Associate – Clean Energy Research (New York)
• Analyst/Associate – US Equity and Quantitative Strategy Research (New York)
• Analyst/Associate – Gaming & Lodging (New York)
• Associate – SMid Biotech (New York)
• Analyst/Associate – Equity Research, Pharmaceuticals & Biotechnology (New York)
• Analyst/Associate – North American Banks (New York)
• Analyst/Associate – Packaging & Paper/Forest Products (New York)
• Analyst/Associate – Equity Research (London, Utilities and Infrastructure)
• Citi:
• Equity Research Analyst (VP) – REITs (New York)
• Equity Research Senior Associate (AVP) – FinTech (New York)
• Equity Research Senior Associate (AVP) – Airfreight & Surface Transportation (New York)
• Equity Research Senior Associate (AVP) – MedTech (New York)
• Equity Research Senior Associate – Software (New York)
• Equity Research Analyst, SMID Biotech (Director level, but noted here for sector fit)
• Barclays:
• Equity Research Software (AVP) (New York)
• Equity Research (VP) – Auto Sector (New York)
• Equity Research (AVP) – Utilities (New York)
• Equity Research (AVP) – Semiconductors (New York)

Analyst Level (Entry-Level/Junior)

• No immediate full-time analyst openings specific to equity research are publicly listed across the bulge brackets.
• Entry into bulge bracket equity research typically occurs via conversion from summer internships or structured programs. Applications for 2026/2027 summer analyst/internship roles in research divisions (including Goldman Sachs’ Global Investment Research programs) are either ongoing or expected to open in early 2026.

Broader Trends and Advice for Applicants

Hiring in equity research remains cyclical, influenced by regulatory constraints on research funding, shifts toward quantitative and thematic coverage, and competition from buy-side firms. Many bulge brackets are expanding into private markets or ESG-themed research, creating niche opportunities—evident in openings for clean energy, biotech, and technology sectors.

For those targeting these roles:

• Monitor official career sites closely and set up alerts (e.g., Goldman Sachs Global Investment Research, Morgan Stanley Research, JPMorgan Markets Research).
• Leverage platforms like LinkedIn, eFinancialCareers, and specialist recruiters for unadvertised laterals.
• Networking remains king—connect with alumni, attend industry conferences, and build sector expertise early.
• For juniors: Focus on upcoming 2026/2027 summer programs, as high conversion rates often lead to full-time offers.

While the pipeline isn’t overflowing this holiday season, selective opportunities persist for those with the right sector fit and persistence—particularly in high-growth areas like clean energy, biotechnology, fintech, and software. As markets evolve into 2026, expect more activity in quantitative strategy and sustainable themes.

Edward Storm is a financial markets recruiter with over 15 years observing Wall Street hiring trends.