Hello Kamal,

Thank you for reaching out, I am happy to hear that you thought the this piece was great!

It is hard for me to attest to what your local market may include in a research report. However, here in North America the research report usually takes on the following approximate format:

* Page 1: Analyst's opinion of "buy - hold - sell." Current stock price. A one paragraph summary of the report and/or three to five bullet points highlighting the major data supporting the case. Missing from many research reports, but a sign of a sophisticated report is the analyst disclosing the time frame for which the analysis is assumed to be relevant. Here I am not talking about a "one year price target." Instead I am suggesting the analyst says, "The story of XYZ company is at least a three year story, see 'company overview' section to see why."

* Industry overview section: Here the analyst describes the industry the business operates within, as well as how that industry typically performs in different economic cycles.

* Company overview section: Here the analyst compares the business to other companies in the industry along the important variables unique to the industry. Next, the analyst highlights how the specific business under consideration is different than the other in the industry. Huge emphasis should be placed on competitive advantages. The analyst should also discuss the embedded time horizon assumption of the analyst.

* Valuation of the business. Analysts should model the performance of the business under various economic scenarios and discuss the key assumptions of the model. Excerpting the model in the report is key so that others can assess the quality of the work.

* The analyst's opinion of the business.

This report is typically 15-30 pages depending on the complexity of the report. Such a lengthy format provides you with ample opportunity to demonstrate your full skill set. Further, it gives the prospective employer tangible proof of your knowledge and skills.

Do not overlook the suggestion I made in the blog post. Above I recommended that aspiring analysts call a brokerage firm in their local markets and ask for a sample research report. This can serve as a template for your own work. As always, DO YOUR OWN WORK. This last point may seem obvious, but my colleagues and I have all encountered analysts plagiarizing the work of other companies in their own analysis.

Best wishes for success!

Jason