Investment analyst

What does an investment analyst do?

An investment analyst studies companies, markets and assets to help decide what an investor should buy, hold or sell.

The work ends in a recommendation backed by numbers and a clear written case.

In Singapore, you find the role in asset managers, banks, private banks, insurers, family offices, state-linked investors and research houses. Buy-side analysts invest their employer's money. Sell-side analysts write research for clients.

You work with portfolio managers, who make the final calls. You also deal with traders, risk and compliance teams, and client-facing staff. Senior analysts meet company management as well.

What the work involves

• Read annual reports, results announcements and industry news, then note what changes your view of a company.
• Update financial models with new results and forecasts, and check what the changes do to the valuation.
• Pull market and company data from Bloomberg or Capital IQ and check it against filings.
• Write research notes or short investment memos that state a view, the risks and the price at which you would act.
• Present ideas to portfolio managers or clients and answer questions on your assumptions.
• Track holdings or coverage names and flag any news that could change a position.

Pay in Singapore

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Skills an investment analyst needs

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Investment analyst job description

We are hiring an investment analyst to research listed companies and other assets and support investment decisions.

You will build financial models, value securities and write clear recommendations for portfolio managers or clients. You will work with market data tools daily and follow our compliance rules. The role suits someone who is comfortable with numbers, writes well and can defend a view under questioning.

Responsibilities

• Research companies, sectors and markets, including their business models, competitors and risks.
• Build and maintain financial models covering income, balance sheet and cash flow.
• Value securities with methods such as discounted cash flow and market multiples.
• Write research notes and investment memos with a clear recommendation.
• Present ideas to portfolio managers, investment committees or clients.
• Monitor portfolio holdings and coverage names, and report on performance and key changes.
• Collect and check data from Bloomberg, Capital IQ and company filings.
• Use Excel and Python to analyse returns, risk and portfolio exposures.
• Follow trading restrictions, information barriers and record-keeping rules set by compliance.

Requirements

• A degree in finance, accounting, economics, business, engineering or a similar field, from a Singapore or overseas university.
• Often 0 to 3 years of experience for an analyst role, from internships, research or audit, banking or finance work.
• Strong skills in financial modelling and valuation, with Excel used fluently.
• Experience with Bloomberg, Capital IQ or similar data platforms. Python or SQL is a plus.
• CFA Institute exams passed or in progress, which many employers prefer or expect.
• Clear writing and speaking, plus care in checking any AI-generated summaries against source documents.

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Investment analyst career path

Most investment analysts start in research support, move to covering their own companies, then lead a sector or manage money.

Titles and speed vary by firm.

1. Research associate or junior analyst

   Entry

   You gather data, update models and draft sections of research notes under close review.

2. Investment analyst

   Mid

   You cover a set of companies on your own, build full valuations and present your own recommendations.

3. Senior investment analyst

   Senior

   You lead coverage of a sector, guide junior analysts and influence what the portfolio holds.

4. Portfolio manager

   Lead

   You decide what to buy and sell within a mandate and answer for the portfolio's results and risk.

5. Head of research or chief investment officer

   Head

   You set the investment approach, lead the research team and report to the board or clients.

The titles are ones commonly used in Singapore; employers may name the levels differently.

Related jobs and their pay

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Investment analyst interview questions

We wrote these questions from the skills this job needs. They are not an official question bank.

1. Walk me through a discounted cash flow valuation, from revenue forecast to value per share.

   What a good answer covers

   • Forecasts revenue, margins, tax, capital spending and working capital with stated reasons
   • Calculates free cash flow and picks a sensible discount rate
   • Estimates terminal value and says how much of the total it makes up
   • Subtracts net debt and divides by diluted shares
   • Runs sensitivities on growth and discount rate

2. When would you use market multiples instead of a discounted cash flow, and how do you pick comparable companies?

   What a good answer covers

   • Uses multiples when cash flows are hard to forecast or a quick cross-check is needed
   • Chooses peers by business mix, size, growth, margins and market
   • Picks a multiple that fits the sector, such as EV/EBITDA or price to book
   • Adjusts for one-off items and differences in accounting
   • Explains why a company might deserve a premium or discount

3. How would you value a Singapore-listed REIT, and which numbers matter most?

   What a good answer covers

   • Looks at distribution per unit, yield and its gap to Singapore government bond yields
   • Checks net asset value per unit and the discount or premium to it
   • Reviews gearing, interest cover and debt maturity
   • Assesses occupancy, rental changes and lease expiry
   • Notes how interest rate changes affect the valuation

4. How do the three financial statements link in a model? What happens to each if depreciation rises by 10 per cent?

   What a good answer covers

   • Links net income to retained earnings and the cash flow statement
   • Shows that higher depreciation lowers profit and asset values
   • Adds depreciation back in cash flow, as it is non-cash
   • Notes the tax effect on cash
   • Explains how the balance sheet still balances

5. What do you check in a company's annual report before you write a recommendation?

   What a good answer covers

   • Reads revenue breakdown, margins and segment results
   • Checks cash flow against reported profit
   • Reviews debt, contingent liabilities and related-party deals
   • Reads auditor notes and accounting policy changes
   • Compares management's claims with the numbers

6. How do you check that data from Bloomberg or Capital IQ is right before it goes into your model?

   What a good answer covers

   • Compares key figures with the company's filings
   • Checks that the data is adjusted for splits, rights issues and currency
   • Watches for differences between reported and adjusted numbers
   • Records the source and date of each input
   • Raises mismatches with the data team instead of overwriting them without telling anyone

7. How would you use Python to measure the volatility and correlation of 20 stocks in a portfolio?

   What a good answer covers

   • Loads price data and calculates daily or weekly returns
   • Computes standard deviation and annualises it
   • Builds a correlation or covariance matrix
   • Calculates portfolio volatility from weights
   • Checks for missing data and explains the limits of using past data

8. A new stock idea looks cheap. How do you decide whether it belongs in the portfolio?

   What a good answer covers

   • Checks fit with the mandate, risk limits and benchmark
   • Looks at overlap with existing sector and country exposure
   • Sizes the position by conviction, liquidity and downside
   • Compares expected return with holdings it would replace
   • Sets conditions for selling

1. Your model shows 30 per cent upside on a stock, but the price falls 15 per cent after results. What do you do?

   What a good answer covers

   • Reads the results and call to see what changed
   • Re-tests the key assumptions in the model
   • Separates a real change in the case from market overreaction
   • Tells the portfolio manager early with a clear view
   • Decides whether to hold, add or cut, and says why

2. A portfolio manager wants a valuation of a private company by tomorrow, and the data is thin. How do you respond?

   What a good answer covers

   • Clarifies what the valuation will be used for
   • Uses available data and comparable companies for a range, not a single point
   • States each assumption and its weakness
   • Flags the missing data and what you would ask for
   • Delivers a usable draft instead of waiting for perfect inputs

3. You use ChatGPT to summarise an earnings call transcript. How do you make sure the summary is safe to use?

   What a good answer covers

   • Checks every number and quote against the transcript and filings
   • Keeps confidential and client information out of public tools
   • Follows the firm's policy on AI tools
   • Treats the summary as a starting point, not a source
   • Keeps your own judgement on what matters

1. Tell me about a recommendation you got wrong. What did you learn?

   What a good answer covers

   • Describes the call and the reasoning honestly
   • Names what was missed, such as an assumption or a risk
   • Explains how you told your team
   • Shows a concrete change in your process afterwards

2. Describe a time you disagreed with a senior colleague on an investment view. How did you handle it?

   What a good answer covers

   • Prepares evidence and presents it calmly
   • Listens to the other side and tests your own view
   • Focuses on the numbers and the risks, not on personalities
   • Accepts the final decision and keeps working well afterwards

1. You learn something that is not public about a listed company during a meeting. What do you do under Singapore rules?

   What a good answer covers

   • Stops and does not trade or share the information
   • Reports it to compliance straight away
   • Knows that insider trading is an offence under the Securities and Futures Act
   • Follows the firm's restricted list and watch list procedures
   • Keeps it out of research and away from colleagues and friends

2. A relationship manager sends you a spreadsheet with client names and holdings to help with analysis. How do you handle it under the Personal Data Protection Act (PDPA)?

   What a good answer covers

   • Asks whether you need the personal data at all
   • Uses anonymised or aggregated data where possible
   • Uses it only for the purpose it was collected for
   • Stores it in approved systems and limits who can see it
   • Reports any loss or leak to the data protection officer or compliance

Common questions about an investment analyst job

Sources