Equity Research Associate - Industrial (Engineering and Construction)

Work Location:

Toronto, Ontario, Canada

Hours:

37.5

Line of Business:

TD Securities

Pay Details:

$110,000 - $135,000 CAD

TD is committed to providing fair and equitable compensation opportunities to all colleagues. Growth opportunities and skill development are defining features of the colleague experience at TD. Our compensation policies and practices have been designed to allow colleagues to progress through the salary range over time as they progress in their role. The base pay actually offered may vary based upon the candidate's skills and experience, job-related knowledge, geographic location, and other specific business and organizational needs.

As a candidate, you are encouraged to ask compensation related questions and have an open dialogue with your recruiter who can provide you more specific details for this role.

Job Description:

The Institutional Equities division of TD Securities provides equity sales, trading, research, underwriting and distribution from offices in Canada, the U.S. and the UK.

As an Associate in Equity Research, you will have an opportunity to work directly with an equity analyst on the daily publication of company and industry research reports. This role is for an Equity Research Associate that will work alongside a senior analyst covering the Engineering & Construction (E&C) sector. The successful candidate will be a key contributor to the production of financial models, published research, and the day-to-day analytical work that supports our coverage.

Responsibilities

• Build, maintain, and enhance detailed financial models (income statement, balance sheet, cash flow, DCF/SOTP, and segment-level and project-backlog models) for E&C and Industrials companies.
• Analyze sector-specific drivers including backlog and book-to-bill trends, project margins and execution risk, infrastructure spending cycles, and public/private funding dynamics.
• Draft and contribute to initiation reports, earnings previews/reviews, sector notes, and thematic research.
• Conduct company and peer analysis, valuation benchmarking, and competitive positioning assessments across the coverage universe.
• Monitor company news flow, contract awards, regulatory developments, and macro indicators relevant to sector; prepare summaries and flag actionable insights to senior analyst.
• Support the senior analyst during earnings season, investor marketing, non-deal roadshows, and industry conferences.
• Engage with institutional sales and trading teams to communicate investment theses and respond to client inquiries.
• Continuously develop sector expertise and progress toward greater analytical ownership and independent contributions over time.

Qualifications

• Ability to work independently under strict deadlines, with an attention to detail and output orientation
• Ability to research a topic from the ground up
• Strong work ethic, ability to take initiative and balance multiple tasks
• Superior business writing skills, presentation skills and interpersonal skills
• Excellent spreadsheet, quantitative and financial analysis skills
• Demonstrated interest in capital markets – comfortable with finance theory
• Service orientation and professional attitude – presentable to both internal and external clients
• Flexibility and ability to invest long hours as needed/required by business due to the nature of the role
• We welcome applications from candidates across a range of experience levels. While relevant experience in equity research and/or familiarity with the E&C or broader Industrials space, is preferred, it is not required.
• The candidate must possess exceptional aptitude. Similarly, professional designations (e.g., CFA, CPA, P.Eng.) are viewed favorably but are not a prerequisite. If you are motivated, analytically rigorous, and eager to contribute, we encourage you to apply.
• Minimum Undergrad degree in a relevant finance or industry field
  
   

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Who We Are:

TD Securities offers a wide range of capital markets products and services to corporate, government, and institutional clients who choose us for our innovation, execution, and experience. With more than 6,500 professionals operating out of 40 cities across the globe, we strive to make every interaction, product and experience remarkably human and refreshingly simple.  Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions. In 2023, we acquired Cowen Inc., offering our clients access to a premier U.S. equities business and highly-diverse equity research franchise, while growing our strong, diversified investment bank. 

Together, we are reimagining what banking can be for our clients, colleagues and communities. 

Our Total Rewards Package
Our Total Rewards package reflects the investments we make in our colleagues to help them and their families achieve their financial, physical, and mental well-being goals. Total Rewards at TD includes a base salary, variable compensation, and several other key plans such as health and well-being benefits, savings and retirement programs, paid time off, banking benefits and discounts, career development, and reward and recognition programs. Learn more

Additional Information:
We’re delighted that you’re considering building a career with TD. Through regular development conversations, training programs, and a competitive benefits plan, we’re committed to providing the support our colleagues need to thrive both at work and at home.

Please be advised that this job opportunity is subject to provincial regulation for employment purposes. It is imperative to acknowledge that each province or territory within the jurisdiction of Canada may have its own set of regulations, requirements.

Colleague Development

If you’re interested in a specific career path or are looking to build certain skills, we want to help you succeed. You’ll have regular career, development, and performance conversations with your manager, as well as access to an online learning platform and a variety of mentoring programs to help you unlock future opportunities. 

If you’re passionate about helping clients and building deep, lasting relationships, TD offers diverse career paths where you can grow your expertise and make a meaningful impact.  

We're committed to your success and foster a respectful workplace where diverse perspectives are valued, everyone has fair opportunities to grow, and you can unlock your full potential to achieve your career goals. Here at TD, we hire and develop the best.

Training & Onboarding
We will provide training and onboarding sessions to ensure that you’ve got everything you need to succeed in your new role.

Interview Process 
We’ll reach out to candidates of interest to schedule an interview. We do our best to communicate outcomes to all applicants by email or phone call.

Accommodation
Your accessibility is important to us. Please let us know if you’d like accommodations (including accessible meeting rooms, captioning for virtual interviews, etc.) to help us remove barriers so that you can participate throughout the interview process.

We look forward to hearing from you!

Language Requirement (Quebec only):

Sans Objet