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As far as I know morningstar's equity research is not particularly reputable, just like the rating agencies fixed income researchers aren't either. You are much better off starting at a major investment bank, but if this is the only thing you have on offer at the moment, it won't hold you back in the future.

Post edited 11:19 am – December 7, 2010 by admin

So the opportunity to jump over to a bank is still there? Yeah. well my only other alternative is a big 4 audit job. 

Then don't waste your time asking around. Equity Research >>> Audit for 99% of exit opportunities out there. Not to mention the damage that audit does to your brain, youth and and will to live.

How do you think I should approach lateral hires for the banks? i heard for ER they're uncommon..

I would say your best bet is to stay for 2 or 3 years in this house and become experienced in whatever industry you are covering. Then you have an expertise to sell investment banks, or better yet, buy-side firms.

Lateral hires from industry to equity research are quite common and based on the same concept: being knowledgeable on a particular industry.