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With an MBA from Mumbai university it will be almost impossible to get an equity research role in London, New York or Hong Kong straight away, as there are very few ER positions that are filled with MBAs from Harvard, Columbia, INSEAD, LBS and the likes.

Hence, your best bet is clearly to get a position in India. You can find some of the most relevant readings at http://equity-research.com/inv…..ing-books/ on the "Books on stock picking" section and download the hardcore valuation textbooks at http://equity-research.com/dow…..ion-books/.

You will need good knowledge of accounting (particularly creative accounting), business valuation skills and strong intuition. The first two can be gained through formal education but the third one only develops with experience. Some other important qualities for a stock analyst are:
1) Attention to detail.
2) Ability to question your own judgement and make objective assumptions.
3) Do not get swayed away by the opinions of other analysts or even the company's management.
4) Being aware that your assumptions can be wrong – so be ready to adapt and change quickly in light of new information. Bad analysts get stuck with their initial opinions unable to change their view in light of new data.

I'm not sure what compensation looks like in there, but in Europe and the US it's quite linked to the size of the company. At a large bank, total compensation in the first year after MBA could be up to $250,000, made up of a base salary of $100,000 to $120,000, and the rest coming from the bonus. At a small and relatively unknown company, base salaries can be as low as $50,000, with bonuses of about $20,000, for a total of just $70,000.