Research Associate III - Biopharmaceuticals

Why Stifel

Stifel strives for a culture that puts its clients and associates first: a culture where everyone belongs, everyone is welcome, and everyone contributes to the success of our clients, their careers, and the firm as a whole.

Let's talk about how you can find your place here at Stifel, where success meets success.

What You'll Be Doing

The Healthcare Equity Research team is seeking a motivated and detail-oriented Research Associate to support senior Research Analysts covering biopharmaceutical and healthcare companies. This role provides hands-on exposure to financial modeling, valuation, industry analysis, and the equity research process within a collaborative and high-performing research platform. The Research Associate will work closely with senior analysts and team members to deliver high-quality research under tight deadlines, while building deep industry knowledge and long-term career development opportunities.

What We're Looking For

• Build, maintain, and update Excel-based financial models, including full income statements, balance sheets, cash flow statements, and discounted cash flow (DCF) analyses
• Perform valuation and comparative analyses, including comp sheets and market models
• Analyze financial and operational information obtained from company management and public disclosures
• Monitor and evaluate company news, earnings releases, clinical trial data, and industry developments; ability to analyze clinical trial results a plus
• Prepare initiation reports, research notes, and marketing presentations
• Conduct data gathering, validation, and testing to ensure accuracy and integrity of financial models
• Manage and utilize financial databases and electronic data services (e.g., Bloomberg, FactSet, IMS)
• Support special projects and ad hoc analyses for senior analysts
• Interact over time with internal sales and trading teams and, where appropriate, external clients
• Attend management meetings, investor/analyst days, and medical or industry conferences as needed
• Build industry knowledge, contacts, and an understanding of the healthcare and biopharmaceutical landscape

What You'll Bring

• Strong financial modeling, valuation, and analytical skills with exceptional attention to detail
• Solid foundation in accounting, finance, economics, and securities analysis
• Ability to analyze complex information, including clinical trial data (preferred but not required)
• Strong written and verbal communication skills, with the ability to articulate investment ideas clearly
• Demonstrated critical thinking, judgment, and problem-solving abilities
• Strong initiative, work ethic, and ability to manage multiple projects simultaneously under time pressure
• Proficiency in Microsoft Excel, PowerPoint, Word, and Outlook; experience with Bloomberg and FactSet preferred

Education & Experience

• Minimum required: BA, BSc with concentration in Finance, Economics, Accounting, and/or MBA; MD degree preferred
• Minimum required: 2-4 years of experience in financial services, equity research, consulting, healthcare, or a related industry
• Advanced degrees (MBA, MSc) or healthcare background (e.g., life sciences) preferred

Licenses & Credentials

• Minimum Required: SIE, FINRA Series 86, FINRA Series 87

Systems & Technology

• Proficient in Microsoft Excel, Word, PowerPoint, Outlook

Compensation Range

Salary: - Actual salaries may vary, and may be based on several factors, including but not limited to each candidate's qualifications, skills, and overall competencies for the position. The base salary is one component of Stifel's overall compensation package for each individual employee. Other benefits and offerings include, but not limited to, discretionary bonuses, health / dental / vision / prescription insurance offerings, Stifel Total Health Connect, flexible spending accounts, tuition & certification assistance programs, paid time off, and much, much more! To view a more comprehensive list of Stifel's current offerings, please visit Applications are accepted until the position is filled.

About Stifel

The Stifel Equity Research Group is a recognized leader with a deep and broad spectrum of coverage. Our award-winning analysts are thought leaders, many with hands-on experience in their respective industries, offering objective, in-depth analysis and timely, actionable research ideas.

Stifel is a top 10 provider of U.S. equity coverage in:

• Aerospace & Defense
• Consumer & Retail
• Diversified Industrials
• Internet & Media
• Healthcare
• Real Estate
• Technology
• Transportation
• Business Services
• Energy & Power
• Materials