Reading time: 4 minsMeet Isabella
My journey into the world of finance started at Fidelity in 2023 when I joined the equity research graduate scheme. My academic background is quite different to what you might expect for a career in finance: I studied History at Oxford University. After graduating, I took a gap year to travel and try different industries through internships, some of which gave me a glimpse into the financial sector.
These experiences increased my curiosity about how financial markets shape our world. Despite having no formal financial training, my passion for understanding how businesses work led me to equity research.
What interested you about the finance industry?
The most important thing was my curiosity. Financial markets and businesses have a huge impact on our economy and our daily lives but, prior to joining Fidelity, I didn’t really understand how they work. The two internships I did prior to joining Fidelity were in environments where finance was a focal point and even though my roles weren’t financial, being in the office and talking to colleagues exposed me to how fascinating the world of equity research is. This sparked a desire to delve deeper and pursue equity research at Fidelity.
How did you prepare for the application and interview process at Fidelity?
For those with finance or accounting degrees, there's a higher expectation of technical knowledge during the interviews than for those with non-finance backgrounds. For someone like me with a History background, the emphasis was on my enthusiasm, curiosity, eagerness to learn, and way of thinking rather than my technical knowledge. My preparation involved immersing myself in financial markets and business by reading articles on the FT, listening to podcasts (I like the Business Breakdowns podcast), and reading an investment book.
What training and support does Fidelity offer?
Fidelity offers a lot of support to graduates from all backgrounds. Initially, there's a month of formal financial training. This is followed by practical exposure on the equities floor through stock pitch exercises which are designed to train you how to think about stocks from multiple industries. Over your first six months, you will also study for the CFA Level 1 exam which teaches you the fundamentals of equities, portfolio management, and fixed income. Once you have reached a suitable level, you will be entrusted with your own sector and coverage list. Throughout your career at Fidelity, you are officially supported by a buddy (a grad a few years ahead of you) and a mentor (a portfolio manager), and I have found that the whole analyst team at Fidelity is approachable and happy to help you learn.
What does a typical day-to-day look like for you?
A typical day is dynamic, blending independent work with meetings. My time is split between financial modelling, research writing, internal meetings which could be with my sector team or pitching ideas to Fidelity’s portfolio managers, and external meetings with sell-side researchers, industry experts, and with the companies I cover. Engaging directly with company CEOs and CFOs is an integral part of the research process and allows analysts to refine and expand their analysis. This mix of solitary and collaborative work makes the role varied and stimulating.
Are there transferable skills from studying History to working in Equity Research?
My History degree made me curious about the world and honed my ability to write concisely and with impact, which is very important in my current role. History involves a lot of debating and encourages you to consider problems from multiple perspectives, and I think these skills are crucial for stock picking.
What advice do you have for non-finance students?
There’s no barrier preventing non-finance graduates from thriving in roles like equity research. I would urge those with a non-finance background who are considering a career in finance to explore their interest. Engage with the industry by speaking to people who work in similar roles, reading articles, and listening to podcasts. You could also sign up to insight events hosted by asset managers like Fidelity.
What’s your opinion on the belief that the finance industry is only suitable to students studying finance?
It’s a misconception. Technical skills can be learned, but curiosity, enthusiasm, and resilience are innate qualities that go beyond your academic background. Whether you come from a Humanities or a STEM field, if you’re interested in finance, you should go for it.
What is your proudest achievement working at Fidelity so far?
I’m really proud of the skills I have developed in hosting meetings with company CEOs and CFOs. Before starting at Fidelity, I never expected to have the opportunity to talk about a business’s performance with the real expert – the company’s CEO. Equity research is a career which enables a huge amount of growth and gives you access to incredible opportunities.
Working in equity research is open to anyone with a curiosity about the world and a willingness to learn. My journey is proof that diverse academic backgrounds are valuable in equity research because they offer unique perspectives that enrich debate.