Industry guides
Investment Research Internships in Singapore
Investment research internships develop the financial modelling, Bloomberg, and sector analysis skills that underpin careers in asset management and banking. This guide covers sell-side vs buy-side research, CFA preparation, and salaries of SGD 1,500–4,500/month.
Investment Research Internships in Singapore
Investment research internships are a gateway to some of the most intellectually stimulating careers in finance. Whether you're on the sell-side producing research that drives trading decisions or on the buy-side shaping investment portfolios, the research function sits at the intersection of financial analysis, industry knowledge, and communication skills.
Sell-Side vs Buy-Side Research
| Dimension | Sell-Side Research | Buy-Side Research |
|---|---|---|
| Employer | Investment banks, brokerages | Asset managers, hedge funds, sovereign wealth |
| Output | Published research reports | Internal investment memos |
| Distribution | External (institutional clients) | Internal (portfolio managers) |
| Focus | Coverage of listed companies | Investment thesis on potential holdings |
| Pay (intern level) | SGD 1,500–4,500 | SGD 1,500–4,000 |
| Pressure | Publication deadlines, earnings seasons | Portfolio performance |
For students, sell-side is more accessible because the teams are larger and the recruitment is more structured.
Sell-Side Research in Singapore
Singapore's equity research market covers:
Key sectors covered by Singapore-based research teams:
- Singapore REITs: S-REITs are one of the most actively researched sectors; DBS, Maybank, and UOB Kay Hian cover all major REITs
- Singapore Banks: DBS, OCBC, UOB are core coverage for all major banks
- ASEAN Equities: Coverage extends to Malaysia, Indonesia, Thailand, Philippines from Singapore desks
- Consumer / Retail: Regional coverage of Lazada, Sheng Siong, Dairy Farm
- Technology / Semiconductors: Coverage of SGX-listed tech and global semiconductor supply chain
Buy-Side Research in Singapore
| Type | Employers | Focus |
|---|---|---|
| Long-only asset management | Aberdeen Standard, Schroders, Franklin Templeton | Public equities, fundamental |
| Hedge funds | Dymon Asia, Premia Capital, various single-family offices | Multi-strategy, event-driven |
| Sovereign wealth | GIC, Temasek | Long-horizon investing, all asset classes |
| Insurance investment | AIA, Great Eastern, NTUC Income | Fixed income heavy |
Top Employers
Global Investment Banks
| Employer | Research Focus | Monthly Allowance |
|---|---|---|
| Goldman Sachs (Equities Research) | APAC equities, macro | SGD 3,000–4,500 |
| JP Morgan (Research) | APAC equities, credit | SGD 2,500–4,000 |
| Morgan Stanley (Research) | APAC equities, quant | SGD 2,500–4,000 |
| UBS (Research, APAC) | APAC equities, credit | SGD 2,500–4,000 |
| Citi (Research, APAC) | APAC equities | SGD 2,500–3,500 |
Singapore / Regional Banks
| Employer | Research Focus | Monthly Allowance |
|---|---|---|
| DBS Vickers | Singapore and ASEAN equities | SGD 1,800–2,800 |
| UOB Kay Hian | Singapore equities | SGD 1,500–2,200 |
| Maybank Securities | Singapore, Malaysia | SGD 1,500–2,200 |
| CIMB Research | ASEAN equities | SGD 1,500–2,200 |
| Macquarie Securities | APAC coverage | SGD 2,000–3,000 |
Asset Managers (Buy-Side)
| Employer | Style | Monthly Allowance |
|---|---|---|
| GIC | Multi-asset, long-horizon | SGD 2,500–4,000 |
| Temasek | Direct investment, active ownership | SGD 2,500–4,000 |
| Schroders Singapore | Fundamental equity, fixed income | SGD 1,500–2,500 |
| Aberdeen Standard | Emerging markets, equities | SGD 1,500–2,500 |
| Dymon Asia Capital | Macro, currency | SGD 1,500–2,500 |
CFA Institute and Investment Research
The CFA (Chartered Financial Analyst) designation is the gold standard for investment research professionals:
- CFA Level 1: Fundamentals of investment analysis; studied by many Singapore finance students
- CFA Level 2: Asset valuation — directly relevant to equity research
- CFA Level 3: Portfolio management
Passing CFA Level 1 during your penultimate year and listing it on your resume significantly differentiates you for investment research internship applications.
The CFA Institute Research Challenge is a team competition for university students producing an equity research report on a Singapore-listed company. Participating teams receive mentorship from professionals and the experience is directly relevant to investment research interviews.
Bloomberg Skills
Investment research requires Bloomberg proficiency:
| Bloomberg Function | Use |
|---|---|
| FA (Financial Analysis) | Company financial statements, ratios |
| BI (Bloomberg Intelligence) | Sector research, news |
| ERN (Earnings) | Consensus estimates, historical EPS |
| EQS (Equity Screening) | Screen for investment candidates |
| DDIS (Debt Distribution) | Bond holdings analysis |
| RELN (Relative Valuations) | Peer comparison multiples |
Bloomberg Market Concepts (BMC) is a free certificate available through university Bloomberg terminals. Complete it before any investment research interview.
What Investment Research Interns Do
Weeks 1–3
- Learn the research team's coverage universe and existing models
- Update financial models for recent earnings releases
- Summarise industry news into daily briefing notes
Weeks 4–8
- Run quantitative screens using Bloomberg
- Assist with sector note writing (data gathering, chart creation)
- Attend earnings calls (observer) and summarise key points
Final Weeks
- May contribute a section to a published research note
- Present investment thesis on one company to the team
Salary Benchmarks
| Employer | Monthly Allowance |
|---|---|
| Bulge bracket (Goldman, JPM, MS) | SGD 2,500–4,500 |
| GIC / Temasek | SGD 2,500–4,000 |
| Regional banks (DBS, Macquarie) | SGD 1,500–3,000 |
| Asset managers | SGD 1,500–2,500 |
| Local brokerages | SGD 1,200–2,000 |
Application Tips
- Build a research report: Write a 3–5 page equity research note on a Singapore-listed company (pick a REIT or bank — well-understood sectors). Submit it unsolicited with your application to regional brokerages — this works
- CFA Level 1 in progress is a significant credential — many successful research interns have registered for and are actively studying for CFA L1 when they apply
- Bloomberg proficiency — list your BMC certificate and specific Bloomberg functions you know; this is screened by analysts before interview
- NUS and SMU investment clubs run Bloomberg training and research competitions — these are the best preparation for investment research interviews
- Target DBS Vickers and UOB Kay Hian for your first investment research internship — these are more accessible than Goldman or JP Morgan and provide genuine research experience with Singapore's core equity market
Investment research internships are one of the few roles where a student can contribute meaningfully from early on — financial modelling, data analysis, and writing are learnable skills that interns can deploy immediately. Start building your equity research skills now, even before your internship application.
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