Equity Research Associate – Energy Infrastructure and Energy Services

Work Location:

Calgary, Alberta, Canada

Hours:

37.5

Line of Business:

TD Securities

Pay Details:

$110,000 - $120,000 CADThis role is eligible for a discretionary variable compensation award that considers business and individual performance.

TD is committed to providing fair and equitable compensation opportunities to all colleagues. Growth opportunities and skill development are defining features of the colleague experience at TD. Our compensation policies and practices have been designed to allow colleagues to progress through the salary range over time as they progress in their role. The base pay actually offered may vary based upon the candidate's skills and experience, job-related knowledge, geographic location, and other specific business and organizational needs.

As a candidate, you are encouraged to ask compensation related questions and have an open dialogue with your recruiter who can provide you more specific details for this role.

Job Description:

The TD Securities provides equity sales, trading, research, underwriting and distribution from offices in Canada and the U.S.
 
As an Associate in Equity Research (Energy Infrastructure), you will work directly with an equity research analyst on the daily publication of company and industry research reports. You will hone research skills, gain detailed understanding of the sectors covered, and obtain insight into the institutional equity business.

Job Description

We are seeking a high-calibre research professional to support and help lead coverage of Canadian energy infrastructure and energy services companies, including regulated pipelines, midstream assets, and oilfield services providers.

The successful candidate will play a key role in fundamental analysis, financial modeling, and written research, with direct exposure to their senior research analyst, corporate management teams, and institutional investors.

Key responsibilities include:

• Building and maintaining detailed financial models for publicly traded energy infrastructure and services companies.
• Analyzing financials across cyclical and regulated business models.
• Interpreting financial statements, MD&A disclosures, and regulatory filings with a strong focus on underlying earnings quality and sustainability.
• Contributing to initiation reports, earnings notes, thematic research, etc. as required.
• Monitoring industry trends including capital spending cycles, commodity exposure mix, contract structures, and regulatory developments.
• Participating in management meetings, conference calls, and industry events as needed.
• Collaborating closely with sales, trading, and other internal partners to deliver timely and differentiated insights to clients.

Job Requirements

• Strong foundation in financial analysis and valuation, with the ability to work independently on complex models.
• Deep understanding of income statements, balance sheets, and cash flow statements, including working capital dynamics and non-cash adjustments.
• Experience analyzing capital-intensive businesses, including capital allocation, leverage, and FCF generation.
• Familiarity with regulated and contractual revenue models, or cyclically exposed energy services businesses, would be an asset.
• High attention to detail, sound judgment, and the ability to manage multiple priorities in a fast-paced environment.
• Strong written and verbal communication skills, with the ability to distill complex analysis into clear, actionable insights.
• Comfort interacting with stakeholders at all levels, including corporate management and institutional clients.
• Prior experience in equity research, investment banking, asset management, corporate finance, or public accounting is preferred.

Educational Assets

• University degree in accounting or finance.
• Completion of, or meaningful progress toward, a professional accounting designation (CPA/CA) is preferred.
• Completion of or meaningful progress toward CFA designation.
• Exposure to Canadian public markets, regulatory filings, and disclosure standards is an asset.
• Industry knowledge in pipelines, midstream, and/or oilfield services is beneficial but not required.

Who We Are:

TD Securities offers a wide range of capital markets products and services to corporate, government, and institutional clients who choose us for our innovation, execution, and experience. With more than 6,500 professionals operating out of 40 cities across the globe, we help clients meet their needs today and prepare for tomorrow. Our services include underwriting and distributing new issues, providing trusted advice and industry-leading insight, extending access to global markets, and delivering integrated transaction banking solutions. In 2023, we acquired Cowen Inc., offering our clients access to a premier U.S. equities business and highly-diverse equity research franchise, while growing our strong, diversified investment bank. We are growth-oriented, people-focused, and community-minded. As a team, we work to deliver value for our clients every day.

Our Total Rewards Package
Our Total Rewards package reflects the investments we make in our colleagues to help them and their families achieve their financial, physical, and mental well-being goals. Total Rewards at TD includes a base salary, variable compensation, and several other key plans such as health and well-being benefits, savings and retirement programs, paid time off, banking benefits and discounts, career development, and reward and recognition programs. Learn more

Additional Information:
We're delighted that you're considering building a career with TD. Through regular development conversations, training programs, and a competitive benefits plan, we're committed to providing the support our colleagues need to thrive both at work and at home.

Please be advised that this job opportunity is subject to provincial regulation for employment purposes. It is imperative to acknowledge that each province or territory within the jurisdiction of Canada may have its own set of regulations, requirements.

Colleague Development
If you're interested in a specific career path or are looking to build certain skills, we want to help you succeed. You'll have regular career, development, and performance conversations with your manager, as well as access to an online learning platform and a variety of mentoring programs to help you unlock future opportunities. Whether you have a passion for helping customers and want to expand your experience, or you want to coach and inspire your colleagues, there are many different career paths within our organization at TD – and we're committed to helping you identify opportunities that support your goals.
 

Training & Onboarding
We will provide training and onboarding sessions to ensure that you've got everything you need to succeed in your new role.

Interview Process 
We'll reach out to candidates of interest to schedule an interview. We do our best to communicate outcomes to all applicants by email or phone call.

Accommodation
Your accessibility is important to us. Please let us know if you'd like accommodations (including accessible meeting rooms, captioning for virtual interviews, etc.) to help us remove barriers so that you can participate throughout the interview process.

We look forward to hearing from you

Language Requirement (Quebec only):

Sans Objet

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