Fundamentals — Fundamental Analyst

Arm: Fundamentals · Places: 7 per team · Team size: 8

About QTE

Queen's Tower Exchange is a financial-markets simulation for Imperial College London students. Teams research and manage investments using live market data and simulated capital.

Responsibilities

• Investigate businesses, industry conditions and the evidence behind a potential investment.
• Write sourced theses covering valuation, expected holding period, catalysts and principal risks.
• Explain what would invalidate your view and why the proposed position size is appropriate.
• Monitor holdings and flag material changes for the Portfolio Manager's review and sign-off.
• Support the Portfolio Manager's risk oversight with analysis of exposures, liquidity, drawdowns and execution costs for your assigned holdings.
• Write closing notes comparing the outcome with the original investment case.

What success looks like

Useful, well-sourced research that helps the team make and revisit decisions. The portfolio is scored on risk-adjusted returns, net profit and loss, and capital deployment. Research reviews support learning and are unscored.

• Interest in companies, economics or financial markets.
• Comfort interpreting numbers and reading unfamiliar source material.
• Ability to write a clear argument supported by evidence.
• Curiosity, attention to detail and willingness to change your view.

You do not need an internship, prior stock pitch or finance degree. Coursework, independent reading and other research projects can demonstrate these skills.

Useful, but not required

Basic accounting, spreadsheet analysis, familiarity with company reports or a particular sector.

Much of your learning will take place during a dedicated training week, held after teams are selected and before trading begins. Your Head of Arm will deliver lectures exclusively for the teams in your arm, giving you a strong grounding in the concepts and tools you will use in your role.

• How to read financial statements and identify the drivers of a business.
• Core valuation approaches and how to communicate uncertainty through a valuation range.
• How to turn research into a thesis with catalysts, risks and clear invalidation conditions.
• How portfolio size, liquidity and trading costs affect investment decisions.
• How to monitor a thesis and learn from the final outcome.