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Equity Research Associate, Paper & Forest Products

Toronto, ON, Canada

Pay: $110,000 - $135,000 CAD
Job type: Full-time
Apply by: Oct 2, 2026
Posting language: English
Posted: Sep 21, 2026

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Original job description

Work Location:

Toronto, Ontario, Canada

Hours:

37.5

Line of Business:

TD Securities

Pay Details:

$110,000 - $135,000 CAD

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:

Equity Research provides institutional investors worldwide with independent, in-depth analysis of publicly traded companies across sectors and geographies. Our team produces differentiated financial models, valuation analysis, and published research that informs investment decisions. The department works closely with institutional Sales and Trading and other partners across the firm.

Job Responsibilities:

Financial Analysis and Modelling

Build and maintain detailed financial models, including income statements, balance sheets, cash flow statements, segment-level forecasts, and product-line or capacity-based operating models.
Update forecasts following earnings releases, company disclosures, commodity price movements, and changes in industry conditions.
Maintain commodity price decks, foreign exchange assumptions, supply and demand frameworks, and other key earnings inputs.
Prepare comparable-company analysis, peer benchmarking, and through-the-cycle valuation work using methodologies such as EV/EBITDA, mid-cycle earnings, discounted cash flow, and replacement cost, where applicable.
Analyze company capital allocation, balance sheet capacity, free cash flow, dividends, share repurchases, acquisitions, and major capital projects.
Ensure models, databases, charts, and published figures are accurate, current, and internally consistent.

Company and Industry Research

Monitor weekly and monthly industry data and translate it into concise, decision-useful updates for the Senior Analyst and Senior Associate.
Track lumber, OSB, pulp, paper, packaging, and related commodity markets, including pricing, inventories, operating rates, capacity changes, mill curtailments, and supply and demand developments.
Follow U.S. housing, repair and remodel activity, building materials demand, fibre availability, transportation costs, and other relevant macroeconomic and industry indicators.
Monitor softwood lumber duties, tariffs, trade policy, and regulatory developments and assess their potential impact on companies under coverage.
Review company filings, MD&A, investor presentations, earnings call transcripts, and other disclosures closely, identifying material changes, inconsistencies, risks, and emerging themes.
Maintain company and industry databases and help identify trends, catalysts, and differentiated research ideas.

Research Publications and Investment Insights

Contribute to earnings previews and reviews, company updates, industry notes, thematic research, and initiation reports.
Prepare the underlying analysis, exhibits, valuation support, and written commentary for research publications.
Develop clear and supportable investment conclusions based on company fundamentals, industry conditions, valuation, and identifiable catalysts.
Assist in generating and testing differentiated research ideas, including scenario analysis and sensitivity work.
Over time, assume responsibility for first drafts of research notes and selected recurring publications.
Work within established research, supervisory, disclosure, and compliance requirements throughout the research publication process.

Earnings and Event Coverage

Prepare for quarterly earnings by updating estimates, identifying key investor questions, reviewing consensus expectations, and developing areas of focus.
Analyze reported results promptly, reconcile actual results against estimates and expectations, and identify the key drivers of variances.
Participate in company earnings calls, investor days, conferences, site visits, and other relevant industry events.
Support rapid and accurate communication of material developments to the Senior Analyst, Senior Associate, institutional Sales, and clients.

Client, Sales, and Team Support

Prepare presentation materials, company summaries, industry data, and talking points for client meetings, non-deal roadshows, conferences, and other marketing activities.
Respond to questions from institutional clients and Sales, initially with guidance from the Senior Analyst and Senior Associate and with increasing independence as sector knowledge develops.
Help communicate the team’s investment views, earnings expectations, industry outlook, and valuation conclusions clearly and consistently.
Build effective working relationships with institutional Sales, Trading, Corporate Access, and other internal partners.
Maintain organized research files, data sources, calendars, and workflow trackers to support the team’s coverage and publishing schedule.
Contribute positively to the team by demonstrating intellectual curiosity, accountability, responsiveness, and a willingness to take ownership.

Qualifications and Assets

Undergraduate degree in business, finance, economics, accounting, engineering, forestry, or another relevant discipline.
Progress toward the CFA or CPA designation is preferred but not required.
Prior experience in equity research, investment banking, credit, corporate finance, accounting, consulting, or a related analytical role is an asset but not required.
Exposure to forest products, building materials, commodities, industrial businesses, or cyclical sectors is an asset.
Strong financial statement analysis, accounting, valuation, and Excel modelling skills.
Demonstrated attention to detail and a commitment to producing accurate, high-quality work.
Strong analytical and problem-solving skills, including the ability to identify the most important information within large volumes of data.
Clear, concise writing and strong verbal communication skills.
Ability to manage multiple deadlines and respond effectively during earnings periods and other time-sensitive events.
Comfort working both independently and collaboratively in a fast-paced, team-oriented environment.
Comfort with and enthusiasm for leveraging approved AI tools in research workflows, including a working knowledge of effective prompting techniques, is considered a strong asset.
A genuine interest in public markets and cyclical, commodity-driven businesses.

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 strive to make every interaction, product and experience remarkably human and refreshingly simple. 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.

Together, we are reimagining what banking can be for our clients, colleagues and communities.

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.

If you’re passionate about helping clients and building deep, lasting relationships, TD offers diverse career paths where you can grow your expertise and make a meaningful impact.

We're committed to your success and foster a respectful workplace where diverse perspectives are valued, everyone has fair opportunities to grow, and you can unlock your full potential to achieve your career goals. Here at TD, we hire and develop the best.

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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More about this job

Responsibilities

The associate will build and maintain detailed financial models and valuation analysis to support institutional investment decisions. They will also monitor industry data, track commodity markets, and contribute to research publications and earnings coverage.

Requirements

Candidates should possess an undergraduate degree in a relevant discipline such as finance, business, or economics, with strong financial modeling and analytical skills. Progress toward a CFA or CPA designation and prior experience in equity research or related analytical roles are considered assets.

Skills

Financial modeling
Valuation analysis
Financial statement analysis
Accounting
Excel modeling
Data analysis
Market research
Commodity market analysis
Investment research
Technical writing
Communication skills
Problem-solving
Attention to detail
Prompting techniques
Scenario analysis

Benefits

Health and well-being benefits
Savings and retirement programs
Paid time off
Banking benefits and discounts
Career development
Reward and recognition programs

Visa sponsorship

Not detected in the job text

Keywords

Equity Research
Financial Modeling
Valuation
Income Statements
Balance Sheets
Cash Flow Statements
EV/EBITDA
Discounted Cash Flow
Commodity Markets
Lumber
Pulp
Paper
Packaging
Macroeconomic Indicators
Investment Research
Earnings Analysis
Institutional Sales
Capital Markets
CFA
CPA
Excel
AI Tools
Prompting Techniques
Cyclical Sectors
Financial Analysis

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