Research Associate – Biotech Equity Research

B. Riley Securities | Arlington, VA · New York, NY · San Francisco, CA

Join a Top-Ranked Research Platform Where Your Impact Matters from Day One

For more than 25 years, B. Riley Securities has built its reputation as a premier small- and mid-cap research boutique recognized across the Street for exceptional stock-picking performance. With approximately 400 companies under coverage and a fundamentals-driven approach, our platform generates alpha-producing ideas that institutional investors trust. We are seeking a Biotech Research Associate to join our Healthcare Equity Research team and our proven analyst development track.

The B. Riley Securities Difference

• Clear path to analyst. We promote from within—our track record speaks for itself.
• Rapid responsibility. Small teams mean direct exposure to senior leadership and meaningful ownership from day one.
• Mentorship that matters. Mentor-led groups and monthly stock pitch competitions, with bonus compensation for winners and consistent excellence required for promotion.
• C-suite and KOL access. Management meetings, medical conferences, analyst days, and BRS-led investor events.
• Published research. Co-author notes and coverage initiations once licensed.

Position Overview

The Biotech Research Associate supports senior analyst coverage across oncology/hematology, immunology/inflammation, cardio-metabolism, CNS/neurology, and ophthalmology, contributing directly to published research on both commercial and development-stage companies in a fast-paced, catalyst-driven environment. Success looks like rapidly developing ownership of models and therapeutic area databases, producing clean first drafts under deadline, and building toward independent company coverage.

Location: Arlington, VA · New York, NY · San Francisco, CA

Core Responsibilities

Research & Due Diligence

• Support biotech and pharmaceutical public equity coverage, including earnings, clinical data readouts, and medical conference events (e.g., AACR, ADA, ASCO, ASH, ESMO, AAN, EHA, ObesityWeek, WCLC).
• Conduct scientific, clinical, regulatory, and competitive due diligence, distilling what matters for the investment thesis.
• Track catalysts across the coverage universe and communicate developments to the team on a timely basis.

Modeling & Data

• Build and maintain financial models, including revenue builds, probability-adjusted forecasts, and comp sheets.
• Develop and maintain therapeutic class, disease area, and regulatory precedent databases.
• Construct forecasts and sensitivity analyses that support investment recommendations.

Research Production & Engagement

• Draft research notes, flash updates, and companion sales materials requiring minimal editing before publication.
• Communicate actionable ideas on morning/midday calls and respond to requests from the sales force and institutional clients.
• Participate in management calls, KOL discussions, investor conferences, and corporate access initiatives.

Professional Development Track

Foundational Excellence

• Obtain all FINRA licenses (SIE, Series 7, 63, 86/87) within the first six months.
• Master financial modeling, accounting fundamentals, and the therapeutic areas under coverage.
• Demonstrate a "can do" attitude and independent resourcefulness.

Senior Associate Progression

• Develop proprietary insight into coverage names and proactively identify timely product ideas.
• Handle client requests independently when the analyst is unavailable.
• Build complex models with accurate forecasting.

Analyst Readiness

• Manage several names under coverage with minimal supervision.
• Develop and maintain corporate and KOL relationships that secure valuable access.
• Lead new coverage launches from initiation through publication.

Qualifications

Required

• One to three years of experience in biotechnology/pharmaceuticals via equity research, investment banking, consulting, industry, or clinical/scientific roles; OR an advanced scientific degree with demonstrated interest in public markets.
• Ability to interpret clinical and scientific data and translate findings into investment implications.
• Solid financial modeling and analytical skills with advanced Excel proficiency.
• Strong written communication and attention to detail under deadline pressure.
• Willingness to obtain required FINRA licenses (SIE, Series 7, 63, 86/87) post-hire; existing licenses a plus.
• Strong work ethic, intellectual curiosity, integrity, and a team-first attitude.

Preferred

• Advanced degree (Ph.D., M.D., Pharm.D., or Master's) in life sciences or a related field.
• Prior sell-side equity research experience in healthcare/biotech.
• Familiarity with FactSet, Bloomberg, AlphaSense, clinicaltrials.gov, and scientific literature review.
• Experience applying data analysis or coding (Python, R) to clinical or financial datasets.
• CFA designation or active candidacy.

Compensation & Benefits

• Competitive base salary with quarterly performance-based bonuses and additional associate program competition bonuses.
• Comprehensive medical, dental, and vision insurance.
• 401(k) profit-sharing retirement plan.
• Paid holidays, vacation, and sick leave.
• Sponsorship of all required FINRA licenses, mentorship pairing, and access to industry conferences and continuing education.

Application Process

1. Initial screen – phone interview with HR and the hiring manager.
2. Associate interview – current associates evaluate your stock pitch and cultural fit.
3. Technical assessment – modeling and writing test.
4. Analyst interview – senior analyst assesses analytical capability and therapeutic area knowledge.
5. Final round – Director of Research evaluates overall potential and fit.

About B. Riley Securities

B. Riley Securities provides comprehensive investment banking and capital markets services across all industry verticals, with our equity research platform serving as the intellectual foundation of the firm. BRS is widely recognized for thematic proprietary equity research, and our clients benefit from our extensive network and industry expertise as well as the proven execution capabilities of our end-to-end financial services platform. With a 25+ year track record of identifying winning stocks and developing top-tier analysts, we believe we offer the most proven path from associate to analyst on the Street.

Equity research platform: https://www.brileysecurities.com/equity-research

B. Riley Securities, Inc. employees enjoy competitive salaries, access to our 401(k) profit sharing retirement plan and our other benefits including paid holidays, vacation, and sick leave, voluntary group medical, dental, and vision insurance, and company paid life and disability coverage.

Inclusion and Equal Opportunity Employment: B. Riley Securities is an equal opportunity employer committed to diversity and inclusion. We are pleased to consider all qualified applicants for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, protected veterans status, Aboriginal/Native American status or any other legally-protected factors.