Citi Associate - Oil and Gas in Mumbai, India

  • Primary Location: India,Maharashtra,Mumbai

  • Education: Master's Degree

  • Job Function: Research

  • Schedule: Full-time

  • Shift: Day Job

  • Employee Status: Regular

  • Travel Time: Yes, 10 % of the Time

  • Job ID: 18016190


About Citi Research

Citi is a respected global leader in Investment Research and Analysis, with more than 300 analysts who follow more than 3,500 companies in dozens of industry groups and with securities trading in over 50 countries. We publish thousands of research reports annually on subjects ranging from promising new biotechnology discoveries to the dynamics of paper pricing in the global marketplace. Citi’s equities business is one of the largest and most established, both regionally and globally. Our clients include the world’s leading institutional investors and high net worth individuals and we provide these clients with value-added, independent, insightful and actionable investment advice.

Role Outline/Job Summary

The Global Research Center (GRC) of Citi Research in Mumbai is a full research office working with Equities Research, Equity Quant Research and Strategy, Economics Research, Commodities Research, and Rates Research. It also handles various critical functions such as Research Distribution, Global Data Services, Modeling and Risk Management.

Job Description

  • Position Title : Senior Associate

  • Business Group : Citigroup Global Markets India Private Limited

  • Function/Group : Citi Research

  • Department : Fundamental

  • Location : Mumbai

Role and Responsibilities:

Day-to-Day Responsibilities:

  • The associate will work closely with Global Head of Energy, Equity Research covering the Oil and Gas sector. The associate will help develop products and prepare research notes and presentations for internal and external clients. The associate also assumes responsibility of the models under coverage.

  • Types of projects may include, but are not limited to:

  • The Global Oil Vision is the flagship product of the Energy team. It is published annually. The chosen candidate will own up the product in entirety i.e. data collection and management, modeling and analysis, writing, publishing and working on client requests.

  • Maintenance and development of databases covering financial metrics, earnings and operating metrics

  • Updating and building detailed excel models

  • Performing regular tasks promptly and without supervision and providing regular reports to the analyst including analysis of regularly released industry statistics, sector news

  • Performing ad hoc client requests, often to deadlines

  • Supporting the senior analyst in developing new products, building investment thesis

  • Contributing to writing sections of the research report

Individual Contributor (IC)/Managerial: IC

Key Deliverables: Global Oil Vision

Percentage of Travel : Yes, 10% of the Time

Relocation : Yes




  • Required

  • The candidate will hold one of CA (preferably from Big Four Accounting Firms) or MBA from a premier academic institution


  • Required

  • 2-5 years of work-experience either in a commercial role for an oil company, or in analysis of the oil industry (e.g. equity research, consulting)


  • Preferred

  • CFA

Skills :

  • The individual will need to have an active interest in the oil industry, and be prepared to engage in reading trade journals, listening to multiple company conference calls and interpreting what they hear/read into financial models

  • A core understanding of how to build DCF models on oil company assets is essential; understanding how various fiscal models work and how capex profiles will look for different types of assets. Strong financial statement analysis skills and valuation modeling skills (DCF and Relative Valuation) is thus very important

  • Knowledge of US shale assets would also be a considerable advantage.

  • High degree of autonomy on a day-to-day basis. We would expect the individual to compile regular reports that capture the strategic themes in the industry

  • Good data management and analysis skills and a high degree of comfort with Excel; should be comfortable in maintaining and updating existing models and databases

  • Good writing skills (good at structuring the report and articulating the key findings); ability to synthesise ideas in clear, logical, and precise written English; must be already involved in writing research reports

  • Strong interpersonal skills for dealing with companies and overseas colleagues

  • Ability to work under pressure, with minimal supervision, and in a team environment

  • The ideal candidate will be highly detail-oriented and will possess strong organizational skills

  • The candidate should be a pragmatic "self-starter"; who can work both independently if the analyst is traveling or as part of a team

Organizational Relationships

  • Reports to

  • Direct: Utsav Verma – Head of Fundamental, Mumbai GRC

  • Matrix: Alastair Syme – Global Head of Energy Equity Research


  • Career Progression: Analyst


  • Bonus Eligible: Yes