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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 with independent, in-depth analysis of publicly-traded companies across multiple sectors. Our team produces differentiated views, financial and valuation models, and publishes research that inform investment decisions. As an Associate in Equity Research, you will have an opportunity to work directly with an equity 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 equities business.

The Mining – Precious Metals Associate will work closely with the senior analyst to deliver differentiated, idea-oriented research across the precious metals equities coverage universe. Success in this role requires a blend of financial modeling rigor, geological literacy, and an ability to synthesize drivers into actionable investment conclusions.

Key Responsibilities

• Construct and maintain detailed financial models including NAV/DCF, operating models, and sensitivity analyses for precious metals equities.
• Track and interpret precious metals price dynamics, incorporating real interest rates, central bank policy, currency movements, and physical market fundamentals, among other drivers.
• Evaluate project-level economics including feasibility studies, resource estimates, all-in sustaining costs, and capital allocation frameworks.
• Author and contribute to initiation reports, quarterly earnings analyses, price target revisions, and thematic notes.
• Perform peer and valuation benchmarking across the precious metals space, identifying relative value opportunities.
• Monitor corporate news flow, drill results, permitting milestones, and regulatory changes; distill key takeaways for the team and clients.
• Engage with institutional sales and trading teams to communicate investment theses and handle client inquiries.
• Continuously develop sector expertise and progress toward independent capabilities aligned with your growth trajectory.
• Ability to work independently under strict deadlines, with an attention to detail and output orientation
• Strong work ethic and ability to take initiative, ability to balance multiple tasks
• Superior business writing skills, presentation skills, and interpersonal skills
• Flexibility and ability to invest long hours as needed/required by business due to nature of the role

Educational Assets:

• Strong preference for finance and business qualifications – must be comfortable working with financial statements
• Chartered Financial Analyst (CFA) and/or CA/CPA is an asset
• Geology background is an asset
• Experience in equity research or a related discipline is an asset
• Comfort with and enthusiasm for leveraging available AI tools in research workflows, including a working knowledge of effective prompting techniques, is considered a strong asset

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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):