▁to ▁m atur ity ▁– ▁and ▁market ▁risk ▁capital ▁requirements ▁will ▁differ ▁accordingly . ▁The ▁necessity ▁for ▁numerical ▁ability ▁in ▁sales ▁and ▁trad ing ▁has ▁created ▁jobs ▁for ▁physics , ▁computer ▁science , ▁mathematics ▁and ▁engineering ▁Ph . D . s ▁who ▁act ▁as ▁quant itative ▁anal yst s . ▁ ▁Research ▁The ▁se cur ities ▁research ▁division ▁reviews ▁companies ▁and ▁writes ▁reports ▁about ▁their ▁prospect s , ▁often ▁with ▁" bu y ", ▁" hold " ▁or ▁" s ell " ▁ratings . ▁In vest ment ▁banks ▁typically ▁have ▁sell - side ▁anal yst s ▁which ▁cover ▁various ▁indust ries . ▁Their ▁spons ored ▁funds ▁or ▁propriet ary ▁trad ing ▁offices ▁will ▁also ▁have ▁buy - side ▁research . ▁While ▁the ▁research ▁division ▁may ▁or ▁may ▁not ▁generate ▁re venue ▁( based ▁on ▁policies ▁at ▁different ▁banks ), ▁its ▁resources ▁are ▁used ▁to ▁assist ▁trad ers ▁in ▁trad ing , ▁the ▁sales ▁force ▁in ▁suggesting ▁ideas ▁to ▁customers , ▁and ▁invest ment ▁bank ers ▁by ▁covering ▁their ▁clients . ▁Research ▁also ▁serves ▁outside ▁clients ▁with ▁invest ment ▁advice ▁( such ▁as ▁institution al ▁invest ors ▁and ▁high - net - worth ▁individuals ) ▁in ▁the ▁hopes ▁that ▁these ▁clients ▁will ▁execute ▁suggested ▁trade ▁ideas ▁through ▁the ▁sales ▁and ▁trad ing ▁division ▁of ▁the ▁bank , ▁and ▁thereby ▁generate ▁re venue ▁for ▁the ▁firm . ▁Research ▁also ▁covers ▁credit ▁research , ▁fixed ▁income ▁research , ▁macro e conom ic ▁research , ▁and ▁quant itative ▁analysis , ▁all ▁of ▁which ▁are ▁used ▁internally ▁and