Behind every company valuation is a combination of financial analysis, industry research, judgment, and an understanding of the business itself. At Eqvista, that work is carried out by valuation professionals who bring experience across different areas of finance and capital markets.
In this employee spotlight, we speak with Jeff Yang, Senior Valuation Analyst at Eqvista, about his journey from finance and capital markets into valuation. Jeff shares how his experience in private equity, investment banking, and REIT research shaped the way he approaches valuation, the challenges he encounters when analyzing complex capital structures, and the professional qualifications that continue to influence his work.
Jeff, could you start by sharing a little about your background and the experiences that first sparked your interest in finance?
I’m currently a Senior Valuation Analyst at Eqvista. My background includes experience in private equity, investment banking, and REIT research, which gave me exposure to different sides of finance and financial analysis.
I initially became interested in finance because I enjoyed the subject and wanted to understand how the concepts I was studying applied in real business situations. Exploring different areas of finance early in my career helped me understand what type of work suited me best and ultimately led me toward valuation.
You earned both a bachelor’s and a master’s degree in Finance. What drew you to continue your studies in the field, and how did your perspective on finance evolve during that time?
I enjoyed studying finance and felt there was still a lot I wanted to learn. Pursuing a master’s degree also gave me an opportunity to strengthen my technical knowledge while gaining more time to explore the different career paths within finance.
As I progressed through my studies and gained practical experience, my perspective became more focused on how financial analysis can be applied to real companies and investment decisions. That practical side of finance is what eventually drew me toward valuation and company analysis.
Looking back on your early career, was there a particular experience, mentor, or challenge that helped clarify the professional direction you wanted to take?
My early research experience played an important role in shaping my career direction. I found that I genuinely enjoyed researching companies, understanding their businesses, and working through the financial analysis behind them.
At that stage, I didn’t have a fixed career plan. However, gaining experience across different areas of finance helped me identify the type of work I found most interesting. That gradually led me toward roles where company analysis and valuation were a larger part of the work.
Before joining Eqvista, you gained exposure to private equity, investment banking, and REIT-related analysis. How did those experiences shape your understanding of businesses, investments, and financial decision-making?
Each of those experiences gave me a different perspective on how businesses are evaluated.
Private equity gave me exposure to researching potential investments and assessing the factors that can influence an investment decision. Investment banking provided a different perspective, particularly around companies preparing for capital markets activity and potential listings. REIT research gave me experience analyzing listed companies and businesses within the real-estate sector.
Having worked across these areas has helped me understand that financial analysis needs to be approached in the context of the decision being made. That perspective has been useful in my valuation work at Eqvista, where companies can differ significantly in terms of their industries, business models, financial profiles, and capital structures.
Each area of finance can offer a very different perspective. What lessons did you take from private equity, investment banking, and real-estate-related analysis that you still rely on today?
One of the biggest lessons I’ve carried forward is not to rely on a single number or metric without understanding what is behind it. A strong year of performance or an attractive forecast can provide useful information, but it is equally important to understand the assumptions supporting that performance and whether they are sustainable.
That mindset is particularly relevant in valuation. The numbers are important, but understanding the business, the assumptions, and the factors that could affect future performance is what gives those numbers context.
What led you from your earlier roles in finance to a career focused on valuation? Was it a gradual transition, or was there a moment when you realized this was the work you wanted to pursue?
It was more of a gradual transition. I had already encountered valuation in my earlier roles and found myself wanting to spend more time working on it.
Eqvista was appealing because it allowed me to focus more deeply on valuation while continuing to work with a wide range of businesses. I enjoy that variety. One assignment may involve a software company, while another may involve a completely different industry that requires me to learn a new business model and understand a different set of industry dynamics.
That combination of financial analysis, research, and continuous learning is what I find particularly interesting about valuation.
What were some of the biggest learning curves you faced while building your career, and how did you work through them?
The more complex valuations have probably been the biggest learning curve, particularly when a company has multiple classes of shares or different types of funding instruments.
Before building the valuation model, it is important to understand the company’s ownership structure and how the different terms and rights associated with those instruments can affect the analysis. I usually break a complex assignment into smaller components, work through the relevant documentation, and discuss areas I’m less familiar with with other members of the team.
Understanding the business itself can also be a significant part of the process, especially when working with an industry I haven’t encountered before. In those situations, research and collaboration become particularly important.
Your career has involved both corporate-finance and capital-markets perspectives. How has working across those areas influenced the way you think about a company’s story, opportunities, and risks?
Having exposure to both perspectives has taught me to look at a company from more than one angle. I consider the company’s own performance, plans, and financial position, but I also look at the broader industry environment and how comparable businesses are performing.
Comparing a company with similar businesses can provide useful context around areas such as growth, profitability, and operating performance. At the same time, I don’t think every company should be expected to follow exactly the same path. The objective is to understand what makes a particular company different and whether its assumptions and forecasts are reasonable in that context.
You are a CFA Charterholder, FRM holder, and MAFF credential holder. What motivated you to continue pursuing professional credentials throughout your career?
I’ve always wanted to continue developing my knowledge and become better at the work I do. The CFA and FRM were particularly relevant to areas of finance that I was already interested in, while the MAFF became more relevant after I had gained practical experience in valuation.
I also find that working toward a structured qualification gives me a clear framework for continued learning. Having a syllabus and a specific goal makes it easier to maintain a consistent learning routine alongside professional responsibilities.
Of the different qualifications and experiences you have gained, which have been especially meaningful in shaping the way you approach your work and why?
The CFA program gave me a strong foundation in finance, but my professional experience has been equally important. Working alongside experienced colleagues has taught me a great deal about how to approach difficult questions and think through problems from different perspectives.
One thing I’ve particularly valued is being able to discuss challenging situations with colleagues and understand how they approach the same problem. It has made me more comfortable asking for another perspective when something is unclear, which I think is an important part of developing professionally.
What part of your professional journey are you most proud of so far, and what do you hope to continue building or contributing in the years ahead?
I’m proud of having found an area of finance that I genuinely enjoy and can see myself continuing to develop in. Over the course of my career, I’ve become much more confident in approaching complex analysis, while also recognizing that there is always more to learn.
Going forward, I’d like to take on greater responsibility, continue strengthening my valuation expertise, and contribute to the development of newer members of the team by sharing some of what I’ve learned along the way.
What advice would you share with students or early-career professionals who are interested in finance but are still figuring out which path within the field is right for them?
My advice would be to understand what people actually do in a role before deciding whether it is right for you. Job titles can give you a general idea, but the day-to-day work can be very different from what you expect.
An internship, project, or even conversations with people already working in the field can help you get a much clearer picture. I also don’t think you need to have your entire career planned from the beginning. Getting exposure to different areas, paying attention to what you enjoy, and learning from each experience can help you figure out the right direction over time.
