Click to edit Master title style Careers in Finance 9/12/2011 3/1/20 1 Click to edit INVESTMENT BANKING & Master titleDEVELOPMENT style CAREER www.wallst-training.com LEARN THE TECHNICALS Core Model: 5-year integrated financial statement projection model Valuation: Major valuation methodologies
(comps, DCF, reference range, football field) Corporate Finance fundamentals, capital structure, leverage, Enterprise Value, etc. Same material we use to train banks, research firms, private equity & hedge funds WANT TO BOOST YOUR CAREER? Goldman Sachs, Morgan Stanley, JP Morgan, BofA/Merrill Lynch: we have contacts all over! Taught by senior industry professionals active on Wall Street to provide you the most up-todate market information! Show us your enthusiasm and well keep an eye on you! 3/1/20 exclusive modeling & valuation weekend training seminar! CAREER DEVELOPMENT = SUPER-STAR Destroy your competition by receiving internship/job Q&As before the interview! Well tell you how to stay competitive in 2011 and finish as the #1 intern/analyst!
Essential for business majors and as a supplement for ANY liberal arts degree! Possible inclusion to our exclusive, invitationonly WST Bankers Club (wstbankersclub.com) WHAT, WHEN AND WHERE?! What: Financial Modeling & Valuation Seminar When: October 8-9, 2011; 9AM-5PM Saturday, 9AM-3PM Sunday Price: Professionals: $1,500, Student: $175 Paid MSUFA Members in good standing $150 90 % off regular price!!! Link: www.wallst-training.com/msu Contact: [email protected] 2 Click to edit Master title style Eli Broad
College of Business Overview 3/1/20 3 Click to edit Master title style Eli Broad College of Business Overview 3/1/20 4
Click to edit Master title style Eli Broad College of Business Overview 3/1/20 5 Click edit FINANCE Master title style Eli to Broad Overview
3/1/20 6 Click to edit Master style Traditional Careerstitle in Finance Corporate Finance Wealth Management Capital Consulting
Markets? Equity Research Sales and Trading Investment Banking Second Step Careers: Hedge Funds, Venture Capital, Private Equity 3/1/20 7 Click to Corporate edit Master title style Finance In a nut shell Create value for the stockholders, ensure business runs smoothly Ideal Candidates Undergrads with the ability to avoid crisis and generate solutions Average Starting Salary: $35-50 K Average Hours:
40 + Exit Opportunities: Easier to advance within large company, possibility to join Accounting Firm Respected Companies: Ford, GM, GE, General Mills, Dow Corning 3/1/20 8 Click to edit Master title style Board of Directors Chairman of the Board and CEO President and Chief Operations Officer (COO)
Vice President and Chief Financial Officer (CFO) Treasurer Cash Manager Financial Planning 3/1/20 Controller Capital Expenditures Credit Manager Financial
Accounting Manager Tax Manager Cost Accounting Manager Data Processing Manager 9 Click to Corporate edit Master title style Finance Pros: Opportunity to travel, ability to advance quickly while working in large corporation, reasonable hours
Cons: Not a glamour job until senior leadership is reached, analyzing performance while often times you dont see the products on a dayto-day basis, pay is not as lucrative as I-Banking, PE, etc. Most Relevant Courses at MSU: Any ACC course, FI 311, FI 312, FI 414, FI 451, FI 455, ITM 309 Other ideas: Corporate Finance Case Study CPA 3/1/20 10 Click to Day edit in Master title style Typical Corporate Finance 6am: Sleep
7am: Sleep 8am: Arrive at work, check email, make sure of no emergencies 9am: Analyze the financial health of competing companies 10am: Review company results, what is the cause of performance 11am: Call divisions within company who see operations firsthand 12pm: Perform trend analysis, are things going as planned? 1pm: Consolidate divisional data, put together report due at end of WD 2pm: Attend team meeting 3pm: Prep for earnings call, anticipate questions from investors 4pm: Work on budget cycle extending out as far as 5 years 5pm: Meet with senior leadership to discuss consolidated reports 3/1/20 11 Click to edit Master title style Wealth Management In a nut shell Make rich people richer
Ideal Candidates Undergraduates with both quantitative and personal skills Average Starting Salary: 50-60k, signing bonus and performance compensation Average Hours: 50-80 hours, varies significantly by firm and office culture Exit Opportunities: Some opportunities exist to join VC, PE, and HF in client relations and fundraising Respected Companies: J.P. Morgan, Goldman Sachs, Bessemer Trust, Plante Moran, Credit 3/1/20 12 Suisse, UBS Click to edit Master title style Wealth Management Pros: Work with people (not institutions), trusted advisor to some of the
most recognized families in America, challenge is knowing a thousand things six hundred feet deep (not one thing a thousand feet deep or one thing a thousand feet deep!) Cons: People are demanding!, some roles can be very administrative back office, less of a pipeline to VC, HF, PE than investment banking Most Relevant Courses at MSU: FI 311, FI 312, FI 457, EC 330, MGT 475, COM 325, COM 360, and PSY Classes Other ideas: Financial Markets Institute (FMI) Sales Communication Specialization 3/1/20 13 Click toDay editinMaster style Typical Wealthtitle Management
6am: Firm wide daily market call (be sure to have slides prepared!) 7am: Return to desk, make sure you are up on the markets 8am: Make final changes on investment performance book for client 9am: Monitor markets for liquidity events and catalysts 10am: Grab Starbucks just to have an excuse to get away from the desk 11am: Call structures desk to ensure understanding of client position 12pm: Banker gets back book with edits, needs final copies by 3pm 1pm: Drop everything to make necessary changes for prospect book 2pm: Beg printing team to give preference to your books! Last edits! 3pm: Listen to firm wide call on QE2 while creating prospect profiles 4pm: Attend team meeting 5pm: Send email to banking team explaining clients structured product 6pm-9pm: Much of the same! 3/1/20 14 Click to editConsulting Master title style In a nut shell Work on solving businesses most integrate and complex problems Ideal Candidates
Undergraduates with creativity, and ability to solve complex and integrate problems Average Starting Salary: 60-70k, signing bonus and performance compensation Average Hours: 75-80 hours Exit Opportunities: Top MBA programs, VC, PE, senior and executive level positions in small and large businesses Respected Companies: 3/1/20 15 McKinsey, Bain, Boston Consulting Group, A.T. Kearney, Click to editConsulting Master title style Pros: Steepest learning curves, varying experiences, travel Cons: Travel, selective (GPA, ACT, SAT matters a whole lot!), work can lack action and results Most Relevant Courses at MSU:
MGT 352, MGT 409, MGT 872, MGT 875, MGT 878 Other ideas: Students Consulting for NonProfit Organizations (SCNO) Start practicing consulting case studies 3/1/20 16 ClickTypical to editDay Master title style in Consulting 6am: Email research team asking them to clarify their data 7am: Update slides for MD 8am: Sit down with team to discuss thoughts on project 9am: Interview senior management discussing concerns and input 10am: Call Partner to discuss progress and look for insight 11am: Organize research teams data to offer information on Ps idea 12pm: Read research on industry 1pm: Read research in industry
2pm: Discuss with team industry research implications on project 3pm: Prepare for CFO interview with team 4pm: Email research team for more analysis 5pm: Interview CFO 6pm: Debrief with team new directions on case 3/1/20 17 Click to edit Master title style Equity Research In a nut shell Develop and communicate insights regarding covered securities Ideal Candidates Undergraduates who enjoy reading, writing, and are passionate about the markets Average Starting Salary: 60-70k, signing bonus and performance compensation Average Hours:
75-80 hours Exit Opportunities: Hedge Funds, Research Analyst at PE/VC Firms, Senior and Executive level positions in small and large businesses Respected Companies: 3/1/20 18 Goldman Sachs, Morgan Stanley, JP Morgan Click to edit Master title style Equity Research Pros: Learn vast amount of information about sectors/companies that you cover, Allows you to express your individual thoughts about companies through your reports Cons: Clients and traders may loose interest in your opinion after one bad call, The most writing of any career on Wall Street (Reports can be 200+ pages)
Most Relevant Courses at MSU: FI 311, FI 312, FI 414, FI 457, FI 857 Other ideas: Financial Markets Institute (FMI) Student Investment Association (SIA) Begin doing research own research and excel modeling 3/1/20 19 Click to edit title style Typical DayMaster in Equity Research 6am: Wrap up morning update and send out firm wide 7am: Update models as new data is released 8am: Answer questions on morning update and model updates 9am: Prepare for market open and phone calls with traders / clients
10am: Work on finishing sector and company updates 11am: Send sector and company updates to MD 12pm: Take more calls from traders / clients 1pm: Proof read new reports before they are distributed 2pm: Call sector insiders to discuss updates in the sector 3pm: Receive MD changes to sector/company reports, make changes 4pm: Dial into company earnings call 5pm: Update research/models with new details from earnings call 6pm: Begin preparing data for tomorrows morning update 3/1/20 20 Click to edit title style SalesMaster and Trading In a nut shell Buy and sell financial instruments in the market Ideal Candidates Undergraduates who enjoy real time feed back on their work, constant communication, and are passionate about the markets
Average Starting Salary: 70-100k, signing bonus and performance compensation Average Hours: 50-75 hours Exit Opportunities: Hedge Funds, Proprietary Trading Firms, MBA Programs Respected Companies: Goldman Sachs, Deutsche Bank, Citi, JP Morgan 3/1/20 21 Click to edit title style SalesMaster and Trading Pros: Opportunity to make more money than in most other careers, less hours than most other Wall Street jobs, something new is always happening Cons: If you blow up you probably wont get another job in S&T, if markets
are very volatile (like right now) you have a lot of sleepless nights, fewer attractive exit opportunities Most Relevant Courses at MSU: FI 473, FI 455, FI 452, FI 457, FI 857, FI 852 Other ideas: Financial Markets Institute (FMI) Student Investment Association (SIA) Begin trading in your own brokerage account 3/1/20 22 Click to edit Typical Day Master in Salestitle and style Trading 6am: Log into Bloomberg Terminal, See what happened overnight 7am: Read Morning updates and call research teams to ask questions 8am: Dial into morning call, Start trading pre market
9am: Prepare for market open, start getting/submitting a lot of orders 10am: Call clients and tell them what you are seeing in the markets 11am: Put on hedges for positions that are being traded quickly 12pm: Speak with clients/research team about market outlook 1pm: Dial into mid day calls 2pm: Ensure that the morning orders have gone through correctly 3pm: Begin closing out day trade/non overnight positions 4pm: Run P/L, See how entire group/bank did for the day 5pm: Update/build models that group may need 6pm: See how global markets are trading before going home 3/1/20 23 Click toInvestment edit MasterBanking title style In a nut shell Raise capital for corporate clients Ideal Candidates Strong analytical and verbal skills, attention to detail Average Starting Salary:
65-85k +Bonus Average Hours: 75-100 Exit Opportunities: Anything! PE, HF, Corporate Development at Fortune 500 company or back to school at a top tier business school Respected Companies: Goldman Sachs, Citi, Bank of America, Deutshe Bank, Credit Suisse 3/1/20 24 Click toInvestment edit MasterBanking title style Pros: Very steep learning curve, work with really smart people, training, opens a lot of doors for exit opportunities Cons: Work/Life Balance very long hours, very selective, work with all types of personalities Most Relevant Courses at MSU:
FI 311 Building block FI 414 Case studies and modeling skills FI 455 Excel skills ACC 201, 300, 301, 305 Lots of Accounting is good to have for IB Other ideas: Take on any leadership role and sell it in the interview 3/1/20 25 Click toDay editinMaster title style Typical Investment Banking 6am: Snooze a couple more hours while your friends in S&T are heading to work 9am: Arrive to the office, check email 10am: Work on valuation model 11am: Finish up pitch book for the presentation later today 1pm: Conference call with deal team to discuss the deal
3pm: Get back to the cube and work more in Excel on transaction comparables 3/1/20 26 Click toDay editinMaster title style Typical Investment Banking 5pm: Gather information from industry reports and put together a working group list for the deal 6pm: Throw together public information books and work on the discounted cash flow model (DCF) 9pm: Critique pitch book before it is sent to the Managing Director 11pm: Go home at this time on a good night 1am: Could be heading home at this time on some nights 3/1/20
27 Click to edit Actuarial Master title style 3rd best job in America for 2011 CNBC Named best job in 2010 Wall St. Journal 1 of the 10 jobs that pay $80,000/year CNN Top paying jobs Yahoo Finance .. 3/1/20 28 Click to edit Actuarial Master title style Determine how much an insurance company should charge for auto insurance, for homeowners insurance, as well as for business, taking into account many factors. (Property) Develop life insurance products so that children will be cared for in the event of an accident? (Life Annuity) Help companies establish their retirement plans. (Retirement Benefit)
Assist banks and other financial institutions in managing their assets and liabilities and develop ways to manage 3/1/20 financial risk. (Finance) 29 Click to edit Actuarial Master title style In a nut shell Actuary evaluate the likelihood of future events and manage risk Ideal Candidates Specialized math knowledge: Calculus, statistics, probability; Keen analytical, project management, and problem solving skills; Good business sense - Finance, Accounting, Economics; Solid communication skills; Strong computer skills (Excel, SAS, other programming languages, etc); Average Starting Salary: $56,320 (potential $150,000 to $250,000 ) Average Hours: at least 40 hours Respected Companies: Deloitte Consulting LLPA, Nationwide Insurance, MetLife Insurance, Fidelity, etc
3/1/20 30 Click to edit Actuarial Master title style Actuarial Exams: 5 preliminary SOA exams, VEE credits in Economics, corporate Finance, and applied statistics ASA (80 165) Pass other 5 exams in selected track FSA (100 500+) Pros: Higher Salary with better balance between work and life. Less physical demands, more job security among top paying jobs. Cons: hard to be qualified to work in this field, keep taking exams throughout your life (6-10 years and even more) Most Relevant Courses at MSU: FI311, FI321, FI379(MFE), MTH360(FM), STT441(P), STT455(MLC), EC, ACC Other ideas: Visit www.soa.org & www.beanactuary.org Talk to Prof. Cohen, Albert [email protected] Specialization in Actuarial Science 3/1/20 31
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