Post on 21-Apr-2018
transcript
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“By developing a citizenry that is enlightened
and informed about international relations, the
Foreign Policy Association performs an
invaluable service to our country.”
– President Ronald Reagan
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The Foreign Policy Association hopes to inspire others to participate in international affairs and the foreign policy process. FPA’s Global
Career Boot Camps and Global Job Board provide invaluable tools for internationally-minded professionals.
FPA’s Global Career Boot Camps include specialized seminars, networking opportunities and insider tips on landing a global job.
From non-profit organizations to governments, FPA’s Global Job Board is the most comprehensive source of internationally-minded
job opportunities, both in the United States and abroad.
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BREAKING INTO
GLOBAL FINANCE
Tool Book
Contents:
Breaking Into Global Finance: Investment Banking to The World Bank
Brief Overview of Financial World……………………………………….5
Academics & Credentials…………………………………………………7
Lifestyle Considerations………………………………………………….9
Getting the Job…………………………………………………………..10
Appendix………………………………………………………………..14
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BREAKING INTO GLOBAL FINANCE:
A BRIEF OVERVIEW OF THE
FINANCIAL WORLD
Commercial Banking – Largely transactional, deposit taking and lending
institutions. Provide retail consumer and small business services. Many global
banks provide trade finance.
Investment Banking – Financial intermediation between providers and users of
capital. Participants are largely institutional investors (i.e. public, private
pension funds, endowments) and corporate entities (Facebook, General
Motors).
Securities Industry – Large overlap with investment banking. To raise capital,
companies issue securities such as high yield bonds, investment grade bonds,
structured securities, equities and many other varieties.
Alternative Assets – Hedge funds, real estate, private equity, commodities
venture capital and non-traditional investments (artwork, gold coins…)
Rating Agencies and Financial Information Companies – Sovereign and
corporate credit ratings agencies (Big three: Moody's, S&P, and Fitch).
Financial information companies like Bloomberg, and Thompson Reuters.
Government – United States Department of Treasury, state and local
government, Federal Reserve banking system, Small Business Development
Administration, Overseas Private Investment Corporation, Export-Import Bank,
Securities and Exchange Commission
Multilateral Financial Institutions – The World Bank Group, International
Monetary Fund, Inter-American Development Bank, European Investment
Bank, Asian Development Bank, African Development Bank
Government Sponsored Entities “GSEs” – Fannie Mae, Freddie Mac, Sallie
Mae
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Large and small corporations – Largest employers of college graduates.
Popular names on campus include Proctor and Gamble, Merck & Company,
Microsoft, Google, Ford Motor
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ACADEMICS AND CREDENTIALS
DEGREE CONSIDERATIONS
When choosing a degree program consider the following:
The name of school is important
Extent of services offered by career centers
Availability and support of alumni networks
Is it a “Core” recruiting school of major banks and companies
Obtaining degrees like BA in Business or MBA definitely helps at both
undergraduate and graduate level. Whatever your degree, it is important to
integrate core business curriculum into it, like accounting, corporate finance, and
courses dealing with quantitative and qualitative data. When choosing academic
program, confirm that school has established track record of placing graduates with
companies where you would like to work. Additionally, make connections between
institutional and geographic factors and your strategic goals. For example,
Georgetown or George Washington likely have good alumni representation at the
World Bank and International Monetary Fund and Columbia Global School of
business to New York investments banks simply by virtue of proximity. Most
investment banks visit schools such as Princeton and
OTHER NON-DEGREE CONSIDERATIONS
CFA exam
Certified financial analyst program is highly valued on Wall Street
Instead of returning to school for an MBA, many choose to study for the CFA
exam
Bloomberg Assessment Test
Demonstrates to employers that recent graduates are financial literate
Particularly helpful for liberal arts majors who may have difficulty conveying
knowledge of financial markets to potential employers from a class
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Financial modeling courses
Companies like Training the Street and Wall Street Training are popular on many
campuses and offer training using Excel to create financial models. Online training
classes also available.
Rating agencies (Moody's, S&P, Fitch) offer short programs in accounting, credit
risk and corporate finance. Certificate programs are useful to list on resume.
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PROFESSIONAL AND LIFESTYLE
CONSIDERATIONS
CAREER OPPORTUNITIES
Depend largely on one's current experience and background
College major, minor, independent studies
Internships, part-time jobs, special projects
Overall hiring numbers in financial sector will likely never reach pre '07
levels, however, some increased hiring occurring as markets and revenues
come back.
Do research, pick two to three sector areas of interest and start to hone
search (more on this in following slides)
SALARY EXPECTATIONS
Depends on field of finance and position
Investment bank > higher salaries, lots of hours, low job stability
Department of Treasury > lower salaries, fewer hours, high job stability
Overall, salaries trend from low to high starting at one end with government
agencies, ratings agencies, commercial banks and ending at the other end
with investments banks, hedge funds/private equity
Most positions requiring post-graduate level degree start at six figures
LIFESTYLE CONSIDERATIONS
Again, depends on field of finance. Some positions in commercial banking
or with ratings agencies or quasi governmental have excellent work/life mix.
Other areas, such as investment banking, expect to nearly live in the office,
vacations canceled, etc.
90 to 110 hours per week is not unusual
General rule is as remuneration goes up so does level of responsibility and
hours worked.
“Diamonds in the rough” are out there
Good salaries, interesting work, weekends free
Outside the most popular areas of finance such as investment banking, many
great opportunities exist that shouldn’t if the labor market were completely
transparent
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GETTING THE JOB
DO YOUR RESEARCH….
Take advantage of career center resources, namely publications by Wet Feet
Press, Vault, Hoovers, Factiva, and many others
Talk with graduates from your school working in finance
Understand what the company does and what the job involves
o This may be obvious advice, but 40% of students in interviews do not
understand the job they’re seeking.
o No understanding of company/position = no job!
Choose several business publications to read daily.
o New York Times Dealbook, Wall Street Journal, Financial Times,
Bloomberg, CNBC.
Spend some time doing self study. For example, make a list of common
terms, entities, subject matter you come across and may not be familiar with.
o Credit default swap (“CDS”)
o Too big to fail
o European Central Bank (“ECB”)
o Brazil, Russia, India, China (“BRIC” countries)
INFORMATIONAL MEETINGS
Informational interviews are informal meetings to discuss professional
topics generally: What somebody does, characteristics of their industry, your
background and what you'd like to do.
Excellent forum to learn more about a particular field and institution, build
your understanding of the financial industry, and gain advice and referrals.
For first round, choose several contacts with financial background you are
close to. People to test waters with and with whom you feel comfortable
testing your pitch on what it is you think you want to do and why.
SETTING TARGET AREAS IN FINANCE
After your primary research and discussions with career office staff and
informational interviews, you should have several areas of interest. For
example:
o Sales and trading
o Federal Reserve system
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o Treasury operations for corporation
Create a spreadsheet and talking points. Summarize points to explain it.
o Investment banking > “… since freshman year when I invested in
Apple, I’ve been fascinated with the stock market and corporate
finance…”
o Development banking > “… offers excellent opportunity for me to use
my languages, my spreadsheet skills, and interest in other cultures…”
Determine several institutions within those industry areas to pursue. Begin to
research them. For example:
o Bulge bracket banking > Goldman Sachs, Bank of America, JP
Morgan, Morgan Stanley
o Middle market banking > Lazard, Jefferies, Stifel Nicolaus
o Development banking > International Finance Corporation, Inter-
American Development Bank
Start reviewing formal position postings, apply directly.
Job postings in career center
On campus interviews
Go to company’s office
Apply to jobs listed on company websites
Post resume to job boards such as Monster and Bloomberg
Submit resumes online even without formal job posting by company
Don’t forget social media like LinkedIn and Facebook
Best to leverage your associations. Determine who you know or who knows
people within those institutions and start finding appropriate ways to speak
to those people: referrals, informational interviews, alumni connections etc.
RESUME
Format and grammar should be flawless.
Content should be as specific as possible to details of your educational and
professional background that make you relevant to job you are applying for.
For liberal arts majors, mention business and quantitative classes such as
finance, statistics or calculus.
Should have two to three versions.
If you have less than 10 years of experience, keep resume to one page.
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COVER LETTERS
Should follow block format and be clear, concise, and grammatically
flawless
Attention spans are smaller with modern communication so should be as
brief and to the point as possible
The body should contain two to three short paragraphs max stating who you
are, what you are applying for, why you are qualified, your interest in a
meeting or interview
If you were referred by someone, make sure you mention that; and
The cover letter should augment or add to information on your resume, not
simply repeat it
EXAMPLE COVER LETTER THAT WORKED!
April 27, 2012
Randall Smith
Resurgence Asset Management
885 Third Avenue
New York, NY 10022
Dear Mr. Smith:
I would like to submit my credentials to be considered for an investment position
with Resurgence Asset Management. I am actively seeking an attractive long-term
opportunity with an investment fund that leverages my current experience at JP
Morgan, a leading investment bank.
As a sample of my work, I have attached an investment idea involving the
securities of Blockbuster Inc. Also, I have included a resume, which outlines my
finance and investment experience. For the past several years, I have invested in
distressed companies based on deep, fundamental analysis with an emphasis on
cash flows, collateral protection, and the balance sheet. I have experience
investing in securities across the capital structure of companies, including bank
loans, bonds and equities, both private and public. My current responsibilities
entail conducting primary, original research, financial modeling, negotiating
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investment terms, and recommending investments directly to the Chief Investment
Officer.
If you are actively seeking candidates at my level of experience, I would welcome
the opportunity to meet with members of your firm.
Kind regards,
XXXX
EMAILS
More professional communications being done by email. Should be even
more concise than a cover letter. Several lines telling exactly who you are,
why you are contacting them, who referred you.
Consider when the best times are to email someone for response. Monday
morning probably not good.
Make sure you send thank you notes to all meetings. Should be very brief,
express appreciation, and note any significant action items discussed during
meeting.
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Appendix
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LINKS TO AMERICAN COMMERCIAL
BANKS
Bank of America Merrill Lynch
http://careers.bankofamerica.com/overview/overview.asp
JP Morgan
http://careers.jpmorgan.com/student/jpmorgan/careers/europe/postgraduate/mba/ap
p
Citibank
http://careers.citigroup.com/Careers/Default.jsp?lang=en
Wells Fargo
https://www.wellsfargo.com/careers/mbas_undergrads/
BB&T Capital Markets
http://www.bbt.com/bbtdotcom/careers/default.page
Bank of New York Mellon
http://www.bnymellon.com/careers/
Comerica
http://www.comerica.com/vgn-ext-
templating/v/index.jsp?vgnextoid=56558d9e70ae7110VgnVCM1000001c21160aR
CRD
M&T Bank
https://www.mtb.com/careers/Pages/CareersMT.aspx
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Northern Trust Corp.
http://www.northerntrust.com/pws/jsp/display2.jsp?XML=pages/nt/0707/1184083
425530_409.xml&TYPE=interior
Regions Financial Corporation
https://www.regions.com/about_regions/careers.rf
U.S. Bancorp
http://www.usbank.com/cgi_w/cfm/careers/careers.cfm
Capital One Financial Corp.
http://www.usbank.com/cgi_w/cfm/careers/careers.cfm
Fifth Third Bancorp
https://www.53.com/careers/index.html
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LINKS TO INTERNATIONAL
COMMERCIAL BANKS
Deutsche Bank
http://www.db.com/careers/content/en/yptu_mbas.html
BNP Paribas
http://www.graduates.bnpparibas.com/internships.html
Societe Generale
http://careers.societegenerale.com/groupe/en/evolving/students-1.html
Credit Agricole
http://www.mycreditagricole.jobs/stud_internships.php
Barclay’s Capital
http://group.barclays.com/Careers
Royal Bank of Canada
http://www.rbc.com/careers/index.html
Royal Bank of Scotland
http://www.jobs.rbs.com/uk
UBS AG
http://www.ubs.com/global/en/about_ubs/careers.html
HSBC Bancorp
http://www.hsbcnet.com/hr/careers
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Credit Suisse
https://www.credit-
suisse.com/careers/campus_recruiting/en/australia/training_programs_summer.jsp
Banco Santander
http://www.standardchartered.com/en/careers/index.html
BBVA Compass
http://empleo.bbva.com/norte-centro/empresa_04/stand.ngmf
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LINKS TO INVESTMENT BANKS
Goldman Sachs
http://www2.goldmansachs.com/careers/index.html
Morgan Stanley
http://www.morganstanley.com/about/careers/index.html
Allen & Company
(does not have a website – old school)
Alvares & Marsal
http://www.alvarezandmarsal.com/en/about/careers.aspx
BMO Capital Markets
http://www.bmo.com/careers/bmocapitalmarkets.html
Broadpoint Gleacher Securities Group, Inc.
http://www.gleacher.com/careers.shtml
Cantor Fitzgerald
http://www.cantor.com
Centerview Partners
http://www.centerviewpartners.com/overview.aspx?xitm=4&yitm=1
Edgeview Partners
http://www.edgeview.com/careers/
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Evercore Partners
http://www.evercore.com/about/careers
Friedman Billings Ramsey
http://www.fbr.com/Company/Work.aspx
Greenhill & Co.
http://www.greenhill.com/index.php?option=com_content&task=section&id=14&I
temid=85
Harris Williams & Co.
http://www.harriswilliams.com/welcometothemiddle/careers.php
Houlihan Lokey Howard & Zukin
http://www.hlhz.com/us/careers.aspx?LangType=1033
Jefferies & Company
http://www.jefferies.com/cositemgr.pl/html/Careers/index.shtml
Keefe Bruyette & Woods Inc.
http://www.kbw.com/
Lazard Ltd
http://www.lazard.com/careers/careers.aspx
Moelis & Company
http://www.moelis.com/careers/index.php
Montgomery & Co.
http://www.monty.com/pages/misc/careers.html
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Morgan Keegan
http://www.morgankeegan.com/MK/CareerOpp/default.htm
Nomura Holdings, Inc.
http://www.nomura.com/americas/careers/index.shtml
Oppenheimer & Co.
http://www.opco.com/public/about_oppenheimer/careers.html
Perella Weinberg Partners
http://www.pwpartners.com/Careers.aspx
Peter J. Solomon Company
http://www.pjsolomon.com/careers/index.html
Piper Jaffray
http://www.piperjaffray.com/2col_largeright.aspx?id=126
Raymond James Financial Inc.
http://www.raymondjames.com/professional_opportunities.htm
Robert W. Baird & Company
http://www.rwbaird.com/about-baird/careers/careers.aspx
Rothschild
http://www.rothschild.com/careers/
Sandler O’Neill + Partners L.P.
http://www.sandleroneill.com/
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Stephens Inc.
http://www.stephens.com/about_stephens_inc/careers.aspx
The Blackstone Group
http://www.blackstone.com/cps/rde/xchg/bxcom/hs/careers.htm
Thomas Weisel Partners/Stifel Financial
http://www.stifel.com/include.asp?pgid=1
William Blair & Company
http://www.williamblair.com/careers/careers.asp
Wedbush
http://www.wedbush.com/careers
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LINKS TO CREDIT RATING AGENCIES
Duff & Phelps
www.duffandphelps.com
Standard and Poor’s
http://www.standardandpoors.com/about-sp/careers/en/us
Moody’s Corporation
http://www.moodys.com/Pages/car001.aspx
Egan-Jones Rating Company
http://www.egan-jones.com/
Kroll Bond Rating Agency
http://www.krollbondratings.com/contact/careers
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OTHER USEFUL LINKS
The World Bank Group
http://web.worldbank.org/WBSITE/EXTERNAL/EXTHRJOBS/0,,menuPK:64262
360~pagePK:64262398~piPK:64262365~theSitePK:1058433,00.html
International Finance Corporation
http://www1.ifc.org/wps/wcm/connect/Careers_Ext_Content/IFC_External_Corpor
ate_Site/IFC+Careers
European Investment Bank
http://www.eib.org/about/jobs/index.htm
Inter American Development Bank
http://www.iadb.org/en/careers/careers-at-the-idb,1165.html
Asian Development Bank
http://www.adb.org/site/careers/working-adb
African Development Bank Group
http://www.afdb.org/en/careers/
Federal Reserve Bank - New York
http://www.newyorkfed.org/careers/index.html
Federal Reserve Bank - New York
http://www.newyorkfed.org/careers/index.html
http://www.federalreserve.gov/careers/default.htm
United States Department of Treasury
http://www.treasury.gov/careers/Pages/default.aspx