UNDERWOOD INTERNATIONAL COLLEGEYonsei University

50 Yonsei-ro, Seodaemun-gu, Seoul, Korea, 120-749

Phone: (82-8) 2123-3922~6, Fax: (82-2) 2123-8651

2015 Global Career TourNew York City

UNDERWOOD INTERNATIONAL

COLLEGE

UNDERWOOD INTERNATIONAL COLLEGEYonsei University

50 Yonsei-ro, Seodaemun-gu, Seoul, Korea, 120-749

Phone: (82-8) 2123-3922~6, Fax: (82-2) 2123-8651

Underwood International College (UIC) Underwood International College (UIC) is a highly selective, English-language, four-year liberal arts institution, which combines the intimate, elite learning environment of an American-style liberal arts college with the faculty and resources of Korea’s top private research university. UIC students choose from an extensive list of classes conducted entirely in English and taught by a distinguished group of international and Korean scholars. With a student body drawn from around the world, UIC focuses on ensuring that its graduates have the intellectual foundation to become capable global leaders and responsible democratic citizens.

The key to UIC is its distinctive organization. Rather than segregating professors into separate departments, divided across disciplinary lines, UIC encourages vibrant intellectual exchange by bringing scholars and students from different fields together into one program. The faculty of the Common Curriculum, which is composed of international scholars recruited from prestigious universities throughout the world, offers courses in Critical Reasoning, Eastern and Western Civilization, World Literature, History, Philosophy, Quantitative Methods and Research Design, as well as writing-intensive Freshman seminars and upper-division UIC seminars. The Common Curriculum assures that all UIC students, whatever their chosen field of study, will graduate with the ability to reason critically, communicate effectively, and navigate the complex intellectual landscape of the modern world.Underwood International College has organized Global Career Tours since the spring of 2008. These subsidized overseas trips provide students with opportunities to visit various international organizations, companies and schools in order to gain exposure to real-world experience. Since the spring of 2008, the tour has been held nearly every semester to destinations including Tokyo, Hong Kong, London, New York and Singapore. The Global Career Tour reflects Underwood International College’s vision of educating Global Leaders who have the skills and knowledge to be successful anywhere in the world.

Reading about global careers is different from witnessing first-hand what it takes to become successful in the business world. At each company visit, representatives introduce their companies and explain their job recruitment process. Many of the companies also introduce UIC students to young working professionals from various career tracks and allow them to hear about what it is like to work for some of the top companies. UIC’s Global Ca¬reer Tours offer an ideal way for UIC students to plan their future careers and learn invaluable information about the world beyond their college years.

Welcome toYonsei

UniversityUIC combines the intimacy

of a liberal arts college with the resources and

natwork of Yonsei University

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MONDAY: January 5th 19:30 Seoul – New YorkKOREAN AIRLINES Duration: 13hr

Hotel Check-inHoliday Inn Express Madison Square 232 West 29th Street, New YorkT. +1 212 695 7200

TUESDAY: January 6th 10:00 - 11:00 Sotheby’s 1334 West 29th Street New York, NY 10021

14:00 – 16:00 Goldman Sachs 200 West Street, 7th Floor New York, NY 10282

WEDNESDAY: January 7th 09:30 – 11:00 CME Group One North End Avenue New York 10282

14:30 – 16:00 UN ROK777 United Nations Plaza, New York, NY 10017

16:30 – 18:00 Consulate General of The Republic of Korea 460 Park Ave.(bet.57th & 58th St.) New York, NY 10022

19:00 - 22:00 Alumni DinnerDafni, Greek Taverna325 west 42 St New York NY 10036

THURSDAY: January 8th10:00 – 12:00 400 Capital 510 Madison Avenue, New York 10022

12:30 – 15:00 UN-OCHA 46th Street and 1st Avenue, New York 10017

16:00 – 17:00 Sullivan&Cromwell LLP 125 Broad Street New York 2498

FRIDAY: January 9thFree Time

SATURDAY: January 10th Breakfast at Holiday Inn

12:00-16:25( January 11th) New York - SeoulKOREAN AIRLINESDuration: 13hr 25min

2015 Global Career Tour, New York

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LETTER FROM THE EDITOR I had no idea it would be this cold in New York. I was expecting a slightly-colder-than-Seoul but still warm kind of weather, but New York did not greet us as nicely. Though the frozen streets and shivering cold weather did not make our attempts to walk 10 blocks a day any easier, I am glad that things turned out as they did.

Looking back, it was the freezing outdoors that made us appreciate the coziness of each company, letting us feel more welcomed by the kindness of the professionals we met. The cold kept us looking forward to each company visit, while motivating us to be more engaged in every discussion, eager to ask more questions and passionately share our opinion with the individuals we encountered. As a consequence, the 2015 Global Career Tour to New York turned out to be the best considering the motivation, passion and impact that each of our members was left with, after our 7-day journey together.

As reflected in each of our reports, a common theme resonating throughout the tour was “passion.” We witnessed professionals in all sorts of career fields talk about their job so differently, yet so uniquely the same. The way each of our hosts talked, acted and reacted was so overwhelmingly filled with excitement, with some sort of passion that we could not possibly ignore. They were explaining simple things: their daily routine, their journey after college or the project they are currently working on; yet they talked about each of these subjects with so much energy and confidence, as if they were narrating the happiest part of their lives.

Such confidence, excitement and motivation, I realized, can only be derived from genuine passion about something. It was our CME host Michael Dematteis’ sincere interest in finance that kept him reading and studying related materials, even though his major in college was unrelated to the field. UIC alumni Soyeon Kim’s aspiration to work on matters that make the headlines made her pursue a career in New York. It was the proactivity of Charles Park at Goldman Sachs that granted him a career in one of the strongest financial players in the world. It was UN Assistant Secretary General Kang Kyung-hwa’s passion for humanity that motivated her to work even under hopeless situations, hoping to save as many lives as possible.

I wondered; what is it that I am so passionate about? What am I truly interested in accomplishing, that I can wholeheartedly devote my time and energy for? I have yet to entirely figure out the answers to these questions. This GCT, however, helped me realize that finding what fills me in with such irresistible passion will gradually open up opportunities that I was reluctant or unwilling to see before. For now, I should keep myself motivated, proactive and open to new experiences, while doing my very best under any given situation.

I had visited New York a couple of times prior to our trip, but it was through this year’s GCT that I came to realize why it is called “the City.” New York is not merely the financial hub of the U.S., but also a place where you can dream big, aim high and accomplish much more. The once in a lifetime opportunity to interact with people from the largest, most prestigious companies in the world widened my horizons, extended my insight into the world of careers, and stimulated my desire to find what I am passionate about.

I would like to extend my most sincere gratitude to Professor Michael Kim for arranging such a valuable tour, not to mention his deepest care for his students and dedication to the future of UIC. I also express my full appreciation for Mrs. Semi Kim and the UIC office for their efforts to support students at all times. Lastly, I thank all of our GCT members for their active participation in every part of the program, along with their patience during the awfully cold weather in New York.

All in all the 2015 Global Career Tour to New York granted me with networking opportunities with fellow underclassmen, life lessons and insights that I would not have obtained otherwise. This booklet stands as a vivid journal written by our GCT group, in an effort to share our experience with you. Always; be open, proactive and passionate for what you truly enjoy doing. Everything else will gradually fall into place.

Love,

Haeun Theodora YuEditor-in-chief

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LETTER FROM THE EDITOR DELEGATIONBOOKLET

PUBLISHED IN FEB. 2015

ADVISORY PROFESSORMICHAEL KIM

EDITOP-IN-CHIEFHAEUN THEODORA YU

LAYOUT DESIGNERHAEUN YU

PHOTOGRAPHY CONTRIBUTORS

PROF. MICHAEL KIMJUHYE CHOI

DANIEL HWANGJEONGMIN KIM

TERRY KWONSEUNGHYUN LEE

CAROL OH

COVER IMAGE BYHAEUN YU

Professor Michael KimAssociate Dean

of Academic Affairs

Mrs. Semi KimStudent Affairs Officer

Haeun Theodora YuClass of 2012

International Studies

Jeongmin KimClass of 2013Asian Studies

Seunghyun LeeClass of 2013

Political Science & Int'l Relations

Arjin Rebecca LeeClass of 2013

Political Science & Int'l Relations

Haewon LimClass of 2012Asian Studies

Juhye ChoiClass of 2013

Comparative Literature & Culture

Hanbin JungClass of 2014

Quantitative Risk Management

Taehan KwonClass of 2014Economics

Taeyoon HwangClass of 2013Economics

Carol OhClass of 2013

International Studies

Jiho LimClass of 2014Economics

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Sotheby's by Becky Lee, Taehan Kwon, Carol Oh

General Information

Name of Company Sotheby’sIndustry AuctioneeringHeadquarters New York City Website http://www.sothebys.comFounded 1744/ London/ Samuel BakerMain Competitors Christie’s International Internship Application Period(s) 1st semester of senior yaer to mid of October and need based (usually

Sept-Oct and Jan-May)Career Info http://www.sothebys.com/en/inside/careers.html

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Company Background Sotheby ’s started in London on March 11, 1744 by Samuel Baker- it is a company over 270 years old. It started out with book sales and expanded to other products in the 20th century. Sotheby’s is now a global organization with main selling centers in New York, London, and Hong Kong. Although clients are sourced locally from 90 locations in 40 countries, objects are sold centrally at the three cities. Paris and Geneva are the exception for they also sell watches and jewelry, with the record break in Geneva with “Super Complication”. Lines of business include auctions, private sales, retail (diamond and wine), and financial services. The auctions, which started in 1744, are the main source of revenue while private sales, which started in 2006, take about 30% of the revenue. Private sales are for those who do not wish to wait for the sale season or want confidentiality. The retail for wine started in 2009, and the cost of wine goes from $15 to $15,000. The business is done in its separate stores in New York and Hong Kong (separate website also available). As for the diamonds, they are custom made for the clients and thus only a few of each are made. The financial service is a collateral loan service, where the money is loaned for an object not yet sold, and has to be paid back when it is eventually sold. Sotheby’s international realty and Sotheby’s Institute of Art is not directly under the Sotheby’s organization, although it has its name.

The mission statement of Sotheby’s is to be the best in what they do, transparency, and to truly represent sales and purchases of the best rarities in the world. The core values for the workers inc lude integrity, client-focus, talent, teamwork, and boldness. Integrity is shown by the company’s transparency. Sotheby’s is very client-oriented, as what the client needs is considered the most important. Also, although there are not a lot of employees compared to the size of the company, each is very talented in his or her subject and carries out superior execution. There is great emphasis on teamwork, as everyone works toward the same goal. 2/3 of the clients are private, meaning individual collectors and estates. There are also the dealers, the agents who represent clients, and others, which includes the estate attorney that could, for example, represent a bank.

Storyline The Sotheby’s building itself is very impressive. When we first arrived, we were welcomed by Hannah Byers, Sotheby’s Vice President of Museum Services. Then Christiana Bromberg, an associate in client services, gave us a brief tour of the building with brief information about the company and a Q&A session. The building used to be a Kodex film factory - some of its traces can still be seen, like its pillars - and so it has big empty spaces, which is perfect for gallery space. The walls are flexible, meaning they can be moved. As a result, walls are put down for airy

space for contemporary art displays, while for decorative objects special small rooms are made to make a suitable interior. We toured a typical exhibition and sales room on the 7th floor. It was interesting to see an auctioning place in person. Bromberg explained that there are 4 ways to buy from an auction. The classic way, which is still the most popular, is to come in person, register, and get a paddle (after making an account). Sotheby’s trusts its clients and works on a honor system, so 99% of the time no bank information is needed for the account. Other ways for auctioning include the telephone bid, absentee, and doing it online. Big auctions are a social event, with as many as 1000 to 15,000 people. Usually, there are 10 to 20 people at a scene, but the auctions are also streamed online, so there are actually more people participating. Sotheby’s galleries are a public place, almost like a free museum. The objects are not on display only for clients but also for those interested in what is out or for those interested in art. You can also watch an auction, for which registering is not needed. The 10th floor is the top floor and it’s the most beautiful gallery place. It is a very big open space with good lighting and even a nice chandelier. The big sophisticated and elegant space allows several different displays to be done at the same time. Also, thanks to its good lighting, the room is very suitable for jewelry showings. As we could see from both Christiana Bromberg and Ashley O’brien, in the HR

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department in charge of early and mid-level recruiting, the workers were really passionate and had pride in their work in Sotheby’s. We also learned about the three early talent programs. The first, Sotheby’s Graduate Training Program, is for current seniors in college. There is a separate one for New York and London. It involves a 3-4 months rotation to give breadth, even if the applicant already chose a specialty. It is incredibly competitive to get in, as out of the 400 registered, only 7 got in. You can apply during your 1st semester of senior year. After assessment, the offers are given out during winter break. The end goal is to motivate individuals to try and become full employees. The program inc ludes lectures from senior level executives to get breadth of knowledge, visits to museums, and trainings. The Floater Program is also very competitive. It is need based, so having connections is important. It is usually needed in the cyclical seasons; September-October and January-May. When O’brien is asked from a department to offer someone, she picks someone she thinks will be suitable. This is also a springboard into becoming a permanent employee and so those who just finished undergraduate, graduate school, or Ph.D are chosen. It’s like being a full time employee but not having a specific department. It is to sample the departments and for the departments to sample you. The length of floating varies. The Summer Internship Program is eligible for juniors going into their senior year. Those here are assigned to a specific department, which helps build long-

lasting relationships. Juniors going into senior year are considered because they can start talking about employment. The internship can help matriculate to the two programs above. It is also an intense application, as the deadline for 2015 was until January 15th; the offers go out at March and starts at the first week of June. Each intern is put into a particular department for the 8 whole weeks. Out of the 600 applications reviewed, 26 got in last year. Although these are not the only ways to get in, it is a good place to start. Sotheby’s is a fast-paced and dynamic environment, so it is looking for someone who can adapt well to its pace. O’brien mentioned that she looks for those with teamwork potential, which she deduces more from the face-to-face interaction. Also, according to her, “we are the intersection of art and business”, so no particular major helps or hurts; you just have to make sure you are well acknowledged in your field and knowing multiple languages also helps. A common denominator of those who got in includes academic excellence, leadership activities in campus, and internship done for the whole summer (commitment) in any sector, not only art.

Q&A

Q: Do you need a background in art to work at Sotheby’s?

Definitely not. Although there are many employees here who majored in art history, there are many others who have

not. Sotheby’s has a very wide range of subdivisions requiring expertise in diverse areas, not just art. For example, to value contemporary artworks we might need specialists with in-depth knowledge of art, but for other things such as finance or retail, we wouldn’t need such expertise. In the pool of recent applicants, I would say about half of them are art history majors while the other half has a background in business or other related majors. Q: What would your advice be to college students (like us) who wish to work at Sotheby’s?

Definitely internships. Internships are very important, and so are leadership activities. Be involved on campus. There isn’t a specific way to prepare yourself to work here. Some of our employees went through our Summer Internship Program, some others had internships at Christie’s, and others did a whole lot of other stuff. The main thing is to be involved. Q: W hat traits do you look for in potential employees?

Flexibility - our employees need to be able to deal with a variety of situations. We also look at emotional IQ. In other words, we need employees that can deal flexibly and comfortably with people as well as situations. Since we deal with clients on a global level, proficiency in other languages always helps, too.

Q: You auction many works that are worth millions. Do these works return a lot of profit?

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Surprisingly, our revenues from selling those pieces mentioned on the news aren’t as much as you’d think, because of all the costs that are involved in the transaction. There’s insurance, then there’s transportation which has to be extremely safe, and there’s all the costs involved in touring around the world with the piece to generate interest – advertisement, in a sense. Our most profitable art pieces are in the $100,000 range. Q: Do you sell cheaper works as well?

Well, we tend to auction high-value products. Our lowest threshold is $5,000, as opposed to Christie’s, whose is $500. We focus more on finding higher value works and selling in lower quantities than other companies. Overall, we’re just targeting a different niche. Testimonial (by Carol Oh)

Before going to Sotheby’s, I did not think the tour would be as exciting and encouraging it turned out to be. Each person we met, especially Christiana Bromberg and Ashley O’brien, were so active and lively. It was evident that the workers were enjoying their job and were proud of what they were doing.

This atmosphere of excitement and involvement moved us to want to work there. This really showed how truly liking your job is important and can affect others around you. I also saw how the physical working place can affect where you want to work. Before, I thought the appearance of a company shouldn’t affect your opinion of wanting a job or not. However, after looking at Sotheby’s I could see how much the environment can be an important factor, such as the wide open spaces and evidences of Kodex, or the big pillars. After touring the building, I had the feeling of wanting to work in a place like this. Also, I realized that what you major in does not limit what jobs you can have. Your major can always be needed/used within a company, especially at a place like Sotheby’s. You just have to try to become an expert in your subject. It showed how even UIC students in liberal arts have a chance to work in Sotheby ’s. More practical skills are usually learned while doing jobs, which is why internships are considered very important. Also, rather than having many short internships, it is better to be in one for a long time to show your commitment. After visiting Sotheby’s, I realized that you can have a successful job while doing what you really

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enjoy. Also, for those in art majors, they do not necessarily have to become “artists”. Sotheby’s is a great place to mix art and business. As already mentioned, attitude is very important. Even when picking employees, although background information is greatly considered, attitude seemed to take as much of a part when hiring, as Ashley O’brien herself mentioned. Finally, keeping connections seemed very important as well. This made me rethink of how I present myself to others. Especially for the floater program in Sotheby’s, there is no official application session, and since it is need based, the HR department chooses someone they know or remember. Overall, Sotheby’s was quite different from the other firms we visited. It showed how you don’t have to be in “business” or

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Goldman Sachsby Taeyoon Hwang, Jiho Lim, Hanbin Jung

General Information

Name of Company Goldman SachsIndustry Financial ServicesHeadquarters 200 West Street, New York, NY, U.S.Website www.goldmansachs.comFounded 1869Main Competitors The Black Stone Group, Morgan Stanley, J.P. Morgan, Centerview Partners Company Background

Goldman Sachs is recognized as one of the premier investment banks in the world. Goldman Sachs Group, Inc. is an American multinational investment banking firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional c lients. Goldman Sachs was founded in 1869 and is headquartered in the Lower Manhattan area of New York City, with additional offices in international financial centers. The firm provides mergers and acquisitions

advice, underwriting services(IPO), asset management and prime brokerage to its clients, which include corporations, governments and individuals. It also engages in market making and private equity deals, as it is a primary dealer in the United States Treasury security market. The investment banking segment accounts for around 17 percent of Goldman Sachs's revenues. Investment banking is divided into two divisions which include: Financial Advisory (mergers and acquisitions, investitures, corporate defense activities, r e s t r u c t u r i n g a n d s p i n - o f f s ) a n d

Underwriting (public offerings and private placements of equity, equity-related and debt instruments). Goldman Sachs is one of the leading M&A advisory firms, often topping the league tables in terms of transaction size. The firm gained reputation as a white knight in the mergers and acquisitions sector, by advising clients on how to avoid hostile takeovers -moves generally viewed as unfriendly to shareholders of targeted companies. Goldman Sachs, for a long time during the 1980s, was the only major investment bank with a strict policy against helping to initiate a hostile

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takeover, which immensely increased the firm's reputation among sitting management teams at the time. The firm has been involved in brokering deals, such as privatizing major highways by selling them to foreign investors, in addition to advising state and local governments – including Indiana, Texas, and Chicago – on privatization projects. Goldman Sachs is also a firm that is very focused on its people. The firm tries to identify and recruit the best suitable candidate for a particular employment opening. Then, it provides employee development channels, which allow time and space for new recruits to grow. An example of this would be a form of in-house mentorship, which ensures juniors to grow within the firm, acquir ing firsthand knowledge and experience to be a potential expert in the profession.

Storyline

Charles Park, a mangaging director in equity capital markets and Jeremy Hofmann, an associate under Charles, came to speak with us in Goldman Sachs.First, Park walked us through what an investment bank is. The essential role of an investment bank is to be an advisor, securities liquidity provier (trades securities), and an investor. So an investment bank works with companies, governments, cities, and other private areas that require financial services. Park and Hofmann work as advisors mainly responsible for helping companies and governments to further develop or grow in their respective areas of operation. First, an advisor would go to a company and try to apprehend the company’s mission and strategies. Then, he helps deploy that strategy by raising capital in the market

either through debts or equities (stocks or bonds). Also, advisors can help campanies in strategic situations, by providing advice on growing in different markets, merging with different companies, buying different lines of businesses, etc. It is a very different job from asset management (investment), which is responsible for creating and selling mutual funds, fund products, and manage portfolio. After an introduction to Goldman Sachs and investment banks, Park and Hofmann talked about their own careers. Park went directly into investment banking right after graduation. After three years of great challenges and gathering experience in a different investment bank, he originally wanted to be a diplomat or work in a world bank. Along the way, he acquired an MBA and joined a development bank, but the velocity of transactions was simply too slow for his taste. Working in investment banking was much more exciting and fast-paced for Park. Though he left investment banking for a while, he was able to make a smooth transition to each job thanks to the hard training and experience that he received from an investment bank for three years. According to Park, his idea of a best way of starting your finance or banking career would be to gain crucial experience and expertise in an investment bank before possibly moving onto other financial domains. Right after graduation, Hofmann also worked in an investment bank. He joined Credit Suisse as an analyst but had to face the unpleanstries of the subprime mortgage crisis in 2008. After the crisis, the volume of transactions reduced significantly, so he moved on to do business development and asset management. However, two or three years later, he realized that the work was not was to his liking. When he was promoted from

an associate to vice president, he decided to come back to investment banking. Specifically, Hofmann chose the private equity market because he could utilize the analytical skills he obtained in Credit Suisse and the experience from market facing and communicating from his prior job. Moreover, in the private equity market, one can witness the beginning stages of a company, pitch it to go public, and guide it all the way to execution. So one gets to work with companies and investors, while experiencing both sides. To elaborate, a company starts with an idea, wanting to carve out some assets and take them public. If the idea is formed in January, for instance, the asset and managing team would be formed by August and finally be ready to be sold to investors. Lastly, Hofmann claimed that to grab an opportunity, it is a good idea to be aggressive and make connections. Trying to make connections and utilizing them would be the best way to grab opportunities. Email ing an alumni everyday maybe a good example of being aggressive. If you get a reply, then there is your opportunity!

Q&A

Q: How crucial is one’s problem solving ability in the profession of investment banking?

Charles Park: Ultimately, everything you do in the finance industry is primarily made of two things: problem solving and communicating with people. You can be a great problem solver, but if you can’t express your thought process, it will not matter. Likewise, you can be a great communicator, but if you don’t have the ability to solve that problem, your value

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is not going to be as strong. Hence, you really need both. The difference is the speed. In an investment banking firm, you’ ll know about a meeting three weeks in advance, much like a given timeline to finish a project in school. You spend your time focusing on that one particular thing, and as you go down the spectrum to sales and trading, equity market, and the financing functions, the speed at where you solve a problem and make a judgment becomes faster.

Q: Do you need an MBA to be ahead or at least get a head start in investment banking?

Jeremy Hofmann: I would say that a business degree is not compulsory for one to be employed at Goldman Sachs. When I first started investment banking three or four years ago, the usual course was starting off as an analyst for about two or three years. Then people would decide whether to do something or go get a business degree. Then come the associates, a level higher in the hierarchy. The associates were recruited out of business school. Park: That was the tradition. Now, things have changed. Training the best people as analysts for two years, then making them go away makes no sense. As a result, last year we were the first firm to transition to a policy with no two years analyst program. So now, when we hire people out of university, they are hired permanently. We realize that you can learn

more at Goldman Sachs than you would in business school over the course of two years. It’s a different breadth of learning. In business school you’ ll learn about finance and marketing – things that may not turn out to be useful for the entire duration of your career. But in Goldman Sachs, you can focus on things that are interesting to you and be able to get in touch with the world. Now the working environment has changed, as well. 10 years ago, investment banking was viewed in a different light. Now we have to compete with technology companies and other financial companies in the market like hedge funds and private equity firms. We moved to this different era in response to those two things.

Q: What specific traits or characteristics does Goldman Sachs usually seek in prospective associates/analysts?

Hofmann: What I look for in an analyst is, first of all, some level of intellectual curiosity. It ’s not just processing the work and making sure everything is done right, but whether or not you are learning each time we do something, taking the experiences and eventually applying them. From there, it ’s really about how you are able to think creatively and help out the company. So it’s about helping to bridge the gap between an analyst and an associate. It ’s being able to manage upwards and helping your bosses relieve your managers from some of their load. Such types of intellectual curiosity, the ability to have good attention to detail,

and the ability to think creatively and try to be above your job level are the traits necessary to being a good analyst.

Q: How did you make the decision in which career to pursue?

Hofmann: I studied business in my undergraduate years and I figured; I like finance and I’m majoring in finance. So where would be the best place to get further training in that area? Being an analyst in an investment bank is a glorious job. You could work really hard and excel at what you do. However, the process can be gruelling one . That said, I don’t think there would be a better place to start my career, since I was given a wide range of opportunities there. I actually did my summer internship at Credit Suisse when I was in my junior year, and I ended up getting my first full time employment there.

Q: Could you tell us more about the internship process at Goldman Sachs?

Park: I can only speak for the New York perspective. Within the equity capital markets, we have about ten analysts a year that come in during the summer. So you have people coming in from early June and ending in early August, for an 8-10 week program. Each group within the equity capital market looks at a specific sector. There is a telecom group, a real estate group, a finance group, etc. I work in natural resources, which is responsible for technology for traditional oil and gas. Goldman Sachs is a place where you can do as much as you can in a given field.

Q: Aside from internships, what could we do to start preparing a career as an investment banker?

Hofmann: Mainly, you have to be as aggressive as you can and talk to as many people as possible in the field. LinkedIn, for example, is a great tool. You can look at alumni of your college and ask them questions about investment banking. Send them a message and ask them any question you might have. The way to get on top is to converse with people. Also, stay in touch with your colleagues. Don’t think you are bothering them, as this can potentially keep you ahead. Georgetown for me, for example, is a place I love and I’m always willing to help their students as much as possible.

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Testimonial (by Taeyoon Hwang)

Goldman Sachs: the name of the founder and his son-in-law put together now symbolizes a fruitful history and a continuing mastery in the finance sector. Seeing the company’s name in newspapers and on the news around the wor ld definitely indicates their global prowess in the finance industry. Goldman was our second stop in New York after stopping by Sotheby’s, and our first impression of the immense empire of Goldman Sachs from a block away was simply breathtaking. Wearing our formal outfits coupled with the best confident-looking face we could muster, we walked through the revolving doors of the Goldman Sach’s headquarters. As we claimed our visitors’ passes, a gentleman at the reception desk proudly remarked “welcome to Goldman Sachs,” followed up with a firm handshake. This made me blush a little as we were just students coming in for a brief tour, but I really appreciated the attempt to make everyone feel welcome right as they entered the doors. That appreciation and slight confidence was vaporized as soon as we hit the main lobby, with grand elevators that skyrocketed us into the heights of the Goldman Sachs building. We were sudden l y on a f loor wi th another concourse/lobby style make-up with a magnificent spiral staircase leading to the floor above. I felt like we were in a movie set as everyone was sharply dressed and moved about with purpose in confident strides. We seemed to be drawing quite a lot of attention from the suits that roamed the place.

Prior to visiting Goldman Sachs, my initial thought on investment banking was that the industry thrived on individuals who were insanely connected and were constantly aware of the dynamics of the industry. Those who were successful possessed acute organization abilities, and were opportunistic enough to make not only themselves, but people around them financially better off. Charles Park, an investment banker in the equity capital markets section’s renewable energy field, spoke to us briefly about the firm’s history and values. He treated us with a PowerPoint presentation and detailed personal handouts. An associate named Jeremy Hofmann accompanied Park, and he also spoke briefly about his career path and interests. Speaking to Park and Hofmann barely scratched the surface of understanding the workings behind being an investment banker. However, a key takeaway that hopefully everyone in the room was able to apprehend was that skill and poise in being a professional requires one to genuinely appreciate the work, as well as to sincerely enjoy doing it. Of course, I am not trying to insist that investment banking will be a walk in the park if one only has to enjoy being an investment banker, but a new entry into the profession has a higher chance to be successful among the ranks in a firm like Goldman Sachs, if genuine pleasure forms the foundation in his or her working there. I thought this could be perceived through Charles Park as he was explaining his career path and the choices he made prior to working as a managing director at Goldman Sachs. Park seemed to have this sense of poise and composure as he

carried himself through a presentation to a bunch of undergraduate university students, despite having a tremendously busy timetable. I was astounded to hear just after our meeting that Park had a negotiation to attend to, which involved a transaction of an unimaginable sum of money. Simply put, only a person that really loves his job can be as composed as Park was, while handling us and the duties to his clients. Maybe I was just so excited to be in the GS headquarters, that every move seemed like a glamorous and significant act. Although the time at Goldman Sachs seemed to whiz by and the time came for us to leave the premises, I was able to soak in and get an idea of the passion and dedication required to be working at a firm like Goldman Sachs. All the people we talked to seemed to have one trait in common: making a decision and sticking with it. They never seemed to linger on the decisions they have made, and had a natural knack for doing this with purpose. I have learned that a particular set of social skills would be indispensable while working as an investment banker, especially in a firm as large as Goldman Sachs, where numerous -if not all- of their clients would have footprints all around the world. All in all, the visit to Goldman Sachs was an unforgettable one, no matter how brief the time seemed to be. Hopefully, I can be as passionate and proud to be working in the line of work that I end up in, like those that I witnessed directly contributing to the global finance arena. •

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Chicago Merchandile Exchangeby Jiho Lim, Jeongmin Kim, Haeun Yu

General Information Name of Company CME, Chicago Mercantile ExchangeIndustry Security & Commodity ExchangesHeadquarters Chicago, IllinoisWebsite cmegroup.comFounded 1898, by Leo Melamed, in Illinois Main Competitors - Internship Application Period(s)

Summer positions are posted on the CME Group website in late winter/early spring. These positions are clearly marked as summer. Mid-March through early May is a very active time for managers looking to hire interns for the summer. Year-round internship opportunities are also posted on the website. CME Group hires both U.S. citizens and non-U.S. citizens. Applications are considered on a case-by-case basis.

Career Info http://www.cmegroup.com/company/careers/

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Company Background

CME Group Inc. is an American futures company. It owns and operates large derivatives* and futures exchanges in Chicago and New York City, along with online trading platforms. Although much of the trades are now done electronically, the trading floor is still dynamic with traders of diverse commodities. CME Group is the world's leading and most diverse derivatives marketplace, handling 3 billion contracts that are worth an average of $1 quadrillion annually. The company provides a marketplace for buyers and sellers, bringing together individuals, companies and institutions that need to manage risk or want to profit by accepting risk. CME Group’s exchanges—namely CME, CBOT, NYMEX and COMEX—offer a wide range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. As part of its commitment to providing innovative risk-management solutions to the marketplace, CME Group also offers a growing slate of cleared OTC products and services. Through the CME Globex, an electronic trading platform like a huge app for traders, users from across the globe can access the broad array of liquid financial derivative markets. Additionally, CME Group operates CME Clearing, one of the world's leading central counterparty clearing providers. By serving as the counterparty to each trade that happens in the markets, CME Group works to protect the integrity of the markets, eliminating third-party credit risk and the involvement of “bad” traders who do not abide by the rules. (Source: cmegroup.com)

* "A derivative is a financial contract w h o s e v a l u e i s d e r i v e d f ro m t h e performance of some underlying market factors, such as interest rates, currency exchange rates, and commodity, credit, or equity prices. Derivative transactions inc lude an assor tment of financial contracts, including structured debt obligations and deposits, swaps, futures, options, caps, floors, collars, forwards, and various combinations thereof ” (Derivatives Report. Office of the Comptroller of the Currency, U.S. Department of Treasury).

Storyline

After walking past several iconic streets and Ground Zero in a freezing winter morning, we arrived at CME’s main building. After going through a heavy security check, we were introduced to Michael Dematteis, a managing director at CME group. Dematteis, then, kindly guided us around the actual trading floor, where trades were going on at the moment. How many times in your lifetime would you actually walk through a trading floor where crude oils and metals are getting traded right in front of you? It was a bizarre, exciting and informative first-hand experience. As we went through the trading floor, which was sized around two thirds of a football field, we saw around 30 to 40 people making trades. Yes, there was a lot of shouting going on, like we see in movies and media portraitions. Dematteis briefly explained how the exchange was mainly focused on energies including crude oil, heating oil and natural gas twenty years ago. The actual trading floor, he says, was the only place where commodities were being traded; hence, it was always packed with zealous traders. Yet recently, the company went through an innovative transition. According to Dematteis, CME followed the trend of the transactions being practiced via electronic technology, such as tablets, mobile apps and internet access. Therefore, now 80% of the trade is done electronical ly, whereas just

couple years ago, everything was done mechanically on paper. He says that the picture we see would have been very different, had we visited a few years ago: packed with much more people, with more shouting and more throwing of papers. Dematteis told us a funny incident too, tracing back to when people did not do electronic transactions. Back then, there were so many people manually trading and bidding at the same time, all throwing paper cards with trading information at the staff member sitting in the middle for documenting. As a result, the person in the middle had to be protected inside a net so as not to be hurt from paper cards flying in from everywhere. Nonetheless, the atmostphere was still dynamic. As we walked around the trading platform, we saw people holding two to four telephones at a time, talking to their multiple trade customers, ready to shout out prices whenever the Globex screen lets out new information on new volumes of trade (the blue line on the Globex screen refers to the number of contracts, the grey line to the price of a commodity, the red line to the number of offers, and the white line to the volume traded). We also witnessed a female anchor from CMBC, a broadcasting center for traders, live-broadcasting the trading scene at the moment. It was breathtaking when a new number appeared on the crude oil trading pit screen and everyone suddenly started

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Provided by: CME website

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shouting bids and offers. Aside from the traders, other CME staff members from the managing department seemed to be proud of their mission to keep the market sound, by trying to eliminate traders without integrity or those who break the rules in the “rule book”. People like Dematteis constantly patrol in order to see if anyone is bidding without the intention to trade, for manipulation. The overall tour was more than just pure career information; it was also an extraordinary and impressive experience to see people’s life inside their job. Although it is a shame photography was not allowed inside the trading floor, we could see the staff members’ desks being decorated with Christmas lights, photos of their babies, snacks and the remnant of in-office hobbies. The images of their desks which transformed into their second home instictively hinted us that people who work in this industry spend a lot of time in the workplace, constantly immersed and up to date with their work. Afterall, trading never stops, sleeps nor rests.

Q&A Q: How can someone get started at CME? First and foremost, you should keep checking the CME website for any career opportunities. Our webpage does not merely describe what CME and each of our divisions do; it also provides detailed information about the overall industry and how training works. There are different job openings and training programs for each of our departments, which can appeal to people in a variety of fields:

individuals interested in law, those good with numbers, those with an interest in customer/market relations, marketing, etc. You just have to find the one that suits your major, your field of knowledge and interests.

Q: What preparation did you personally do prior to coming to CME?

I have been working at CME’s market regulations department for a bit over a year. I was always interested in markets and wanted to app l y my prev ious experience in investigations along with my personal knowledge about the market—which brought me here. I continued reading books, talking to people, and kept searching for useful information on the internet. My devotion to reading related articles, browsing the web, and observing the media kept me updated on what ’s going on in the industry.

Q: What are the working hours like in the industry?

The working hours are different for each of our departments. For instance, our staff members in the Energies Division work longer than those in the Metals Division. Yet almost everyone in CME has relatively short working hours. Especially back in the days when working here was extremely hectic, you could only do it for a certain amount of hours. You would, in fact, be exhausted at the end of the day after seven to eight hours of constant yelling, talking and moving around. Now, of course, the work has become less physically demanding since most of the transactions are done electronically; but the working hours are pretty much the same.

Q: How does CME earn profit through each transaction?

We charge commissions for all of our transactions. That means, it does not really matter whether the price of a commodity increases, falls or remains the same. Whether the transactions are done electronically or through the phone does not matter either. What we consider to be the most important is the volume of each transaction. Even individually, if you know how to trade and your stomach can handle it, you can make millions in CME. Generally, volatility and the movement of the markets are also extremely good for our group, as they can influence volumes, which will eventually bring about huge profits.

Testimonial (by Jiho Lim)

For an undergraduate student in Korea, it is not easy to know the security & commodity exchange industries of New York in detail. Opportunities like visiting the Chicago Mercantile Exchange(CME) are even rarer. When I was first informed about our visit to CME, it was hard to grasp what mercantile exchange exactly was. All I knew before our research was the New York Stock Exchange, which is the one most occasionally shown on the media. Even after the research, I was not entirely sure what the difference between a stock exchange and mercantile exchange was. Yet, the actual visit to the CME through the UIC Global Career tour allowed me to gain first-hand experience in seeing how the workplace is like and what CME does. After the trip to CME, the reality

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of a commodity derivative workplace astonished me: it was surreal and utterly dynamic. To elaborate, simply reading about these companies online really differs from actually seeing the trading get done in front of you. When talking with Dematteis and looking at the traders exchange different products, I actually sensed the aggressiveness of each trade: not a physical one, but the kind of power and aggressiveness that comes out from the traders’ intellectual and experienced attitudes. It seemed as one cannot persist as an employee at a derivative exchange industry just because he or she simply wishes to make a living with it; he or she has to constantly crave better achievement, and be persistently interested in the industry. For instance,

Dematteis, our guide, started his career in the derivative exchange when he was only 19 years old. I couldn’t imagine myself working at the trading floor at that age, which means I would be back in high school. If you wish to work in a company like CME, an interest in sales, trading, numbers, and the economy is necessary. As a future economics major, this visit reminded me that if I wish to start a career atcompanies like CME, hedge funds or investment banking companies, I have to be continuously and aggressively interested and inspired. This translates to constantly getting curiosity about the industry, market, and the economy, while getting linked with people already in the field. Since social networking and the internet are a great source of resource and

communication, Dematteis constantly emphasized to use those resources to pave our careers. The initial reason why I decided to go on the Global Career Tour to New York was to determine what career best suits me. However, what I learned from this visit was something more than just that: in order to build the fundamental blocks to achieve a certain career, one has to get a sense of the environment and the atmosphere of the workplace. I believe I have at some degree achieved that sense, by visiting various companies such as the CME group, but I also still have a long way to go and lots to learn. It was a worthwhile experience and did give me an initiative on how insistently I should build up my career. •

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General Information

Name of Company Permanent Mission of ROK to the UNIndustry Governmental OrganizationHeadquarters Manhattan, New York, (335 East 45th St., New York, NY 10017)_

between 1st and 2nd Avenues)Website http://un.mofa.go.kr/english/am/un/main/index.jspFounded Mission was founded in 1949, in D.C.

Membership of ROK in the UN (1991/6) ,Move-in to the current building in 199

Main Competitors None.Career Info Summer Internships

United Nations :Permanent Misson of ROK to the UN

by Juhye Choi, Seunghyun Lee, Haewon Lim

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Company Background & Storyline

The weather of Manhattan was so cold and windy that we all had a hard time getting to the Permanent Mission building. However, we were greeted with its proudly flying Korean flag, standing alone in the midst of hundreds of stars and stripes. As we entered the Permanent Mission building, we were escorted to the main conference hall. Sangil Kim, Second Secretary;, introduced himself, and started introducing the Permanent Mission. With the extraordinary history between the ROK and the UN, he emphasized the importance of the Permanent Mission’s role. ROK’s status in the international society has been on the uphill since its participation in 1948. With Ban Ki-moon becoming the UN Secretary-General and ROK having a seat in the security council, Korea is at one of its highest points. Kim continued introducing how ROK contributed to the UN in three parts: international peace and security, development and environment, and human rights. For the preservation of international peace and security, Korea is currently part of several peacekeeping operations, participating in the Security Council as a non-permanent member, and pushing for the denuclearization o f D P R K . Fo r d e v e l o p m e n t a n d environment, Korea has been contributing as a member of the UN, in order to help the UN reach the Millennium Development goals. As for human rights

issues, Korea has been leading HR issues within the UN especially regarding the DPRK. As a member of the Security Council, the diplomats in the Permanent Mission helped the delegates discuss about international peace and security issues as regional conflicts in Africa and the Middle East spurred. Thus, the Permanent Mission emphasized the importance of the universal value of protecting civilians and putting an end to impunity. ROK’s assuming chairmanship of the 1,540 committee (nonproliferation of weapons of mass destruction) and 751/1,907 committee (Somalia-Eritrea sanctions committee) proves the country’s emphasis on taking part in carrying out the global responsibilities. The impacts of these contributions were quite considerable. During Ban’s presidency in the UNSC, ROK led an outcome of 3 resolutions, 2 presidential statements and 3 press statements. Korea had been working hard to preserve international peace and security. With a total of 636 troops deployed in 8 missions, ROK currently ranks 34th among troops contributions and 12th when it comes to budget contribution, by contributing $160 million. Korea has long been advocating sanctions against North Korea, in order to stop the DPRK’s Nuclear Program. However, Kim emphasized that the policy on the denuclearization of DPRK is a trust-building process on the Korean peninsula. The Permanent Mission advocating for sanctions was not to make

the DPRK have a hard time, but in order to respond to DPRK’s provocations and violations of international obligations. On that note, Kim acknowledged that the Permanent Mission is very different from normal consulates or embassies, as it is part of a multilateral diplomatic community, while others are mostly in bilateral diplomatic relationships. He said that the Permanent Mission is one of the most important branches of ROK’s Ministry of Foreign Affairs. Kim then continued to say that with more and more Koreans working for the UN, the Permanent Mission has been getting bigger in size, and has contributed more on issues such as the MDGs and sustainable development. O ve r a l l , f o r mos t o f the GCT participants, this visit was not only informative in getting to know what the Permanent Mission does, but also a nice sanctuary from the cold weather of New York , where we were proud of the growth Republic of Korea had made.

Q&A

Q: What do you think is the best thing about being a diplomat?

I think a diplomat never stops studying. One constantly has to study what is going on in the world, along with each nation’s stance on the issues. I think it is a recommendable job if one likes to study and research. Of course, it does come with some shortcomings. Although more and

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more people are used to living abroad these days, a diplomat of ROK will be going to different nations without being able to fully spread his/her root in one specific nation. Many people could find this problematic, as it might be harder for them to find a spouse, and etc.

Q: What would you say managing family life as a diplomat is like?

It is a very sensitive question, partly because there are some cases in which the career turns out to have detrimental effects to one’s personal life. There are instances where the rest of the family does not follow the career travel route designated to a diplomat, which sometimes leaves diplomats separated from their families. Even when families do come along with diplomats, it is not easy for them to move so often and be in a situation where one constantly has to adapt to new environments. I have previously mentioned that moving around can be fun for those who like to travel and see a bigger world, but with a family, it can be a slightly difficult journey. Because of this difficulty, there is a tendency for diplomats to marry one another or find someone of a similar career path.

Q : W h a t d o y o u t h i n k a b o u t t h e diplomatic stance of S outh Korea towards its North counterpart? How do you think the relationship between the two countries will unravel in the future?

No one can say for sure how the relationship between North and South Korea will unfold. But I believe that South Korea should pursue a consistent strategy in dealing with North Korea. To be more specific, I think it is best if South Korea shows its definite stance on issues such as nuclear weapons and human rights issues in North Korea, and clearly shows that these are not acceptable in any way. At the same time, South Korea should continue to show its interest and generosity by allowing its civil groups and organizations to continue sending various forms of aid to North Koreans. This combination of strict government policies and embracing civil/public support together, can lead to improvements in the relationship. Of course, the relationships might be on good terms and other times not. Yet if South Korea maintains a consistent stance, hopefully that can contribute to improving the overall relationship between the two.

Testimonial (by Seunghyun. Lee)

Some GCT testimonials might talk about how the career tour inspired them. Some might tell you which career path is right for them. This time, however, I want to tell you a different story, on how GCT persuaded me to abandon the idea of a ‘right’ career path. Since the end of my last GCT in Singapore, I have been continuously trying to set a definite career path for me and ‘get things done.’ After all the valuable experiences from visiting top companies and executives, I was pressured to make a solid output of what I had seen, heard and learned. While I was trying, I got lost. I didn’t even know what I was supposed to do or wanted to do anymore. There was just another day with the same routine. That is when I realized I needed to go on another GCT. Fortunately, another chance was given to me, and I was able to go through another change. The 2015 GCT to New York was more than a fresh inspiration for me. While writing this testimonial, I still remember what I first read in the sign of the metro: “excelsior.” Excelsior: reach higher. When none of us know how high the sign meant, it was enough for me to start something new. I was no longer supposed to follow the beaten path. I don’t think it is a coincidence that such word was picked as the motto of the city’s football team. New York is a big city, full of opportunity and diversity. The more I reached inside, the more it showed what was left to be seen. Upon listening to the diplomats from the Permanent Mission of ROK and the Consulate General, I found out that none of them had known they would be working there someday. Rather, they were working there by pure desire, a desire which drew them closer to the job they have now. They might have stumbled upon obstacles while pursuing their field of interest. However, unlike most potential jobseekers that worry about their future careers, they just kept doing what they like, with the firm belief that they will find a right job at the right time. Instead of contemplating upon what they would do for the rest of their life, they pushed forward, one step at a time. In the end, they were right. They found what they want, what they enjoy doing. It was not a choice pressured by neither the society nor their peers. One of the most valuable lessons I learned from our host at the Permanent

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Mission of ROK was not to worry about which specific career path you will choose. Why shove your life into a small space when you can expand it? Instead, focus on what you enjoy the most, things that can inspire you to take a step farther. Looking back, I was the right opposite. I was more concerned about “a job,” not my whole career path that could infinitely develop my life into a unique one. Yes, we sometimes need a micro-view of how we are doing in life. How your studies are going compared to others, how much you earn compared to others, and possibly how much you are satisfied compared to others. And yes, this will thrust you for a short time, which can connect to a higher level of career development. But this will take you nowhere. It will lead you to a path that is strictly comparative. Life is not comparable, Kim Gun Hwa, the Vice Consulate, mentioned. There are always hidden things left to be discovered and developed. Overall, I don’t think the two GCTs I participated in have completely endowed me with a macro-vision of how my career path will develop. Nor do I think it will for you. However, this GCT is a bit more special for me, as it did not set me on a paved road to success. Rather, it blew my reality away, with the hope that my career path will be solid and simple. It also pushed me to start from the very scratch, if I really want to do what I am eager for. My story ends here. Now it is your time to make your own story. Do not confine yourself to the small world right around you. There are countless possibilities out there, and being a GCT member has opened up many more for me. I believe it

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400 Capital Managementby Taehan Kwon, Becky Lee, Carol Oh

General Information

Name of Company 400 CapitalIndustry Finance – hedge fundHeadquarters 510 Madison Avenue, 17th floor, New York, NY 100022Website www.400capital.comFounded 2008/New York/Chris HentemannMain Competitors Other thousands of hedge fundsInternship Application Period(s) N/A – only hires established fund managersCareer Info Does not hire without experience within the industry

Company Background

Founded in 2008 - one of the most precarious moments of the financial crisis - 400 Capital Management effectively utilized the failing economy to become a $1.2 billion hedge fund. Starting with a comparatively meager $12 million, it has grown exponentially. This is not to say the growth was linear; on the contrary, it took three years to determine whether the venture would persist. It was after the first $100 million, which proved to be the largest hurdle, was overcome that 400 Capital had confidence in the company’s

future, a process which led to the success story that 400 Capital is today. 400 Capital Management is a hedge fund which invests in equities, stocks, bonds, structured credit products, futures, and more on behalf of qualified investors. In other words, 400 Capital manages investments. The main funds in which it invests are residential and commercial mortgage-backed-securities, consumer loans and asset-backed-securities, and other structured credit and distressed portfolios. Its investors range from public to private U.S. and non U.S accounts, including insurance companies, family offices, foundations, and qualified high

net worth individuals. The firm is also registered with the U.S. Securities and Exchange Commission as an investment adviser. The 35 people employed at 400 Capital are allocated to four main divisions: the front office, general operations, legal, and financial operations. The front office, otherwise known as the trading floor, is in charge of sales, trades, and research; it is where investment decisions occur. Previously requiring the physical presence of traders and investors, the front office now operates electronically, trading and selling over the internet. The responsibilities of the general operations

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division vary, but its main function is to keep the firm running. It deals with funding, settlements, and internal organization. The legal branch deals with contracts while financial operations deal with accounting and actuaries, or people who compile and analyze statistics in order to calculate insurance risks and premiums.

Storyline

We visited 400 Capital near the end of our expedition. By this time many of us were visibly exhausted, worn out by treks through freezing New York streets, and it was hardly surprising that none of us were skipping in ebullient eagerness at the thought of seeing this hedge fund that we knew little about. But the moment we stepped inside the building, into the sleek elevator and back out onto a bright white space with the 400 Capital logo shining in gold, we were awestruck, captivated by the crisp professionalism that permeated the air. We took our seats in the conference room, and Lee entered, greeting us warmly before he took his seat. Chi Lee is a structured credit trader at the fund. He was dressed in a clean white shirt and jeans, reflecting the somewhat casual but professional atmosphere of the firm. After briefly introducing himself, he immediately delved into the intricacies of the financial market. He explained that financial markets are driven by two groups: the sell-side and the buy-side. Firms such as Goldman Sachs constitute the sell-side, as they create financial

products to be recommended or “sold” to their clients. On the other hand, hedge funds are buy-side institutes because they make direct investments. Within the buy-side component of the market, there are different types of investments, namely equities and fixed-income investments. Within fixed-income investments are structured products, which in turn contain asset-backed bonds that include mortgage-backed bonds, what 400 Capital specializes in. All this was elucidated in detail to give us an idea of the scale of the financial market and the degree of specialization exhibited when working in finance. Needless to say, we were slightly overwhelmed. Lee then left the room and came back with Alex Cha, one of the founding

partners of 400 Capital. He too, was dressed in just a shirt, but exuded more of an air of business-like seriousness compared to Lee. And once again, we were to be awed by his explanations of the dynamics of the finance market. Cha began by highlighting notable characteristics of hedge funds: high fees in return for very active investment management, a diversity of investment mediums, transparent and measurable progress. Numerous analogies were infused t h ro u g h o u t h i s c o m m e n t a r y, t h e spontaneity and clarity of which reminded us of the sophisticated communication s k i l l s d e ve l o p e d by s u c h h i g h l y -experienced professionals. One such analogy was that a hedge fund is like a restaurant – countlessly many exist, but

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few survive, and next to none succeed. 400 Capital is one of those that had succeeded, growing a hundredfold from 12 million in initial capital to a staggering 1.2 billion. It was impossible not to be impressed as Cha casually talked about this growth when we knew that he was one of the key people responsible for this success.After a group photo, in which Cha was unfortunately not present as he was (understandably) busy, our session with 400 Capital was over. We left, our heads swimming in the vast possibilities in the world of finance.

Q&A

Chi Lee

Q: What was your involvement in the 2008 Financial Crisis?

The crisis was primarily due to the U.S. approving loans to people with bad credit. How I contributed to the crisis was through synthetic collateral-debt-obligations or CDOs. CDOs are loans that are pooled together and securitized, which are then invested in. The involved parties include buyers, or short investors, and sellers, or long investors. Say a short investor wants to bet that at least some mortgage bonds from a specific population of securities will default. A third party will bundle CDS related to the securities into a synthetic CDO contract. A long investor will come in and agree to pay the short investor if certain defaults or other credit events occur within the specified bonds. On the other hand, the short investor pays premiums to the long investor for the protection. The third party, generally an investment bank, takes a fee for arranging the deal. I worked on one on the first synthetic markets which exploded because of rapid expansion, contributing to the financial crisis.

Q: What would you say about the finance industry and hedge funds? It is an industry that is very difficult to enter. There are two paths that people can take: the sell side and the buy side. As it is harder to get into the buy side, the best approach is to start at investment banking. They offer internships and have an official hiring process; it’s a great way to learn the trade. Hedge funds, on the other hand, don’t hire recent graduates. They want to hire people who are known in the field, ones who have already had years of experience. Whatever path you take, finance requires

a strong quantitative background; a solid math foundation.

Alex Cha

Q: How much does luck influence careers? A lot. Before the technology bubble bust, research in high-tech industries was very profitable; most undergraduate students desired the career. However, once the bubble burst, mortgages were the new thing. In fact, most of the students who were pursuing research probably switched to careers concerning mortgages. What we can control in our lives is very limited, so like the students who changed their career paths to adapt to the external circumstances, we need to know how to make the best of a situation.

Q: How important is the first job? For finance, the first job doesn’t matter. There is an undue pressure to do well from the beginning, but all that does is stress you out. Don’t think ‘this is the only place I want to be.’ ‘what does the interviewer want to hear?’ Rather, keep your mind open and try to leave a lasting impression not through the amount of information you managed to cram into your head to prepare for the interview, but the skills of critical analysis, conceptualization, and problem-solving that the interviewers are looking for; those are the intrinsic skills necessary to follow the industry.

Q: How did you end up at 400?

I moved to the U.S. in middle school. I wanted to become an engineer, so I entered the Rensselaer Polytechnic Institute as a Computer Science major. Upon graduat ing, I went to Johns Hopkins to study Electrical Engineering. I worked for the defense industry, namely the U.S. Navy, as an engineer, developing rockets, weapons, and the like. But it wasn’t interesting; the work that I got done seemed infinitesimal compared to the whole program, the unperceivable goal that no one seemed to completely understand. So, I moved on to investment consulting. After some time, I felt that my lack of expertise on the industry was holding me back-at that point most of my knowledge and experience was geared to engineering. Thus I decided to go to the University of Chicago to receive my MBA. Chicago is a finance-oriented school, which led me

to intern at finance companies and enter the financial field. I worked for Banc of America Securities for 14 years, until the financial crisis of 2008. The cr i s i s provided the per fect environment for start-ups. So five guys who had years of experience under their belts decided to take advantage; we decided to start a hedge fund, which was the only option available to us. Anything else would be too big to manage. In the 5-6 years we’ve been in business, we’ve moved six times. We started with $12 million in capital and are now at $1.2 billion. Though the growth wasn’t linear and it was only after 3-4 years that we knew we would make it, our hard work and realistic projections helped us get to where we are today.

Q: How important are MBAs when pursuing a career in finance?

MBAs provide a signaling effect for interviewers and recruiters. If they see that you had further education and you graduated at one of the most prestigious schools in the country at the top of your class, it will signal that you have potential for success. Of course, when you make a radical career change as I did, you need to learn the skills of the industry; the thought-process, the methods, and the structure of understanding the relevant information. Getting your foot in is half

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the battle; the more leveragable skills you have, the more foot that will get in. H o w e v e r, i f yo u r m a j o r a s a n undergraduate is finance, getting an MBA in finance is just repetitive. You can give the same signaling effect with your undergraduate university. I also discourage undergraduates from entering graduate school right away. It will be easier to make mistakes at your first job with a Bachelor’s rather than a Master’s degree. When you make a mistake with a Bachelor’s, people accept it as youthful ignorance, but with a Master’s, people tend to judge harshly. Companies also have a propensity to hire more Bachelors’ without any work experience rather than Masters’ without any work experience. So gather experience first, then if need be, pursue an MBA.

Testimonial (by Arjin Lee)

Upon approaching the chic glass bui ld ing, a f ter some confus ion on w h i c h w a s t h e r i g h t s t r u c t u re , I immediately thought, “of course this is the right building. It’s new, modern, and intimidating, just like 400 Capital.” Mind you, I was still a bit hazy on what 400 Capital really did. In a sense, I still am. Even so, 400 Capital has left behind a lasting impression. As a PSIR major, with almost no knowledge o f f inance , neve rmind economics, I was fi l led with terror

upon entering the building. What if I say something stupid? What if I don’t understand anything they say? What if… Doubts and insecurities racing, beating me by a mile, the group entered the elevator and ascended to the 17th floor. With a ding, the doors opened and eyes wide, I took everything in. It was chic, it was sexy, and most of all, it was something completely new. Though most of the jargon vocalized by Chi Lee and Alex Cha went over my head, the speed of their thought process, the confidence and passion they embodied not only for the industry but their jobs as well sparked curiosity. Why are they so excited to work? How can they be so animated and focused? And then it dawned on me: they are doing something they love. Of course, both have strong mathematical backgrounds and successful academic careers, but their love of finance is what enabled them to rise above the rest and find success in the competitive industry of finance. For years I struggled with my career path. I have thought of working at the UN, in consulting, for a private company, but none of these options resonated within me. The UN seemed very prestigious, but a hopeless pursuit of ideological impracticalities; consulting portrayed itself as the gate to greater positions and a very rich future; and a private company, famous or not, was the default path. Meeting

impassioned people such as Chi Lee and Alex Cha, whose love of finance was both perplexing yet intriguing, helped me to realize how much of a motivating factor passion is. Passion made an industry previously regarded as mundane and tedious suddenly became hot and desirable. These two men made me eager to learn more. Through the company visit, I knew what was required to enter the industry and the firm: a strong academic background concentrated on mathematics, lots of experience, and the right connections. Overall, I am still uncertain on how exactly the finance industry functions; there are many dimensions to it. However, Chi Lee and Alex Cha cleared up some of the confusion-and by some I mean everything besides the obscure jargon which is still confusing even after research. Now I know that investments make up a large part of the industry and that it is through commissions and premiums that hedge funds like 400 Capital are financed. But this information itself is too superficial. I don’t know if I can be as passionate about finance as those two, but I will never know if I don’t taste the field. So, as I am writing this testimonial, I am brushing up on my calculus and economics-taking the first steps towards what may become a future in the finance industry. •

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United Nations:Office for Coordination of Humanitarian Affairs

by Juhye Choi, Seunghyun Lee, Haewon Lim

General Information

Name of Company Permanent Mission of ROK to the UNIndustry Governmental OrganizationHeadquarters Manhattan, New York, (335 East 45th St., New York, NY 10017)_

between 1st and 2nd Avenues)Website http://un.mofa.go.kr/english/am/un/main/index.jspFounded Mission was founded in 1949, in D.C.

Membership of ROK in the UN (1991/6) Move-in to the current building in 1999

Main Competitors None.Career Info Summer Internships

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Company Background & Storyline

The United Nations Office for the Coordination of Humanitarian Affairs is a UN body formed in December 1991 by the General Assembly. The rationale for its establishment was to strengthen the UN’s capability in alleviating human suffering in disasters and emergencies. In response to growing humanitarian crises, OCHA recently came up with a strategic plan to keep in pace with the increasing costs of humanitarian interventions and growing number of v ict ims of humanitarian crises. OCHA is mainly aiming to improve humanitarian action in the world’s ongoing crises and increase the effectiveness of response efforts. Currently, the countries on the priority list for aid of OCHA are Syria, South Sudan, Philippines, Central African Republic and Mali. UN OCHA currently has a budget of 2 USD 77 million, which has quadrupled compared to a decade ago. However, the budget is still short when a situation in which OCHA needs to provide humanitarian assistance for 81 million people across the globe is taken into consideration. Thus, some humanitarian relief efforts may require aid in the range of billions of dollars. However, there is much hope, since voluntary contributions by various nations are very active, and take up most of the budget of OCHA.

Storyline

The tour at the UN headquarters started with a lunch buffet in the UN main building. As the UN has people from around the world, the foods provided were also very diverse. One of our participants had a Cuban sandwich, celebrating the advancing relationship of US and Cuba. UN had diversity and equality in its air. When we got up to the meeting room, we were struck with the amazing view to the East river and the skyscrapers of Manhattan. Yet the biggest amazement was when we met Assistant Secretary-General Kang Kyung Hwa in person. She did not have bodyguards around her or anything to show her high rank. In fact, she needed none, as her actions and voice were enough to tell us who she is. Her voice and actions were reserved, yet held great power and grace. Although she introduced herself in Korean, Kang used English when describing what herself and OCHA do.

As her short but impactful introduction began, we were able to feel Kang’s passion. Her passion was remarkable, and moved many of the students. Her passion about her job showed us what a person should feel about one’s job, and her explanation about her career was enough to show us what the real human aspects of working in UN were like. She was ambitious to lead the world to become a better place, but was humble enough to acknowledge the bitter realities that she faced. After the short introduction, she wanted the participants of the tour to lead the meeting, as she wanted to help answer the questions the students had. Her answers were thoughtful, and even pointed out to critical things that the questions missed to ask. Overall, Kang was a figure for many of us to look up to.

Q&A

Q: What is OCHA? How does OCHA work?

Mainly comprised of two headquarters in New York and Geneva , OCHA is a transnational organization for humanitar ian re l ie f a f fa i rs . W hile UNHCR and WHO mainly focus on short-term humanitarian reliefs, OCHA covers a vast range of humanitarian affairs, from short-term relief to long-term redevelopment. It is the job of OCHA to stop ‘powers’ from harassing humanitarian rights. It is also the duty of OCHA to ensure that no innocent blood is shed at whatever cost.

Q: Where do you find the motivation to continue, when the situations that you confront seem hopeless at times?

We work under a stern belief that humanitarian affairs must continue no matter what. Many people think that the world is becoming a better place every year. But even today, we have a ceremony for those who went KIA (killed in action) or MIA (missing in action) during their service for the peacekeeping forces. Every year, more than 2,000 people are under humanitarian harassment, victimized by either local or international armed conflicts. Most of the victims are not related to the conflicts; they are innocent civi l ians who only wanted normal, peaceful lives. We, as a group, work under the determination that we will somehow find a way to provide positive insight. And we believe that this will make a difference when combined with patience. The statistics are showing steady improvements, but the numbers are still high. Such a situation really drives the people of UN to work harder.

Q: Some say that OCHA or the UN as a whole has its limits as a transnational organization. What do you think about such criticisms?

UN is largely comprised of sovereign member-states. As a result, it lacks the basic democratic traits at the core. This is our fundamental deficit. And we, who are working at the UN, are fully aware that the situation in which the P5 are the only

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ones who can make fundamental changes is a misfit for a world that is increasingly becoming democratic. However, this could also translate to a lack of global leadership. In a system that lacks a central force that binds the globe into one, the UN and any branch within, can work as a prequel of that leadership. First step in solving any problem is admitting there is one. We also need to admit that there is a fundamental limitation in UN, and we should strive to solve it peacefully.

Q : H o w d o y o u m a n a g e y o u r influence and leadership?

I think you don’t become a leader because you want to be one. Rather, I think leaders emerge to become leaders- perhaps quite unintentionally so. In my case, I think I became the head of OCHA precisely because my goal wasn’t to become a leader. All I did was simply try to save as many lives as I can, and I focused my efforts and attention on solving the issue I had at hand every moment. This is why I think the Security General came to select me to be one of his co-workers. In terms of managing influence and leadership, I continue to do what I have always done: I try as best as I can to save lives. That’s all.

Q: As a leader of a UN branch, what do you think could be improved?

UN needs a different kind of leadership. Think of the UN as a company that has 193 members with equal votes. It is nearly impossible to have an effective decision making. Because it is difficult to reach an effective decision, it is also difficult to

manage the whole system. At the same time, it is also hard to ignore the pressure from the individual governments who want to maximize their sovereignty and influence within the UN. Although it is hard to make fundamental changes within the system, there should be a differentiation between gratification and fulfillment. The ultimate responsibility lies within the government. It is the government who is responsible for the

fulfillment of humanitarian affairs. By changing the goal to gratification after guiding the government to realize the humanitarian problems, the UN can be freed from the burden of fulfillment.

Q: Do you have any special memories working in the UN?

Each year, UN commemorates those you are killed in action. Last year, we

commemorated 200 officers. Most of the deceased were in humanitarian actions, with the desire to make a small difference for those in need. Remembering how they sacrificed their own lives for the others is crucial in pushing forward our job, to accomplish what they died for.

Q: Can you tell us more about your career development and how you ended up in OCHA?

I never knew I would work here. Back then, the public sector was driven by a norm-setting trend. UN at the time simply needed more women. And I certainly benefited from that trend. I first went to the UN in Geneva, where the UN wanted their staff to be as global as possible. There, Secretary General Ban Ki-moon asked me to work for the OCHA office in New York. Trying to be exceptional is not important, or necessary. Rather, what one should aim for, would be to do what he finds more interesting. Luck and timing does matter, but those are not things we can manage, so it would be out of the question.

Testimonial (by Juhye Choi)

It has been long since I had turned my back to the thought of working at the United Nations for many reasons, both personal and circumstantial. Above all though, I had a deep doubt as to whether world problems could ever be solved; the possibility of ending all the things that went wrong in this world seemed non-existent, from which I derived the

We, as a group, work under the determined will t h a t w e w i l l somehow find a way to provide positive insight

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conclusion that it was not worth putting so much of my time and effort in trying to solve those problems. If nothing was going to change, then there was no point in trying. This story would be a proper one if by this point I had confessed that after my visit to the UN and talking with Kang Kyung Hwa, I had changed my mind. Yet, I daresay that my story makes more sense than the one with a rather expected turn of life-changing discovery. I can say with much confidence that who I was before talking to Kang differs from who I became after the talk. It is not that I decided to suddenly change my career plans. Rather, I believe that the shift is a much more fundamental one, one that almost magically dispelled some of the foggy fears that I (and every other youth) had about my future.

What transformed my world view had to do with witnessing and defining ‘passion’. It is not that I did not know what passion was before, but by talking to Kang I was able to pinpoint and analyze what passion is. I say that passion is something found in individuals who do something in which you might have no interest, but do it so well that you feel an irresistible urge to come back and see them do it again. Regardless of whether you find the work interesting, they make it seem so wonderful and fun that you are almost tempted to try it out, even if you, an educated, rational being, are sure that you would not be able to emanate such intense energy and life. You instinctively know that it is not the work itself that seems so suddenly attractive but the people who are working on it. Passion, I came to strongly believe, is something that overrides the

highest intelligence and logic, and draws everyone in, absorbs everything of you until there is nothing left but wonder and amazement. It is something that can make your heart beat so wildly. The world that sees you will have a heart that beats as madly as yours. True passion not only devours like a burning fire, but it also resurrects. So in the end, my trip to UN did not make me change my career plans, but it did, in a way, really shift my attitude and thoughts about my future. Serendipitously, I had stumbled upon a mantra long time ago that I feel like I understand only now- and also the one that I will end this piece with and try to live by: Be so good that they can’t ignore you. •

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Sullivan & Cromwell LLPby Taeyoon Hwang, Hanbin Jung, Jeongmin Kim

General Information Name of Company Sullivan & Cromwell

Industry LawHeadquarters 125 Broad Street, New York, NY, United States Website http://www.sullcrom.comFounded 1879 by Algernon Sydney Sullivan and William Nelson

CromwellMain Competitors Wachtell, Liptonm Rosen & Katz

Cravath, Swaine & Moore LLP

Internship Application Period(s) -Career Info Summer Program for Law School Students:12 week

program

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Company Background

Sullivan & Cromwell LLP(Limited Liability partnership) is an international law firm headquartered in New York. The firm has approximately 800 lawyers in 12 offices, located in financial centers across the globe. Sullivan & Cromwell consistently ranks as one of the most prominent law firms in the world, being the 3rd most prestigious firm in the industry according to the 2014 law firm ranking at Vault.com, a career information website. From its earliest involvement in the formation of Edison General Electric Company in 1882 and the United States Steel Corporation in 1901, to its present work with leaders of the global economy, the firm has been closely involved in the affairs of some of America's, and now the world's, greatest industrial, commercial and financial enterprises. Clients of the firm are nearly evenly d iv ided between U.S. and non-U.S. entities. They inc lude industr ial and commercial companies, financial i n s t i t u t i o n s , p r i v a t e f u n d s a n d governments, along with educational, charitable and cultural institutions, individuals, estates and trusts. S&C also values diversity. They have a diversity committee and generate a Diversity Annual Report . In i ts most recent rankings, Vault listed S&C as among the “20 Best Law Firms for LGBT Diversity.” In addition, the MultiCultural Law magazine has named S&C as one of the “Top 100 Law Firms for Women” and “Top 100 Law Firms for Diversity” for several years, including most recently in 2012. A few client highlights of Sullivan & Cromwell show its greatness. First, in 2013, The Amer ican Lawyer, a

monthly law magazine, named S&C’s representation of Porsche to be the “Global Dispute of the Year.” Also, S&C hit a grand slam in the sale of the Los Angeles Dodgers by owner Frank McCourt to Guggenheim Baseball Management for $2 billion after carefully protecting McCourt’s financial interest in the team with regard to his divorce settlement. Lastly, S&C brought Kodak’s signature creativity to what became a Chapter 11 case, resolving a series of interlocking legal challenges.

Storyline

So-yeon Kim, a ‘07 UIC graduate who majored in International Studies, is currently working in the law industry, and she granted us the chance to visit one of the top-ranking law firms in the world: Sullivan & Cromwell (S&C). Two Korean lawyers of S&C, In-young Choi and Brandon Park, thankfully joined the meeting with Kim to inform and advise us on our careers. The conversation started off with self-introductions and all three of them explaining how they ended up in S&C. Kim claimed she wanted to be a lawyer since college—she enjoyed studying law. As a result, she did her very best to get into a presigious law school, and eventually entered S&C in 2014. In-young Choi, who started work in S&C three months ago, graduated from Georgetown University with a masters from Columbia. Choi realized that she, at first, wanted to be in an academia because she enjoyed writing her senior thesis. However, she later realized that it is not right to continue in academia without getting a real sense of how the world is actually like. So in order to fill in that gap,

Choi chose to become a litigator: a career through which she could utilize the prior knowledge and skills obtained from her masters degree. Brandon Park also did not start off as a lawyer earlier in his career. Although he graduated from an undergraduate law school in Korea, he did not want to became a lawyer at first. He started his career doing sales and later worked in a start up company. Park even worked in Hanhwa Chemical as an investment advisory manager, and the company eventually sent him to U.Penn law school to study. After he came back to Korea, Park had chance to work with a partner of S&C, whicn is when he was inspired to become a lawyer and actually practice corporate law. This is the general outlook that we could got from the one-hour conversation with these three lawyers: learning about a career is enabled the most through actual experience of working in the field. Note that both Choi and Park had very different experiences before getting started in the law industry. Talking about careers in general, they informed us that doing what you are interested in, and doing it throughout your everyday life, is worthwhile and exciting. Many people cringe at the idea of a universe they do not know well yet, but being in a specific field from the beginning does not matter, as long as you are getting useful experience. Park says, at least in an American setting. work experience includes specific skills but only a few critical qualities. He picked three of them: logical thinking, organization, and leadership. Choi and Park both believe that it is hard to know what a job or a work is like when you have never tried it. You should not be afraid of doing something, they say, even when your

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not 100% sure of the outcome. Once you have experience, you will know if you like the work or not—it is afterwards when you are to decide whether you will stay or move on. As long as you can utilize your work experience and knowledge to another field, a transition in your career is always possible.

Q&A

Q: Why were you initially interested in legal practice?

Choi: I was interested in legal practice because I liked making arguments for people, like when my sister was in trouble with the school administration. More than that, though, I enjoyed researching and analyzing. Yet as I said, I wanted to see the actual world before isolating myself to take five or more years in developing the topic I had chosen for my research. For me, law seemed like the written basis of human society, so my interest in it and my analytic skills made me choose the path of a litigator.

Q: How is a career in legal practice similar or different in the States from Korea?

Park: It is becoming more and more similar, but it definitely used to be different when I was in college. Personally, I did not want to pursue a legal path preparing for rigid and boring exams in Korea; I was too active,energetic and social. I like making adversarial arguments and deal-making, which was not suitable in the Korean legal practice atmosphere at the time. However, because of international influence, it is true that Korean law practice is are also becoming different from the past: law firm careers, for instance, have become more mainstream then before.

Kim: My sister goes to a Korean law school, and I know: Since the market is smaller in Korea, it is harder to get a job in the industry. From what I felt, law firms in Korea are more competitive to get in. It is my personal view that it would be easier for you to get a more satisfactory job in New York than in Korea because of this systematic difference.

Park: Although the process for preparing for a legal practice career is becoming more and more simliar between Korea and New York, the remaining difference is that in the United States, it is relatively

easy to get into a law school although not any law school like Yale or U.Penn (laughs). In other words, it is relatively easier to become a licensed attorney, but it is extremely challenging to become a good lawyer with a competitive corporate career. In Korea, it is, or at least it used to be, the other way around: it is extremely hard to get into a law school, but after than that, you are considered to be having a more stable career.

Q: Did your knowledge from college and prior career paths help you in law?

C h o i : Yes . I was ab le to use the knowledge obtained through my bachelors and masters in law. International affairs, science and foreign service, and political science all helped me in pursuing a career in litigation.

Park: I was able to utilize my knowledge in investment and business to pursue a career in corporate law. This process of finding the right field of work still continues after having a specific job. The next step is specialization. For example, after starting to practice corporate law, I specialized in M&A and alternative investment. Fortunately, Sullivan & Cromwell gave junior lawyers 18 months of time to jump from division from division and try out different areas to find one’s interest and speciality.

Q: Does the legal practice career in the United States is open to foreigners like us, or other kinds of minorities?

Kim: To talk about the value of the firm itself, it considers diversity of different nationality, sexual orientation and gender to be very important. To talk about the national difference first, it might actually be a contributing factor if you have foreign language skills to add on to the firm’s capacity. I do not think there is any disadvantages for foreign nationalities working here.

Park: Yes, this firm works hard on improving its diversity, because we do international transactions. How your international background can help your legal career would depend on what you want to focus on, though. If you are working cross-border, having the understanding of how societies outside U.S. work is definately a benefit. So, I think a legal career here more than just

open to non-U.S. citizens; it can be rather beneficial in some cases.

Q: How does Sullivan & Cromwell value diversity?.

Choi: We still have a long way to go regarding minorities and women, but it is true that the firm works hard to make improvements. Especially in terms of sexual orientation, as mentioned above, the firm is very open-minded. For example, we have a transgender name-changing clinic which helps transgender people to legally change their names that suit their sexual identity.

Testimonial (by Taeyoon Hwang)

The visit to Sullivan & Cromwell was our last official appointment during our stay in Manhattan. Although most of us were still battling jetlag and our toes were frosty from the chilly temperatures of New York, none of us could miss this golden opportunity to visit one of the top law firms in the world. After exiting the UN headquarters, moving downtown and approaching the premises of Sullivan & Cromwell, I took a moment and thought about what we as a group had just achieved: visiting the most prominent institutions and bodies

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of financial as well as governmental organisations: entities crucial in the making up of the foundation in which the world operates on. Now, we were in front of another world-class organisation with tremendous history and prestige that no one can disregard. The gold-emblazoned letters reading “Sullivan & Cromwell” outside a tall Manhattan building with a waterfront view humbled me. However, I gathered my thoughts and readied myself to be somewhat immersed (at least physically) into the realm of esteemed legal practice. As soon as our group walked in, we were led into a large conference room with leather seats and a killer view of the Hudson River just outside the window. I was previously informed that a UIC graduate would speak to us on behalf of the firm and give us some insight into pursuing a legal profession in New York. I was both surprised and pleased to actually have three individuals of varying degrees of Korean background speak to us, as they made the firm feel less foreign. I really appreciated the fact that the firm representatives prepared a list of questions for themselves to answer, prior to us asking our own questions. They briefly talked about the daily workings of lawyers, the different areas of practice, how the firm initially prepares you right after being hired, and gave us specific information on

further specialization into subdivisions of law. For example, two of the speakers were involved in the ‘general practice’ area, which deals with corporate matters, while one speaker was in the litigation side. They unanimously concurred that working on a variety of matters was something they really valued and took joy in being able to do. One speaker even mentioned that after joining the firm, her range and knowledge of law never seemed to hit a ceiling as she constantly learned about new areas of law. According to them, a lot of what lawyers have achieved many things through a process of trial and error since the legal field is so vast and diverse. You need to find out what works and what seems to be difficult in ways of handling different cases. They said that this not only applies while actually practicing law, but also when you’re in the stages of preparing to become a lawyer. An emphasis was made on the importance of getting first hand experience through internships, constantly being aware of current legal problems, talking to older seniors who have graduated from your university and are practicing law, and also researching different areas of practice. All in all, S&C was a surprise in many ways. For one, I originally imagined lawyers having a routine set of material they deal with, comprised of only minor deviations from that routine. However,

the speakers revealed that the profession of practicing law even within one firm is so diverse, that one is constantly learning, and will most likely be able to find a suitable fit to his or her personal set of skills and abilities. This made me realize that versatility and how well you can quickly adapt was key to being involved in this profession. This was a real eye-opener for myself and made the profession of law even more appealing. When the meeting was over, I did not rush to leave the room; I wanted to soak in the air of importance, pride, and standing supremacy in S&C for the last time. After the meaningful talk with three esteemed lawyers, my vision and understanding of legal practice seemed to have widened an increment or so. The g lamour, intimidation, and other superficial tags that come with being a lawyer especially in New York were put aside. We had a great time examining the profession and learned a little bit of what a “typical” lawyer would go through in a “typical” day. Knowing the rules of the game better than anyone is tremendously advantageous in everything that I can imagine in life. I think this is especially true when you are a lawyer. Having the power of legal knowledge behind your arsenal of varying skills could and should be of great benefit in any profession. •

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Alumni Profile:So Yeon Kim

by Haeun Yu

Name So Yeon KimAge 26Major International StudiesYear Class of '07Current Workplace Sullivan & Cromwell LLPCurrent Projects Currently involved in a variety of transactional matters including M&A,

corporate finance, project finance, securities, commercial real estate, and executive compensation. At this very moment, she is drafting a Loan Agreement to finance the construction of a copper mine in Brazil.

Future Aspirations In the short term, Kim would like to continue to work on matters that interest her, as well as devote time to pro bono matters that she feels passionate about.

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Q: P lease tell us more about your personal background

I was born in London and lived in Lisbon from ages 9 to 16. I lived in Korea intermittently and went back for good when I was in high school. I attended a Kaepo high school in Seoul. Initially, it was quite difficult to adjust to my new life in Korea, as I had led a very stress-free life in Portugal. As difficult as high school was academically, I came to enjoy living in Korea and it felt good to be back home. I found out about UIC in my junior year of high school and the thought of studying international relations in English and in Korea appealed to me, so I applied and got accepted in 2006. I knew quite early on that I wanted to pursue a career in law so I took my Law School Admission Test in my last semester at Yonsei and was admitted to Columbia Law School in New York. Six months after graduation I moved to New York to start law school.

Q: How were you as a student in UIC? Any undergrad experiences you would like to share?

I enjoyed my experience at UIC and still think of it fondly. I enjoyed studying international relations and found the c lasses intel lectual ly st imulating. I participated in Model United Nations and debate competitions, which helped me develop public speaking skills and learn how to form logical and coherent arguments. In my junior year, I went on an exchange program to the University o f Pennsy l van ia , which I en joyed tremendously.

Q: What would you do differently if you could go back to college?

I’d like to think my experiences were strategic choices in my path to becoming an attorney, but I can’t honestly say that. I always liked arguing, analyzing people’s arguments, and thinking about risk and choices, so I chose my extracurricular activities based on those attributes and the same attributes led me to a career in law. If I could go back to college, I think I would have experimented more. I always knew I wanted to be a lawyer so I focused on taking as many law-related courses in school as I could. If I could do it again, I think I would have taken a more diverse range of classes.

Q : H o w wo u l d yo u d e s c r i b e yo u r personality?

I think I am a curious person. I am always wondering why the world is a certain way or why people act a certain way. I also worry a lot, which, to put it positively, means I constantly think about contingencies and ways to minimize risk. I think these are quite important traits for a lawyer. I am constantly intellectually chal lenged at work and pressed to find new and creative legal solutions for problems. Also, I like to think of lawyers as risk-managers for their clients, always keeping in mind various legal contingencies and making sure all legal risks are accounted for.

Q: What are the strongest merits of your job? What makes your job so attractive? Any disadvantages?

The thing I enjoy most about my job is that I get to work on really interesting and complex deals that really make you think as a lawyer. Our firm prides itself in being innovative and cutting edge, and clients pay for our services because we come up with innovative and new solutions to old problems that reduce risk and increase rewards. I am constantly challenged to think about various ways to approach a deal and about the benefits and drawbacks of each option. Also, I like that junior associates are given a lot of responsibilities early on and while the learning curve is steep, you do end up learning a lot very quickly. It is very much sink or swim at my firm; you are dropped in the middle of an ocean and you either have to swim or you sink. I also like working on high-profile deals that involve big players in the international financial stage. Interacting with clients that are always on the front pages of newspapers is pretty inspirational. The only disadvantage I can think of right now is probably having less control over my time. Law firms are service providers and we are expected to be available most of the time if the client needs us. There are ways to make it more manageable, but on occasion I have had to cancel plans to work.

Q : M a n y U I C s t u d e n t s a r e a l s o interested in law. What can aspiring lawyers start doing during their college years?

There is no typical preparation process to become a lawyer, but I can speak to my own experiences. In my final semester at Yonsei, I took the Law School Admission Test (LSAT). I needed two letters of recommendation from professors and had to write a personal statement/ diversity statement. Those three and undergraduate GPA are the four main components in the admissions process. I applied in November of my last year at Yonsei and was accepted in January. Typically, law school lasts for three years and law students interview with prospective employers at the end of their first year. If you get an offer, you would work for a summer at the firm or organization, after which you may get an offer to work as a full-time lawyer upon graduation. After graduating from law school, prospective lawyers take the bar exam in the state in which they would like to practice and once they pass the bar, they are officially lawyers.

Q: Any last words/advice for current students?

In my opinion, there is really not much you can do in college to prepare yourself to become a lawyer. If you want to become a lawyer in the US, I would acquaint myself with the process early on and figure out what you need to do. Generally, I would reach out to alumni who have accomplished what you want to accomplish. Talk to them about your concerns and that may open more opportunities for you in the future. •

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REFLECTION:AWAY FROM THE FAMILIARby Jeongmin Kim

Some insights in life come in an unexpected way. In fact, my recent insight on careers started off with a movie that I watched during our fourteen-hour flight to New York: Nanny Diaries. In the movie, Annie, a 21 years old college graduate stumbling and searching for a career path, says the following: “there is a popular belief amongst anthropologists: you need to immerse yourself in an unfamiliar world in order to truly understand your own.” Throughout the Global Career Tour, which was a series of an unfamiliar world to another, I came to face one familiar idea of mine that seemed to deserve some doubt: the belief that I need a set goal. I doubted: do I? To my surprise, the intuition I earned throughout the Career Tour was radically the opposite: setting a goal is rather dangerous. These two were the reasons why.

The first epiphany I gained during the tour was that there are so many different industries and departments that I will probably never get to know entirely. As we took a slight glance throughout our company visits, there seemed to be newly-rising and failing industries, as well as hidden ones. In such a world, I realized that my judgment on whether a particular field is my fit or not might not always be trustworthy. There were firms and divisions that surprisingly fit my interests and capacities. If I stayed blind and adamant, my premature judgments would have changed my course of life: I would have eliminated diverse opportunities that seemed as irrelevant to me.

The second was that the career world is not as orderly as I had imagined. According to my previous viewpoint of careers—which was an extension of tests and competition—the idea of being hired through networks seemed wrong. However, during the Career Tour, it actually turned out to be sensible. As we witnessed, when entrepreneurs and staff manage firms or projects, there are always significant financial and qualitative risks they have to minimize. At the same time, they have to look out for necessary human resources with particular capabilities that will enable their aimed projects to succeed. For such needs, employers hire people they know to first, be reliable, and second, have certain necessary capabilities. This way, they minimize risks and maximize the use of relevant human resources. To grasp such career opportunities, one should become uniquely proactive.

As explained so far, the job market is extensive beyond one’s knowledge, and the way of entering it is, at times, ambiguous. Then, what are we supposed to do? Now, reflecting and writing in another fourteen-hour flight headed back to Korea, I sense that I will rather have to prioritize these three things: tangible interests, unique capabilities, and networking capacity. Firstly, in place of goals, I need tangible interests for making decisions on what I do. Secondly, I should build up unique abilities that can make people remember me to be good at. Lastly, I need the capacity and sincerity to always keep in touch with people who can recognize my interests and capabilities. All in all, rather than modifying myself for a single career goal, it is wiser to look out for diverse opportunities that fit my color. Goals, in fact, can be limits rather than achievements.

Some insights in life, as I said, come in an unexpected way. Although I packed my bags and flew out of Korea searching for a career goal, I am now flying back with an unexpected discovery—one that meaningfully and necessarily negates my previous agenda. I am excited at the thought of the diverse experiences to look out for from now on. As a final note, I am grateful for all the people who led us to and greeted us from the freezing winter in New York: those who worked hard to give us the extraordinary privilege to eye-witness, touch and walk through their lives after college. If, in the future, I become tempted to follow immediate goals and gains, I hope this written trace of my twenty something thought will serve as a flashback not to lose myself in the whirlwinds of life—to not compromise what I love, nor what I am good at. •

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