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WCM Career Management Part 1


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  • 1. Career Management Session #1: Relationships and Resumes
  • 2. Doing your due diligence Career MGMT
  • 3. Careers in finance Commercial BankingInvestment Banking Corporate Finance Investment Financial Planning Management Real Estate Insurance Career MGMT
  • 4. Commercial banking• Serve small- and medium-sized businesses such as franchising, leasing and cash management services• Commercial banks differ from investment banks because, in general, they are "lenders" rather than "bankers." In other words, they loan money, rather than raise it. You can go to the local branch office of your bank and apply for a loan to start a business, but you cant ask them to find investors to fund it Career MGMT
  • 5. Corporate finance• A career in corporate finance means you would work for a company to help it find money to run the business, grow the business, make acquisitions, plan for its financial future and manage any cash on hand. You might work for a large multinational company or a smaller player with high growth prospects. Responsibility can come fast and your problem-solving skills will get put to work quickly in corporate finance. Career MGMT
  • 6. Financial planning• Financial planners help individuals plan their financial futures. How are you going to cover your retirement needs? What do you have to do today to put your children through college? This work can be personally and financially rewarding and requires excellent interpersonal skills. A good financial planner understands investments, taxes, estate planning issues and knows how to listen Career MGMT
  • 7. Insurance• Jobs in insurance involve helping individuals and business manage risk to protect themselves from catastrophic losses and to anticipate potential risk problems.• You could work in a variety of areas in insurance including as an underwriter, a sales representative, an asset manager, a customer service rep or an actuary. A theme that is constantly emphasized by insurance professionals is that the industry is ultimately about helping people when they need it the most. Career MGMT
  • 8. Investment management• Investment management, also known as asset management, is pretty much what it sounds like: a client gives money to an asset manager, who then invests it to meet the clients objectives• The potential clients of an asset manager can vary widely. – Asset managers who work for mutual funds, for example, manage money for retail clients – Asset managers at investment banks often invest money for institutional investors like companies or municipalities (often for pools of money like pension funds) – Asset managers can also work for hedge funds, which combine outside capital with capital contributed by the partners of the fund, and invest the money using complex and sometimes risky techniques, with the goal of receiving extraordinary gains Career MGMT
  • 9. Real estate• Real estate is tangible. Its a piece of land and any building or structures on it, as well as the air above and the ground below. – Appraisal: Professional valuation services – Brokerages: A fee charged by the mediator who facilitates a real estate transaction between the two parties. – Development: Improving land for use by adding or replacing buildings – Property management: Managing a property for its owner(s) – Real estate marketing: Managing the sales side of the property business – Real estate investing: Managing the investment of real estate – Relocation services: Relocating people or business to a different country – Corporate Real Estate: Managing the real estate held by a corporation to support its core business—unlike managing the real estate held by an investor to generate income Career MGMT
  • 10. Investment banking Sales and Trading Investment Banking Research•Sales •Corporate Finance •Provide equity •Speak directly to •Acts at the ―middle institutional investors research and person‖ between those such as pension funds, that have capital recommendations that mutual funds, etc. (investors) and those investors use to make•Trading who need capital decisions •Execute purchase and (corporations) •―Buy/Sell‖ sale orders on investors’ •M&A recommendations behalf •Advise clients on valuation when buying or selling a company •Advise on strategic alternatives Career MGMT
  • 11. Investment banking groups Consumer & Product Groups Industrial Products Equity Capital Financial Communicatio Markets (ECM) Institutions ns and Media Mergers &Structured Acquisitions Mining Products (M&A) Industry/Coverage Groups Debt Capital Utilities and Markets (DCM) TechnologyInfrastructure Energy & Biotech Power Career MGMT
  • 12. Accounting DesignationsChartered Accountant (CA) •The CA is a designation meant to help ensure that professional standards for the industry are enforced. Specializes in audit and tax. •Other countries have certifications equivalent to the CACertified General Accountant (CGA) •The CGA is more general in its approach, providing instruction in audit, financial accounting, tax and managementCertified Management Accountant (CMA) •This certification expands on financial accounting by adding management skills that help to make strategic business decisions based on financial information Career MGMT
  • 13. Finance DesignationsCanadian Securities Institute •CSI provides financial training, securities training, mutual funds training, insurance training for LLQP, derivatives and wealth management training •Popular courses: Canadian Securities, Canadian Insurance, Derivatives Fundamentals, Professional Financial PlanningChartered Financial Analyst •Professional designation given by the CFA Institute that measures the competence and integrity of financial analysts •Candidates are required to pass three levels of exams covering areas such as accounting, economics, ethics, money management and security analysis •Several professionals on the ―buy-side‖ as well as equity research will seek their CFA •CFA info session November 18 Career MGMT
  • 14. General resources• VAULT and WetFeet guides• General websites and blogs• Company websites’ career pages• Attend information interviews• Industry magazines• Conferences and workshops• Industry professionals• Alumni Career MGMT
  • 15. Relationship building Career MGMT
  • 16. Information interviews• Student goals: – Find out what different jobs and careers are really like – Ask for referrals of others you can talk to – and be specific about the type of information you want from them – Make a favorable impression. It will help you get remembered for future jobs and referrals – Lead a productive conversation Career MGMT
  • 17. Information interviewsBe prepared• Have goals and an agenda for each conversation, tailored to each person’s background and experience• Don’t focus on questions you can research in advance (e.g. web or print). Do focus on personal questions, such as ―a day in the life‖ and what they like/dislike about their job• Focus on the appropriate level for your experience. Sometimes students are too aggressive/not realistic about the type of job in which they might attain upon graduation Career MGMT
  • 18. Biggest mistakes• Not being prepared – Not doing preliminary research before our meeting – Not coming prepared with questions• Confusing informational interviews with job interviews – Being nervous as if this is an actual job interview – Trying to sell yourself to get a job. Remember – you’re there to get information – Asking for a job during the interview. (It’s ok to ask about the steps for finding jobs in my company)• E-mailing a resume and asking for a job• Not following up – When people help you, always send a personalized thank you or update call/note. Career MGMT
  • 19. Random Advice• Talk to as many people as you can – the more you talk to people, the more you learn• The more direction you get by learning about companies and careers, the easier it will be to get a job. Recruiters like to see people who are focused and dedicated• Don’t expect the person you are interviewing to hand you the perfect wisdom, the secret of success – or a job. Do expect honest discussions and personal insights• View each contact as a possible long-term business relationship. Though not every contact will pan out that way, the potential is always there – if you keep in touch• Don’t let the frenzy of the recruiting cycle or the job choices of your peers become your benchmark for success. Keep exploring alternatives until you find what’s right for you• If your informational interviews aren’t going well, ask your contacts for feedback. At least you’ll learn how to make you next interviews better.• Just pick up the phone and call! Career MGMT
  • 20. Your resume Career MGMT
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  • 24. Formatting GuidelinesLENGTH: One page ONLYPAPER: 8 1/2‖ X 11‖ white, cream, or light gray high quality(paper, black ink. If your field of interest is conservative, e.g., banking or management consulting, consider using white paperABBREVIATIONS: In general, do not abbreviate, with the exception of state names for which you should use postal abbreviation, e.g., CA for California. Abbreviate or use an acronym only if it is more appropriate than the full name, e.g., "IBM" not "International Business Machines‖TYPOGRAPHY: Font is Times New Roman Career MGMT
  • 25. FormattingLAYOUT: Divide into relevant sections. Education, Work Experience, Additional Information (Extracurricular, Skills, Interests)BULLETS: only listed vertically. No more than 3-4 bullets for each job/activity. Use power verbs!SALARY AND OTHER PERSONAL INFORMATION: No salary or truly personal information including: health, height, weight, marital status, photos should be included on the resumeWRITING STYLE: Omit pronouns(i.e. ―I‖, ―me‖, ―my‖, ―our‖) and don’t overuse ―the‖, ―a‖, and ―an‖ Keep tenses, dates, and other formatting consistent. Ensure there are NO spelling/grammar MISTAKES! Career MGMT
  • 26. Content• Prioritize points you want to get across, such as summer internships and quantitative work experience• As much as possible, what you write should relate to investment banking• Relate your experiences to skills/attributes they are seeking• Go back to the job description/analyst skills checklist• Keep your statements concise, and quantify where possible.• Make sure you can talk about everything you write on your resume, including interests and hobbies Career MGMT
  • 27. General resources• Killer Investment Banking Resumes! A Wetfeet Insider Guide• Killer Cover Letters and Resumes! A WetFeet Insider Guide• Vault Guide to Resumes, Cover Letters, and Interviews Career MGMT