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Transcript from the November 6, 2007 UNC's Kenan-Flagler ...

  1. 1. Transcript from the November 6, 2007 UNC’s Kenan-Flagler Business School Corporate Finance (Investment Banking) Chat OLU J.: Welcome everyone. I’m Olu Jegede, a second year student concentrating in Corporate Finance/Investment Banking. I spent the last summer with Wachovia Securities and I am also a member of Admissions Advisory Board. We have with us my classmates who interned in various Corporate Finance/Investment Banking positions over the summer. Smitha Balasubramanian (Bear Stearns), Swetha Balasubramanian (Banc of America Securities ), Eric Hansen (Suntrust Robinson Humphrey) , Jinea Turk (American Express) and Stephen Blume (American Express). Our first year colleagues here are Vikas Bharathwaaj and Bharath Murali. From the admissions office, we have Julie Wiley. Please feel free to ask any questions in general or direct it to one of our participants in particular. OLU J.: Hi Everyone. I'm Olu Jegede and with colleagues from First and second year. I'll let everyone introduce themselves Shyamsundar S.: Hi everyone Rajeev R.: Hello everyone Vikas B.: Hello everyone. My name is Vikas, I am a first year student and would be majoring in Corporate Finance. chandraSekhar: Hi! Vikas Vikas B.: Hi Chandrasekhar Pepe: Anyone, I think that the natural question is, if you don´t have a corporate finance background, how do you open your way towards getting hired within a corporate finance environment Pepe: I work in trading, but want to move towards investment banking Jinea T.: Hi Pepe. My name is Jinea Turk and I am a second year majoring in Finance. Prior to business school I worked in Supply Chain/Operations. The key is to demonstrate your transferable skills and to do well in your intro. Finance courses in Modules I & II. Bharath M.: Hi everyone, I'm Bharath Murali, a first year student concentrating in Corporate Finance SWETHA_KFBS2008: Hi all, I'm Swetha Balasubramanian, I am a second year MBA Student. I interned at Banc of America Securities over the summer and will be joining them full time next year. Stephen B.: Hello all. My name is Steve and I am a second year at KFBS. Currently I am concentrating in corporate finance and this past summer I interned with American Express in NYC. Eric H.: Hello, my name is Eric Hansen and I'm a second year student. I did investment banking at SunTrust Robinson Humphrey this summer.
  2. 2. Julie W.: Good afternoon everyone, thank you for joining us today! I work in Admissions and am willing to take any general admissions questions you may have, but ask that you try to keep your questions more on the Corporate Finance topic. OLU J.: Akinyemi - How are you doing? Please fire away your questions Akinyemi A.: Olu J, Thank you. KangHee_kfbs2008: Hi everyone. I am a second year MBA student. I worked at citicorp Hong Kong in investment banking over the summer. feel free to ask questions. Pepe: also, Business Week ranks the Chapel Hill as not very friendly for international students looking to be hired, Swetha, how do you feel about this SWETHA_KFBS2008: Pepe, I think Chapel Hill is a great place for international students and we had almost 100% placements for internationals over the summer. Also, the Career Management Centre has held various sessions to aid internationals in their job search. Rajeev R.: I have 7+ Yrs IT experience in American Express. Can I move to Investment Banking or Corporate Finance? I have enough of IT OLU J.: Rajeev R - Yes you can make the career switch. Any specific concerns? Julie W.: Rajeev, we do have many career switchers apply. Rajeev R.: Thanks for response OLU. My another question is, I have GMAT 640 score and 7 yrs of IT Exprience in American Express all over the world (Sydney, India, UK & USA). I haven't yet applied considering my score is too low. Please advise next steps. Also, I am currently at my work place so I might be slow in responding. Sorry for that and all spelling mistakes : )) OLU J.: Rajeev: Go for the very best GMAT score you are sure you can score and them back it up with a compelling essay Julie W.: Rajeev, you can always retake your GMAT. We only look at the higher score. You can also take advantage of any professional and community leadership opportunities to make you an attractive candidate. Jenna: Is Financial Planning and Analysis considered a part of Corporate Finance field? Stephen B.: Jenna, corporate finance at KFBS really encompasses two tracks 1) investment banking or 2) industry finance. Financial planning & analysis really belongs to industry finance and I can attest that there are several classes here that will prepare you for that career path. Jenna: Thanks, Stephen B.! Chethan: Hi all. I am an Engineer but am interested in an MBA in finance. Why? I like doing business with money.Pl let me know is it possible for me to make that switch now?
  3. 3. Vikas B.: Chethan, if I read your question correctly, you are interested in entrepreneurship. I encourage you to attend an entrepreneurship chat sessions. Every year we have many students starting their own business. We also have the Carolina Venture Fellows and Entrepreneurship Fellow Programs. Chethan: Thanks Vikas Lightning: I have a basic question - Can you differentiate between a finance MBA and a CPA? OLU J.: Lightning - An MBA focuses on more than Finance and Accounting. You are well rounded and have more options than a CPA will offer Lightning: OLU J, thanks. OLU J.: Lightning - Anytime Ryan M.: Is it running a budget at a company? Jinea T.: Hi Ryan. Are you asking if corporate finance is about running a budget? Ryan M.: Jinea, more or less...or maybe more general...what makes corporate finance exciting to you? Jinea T.: Ryan, corporate finance can lead into a variety of careers. At the MBA level it is highly unlikely that you will simply be managing a budget. At the MBA level, you're more involved in the decision making. Corporate Finance is exciting to me because of the range of opportunities available, from industry finance to investment banking to commercial banking there are just a wealth of opportunities available. Ryan M.: Thanks Jinea. can I ask what you are currently hoping to do after schooling? Are you targeting a company or job type? Pepe: HOw many graduates from UNC end up working say in London, Hong Kong, or another international financial center outside the US? Pepe: do international firms scout at UNC, or only domestic firms? KangHee_kfbs2008: Pepe I can answer that questions. KangHee_kfbs2008: Some international firms scout at UNC. KangHee_kfbs2008 : But not as many as domestic firms. KangHee_kfbs2008: But once you come to school, you can find more resources from classmates. Shyamsundar S.: Hi, what is the process in KFBS for selecting a core concentration? Is there a limit on people choosing a particular elective?
  4. 4. SWETHA_KFBS2008: Shyamsundar, people gravitate towards a concentration based on the classes they take (which depends on your career interests). There is no limit on the number of people. Shyamsundar S.: Thanks Swetha Jenna: Question for current students: Is Financial Planning and Analysis considered a part of Corporate Finance field? Jay M.: Relative to schools located in the Northeast/New England, how well received are KFBS applicants by Wal Street firms? Eric H.: Jay - most of the Wall Street firms are on campus to recruit so KFBS definitely has a good reputation. Most NE schools have more students so their raw numbers may be higher but the percentages are probably similar. We have a lot of connection to NYC. Jay M.: Thank you, Eric. Sharadha S.: Hi Julie.. how important is it to have a background in finance to be admitted into a course at Kenan Flagler? Julie W.: Sharadha, I am not sure what you mean exactly. Can you clarify? Pepe: What are the best things you have learned in the Corporate Finance concentration KangHee_kfbs2008 : Pepe, with corporate finance concentration, you learn all the tools that you need to go into corporate finance career. Pepe: something that has given you guys an edge from who you were before going MBA and with respect to say....Duke MBA students KangHee_kfbs2008: You really don't need to compare to other school. Because the company will evaluate your ability to do the job. KangHee_kfbs2008: We have all the important courses that you need to go into corporate finance career. Vikas B.: Hey Pepe. Don't go to Duke, not worth it! On a serious note, the Corp Fin Core courses at KFBS are very intense and prepare you really well on concepts up front. I did not have a Fin background. I am glad I could learn a lot after joining KFBS. KangHee_kfbs2008: Pepe, if you are interested in corporate finance career, UNC is the right school. Over the summer, I used everything that I learned at school and got good evaluation from bank. Pepe: Im not! haah, I want to go to UNC, if they´ll bring me on board Pepe: im just asking Pepe: because i want to be sure that my perspective on UNC is accurate
  5. 5. Vikas B.: Good Luck with you admissions Pepe Pepe: I actually wanted to go to B-school starting this fall, but since i was not admitted here, I waited for a year Kalsid: what are the job profiles one can look at after majoring in corporate finance? OLU J.: kalsid - Investment Banking, Investment Management, Industry Finance, Business Development Jen: How soon do you have to declare your concentration? J.J. : Hi, Jen, You don't have to declare your concentration until 2nd year. Ultimately, you don't have to choose concentration. Eric H.: Jen - you declare a concentration (or 2) right away, but can change it at any point. A lot of people don't have a concentration but rather just take classes that interest them and are relevant to their job searches. Taozhang: Is anyone go to a commerical bank post-MBA. If any, what kind of role they take? Eric H.: Taozhang - No one on the chat but people go to Citi and Bank of America for more commercial-banking positions. Some types of client managers, others for specifics like Business Banking, etc. Taozhang: Eric, thanks. Do you know for Citi or Bank of America, do they provide some leadership program for MBA candidates. is it competitive as well? Eric H.: Taozhang - yes, almost all companies offer a leadership program that is geared for recent MBAs. They will provide you with everything you need for your job. Pepe: Did anyone applied to intern at a Private Equity firm, how did that go? Timothy S.: Hey folks- I have a more generalized question with regard to the overall MBA program. Is the schedule so demanding, to the point that you would find it impossible to have a 'second job' while attending the full-time program? SWETHA_KFBS2008: Timothy, in first year I would highly suggest concentrating more on academics and the job search. In second year however, your schedule is more flexible allowing you to take on other jobs. The school offers several part time jobs (TAs, graders, Library jobs etc.) Lightning: At what point during your MBA do you need to pick a concentration? Is at before I start or during the MBA? Piyush S.: Hi Swetha, how much of industry participation is there in the concentration apart from the course work.
  6. 6. SWETHA_KFBS2008: Piyush, the concentration is entirely based on the classes you take. However several classes have guest speakers from the 'real world' and definitely add to your experience. Lightning: Does the GMAT score affect which concentration you get selected for or does it not matter? Julie W.: The GMAT score does not matter for concentrations, however certain recruiters, particularly investment banks, do look at your GMAT score. Steve: what's the GMAT hurdle to clear with the ibanking recruiters? Stephen B.: Steve, unfortunately if the bankers don't see your gmat on your resume they will most likely ask about it. Typically if you get a 700 or above you will put it on your resume. That said, I definitely know bankers who did not break 700, but still got an internship in banking. Pepe: Stephen B, what if you end the first year with straight A´s but got a lower GMAT score, are you trying to say a lower GMAT score becomes a stigma on your resume? Taozhang: Hi, Julie, so how about the other recruiters, say coporate finance Chethan: Hey Vikas - you said "I did not have a Fin background". Were you also an Engineer when you joined? Vikas B.: Chethan, I am a Mechanical engineer. I was into Business Development with a Manufacturing firm before I joined B school thunder3k: how do u rate a person working in IT for 3 years and planning to shift to IB? Julie W.: thunder3k: it is hard to say without looking at your overall application. We look at not only your work experience but academic record, essays, interview, recommendations, community leadership. thunder3k: do both verbal and quants matter equally in KFBS and during recruitment? Julie W.: Thunder3K, yes we look at both parts of the GMAT and recruiters do as well. Pepe: Did anyone get into a Private Equity internship? Eric H.: Pepe - yes, people did get into Private Equity this summer. The field is very difficult to get into but several people went to smaller PE firms, especially in the South. Jay M.: For those second years who interned in corp fin last summer, how was the internship experience? Did you feel as if you were given significant opportunities to contribute value-added work? KangHee_kfbs2008: Jay M I can answer your question KangHee_kfbs2008: I did what real associate does in everyday task. OLU J.: Jay M - I was in I-Banking and the experience is priceless. Lots of live deals with high impact
  7. 7. KangHee_kfbs2008: I contribute a lot. I think if you go to investment banking summer, you contribute and learn a great deal. Jay M.: Olu and Kanghee, thank you both. How if at all has the impact of the credit market turmoil experienced in late summer/early fall impacted your perception of corp fin? OLU J.: Jay M - The turmoil has shut down some opportunities and created others. Corp Fin skills are skill needed to get out of the credit crunch Jay M.: I would agree, Olu, though financing is obviously more difficult to secure in many cases. OLU J.: Jay M. - While that may be true, financial institutions are changing their focus. My point is that there will always be something interesting for you to do Jay M.: Thanks again, Olu. Sharadha S.: I am currently a commerce graduate and i wish to pursue an MBA in finance. Lightning: Can any of you that interned at a finance corp please briefly state what the internship duties were? Thanks. Pepe: Julie, i think UNC offers a merit based scholarship for the 2nd year, what is the expected GPA to get that aid? Julie W.: Pepe, we offer fellowships to appox. 25% of our students. The fellowship award is merit based and we look at an overall strong application, not just GMAT score. Akinyemi A.: Olu J. Does the school help you pick concentrations based perceived strength or they leave it to the student? Sharadha S.: Finance interests me though i have no definite eduaction on the subject. Bharath M.: Sharadha, you don't need any background in Finance to concentrate in Finance or to make a career shift. Many students in KFBS are career changers. Sharadha S.: thanks Bharat. Joan: Hi Jinea. As far as industry finance, is there any recruiting for finance rotational programs at UNC? Jinea T.: Hi Joan, yes there are companies that recruit for rotation programs here at Kenan-Flagler for full-time positions. There are rarely opportunities for rotation at the internship level due to the short time frame. thunder3k : does taking part in lots of extra curriculars(read: organising events in office and colleges ) compensate for lack of community service? Mike N.: How much of a factor is community leadership, I don't think I have anything that fits in that category except for side projects at work
  8. 8. Pepe: Have you heard of any UNC MBA graduates that went on to start a financial firm of some sort? Eric H.: Pepe - starting a financial firm would be more than a few years out of school, when some people might get into Venture Capital or the like. Pepe : Thanks Eric H Matt M.: What classes / professors within the corporate finance concentration have you enjoyed the most? SWETHA_KFBS2008: Matt M. the core program at UNC offers finance classes in Mod 1 and Mod 2 both of which are excellent classes. The Finance and Accounting profs at UNC are truly amazing and the faculty is outstanding. Matt M.: Thanks Swetha, I had the chance to speak with Matthias who teaches one of the courses in Mod 1 and really enjoyed the convesation, I have heard good things about his class SWETHA_KFBS2008: Matt, that's great. Other profs I would recommend reaching out to in Finance are Jennifer Conrad and Adam Reed. Matt M.: Swetha, great, thank you! Also, in your internship at Banc of America Securities, how did you feel in comparison with colleuges from other MBA programs as far as your preparation for the work you were doing? SWETHA_KFBS2008: Matt, I felt adequately prepared thanks to the profs and classes at UNC.We do several seminars such as 'Training the Street' which is conducted by Scott Rosten who trains Analysts/Associates in several Wall Street firms way ahead of our internships which holds us in good stead. We also have investment banking classes which prepares you. Matt M.: Thanks Swetha Steve: where do most MBA graduates end up? is UNC primarily a southern school? Julie W.: Steve, we have graduates end up all over the world, although many of our graduates will work in Boston, New York, Charlotte, Atlanta, Washington DC, and some west coast. Chethan: Vikas, How is MBA finance adding to your Mech background? Vikas B.: Chethan, definitely a great learning experience. It is not just the classroom learning that contributes but you get to learn a lot more outside, from your batchmates, seniors, alums, faculty. Julie W.: Please be patient as we try to answer all questions. If your question was not answered, please ask again. Akinyemi A.: Kanghee. How much of real life scenarios are dealt with during study at KFBS Akinyemi A.: and what level
  9. 9. KangHee_kfbs2008: It depends how much you want to be involved. Akinyemi A.: please be clearer Akinyemi A.: how do you mean? OLU J.: Akiyemi - There are opportunities for Practicums where you get to work with real companies on real problems Akinyemi A.: Thanks Olu. J KangHee_kfbs2008: If you really want a real life scenarios, you can actually do it. Akinyemi A.: OK. KangHee_kfbs2008: Akinyemi, what do you want to know exactly? Akinyemi A.: Do you get to work on cases as it bothers on the needs of particular companies OLU J. Yemi - Anytime thunder3k: everything else remaining same, does GMAT score of 740(Q50,V44) and 710(Q50,V35) makes huge difference when admission and recruitment is concerned? Julie W.: ThunderK, it is really a case by case basis and we would have to review every part of your application. thunder3k: Julie, i said if the same person submit the application, does more score in verbal matter more? Julie W.: Thunder3K, please restate your question, I am not sure I understand you. thunder3k: Julie, say if i submit my application twice, does more score in GMAT verbal matter more or it is not a concern? thunder3k: if my overall score is above 700 anyways Julie W.: Thunder3K, please email me directly via Pepe: Eric H, how´s the entrepreneurial spirit in the Tri Area, do you get the feeling that there´s opportunity for growth? Eric H.: Pepe - entrepreneurial spirit is very high. The Research Triangle area is definitely growing and feature a lot of smaller fin'l firms such as Private Equity and Venture Capital. A good amount of people stay in the area. Pepe: Stephen B, what if you end the first year with straight A´s but got a lower GMAT score, are you trying to say a lower GMAT score becomes a stigma on your resume
  10. 10. Stephen B.: Pepe, solid grades are a must if you did not break 700 on the gmats. Bankers want to see a track record of solid academic performance. Pepe: Stephen but it seems as if you break the 700 barrier on the GMAT you´re over and beyond anything your grades might say....that´s a bit discouraging because i didnt get a 700 hehe Eric H.: Pepe - over 700 is great but then you need to compete against the other outstanding students here. IF you can't differentiate yourself in the classroom, then that could be a problem. Mike N.: General question: If I am interested in becoming and equity analyst - would you recommed the Corporate Finance or Investment Management concentration at UNC? OLU J.: Mike N. I will recommend Investment Management chandraSekhar: Question to the Admission committee..I am planning to apply in the cycle 1. Do you go through the applications as and when they reach you or you go through all after the last date of submission. The reason I ask this is I am banking on fellowships oppurtunities. SInce I have already missed the early action deadline I don't want to miss the next one. Julie W.: Chandra, we do not review applications on a rolling basis. All decisions are released on the same date. chandraSekhar: Thanks Julie Sharadha S.: is the scholarship program open to international students as well? Julie W.: Sharadha, yes the fellowships are open to international students. There is not a separate application for the fellowship. You just need to apply by our third deadline in early January. Sharadha S.: Thank you Julie. Chethan: Do you get to work on hands on M & A projects during MBA? SWETHA_KFBS2008: Chethan, although we don't work on 'live' M&A cases, we do several case studies which involve understanding M&A scenarios. Piyush S.: Bharath,what is the perception of certifications like CFA/FRM,is it considered a big plus on resume KangHee_kfbs2008: Piyush, It can be plus if you want to do corporate finance career. KangHee_kfbs2008: I went to career fairs and a lot of recruiters said that's a trend these days. Piyush S.: thanks KangHee, do KFBS students generally take up CFA exams or is it more of a personal choice KangHee_kfbs2008: It is more personal choice..but the school supports it.
  11. 11. KangHee_kfbs2008: But CFA definitely is a plus. UNC really encourages us to take up CFA exams. Bharath M.L : Piyush, indeed a lot of students do take the CFA by the end of their first years. UNC has a very high pass percentage for the exam. Piyush S.: good to hear the info on CFA :) KangHee_kfbs2008: piyush, I am glad it's hepful. Akinyemi A.: General Question: How friendly are students loans toward international students Vikas B.: Akinyemi A., the current student loan program by CFI available to all admitted international students covers the complete tuition and college fees (over and above any scholarships) Akinyemi A.: Thanks Vikas Vikas B.: Good luck Akinyemi Jen: Has anyone combined a real estate and a finance concentration? Eric H.: Jen - no one in this room here but I think a few are concentrating in both. I think both require a lot of classes though so maybe just take classes that are interesting in both areas. Jen: thanks eric Steve: is there a sizeable korean population on campus? OLU J.: Steve - There is a very nice korean population KangHee_kfbs2008: steve..yes we have about 10 korean in each class. Taozhang: OLU, I have interest in the risk management and financial innovation in commercial banking. Is the corporate finance concentration suitable? OLU J.: taozhang - Yes. Citi recruits for that position here Taozhang: Olu, great! any more information for your said position? OLU J.: taozhang - Corporate Finance will equip you with all the skills you need to get the position and succeed at it Taozhang: Thanks OLU SMITHA_KFBS2008: Hey! This is Smitha here, a current second year student and I am happy to answer any questions you might have Chethan: Thanks Smitha
  12. 12. Nguyen H.: Hi, I have known that applicants from similar countries are evaluated in a group. I'm from Vietnam, which group of country do I belong to? Last year, how was this group compared to the average applicants in term of GPA, GMAT score ? Pepe: Anyone, what about the general attitude towards international students in the overall population, is it a friendly one? SMITHA_KFBS2008 : Pepe: People are warm towards international students. Everyone encourages you to participate and feel comfortable in the culture here Kalsid: For career switchers ,say from IT to finance,is the pre-mba IT experience taken into consideration by the recruiters?or one needs to start from the bottom of the ladder? SMITHA_KFBS2008: kalsid: I am a career switcher myself and was into IT consulting before MBA. The pre MBA experience plays a huge role in recruting. It is important to highlight the transferable skills Kalsid: Thanks Smitha. But I was more concerned about the designation that a carrer switcher with 3-4 yrs exp lands up with, after his/her MBA. SMITHA_KFBS2008 : kalsid: I had less than 2 years experience before MBA and do not hold any masters degree. I interned with an investment bank for my summer and had the same role as anyone else who might have had more experience/degrees. So as far as Corporate finance jobs go it honestly does not matter. Industry finance might be different though, but not that much. Kalsid: Thanks Smitha. That helps. thunder3k: does an IT person eye on IB like goldman sacs or Morgan stanley while at KFBS? Jenna: question for current students who chose UNC over Duke: why did you decide to come to UNC? Julie W.: Jenna, I just spoke with a current first year woman who came to Kenan-Flagler over Duke because she found the atmosphere here to be more collegial. Eric H.: Jenna - the two schools are very different. If you can visit the two, that would probably answer your question. Duke has a larger class size than UNC and I thought that I felt more comfortable at UNC. UNC is a much larger campus too. I think everyone just got very good vibes at UNC thunder3k: CFA while in KFBS? OLU J.: thunder3k - It should not be a problem Sharadha S.: What is the minimum required work experience considered by the school. OLU J.: Sharadha - Minimum of 2 years recommended Sharadha S.: Thanks OLU..
  13. 13. Michael C.: I am interested in the product/brand management concentration, but I'm also interested in supplementing my overall academic experience with a little more finance than what is offered in the core mods. If I select a different concentration, does that still leave time in my schedule to take a few electives outside of my concentration? Phillip K.: Michael C. - yes, you will have an opportunity to take many finance courses Michael C.: Thanks, Philip Jinea T. : Michael, yes you still have time to take course outside of your concentration. sadashiv k.: doesn't CFA require prior finance experience of 3 years? Jay M.: To be awarded the CFA charter, one must have accumulated 48 months of related work experience. The CFA Institute does not negotiate on this point as I unfortunately discovered after passing Level II this summer. Steve: general question- how do wall street recruiters treat military experience? Pepe: Did most of the summer interns got paid while interning? SWETHA_KFBS2008: Pepe, yes most, if not all summer interns were paid during internship. Phillip K.: Pepe - most (99%) interns are paid thunder3k: does indian CFA makes sense at international market? Chethan: Is good Quants necessary for the Finance MBA? SMITHA_KFBS2008: chethan: It definitely helps you chandraSekhar For a person interested in Equity research kind of activity . Is corporate finance/Investment Banking the right concentration? SMITHA_KFBS2008: chandrasekhar: Investment Management is probably better chandraSekhar: Thanks Smitha Pepe: What´s the average class size at KF? Eric H.: Pepe - we have 280 students in each class Pepe: not the overall, but I mean on any given individual class Pepe: I meant the number of students in a classroom for 1 topic...sorry i was misleading Eric H.: Pepe - most classes are 55-70 people. Pepe: i that below average for an MBA?
  14. 14. Pepe: and how much time can you expect to get out of the classroom from a professor Eric H.: Pepe - professors are all open door. They will make time for you no matter what. You are their main priority. Pepe: thx Eric Julie W.: We are ready to answer more questions from you all. thunder3k: why should one pick up KFBS over a finance school like NYU Stern? Jinea T.: thunder3k, they are both good schools. The difference is likely the cultures. You should choose the environment where you feel more comfortable. The class size here is also smaller. Vikas B.: thunder3k, KFBS to me came across as the only school that has a strong finance faculty/courses, great ties with the Wall Street and still maintains a very collaborative, team-based learning model. Could not find any other school with this combination. Steve: general question- how do wall street recruiters treat military experience? KangHee_kfbs2008:'s not a negative. KangHee_kfbs2008: Steve, we have a alumni who had a military background and work in investment banking. KangHee_kfbs2008: Steve. I saw one in Wachovia and one in citi. I am sure that there's more. Julie W.: Steve, hold on, someone is answering your question..... Stephen B.: Steve, I have several friends with military experience and they all did very well with recruiting in a variety of different industries. The number one characteristic recruiters look for is leadership experience and I think the military provides excellent training in that regard. There is also a military veterans club at KFBS that helps you with resume writing and interviewing. Ryan: I have an engineering background with no undergrad business classes, will I need to take any classes prior to enrollment? Julie W.: Ryan, it is not required but you can take calculus, statistics, accounting and microeconomics to prepare yourself. We also offer a summer session called the Analytical Skills Workshop as well. Piyush S.: another one on internship, Do you guys think courses available in the first year are sufficient to prepare one for an IB internship, or was it tough ? Ashvin K.: piyush, the classes you take in your first year are more than enough to prepare you for an ib internship, kfbs grads are more than prepared for ib internships Taozhang: How about the professor in finance of KFBS? I mean their knowledge authority....
  15. 15. OLU J.: taozhang - Professors are very accomplished. Many take a semester off to work on research which is very crusial in the academic world Taozhang: Thank you again, OLU. So can student help professor in the research? I know KFBS does not offer GA work OLU J.: taozhang - There is no Graduate Assistantship for MBAs. There's simply no time for it Taozhang: Olu, so even though I want to volunteer, i believe this helps me in learning OLU J. taozhang - Trust me. You will not have the time :-) taozhang : Aha, OLU, thanks OLU J.: taozhang - But you can be part of the tutoring program for first year students once you get into the second year Taozhang: Thanks Sharadha S.: do tutoring programs fetch any financial gain to the students..? Ashvin K.: sharadha tuturing programs typically pay $10 - $20 per hour depending on the number of students you teach Sharadha S.: thanks Ashvin. thunder3k: do you comfortably get all the elective you want to attend or there is some lottery? SMITHA_KFBS2008: thunder3k: Yes, I think most people get all the electives they need. There is a bidding process associated with it, but it is fairly simple. I have also heard of cases where the class size has been increased just because of demand Akinyemi A.: Admissions: Apart from good GMAT scores and great essays, how much do your resume contribute in your admission decision. Julie W.: Akinyemi, your work experience is a very important part of your overall application. We like to see management and leadership experience, progression within your job, etc. Akinyemi A.: Thank you Julie Michael C.: Bye everyone, good luck with your applications Marcus: Julie, is the summer internship application process similar to a job interview? Also, how does the school support the students in finding summer internships. It seems that choosing your summer internship is a big decision and can greatly impact your future career. thanks, Marcus
  16. 16. Ashvin K.: summer internships applications are more or less similar to full time job interviews, the only differnece is full time are slightly more intensive if you have not interned in that particular role. kfbs is very helpful in finding summer internsjhips for all its grads Pepe: Are professors a good aid to networking with outsiders? That is, are they helpful into providing leads for future jobs? OLU J.: Pepe - It depends. Keep in mind that they've taught many of the current recruiters and some of them are still in touch with them Pepe: thx OLU Ofeliu: If the KFBS environment good for student with families? KangHee_kfbs2008: Ofeliu: Yes. We also have a family club. Jinea T.: ofeliu, there is a very strong partners network here at KFBS. There are many who are in the program who have families. Their families become a part of the KFBS family as well. Ofeliu: Thanks Jinea Julie W.: Ofeliu, Chapel Hill is very condusive for family living. sadashiv k.: is it possible to get into investment management with IT as a pre-MBA field? Eric H.: Sadashiv - anything is possible. Most people here are career switchers so you shouldn't be at a disadvantage. If you work hard, you'll get it. sadashiv k.: thanks Eric. thunder3k: does quantity of work exp matter more for admission or the quality? Julie W.: Thunder3k: both are important. At lease 2 years of work experience; average this year is 5.6. Also, as previously stated, we like to see management and leadership experience within your job duties, as well as a progression of responsibilities. thunder3k: do u look at the qunatity of WE while applying or while entering school? Julie W.: Thunder3K, we look at the total work experience at the time you would enroll, not the time you apply. chandraSekhar: I guess investment banking is one the most preferred area of concentration. Are the no. of seats for a particular concentration limited. If yes what is the way to resolve the conflict between the students? SWETHA_KFBS2008: Chandrasekhar, the area of concentration is typically Corporate Finance (and Investment Banking would fall under this umbrella). There is no limit for the number of seats.
  17. 17. chandraSekhar: Thanks swetha! thunder3k: do u know anyone shifting back to india after graduation? Ashvin K.: thunder3k as far as i know nobody has gone back, everyone seems to have taken up a job here. Marcus : Thanks Ashvin. With regards to the summer internships, does the school have a list of preferred companies or past companies that students have worked with? Also, do companies recruit heavily for summer internships? Ashvin K.: marcus, the school does have a list of companies that recruit heavily like bank of america and wachovia for ib (for e.g, we are what is called a "core school" for these companies. in addition we also have other companies that have alums from unc placed there that also recruit here, kfbs is very proactive in getting companies to recruit here, almost everyone in my batch got a summer internship Marcus: Great. Thanks Ashvin. Chethan: To al Indina KFBS students - What % of KFBS graduates oome back to India and work? And after how many years? Chethan: % of Entrepreneurs SMITHA_KFBS2008: chethan: As far as I know most people stay back here in the US. I am not really aware of people who have gone back personally. I guess its a personal choice honestly. Pepe: Can anyone mention what´s the typical job a CF graduate obtains at graduation...not the institution they might end up at, but the most common job you get.... thunder3k: to present students: does applying in early decision round more advisible if u are from more aompetitive pool? Julie W.: Thunder3K, we advise you to apply in an earlier round if possible. The class fills up by the 4th deadline and that last deadline becomes more competitive because there are less spots to offer in the class. thunder3k: is STAR program helpful in finance? SWETHA_KFBS2008: thunder3K, I believe the STAR program is more suited for Consulting than Finance. However, I'm sure it will test your finance skills to some extent. thunder3k: and what about 4 step it just a buzzword or a reality...can u share ur expof this 4 step process Eric H.: Thunder3k - no idea what 4 step leadership is. No one here has heard of it. Can you elaborate?
  18. 18. thunder3k KFBS said that it follows 4 step leadership program : Principles, Practice, Feedback and Reflection.. thunder3k : This 4 step process seems more of a marketing buzz then a reality... Eric H.: Thunder3k - I think this was implemented recently so the second years haven't had much experience with it. 1st years may be able to tell you more about it. Bharath M.: Thunder3k: Leadership development in KFBS is pretty intense. We have two credits towards this in our first year. We just use the 4 step leadership as a model that can be used to test, improve and apply our leadership skills in a safe environment like that of KFBS. Taozhang: Can someone talk about the case competition regarding finance Taozhang: I know there is the Wachovia Regional Case Competition OLU J.: taozhang - A very popular one here is the annual Wachovia Case competition. You get to do a real Valuation exercise and present to Investment Bankers from Wachovia. Very Cool Taozhang: OLU, I knew KFBS won the first place in 2006. Cool! I think that maybe help the future job landing for those prize winner OLU J.: taozhang - Yes. It certainly offers you the required visibility and strongly enhanced your network Pepe: Can anyone mention what´s the typical job a CF graduate obtains at graduation...not the institution they might end up at, but the most common job you get.... Eric H.: Pepe - investment banking associate is probably 1st, industry finance like treasurer or controller's office is next, business development as well. Some people go to PRivate Wealth Mgmt. Pepe: Thx Eric Akinyemi A.: Olu J. Do i have to take TOEFL test, given that i was educated with the english language? Julie W.: Akinyemi, yes. Akinyemi A.: Julie. My education was in english n that is the language spoken officailly in my country. Except there is another reason asides verify my fluency in the subject matter. Julie W. : Akinyemi, for Toefl requirements please review at this link: Julie W.:… Akinyemi A.: thank you Julie Pepe: So Julie, if I applied within the early decision round, does that mean there´s a greater chance to be admitted?
  19. 19. Julie W.: Pepe, you will be compared to the rest of the applicant pool so I can't really say at this point if your chances would be greater. Pepe: Thx Julie Brett G.: Could anyone comment on how Leadership Initiative programs are incorporated into Corporate Finance classes? OLU J.: Brett G. Leadership initiatives are integrated into the entire program regardless of your concenteration thunder3k: i read at other schools that they have a simulated trading labs and also funds to invest real time...does KFBS offers such initiatives? Eric H.: Thunder3k - second years have an opportunity to manage a fund we have here. Most are Sales & Trading people or Investment Mgmt. SMITHA_KFBS2008 thunder3k: Yes, we also have both of those facilities here chandraSekhar: Second year students:-I read in businessweek that the expenditure in a B school actually goes beyond the figures shown by the websites.IS it true? Can you please tell me the approximate expenditure per year for you guys. OLU J.: chandraSekhar: It depends on your taste and background. Pepe: I know its just a ranking system, but why is UNC not considered among the top Finance Programs by Business Week, it its curriculum seems more solid than other programs which are ranked? OLU J.: Pepe - Businessweek is just one ranking! I will not recommend that you base your decision on a single ranking. Compare it to a few others since they all use different methodologies Vikas B.: Pepe, WSJ ranks KFBS pretty highly. Having said that you should take rankings with a grain of salth and reach out to opportunities to learn more about schools beyond what the rankings have to say. That's the only way you can get to know your "fit". Pepe: Yes Vikas, actually KF seems more of a fit to me....I´m just curious as to why it´s not out there in the top 5 finance programs..... OLU J.: Pepe - The Wall Steet Journal Ranking for instance is heavily based on Recruiters feedback. I think this is very important Eric H.: Pepe - location probably influences the rankings. NYU, Columbia, Wharton are all near NYC and it's a bit easier for them. Also, they have probably double the amount of students as us so they will put more people on Wall Street, but maybe not as a % of students. Pepe: thx Eric
  20. 20. Raju: hi how can an applicant with less exp articulate leadership exp Julie W.: raju, leadership experience can be articulated through project management - whole or parts of projects, leading a vision, leading a team, community leadership, etc. Bruce: Julie, for someone interested in Private Equity/VC, which of the following is a more appropriate concentration: Corp Fin or Invest Mgmt? Ashvin K.: bruce, if you are interested in private equity/vc/ib, i would say corp fin would be a more appropriate concentration. Bruce: Thanks, Ashvin...but what about someone who has 3 yrs IB experience (Analyst) and 3 yrs industry finance experience (internal M&A/Strategy) you think an Invest Mgmt concentration might help "round them out", or do you think Corp Fin is still more relevant? Eric H.: Bruce - with that experience, you'll be in great shape for anything related to finance. Actual concentration doesn't matter that much, it's more about the classes you take. thunder3k: i heard there is lot of Rivalry btwn Duke and KFBS...but KFBS says that students are allowed to attend courses at far does that happens? OLU J.: thunder3k: You can take classes at Duke Julie W.: Thunder3K; there are ways that the two schools interact, for example the Carolina Women in Business Club plans a workshop each spring with the Fuqua women. Jen: How much of your course load is project work / individual study? SMITHA_KFBS2008 : jen: I would say maybe 65-35 or something to that extent. The focus is certainly on teamwork but we are also asked in some classes to rank individual members contributions Jen: thanks smitha PJ: Hello Julie W. : Hi PJ, welcome to the chat. We have first and second years in the chat, as well as an Admissions Staff member here to answer your questions. Raju: what kind of pre-MBA course work you expect from applicants if the applicant is from non business background say IT Darpan B.: Hi Julie Pepe: Gral. many hours a day (including class time) do you have to dedicate to study? Sandro: hello Raju: does doing certification from stock changes help in articulating interest in FINANCE
  21. 21. Vikas B.: Raju, one of the reasons why many of us joined KFBS is because we don't have a business background and want to learn. So it does not really matter. SMITHA_KFBS2008: Raju: if you are interested in a career in corporate finance I think anything that helps you convey that interest esp if you are a career switcher will help you. Raju: thank you smitha and bharath Bharath M.: Everyone, we have another 15 minutes after which we will have to wrap up as many of us have classes. This is just a reminder, so please come up with any questions you might have .... Taozhang: Olu, back to my previous question. Any risk management class offerred in KFBS? is there any prerequisite for choosing? And who is your favorite finance professor at KFBS OLU J.: taozhang - Yes there is a risk management class in the second year and the prerequisite is DERIVATIVES. I love all my professors but my favorite class is "Mergers & Acquisition" Taozhang: wow OLU J.: taozhang -! Taozhang: thanks, OLU, sounds attractive Pepe: Anyone, I want to get a sense as to how a typical day might go at UNC, so how many hours a day (including class time) do you have to dedicate to study? Eric H.: Pepe - a lot of your day, especially first year, will be dedicated to studying, schmoozing, and socializing. 1st year is incredibly difficult. Classes from 8-4 or so, then studying after. It's A LOT of work. Pepe: thx Sandro: I am interested in a career in Management consulting Julie W.: Sandro, we are having a management consulting chat tomorrow! Sandro: ok Sandro: thanks Vikas B.: Sandro, KFBS is a great school for Consulting too. I encourage you to please attend the MC chat session scheduled for tomorrow. Raju: I see from career statistics that international students are not completely placed SWETHA_KFBS2008 Raju, Most international students did find internships and you should not have a problem.
  22. 22. Pepe: Julie, when´s the entrepreneurial chat? Julie W.: Pepe, the entrepreneurial chat is scheduled for 12/7/07 Pepe: thx Julie, Bharath M.: Pepe, the entrepreneurship chat is on Dec 7th. Please refer to the following link regarding our schedule :… Pepe: thx Bharath thunder3k: is small class size a drawback or plus? u get to interact less and club activities are also limited...what do u have to say? Ashvin K.: small class size is a definite advantage, you get to interact more with your teachers and classmates and is an infinitely more fulfilling experience. jen: Julie - is there a list of all the chat's that are coming up? Julie W. : Jen, here is a link to our chat schedule: Julie W.:…. Jen: thanks! Sharadha S.: How satisfying has been your course experience so far. having been a student at the school how strongly do you recommend an admission here.. Ashvin K.: my course experience has been totally satisfying, i did not think of any other place once i got into unc. Sharadha S.: great Ashvin. thanks. Sharadha S.: but does that mean people consider swithing to other collages..? Ashvin K.: sharadha, could you elaborate more on what exactly do you mean by "switching"? Jennifery: If i choose to take the MBA program / coporate finace area instead of MSA, can i meet the requirement to take CPA exam? since i am a chinese CPA but would like to expand my accounting to finance field. I am considering which program is suitable for my goal. thunder3k: hi, in india, business schools prefer student staying in hostels so that they can network better....y is it not same in US? Vikas B.: thunder3k, UNC has Campus housing for MBA students at Baity Hill. The campus dorms are for undergrads. Many of us, including me, live outside the Campus. Chapel Hill is a beautiful, right- sized, college town, so commuting is not a problem. You have public transport for free and also have carpools. So works out fine.
  23. 23. Kalsid: Does KFBS offer assistantships for international students? What is the criteria? OLU J.: kalsid: You are automatically entered for scholarship application when you apply, even as an international student Akinyemi A.: That's great Olu J. Pepe: Anyone, can you say that through the classes taken at KF you have obtained the skills and knowledge sufficient to say lead the valuation process involved in an IPO and procedures of the like? Samuel M.: Hello Raju: hi smitha emigration is not a problem for internationals??? i view of H1B cap..i am sorry i am asking more admission questions here SMITHA_KFBS2008 raju: Yes, it is definitely on our minds. However, we have the option of trying to finish 63 credits by mod 3. This enables us to get a letter that is used to apply for H1B in the graudate quota. Sandro: Julie I joined the chat kind of late but I have one question, What does it take to be a good candidate for the school? Sandro: in other words what is the admission committee looking for? Julie W. : Sandro, a strong applicant has an overall good application, including good professional work experience (leadership, management, job progression), well written essays, strong recommendations, good academic record, strong test scores, commitment to community volunteerism, good interview (strong communication skills). Sandro: thanks Julie thunder3k: 2nd year students: how confident are you to work independently in finacial - say merger and acquisition? SWETHA_KFBS2008: thuder3K, the Finance and Accounting classes are great and will prepare you adequately. That being said, there's nothing like on the job learning. Pepe: Anyone, can you say that through the classes taken at KF you have obtained the skills and knowledge sufficient to say lead the valuation process involved in an IPO and procedures of the like? OLU J.: Pepe - Funny you should ask, I am taking that exact class right now! It's called "Financing Deals and M&A" Taozhang: OLU, how's your finance club or other professional club for finance interester? OLU J.: taozhang - The Finance club is very active and will help you a lot in navigating the job search process
  24. 24. Pepe: OLU, so what´s your experience with that....I ask because my feeling as of now, is that so many questions arise when reading those issues...and there´s no one around to clarify them, so I´m hoping B- school is the right place to work those issues and improve my skills OLU J.: Pepe - You will get the skills here and the banks will also spend a lot of money training you on exactly how they do it Pepe: Good to hear that OLU, thanks thunder3k : international student: does the H1B visa for graduates(20000 numbers) be applied on basis on indian masters? Pepe: Anyone, what´s the average budget you´ll say you need to live comfortably at Chapel HIll? Ashvin K.: pepe, i would say that it would be around 8k-10k max, i must say chapel hill is fairly cheap compared to a lot of other places. Pepe: Thx Ashvin....that certainly helps as Bschool´s expensive on its own Ashvin K.: bschool is expensive in general having said that even kfbs tuition is very reasonable Raju: smitha even in that quota there are only 20K visas and everyone(people from other bschools) might try the same thing Raju: do u see H1B is a real barrier for a career in US SMITHA_KFBS2008 raju: Well I cannot guarantee the visa, but many companies also post you outside. Also, you have the OPT to get you through one year. Raju: smitha thanks a lot Raju: smitha how does KFBS see applicants with less exp..i have 2.5 years of exp and GMAT 710...i am planning to apply coming january SMITHA_KFBS2008: raju: Not a prob. I have a similar profile. It definitely helps if you can highlight other aspects of your profile such as international exposure, leadership roles and the likes Raju: smitha unfortunately i don't have any internation exp so far..but expecting one shortly...not having international exp is a problem? SMITHA_KFBS2008: raju: Well it is not a problem. you just have to figure out something else to highlight in your past that will make them feel you are strong candidate Raju: smitha thanks a lot Raju: smitha would recommend me wait for one more year and apply for fall-09
  25. 25. Julie W.: raju, this is a personal decision. Each year the applicant pool varies. We do have a class with an average of 5.6 years work experience this year. Raju: Hi Julie, my current role is more into IT hence i want to apply as soon as possible sadashiv k.: international students: does it help to have H1-B help to get an internship/job? SWETHA_KFBS2008: Sadashiv, the H1-B doesn't really help you, a Greencard would. thunder3k: VISA issue: do we need to have US Masters to apply in graduate H1B program? OLU J.: thunder3k - No thunder3k : OLU J. I could not follow u mean as an Indian Masters, I cannot apply early for Graduate H1B program? OLU J.: thunder3k - It does not hurt you but it is not a requirement Samuel M.: I'm not sure if this question has already been asked. Does the program address the ememging markets? Bric (Brasil, Russia, India, China) Venezuela, Columbia, etc. Julie W.: Samuel, we do have global immersion electives to those places. Samuel M.: Perfect. Thanks Julie W. Julie W. : Samuel, we are also looking into annual trips to China and India. Each year, the global immersion elective trips vary in destination. They are professor-led trips on particular topics. Samuel M.: Thanks again Julie W. I'm from Venezuela one of the riskiest and potential lucrative emerging markets. However it takes alot of creativity and ability dealing with adversity to benefit from them. Taozhang: Do you have some alumni in IB to help students better understand the job? And do you arrange the visit to Wachovia? Eric H.: Taozhang - we have alumni at banks everywhere. The Finance Club will help you with everything and the companies will be on campus all the time. OLU J.: taozhang - I interned at Wachovia. We have tons of Alum at Wachovia and we have an excellent relationship with them Taozhang: Thanks Eric and OLU Pepe: everyone at KF, thanks for your time, hope to see you soon SWETHA_KFBS2008: Pepe, You're welcome! Justin L.: What do I do if I want to be a banker but I dont want to work 100+ hours per week
  26. 26. SWETHA_KFBS2008: Justin, I'm sorry that's what the job entails if you're on Wall Street. I would highly suggest looking at another career track (commercial banking, regional banks, boutique banks) if the hours matter. Justin L.: Thanks KAVITHA A.: Hi, I hope I am not too late Marcus: Admissions question: Is it beneficial to have a letter of recommendation from a recent alumni, or is it better to get letters of rec from older people who have been in the working world longer? Ashvin K.: marcus, its better to get letters of recommendation from people who really know you well and can attest to your skills. Julie W.: Marcus, as an Admissions Staff member, I recommend that you get a recommendation from a supervisor who directly can comment on your skills. Marcus: Julie, what if my supervisor is not aware that I am pursuing an MBA? What do you recommend? Julie W.: Marcus, you can also have a coworker, client, someone familiar with your professional accomplishments firsthand. This is better than a family friend or academic recommendation. Marcus: Great. Thanks Julie. I appreciate your help. I visited campus two weeks ago and really enjoyed it (even though it was pouring rain). Have a good day. Marcus Chethan: Thanks all at KFBS. KAVITHA A.: Are there a lot of banks based in Charlotte recruiting MBA's OLU J.: KAVITHA A. - I can think of bank of america, Wachovia, McColl Partners and Edgeview Partners. There are some other smaller shops in Charlotte too Jennifery: everyone, what is the minimum GPA for international applicants who apply UNC? since my university has the strict exams and ratings. 3.0 is ok? Bharath M.: Jennifery, there is no minimum GPA required for admissions. Jennifery: oh, really? Jennifery: good. sadashiv k.: thanks all. KAVITHA A. : If I pursue marketing academically during the MBA, can i then swithc to looking for finance jobs?
  27. 27. Eric H.: kavitha - you can switch as much as you want, although it's not a good idea. Focus your attention in one area. KAVITHA A.: ok, thanks Eric Vikas B.: Kavitha, if you want to end up in finance then doing a major in finance is highly recommended. However, you can still take marketing courses over and above the required finance courses to major, if it interests you. Bharath M.: Everyone, we just have time for a few more questions as we will be wrapping the chat in a minute or so ... KAVITHA A.: I'm attending an interview adn the Women and MBA weekend, what do u suggest I look out for? thunder3k: is getting better role more advantageous or promotions? thunder3k: at work? Shawn: Are the transcripts of these chats available on the KF website? OLU J.: Shawn - Yes Julie W. : Shawn, the chat transcript will posted within one week at the following link: Julie W.:… Mike D.: Thanks everyone Samuel M.: What kind of attention does KF dedicate to social responsability and responsible enterprise? SWETHA_KFBS2008: thunder3k, I believe it's important to show progression in responsibilities. In some cases this might be a promotion, in some it could merely be a gradual increase in responsibilities awarded. Piyush S.: Thanks a lot to everybody Ashvin K.: everyone, we will be wrapping up the chat now. thanks for joining us. if you have any unanswered questions, you can direct them to Julie W.: Thank you all for joining us today! We thank you for your great questions! Jennifery: what should my recommenders include in the recommendation letters? detail examples of my work performance? personal charaters? what is the opinion on recommendation letters? Jenna: Thank you for answering our questions!
  28. 28. Taozhang: Could anyone talk something about sustainable enterprise? Is it for big company or any types Bruce: Julie, how much of a "hit" is it to have little volunteer experience? I am married with a child, and I spend a lot (most) of my time away from work with them. I am also involved in sports clubs, which doesn't leave me much time for volunteering. Does the admissions dept take into account the heavy time demands of having a family? SWETHA_KFBS2008: Thanks all! I hope this was helpful. Samuel M. : Perfect. Thanks to everyone. Vikas B.: Good luck everyone thunder3k: thanks everyone. Thunder3k: it was great... Brett G.: Thanks for answering our questions Taozhang: Thanks Olu specially thunder3k: can i get the email of indian students? Raju: Thank you Julie, smitha and others for answering our questions. Akinyemi A.: Thanks olu J, thunder3k: KFBS Indian students, Can i have your mail ids? Akinyemi A.: Olu. J. Can i have your mail add Samuel M.: Yes thanks Julie w. OLU J.: Thanks everyone and bye