...VAULT CAREER GUIDE TO INVESTM E NT BAN KING 2008 EDITION is made possible through the generous support of the following sponsors: Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library The media’s watching Vault! Here’s a sampling of our coverage. “For those hoping to climb the ladder of success, [Vault’s] insights are priceless.” – Money magazine “The best place on the web to prepare for a job search.” – Fortune “[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers.” – Library Journal “The granddaddy of worker sites.” – U.S. News & World Report “A killer app.” – New York Times Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library One of Forbes’ 33 “Favorite Sites” – Forbes “To get the unvarnished scoop, check out Vault.” – SmartMoney Magazine “Vault has a wealth of information about major employers and jobsearching strategies as well as comments from workers about their experiences at specific companies.” – The Washington Post “A key reference for those who want to know what it takes to get hired by a law firm and what to expect once they get there.” – New York Law Journal “Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees.” – USA Today Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library ...
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...INVEST MENT MANA VAULT CAREER GUIDE TO INVESTMENT MANAGEMENT ANDREW SCHLOSSBERG WITH ALEXANDER GORELIK AND THE STAFF OF VAULT © 2002 Vault Inc. Vault Career Guide to Investment Management Table of Contents INTRODUCTION 1 History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 The Industry Today . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 THE SCOOP Buy-side vs. Sell-side 3 11 Jobs on the Buy-side . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 Jobs on the Sell-side . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 Recommended Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 The Clients of Asset Managers 21 Mutual Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 Institutional Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 High Net Worth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 Investment Styles 33 Type of Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34 Risk Characteristics of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35 Portfolio Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 Summary...
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...is at stake. The fact remains: If you want to go to business school, you have to be able to generate one or two thousand carefully chosen words that sum up your background and experience, your career goals, your reasons for seeking the MBA, and why you’ve chosen the program to which you’re applying. Step one: Relax. Writing admissions essays is stressful—it’s supposed to be stressful— but that doesn’t mean it’s impossible. Everyone who has ever applied to business school has written admissions essays, and so can you. All you have to do is submit essays that are a little bit better than most of the others, and if you follow the advice we’ll cover in the following pages, it will be a lot less painful. How to Write a Successful Most MBA essays are mediocre The good news is that most MBA admissions essays are mediocre at best. If you can at least come up with a marginally compelling narrative, and if you can spell and punctuate everything correctly—or know someone who can—you’ll automatically have an advantage over much of the competition. This guide is designed to help you get started (the hardest part) and avoid common mistakes that can ruin your chances of admission to a top MBA program. First, we’ll discuss several tips for writing better essays. After the tips you’ll find a “Guide to MBA Essay Writing Style” on page 6, followed by “Getting Started on page 9,” including several easy, fill-in-the-blank exercises that will help you generate actual material that you can use...
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...in Northampton, Massachusetts with a $913 million endowment. Handy, fresh from her previous position as chief executive officer of the University of Virginia Investment Management Company (UVIMCO), had 25 years of experience managing money and a track record of success. Over her career, Handy had directed increasing amounts of funds to a class of investments known as “alternative assets,” which included a range of investments other than publicly traded stocks and bonds. She had also developed a philosophy about their use and principles that she hoped would guide her new company to success. Mindful that in the investment world “past returns were no guarantee of future returns,” Handy knew she would face challenges from the unprecedented flow of funds into alternative assets and competition from other advisors. Building a business would also require time, energy, and persistence. All of these concerns, however, were in the back of her mind. In the forefront was Smith College’s endowment. She and her partner, Bruce Miller, were eager to review Smith’s current portfolio and prepare asset allocations that would position the endowment for future success. Handy’s Career Handy began her career at Travelers Insurance in 1970 after receiving a bachelor’s degree in economics from the Connecticut College for Women. At Travelers’ investment office, Handy had worked in a one-person bond department in Hartford, Connecticut, managing billions of dollars, one of only a few women...
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...Executive Summary This document describes the entirety of the business in two or three pages. This will likely be the only document a prospective investor reads initially, and hence brevity, conciseness, and clarity are of the utmost importance. This document is designed to guide you on the creation of the critical components of this document, and provide examples of appropriate content for each section. Instructions: Read each section and fill it out using the instructions and examples to guide you. Once you have completed the section, erase the instructions that appear in italics. Overview This section consists of a single paragraph that succinctly describes the product you intend to develop, the target market for the product, the benefit the product provides to that target market, the competitors for the product, and how the product is different from competitive solutions in the market. A sample overview paragraph might look like this: is a that delivers . Unlike , provides . For example: PayPal is a web-based payment service that allows buyers and sellers to transfer funds instantaneously while protecting against fraud and identity theft. Unlike credit cards, PayPal allows any merchant to accept funds, and allows customers to pay for goods without disclosing sensitive banking or personal information. Lorem ipsum… Problem This section consists of either a short story or a handful of bullet points that concisely identifies the problems the product is designed...
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...The not so profound guide to landing a buy-side job Introduction This guide is a collection of ideas and wisdom sourced from various MBA students at NYU Stern that successfully navigated the buy-side job search process. It is generally geared towards those that are career switchers, not coming from former buy-side roles before the MBA. Though keep in mind that successful candidates typically have a background in some type of financial-related field, albeit not direct equity investing experience. Landing a buy-side job is extremely difficult. This is pretty much common knowledge among MBA candidates, but let’s walk through the reasons why. First, the job is very appealing to those interested in finance – it’s challenging, fulfilling, intellectually stimulating, and potentially very rewarding. You generally don’t have to work quite as many hours as investment bankers or even management consultants, but have the potential to earn more. This results in many, smart and talented candidates looking for buy-side roles, leading to a high supply of labor. On the demand side, investment management is a scalable business, where hiring needs are not directly proportional to assets under management. For example, in order to manage $100 million in stocks, a fund might start out with a PM and two analysts. When the fund hits $300 million, they might add one analyst, and perhaps one more when the fund reaches $500-$700 million. In this example, while AUM went up by five to seven times...
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...Gregory Connor and Mason Woo An Introduction to Hedge Funds Introductory Guide 1 Introduction International Asset Management (‘IAM’) is the proud sponsor of the IAM Hedge Fund Research Programme of the Financial Markets Group. Within this programme the LSE team undertakes independent research into aspects of the hedge fund industry. It is hoped that the results of this research will give greater understanding about this growing area of financial innovation. This research paper gives a broad introduction to the hedge fund industry, the historical background to the evolution of hedge funds, the fund of funds industry and provides an explanation of some of the terminology used within this area. As an overview of the industry the document does not attempt to address the use of hedge funds within the broader context of portfolio management such as organisational risk or other areas of concern for the investor. This is a nontechnical paper and as such is intended for students or practitioners seeking a general introduction and reference tool. It is not a survey of the research literature and citations are kept to a minimum. If you wish to keep updated on the IAM Hedge Fund Research Programme please let us know. If you have any questions please contact IAM at our London office or visit our website: 34 Sackville Street London W1S 3EF Tel. +44 (0)20 7734 8488 www.iam.uk.com For information about the research activities of the Financial Markets Group see the following page...
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...1 / 57 http://breakingintowallstreet.com/ http://www.mergersandinquisitions.com/ Feel free to copy this report and send it to all your friends. Actually, scratch that... Please copy this report and send it to all your friends. Forward it to as many people as possible. The more the merrier! Print it out, pass it around, and hand out copies to everyone you know. Just make sure you keep the names and logos on each page intact. http://breakingintowallstreet.com/ http://www.mergersandinquisitions.com/ 2 / 57 Table of Contents Why I Wrote This Guide and What You’re Going to Learn ......................................... 3 Does This Guide Apply to You? ................................................................................. 4 How to Become a Drug Dealer................................................................................... 5 Why Would a Bank, or Any Company, Want to Hire You? ......................................... 8 Action Plan, Step 1: Plan Your Strategy ................................................................... 10 Your Strategy: Action Steps ..................................................................................... 15 Action Plan, Step 2: Craft Your Story ....................................................................... 16 Your Story: Action Steps .......................................................................................... 22 Action Plan, Step 3: Network Like a Pro..........................................
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...transitions begin. First, would be ensuring an effective leadership, second maintain culture and principles during transition. Finally, how to attract to new hires and maintain current talent. These three factors will be explored in order to determine if the culture Dalio has established can sustain itself without him. Ray Dalio, a man who started Bridgewater Associates from his two -bedroom apartment in New York 37 years ago has created a culture in where some critics refer to it as a “cult”. Ray Dalio moved his company to Westport CT, where he currently employees 1,300 members. He currently shifted his role from CEO to mentor and works along his two co-CIO Greg Jensen and Robert Prince. He created a culture that was not just for hedge funds but also for an organizational success. He created principles and goals in order to challenge the type of staff he wanted working for him. “Dalio, describes himself as a “hyperrealist”, believes that reality worked in a certain way and that understanding how is...
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...a small set of interconnected firms, by failing, can bring down the economy. 2 —Simon Johnson, Professor of Entrepreneurship, MIT Sloan School of Management, Former Chief Economist, IMF On October 9, 2007 the Dow Jones Industrial Average set a record by closing at 14,047. One year later, the Dow was just above 8,000, after dropping 21% in the first nine days of October 2008. Major stock markets in other countries had plunged alongside the Dow. Credit markets were nearing paralysis. Companies began to lay off workers in droves and were forced to put off capital investments. Individual consumers were being denied loans for mortgages and college tuitions. After the nine day U.S. stock market plunge, the head of the International Monetary Fund had some sobering words: “Intensifying solvency concerns about a number of the largest U.S.-based and European financial institutions have pushed the global financial system to the brink of systemic meltdown.” 3 1 2 3 Interview with the case writer, April 10, 2009. Simon Johnson, “The Quiet Coup,” The Atlantic, May 2009. “IMF in Global ‘Meltdown’ Warning,” BBC News, October 12, 2008. This case was prepared by Cate Reavis under the supervision of Deputy Dean JoAnne Yates. Copyright © 2009, Massachusetts Institute of Technology. This work is licensed under the Creative Commons AttributionNoncommercial-No Derivative Works 3.0 Unported...
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...The UNOFFICIAL GUIDE to INVESTMENT BANKING Issued by CONTENTS MYTHS AND REALIT IES 6 OVERV IEW OF INVE STMEN T BANK ING INTRODUCTION 4 WHY AN UNOFFICIAL GUIDE TO INVESTMENT BANKING? 3 ASSET 8 MANAGEM ENT 12 GLOBAL BANKING FINANCE 10 GLOBAL MARKETS 16 HUMAN ES RESOURC 20 22 GROUP TECHNOL OG & OPERA Y TIONS LEGAL, RISK & CAPITAL 24 WORKING THE PROCESS TOP TIPS 28 30 GLOSSARY Why an “Unofficial Guide to Investment Banking?” The aim of this guide is to give you a fresh view of investment banking. A brochure is helpful, but can read a little like a catalog. We think you need to know what your life would really be like, challenging out-of-date myths and stereotypes, so you are able to make the most informed decision possible. This is an honest look at investment banking and is based on the experiences of people just like you, who have now gone through the graduate program and come out the other side with blossoming careers. It is the inside story of investment banking written by analysts for graduates, and you won’t hear this tale anywhere else. We’re going to tell you about all the divisions you could work for, what life’s really like for analysts and show you that there’s more to banking than pitch books, power lunches and pinstriped suits. And if you still want to go into banking once you’ve heard the inside scoop, we’ll tell you about how to get there and...
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...Get the inside scoop on investment banking careers in the Asia Pacific region! Read this extended excerpt of the all-new Vault Career Guide to Investment Banking, Asia Pacific Edition and get the inside story on investment banking careers, including: • An inside look at corporate finance, sales & trading, research and other major functions at investment banks. • An oveview of equity and debt markets in the region • A discussion of industry trends and corporate culture in Asia Pacific • Days in the life of investment bankers in Asia Pacific This PDF is an excerpted version of the full 198-page guide To get the complete guide: • Purchase your own print or e-Book version of the guide. Go to www.Vault.com/Asia. • More than 900 universities and MBA programs worldwide subscribe to the Vault Online Library, providing more than 4.5 million students worldwide with access to Vault's guides and career information. Contact your career center today to ask about access to the Vault Online Career Library. ABOUT VAULT Founded in 1996, Vault is the leading global media company focused on careers. With offices in North America, Europe, India and Asia, Vault provides graduates and young professionals worldwide with insider information on careers and education through its award-winning web sites and career guides. CAR E E RS VAU LT CA R E E R G U I D E TO INVESTMENT BAN KING A S I A P A C I F I C E D I T I O N INVESTMENT BANKING JUNG B. LEE, TOM LOTT and the staff of vault ...
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...Get the inside scoop on investment banking careers in the Asia Pacific region! Read this extended excerpt of the all-new Vault Career Guide to Investment Banking, Asia Pacific Edition and get the inside story on investment banking careers, including: • An inside look at corporate finance, sales & trading, research and other major functions at investment banks. • An oveview of equity and debt markets in the region • A discussion of industry trends and corporate culture in Asia Pacific • Days in the life of investment bankers in Asia Pacific This PDF is an excerpted version of the full 198-page guide To get the complete guide: • Purchase your own print or e-Book version of the guide. Go to www.Vault.com/Asia. • More than 900 universities and MBA programs worldwide subscribe to the Vault Online Library, providing more than 4.5 million students worldwide with access to Vault's guides and career information. Contact your career center today to ask about access to the Vault Online Career Library. ABOUT VAULT Founded in 1996, Vault is the leading global media company focused on careers. With offices in North America, Europe, India and Asia, Vault provides graduates and young professionals worldwide with insider information on careers and education through its award-winning web sites and career guides. CAR E E RS VAU LT CA R E E R G U I D E TO INVESTMENT BAN KING A S I A P A C I F I C E D I T I O N INVESTMENT BANKING JUNG B. LEE, TOM LOTT ...
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...Company Overview Akij Group History of Akij Group stretches back to later part of the forties. In its infancy, the Group started in humble way with jute trading which was known as the golden fiber of the country, earning highest amount of foreign exchange. Akij Group's ceaseless efforts with dynamic management and support from our numerous clients have led our Group in diversifying its business activities. In the second phase, the Group went into manufacturing handmade cigarettes popularly known as bidis. This sector gave a real boost to the revenue earning of the Group as well as making a substantial contribution to government exchequer. With the passage of time, the Group undertook new ventures and presently there are 15 units of industries under its umbrella like cigarettes, handmade cigarettes, printing & packaging, textiles, hand board, pharmaceutical, leather processing and real-estate business are in operation, catering jobs for more that 32,000 people in various categories. The Group has plans for setting up more projects. The projects are already in pipeline. Foreign investors have shown keen interest in joining with us for joint ventures. The matter is under our active consideration and will hopefully soon mature. This will also help the nation's economy growth and will create job opportunities to various professionals. Akij Group is also involved in socio-cultural activities. The Group has been operating a sizeable orphanage free of charge in district town...
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................................. 2 Errata Sheet................................................................................................................................................. 2 The Level II Examination and Completion of the Program ................................................................... 3 Topic 1: Professional Standards and Ethics ......................................................................................... 4 Topic 2: Introduction to Alternative Investments................................................................................ 6 Topic 3: Real Assets .............................................................................................................................. 20 Topic 4: Hedge Funds ........................................................................................................................... 29 Topic 5: Commodities ........................................................................................................................... 48 Topic 6: Private Equity ........................................................................................................................ 54 Topic 7: Structured Products .............................................................................................................. 64 Topic 8:...
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