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Presenter Background

Adjunct Professor - Gabelli School of Business, Fordham


University
Financial Industry Experience
• Credit derivatives, structuring and advisory
• Worked for Chase, Citi, UBS and BNP Paribas
• Worked in NY, London and Hong Kong
Education
• Columbia Business School, MBA in Finance
• Tufts University, BS in Electrical Engineering

© Jerome Wong. All Rights Reserved.


Course Goals

Increase your financial fluency


• Engage with industry professionals like an experienced
practitioner
• Expand your knowledge of the various financial institutions
• Learn the jargon (i.e. private bank vs. private equity vs. private
placement vs. private side)
Career management
• Find your professional fit
• Elevate your EQ

© Jerome Wong. All Rights Reserved.


Course Structure

Financial Industry Overview


• Industry sectors and market participants
• Interesting transactions and trends
• Roles and requirements
Career Skills
• How to stand out from the crowd
• Understand what hiring managers look for
Career Tools
• Networking, cover letters, resumes, interviewing, follow up, and
basic negotiations
© Jerome Wong. All Rights Reserved.
Investment Banking

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Investment Banking

Investment Banks - Bulge Bracket

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Investment Banking

Investment Banks – Middle Market/Boutiques

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Investment Banking

Advisory – Boutiques

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Investment Banking

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Investment Banking

Advisory – Organized by industry sector and country


• Corporate Finance
• Mergers & Acquisitions
• Project Finance
• Real Estate Finance
• Valuation Methodologies
• Discounted Cash Flow Modeling
• Comps
• Precedent Transactions

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Investment Banking

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Investment Banking

Advisory – Roles
• Managing Director: industry expert, pitches clients for deals and
manages client relationship at a senior level
• Director (5+ yrs): supports MD with managing client relationship
at operational level and supervises associates and analysts
• Associate (3 yrs)/Analyst (2 yrs): prepares presentations, research
for comps, Cash Flow Modeling

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Investment Banking

Advisory – Career Considerations & Requirements:


• 80+ hours per week
• Highly structured hierarchy
• Meticulous attention to detail
• Typically longer time before gaining responsibilities, compared to
markets roles
• Gain industry expertise which can later provide career
opportunities with clients in your sector

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Investment Banking

Tax inversion
• Merger with company in lower corporate tax jurisdiction
• At least 20% of new parent company is owned by shareholders of
foreign company
Off-shore profits
• $2.1 trillion
• Repatriated tax break: repatriate foreign earnings at a lower tax
rate

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Investment Banking

The “Real” Unfunded Pension Liability Number


• Higher investment rate assumption (asset side)
• Asset allocation (asset side); is it consistent with investment rate
assumption?
• Higher discount rate (liability side)
• Lower salary growth (liability side)

Many levers to “manage” this number, quite possibly


understated

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Investment Banking

Advisory – M&A transactions


• Market impact
• Stock price of acquirer typically decreases
• Stock price of target typically increases
• Exceptions to the “rule”, Amazon/Whole Foods

• Accounting impact
• Goodwill
• Potential future impairments

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Investment Banking

Advisory – IPOs
• Types
• Organic
• Exit strategy for PE firm investment

• Trends
• Amount of debt
• Investor preferences for issuer type

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Investment Banking

Private Side vs. Public Side

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Investment Banking

Debt and Equity Capital Markets


• Raises funds for institutional clients though issuance of debt and
equity securities
• Straddles the Chinese Wall
• Hybrid investment banking (advisory) and sales and trading
(distribution) functions

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Investment Banking

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Investment Banking

Sales & Trading


• FICC (Fixed Income, Currencies & Commodities)
• FIRC (Fixed Income, Rates & Currencies)

FICC/FIRC Global Revenues


($bn)
250

200

150
FICC/FIRC Global
100 Revenues ($bn)

50

0
2009 2010 2011 2012 2013 2014

Source: Boston Consulting Group


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Investment Banking

Sales & Trading – Currency Products


• Products: Spot FX, options and forwards
• Drivers: Monetary policy (open market interventions, interest
rates, reserve requirements), current account, public debt
Career Considerations & Requirements
• Technical analysis (flows resulting from current accounts and
speculators)

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Investment Banking

Sales & Trading – (Hard) Commodities


• Gold
• Silver
• Copper
• Oil & Gas
Career Considerations & Requirements
• Technical analysis
• Industrial supply & demand research

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Investment Banking

Sales & Trading – Fixed Income Products & Career


Considerations
• Government bonds
• Bond math
• Macroeconomic views and data

• Corporate credit (investment grade, high yield)


• Accounting and financial statement analysis
• Industry expertise

• Municipal bonds (general obligation vs. revenue)


• Project Finance

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Investment Banking

Sales & Trading – Fixed Income Products & Career


Considerations (cont’d)
• Emerging Markets (ex. BRIC, Tiger Cubs)
• Evaluate political and economic risks
• Government and corporate issuers

• Structured Finance (ABS, RMBS, CMBS, CLOs)


• Documentation intensive
• Modeling intensive
• Private placements

Early morning meetings & late nights wining and dining


clients for both salespeople and traders

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Investment Banking

Sales & Trading – Interest Rate Products


Investment products and hedging instruments
• Interest rate swaps
• Swaptions
• Forwards
Career Considerations & Requirements
• Highly quantitative
• Modeling skills

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Investment Banking

Sales & Trading – Equity Products


• Cash desk: single stocks, baskets and indices
• Derivatives: options, futures, total return swaps, index swaps
• Exchange Traded Funds (“ETFs”): leverage, long or short positions
• Prime Brokerage: private banking services for institutional
investors such as HF’s, PE firms and family offices

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Investment Banking

Sales & Trading – Equity Career Considerations &


Requirements
• Know major market indices and stats: Dow Jones, S&P, Russell
2000, MSCI
• Current P/E ratios (trailing vs. forward) and the current market
relative to historical levels
• Most and least favorite sectors and stocks, and why – show your
thought processes about demographics, competition, financial
trends
• How well can you tell your story with details and insight? What
factors or events would change your view?
© Jerome Wong. All Rights Reserved.
Investment Banking

Sales & Trading – Functional relationships

Research Repos

Clients Sales Trading

Structuring
Risk
Management

Legal
Compliance

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Investment Banking

Sales & Trading – Sales Functions


• Cover corporate (treasury and risk managers) or financial clients
(traders and PMs)
• Know Your Clients (KYC) compliance issues
• Negotiate credit lines and ISDAs
• Better financing terms to win trades
Career Considerations & Requirements
• Are you comfortable cold-calling clients?
• Can you balance the needs of clients with the interests of the firm?
• Can you say no to clients?
© Jerome Wong. All Rights Reserved.
Investment Banking

Supply and demand – “natural buyers & sellers”


Gold
• Largest consumer demand – India
• Industrial uses
• Hedge for banks selling protection to gold producers
Equity derivatives
• Buyers want leverage
• Sellers want to hedge risk (i.e. company executives)
Gaming industry debt
• Low issuance sector; higher demand due to scarcity
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• Adds diversity to portfolios
Investment Banking

Sales & Trading – Trading Functions


• Market making vs. Proprietary trading
• Understand underlying fundamentals as well as trading flows
because both can drive pricing
• Technical factors such as being added or removed from indices
• Basis risk of non-flat trading books/macro-hedge
Career Considerations & Requirements
• Can be high pressure and stressful
• Always have views, convictions and discipline
• Technical trading/charting
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Investment Banking

Conflicting Market Indicators


• Fundamental vs. Technical factors
• Which dominates, why and when will they shift

• Debt vs. Equity markets


• Example – Enron: Stock price sky-rocketing as credit default swaps
widening

• Stock prices decrease despite quarterly earnings beating analyst


estimates

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Investment Banking

Securitized Products
• ABS
• ABCP
Asset Classes
• Residential/commercial mortgages, HELs, HELOCs
• Corporate bonds and loans
• Consumer credit (autos, student loans, credit card receivables)
• Legal settlements (tobacco)
• Trade receivables

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Investment Banking

Securitization modeling framework

• Excess spread
trapping
• Turbo-ing
• Pro-rata to
sequential
paydowns

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Investment Banking

Sales & Trading – Structuring Functions


• Creating products to monetize clients’ market views
• Structuring ideas based on historical patterns
• Principal protected and Participating notes
Career Considerations & Requirements
• Modeling skills
• Quantitative as derivative products are utilized
• Can be documentation intensive
• Transactions can have tax, accounting, and regulatory aspects

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Investment Banking

Sales & Trading – Efficient funding structure

A-rated
Bank buys
Bermuda
CDS protection
Bank
Re-insurance Co
on Subsidiary
Bank receives
bond coupon

B-rated US Bank
Subsidiary
Subsidiary of ABCP Conduit
Issues HY bond
Re-insurance Co

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Investment Banking

Sales & Trading – Pricing & Risk example:

All products below pay L+150bps coupon:


• IBM issued Floating Rate Note (“FRN”)
• Asset-swapped IBM Fixed Rate Bond (“ASW”)
• Bank-issued IBM Credit Linked Note
• SPV-issued IBM Credit Linked Note

Should these four products be priced the same?

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Investment Banking

Default scenarios: IBM, Bank counterparty, Bond

IBM FRN

IR Swap
Bank IBM ASW

IBM CDS Bank issued


Bank IBM CLN

IBM CDS SPV issued Bond Bond


Bank
IBM CLN collateral

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Investment Banking

Funding Mechanisms for Clients


• Loans
• Bonds
• Commercial paper
• Repos
• Securities lending
• Prime brokerage
• Margin trading
• Swap lines
• Securitization
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• ABCP conduits
Investment Banking

Sales & Trading – Funding Functions


• Repo’s & reverse repos (Fixed income)
• Securities lending (Equities)
• Important terms
• Collateral and haircuts
• Initial and maintenance margin
• Hypothecation & rehypothecation for short and spread trades

Career Considerations & Requirements


• Transactional business
• Commoditized but critical

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Investment Banking

Sales & Trading – Research Functions


• Macroeconomic
• Industry specialists
• Issuer
Career Considerations & Requirements
• Love delving into data
• Writing and oral skills

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Investment Banking

Credit Risk Definition


• Ability of borrowers to repay debt (loans, bonds, etc)
• Ability of counterparties to make payments owed in derivative
transactions
• Probability of Default
• Historical based on fundamental analysis/internal and public ratings
• Model-based (KMV)

• Loss Given Default/Recovery Rate

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Investment Banking

Credit Risk – Value-At-Risk

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Investment Banking

Credit Risk – Moody’s Expected Loss Table

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Investment Banking

Market Risk Definition


• Exposure to losses due to market volatility
• Equity, interest rates, FX, credit spreads, commodity prices
• Used to determine trading lines and collateral terms
Asset Liability Management (ALM)
• Interest rates
• Liquidity risk
• Negative convexity

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Investment Banking

Operational Risk
• Human
• IT/Infrastructure
• Process
• Governance

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Investment Banking

Sales & Trading – Risk Management Functions


Credit Risk Management/Counterparty Risk
• Sets country, industry, and issuer concentration limits
• Internal credit scoring systems
• Public rating agency ratings
• Market price-based credit risk assessment (KMV)
• Forward-looking analytics (Rapid Ratings)

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Investment Banking

Sales & Trading – Risk Management Functions


Market Risk Management
• Sets margin limits
• Stress testing scenarios
• Value-At-Risk analysis and its limitations
• Capital requirements for aging trading inventory
• Approves effective hedging strategies (Russia/oil)

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Investment Banking

Sales & Trading – Risk Management Functions


• Model inputs and assumptions
• WACC
• Variable constants (volatility)
• Survivorship bias
Career Considerations & Requirements
• Qualitative (write credit reports)
• Quantitative analysis
• Accounting ratios and B/S analysis
• Modeling skills
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• Statistical analysis
Investment Banking

Sales & Trading – Compliance Functions


• Patriot Act
• Anti-Money Laundering
• Insider trading
• Dodd-Frank
• Volker Rule
• Professional certifications
Career Considerations & Requirements
• Excellent writing and oral skills
• Some firms/positions require legal background
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Investment Banking

US Regulatory History
• Glass-Steagall Act (1933) –separation of commercial and
investment banking activities
• Black Monday (1987) – trading limits implemented
• Sarbanes-Oxley Act (2002) – corporate governance and broker
research certifications
• Dodd-Frank (2010) – “fixes” too big to fail, regulatory
capital/liquidity ratios to control banks
6 largest US banks pre-crisis held 37% of U.S. assets, by
2015 it is up to 67%

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Investment Banking

Regulatory Capital, Supervision and Risk Management


• The Fed, Office of the Comptroller of the Currency and state
banking regulators
• Bank For International Settlements (BIS) and Basel III
international regulatory framework
Economic Capital
• Bank-specific, internal measure of capital to manage risks
• ROC is used to make business decisions

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Investment Banking

Market Transparency and Trends


• OTC vs. Exchanges
• OTC transactions are conducted privately between two parties, each
exposed to credit risk of the other
• Exchanges can be physical (NYSE) or electronic (NASDAQ) where
investors face exchanges or clearinghouses, mitigating counterparty risk

• Clearinghouse: settles and nets transactions amongst various


counterparties to reduce settlement risks
• TRACE (2002): mandatory reporting of OTC bond trades reduced
bid/offer spread by 50%

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Buy-Side Institutions

Traditional Asset Managers, Mutual Funds, Investment


Management Divisions of IBs
• Blackrock
• PIMCO
• Fidelity Investments
• Vanguard
• JP Morgan IM
• Morgan Stanley IM

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Buy-Side Institutions

Investment Strategies and Trends


• Growth vs. value funds
• Passive ­ vs. active ¯ strategies
• Smart beta (a.k.a.“dumb” alpha?)
• Exchange Traded Funds (ETFs)
• Environmental, Social & Governance (ESG)

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Buy-Side Institutions

Correlation Considerations
Uncorrelated assets to maximize diversification
• Maximize risk-adjusted returns
• Correlation ® 1 in times of crisis, when you need it most! Flight to
quality
Hedging/Statistical arbitrage
• Establish effective hedges (Russia/oil)
• Replicating options/warrants by trading the underlying assets
(long/short « stock/cash)

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Buy-Side Institutions

Asset Management Infrastructure

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Buy-Side Institutions

Traditional Asset Managers/Mutual Funds


Career Considerations & Requirements
• Research analysts
• Accounting
• Modeling
• Industry research
• Interview management of potential investments
• Provide written investment recommendations

• Portfolio managers
• Portfolio allocation
• Securities selection and price targets
• Lend out securities to enhance returns
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Buy-Side Institutions

Traditional Asset Managers/Mutual Funds Jobs (cont’d)


• Traders - ensure best execution
• Economists
• Risk managers
• Compliance

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Buy-Side Institutions

“Fund of funds”- Institutional Investors select fund


managers
• Wealth Management (a.k.a. Private Banks)
• Sovereign Wealth Funds
• Endowment Funds
• Family Offices
• Public and Private Pension Funds

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Buy-Side Institutions

Insurance Industry
• Asset/Liability Management is the entire insurance business
• Take in premiums
• Invest premiums – this is where Inco’s make money
• Pay out claims

• Types
• Life- whole life through term policies
• Casualty/liability
• Property
• Health

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Buy-Side Institutions

Insurance Revenue Streams


• Underwriting Income
• Determined by actuaries to ensure policy payouts do not exceed premiums
collected
• More valuable when determining company valuations

• Investment Income
• ALM is a primary consideration, matching duration of long-dated assets
and liabilities
• Often develop asset management arm for third party clients (i.e.
Prudential, PIMCO, MassMutual)

• Administrator
• Many large companies self-insure their risk
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Buy-Side Institutions

Insurance Products
• Classic insurance
• Catastrophe bonds
• Annuities
• Financial guarantees

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Buy-Side Institutions

Insurance Entities
• Insurance Companies
• Berkshire Hathaway
• John Hancock
• Transamerica
• Axa
• Allstate

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Buy-Side Institutions

Insurance Entities
• Reinsurance Companies
• Swiss Re
• Munich Re
• SCOR Re

• Monolines
• MBIA
• AMBAC
• Assurance Guaranty
• FSA

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Alternative Investments

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Alternative Investments

Private Equity funds (formerly known as LBO’s)


• Traditional Private Equity business
• Similar skill-set required as sell-side M&A analyst
• Target businesses with predictable, stable cashflows
• Buy the company with leverage provided by banks
• Possibly change management
• Cut costs
• Exit via IPO or sale

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Alternative Investments

Private Equity funds (formerly known as LBO’s)


• Credit
• Similar skill-set required as sell-side proprietary or hedge fund trader

• Structured Products
• Insurance investments
• Cat bond
• Premium financing
• Life settlements

• Real Estate
• Commercial
• Residential

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Alternative Investments

Private Equity Career Considerations & Requirements


• Most often hire analysts from Wall St. firms with a few years of
investment banking experience (typically M&A or corporate
finance)
• A small number recruited from schools

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Alternative Investments

Butterfly Effect example:

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Alternative Investments

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Alternative Investments

Hedge Funds Categories


• Macro
• Relative Value (senior secured vs. junior unsecured debt, debt vs.
equity)
• Credit/Structured Products (inherent leverage)
• Risk-Arbitrage
• Event-driven long/short strategies (natural disasters, terrorist
attacks, etc.)
• High frequency trading

“Leveraged Beta ≠ Alpha”, AUM


© Jerome ≠ Exposure/Control
Wong. All Rights Reserved.
Alternative Investments

Hedge Fund Career Considerations & Requirements


• Most often hire analysts from Wall St. firms with a few years of
research or trading experience
• A small number recruited from schools
• Industry expertise for firms which have a sector focus (ex.
healthcare)
• Big data acquisition and surveillance
• Environment often dominated by founder in smaller and mid-sized
firms

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Alternative Investments

Actuarial arbitrage example:

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Alternative Investments

Venture Capital – early stage investments


• Pre-revenue or growth capital
• Dedicated funds raised from external investors
• Corporate/Strategic : Motorola, GE, Intel, DuPont, Google, IBM ,
etc., all have internal venture capital groups
Career Opportunities: research analyst, portfolio manager

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Related Finance Opportunities

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Related Finance Opportunities

Retail/Consumer Banking: Credit Analyst/Officer


• Depositors (individuals and businesses) “invest” in savings,
checking accounts and CD’s, all guaranteed by the FDIC (US
government)
• Borrowers (individuals and businesses) take out loans (mortgages,
autos, LOC’s, business)
• Profit is from the spread between lend/borrow rates
Career Considerations & Requirements
• Credit training is the best available in the industry
• Accounting intensive
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• Writing skills required for producing credit reports
Related Finance Opportunities

Private Banks/Wealth Management


• Cater to High Net Worth and Ultra High Net Worth clientele
• Customized investment, financing and advisory services (some tax,
insurance and generational planning)
• UBS, BNY Mellon, JPM, Citi, Northern Trust, Julius Baer
Career Opportunities: private banker, research analyst,
trader and portfolio manager

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Related Finance Opportunities

Trust Banks
• Custodial services
• Wealth Management
• Asset Management
• Individuals
• Institutions
• Financial Intermediaries
• State Street, BONY Mellon, Northern Trust
Career Opportunities: research analyst, trader and
portfolio manager (same as for traditional Asset
Managers) © Jerome Wong. All Rights Reserved.
Related Finance Opportunities

Corporate: Treasury Analyst


• Funding the operations of an organization
• Debt or equity
• ALM: Short vs. long term, loans or bonds, fixed or floating rate, choice of
currency

• Managing financial issues


• Foreign exchange risk
• Tax efficiency
• Cash/liquidity management
• Regulatory reporting

© Jerome Wong. All Rights Reserved.


Related Finance Opportunities

Corporate: Business Analyst


• Corporate Strategy
• Corporate Finance
• Mergers & Acquisitions

• Financial projections
• Market analysis
• Sales
• Production costs

• Managing the business


• Hedge price risks
• Production/raw materials costs
• Price of “finished” good
© Jerome Wong. All Rights Reserved.
Related Finance Opportunities

Management Consultants
• Financial Industry Clients
• Performs market analysis of products & services
• Competitive analysis of industry or sector
• Understand regulatory changes and effects
• Audit and tax services

• Other Corporate Clients


• Risk management
• Corporate finance
• Mergers & Acquisitions

© Jerome Wong. All Rights Reserved.


Related Finance Opportunities

Market Research & Risk Analytics: Bloomberg,


Morningstar, Thomson Reuters, MSCI
• Research
• Industry
• Issuer
• Macro-economic

• Structured Finance
• Risk Analytics
Career Opportunities: research analyst, sales

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Related Finance Opportunities

Ratings Agencies

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Related Finance Opportunities

Ratings Agencies: Big 3 Nationally Recognized Statistical


Rating Organization (NRSRO)
• Research
• Industry
• Issuer
• Economic

• Structured Finance
• Establishing ratings criteria and methodologies
• Rating individual transactions

• Risk Analytics
Career Opportunities: research analyst, sales
© Jerome Wong. All Rights Reserved.
Career Prep Strategies

• Where to begin?
• Which companies should I target?
• Which functions/positions should I focus on?

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Career Prep Strategies

Leveraged Buyout Example:

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Career Prep Strategies

What employers want to know about candidates


• SKILLS (required but not sufficient): Is the candidate technically
and academically qualified to do the job?
• MOTIVATION (differentiation): What actions have you taken to
learn about the industry, above and beyond typical coursework?
• ATTITUDE (emotional connection): Do I want this candidate as
part of my team?
Are candidates able to tell their story?

© Jerome Wong. All Rights Reserved.


Career Prep Strategies

Differentiating yourself from the pack => “Demonstrated


interest!”
• Internships during the academic year
• Reach out to writers of interesting articles, speakers at conferences
• Lots of informational interviews
• Write a blog about the industry
• On-line course on Kahn Academy or Code Academy
• Attend local Meet-ups
• Sign up to receive RSS feeds and press releases from target
companies
• Open brokerage account to©gain access
Jerome Wong. to research
All Rights Reserved.
Career Prep Strategies

Industry knowledge you gained as results of your


demonstrated interests create conversation points
• Product knowledge (Moody’s KMV)
• Industry trends (Fintech, Bitcoin, Blockchain, robo-advising)
• Market views
• Economic views

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Career Prep Strategies

Market data candidates are expected to know


Major Market Participants
• The Markets
• Dow Jones and S&P
• 10 and 30 year UST
• FX $/GBP, $/EUR, $/YEN
• Oil (WTI vs. Brent Crude vs. Dubai Crude)
• Gold

• Market Indicators
• Debt to GDP
• Unemployment rate
• Purchasing Managers Index (PMI)
© Jerome Wong. All Rights Reserved.
Career Prep Strategies

Landmark transactions and trends students should know


• Largest M&A transactions
• Which industries have the most transactions and why
• IPO activity based on type (organic vs. sponsor backed) – what are
the differences and why

© Jerome Wong. All Rights Reserved.


Career Prep Strategies

Periodicals students should read


• Wall Street Journal
• Financial Times
• Barron’s
• Bloomberg News
• Zero Hedge
• Seeking Alpha
Listen to Bloomberg radio (app)
• Broad range of financial issues
• Interviews
© Jerome Wong. All Rights Reserved.
Career Prep Strategies

Traits that companies value


• Intellectual curiosity
• Drive and motivation
• Work ethic and discipline
• Energy level
• Positive attitude
• Common sense vs. book smarts
• Resilience

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Career Prep Strategies

Behaviors that companies value


• Attention to detail
• Exhibiting a sense of urgency
• Taking ownership and responsibility
• Being a low maintenance employee
• Taking initiative

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Career Prep Strategies

Telling your story


• Personalize your story
• Overcoming personal or academic challenges
• Life transforming events
• Special person who made a significant impact
• Family history and how that affected you

• Interviewers do not remember grades or classes


• They remember anecdotes and stories of unique backgrounds or
overcoming adversity/challenges
• Using stories to communicate your brand it is so much more
powerful than simply stating “I am a really motivated person,
really!” © Jerome Wong. All Rights Reserved.
Career Prep Strategies

Target positions
• Institutional sales coverage
• Wealth Management coverage
• Trading
• Structuring
• Research
• Credit/Market risk management
• Treasury
• Financial analyst

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The Sales Funnel

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The Sales Mindset

• Qualifications are just one part of the equation


• Engage the interviewer on an emotional level to demonstrate your
interest and motivations
• It’s not about you - it’s about the clients’ needs
• Focus on your positives and acknowledge any areas for
improvement – “Show, not tell”
• Have the discipline to diligently build your professional network &
it will pay dividends

© Jerome Wong. All Rights Reserved.


Networking

• Family & Friends, Friends of Friends


• Employee Affinity Groups
• LinkedIn
• Alumni contacts, F&F alumni contacts
• Meetups
• Professors or former professors
• Reach out to writers of interesting articles, speakers at conferences

© Jerome Wong. All Rights Reserved.


LinkedIn Profile

• Combination of formal resume and social site


• Tone is more conversational than resume
• Expand on details from resume
• Join groups and follow people in the industry
• Include personal interests with details to show your personality
• What image do you want to portray?

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Overcoming Generational Stereotypes

Sense of entitlement
• Overall attitude
• Cocky, arrogant and/or over-confident
• Lack of urgency

• Resting on academic credentials


• Rationalizing mistakes and lateness
• Tasks “beneath” them
• Unrealistic career progression expectations

© Jerome Wong. All Rights Reserved.


Overcoming Generational Stereotypes

Inability to deal with adversity


• Accepting constructive criticism
• By-passed for assignments or promotions
• Dealing with difficult managers and co-workers
• Unreasonable clients

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Overcoming Generational Stereotypes

Lack of professionalism
• Interacting discourteously
• Tardiness
• Missing agreed deadlines
• Not admitting to mistakes or blaming others
• Lack of attention to detail
• Excessive time spent on personal activities
• Inappropriate attire
• Inappropriate postings on social networks

© Jerome Wong. All Rights Reserved.


Your Authentic Story

Challenging question – values and priorities


• Introspection
• Self-awareness
Why, motivations
• Passion because…
• Provide specific examples
• Helps achieve goal(s)
• Fit with personality, the type of professional environment you
thrive in

© Jerome Wong. All Rights Reserved.


Your Authentic Story

Avoid generalities and platitudes, examples:


• Growing, exciting industry
• Efficient deployment of resources/capital
Be specific
• Demonstrated interest – above and beyond what is required for
school
• Activities
• Industry knowledge

• Show, not tell


• What do you hope to learn?

© Jerome Wong. All Rights Reserved.


Your Personal Brand

• The three or four traits you build your interview answers around
(for example, “Why should we hire you?”)
• The same traits you want interviewers to remember and tell their
manager about you
• Examples: Attitude, confidence and intellectual curiosity vs. loving
to learn
• Prepare several examples to evidence each trait

© Jerome Wong. All Rights Reserved.


Your Personal Brand

Incorporate into
• Your Why Story
• Cover Letter
• Resume
• Interview answers

© Jerome Wong. All Rights Reserved.


The Branding Resume

• Primary Purpose - Get an interview!


• Convey value to prospective employer by showing past value
• Secondary Purpose - Create interview talking points to promote an
active dialogue
• Not recounting every accomplishment and task

© Jerome Wong. All Rights Reserved.


The Branding Resume

Readability – Appearance and Format


• Use a professional email address
• Typically reverse chronological order
• Traditional fonts, 10 pts or larger
• Balance use of white space, avoid paragraphs
• Minimize use of bold, italics and underlining
• Use bullet points
• Numbers below ten should be spelled out
• Do not use unnecessary/obscure abbreviations
• Never use “etc.”
• Single page (unless you have published extensively)
© Jerome Wong. All Rights Reserved.
The Branding Resume

Content: Skills expectations of new grads


• Research
• Aggregate
• Organize
• Prepare presentations
• Automate processes

© Jerome Wong. All Rights Reserved.


The Branding Resume

Content: Branding Strategies


• How did you maximize the opportunities available in school or
work?
• What risks did you take in our career?
• How were you an agent of change in any activity?
• Demonstrate initiative and motivation
• Incorporate industry terminology

© Jerome Wong. All Rights Reserved.


The Branding Resume

Content: Information you need to convey


• Key mistake #1: What you did day-to-day is different from what
you got done
• Key mistake # 2: Be specific on what you accomplished
• Each bullet point should fulfill a purpose
• Product competency
• Process competency
• Achievement or result, qualitative or quantitative

• Action verbs need to convey your brand and corresponding results


and achievements
• Use keywords from job description/qualifications to get past
electronic filters © Jerome Wong. All Rights Reserved.
The Branding Resume

Content which sound like job descriptions:


“Worked with a senior financial services representative reviewing client cases”
WHAT WERE YOU LOOKING FOR, TOO RISKY OR TOO CONSERVATIVE,
OVERCONCENTRATED PORTFOLIO? WHAT IS THE TYPES OF RESULTS
FOR SUCH REVIEWS?
“Conducted and presented fundamental analysis of companies within a
securities portfolio, specifically within the telecommunications sector of the
market”
WHAT DID YOU UNCOVER, WERE ANY OF YOUR BUY /SELL
RECOMMENDATIONS IMPLEMENTED?
“Performed financial valuation through discounted cash flow valuations and
comparable company analysis”
CREATED FINANCIAL MODEL USING EXCEL? VISUAL BASIC?
© Jerome Wong. All Rights Reserved.
The Branding Resume

More effective content:


“Provided analysis which showed decreasing gross margins of company X
which led the PM to sell his positions”
“Developed marketing campaigns on Twitter, Instagram and Facebook to
generate new business, resulting in a 35% increase in advertisement
responses”
“Automated the MySQL customer database to create more targeted sales
campaigns, decreasing marketing costs by 25% while maintaining customer
response levels”
“Increased club membership by 20% by creating additional social media
marketing efforts to include WeChat and other sites which foreign students use
more often than Facebook”

© Jerome Wong. All Rights Reserved.


The Branding Resume

Content: What to include…and not


• Career objective statement – pros and cons
• Part-time and menial jobs
• Coursework only if truly exceptional
• Foreign language(s)
• Hobbies and interests
• Show numeric results
• Avoid the obvious (e.g. references available upon request)
• Different resumes for each job application?

© Jerome Wong. All Rights Reserved.


The Branding Resume

Quality Control
• No spelling nor grammatical mistakes
• Verb-tense agreement
• Subject-verb agreement
• Misplaced modifiers

• Do not rely on spell-checkers (principle/principal)


• Consistent fonts, formats (bullets, dates, abbreviations) and
alignment
• Review in paragraph marks mode
• Send in PDF format unless requested otherwise
• Do not lie
© Jerome Wong. All Rights Reserved.
The Branding Resume

Consistency of Brand
• Common observation – “Candidate looked great on paper but
disappointing in person…”
• Possible causes
• Someone helped write the resume
• Candidate misrepresented himself on resume
• Candidate unable to communicate successfully

• Solutions
• Ensure you can explain the how’s and why’s for each point on your resume
• Preparation and practice

© Jerome Wong. All Rights Reserved.


Cover Letters/E-mails

Similar to “Motivation/Why”, “Tell me about yourself”


questions, and Elevator Pitch
Cover letters are tailored sales pitches
• To a specific company
• For a specific position
• Find touch-point at the organization
• Highlight relevant skills/accomplishments
• Ask for a meeting to discuss the opportunity

© Jerome Wong. All Rights Reserved.


Cover Letters/E-mails

Format, style and etiquette


• Address recipient as Mr./Ms., not by first name
• Dear Hiring Manager, not Sir or Madam
• 3 paragraphs (4 maximum if you are really interesting):
Introduction/Body/Closing
• Avoid weak openings: I hope/believe/feel/think…
• Avoid self-serving phrases: I am the perfect/most qualified/best
candidate…
• Avoid extraneous phrases: my viewpoint is, it goes without
saying…

© Jerome Wong. All Rights Reserved.


Cover Letters/E-mails

Content
• Introduction
• State interest in specific position
• Include the most relevant touch-point at company

• Body
• Resume answers “what”, cover letter explains “why”
• Bridge your experiences to show benefits to prospective employers for
specific position
• Add memorable anecdote

• Closing
• Ask for a meeting
• Thank the person
© Jerome Wong. All Rights Reserved.
Cover Letters/E-mails

Most common mistakes


• Repeating information from resume
• Academic background
• Internship/professional experience

• Using resume header rather than address format


• If unable to find a name, address the letter to “Hiring Manager”,
not “Sir or Madam”
• Avoid flattery about how much you can learn from the founders or
other employees

© Jerome Wong. All Rights Reserved.


Cover Letters/E-mails

Most common mistakes (cont’d)


• Show, not tell - about why you are qualified
• “My analytical skills creating models working at ABC Bank would be
directly applicable to the internship…”
• “My experience analyzing financial statements provides me with valuable
insights into the TMT sector… ”

• Specific is much, much better


• “I discovered that company XYZ’s gross margins were declining faster than
the rest of the industry…”

© Jerome Wong. All Rights Reserved.


Elevator Pitch

Opening
• Thank you for time (if pre-arranged), or
• Mention touch point (if applicable)
First, explain the ‘Why”
Then, explain and show your “demonstrated interest”, Your hook
• “I am very interested in A and have done B in pursuit of such…”
• What is your hook?

© Jerome Wong. All Rights Reserved.


Elevator Pitch

Make it memorable
• Specific anecdote
• Single point in time
• Revelation
• Impactful

• Avoid generalities such as:


• Dynamic, fast-changing industry
• Important for the global economy
• Finance courses were very interesting

© Jerome Wong. All Rights Reserved.


Elevator Pitch

Closing and following up


• “Because of your company’s business in X, I would appreciate
meeting with you/your team to:
• Learn more about…(informational interview)
• Discuss any opportunities within your organization (position)

• Thank the person


Evaluating your Elevator Pitch
• What message is the recipient walking away with?
• What will the recipient say about you to his/her associates ?
• Were you authentic?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Uncertainty Causes Anxiety


• What questions are they going to ask me?
• What are the answers they want to hear?
• How do I make them like me?
• The belief that, “If I don’t get this position, my career is over before
it begins!”
• The assumed “power asymmetry” dynamic

Risk « Uncertainty

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Impact Interviewing Goals


• Reduce anxiety
• Dispel misconceptions
• Avoid common mistakes
• Simplify the interview process into a half dozen questions
• Increase confidence and stand out from the crowd

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Common Interviewer Misconceptions


• Have a checklist and are just checking the boxes
• Looking for specific answers to their questions
• Trying to trip you up or finding reasons not to hire
• Are more prepared for the interview than you are
Your objective and responsibility is to provide the interviewer
ammunition to fight for your candidacy.

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Avoid the most common negative critiques


• “Nice enough person but nothing stood out, let’s pass…”
• “Candidate looked better on paper than in person…”
Differentiation
• Many qualified candidates
• But also many aspects to differentiate yourself
• Is looking for answers where everyone else looks a winning
strategy?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Common candidate inquiries


• “How do I make the interviewer like me?”
• “What can I say to sound interesting to the interviewer?”
• “How can I show that I can add value on Day 1?”
Change your perspective
• “What do I truly find interesting that I can share with the
interviewer?”

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Conversation Skills
• Avoid a “question and answer” session
• Goal is to engage in an interactive dialogue
• Requires industry & product knowledge to have a discussion which
proves your interest in the business
• Confidence is key to establish trust
• The interviewer may be less prepared than you
• Control the narrative and promote your candidacy

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Dress for success


• Belt color same color as shoes
• Tie should reach the top of the belt buckle
• Shirt sleeve should be slightly longer than jacket sleeve
• Skirts below the knees
• Closed toe shoes
• Avoid overpowering perfume
• Avoid flashy jewelry (such as dangling earrings)
• Get a haircut
• Get a shoeshine
• Wear above-the-ankle socks
© Jerome Wong. All Rights Reserved.
Impact Interviewing

Physical rapport building techniques


• Smile
• Maintain eye contact
• Tilt your head slightly to show trust
• Lean in slightly to show interest
• Shoulders and hips square to interviewer to demonstrate openness
• Avoid defensive postures (folding arms or crossing legs)
• Shoulders straight back (exudes confidence)
• Subtly match their posture and mannerism
• Occasionally nod as they speak
© Jerome Wong. All Rights Reserved.
Impact Interviewing

How to provide answers


• Behavioral answer format – challenges you faced, actions you took,
results you accomplished
• How you answer is as important as what you say: don’t negotiate
against yourself or discount your own answers
• If the question is unclear, rephrase or ask for clarification to ensure
you are answering the right question
• Don’t rush, take some time to answer - shows thoughtfulness

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Active listening skills


• Stop talking
• Do not finish your interviewer’s statements, let them
• Rephrase the question if it is unclear to you
• Prod interviewer with questions to provide more details about his
statements or points
• Empathize
• Be aware of their body language, tone and pace

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Industry and Company Research


• Strengths and weakness of the company
• Competitive environment – research their competitors
• Barriers to entry
• Trends and growth
• Potential disruptive technologies or business models
• Regulatory and environmental issues and challenges

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Industry and Company Research: Sources of information


• Corporate website and annual reports
• Corporate press releases
• Industry periodicals and blogs
• Research reports from brokerage firms – look for contrarian points
of views
• Networking relationships
• Informational interviews

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interview Formats: Telephone


• Smile
• Sit straight on a chair at a desk to avoid slouching
• Don’t over-talk as you need to check for feedback
• Have a copy of your resume in front of you, as well as answers to
common questions and your questions
• Use a corded landline if possible, otherwise make sure your phone
is fully charged
• Take notes to use for thank you note and follow up
• Turn off all background distractions – TV, computers, etc.
© Jerome Wong. All Rights Reserved.
Impact Interviewing

Interview Formats: Video


• Smile
• Dress as if it were a face to face interview
• Ensure sufficient lighting and a plain wall background
• Use Picture-in-picture to ensure you are presentable
• Look directly at the camera
• If using Wi-Fi, disconnect other devices to maximize bandwidth
and clarity of transmission
• Close other programs which can cause distracting notifications
(FB, email, etc.)
© Jerome Wong. All Rights Reserved.
Impact Interviewing

Interview Formats: Dining


• Allow the host to order first and order the same number of courses,
choose mid-priced entree
• Avoid sloppy foods such as spaghetti or ribs, choose foods you can
eat with a knife and fork
• Also avoid spinach or kale as they stick to teeth
• Take small bites so you can respond quickly
• Avoid alcohol even if the host imbibes
• Turn off your mobile phone, not just silent mode
• Make eye contact when addressing the server and say thank you
© Jerome Wong. All Rights Reserved.
Impact Interviewing

Interview Formats: Panel


• Combination interview and presentation
• Make eye contact with all interviewers
• “Work” the room as if you were having a series of one-on-one
conversations rather than generically addressing a crowd
• Follow up with individualized thank you letters, personalize to
include a specific point each interviewer raised

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Research your interviewer(s)


• Google, LinkedIn and Facebook
• Find academic, professional and social commonalities to enhance
rapport
• Do not be too obvious or blatant
• Do not offer up that you researched their background online unless
directly asked

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interview Arrival Checklist


• Arrive at least 10-15 mins early (take into account traffic conditions
and delays)
• Greet receptionist/admin enthusiastically and address them by
name when you leave
• Scan the sign-in/visitors log
• Turn off your phone in the reception area
• Confirm the time allotted for the interview with the interviewer
• Do not check your phone between interviewers

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Informational Interviews
• Use the opportunity to learn about the industry, company and
roles
• Great source of questions for formal interviews
• Don’t try to convert into a job search interview (If there is an
opportunity, they would tell you)
• Obtain contacts for additional informational interviews
• Nurture these relationships over time to build your network

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interview Types
• Screening: typically done by HR to ensure minimum requirements
are met
• Behavioral: Situation, Task, Action and Result – using past
experience to predict performance
• Situational: hypothetical scenarios
• Case studies
• Technical
• Stress
• Conversational/unstructured
© Jerome Wong. All Rights Reserved.
Impact Interviewing

Interviewer Roles
• Human Resource profession
• Screening

• Hiring Manager
• Make their lives easier
• Low maintenance

• Team Members
• Easy to get along with
• Non-threatening

• Complementary Functions

© Jerome Wong. All Rights Reserved.


Impact Interviewing

What are the most difficult interview questions, and why?

How do I know what would be interesting to an


interviewer?

How can I get the interviewer to like me?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Open-ended


“Tell me about yourself”
Translation: “How do your experiences and motivations translate
into traits and behaviors we value?” Keep the script short, 60-90
seconds.
• Background to build rapport (home town, birth order)
• What drives your interest in the industry/sector/role
• Demonstrated interest – what have you done in pursuit of such
and resultant, realization, and reinforcement
• Close on a personal note about hobby or interest

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Open-ended


“Walk me through your resume.”
Translation: “What do you want me to know about you which isn’t
on your resume?”
• How did you find your part-time/summer jobs and research
positions?
• Were there any surprises or obstacles from these positions and
what did you learn as a result?
• What did you learn about the role or industry which confirms your
interest in the field?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Open-ended


“What do you know about the company?”, “What research have
you done on the company?” or “Why do you want to work for us?”
Translation: “Can you demonstrate, through your efforts to learn
about the company, how much you really want to work for our
company?”
• Informational interviews
• RSS feeds, research reports, industry periodicals
• Results of research is how you realized your fit with the company

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Personality Questions


Strengths
• Skills
• Salesmanship
• Technical

• Traits/Characteristics
• A sense of urgency
• Intellectual curiosity
• Positive attitude
• Empathetic

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Personality Questions


Weaknesses
• Skills
• Lack of practical industry experience
• Lack of negotiations/sales/customer service experience

• Traits/Characteristics
• Impatient
• Obsessive
• Unassertive
• Dislike confrontation

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Personality Questions


“What was the biggest challenge or obstacle you overcame?”
• Personal or professional circumstances beyond your control
• How did it disadvantage you?
• How did you overcome it?
• What did you learn or gain from the experience?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Personality Questions


“What was your greatest failure?”
• Personal or professional situation where you attempted an activity
and failed
• Has to be material – invested a significant amount of time and had
a significant impact on you
• Failing a class or not getting into a particular college are not
persuasive responses
• What did you learn from the experience?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Personality Questions


“What motivates you?”
Translation: “What are your values and goals?”
• Your “fit” with the organization
• Financial security, particularly if you come from a modest financial
background
• Build a career for the long term
• Avoid clichés such as a challenging work environment or love of
learning

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Personality Questions


“What is your greatest accomplishment?”
Translation: “What is important to you?”
• Avoid stock answers such as getting into a top school or other
academic accomplishment
• Be creative with the answer, relate an extracurricular activity to a
character trait you developed
• Overcame a fear?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Personality Questions


“What are your hobbies?”
Translation: “Do I want to sit next to you for 8+ hours a day?”
• Show intellectual curiosity with the books you read, not just in
finance
• Team sport
• Learning a new language or activity, taking a class (again, not just
in finance)
• Go beyond wine, golf and running

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Professional and Career


“Where do you see yourself in 5 or 10 years?”
Translation: “How realistic are your expectations?”
• Aggressive but realistic
• Increasing autonomy and responsibilities
• Describe what you have accomplished by then also to earn your
desired position
• Be specific about title and responsibilities, size of your book or top
clients

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Professional and Career


“Describe your perfect job.”
Translation: “Have you thought through your career?”
• Related to question about where you see yourself in X years
• Avoid non-descript generalities such as contributing member of a
team, dynamic/learning environment
• Specific responsibilities, level of autonomy, management
aspirations?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Professional and Career


“How would a previous manager describe you?”
Translation: “Are you aware of how others perceive you?”
• Position yourself as an attractive employee
• Low maintenance, focused on getting the job done and great
attention to detail
• “Would immediately hire her again…” says it all

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Challenging


“Why should we hire you?” or “Why are you the best candidate?”
• You can’t speak about other candidates because you don’t know
them
• Even say that there are probably a lot of qualified candidates
• Focus on a trait from your brand . For example: “My confidence is
one of the most important assets I can bring to the company. I can
be truly confident because I know I have really “done my
homework” and worked as hard as anyone else to achieve my goals.
I was able to work 20 hours a week while carrying a full course-
load.”
© Jerome Wong. All Rights Reserved.
Impact Interviewing

Interviewer Questions: Challenging


“Why do you want to work for us?”
• Don’t respond with generic answers such as “leader in the field,
can learn a lot, I loved the people, etc.”
• Do your homework to find a specific anecdote to explain why the
firm is a good fit for your ambitions, alignment of priorities
• For example, one MD told me he never missed any of his son’s
baseball games – able to create work-life balance. Different when
starting out but still a great indication of the culture

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Technical


• May be asked to write some code
• Academic questions
• Market questions

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Technical


“What was your favorite course?”
• Provide an anecdote of why the class made such a strong
impression on you
• How did a professor bring a subject to life?
• How did a class change your perspective?
• Personalize your answer; it shouldn’t sound like a course
description

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Technical


“What was your least favorite course?”
• Can be because of the subject matter or lecturer
• Too theoretical and professor wasn’t able to relate the material to
the real world or provide examples
• Professor didn’t present anything more than what was in the
textbook or course materials

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Technical - Brainteasers


• Market sizing
• Probability/combinatorics
• Math/geometry puzzles
• Logic

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Miscellaneous


• What is your favorite movie?
• What is your favorite book/last one you read?
• What song inspires you?
• If you are able to choose any person in history to have a
conversation with, who would it be?
• Tell me a joke

All of these questions have been asked in real interviews.

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Overcoming objections
• Sometimes objections are a stress test
• Others are concerns but are an indirect request for additional
information rather than rejection
• Your grades are not as strong as other candidates we are considering
• Why didn’t you take a certain course?
• I don’t think you can handle the constant rejection of the sales position
• Why didn’t you have an internship in your field of interest?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Overcoming objections
• Determine if the objection is valid
• If yes, acknowledge the objection and focus on other qualities/strengths
which reinforce your qualifications for the position
• If no, in a diplomatic manner, explain why in your view, given the job
specifications/requirements, the objection is not relevant for the position
and redirect the other qualities/strengths which reinforce your
qualifications

• Objective clarifications vs. subjective defenses; provide


explanations, not excuses!

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Attributes of successful candidates


• No set formula
• Intellectual curiosity
• Attitude, confident and prepared
• Infectious passion – ability to engage interviewer
• Articulate with detailed examples – tell a good, coherent story
where the conclusion is obvious
• Primary focus on results and secondarily on the processes utilized
to achieve results

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Applicant Questions: Goal is to stand out and elicit positive


responses from interviewer
• “I never thought of it that way.”
• “That is an interesting insight.”

This is the BEST Opportunity in the interview to make a positive


impression!
• “This candidate really did his/her homework.”

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Generic questions NOT to ask the interviewer


• What are the characteristics you look for in an ideal
candidate/employee?
• What does a typical day look like?
• What am I expected to accomplish in the first 30/60/90 days?
• Where do you see the company over the next several years?
• Do you have any questions about my background or qualifications?
These questions do not leave any impression, there are much better
alternatives

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Generic questions not necessarily wrong?


• What is a typical day like? – Demonstrates interest in the role
• What are characteristics of successful candidates? – Attempts to
solicit characteristics so the student can promote their candidacy
with examples in support of these characteristics
• If I were hired, what do you expect from me in the first 90 days? –
Demonstrates a pro-active, company-centric attitude

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Generic questions lead to generic responses


• What is a typical day like? – “No day is typical as we are a very
dynamic organization and immediately respond to changes from
our clients and changes in the industry.”
• What are characteristics of successful candidates? – “Smart, hard
working, honest, takes initiative, self-motivated.” (these come
under the category of typical “Boy Scout traits”, required but not
sufficient)
• If I were hired, what do you expect from me in the first 90 days? –
“Meet people you’ll be working within and outside of our
department, learn our systems, read up on our products, services
and clients…
© Jerome Wong. All Rights Reserved.
Impact Interviewing

Applicant Questions: Industry and company


• Macro factors affecting industry and resultant trends
• Have company revenues and margins been increasing or
decreasing relative to the industry?
• Any recent mergers, acquisitions or divestitures and how does that
affect the group you are interested in?
• Strengths and weaknesses compared to competition for specific
service or product
• Look for trends over time from annual reports and K1s
• What disruptive technologies may be affecting your business
(Blockchain, robo-advisors or Fintech)?
© Jerome Wong. All Rights Reserved.
Impact Interviewing

Applicant Questions: Research Resources


• Google
• Reuters
• Bloomberg
• Wall Street Journal
• Annual reports
• TheStreet.com
• Risk.net
• PeHub.com
• Pionline.com
© Jerome Wong. All Rights Reserved.
Impact Interviewing

Applicant Questions: Personal Growth


Show your interest in working for the company and how your
development benefits them
• What skills and responsibilities would you expect from a successful
candidate after 3 years on the job?
• Is there a formal mentoring program?
• What professional development programs are available, i.e. public
speaking, creating effective presentations or sales training? Have
examples of what you would like to improve.

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Applicant Questions: Rapport building


• What is the single piece of information you know now which you
wished you knew when you started out?
• Have you had a mentor in your career and how have they helped
you? What should I look for in a mentor?
• What did you find most challenging when you began at the
company/in the industry and is it still relevant?
• How would you compare this company to others you had worked
for, pros and cons?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Applicant Questions: Miscellaneous


• In addition to the CFA Institute, are there any other industry
groups I can join to gain a practitioner's perspective?
• If you are interested in working overseas – how is recruiting
coordinated across regions, centralized?
• What opportunities have you seen for experienced people to work
on overseas assignments?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Interviewer Questions: Closing


• Is there anything else you would like to tell us which is not on your
resume or not covered in the interview?
Your answer to this has to be short and direct
• What take-aways from your brand did you not have a chance to
bring up yet?
• Is there an anecdote from your cover letter which would add to the
conversation and demonstrate an important trait?

© Jerome Wong. All Rights Reserved.


Impact Interviewing

Closing the interview


• “Are there any reasons why you think I would not be a good fit for
the position?” (can be asked earlier also)
• Reiterate strong interest in the company and the position and how
they are perfectly aligned with your career plans
• “What are the next steps in the decision process?”
• Smile
• Thank them for their time
• Firm handshake

© Jerome Wong. All Rights Reserved.


Following Up

Thank you letters


• Send same day as interview
• E-mail, letter or phone call?
• Content (2 short paragraphs max)
• Thank interviewer again
• Summarize any key points discussed during the interview to demonstrate
you were listening
• Expound upon relevant ideas you raised which adds value to interviewer,
either professional or personal
• Embed the next follow-up action with a timeline

© Jerome Wong. All Rights Reserved.


Following Up

Timing and frequency


• Follow guidance of interviewer or HR
• In the absence of such, weekly /bi-weekly is fine
• Don’t stalk or they will avoid you
References and Reference Letters
• Prep your references to address a specific interview point or
objection raised if possible
• Choose those most relevant to the target position and can speak
effectively – the best salesperson to sell you

© Jerome Wong. All Rights Reserved.


Basic Negotiation Strategies

Ask nested open-ended “how” and “what” questions


• Non-confrontational; “how” instead of “no”
• Discover information
• Engaging counterpart to develop solution
• Illusion of control
Avoid “yes”, “no” and “why” questions
• Confrontational and counterpart becomes defensive
• “Yes’ triggers reciprocity reaction

© Jerome Wong. All Rights Reserved.


Basic Negotiation Strategies

Slow and silent


• Slow and deliberate speech pattern shows thoughtfulness and
confidence
• Embrace “awkward silence”, focus on your breathing
Disarming techniques
• Don’t get angry or emotional; you are negotiating with a situation,
not an adversary
• Aggressive self-deprecating but not insulting
• Ask “how”
• Use “fair” to position your response
© Jerome Wong. All Rights Reserved.