Navigating the Maze
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About this ebook
The manual provides guidance on the best way to secure an internship and then a full-time position within the industry. Not only does this manual provide tips about the dos and the don'ts of the internship process, it also focuses on the provision of technical guidance to maximise the return on your internship.
The technical 'Question and Answer' section contains the clearest explanation and application of technical content relevant to interns working across the spectrum of roles found within the banking and financial services industry. The content has been written by experienced bankers and financial service instructors and provides the most comprehensive collection of practical Q&A available in the market.
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Navigating the Maze - Geoff Robinson
Published by 7city Publishing
4 Chiswell Street, London, EC1Y 4UP
www.7city.com
Edited by David Mignano and Caroline Herbert
First edition
Copyright © 7city Learning Limited 2013
All rights reserved. No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording or otherwise) without the prior permission of the copyright owner. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages.
While every effort has been made to ensure its accuracy, 7city Learning Limited can accept no responsibility for loss occasioned to any person, acting or refraining from action as a result of any material in this publication.
Copyright © Thomson Reuters 2013. All rights reserved
Republication or redistribution of Thomson Reuter’s content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. ‘Thomson Reuters’ and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies.
Copyright © 2013 FactSet Research Systems Inc. All rights reserved
©2013 BLOOMBERG L.P. ALL RIGHTS RESERVED
E-Book Distribution: XinXii
http://www.xinxii.com
Preface
Why have this manual?
Navigating the Maze is a guide aimed at those people looking to enter into banking and financial services. The manual focuses on both the undergraduate and postgraduate entrants, as well as those of you looking for a career change.
Many of you will gain initial experience as an intern. These internships are often just 8-10 week interviews. Secure an internship at an investment bank and you have greatly increased your chances of securing a job offer at the end of the process.
Internship training tends to be limited to three to five days. There will be a significant amount of material passed onto the interns, not only during this time, but also across the 10 week internship. There is a great deal to take in. This manual provides a very practical reference point to reinforce the in-class and on-the-job learning.
The manual will act as an aid to ensure continuing learning throughout the internship and also during the period between the end of the internship and the commencement of full-time employment.
Is Navigating the Maze useful whichever part of the bank you go into?
Navigating the Maze is aimed at interns intending to get into or already working within banking. At this level, much of the core subject matter is relevant across a number of divisions.
The manual will examine:
Interview skills
Your application and the process
Technical skills
Corporate banking
Credit
M&A
Capital markets origination
Asset management
Private wealth
Markets
Technology and operations
Preparing for work – turning your internship into a full-time offer
Bloomberg skills
Excel skills
Why is Navigating the Maze unique?
There are a number of generic publications in the market that will provide a myriad of interview tips and advice on how to get a job.
This manual differentiates itself from the entire market as it is written by professionals who have worked in the market, recruited in the market, and who, now being at 7city, will train the new entrants once they have secured their dream job within banking.
The manual has brought together experience from banking professionals from the banking division, sales and trading as well as experienced banking recruiters.
We want the reader of this manual to enter the recruitment process with their eyes wide open, 100% professionally prepared, and with a competitive advantage over the rest of the recruitment population.
The start of your working career can be daunting and the language can be confusing so we’ve prepared Navigating the Maze so you can hit the ground running and get ahead of your competition.
Good luck!
Geoff Robinson
Head of Banking, 7city Learning
The Navigating the Maze along with other components of the Complete Analyst series can now be purchased online at www.thecompleteanalyst.com
.
About 7city
Founded in 2000, we are a financial training company of 140+ people based in London, New York, Singapore and Dubai. Whether you want to pass the CFA to progress your career, or create graduate programmes to build a talent stream from Generation Y, we take your challenges and build solutions.
That can be by streamlining your way to the essential professional qualifications that you need. We train more than 15,000 candidates annually towards regulatory exams and CFA.
Or by helping you develop a more informed, effective, and skilful appreciation of the business in which you work. All our technical finance and management and personal development training programmes are designed to ensure theory is put into context using case studies, scenarios, and hi-tech simulations.
Or if you're a training professional, by partnering with you to create and run successful training programmes to meet your needs. Whether you've identified skills gaps in your Asian sales team because you're exploring new emerging markets, or you want to ensure that your multi-stream graduate intake are inducted into the world of finance and how you do business, we will create and deliver a tailored programme.
We work with nine out of ten of the top investment banks and three out of the top five banks (ranked by assets under management). We pride ourselves on our innovation, our enthusiasm for teaching and our commitment to client service. You'll find we're the source of the intellectual, as well as the practical, answers needed to succeed in a global marketplace.
Our ambition is to sharpen yours. We’re here to make you better at your job.
Contents
Preface
Why have this manual?
Is Navigating the Maze useful whichever part of the bank you go into?
Why is Navigating the Maze unique?
About 7city
Contents
Navigating the Maze
Section 1: Your Application
Your Application
What is banking?
What do these divisions do?
Asset management
What skill set do I need?
Corporate banking
Loans
Invoice finance/factoring
Asset backed
Trade finance
Risk management
Cash
What skill set do I need?
Private banking
What skill set do I need?
Markets
Sales
Trading
Research
Structuring
Money markets and forex
Derivatives and commodities
What skill set do I need?
Investment banking division (IBD)
Industry/client coverage
Product coverage
What skill set do I need?
Technology
What skill set do I need?
Operations
What skill set do I need?
Legal, compliance and risk
What skill set do I need?
Interactions between the investment banking division and markets
What to expect as an Analyst within a bank
What makes a complete Analyst?
An interview with a director at a bank
Preparing for the recruitment process
1. Research the financial services industry
Where to start?
What if you don’t have time to read the financial press each day?
2. Attend recruitment events
Recruitment event dos
Know about the event you’re attending.
Look the part
Be aware of your behaviour at all times during the event
Prepare questions for professionals from the line
Prepare questions for recruiters
Follow up with the contacts you make
Recruitment event don’ts
Don’t ask too many questions at a busy recruitment event
Don’t steal business cards
Don’t ask repeat questions
Don’t stalk your contacts
Don’t lose all self control when faced with a decent freebie or two
Don’t hang around awkwardly when you’ve exhausted your questions
3. Build up your CV
Why are extra-curricular activities and work experience important? Why can’t I just focus on getting good grades?
What kind of extra-curricular activities and work experience are valuable?
4. Decide what kind of role is right for you
What are your strengths?
In what kind of working environment do you thrive?
How important will it be to have an active social life?
What’s more important to you – people or process?
Is working in the back office a good way to get a front office role?
5. Writing your CV or application
Getting the format right
Contact details
Educational history
Language skills
Work experience
Your work experience will be instantly more compelling if you link the tasks or projects you worked on to quantifiable results.
Additional skills
Extra-curricular activities
6. The cover letter/motivational section
What not to write
What you should write
Why do you want to work in the industry?
Why do you want to work for the firm?
What you think you can bring to the organisation?
‘I have excellent attention to detail’
When to apply
Dealing with different bank’s deadlines
7. The first round interview
Preparation: Yourself
Mock interviews
Revising your CV
Preparation: The industry
Preparation: The firm
The firm’s culture
The firm’s businesses
Know the language of a firm
8. The day of the interview
9. During the interview
Introducing yourself
Answering behavioural/competency-based questions
Avoiding the generic
What if the interviewer does not ask for examples?
The STAR interviewing technique
Situation
Task
Action
Results
‘So what’s your biggest weakness?’
Menuing
Section 2: Your Interview
Your Interview
Providing colour to your response
Read the financial press
Read the research
Investment banking blogs
Accounting and Financial Analysis Q&A
The balance sheet
The income statement
The cash flow statement
What are the key components of a set of financial statements?
What is an asset?
Liabilities
Equity
Income
Expenses
What is meant by financial statement integration?
Why do accounts show depreciation and amortisation?
How can D&A numbers be manipulated?
How does…impact the financials?
How does depreciation affect the financial statements?
How does an impairment write-down affect the financial statements?
How does the purchase of an asset affect the financial statements?
What is the impact on the accounts of a company entering into a new lease of an asset?
Capital (finance) leases
Operating leases
Capital lease illustration
Leasing
How does a provision affect the financial statements?
Can companies revalue their assets?
Why would a company revalue its assets?
Why revalue?
Analysis impacts:
What is working capital?
What is net debt and how is it used?
Does net debt capture all of a company’s debt?
Operating lease commitments
Pension deficit
Debt within ‘equity accounted’ investments
Why is net debt ‘net’?
What does equity on the balance represent?
What is a minority interest?
What is the NOSH?
What is EBIT?
What is EBITDA?
How and why would you normalise a metric?
What are pro-forma numbers?
What does LTM mean?
What is EPS and how is it used?
What is the difference between basic and diluted EPS?
Earnings dilution
Weighted average number of shares
The impact of convertible debt on diluted EPS
What is equity dilution?
What is the treasury method?
Why is the cash flow statement so important?
How do you move from EBIT to operating cash flow?
Working capital adjustments
Why does profit not equate to cash flow?
How would you analyse a cash flow statement in five minutes?
What could a company do if it had excess cash on its balance sheet?
What type of pension schemes do companies have? Why are they sometimes problematic?
Potential problems with pensions
What is deferred tax?
Valuation Q&A
Why is valuation important?
What are the traditional valuation methodologies?
Comparable company analysis (‘Trading comps’ or just ‘comps’)
Comparable transactions analysis (‘Precedent or transaction comps’)
Discounted cash flow valuation (DCF)
Valuation isn’t just about theories and models – what else should an Analyst consider when valuing a company?
What is the difference between buy and sell-side M&A?
Which valuation techniques are likely to give the highest valuations?
What is a valuation football field?
What is market capitalisation and how do you calculate it?
What is enterprise value?
Walk me through a discounted cash flow
DCF valuation – a six-step structured approach
Step 1: Define the high growth period
High growth period
Terminal period
A typical two-stage DCF valuation model
Step 2: Forecast cash flows
Forecasting the FCFF drivers
Step 3: Estimate appropriate discount rate
Focusing on FCFF DCF valuations
Cost of equity (ke)
Cost of debt (Kd)
Weighted average cost of capital (WACC)
Step 4: Estimate the terminal value
Cash flow growth perpetuity
Multiple approach
Step 5: Discount the cash flows
Step 6: Valuation
Break down enterprise value to equity value
What is free cash flow to firm?
FCFF
What is beta?
Historical betas
Number of data points
Length and period of time
Market to be used as the basis for regression
Where can you source a beta?
Why and how would you de-lever a beta?
Why de-lever?
How to de-lever and re-lever
Walk me through a comparable company valuation
Illustration of a comps valuation
What are the pros and cons of EV vs. Equity multiples?
What are the pros and cons of using the EV/EBITDA multiple?
What drives an EV multiple?
Why would multiples of a company trade at a premium or discount to its peers?
What is a control premium?
What does a merger model do?
What factors can make a deal EPS accretive?
What are the pros and cons of equity and debt as transaction finance?
Equity consideration – benefits
Equity consideration – disadvantages
Cash/debt consideration – benefits
Cash/debt consideration – disadvantages
Who does what on a deal?
How can a company defend itself from a takeover?
Poison pills (legality will vary depending on jurisdiction)
Golden parachutes
Recapitalisations
Fire sale
Standstill agreements
White knight
Litigation
Pac man defence
What is a company profile?
What is a pitch book?
General pitch book
Deal-specific pitch book
Statistics and Financial Maths Q&A
What are the common measures of central tendency and dispersion?
The mean
The mode and range
The median
The inter-quartile range
What is standard deviation?
What is a geometric mean?
What is a correlation coefficient?
How can correlation be used to diversify risk?
What is a normal distribution?
Leptokurtic
Platykurtic
Mesokurtic
What is the difference between simple and compound interest?
Simple interest
Compound interest
What is discounting?
What is an annuity?
What is a perpetuity?
How is discounting used?
What is net present value?
What is the internal rate of return (IRR)?
What is a CAGR?
Equities Q&A
What are the basic characteristics of common stock or ordinary shares?
Right to vote
Right to a dividend
Right to a surplus on winding up
How do preferred stocks differ from common stocks?
Cumulative preferred stock
Participating preferred stock
Convertible preferred stock
Redeemable preferred stock
What is an ADR?
Why would a corporation choose to raise finance via an equity issue as opposed to a debt issue?
What are the advantages and disadvantages of being a publicly listed corporation?
What does ex-div mean?
What is the difference between primary and secondary markets?
How can new equity be issued?
Offer for subscription
Offer for sale
A placing
An intermediary offer
A vendor placing
What is stabilisation?
What is ‘book-building’?
What is underwriting?
Hard underwriting
Soft underwriting
What are the key stages in an IPO process?
Winning the mandate
Positioning and preparation
Marketing and investor education
Roadshow
What is a dual track process?
What is a syndicate?
What is a prospectus?
What is a pilot fishing exercise?
What is a Greenshoe option?
What is a secondary offering?
What are the advantages and disadvantages of a fully marketed book-built offering?
Advantages:
Disadvantages:
What is an accelerated book-built offering (ABB) or a placing?
Advantages:
Disadvantages:
What is a rights issue?
What is TERP?
An example of a right issue
What is an index?
What is the difference between a market capitalisation weighted index and an unweighted index?
What is the Dow Jones Industrial Average (DJIA)?
What is the Nasdaq?
What is the S&P 500?
What is the FTSE 100?
Money Markets Q&A
What are the money markets?
What is the inter-bank market?
How are inter-bank rates quoted?
What is commercial paper?
What is a certificate of deposit?
Fixed Income Q&A
Why would a corporate choose to raise finance via a debt issue as opposed to an equity issue?
What are the two main types of debt finance and what are their key features?
What is a bilateral loan/syndicated loan/club deal?
What are the advantages and disadvantages of loan finance?
Advantages of loans
Disadvantages of loans
What is a term loan?
Bullet term loan borrowing structure
Uses of term loans
What is a revolving credit facility?
Revolving credit facility borrowing structure
Uses of revolving credit facilities
What is the interest rate on a loan based on?
LIBOR + margin
What is LIBOR?
What is EURIBOR?
What is a covenant?
Who are the main credit rating agencies?
Why are credit ratings more important for bonds than for loans?
What is the lowest investment-grade rating?
What is a bond?
What are the key features of a vanilla bond?
Issuer
Nominal value
Coupon
Maturity
Typical cash flow profile of a bond
What are the advantages and disadvantages of bonds?
Advantages of issuing bonds
Disadvantages of issuing bonds
What is a floating rate note?
What is an index-linked bond?
What is a callable bond?
What is a putable bond?
What is a convertible bond?
What is a Eurobond?
How would you determine the coupon on a bond?
What is a high yield bond?
What is PIK?
What is the Yield to Maturity (YTM)?
Interest/flat/income yield
Simple or Japanese yield
What is the difference between a clean and dirty price?
What is duration?
What is a yield curve?
What is an asset backed security?
Collateralised bond obligations (CBOs)
Collateralised loan obligations (CLOs)
Mortgage-backed securities (MBSs)
Collateralised debt obligations (CDOs)
Derivatives Q&A
What is the difference between cash and derivatives securities?
What is the difference between OTC and exchange traded?
What is a future?
Futures jargon
The underlying asset
The long
The short
Price agreed today
Delivery date
Fair value
Interest rates
Storage and insurance
How are futures used in practice?
Speculation
Hedging
Arbitrage
What is basis?
What is the difference between contango and backwardation?
What is a forward contract?
What is a futures contract?
What is a long position on a future?
What is a short position on a future?
How does a future settle?
How can a future be used to hedge?
What is an option?
Option jargon
What are the basic option positions?
A long call
A short call
A long put
A short put
What drives the price of an option?
Intrinsic value
Time value
What factors influence the time value of an option?
Volatility of the price of the underlying asset
Interest rates (equity options only)
Call options
Put options
Dividends (equity options only)
Call options
Put options
Remaining life of the option
What is an interest rate swap?
What is a cross currency swap?
What is an equity swap?
What is a credit default swap?
What is a structured product?
Callable/putable bonds
Convertible bonds
Index-linked notes
Commodity linked bonds
What is arbitrage?
Foreign Exchange Q&A
How are foreign exchange rates expressed?
What is a cross rate?
How is foreign exchange quoted?
What is a forward forex deal?
How are forward rates quoted?
How are forward exchange rates determined?
Interest Rate Parity (IRP)
What is the Fisher effect?
Asset Management Q&A
What is asset management?
Risk
Liquidity
Growth
What is portfolio construction?
What is the efficient market hypothesis?
The Weak Form of the EMH
The Semi-Strong Form of the EMH
The Strong Form of the EMH
EMH conclusions
What is passive fund management?
What is active fund management?
Top-down
Asset allocation
Sector selection
Stock selection
Bottom-up
Summary
How can portfolio performance be measured?
Holding period yield
Money weighted rate of return (MWRR)
Time weighted rate of return (TWRR)
What is risk?
What is a risk premium?
What is the difference between systematic and non-systematic risk?
Business risks
Industry risks
Management risks
How can risk be measured?
What is the Sharpe ratio?
Section 3: Preparing for Work
Preparing for Work
Life as an intern
Be a sponge – suck it up!
Perception is everything
Build relationships
Identify decision makers early
Think about reviews
Learn to talk the talk
Honesty is not always the best policy.
Patience is critical
Ask questions!
Keep track of your projects
It’s all in the approach
Don’t expect a thank you
What will your typical day be like?
An example day as an intern
The Internship
Training
Punctuality
During training events
Dealing with work/training conflicts
But I’m already advanced on Excel…
Personal skills training
Work/life balance
Know that it will get easier
Take breaks when you can
Only work the hours that you need to
Get a routine
Diet
Exercise
Joining your team
Introducing yourself
Making the best first impression
Remember names
Show genuine interest
Look for clues
Getting to grips with how your team works
Understanding tasks given to you
So if I have this correct…
When you really have no idea: Look for questions not answers
Output questions: What exactly am I trying to achieve?
Action-orientated questions: How should I achieve this task?
Context questions: Why does this task need to be done?
Building confidence
How do I raise my confidence?
Your shoulders
Take up space
Control your hands
Your voice
Appendix 1: Bloomberg for Analysts
Introduction
Bloomberg skills coverage
The Bloomberg keyboard
Using Launchpad
Exporting Data from Bloomberg
Finding a Company Ticker
The Equity Screen
Accessing Shareholder Data (Holders)
Getting NOSH via the Description (DES) Screen
Accessing Company Filing Data
Finding Company News (and Research) for Normalisation Purposes (Corporate Actions)
Picking a Relevant Broker Report (Company Research)
What are the Current Analyst Recommendations (Analyst Recs)?
Getting Share Price Data (Graph Price)
Annotating Bloomberg Share Price Graphs
Creating a Relative Share Price Graph
Importing Bloomberg Share Price Data into Excel
Getting a Hoover’s Profile
Accessing the Related Securities Screen
Accessing the Issuer Description Screen
Creating Government (International) Yield Curves
Creating Yield Curve Analysis (‘Yield Curve Relative’)
Credit Profile Summary
Creating a Bloomberg Beta Profile
Accessing the WACC Profile
Accessing the New Issues Monitor
Accessing Debt Term Sheets
Creating Debt Maturity Profiles
Accessing Money Market Rates
Accessing Forex Rates
Accessing World Equity Indices
Accessing Economic Data
Using the Bloomberg MA Search Functionality
Creating League Tables
Bloomberg News Codes
Appendix 2: Excel Shortcuts
Movement/selection
The basics
Auditing
Names
FactSet
Introduction
FactSet Application
Here are some helpful tips:
How to store a list of comparable companies on FactSet
Office applications
Research companies in depth
Share price data
Company filings
Download multiple PDF TravelBooks
Exporting data from FactSet
Updating and maintaining custom template models, reports, and presentations in Microsoft Excel, Word, and PowerPoint
Excel tools
Updating team Comps Models
Step 1
Step 2
Step 3
Updating your model
Downloading ‘Ready-made’ Models:
Improve efficiency and productivity in everyday tasks
FactSet Hotkeys
Link Excel charts/tables to PowerPoint or Word
Use ActiveGraph to create easy-to-update, PitchBook-ready financial graphs using your firm’s corporate colours, fonts, and standards Available in Microsoft Word, PowerPoint and Excel
Index
1: Introduction
Navigating the Maze
Navigating the Maze has been written as a guide for those who want to work in banking and financial services. Whether you are an undergraduate or postgraduate student, or even someone looking for a career change, this manual will provide you with the information you need to start your investment banking journey.
The starting point for many bankers is their internship. An internship is, on the face of it, a good chance to get work experience at a bank. For many, it is actually an 8-10 week job interview. Secure an internship and you have greatly increased your chances of getting a job offer at the end of the process.
This manual provides a comprehensive guide to your internship. We can advise you how to apply for your internship, what to do at your interview and also give you advice about what work as an intern will be like. Our advice also covers what you should do to land a full-time job at the end of your experience.
Our authoring team includes people who were in charge of hiring