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“By developing a citizenry that is enlightened

and informed about international relations, the

Foreign Policy Association performs an

invaluable service to our country.”

– President Ronald Reagan

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The Foreign Policy Association hopes to inspire others to participate in international affairs and the foreign policy process. FPA’s Global

Career Boot Camps and Global Job Board provide invaluable tools for internationally-minded professionals.

FPA’s Global Career Boot Camps include specialized seminars, networking opportunities and insider tips on landing a global job.

From non-profit organizations to governments, FPA’s Global Job Board is the most comprehensive source of internationally-minded

job opportunities, both in the United States and abroad.

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BREAKING INTO

GLOBAL FINANCE

Tool Book

Contents:

Breaking Into Global Finance: Investment Banking to The World Bank

Brief Overview of Financial World……………………………………….5

Academics & Credentials…………………………………………………7

Lifestyle Considerations………………………………………………….9

Getting the Job…………………………………………………………..10

Appendix………………………………………………………………..14

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BREAKING INTO GLOBAL FINANCE:

A BRIEF OVERVIEW OF THE

FINANCIAL WORLD

Commercial Banking – Largely transactional, deposit taking and lending

institutions. Provide retail consumer and small business services. Many global

banks provide trade finance.

Investment Banking – Financial intermediation between providers and users of

capital. Participants are largely institutional investors (i.e. public, private

pension funds, endowments) and corporate entities (Facebook, General

Motors).

Securities Industry – Large overlap with investment banking. To raise capital,

companies issue securities such as high yield bonds, investment grade bonds,

structured securities, equities and many other varieties.

Alternative Assets – Hedge funds, real estate, private equity, commodities

venture capital and non-traditional investments (artwork, gold coins…)

Rating Agencies and Financial Information Companies – Sovereign and

corporate credit ratings agencies (Big three: Moody's, S&P, and Fitch).

Financial information companies like Bloomberg, and Thompson Reuters.

Government – United States Department of Treasury, state and local

government, Federal Reserve banking system, Small Business Development

Administration, Overseas Private Investment Corporation, Export-Import Bank,

Securities and Exchange Commission

Multilateral Financial Institutions – The World Bank Group, International

Monetary Fund, Inter-American Development Bank, European Investment

Bank, Asian Development Bank, African Development Bank

Government Sponsored Entities “GSEs” – Fannie Mae, Freddie Mac, Sallie

Mae

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Large and small corporations – Largest employers of college graduates.

Popular names on campus include Proctor and Gamble, Merck & Company,

Microsoft, Google, Ford Motor

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ACADEMICS AND CREDENTIALS

DEGREE CONSIDERATIONS

When choosing a degree program consider the following:

The name of school is important

Extent of services offered by career centers

Availability and support of alumni networks

Is it a “Core” recruiting school of major banks and companies

Obtaining degrees like BA in Business or MBA definitely helps at both

undergraduate and graduate level. Whatever your degree, it is important to

integrate core business curriculum into it, like accounting, corporate finance, and

courses dealing with quantitative and qualitative data. When choosing academic

program, confirm that school has established track record of placing graduates with

companies where you would like to work. Additionally, make connections between

institutional and geographic factors and your strategic goals. For example,

Georgetown or George Washington likely have good alumni representation at the

World Bank and International Monetary Fund and Columbia Global School of

business to New York investments banks simply by virtue of proximity. Most

investment banks visit schools such as Princeton and

OTHER NON-DEGREE CONSIDERATIONS

CFA exam

Certified financial analyst program is highly valued on Wall Street

Instead of returning to school for an MBA, many choose to study for the CFA

exam

Bloomberg Assessment Test

Demonstrates to employers that recent graduates are financial literate

Particularly helpful for liberal arts majors who may have difficulty conveying

knowledge of financial markets to potential employers from a class

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Financial modeling courses

Companies like Training the Street and Wall Street Training are popular on many

campuses and offer training using Excel to create financial models. Online training

classes also available.

Rating agencies (Moody's, S&P, Fitch) offer short programs in accounting, credit

risk and corporate finance. Certificate programs are useful to list on resume.

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PROFESSIONAL AND LIFESTYLE

CONSIDERATIONS

CAREER OPPORTUNITIES

Depend largely on one's current experience and background

College major, minor, independent studies

Internships, part-time jobs, special projects

Overall hiring numbers in financial sector will likely never reach pre '07

levels, however, some increased hiring occurring as markets and revenues

come back.

Do research, pick two to three sector areas of interest and start to hone

search (more on this in following slides)

SALARY EXPECTATIONS

Depends on field of finance and position

Investment bank > higher salaries, lots of hours, low job stability

Department of Treasury > lower salaries, fewer hours, high job stability

Overall, salaries trend from low to high starting at one end with government

agencies, ratings agencies, commercial banks and ending at the other end

with investments banks, hedge funds/private equity

Most positions requiring post-graduate level degree start at six figures

LIFESTYLE CONSIDERATIONS

Again, depends on field of finance. Some positions in commercial banking

or with ratings agencies or quasi governmental have excellent work/life mix.

Other areas, such as investment banking, expect to nearly live in the office,

vacations canceled, etc.

90 to 110 hours per week is not unusual

General rule is as remuneration goes up so does level of responsibility and

hours worked.

“Diamonds in the rough” are out there

Good salaries, interesting work, weekends free

Outside the most popular areas of finance such as investment banking, many

great opportunities exist that shouldn’t if the labor market were completely

transparent

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GETTING THE JOB

DO YOUR RESEARCH….

Take advantage of career center resources, namely publications by Wet Feet

Press, Vault, Hoovers, Factiva, and many others

Talk with graduates from your school working in finance

Understand what the company does and what the job involves

o This may be obvious advice, but 40% of students in interviews do not

understand the job they’re seeking.

o No understanding of company/position = no job!

Choose several business publications to read daily.

o New York Times Dealbook, Wall Street Journal, Financial Times,

Bloomberg, CNBC.

Spend some time doing self study. For example, make a list of common

terms, entities, subject matter you come across and may not be familiar with.

o Credit default swap (“CDS”)

o Too big to fail

o European Central Bank (“ECB”)

o Brazil, Russia, India, China (“BRIC” countries)

INFORMATIONAL MEETINGS

Informational interviews are informal meetings to discuss professional

topics generally: What somebody does, characteristics of their industry, your

background and what you'd like to do.

Excellent forum to learn more about a particular field and institution, build

your understanding of the financial industry, and gain advice and referrals.

For first round, choose several contacts with financial background you are

close to. People to test waters with and with whom you feel comfortable

testing your pitch on what it is you think you want to do and why.

SETTING TARGET AREAS IN FINANCE

After your primary research and discussions with career office staff and

informational interviews, you should have several areas of interest. For

example:

o Sales and trading

o Federal Reserve system

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o Treasury operations for corporation

Create a spreadsheet and talking points. Summarize points to explain it.

o Investment banking > “… since freshman year when I invested in

Apple, I’ve been fascinated with the stock market and corporate

finance…”

o Development banking > “… offers excellent opportunity for me to use

my languages, my spreadsheet skills, and interest in other cultures…”

Determine several institutions within those industry areas to pursue. Begin to

research them. For example:

o Bulge bracket banking > Goldman Sachs, Bank of America, JP

Morgan, Morgan Stanley

o Middle market banking > Lazard, Jefferies, Stifel Nicolaus

o Development banking > International Finance Corporation, Inter-

American Development Bank

Start reviewing formal position postings, apply directly.

Job postings in career center

On campus interviews

Go to company’s office

Apply to jobs listed on company websites

Post resume to job boards such as Monster and Bloomberg

Submit resumes online even without formal job posting by company

Don’t forget social media like LinkedIn and Facebook

Best to leverage your associations. Determine who you know or who knows

people within those institutions and start finding appropriate ways to speak

to those people: referrals, informational interviews, alumni connections etc.

RESUME

Format and grammar should be flawless.

Content should be as specific as possible to details of your educational and

professional background that make you relevant to job you are applying for.

For liberal arts majors, mention business and quantitative classes such as

finance, statistics or calculus.

Should have two to three versions.

If you have less than 10 years of experience, keep resume to one page.

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COVER LETTERS

Should follow block format and be clear, concise, and grammatically

flawless

Attention spans are smaller with modern communication so should be as

brief and to the point as possible

The body should contain two to three short paragraphs max stating who you

are, what you are applying for, why you are qualified, your interest in a

meeting or interview

If you were referred by someone, make sure you mention that; and

The cover letter should augment or add to information on your resume, not

simply repeat it

EXAMPLE COVER LETTER THAT WORKED!

April 27, 2012

Randall Smith

Resurgence Asset Management

885 Third Avenue

New York, NY 10022

Dear Mr. Smith:

I would like to submit my credentials to be considered for an investment position

with Resurgence Asset Management. I am actively seeking an attractive long-term

opportunity with an investment fund that leverages my current experience at JP

Morgan, a leading investment bank.

As a sample of my work, I have attached an investment idea involving the

securities of Blockbuster Inc. Also, I have included a resume, which outlines my

finance and investment experience. For the past several years, I have invested in

distressed companies based on deep, fundamental analysis with an emphasis on

cash flows, collateral protection, and the balance sheet. I have experience

investing in securities across the capital structure of companies, including bank

loans, bonds and equities, both private and public. My current responsibilities

entail conducting primary, original research, financial modeling, negotiating

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investment terms, and recommending investments directly to the Chief Investment

Officer.

If you are actively seeking candidates at my level of experience, I would welcome

the opportunity to meet with members of your firm.

Kind regards,

XXXX

EMAILS

More professional communications being done by email. Should be even

more concise than a cover letter. Several lines telling exactly who you are,

why you are contacting them, who referred you.

Consider when the best times are to email someone for response. Monday

morning probably not good.

Make sure you send thank you notes to all meetings. Should be very brief,

express appreciation, and note any significant action items discussed during

meeting.

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Appendix

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LINKS TO AMERICAN COMMERCIAL

BANKS

Bank of America Merrill Lynch

http://careers.bankofamerica.com/overview/overview.asp

JP Morgan

http://careers.jpmorgan.com/student/jpmorgan/careers/europe/postgraduate/mba/ap

p

Citibank

http://careers.citigroup.com/Careers/Default.jsp?lang=en

Wells Fargo

https://www.wellsfargo.com/careers/mbas_undergrads/

BB&T Capital Markets

http://www.bbt.com/bbtdotcom/careers/default.page

Bank of New York Mellon

http://www.bnymellon.com/careers/

Comerica

http://www.comerica.com/vgn-ext-

templating/v/index.jsp?vgnextoid=56558d9e70ae7110VgnVCM1000001c21160aR

CRD

M&T Bank

https://www.mtb.com/careers/Pages/CareersMT.aspx

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Northern Trust Corp.

http://www.northerntrust.com/pws/jsp/display2.jsp?XML=pages/nt/0707/1184083

425530_409.xml&TYPE=interior

Regions Financial Corporation

https://www.regions.com/about_regions/careers.rf

U.S. Bancorp

http://www.usbank.com/cgi_w/cfm/careers/careers.cfm

Capital One Financial Corp.

http://www.usbank.com/cgi_w/cfm/careers/careers.cfm

Fifth Third Bancorp

https://www.53.com/careers/index.html

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LINKS TO INTERNATIONAL

COMMERCIAL BANKS

Deutsche Bank

http://www.db.com/careers/content/en/yptu_mbas.html

BNP Paribas

http://www.graduates.bnpparibas.com/internships.html

Societe Generale

http://careers.societegenerale.com/groupe/en/evolving/students-1.html

Credit Agricole

http://www.mycreditagricole.jobs/stud_internships.php

Barclay’s Capital

http://group.barclays.com/Careers

Royal Bank of Canada

http://www.rbc.com/careers/index.html

Royal Bank of Scotland

http://www.jobs.rbs.com/uk

UBS AG

http://www.ubs.com/global/en/about_ubs/careers.html

HSBC Bancorp

http://www.hsbcnet.com/hr/careers

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Credit Suisse

https://www.credit-

suisse.com/careers/campus_recruiting/en/australia/training_programs_summer.jsp

Banco Santander

http://www.standardchartered.com/en/careers/index.html

BBVA Compass

http://empleo.bbva.com/norte-centro/empresa_04/stand.ngmf

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LINKS TO INVESTMENT BANKS

Goldman Sachs

http://www2.goldmansachs.com/careers/index.html

Morgan Stanley

http://www.morganstanley.com/about/careers/index.html

Allen & Company

(does not have a website – old school)

Alvares & Marsal

http://www.alvarezandmarsal.com/en/about/careers.aspx

BMO Capital Markets

http://www.bmo.com/careers/bmocapitalmarkets.html

Broadpoint Gleacher Securities Group, Inc.

http://www.gleacher.com/careers.shtml

Cantor Fitzgerald

http://www.cantor.com

Centerview Partners

http://www.centerviewpartners.com/overview.aspx?xitm=4&yitm=1

Edgeview Partners

http://www.edgeview.com/careers/

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Evercore Partners

http://www.evercore.com/about/careers

Friedman Billings Ramsey

http://www.fbr.com/Company/Work.aspx

Greenhill & Co.

http://www.greenhill.com/index.php?option=com_content&task=section&id=14&I

temid=85

Harris Williams & Co.

http://www.harriswilliams.com/welcometothemiddle/careers.php

Houlihan Lokey Howard & Zukin

http://www.hlhz.com/us/careers.aspx?LangType=1033

Jefferies & Company

http://www.jefferies.com/cositemgr.pl/html/Careers/index.shtml

Keefe Bruyette & Woods Inc.

http://www.kbw.com/

Lazard Ltd

http://www.lazard.com/careers/careers.aspx

Moelis & Company

http://www.moelis.com/careers/index.php

Montgomery & Co.

http://www.monty.com/pages/misc/careers.html

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Morgan Keegan

http://www.morgankeegan.com/MK/CareerOpp/default.htm

Nomura Holdings, Inc.

http://www.nomura.com/americas/careers/index.shtml

Oppenheimer & Co.

http://www.opco.com/public/about_oppenheimer/careers.html

Perella Weinberg Partners

http://www.pwpartners.com/Careers.aspx

Peter J. Solomon Company

http://www.pjsolomon.com/careers/index.html

Piper Jaffray

http://www.piperjaffray.com/2col_largeright.aspx?id=126

Raymond James Financial Inc.

http://www.raymondjames.com/professional_opportunities.htm

Robert W. Baird & Company

http://www.rwbaird.com/about-baird/careers/careers.aspx

Rothschild

http://www.rothschild.com/careers/

Sandler O’Neill + Partners L.P.

http://www.sandleroneill.com/

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Stephens Inc.

http://www.stephens.com/about_stephens_inc/careers.aspx

The Blackstone Group

http://www.blackstone.com/cps/rde/xchg/bxcom/hs/careers.htm

Thomas Weisel Partners/Stifel Financial

http://www.stifel.com/include.asp?pgid=1

William Blair & Company

http://www.williamblair.com/careers/careers.asp

Wedbush

http://www.wedbush.com/careers

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LINKS TO CREDIT RATING AGENCIES

Duff & Phelps

www.duffandphelps.com

Standard and Poor’s

http://www.standardandpoors.com/about-sp/careers/en/us

Moody’s Corporation

http://www.moodys.com/Pages/car001.aspx

Egan-Jones Rating Company

http://www.egan-jones.com/

Kroll Bond Rating Agency

http://www.krollbondratings.com/contact/careers

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OTHER USEFUL LINKS

The World Bank Group

http://web.worldbank.org/WBSITE/EXTERNAL/EXTHRJOBS/0,,menuPK:64262

360~pagePK:64262398~piPK:64262365~theSitePK:1058433,00.html

International Finance Corporation

http://www1.ifc.org/wps/wcm/connect/Careers_Ext_Content/IFC_External_Corpor

ate_Site/IFC+Careers

European Investment Bank

http://www.eib.org/about/jobs/index.htm

Inter American Development Bank

http://www.iadb.org/en/careers/careers-at-the-idb,1165.html

Asian Development Bank

http://www.adb.org/site/careers/working-adb

African Development Bank Group

http://www.afdb.org/en/careers/

Federal Reserve Bank - New York

http://www.newyorkfed.org/careers/index.html

Federal Reserve Bank - New York

http://www.newyorkfed.org/careers/index.html

http://www.federalreserve.gov/careers/default.htm

United States Department of Treasury

http://www.treasury.gov/careers/Pages/default.aspx