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The Alpha Chapter
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T HE A LPHA M AGAZINE
P AGE 4
A FOREWORD FROM OUR CHAPTER ADVISOR Dear Friends, For the last twenty years, I have had many opportunities to observe and interact with students at NYU Stern. Whether in teaching as Clinical Associate Professor of Law in Business or serving as an advisor, it has been an uplifting experience building relationships within the vibrant academic community here. Currently, I serve as the chapter advisor to Delta Sigma Pi, and in the time since I joined Stern in 1989, I have also acted as faculty advisor for several clubs and fraternities, sat as a member of the judiciary committee, and advised students both in and outside of Stern. Having been immersed in all of these settings, I can state with certainty that there are two things in particular that any educator can attest to witnessing in an academic environment. The first is the extraordinary feats students can achieve when they pursue and propagate their ambitions. The second is seeing the system of collaboration that takes shape between students in order to realize these dreams. It is these networks that are so important to create, not simply because it allows the accomplishment of students‘ dreams but because it also allows for the development of accountability, camaraderie, and most importantly, solid bonds of friendship that carry far beyond the realm of undergraduate life. The formation and proliferation of these links are what Delta Sigma Pi and the team behind The Alpha hope to support. By providing you within the Stern student community with the kind of up-to-date knowledge that is crucial to professional development, The Alpha not only aims to inform but also to connect, to bring students together not simply as peers or business partners, but as mutual support to one another in following aspirations – whether in breaking into and rising in the professional world or in embarking on the journey of entrepreneurship. Every achievement that exists was born thanks to a mere thought, determination, and a little support. I hope that with this inaugural issue of The Alpha you can begin to do two things: establish and expand that solidarity in pursuing your dreams and your passions and lend a hand to those around you to do the same. Trust all is well and have an honest day,
Richard Hendler Chapter Advisor
A NOTE FROM THE EDITORS Founded over a century ago at New York University: School of Commerce, Accounts, and Finance, Delta Sigma Pi has long established itself as one of America‘s foremost international professional fraternities. As brothers of the Alpha Chapter, we pride ourselves on being part of our school‘s historic legacy. In producing The Alpha, we hope to give back to the Stern community by offering undergraduate students the tools, resources and inspiration they will need to become the business leaders of tomorrow. In addition to featuring stories of struggle and triumph from those who have succeeded in the business world, we have also elicited the advice of NYU
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alumni, friends, and industry experts to share their tips on navigating the difficult process of internships, college, and future careers. We hope you enjoy reading our first publication. We would like to thank everyone involved in the production of the magazine, including companies and contributors for their support. Lastly, we would like to thank you, the reader, for sharing this first step with us, because it is your involvement that will drive our growth for the future. Sincerely,
Jessica Li and Lucy Liu Co-Editors-in-Chief
The Alpha Chapter
T HE P REMIER I SSUE
T HE A LPHA M AGAZINE Ta b l e o f C o n t e n t s PROPELLING YOUR CAREER
7 The Art of Communicating Effectively and Building your Network: Stanley Zareff, VP of Corporate Communication at Credit Suisse and former acting coach, shares his tips on speaking with confidence and networking like a pro. —By Lucy Liu
10 Dressing to the Nines: The pocket guide to men‘s style + Do‘s and Don‘ts!—By Jeremiah O‘Neil
14 Be THE Girl in the Office: Can fashion really be functional? Join An Vu, the woman behind BIO, to learn how you can spice up your workplace wardrobe. —By Jessica Li
16 Climbing the Corporate Hierarchy—One Rung at a Time: From deli owner to Managing Director at UBS, John Jaber reflects on what it takes to build a long and respectable career.— By Lucy Liu
MAPPING OUT YOUR COLLEGE YEARS
18 B-School or Not to B-School: Former Stern valedictorian Thongchai Rattanaruengyot discusses his first year at HBS and why he chose to pursue an MBA after Stern.—By Lucy Liu
21 The China Factor: The differences of Eastern and Western education.—By Lucy Lu
21 Chinese and Accounting: The New Language of Business? The value of learning Chinese in a globalizing economy.—By Jenny Lu
motivational speaker Adam Carroll teaches college students how to save money and spend smart.—By Edward Seid
STERN: BEHIND THE SCENES
27 Navigating the New and Improved Tisch Hall: Highlighting the recent transformation of Stern.—By Amy Wong
28 The Sternie Handbook: Your one-stop-shop for being the ideal Sternie. Read wisely.
30 Fraternity Spotlight: Delta Sigma Pi: An overview of the international business fraternity and its most recent events. —By Hermawan Wijaya
31 Club Spotlight: Stern Cares: What this student organization is doing to better the community and inspire others.—By Derek Yueh
32 Professor Spotlight: Jay Rubin: Freelance media consultant, OrgComm Professor, and entrepreneur. Need I say more?—By Lucy Liu
FEATURE
34 The Future of Investment Banking: An exclusive exposition by Tony Marciano, Finance Professor at Stern— Edited by Daniel Sheng
ON TAKING RISKS
36 Embarking on a New Journey at Nomura: After the
22 The Liberal Arts Edge: Overwhelmed with business
financial crisis in 2007, Allan M. Katz takes the opportunity to head up change.—By Jessica Li
classes? Look no further, liberal arts may be just the thing you need to boost your career.—By Dionisio Espinal Jr.
40 Unstoppable—From Finance to Fashion: Stern ‗09
24 Want to be a Financial Whiz? Renowned author and
graduate Ed Cohen on taking a chance and following his passion. —By Lucy Liu 5
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42 Who is Johnny Cupcakes?—Voted #1 Young Entrepreneur of 2008 by BusinessWeek, Johnny Cupcakes is a master brand builder. See what makes this multi-million t-shirt business tick.
44 Driving Change with Pineseed: Three NYU alums team up to found a microfinance consulting business—By Yoon Chang
46 Capturing the Social Media Generation: Rapper, emcee, marketer, entrepreneur, UC Davis grad Rasikh Jawaid shares with us his secrets to reaching the college market.—By Lucy Liu
48 Alternative Careers: Aviation Logistics: Interested in operations? Muhammad Zulkarnain, SUNY Buffalo ‘10, introduces the fast-paced and demanding career of aviation logistics.—By Lucy Liu
50 Kickin‘ it back with Green Street Records: Exclusive interview with Ani Sanyal (A-Live), co-founder of Green Street Records, on starting his own label, finding his unique sound, and performing with Lupe Fiasco.—By Lucy Liu
THE BUSINESS GUIDE
51 The Latitude to Take Risks: From Consulting to Entrepreneurship: Wharton grad Danielle Qi discusses breaking into management consulting and how to follow your gut the right way. —By Lucy Liu
53 A Mind for Marketing: Stern grad and 1st year analyst at American Express, Karen Kong shares her advice on a career in marketing.—By Lucy Liu
55 A Day in the Life of Today‘s Investment Banker: A 3rd year analyst and NYU alum at a bulge bracket discusses his experience in investment banking and his feels on the future of the industry.
T HE A LPHA M AGAZINE
2010 Magazine E-Board Editors-in-Chief Lucy Liu and Jessica Li Committee Members Daniel Sheng Derek Yueh Lucy Lu Edward Seid Jenny Lu Dionisio Espinal Jr. Design Editor Lucy Liu
SPECIAL RECOGNITION TO: Veritas Prep Our Alumni Donors Gary Louie,Yoon Chang, Amanda Cheng Featured Companies Becker Review, Vada Spa, Daily Flock, City Space Suites, Midcap Advisors, Boyd Thai, Advanced Copy Center Contributors: Models, Crystal Hu, Dev Anand, Jeremy Stegman, Armand Vella; Photographer, Jacqueline Zaccor
56 Breaking Barriers in the Real Estate Industry: At the age of 18, Frank became the youngest broker in California. Read on to see what this real estate entrepreneur sees as the secrets to success. By Daniel Sheng
58 Investment Banking...And Affordable Housing?? —Jaclyn Lepore, Associate at J.P. Morgan, on the role of Public Finance in investment banking—By Jessica Li
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Photo Credits: Photos Courtesy of Stock.XCHNG (Pg. 21, 24, 27-29. 34, 55), Stanley Zareff; (Pg. 7-8), J. Zaccor (Pg. 10-13), Tahari/Macy‘s (Pg. 14), saidaonline.com (Pg. 16), Stern Concourse Project website (Pg. 27), Jay Rubin (Pg. 32), Telegraph.co.uk (Pg. 36); Dev Anand (Pg. 38); Thisisunstoppable.com (Pg. 40), Johnny Cupcakes (Pg. 42), Pineseed (Pg. 44), Rasikh Jawaid (Pg. 46-48), American Express site (Pg. 53), Jaclyn Lepore (Pg. 58), Savory-Bites.com (Pg. 59) The Alpha Chapter
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T HE A RT OF C OMMUNICATING E FFECTIVELY AND B UILDING Y OUR N ETWORK With Stanley Zareff, Vice President of Corporate Communication at Credit Suisse cate and to connect with individuals is key. Articulating your messages, ideas and opinions so that they are heard and understood is based on several things. First, it is not just about words. It is about the emotional feeling and how you express it. But, there‘s no question about it: to be successful, you need to be a successful communicator. Are there any speakers that inspire you? Yes, there are quite a few. I think President Clinton broke the mold on body language and fluidity in public speaking. He has amazing charisma. He makes it all about the individual – or the group -- with whom he is speaking. I also admire President Obama, who displays passion, energy and poise when he speaks. One of his most impressive techniques is his use of pausing for effect – he has truly mastered that art. Being able to hold and captivate an audience‘s attention is tantamount to being an exceptional presenter.
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e‘ve all known people who, when they speak, we listen. Whether chatting with a new acquaintance or delivering a major client presentation or speech, they are on target, in control and what‘s really amazing, completely genuine and in tune with themselves and what they are saying. Even if you can‘t quite put your finger on what makes these men and women so much more persuasive than others, you will remember them and the impact of their words. While not everyone is a natural on stage and in the public eye, with a little determination and practice, we all can be confident and effective communicators. Here to teach us some of the secrets is Stanley Zareff, Vice President of Corporate Communications at Credit Suisse. With over 20 years of experience working with top executives of the global Bank on their presentation skills, as well a history of teaching acting and public speaking, Zareff is not only an expert on effective speaking and networking, he has a roster of successful clients to show for it . Below, he reflects on his tips for communication and networking success. By Lucy Liu Why do you believe good communication skills are important, and how can they translate to personal and professional success? To be successful in any career path, the ability to communi-
The ability to command a room is equally important in the business world. Effective leadership is grounded in effective communication. Just look at Apple‘s Steve Jobs. He sees communicating and representing the Apple brand as one of his most important responsibilities. His ability to connect with consumers and share his vision has been an important part of Apple‘s success for many years. Here at Credit Suisse, Brady Dougan, our CEO, is a much more low-key but equally natural speaker whose integrity and sincerity are clearly demonstrated when he speaks. [Another example of a great speaker at Credit Suisse is Phil Vasan, head of our Prime Services business, whose personal communication style has been honed by both his business and his academic experience.] The examples you‘ve cited all have different communication styles – are do they have in common in terms of their communication? Consciously or unconsciously, effective public speakers adhere to a few basic principles: good body language, sound vocal inflection, avoidance of fillers (i.e., ums/ahs), and well-chosen language. Once you have the basics down, you can find your own authentic rhythm. Preparation and practice is essential: you need to be familiar with your material and how you intend to deliver it. As a speaker, your job is to be comfortable in 7
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T HE A LPHA M AGAZINE Executives, including bankers and salespeople, spend most of their rime gathering information and writing the content of their presentations. But research tells us that content is only a small component of effective business communication. I recommend business people dedicate at least 25% and preferably more of their preparation time on thinking through and rehearsing how they intend to deliver their presentation. What kind of advice would you give students who want to practice their speaking skills? Strong suggestion: rehearse out loud. Record yourself and then listen for vocal inflection, use of fillers, pace of delivery and use of pauses. Pauses are crucial because they give your listeners a chance to absorb what you have said. Pauses also give you a moment to collect yourself before moving forward.
front of us so that we are comfortable listening to you. Polish, poise and presence all matter – and practice is the key here -but everyone has a different style of expressing themselves. Has your acting background contributed to the way you approach public speaking? Absolutely! I spent 30 years studying and teaching acting in New York, Los Angeles, London, as well as guest lecturing at University of Miami, University of Tennessee, Southern Methodist University and serving as an adjunct professor at Wagner College. Actors know the importance of passion and emotional connection. In public speaking, the speaker needs that passion and eagerness to sell the information rather than just tell it. Actors are great at connecting; speakers often lack that skill. How do you read your audience? First, know your audience. Assess the audience before you begin to craft your speech. Then, you can decide what you want them to know, what you want them to take away from the experience and what you want them to do as a result of listening to you speak. What do you think is the biggest misconception people have when it comes to communicating effectively?
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Last, what would you say the difference is between a good speaker and an exceptional speaker? I think it‘s similar to what separates a good actor from a great actor. Both have talent; a great actor is simply far more persuasive in the role! Let‘s turn to networking. Why do you think networking is important? In today's world of job insecurity, networking is almost more important than having a recruiter. It is not only what you know, but who you know! Knowing someone who knows someone else can get you in the door. But, once you are in the door, you need to have the experience, talents and determination necessary to do the job – and you need to communicate your qualifications in a way that positions you to get the job. Today, people skills and communication skills are prerequisites to success. What is the key to making a good first impression? First impressions are important so walk in with confidence - maintain steady eye contact, have a strong handshake and SMILE. Conversation is a two-way activity! Be an active listener; repeat the person's name periodically throughout the interview. Make the interview or the meeting about the other person! Additionally, come prepared and dress professionally and appropriately. ‗Looking the part‘ at a technolThe Alpha Chapter
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―Like so many things in life, networking is about giving and receiving. The energy and effort we put out comes back to us, perhaps not in its original form, but it does come back.‖ ogy company and at a global bank are two very different things! Dressing for success is more than expensive clothing: it is about personal style and statement -- and fitting comfortably in the culture of your organization or the organization you want to join. What are some good conversation topics to prepare? Strenuous conversation preparation is unnecessary. The obvious introductory subjects are weather, sports, and current events, but you can also comment on your surroundings. Break the ice by inquiring about a painting in the room or complimenting the other person on something they‘re wearing. Ask questions about the person you‘re with - try to make the conversation about them. That‘s the most important thing: focusing on the person you‘re talking to. During informational sessions, students mostly ask questions. How can I make a positive impression on the person answering my questions? Move beyond the usual ‗What is a typical day like at your company‘ questions. Ask open-ended questions to give the person leading the session an opportunity to talk about his or her experiences and insights. It is a great way to learn more about a company or an industry, and it will help create an impression of you as a thoughtful and engaged candidate. Finally, know when to stop: Be on! be brief! be off! Prepare what you want to say; rehearse it, and go into the meeting with a clear purpose in mind. Don‘t leave a bad impression by dragging on the conversation. What advice would you give regarding followthrough?
Let the person you‘ve met know you will be attending an event that might be of interest to them, like a fundraiser, sports or theater event, and invite them to attend. What are some of your tips for the 8-second elevator pitch? The goal of the 8-second elevator pitch is make people eager to know more about you, and ask you questions based on the summary you‘ve given them. Use active verbs and descriptive adjectives that resonate and help to keep you and your pitch top of mind when the listener walks away. Begin by introducing yourself with your name and position. Then, consider this: what do you want people to take away? What is different about you and why is what you do relevant? Finally, how do you add value? Finally, what is your philosophy towards networking as an approach? Networking requires energy, focus and attention to details. Ask yourself ‗Why do I want to network or establish a connection with this particular person?‖ Even better, ask ‗How can I help or aid them?‘ If you make it about the other person – you‘ll find the other person will be more willing to establish a dialogue and work with you. Like so many things in life, networking is about giving and receiving. The energy and effort we put out comes back to us, perhaps not in its original form, but it does come back. My most important advice: smile, relax and focus on the other person! Book Recommendations: Never Eat Alone, Keith Ferrazzi
At the top of my list for networking is the ability to follow through. Ask the person: ―May I call you or do you prefer I follow up by email? I would like to continue this conversation with you. Would you be available for coffee or lunch?‖ Remember that not everyone you meet will allow you to follow up. Don't collect everyone's cards at the event; select the ones that will help you in your pursuits. It's about the quality, not the quantity, of cards you collect.
The Exceptional Presenter, by Timothy J. Koegel
How do I maintain a relationship after following up to say thank you? What if I have nothing else to say?
Speak Like Churchill, Stand Like Lincoln, James C. Humess
Lend Me Your Ears Great Speeches in History, William Safire Memo to the President Elect by Madeleine Albright (Great for topics on world affairs!) Leadership Presence, Belle Linda Halpern & Kathy Luba
The Tipping Point by Malcolm Gladwell 9
Model: Armand Vella
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Dress to the Nines
B Y J EREMIAH O’ N EIL
E
A Pocket Guide to Men’s Style
veryone knows that Stern is renowned for the quality of its program and the talent of its graduates. Even the worst recession in memory wasn‘t enough to make top recruiters stay home. But when you‘re inside Wasserman‘s interviewing stalls, what keeps them interested in you? Your talent? Certainly. Your attire? You might be surprised. Extensive organizational research has found that a person‘s attractiveness can powerfully influence their career success. It follows that a good wardrobe comes in handy when climbing the corporate ladder. Here, we‘ll discuss some important concerns for finding the right work attire. Recently, a group of students staged a stereotypical fashion show in Gould Plaza. What concerned me was that several of them carried signs urging us to: ―Save Style!‖ The thing is, fashion and style are two very different animals. Fashion concerns itself with novelty and extremes. Think skinny ties and superthin lapels. On the other hand, style is concerned with practicality and 10
functionality. Business suits look the way Many sizing quirks can be easily fixed by they do because they‘re made to flatter bringing a suit into the dry cleaners and your appearance in a way that casual having them make a few alterations. clothes can‘t. Square Meurice Garment Care shoulders lend a sense of ―Extensive organizational on University Place is athleticism. Longer legs pretty expensive, but research has found that a they‘re highly qualified lend an appearance of person‘s attractiveness can to perform difficult greater height. Together, these powerfully influence their work like taking in a elements help you look coat‘s chest or waist. career success.‖ trim, elegant, and smart. The final measure of a suit‘s fit should We have to keep these probably be its issues in mind when shopping for suits. shoulders, because they‘re the hardest to From the looks of things at Macy‘s, three have corrected after the fact. -button versions are still pretty popular these days. I suggest avoiding them. After your suit‘s shape, the next most When buttoned, their shorter lapels important issue is its appropriateness for create a boxy look and limit the coat‘s the office. Certain styles are fun to wear ability to help you look taller. Twobecause they stand out, but a doublebutton suits easily sidestep these issues. breasted or three-piece suit will make More generally, you should search for a you look like the court jester. These fit that flatters your features. Slender clothes are privileges that the business suits tend to make their wearers look world reserves for its most respected thinner and more attractive, but you members. So you should dress well, but should try a size larger if you find one you should also make sure your clothing pulling or bulging. Take a look at the doesn‘t offend the very people you‘re suggestions attached to the photograph trying to impress. Avoid French cuffs, for some more tips. waistcoats, bow ties, peaked lapels, The Alpha Chapter
T HE P REMIER I SSUE contrast collars, and other fancy detailing. Some offices, especially those outside the financial community, are home to managers that wear business casual or plainclothes attire. As a rule, you should never outdo your department‘s typical level of formality. If they‘re wearing Dockers and a button-up, do the same, but try to find a combination that sticks to the rules of style and flatters your looks. People often wonder what constitutes ―business casual‖ – myself included. A safe strategy is usually to wear the equivalent of a suit, but to leave the coat and tie at home.
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department store, and an experienced tailor can produce a better garment. I wish I could recommend a particular shop, but I haven‘t been impressed with my first forays into the category. You might want to ask around the office and see what the better dressed people suggest. Beyond the scope of this article are other arcane tips and rules pertaining to proper menswear. If you‘re curious about the best fabrics, silhouettes, and patterns for you, check out The Suit: A Machiavellian Approach to Men's Style. Some of its passages are nothing short of obsessive. A less strenuous approach might be to learn the basics by keeping tabs on people with
―Mark Twain once remarked: ―Clothes make the man.‖ So find the clothes that make you into the executive you‘ve always wanted to be.‖ For college students, value is a key concern in assembling a wardrobe that has enough variety and quality to stand the test of time. So two retailers I‘d recommend are Brooks Brothers and Charles Tyrwhitt. For nearly two centuries – they‘ll surely remind you – Brooks Brothers has been the epitome of American style. Their half-dozen locations in New York offer a huge selection of suits, dress shirts, and ties that deliver outstanding value from their sheer longevity. Charles Tyrwhitt has only been around for two decades, but their quality British shirts and ties come in patterns and styles aplenty – enough to add great variety to your wardrobe. The retailer also sells great calfskin shoes that, like its other wares, always seem to be on sale. If you‘re feeling adventurous, you might want to try a made-to-measure tailor for a custom suit. Cheaper varieties often cost just as much as a suit from a
good attire. Surprisingly, Jon Stewart and Stephen Colbert tend to be some of the better dressed men on television, though the former might dress too somberly and the latter with a bit too much flair. Their examples should give you a feel for what works. Years ago, I attended a Stern seminar about investment banking, and we freshmen were told that interviewers loved to hear that candidates were ―detail oriented.‖ That‘s easy to say, but hard to prove. Demonstrating respect for the intricacies of style can help interviewers recognize your discerning eye. It can make you look trim, elegant, and smart when you need to most. And I rather suspect it can help propel you beyond the analysts‘ cube. Mark Twain once remarked: ―Clothes make the man.‖ So find the clothes that make you into the executive you‘ve always wanted to be.
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StyleNOTES DO: DO: Match your shirt collar to your face. Narrower collars help elongate otherwise rounded faces, and wider collars can help blunt the effect of longer faces.
Wear dark wool suits in navy blue, charcoal, and grey. Mix things up with different patterns and textures like pinstripe, herringbone, glen plaid, windowpane, sharkskin, or birdseye.
DO:
DO:
Vary your shirt color. White and blue are great, but occasionally donning grey, pink, yellow, or lavender keeps things interesting. Stripes and checks can also be pleasing.
Tie an appropriate knot. Full Windsor knots are best for formal affairs, but half-Windsors are suitable for the office. Try to get a good dimple going, for effect.
DO: DO: Button the right suit buttons. The bottom should never be fastened. Ever. On a threebutton suit, wearers have the option of fastening the top or letting it hang.
DO: Own good shoes. Calfskin and cordovan are the best choices for leather, and you should probably find a pair that‘s Goodyear welted. Stick to black or dark brown.
Coordinate your tie with your suit and shirt. Navy and burgundy ties often pair well with white shirts; yellow and dark grey ties work well with blue backgrounds.
DO: Buy good socks. Their primary color should always match that of your pants to help further elongate your leg. Subtle strips, dots, or patterns add ornamentation.
Suit, Hugo Boss Red Label; Shirt, Seize sur vingt (Bespoke); Tie, Ralph Lauren Black Label (Navy with white dots); Shoes, Ferragamo Model: Armand Vella, Stern „10 Photographer: Jacqueline Zaccor, Tisch „10
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The Alpha Chapter
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DOS & DON‘TS DON‘T: Wear button-down collars. Yes, they‘re traditional and conservative. But they‘re a bit too casual, flatter few of your features, and make you look like a professor.
DON‘T: Look too colorful for your interview. Only white and blue are right for a first impression, and you need time to gauge the norms in your new office.
DON‘T: Wear black suits. Ever. Historically, the color has been reserved for when you‘re attending a ball, working as a butler, or lying in a coffin. Do none of these at work.
DON‘T: Mismatch the knot and the collar. Narrower collars require smaller knots like a four-in-hand or Price Albert. Wider collars require large knots like a Windsor.
DON‘T: DON‘T: Leave a three-button suit open. These coats have too much fabric to hang nicely from your shoulders. Two-button suits lend themselves to the free-and-easy look.
Wear your tie too long. The endpoint should reach the exact center of your belt buckle and err on the side of being slightly shorter. Adjust your knot accordingly.
DON‘T: DON‘T: Wear rubber soles. They‘re comfortable if you‘re moving around a lot, but how often do you play tennis on the trading floor? They also drag down your shoes‘ formality – immensely.
Let your socks bunch up. If you find this to be a persistent problem, head to Macy‘s and invest in their Club Room socks with ―Everstay Technology.‖ It works.
Suit, 3-button Hugo Boss Red Label; Shirt, Ralph Lauren Black Label (Pink Shirt); Tie, Z Zegna (Thin grey); Shoes, Ferragamo Model: Armand Vella, Stern „10 Photographer: Jacqueline Zaccor, Tisch „10 13
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be the girl in the office With the Flair and Style Envied by Many...
B Y J EREMIAH O’ N EIL
Tips and advice for young women on dressing with a modern, fashion-forward edge in the professional world from AnVu, the woman behind BIO, a boutique in NoLIta that‘s spotlighting young designers in a whole new way. By Jessica Li
Skirt Suits are the Must-Haves for All Professional Women
Buy a wool suit that works with all seasons
Make sure the suit is fitted; if not, get it tailored
Pants should be straight-leg, not boot-cut or flare
Buy a black, navy, or even herringbone suit
Don‘t wear bright-colored suits
Make sure the skirt length is flattering for your body type
If you are tall, the skirt should hit at or below the knee
If you are short or have wide hips, the skirt should be above the knee but makes sure it is not too short
Don‘t wear skirts that hit mid-calf
Make sure the sleeves on the suit fit well
Stick the more classic suit instead of the trendy one
Try a thin waist-belt to create a chic look
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T AHARI BY ASL $139.98
The Alpha Chapter
“At the office, your clothes become an image you project.” – An Vu
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Your work clothes should have versatility. Learn to intermingle; don‟t end up pouring money into two separate wardrobes. Shirt
Ann Taylor
$78
Try a silk button-down shirt instead of a cotton one
A camisole with a splash of color is good for transitioning from day in the office to night out
Shoes
Buy closed toe pumps with a 2-inch heel for comfort
Don‘t wear flipflops and sneakers into the office; opt for a nice pair of flats instead
S TUART W EITZMAN CASADEI
Makeup, Nails, and Accessories
TIFFANY‘S
A bio on the woman behind BIO … An Vu has had an inspirational career path thus far. Vu quit her corporate career in pharmaceuticals in December 2003 to follow her passion and open a clothing store. Although she has no professional fashion experience, with her sister, doctor-turned shoe designer Taryn Rose advising her, Vu learned the ropes by doing. Her own tastes and experiences have guided her in creating BIO. Offering career clothes for young women who want to look hip as well as professional, BIO features everything from suits to shoes, spotlighting some of the world‘s most creative up and coming designers, selected for their attention to design, quality and craftsmanship.
29 Prince Street New York, NY 10012 212-334-3006 info@bio-nyc.com Mon-Sat 12-8, Sun 12-7
Keep accessories simple; wear a pendant.
Don‘t wear bangles— they make too much noise
A Few Items to Invest In...
Put on a nice watch
Keep nails wellmaintained
Don‘t go over-the-top with makeup; save smoky eyes for after work MOVADO
A classic trench coat – can be worn over suit and over jeans! An overcoat for the winter, preferably a tailored wool coat. A puffy jacket won‘t do your style any justice. A pair of well-fitting pants … or get them tailored. A nice handbag, of course. A good steamer – this will save your clothes. Ironing just takes too long sometimes.
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C LIMBING UP THE C ORPORATE H IERARCHY Jaber‘s first job out of college was working for the family J ohnbusiness, a deli in the Mission District of San Francisco. Today, 28 years later, he is a Managing Director at one of the premier global financial services firms, UBS, known for its well renowned retail brokerage business. From managing a deli to managing most of UBS‘ wealth management branches across Northern California, Jaber‘s rise to the top hasn‘t been without its challenges. As a staunch believer in always committing your best, he shares with us some of his insights on how to he was able to successfully climb the career ladder– one rung at a time. By Lucy Liu Can you tell us a little about your background, and how you ended up in your current position? In 1984, after four years of working in the family business, I started as a stockbroker at Dean Witter in Hayward, California, where I worked as a financial advisor (stockbroker). In 1993, I started my management career as a Sales Manager in the San Francisco office of Dean Witter. After two years, I was promoted to my first job as manager in the Modesto office. A year later, I was promoted to be the Fresno branch manager. After two and a half years in Fresno, I took over management of all the area branches, including Merced, Fresno, and Visalia. At that point, the firm was reorganized and I was asked to be the Regional Sales Manager for a new region we started based in Salt Lake City, Utah, covering Utah, Nevada, Arizona, and San Diego County. After our flagship San Francisco branch opened, I took the opportunity to go back home and run the SF branch for what was now Morgan Stanley. For the next eight years or so, I ran most parts of Northern California based in San Francisco. In 2008, I left Morgan Stanley to take an opportunity with UBS as the Bay Area Complex Manager. At both firm, I held the title of Managing Director, a title that is reflective of the old days when firms were partnerships and is typically a recognition of contribution to the firm. You seem to have gone through many promotions. What would you say helped you the most when it came to advancing through the corporate hierarchy? I think the most helpful thing that I did for my career was to always try and do what was best for the situation or the person I was dealing with, which was not always so easy. I
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never played politics or looked too far to my next role; I just tried to do what was best for whatever job I had at the moment. I think too often people do their jobs with an eye on their next job, and that hinders them. I always embraced every role fully, and the rest seemed to come naturally. Another helpful lesson for me was to learn how to "fall on the sword.‖ That meant that whenever I made a mistake, I was always ready to acknowledge the mistake, as well as its impact on the people around me. Two of the most important phrases that I learned to say were, ―I‘m sorry I messed up‖ and ―I need your help.‖ I also was always ready to help anyone who asked me for help. Looking back, is there anything you would have done differently? I really don‘t think I would have done anything differently, to be honest. I was fortunate that things worked out by simply staying true to the philosophy of doing the right thing. Of course, sometimes I wonder if all the moves I made early on might have had a negative impact on my family, which I didn't get to see that much. I moved a lot because promotions typically involve bigger offices (for example, from Modesto to Fresno), and it is rare that a big branch and a small branch exist in a nearby market. But by and large, I think that my moving has taught the kids to be flexible and open to new experiences. Life, like the jobs I do, is really a function of people skills. For me, I somewhat
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In today's economic environment, college students should take their time and try several different jobs. One way is to take several internships within an organization or industry that they think they would like to work in. credit my experience working in the deli for enabling me to learn how to deal with a variety of people, and in the same way, I feel like moving has helped do that for the kids. How would you describe your ideal job, as well as success? My ideal job would be working with people to help them realize their full potential. Success, to me, is when I am able to surround myself with good people whom I can empower and support. I want to enable them to make decisions, make mistakes, take risks, solve problems, and understand what they could have done differently when things don‘t work out. Many times members of my team bring me a problem and we will role play how to solve it, discussing what to say and then actually letting them do it. (Like what I‘m doing now). Stern students are normally not exposed to the career paths that come from a liberal arts education. What advice would you give those who are entering the workforce, and are interested in finance or moving up in their organizations? In today's economic environment, college students should take their time and try several different jobs. One way is to take several internships within an organization or industry that they think they would like to work in. For example, if you want to be in Investment Banking, as an underclassman you should check out Research, Retail (if available), Legal (all have big legal departments), or Corporate Finance etc., as long as they‘re all within the same organization. I started my career at age 28, so there is really no rush – the more diverse experience you can get, the more you can bring to an organization.
sure they know that you can and want to help them. Lastly, with such a hectic work life, how do you manage to keep balance? Balance is easy for me really. I just keep in mind WIN (What‘s Important Now), even while I am connected 24/7 by my BlackBerry. Unlike others, I love my BlackBerry because it allows me to be instantly responsive – I‘m big on that. On my team, our policy is to get back to someone the same day that they ask a question, as long as it‘s before 3 pm, and by the next day if after. However, when I walk out of the office for the day, I‘m done. I don‘t carry a briefcase and I don‘t bring work home. Most people are in their offices a lot of hours in a day or week, but are they really working during all those hours? I believe that family comes first and I will always insist that the team does as well. We will always do what is necessary to allow employees to fulfill their family commitments. For me, I‘ve always tried to make it to every game, academic decathlons, and boy scout camps (Johnny and I each had over 75 nights of camping together), and we always try to go on family vacations. Every other year, we go on a bigger vacation, rather than a local one. I also continue to do things that only I enjoy, like fishing. This summer, I‘m going to Canada to fish with some good friends . We have a large family and most of them are local so we also do regular family reunions. For all the major holidays, some 65 plus assorted Jabers get together for big dinners (like Thanksgiving at my house, Christmas at an uncle‘s house, or a family picnic at Easter.) Family keeps you focused on what‘s important.
PS. Organizations are not people, but people make up an organization. The key to helping people realize their potential is by knowing what they‘re capable of and making
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B-S
O After graduatT T ing from Stern at the top of his class N O in 2007, Thongchai Rattanaruengyot spent a
couple of whirlwind months at Lehman Brothers right before the company spiraled into bankruptcy. Today, as a first year at Harvard Business School, he talks about why he chose to pursue B-School, and tells us what life is really like at one of the top business schools in the nation. By Lucy Liu Tell me about your background?
I grew up and went to high school in Thailand. Going to Stern was a bit of a random decision. I originally wanted to study management. However, since 70% of my class majored in finance, I decided to take more finance classes and realized I enjoyed them more than management. In terms of junior year recruiting, my experience was probably different than most. I didn‘t work my sophomore year, so I had to prepare pretty hard for my interviews. Luckily, I clicked well with my interviewer. We had met previously at a networking event and I remembered the deals he worked on.
mura that bought Lehman, and in the US, it was Barclays Capital. I couldn‘t transfer back to the US because Lehman was now two separate entities. Fortunately Nomura accepted my explanation and allowed me to continue working in Hong Kong and in the end it worked out.
You mentioned that coming to Stern was random. How did you end up enjoying your experience?
I pretty much had three choices – continue working at Nomura, find a new job or apply to school. At that time, I felt that I wanted to go back to school and spend the next two years rethinking what to do with my career.
I was pretty active while I was at Stern, much more active than I am now as a graduate student! During senior year, I was part of BAP‘s tutoring committee and I did a couple of financial seminar presentations. I was also co-president of the Business & Politics Group (BPG). Outside of Stern, I was president of the Thai Club. I lived in NYU housing for all four years. What did you do after graduating? I didn‘t even think about being a banker until junior year. After spending my junior summer at Lehman Brothers, I figured it would be a good decision to go back full time. I had a problem though – I had to transfer to Hong Kong because I didn‘t manage to get my Visa (the quota was reached before I could apply that year). I won the lottery next year…but by then Lehman had gone bankrupt. The problem was, I had told Lehman that I was transferring back to the US. That couldn‘t happen because in Asia, it was No18
So how did business school come into the picture?
How do graduate business school courses differ from undergrad? Well, first year at HBS you have to take all required classes like Marketing, Operations, and Finance, all courses that you probably already took in Stern. I would say that the main difference is the focus on giving students the bigger picture – they‘re not just taking accounting for a career path, it‘s accounting for a CFO or manager point of view. Also, all courses are taught based on the case method here. I spend about 3-4 hours a day reading and discussing cases with peers. What do you think is the value of getting your
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T HE A LPHA M AGAZINE MBA if you already have a degree from Stern? For me, I plan on managing my family‘s business down the road. I think that going to graduate school will give me very good general management skills, as well as teach me leadership and strategy. I also think it‘s good to take advantage of the opportunity to explore different business areas. Classes that I‘m taking on new media and marketing, for example, are really helpful to know. For most people, I think the value of getting the MBA is the strong network. Grad school is not as grade focused as undergrad, and at HBS, you spend the entire year in the same seat getting to know the people around you. What advice would you give to students who are interested in B -School? In regards to getting into a good B-School, I would say know your story. What‘s your core skill set? Why did you move from one career to the other? Why do you want to go to B-School and what do you think you will gain from it? When interviewers meet you, they want to know you have a story. Also, don‘t take school and grades for granted as an undergraduate. While I was interviewing for HBS, I was actually asked about my involvement in BPG back at Stern. Lastly, I would say in terms of preparing for B-School, find an industry that you enjoy. For example, If you don‘t like consulting, you won‘t be good at it. Your first job doesn‘t matter that much- the longer you work, the name doesn‘t matter much anymore. Any bank, for example, is fine. I would say to stress less about the name brand, and focus more on finding your fit.
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I usually wake up around 7am. From 7:30-8:30, I meet with my learning team to talk about the cases for the day. We‘re basically a study group of around six people, sharing ideas and notes. Then, we head to class, which is one hour twenty minutes long (2-3 classes each day. We don‘t get Friday off). In some of my economics classes right now, we‘re discussing the Great Depression, the Japanese Miracle, as well as global macro issues like arbitrage differences in economic structures. After class, I usually take time to read the cases for the next day. Sometimes I will go to one of the many events that get organized around campus. Last weekend, I went on a ski trip with 30-40 people from my class. During the weekdays, we often have alumni panels – we‘ve had the CEO of Gucci come in, for example, and we recently had a venture capital/private equity panel. We also have wine tasting clubs, finance clubs, and investment management clubs that organize events. I‘m not really that involved though. I checked out when I came to business school. (He laughs) 20
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The China Factor We all know (and love) the stereotypical Asian nerd that appears in almost all the shows we watch on television. But where did this cliché originate, and what makes Asians apparently so darn good at math and engineering? What kind of culture do they have in their high schools and colleges? In order to better understand the difference between Eastern and Western education, we asked students at Shanghai Jiao Tong University, the renowned ―MIT of China‖ to give us a closer look on the topic. By Lucy Lu Do you see a difference in the teaching style of the teachers in the US and the teachers in China? For example, is it the same format in class (lectures vs. discussion)? It differs depending on what major you are in. If you major in something quantitative, like science or technology, there is a much larger difference. The classes are all lecture-style. I think the biggest difference in teaching happens before college in primary and secondary school. There, the teachers were very strict. You‘d be in trouble if you got anything less than 100%, and we had to memorize all the math formulas and do all calculations by hand. How open are Chinese teachers to helping you after class (ex. in office hours) and how important is it to build relationships with professors? It actually depends on the teacher. Here, office hours are not really required so the teacher will help you if he is nice. Usually, he has several excellent students that he will help a lot. It is important to have a good relationship with a teacher, but that is only possible if you are at the top of the college. As you know, in China many things are based on guanxi or relationships, so having a close relationship with a professor can have a large benefit. How is the workload in the US in comparison to China? What is the homework format (ex. essays vs. quantitative problems)? In elementary school, the work load is definitely heavier, but in college in depends. Homework is mostly also just reading, with very few essays or work we have to turn in. Recently, teachers have been giving more projects, but I don‘t find them as helpful or relevant. Classes all have very little homework, it‘s just tests and memorization. What is the competitive atmosphere like? Is it friendly competition? It is extremely competitive, especially because after every test there‘s posting of the class ranking. Many parents judge their children‘s performance based on the ranking. So, everyone always knows whose doing the best in the school, and there usually is extreme competition towards that person. It is possible that students will dislike each other because of the scores.
Chinese and Accounting: The new language of business? Mark Young, senior director at Microsoft, Asia Pacific OEM, highly encourages all students, especially those who are thinking about working abroad, to learn Chinese. Referring to today‘s era as the ―Asia century,‖ Young got his first experience working abroad while General Manager for Dell‘s OEM Asia Pacific division. Posted in Shanghai, China, he found the city exciting to live and work in. Although he isn‘t a big fan of the pollution, he insists that pollution is inevitable due to the country‘s hyper economic growth. With the start of 2010, Young has started a new chapter in his career moving to Singapore to work for Microsoft. Although he doesn‘t speak Chinese, he believes it‘s not too late to learn to succeed in his new position. Luckily, what Young does have to his advantage is a fluency in accounting: ―Accounting is the language of business. The higher you go up in an enterprise or company the more important understanding accounting is. Having the accounting background has helped me communicate with executive level customers and partners. They care about the impact of technology on their business (not the technology itself). Speaking to them in accounting and finance terms is the way to engage with them.‖ -By Jenny Lu 21
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The Liberal Arts Edge By dionisio espinal jr.
W A SLICE OF THE BUSINESS PIE The value of a liberal arts education in the business world
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JAMIE DIMON
CARLY FIORINA
ALAN G. LAFLEY
Chairman, CEO, President of JPMorgan Chase & Co.
Former CEO of HewlettPackard
Former President and CEO of Procter & Gamble
B.A. Psychology and Economics
B.A. Philosophy and Medieval History
A.B. History
Tufts University
Stanford University
Hamilton College
hat do Jamie Dimon, CEO of JPMorgan Chase & C0, Meg Whitman, CEO of eBay, Carly Fiorina, former CEO of Hewlett-Packard, Michael Dell, founder and CEO of Dell Computers, and Michael Eisner, former CEO of Walt Disney Corporation, all have in common? Aside from consistently topping Forbes Magazine list of powerful CEOs year after year, and apart from sealing lucrative multi-million dollar deals, each of them have excelled in the business world with a liberal arts undergraduate background. American society has long deemed a liberal arts undergraduate education to be directly correlated to a set number of disciplines only. The fields of law, theology, teaching, and the social sciences are a few of the most commonly represented areas in which liberal arts students eventually pursue a career. However, the business culture has started to shift and if the following CEOs are any indication of what is to come, you can count on an influx of liberal arts students working in financial and other business-related institutions. In the January 11, 2010 edition of The New York Times, Lane Wallace shed light on the transition the business world has taken in the efforts to welcome more liberal students. Well before the financial turmoil of late, The Alpha Chapter
T HE P REMIER I SSUE many business executives working in a fast-pace global market have started to rely on the value behind professionals who were able to work nimbly across multiple frameworks, cultures, and disciplines. Furthermore, many prominent business schools, like Rotman School of Business in Toronto and Stanford Business School have incorporated a number of liberal arts and multidisciplinary courses into their MBA programs to provide their students with an overall well-rounded and applicable education.
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“The value of an education in a liberal arts college is not learning of many facts but the training of the mind to think something that cannot be learned from textbooks.” - Albert Einstein
W ORDS FROM THE CEO Michael Dell whom originally intended on majoring in Biology at University of Texas at Austin before leaving college altogether has noted:
―I took one course that was remotely related to business: macroeconomics. One of the things that really helped me is not approaching the world in a conventional sense. There are plenty of conventional thinkers out there‖ Developing an unconventional way of thinking is just ne of the indispensable results of obtaining a liberal arts education Dell remarks. Being unconventional for Dell ultimately translated to the creation of Dell Computers, an alternative method of selling computers and providing customer satisfaction.
“Three critical elements of business leadership: communication, analysis, human motivation. These are things you learn when you study English, History, Sociology, Anthropology, foreign languages, Classics. Not so much in the College of Business”.
The liberal arts factor What makes a liberal arts education so appealing in the workforce? What exactly do liberal arts students bring to the table?
Ability to communicate: Effective writing, speaking, reading, and listening
Ability to analyze: Able to produce direction from detail and work with concepts
Ability to understand: Knowledge of business culture and human dynamics – the understanding of human motivation
As a Stern undergraduate student, the flexibility to double major or minor in the College of Arts & Science is an opportunity that is worth taking. Many Stern students already pursue a psychology or sociology minor to position themselves in a more ―liberal‖ standpoint. Comajoring, or even minoring in the liberal arts will allow for an exposure to current events that is outside of the financial markets. Sustaining a casual conversation about the arts, politics, societal patterns, is an effect of liberal courses. New York University is comprised of eight undergraduate colleges, making it worth to take a course in a subject area outside of business to spice up your semester or develop another budding interest. The liberal arts provide complementary skills-set that when coupled with business yields a very profitable result.
- Susan de la Vergne, ―Nothing Prepares You for Leadership Like the Liberal Arts‖
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Want to be a financial whiz? Adam Carroll, author of ―Winning the Money Game‖ and motivational speaker, shares with us 10 tips every college student should follow.—By Edward Seid
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Everyone‘s money habits are different – know your own! In college, it‘s too easy to go with the flow and spend money
like everyone else. The reality is, not everyone has the same resources to spend freely, dine out, take vacations, and dress in the latest fashions. Understand your own money habits, income, and expenses and live accordingly.
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College can be free! Don‘t overlook free money resources. Sites like brokescholar.com and fastweb.com are
great places to start your scholarship searches. Considering you‘ll be paying for school for the next 20 years with loans, why not get some paid for up front with free money? $8 billion goes unclaimed every year.
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Learn to balance your checkbook! Above all else, know what‘s coming in and what‘s going out. With resources
like mint.com and yodlee.com, you can keep real-time tabs on your account with text alerts and emails. Every overdraft fee is money you could‘ve spent (or invested) elsewhere.
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If you can eat it, drink it, or wear it, it doesn‘t go on your credit card! Too many college students get caught in the
credit card trap early on by spending money on consumables. If you don‘t have the cash for food, drink, and clothing – don‘t buy it.
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Plan your student loan needs ahead of time! Student loans were designed to be used for tuition, room & board,
books and fees. Today they‘re used for Spring Breaks, TV‘s, shopping sprees, etc. If you know what you need at the beginning, you‘ll be much less likely to go for that ―emergency‖ student loan mid-semester.
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At some point you have to live like a college kid! Here‘s the 3-word key to financial success in college: Cheap is Chic. No
one expects you to drive the nicest car, have the nicest clothes, or dine in the fanciest restaurants. You‘re in college. Learn, study, and appreciate frugality – it will pay dividends when you graduate. Plus, it‘s way more fun to live like a college kid in college than when you‘re a professional.
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Read a financial book every semester! They don‘t have to be long and have titles like Econ 201. Read books like: The
Richest Man in Babylon, Rich Dad, Poor Dad, Financial Peace, or The Millionaire Next Door.
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Take a set amount with you for ―social‖ outings! When it‘s gone, it‘s gone. Leave the plastic at home. (see tip #4) Create a habit of saving money! It‘s much easier to save 10% of your income when you‘re making $7 an hour, versus a
5-figure salary. Start the habit while you‘re in college and your wealth will begin to exponentially increase over time. Open a money market account with emigrantdirect.com, ingdirect.com, or smartypig.com and earn the highest savings account interest rates.
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Spend time focusing on your finances! By mastering the fundamentals of money early on, you‘ll
enjoy more satisfaction in your career and your life in general.
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Carroll says: Avoid the 20-20-20 Club
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he first paycheck you receive as a recent and newly employed college grad will feel like a bazillion dollars. Let‘s face it, the $7-10 an hour you were making slinging pizzas, pouring coffee, scanning documents or filing taxes will seem like chump change compared to the massive lottery winner-type earnings you‘ll be pulling down when you‘re gainfully employed full-time. Even $2,000 – 3,000 a month take-home is a considerable amount when you‘re used to selling plasma for a night on the town. What you must fight to control is your urge to join the 20-20-20 Club. I thought it was merely a myth. A story, perhaps, that was made up 4 decades ago by someone trying to scare the bejeezus out of college grads. However, it is completely
real and something to be avoided like H1N1. Joining this illustrious club gives you certain privileges like being able to complain about your student loans for the next 15-20 years, having nightmares about the size of your credit card bill, realizing that taking a vacation in the next 5 years is out, and the list goes on… The nice part about being in this club is you‘re impeccably dressed all the time, your friends think you are ubersuccessful, you will no doubt attract the opposite sex, and you‘ll be driving a really nice car. Here‟s the downside – you‟re BROKE. And because you‘re broke, you are carrying WAY more stress than you should so you just go spend more money thinking that will make you feel better. Other side effects include weight 25
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gain, hair loss and chronic lying. The 20-20-20 Club is for people who lived like rich college kids on borrowed money. They then continue that rich lifestyle on credit cards and car loans and soon find themselves in over their heads with debt. 20-20-20 stands for 20-some years old, bringing home 20-some thousand dollars a year, and driving a 20-some thousand dollar car. It‘s a first class ticket to Broke-Ville. The reason you must fight the urge to join the club is your dream car is the first big ticket item you‘ll want after that monstrous (seeming) paycheck. After the car comes new furniture, new electronics, a new wardrobe, new golf clubs and night clubs. And before you know it, you are not only a card-carrying member of the 20-20-20 Club, you are it‘s Senior Officer. So what‘s a newly employed grad to do? Simple--Start with a very thorough look at your own finances. What do you owe for student loans? Credit card debt? What will be your apartment rent? Utilities? How much will you spend on groceries and eating out? How much will you contribute to your 401k and ROTH IRA? (Remember time is on your side, so the more you put in now, the greater it compounds later.) In essence, work backwards from the way you‘d like to live and see if you can actually afford to live that way before diving head long into the deep end of debt. And trust me, that car that you‘ve always dreamed of having… it will still be there when you have the funds to buy it. And when you have the funds to buy it, you‘ll bypass the 20-20-20 Club and join the Club of the Young, Smart and Successful.
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Adam Carroll is an author and speaker who lives in West Des Moines, Iowa with his wife and 3 kids. As author of Winning The Money Game‖, he has delivered his program to over 150,000 college students across the United States. Adam is also a 2007 honorary initiate and Phoenix Thunderbird Alumni member. His book Winning The Money Game is available at
www.adamspeaks.com.
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Navigating the new and improved Tisch Hall Initiated in 2008, the Concourse Project provided the Stern School of Business with a much needed facelift. Read below to discover all the new benefits Stern 2.0 has to offer. By Amy Wong Photo credits: Stern Concourse website
H
ours and hours spent in windowless rooms with white walls listening to the loud creaking noises of swiveling chairs. Prison? Actually, no. It was class at Stern during my freshman year. I remember my surprise one day to learn it was raining upon leaving the building after twelve hours of classes, studying, and group meetings in the basement. I do not miss the days of trying to squeeze into a chair attached to a desk, while awkwardly apologizing to my neighbor for almost amputating her leg at the knee. Trying to get up to use the bathroom? Forget about it, unless you were willing to make a scene. Now, I must say, I enjoy spending time at Stern. The renovations are a tremendous improvement and the new building is beautiful. Here are a couple of my favorite transformations:
LOVE THE LOUNGES... I am definitely a fan of all the lounge areas. They‘re great for group meetings, plugging in your laptop, and looking at the new wall imagery. They‘re also good for taking naps, especially the orange couches in the UC lounge by the women‘s bathroom. Another thing that I‘m a fan of: the water bottle fillers in the water fountains. Those are awesome.
TECHNOLOGY FOR THE COMMUNITY... When you walk into the lobby, don‘t forget to check out the new LCD by the elevators. All the Stern events for the week are up there as well as a new eCampus Groups feed. The posting spaces in the LC and UC are a plus as well – a great alternative to the boring bulletin board. It‘s a lot more organized now and you can see what‘s happening on which days. Just a personal side note: please read the titles on the posting space before you stick your flyers there. I‘m a student worker and it happens to be my job to remove any ―unauthorized‖ materials. That would make me a very happy camper.
LET THERE BE LIGHT... My favorite new at Stern has been the addition of natural light. From the skylights to the main staircase, there is always light flowing in. I will never again have to wonder if it‘s pouring outside. In fact, word on the street is that you can really work on your tan if you grab a seat in the UC under the skylights!
A SECRET PASSAGE...ALMOST. One last thing that I forgot to mention: the connection of Tisch to KMEC on the lobby level. No more going outside and having to show your ID five times.
MEET STEVENSON, YOUR NEW BEST FRIEND… Stern has seemed to acquired a large amount of printers. This makes life extremely convenient. You can use Print at Stern to print documents right from your laptop. Then you have two hours to swipe your NYU ID at any printing station located throughout the lobby, LC and UC.
After speaking with a lot of fellow students about the new space, we‘ve all reached the same conclusion: It looks like the Apple Store. But on a more serious note, I think that it is inarguable that the renovations have been a tremendous improvement. Stern is now a more enjoyable and conducive place to go to class, study, hold meetings, and just hang out. 27
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The Sternie Handbook A Good Sternie Shall... Invest in iron-free, stain-free Brooks Brothers dress shirts
Construct a 5scenario excel sheet for class registration Never leave home without Blackberry in hand
Wear barrel cuffs, not French
Understand when one texts; "omw to a BB IBD SA interview-wish me gl" Only pay for lunch 3x a week (Fri, Sat, Sun)
Pre-order Wall Street 2 tickets...not for Shia LaBeouf Go out every night starting Thursday night until Sunday and still make it in time for an 8:00 am midterm
Know Porter's 5 Forces like the back of their hand
Order the medium size at Pinkberry because it offers the most value Never button the last button
Wear dress socks with dress shoes, please.
Read emails on your blackberry even if you're in front of a computer for efficiency. Have multiple rooms reserved on Third Floor reserved one after another Be able to recite Ben Affleck's lines from Boiler Room
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Have at least 3 different versions of his/her resume, one for each industry/major
Excel at drinking excessive amounts of Red Bull, coffee, Monster in order to crank until the morning The Alpha Chapter
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Be an expert at costbenefit-analysis for everyday decisions
Be able to text and/or bbm without looking Sense buzzing even when no one is calling
Use the word "sexy" to describe one's BlackBerry
Not trip when trying to Never ask stupid leave class questions
Coordinate outfits for inclass presentations (brownie points for costumes and customized t-shirts)
Know which couches on 3rd floor are most comfortable to sleep on Have a self-designated stall in each bathroom
Use ―due diligence,‖ ―leverage,‖ and ―arbitrage‖ in daily conversation
Never carry books to Have at least school one business card operating as a bookmark
Account for tuition as a capital expenditure instead of an expense
Only invest time in projects that are positive NPV
Own a black pea coat (for girls) or black overcoat (for guys).
Utilize 3rd floor lounge for sports game viewing parties
Disclaimer: This is a compilation of student opinions. We do not support or influence their views.
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fraternityspotlight
Delta Sigma Pi By Hermawan Wijaya, President of Alpha Chapter ‗09-‗10 Delta Sigma Pi is a professional fraternity with a focus in developing the professional and personal aspects of its members since 1907. More than a hundred years ago, Delta Sigma Pi was founded by four students, Harold Valentine Jacobs, Alexander Frank Makay, Alfred Moysello and Henry Albert Tienken, at New York University‘s School of Commerce, Accounts and Finance. In the span of the last 103 years, Delta Sigma Pi has grown to consist of more than 260 collegiate chapters with more than 220,000 members to become the foremost professional fraternity in the country. After about ten years of inactivity in New York University, the founding chapter of Delta Sigma Pi was re-chartered in 2007 by NYU Stern alumni Feliks Zarotsky, Hetal Patel and Adeeb Huq. Since its re-inception, Delta Sigma Pi at NYU aims to further the original founding mission and ideals of the fraternity while also creating a unique place in Stern that brings together people with similar interests from all walks of life. This unity in diversity has helped turn Delta Sigma Pi once again into a premier business fraternity on campus that is highly active in promoting professional development and community involvement. The sixty-seven brothers in Delta Sigma Pi work hard every semester to achieve individual academic and professional success while contributing to the fraternity‘s program of professional and community service events. We regularly host more than ten professional events each semester catering to different aspects of professional development ranging from soft skills, such as how to dress professionally and networking professionally, to presentations by business professionals. In the spring ‘10 semester, some of our notable speakers include Chad Troutwine (Founder of Vertias Prep & Producer of ―Paris Je‘taime‖ and ―Freakanomics‖), Stanley Zareff (VP of Corporate Communications at Credit Suisse), John Ladany (Director of Citi GTS) and Johnny Cupcakes (Founder of t-shirt line Johnny Cupcakes) among others. At the same time, Delta Sigma Pi has also made significant progress in making an impact on our community by partnering with a number of NGOs. Notably, our fraternity has partnered with the New York Blood Center in its blood drive efforts and regularly participates in New York Cares Day, Juniors Achievement and Relay for Life. Last but not least, we have also worked on a successful alumni relations program that allows alumni the chance to offer their help and support to brothers, developing them into better professionals and better individuals for a better fraternity.
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c l u b s p o t l i g h t: An interview withVice President, Binata Ray BY DEREK YUEH Can you tell me how you got started with Stern Cares and your involvement throughout the years, ranging from a member to becoming Vice president? Binata: I started in the fall of my freshman year, painting a school in Brooklyn for New York cares day and met a lot of upperclassmen. Then in the spring, I was on the Publicity Eboard for Hands on New York. For the first two years it was only one event a month, no weekly meetings, and no core base of people, so no one felt really connected. People would only come out to certain events that they were interested in. Last year, I restructured the club by trying biweekly meetings and asked scholars to co-sponsor events. This year over 200 people showed up to our committee kickoff meetings, where people go to pick what they were interested in, ranging from H1N1 epidemic to environmental community service. What are some accomplishments/events that Stern Cares has done in the past year? Binata: We have done a lot of events this year including the Green Halloween community service project in Prospect Park Parade, New York Cares Day, food banks, and an Eco-business day, when the founders of Think Coffee and Candle Café came to talk about how they got started in the business. We also have a movie initiative where we are partnering with the Tribeca film festival, featuring student films. Our upcoming Impaction challenge is about coming up with a fundraiser or a project with a small investment leading to big impact. An example was our event, Hot Chocolate for Haiti, where we spent 60 dollars on supplies and made nearly 1000 dollars. Another event that had a low cost and direct impact was when we brought blankets, water and resources to the homeless and interviewed them about what they needed. With Aaron Kinnari being our president this year, there has been a greater emphasis in our social impact area. We also had a TOMS Shoes campus representative talk about the organization and how students can get involved, and
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worked with USWIB girls who shadowed Stern Students. Where do you see Stern Cares going in the future, in terms of club membership, presence on campus, and involvement in the community? Binata: Many people have been involved this year but we still need more members. I want Stern Cares to have a greater involvement on campus and a sense of feeling tied to the community. I also hope to develop stronger relations with alumni and want to see those who are already in social impact fields to come back and help the club grow. I want Stern Cares to continue doing more of the bigger events involving entrepreneurship and social impact. Why should Stern students join your club and why is it different from all the other clubs on campus? Binata: Stern Cares is different because it has the social impact aspect that is more applicable to Stern students. You can pick and choose what you are interested in, and don‘t have to be in every committee. Stern students are so focused on getting jobs, but joining clubs helps you see alternatives that help you stay grounded. People are changing the world, proving that you can be happy without millions of dollars. Lots of students were heavily involved in community service when they were in high school; it‘s a practice that you have to do or else you‘ll just forget about it. It‘s too easy to forget about it. You have to keep doing it. If you really believe in community service, you will bring it to the workplace. I believe that businesses hold the wealth in society, so it‘s part of the expectation to give back. You can‘t get anywhere by yourself, so if you have the time and ability to give back, you should. Why is community service an integral part of a business student‘s extracurricular activities? How have your experiences helped you in the professional world? Binata: For interviews, employers ask you about your community service involvement. When employers ask you about a time you faced a challenge or had trouble dealing with a person on a team, most people use an example from their OrgComm class. However, Stern Cares has given me leadership opportunities, and diverse experiences that I can use for substantial stories and answers. In addition, employers see that you are caring and engaged. It‘s a positive quality that reflects well on yourself. Companies have community service initiatives and want potential employees to bring those positive qualities into the workplace.
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professorspotlight
JAY RUBIN NYU Organization Communication professor, media industry veteran, and entrepreneur, JAY RUBIN encourages young people to keep an eye on the media industry, where technology is rapidly reshaping old business models and creating new career opportunities. By Lucy Liu A MULTI-MEDIA MAN Starting his career as a newspaper reporter in the Boston area, Rubin has since traveled the media spectrum, from top editorial positions at several prominent trade publications to PR chief for the first national pay-perview cable TV network in the U.S. His consulting business over the past 20 years has enabled him to work on a range of assignments for major TV players as well as fledgling entrepreneurs. While Rubin jokes that he only knows a little bit about a lot of things across the media business, it‘s clear his willingness to take a few chances with his career and keep exploring new territory in the media industry has been the foundation for his success. POSITIONING FOR SUCCESS As an undergraduate journalism student at Syracuse University‘s Newhouse School of Public Communications, Rubin first tested his media interests and skills by working for the campus newspaper, radio station and a then-experimental cable TV network. He recalls being only one of two freshmen at the school radio station, taking the only available news slot ―on Saturday night that no sophomore or above in his or her right mind wanted.‖ Rubin shared that unenviable shift with a classmate and freshman sportscaster named Bob Costas. ―Guess I should have gone for that sports slot,‖ Rubin quips. Graduating during a recession year in the 1970s when journalism jobs were scarce, Rubin spent about a year selling lava lamps at a department store and as a part-time reporter covering town government for a nearby newspaper before he landed his first full-time job with a media trade journal in Washington. While the pay was meager, the access was major – given a press pass that enabled him to interview members of Congress, Rubin got the chance to keep track of industry-related legislation as well as learn about the regulatory framework of the business. ―It was a real kick for a young kid like me,‖ says Rubin. RIGHT TIME AT THE RIGHT PLACE Within a couple of years on the Washington beat, the magazine transferred Rubin to New York to cover TV programming which, at the time, was still mostly a three-network broadcast game. His reporting on the broadcast sector caught the eye of the publisher of another trade magazine – this one focusing on what was then considered new media: cable television. This was the time when many of today‘s cable icons like HBO and MTV had just launched or were still in development. Having reported on traditional broadcast media for a number of years, Rubin jumped at the opportunity to become editor of a magazine covering the beginnings of an industry shake-up in progress. ―I was at the right place at the right time,‖ Rubin says, and when pressed, admits that ―I suppose I was lucky enough to position myself for lightning to strike.‖ JUMP INTO PAY-PER-VIEW Lightning struck again a couple of years later when a couple of his entrepreneurially-minded contacts asked Rubin if he was ready to try his own luck within the fast-developing cable programming business he was covering. He joined them and a handful 32
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“I was at the right place at the right time. I suppose I was lucky enough to position myself for lightning to strike.” of others to help develop what would become Request Television, the first full-time pay-per-view cable network in the country. Rubin initially handled both public relations and trade marketing at start-up -- later concentrating just on PR as the venture expanded from a movie service for residential cable subscribers to also serve the lodging industry and produce special events. ―It was great business experience learning how to introduce a category as well as a specific product,‖ Rubin explains, ―And because the business was so uncharted, we were able to make plenty of mistakes and somehow still come out looking good most of the time.‖ The very early going, however, Rubin recalls, was full of doubters, including Forbes, which ran a cover story on the new pay-per-view segment that was accompanied quite literally with an image of a pie in the sky. Even the pay-perview verbal jargon had to be taught, Rubin says, with consumers and even some reporters questioning what ―paper‖ or a ―paper view‖ had to do with a cable network. BECOMING INDEPENDENT When Request Television and its other divisions were sold to a public company, Rubin figured he‘d return to freelancing for a few months to he figured out what was next. Those ―few months‖ have since turned into a couple of decades. He‘s enjoyed the eclectic nature of an independent consulting business that allows him to tap his diverse media experience and gain more—whether he‘s developing external and internal communication strategies; writing publicity materials, speeches, presentations and congressional testimony for various clients; or coaching business executives, diplomats and others who want to improve their skills in front of the camera. While most his consulting time still involves the media, Rubin‘s client roster extends far beyond that, with other assignments for organizations ranging from Bain & Company to amfAR: the Foundation for AIDS Research. Rubin enjoys the flexibility his own consulting firm allows – including the time to teach at both NYU‘s Stern School of Business and School of Continuing and Professional Studies. That ―second career‖ as an adjunct began more than a dozen years ago after a friend gave his name as a possible ―substitute‖ for a short non-credit NYU/SCPS course she was unable to teach one semester. He was immediately hooked.
communications, finance, marketing, business development or whatever role—Rubin says this is a ―seminal time‖ to keep an eye out for future career opportunities. ―The media business models are being transformed faster and more fundamentally than when I was starting out, and it was just one set of new competitors—the cable TV networks—that was emerging,‖ he says. ―Today‘s digital technology has toppled the walls between media,‖ Rubin notes, asking: ―What difference is there really between a TV set and a computer screen when you can watch the same sitcom? Why read a newspaper on the way to work when you can read and interact with more timely content on an iPad? And, yes, even the reigning queen of broadcast TV, Oprah Winfrey, will soon defect to cable, and most likely you‘ll be able to watch her on your telephone.‖ All this and more, Rubin believes, foreshadows tremendous opportunities for young people to position themselves in the path of career lightning– especially so when the economy revives. He sees signs of that all across the media, noting the amusing role reversal with veteran executives learning from younger colleagues already better positioned to project where social media and other new developments of their generation may be heading . ———————————— Professor Rubin is an adjunct faculty member at New York University where he teaches organizational communication to undergraduates at the Stern School of Business and writing to graduate students in the Public Relations and Corporate Communication program at the School of Continuing and Professional Studies. He is a recipient of the SCPS Award for Teaching Excellence. Mr. Rubin also conducts writing seminars at the University of Pennsylvania‘s Wharton School, and he is a speaker and panelist on media and popular culture topics at various academic, industry, and civic events. Since launching his consulting firm Jay Rubin & Associates in 1990, he has worked with clients across a wide range of industries to develop corporate strategies, media campaigns, and communication training programs. Over the years, his client roster has included Bain & Company, CNBC, Gerber Products Company, Marvel Entertainment Group, Public Service Electric & Gas, the U.S. Navy, and The Walt Disney Company, among numerous others.
NOW IS THE TIME TO JUMP! For students interested in the media industry – whether in 33
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featurear ticle
WHAT CAN WE DO TO AVOID THE NEXT FINANCIAL CRISIS? BY TONY MARCIANO Fall of 2008 at a glance:
1. Housing bubble built by consumer behavior, low interest rates, easy lending…etc bursts.
2. Which caused widespread damage due to poor financial discipline on homeowners‘ parts across the country.
3. Situation made worse when compounded by a multiplying unregulated synthetic CDO market (a $60 trillion CDS market versus a few hundred billion dollars of bad sub-prime mortgages).
4. The ramifications are felt by some investors who placed funds in the hands of poorly governed traders that were playing games in the form of ―heads I win, tails you lose,‖ (and other agency or moral hazard problems).
5. This lead to insolvency for some financial institutions that held these assets along with an incredible amount of leverage (97% in the case of some like Bear Stearns).
6. Other, solvent financial institutions (Goldman, Morgan 34
Stanley, etc.) suffer a capital run by their short term investors (much flowing from the repo market) who are uneasy with the credit quality of financial institutions and the collateral they used for short term financing. And thus the bank run was on and the urgency to address it. After the disastrous events of late 2008, there is now a need for a financial plan that best addresses these problems in the most effective manner possible. One thing that seems to be lost in all the talk of moral hazard on Wall Street and psychological bubbles (―greed and fear‖) is that the most urgent aspect of the crisis that necessitated government involvement was the capital run suffered by many banks by way of the uninsured repo market. In this way, the panic of fall 2008 is analogous to the bank panic of the Great Depression where depositors nervous about the safety of their deposits all ran on the banks to demand their money back – which of course was impossible since the banks‘ assets included many illiquid loans. This was colorfully illustrated by Jimmy Stewart in the black-and-white film ―It‘s a Wonderful Life‖ when he tells one of his deposit holding customers that his money is tied up in one of his neighbor‘s homes. Of course, these deposits are now FDIC-insured; however, other sources of short term funds that banking institutions employ (repo The Alpha Chapter
T HE P REMIER I SSUE securities) are not. As such, it seems imperative that these securities and any others that can lead to bank panics need to be regulated – possibly through fee-based government insurance akin to FDIC-insured deposits. Some academics, most recently Alan Greenspan in his latest analysis (―The Crisis‖), have noted that a swift and efficient restructuring of the distressed banks would have helped reduce the damage and duration of the financial crisis, because these distressed banks would be quickly delevered by converting the massive debt on their balance sheets into equity. He and others (see Zingales et al. originally) have called for banks to create ―living wills‖ -essentially emergency codes that dictate exactly the procedure to reduce leverage in the event of a crisis (one suggested measure being the conversion of debt to equity). There are some ideas out there that seem to be broadly accepted – such as stiffer capital requirements for banks. This may include direct rules on acceptable leverage ratios for banks. However, this is tricky, as Greenspan points out, since too much government interference in the allowable levels of leverage could potentially impact firm value and subsequently, efficiency in our financial markets and ultimately economic growth. To implement effective capital requirement regulation, we have to determine and focus on a specific goal for all this. Is the goal to simply reduce systemic risk? Or is it to try and impact the distorted incentives of moral hazard that may have lead to behavior that caused the crisis. If it is the latter, we need to focus more on financial institution corporate governance devices – perhaps instituting rules to foster better and longer-term pay -for-performance compensation schemes such as ―clawbacks‖ that investors may find difficult to implement on their own. Government officials are attempting this right now – but unfortunately, this attempt is after the fact and thus much less effective. No discussion of financial regulation policy would be complete without addressing the ―Too Big To Fail‖ issue. While larger institutions are certainly potentially more dangerous, there are other factors. Moreover, the ―Too Big To Fail‖ problem is not necessarily simply solved through penalizing expansion. If the activities amongst banks are highly correlated, then size becomes less of an issue. Hypothetically, let us ask what is more dangerous: an abundance of smaller banks that are highly correlated and highly levered or one huge low-levered bank? Clearly the former is more problematic. Furthermore, if size brings efficiency, then this approach may create more problems than it solves. Many students of this problem look to the experiences of other countries for guidance. A notable one is Canada who fared much better in this time period despite
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having quite large banks. There is also Paul Volcker‘s take on all of this. Rather than focusing solely on the horizontal size of banks, he has controversially brought up the scope of our financial institutions. That is, he has called for limitations on the boundaries of financial activity within banks. Proprietary trading enterprises that create negative externalities on the banking role of a financial conglomerate generate a significant cost to society – primarily the one we have just observed where trading losses can impact capital market support for business client operations. One counter argument is that imposing the separation of banking and trading would result in lost synergies between these business lines and impose a cost to society in good times. These synergies need be analyzed before we can determine the net effect of any action – especially if some of these synergies turn out to be due to information acquired in one area of the bank and levered in another. Of course, the execution of these rules is not trivial and also needs to be taken into consideration. As in the last example regarding the Volcker rule that calls for a limit to the scope of financial institutions, how does a government official confirm whether a financial institution is trading on its own account versus supplying a financial service to a client? Regulators will experience substantial difficulties in determining the proper course of action given the complex web of interdependent factors. It is not an enviable task to determine how to define: repo market insurance, the form of ―living wills‖, the size and categories of capital requirements … But yet it must be done. Anthony Marciano joined New York University Stern School of Business as a Clinical Professor of Finance in August 2007. Professor Marciano teaches corporate finance courses to M.B.A. students, undergraduates and executives. He has also overseen the Michael Price Student Investment Fund, a student-run fund with a value of about $2 million. Prior to joining NYU Stern, Professor Marciano taught courses on advanced corporate finance and mergers and acquisitions at MIT Sloan School of Management. From 1994-2006, he was a Clinical Professor of Finance at the University of Chicago Graduate School of Business teaching M.B.A. and Executive M.B.A. courses. Professor Marciano has been named to BusinessWeek's list of outstanding faculty. Earlier, he worked at Goldman Sachs, Morgan Stanley and Drexel Burnham Lambert. He earned his B.A. in Computer Science from Dartmouth College and his M.B.A. from MIT Sloan School of Management.
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Allan M. Katz: Embarking on a New Journey at Nomura –By Jessica Li As many other investment banks in the United States were cutting jobs and capping bonuses for the past two years, Nomura Holdings Inc. has been looking to expand globally after it bought the Asian and European arms of Lehman Brothers. It has been able to recruit some of the most talented resources from rivals to oversee its developing businesses in the U.S., Europe, and non-Japan Asia. Allan M., Katz, the U.S. head of Expense Management & Strategic Sourcing / Planning & Analysis, is currently playing an integral part in Nomura‘s expansion effort in the United States. He graduated from SUNY Binghamton in 1990 with a BS in Accounting. Although a summer internship at JPMorgan piqued his interest in the financial services industry, he began his career at Coopers and Lybrand, where he earned his CPA. After 3 years, Katz returned to JPMorgan to assume a project management role, during which he attended NYU Stern School of Business part-time for an MBA in Finance and International Business. After 3 years at JPMorgan, Katz moved to Mercer Management Consulting where he managed financial reporting and planning which included global revenue, new business, and treasury reporting as well as running the annual budget process. After almost 3 years, Katz settled at Merrill Lynch, where he experienced its strong culture, as director of the Corporate Planning Group for 5 years and then as Head of Strategy, Planning and Analysis for the Global Wealth Management Division for another 5 years. Upon deciding that it was time for a change in his career, Katz went to Lehman Brothers as Global Head of 36
Expense Analytics and Reporting within the Expense Management and Strategic Sourcing group, which put a strong emphasis on expense management. During his brief stint at Lehman, he fully experienced the employees‘ allegiance to the company. Katz was fortunate to stay on for a year after Lehman Brothers‘ collapse managing the organization‘s Transition Services Agreement Pricing and Analysis group. However, he has been even more grateful to take on his current role at Nomura. ―It‘s my baby,‖ Katz said in reference to helping build Nomura‘s expense management & strategic sourcing and financial planning & analysis teams from scratch in the US. ―With other firms, the wheels are already turning and you just need to add some oil / fix it once in a while. At Nomura, we have an opportunity to design and build the entire process. It is very exciting‖ Nomura has had a presence, in particular in New York, since 1927. However, the current US growth plan has been focused on allowing the firm to opportunistically increase its global penetration across all of its global markets businesses (Fixed Income, Equities, and Investment Banking). ―This rapid growth has permitted folks like myself to help the organization by creating, designing and building out the appropriate infrastructure to support our business platform; this contrasts with working at a more ‗established‘ bank where we would not be given an opportunity to create or establish this footprint,‖ said Katz, of his newfound opportunity. However, he also adds that there is a high level of business demand that needs to be effectively managed and prioritized in conjunction with this rapid expansion.
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CAREER OPPORTUNITIES For Success in the World of Finance
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212-722-5683 for more information. 37
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Compared to all of the financial services companies Katz has worked at, Nomura is the first where the American arm is the subsidiary. However he does not feel that the image that many people have of a Japanese bank is accurate. ―Management knows that the world is evolving, and they
He is also working with Human Resources to build a finance training program and its first full-time analyst class will start this summer. ―It is critical to focus on developing the future management of the organization‖ said Katz. He believes that in order for junior employees to succeed, they need to be
―I love that no two days are the same at this organization,‖ said Katz.―I wouldn‘t be happy doing the same thing everyday.― always listen to employees‘ input,‖ said Katz. Nomura‘s goal is to build a platform and find niches where it can perform well. In the US, headcount has grown from approximately 700 to about 1,400 people in a year. The management reporting function provides ―decision-oriented MIS reporting‖ to help the firm‘s management team. Katz has designed a strong framework which is being leveraged globally. His expense management team is helping the firm drive efficiency to get ―more bang for the buck,‖ and best leverage its resources. In the mere 7 months Katz has been at Nomura, he has traveled to Japan and London and worked with his global counterparts to improve Nomura‘s back office infrastructure. Further, he is working with the firm‘s India finance team to best leverage resources and expand capabilities to run as a ―24-hour shop.‖
like a ―sponge‖ – learn, work hard, and take time to step back and look at the big picture. ―Always ask why,‖ said Katz. The advice he would give to a recent college graduate who is about to embark on his/her career is to ―work hard, remain focused, and deliver high quality results.‖ In terms of his own future, Katz wants to continue to be acclimated in decision-making at Nomura as a change agent, perhaps in a senior finance capacity at Nomura, perhaps in a role in Japan or London. ―I love that no two days are the same at this organization,‖ said Katz. ―I wouldn‘t be happy doing the same thing every day. When I leave the office every day I feel good about what I have accomplished and I know that I and my team have done the very best that could be expected.‖ Note: Allan M. Katz is speaking in a personal capacity. His views do not necessarily reflect those of Nomura, its subsidiaries or affiliates.
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From Finance to Fashion
unstoppable Ed Cohen, former Chairman of Investment Analyst Group and President of Economics Honor Society, reflects on the events that led him to leave his post at a top bulge bracket investment bank to pursue his true passions. As co-founder of ―Unstoppable,‖ an apparel line inspired by those who live without fear, he speaks about how this decision has shaped the person he is today. By Lucy Liu Hi Ed, long time no talk! Before we begin, can you give us a little of your background? Ed: Sure, thanks for taking time to chat with me! I graduated from Stern in May 2009 with a BS in finance and economics. I'm originally from New Jersey and was drawn to New York for all its obvious excitement and color. I really felt like there would be a lot of outside-the-classroom experiences that my friends at traditional colleges wouldn't be receiving (campuses are a bit of a bubble) so yeah, this is where I ended up. Do you think you‘ve changed a lot since freshman year at Stern? Ed: Well, 'you never step in the same water twice,' as they say. Definitely lots had changed - I think my attitude towards what a 'career' meant changed dramatically, and I also started to realize my own limitations and need for balance. As a freshman, it's easy to know what a particular career looks like, but to really understand it takes experience So what does a career mean to you now? Ed: I think that 'career' and 'lifestyle' overlap a lot more than I realized. If you're a trader, you become a trader. If you're a beat poet, you become a beat poet. You can't help it. So I think it's really crucial to consider all the 'soft' aspects of a career and learn about them as much as you can. That will define a big part of who you become and how you identify. What would you say has been the most important thing you‘ve learned throughout your undergraduate and postgraduate career? Ed: I learned that if you are blind to your passions you are not living fully. That‘s a large statement. What made you realize that? Ed: To make it short, I reached a point where I had just poured so much of myself into my work and just saw how dissatisfying it was. I care about my work; I want it to be full of life and depth. Yet at the time I was at a place that didn't care. Something just clicked and I knew I needed to get out. It's probably something like how the chickens feel going down the conveyor belt. You have to imagine one or two of them towards the end are thinking, "Wait, something feels very wrong here..." 40
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T HE P REMIER I SSUE You were very involved in school. Do you think it was worth it? Ed: I'm very thankful to have taken leadership roles in those groups. Being able to speak comfortably in front of a big group is one of the most valuable things I've learned in life. Outside of taking leadership roles, what else would you recommend students do while still in school? Ed: I think the best two things I did in school were getting to know professors outside of class, and also to just read a lot. Professors like Siegel, Hipscher and Choi are invaluable human beings and you are missing out if you don't get to know them. I regret that I didn't fully interact with all my professors. And likewise, read everything you possibly can. I feel I know so much more (yet still nothing) about the world from reading new books. Read as much as you can. Also, it will impress people twice your age who never read anything. Oh really, any books you‘d recommend? Please don‘t say a finance book. Ed: No, I would recommend you go to a library. People don't do that anymore. Just look at book covers and pick something. I went to a library a few months ago and saw a book on making temari - basically small, round knitted toys from Japan. Now I'm making them. Find your own temari. OK, so after you do all this work cultivating your mind and getting involved on campus, how do you make it pay off when it comes time to recruiting? Ed: As far as recruiting goes, there are two things I can recommend - first, admit you know nothing. It will actually help you. No one likes to be told by a 20-year old how much that 20-year old knows about bond volatility when the interviewer is a 42 year-old mortgage bond guy. he knows about it. He probably hates it anyway. Tell him about cool college things. Second, be human. This is tough advice because most people are, like Darth Vader, "more machine now than man." But if you have any shred left in you of passion, fire, youth or identity, share it. Be irreplaceable. Be the guy that makes the interviewer wish he could go back in time to relive his life more like yours. You worked as an investment banker after you graduated. How did you enjoy that experience? Ed: I met a lot of really intelligent people and got to go to some really swanky mingles. I also learned a lot about selling and how to talk to people. I didn't really know what to expect going in but i am very happy to have done it. I even spent two summers working with HR - that was really really
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helpful, to see how things work, to see who talks to who. It‘s very important to see the big picture and not just your department. So here‘s the big question: why did you leave? Ed: After I realized I was still 22. I like risk, but as you get older it gets harder to take. I saw an opportunity in banking, but I also saw the clock ticking. I thought, "better now than at 35" and I went for it. What is ―Unstoppable‖ and what makes it unique? Ed: We design apparel inspired by life lived above fear, adversity and limitation. Our work honors characters who demonstrate such determination to achieve - those who see opportunity where others see only boundaries, those whose greatest motive is to live fully and without regret. It's all very heavily art-focused, rather than branding. Did you help found the company? Ed: Yeah, it's myself and my great and close friend Erik Schmalz. He draws, I hustle. All the money is out of our two pockets. So how has the experience been so far? It must be pretty liberating to work for yourself. Ed: It's been incredibly satisfying and rewarding, and I am very excited to see where it takes me next. I've also been able to really apply a lot of what I learned in school about inventory management, financing a business, accounting, excel, etc. these are very important skills that I couldn‘t do this without. I think the main lesson for anyone interested in doing something alternative or crazy is this - don't listen to anyone else's advice, even mine. Their advice is skewed. Listen to your soul. If something is calling you, embrace it. 'A great richness springs from the heart's realization that the only true failure in life is to be blind to its passions' (that's part of our brand philosophy). My feeling is that if any of what I say resonates with someone, I didn't put it there - it was there already within them. Maybe I just helped wake it up, but it was already deep within them. And lastly, what‘s the next step for you and ―Unstoppable?‖ Ed: The next step is to keep working, keep putting out new stuff, love our work and share it with as many people as we can. My dad passed away when I was 12. That's always been a big cloud hanging over my life, and though I don't think it's something you ever get over, I feel like a part of his spirit lives on in everything I'm doing and expressing that helps me to make sense of this life.. So whether I'm writing poetry, or putting out new shirts, I feel in some way I'm creating a memorial for him and everyone who has ever loved me and made me who I am today. Find Unstoppable online at ThisIsUnstoppable.com 41
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Who is Johnny Cupcakes? ...and why doesn‘t he sell cupcakes?!
Earle started his business at the age of 19, selling t-shirts out of the trunk of his ‗89 Toyota Camry. Without a business plan, start up J ohnny loans, or conventional advertising, he turned his t-shirt brand into one of the most recognized brands in the US, as well as a multi-million dollar business. Voted America‘s #1 Young Entrepreneur of 2008 by Business Week, Johnny has visited universities around the world— including NYU—to teach others how they too successfully launch their dream business.
Johnny‟s Tips for Budding Entrepreneurs First impressions are everything ―I‘m a very detail oriented person. Everywhere I go I‘m inspecting the menus, labels, flooring, lighting, design, paint, etc...If you haven‘t noticed, I had most of the tiles in my Los Angeles shop hand-cut into fourths so that the smaller tiles give the appearance of a bigger space. The guy who hand-cut them for a couple of days wanted to strangle me. It did cost a lot more time and money, but it‘s those little details that set you apart. And when you‘re opening a new business or location, keep in mind that first impressions are everything.‖ Don‘t be afraid to go it alone ―While going in on a business alone, your productivity level will be off the charts! Nobody is holding you back, & it‘s up to you whether or not things progress to the next level. Sure, it might be a bit of a challenge, but the outcome is that much more satisfying! You shouldn‘t settle for less just for some quick excitement and possible overnight success. Build a strong foundation. Your foundation. Even if it takes more time & energy than you had expected. Just keep in mind, Rome wasn‘t built in a day.‖
Johnny Cupcakes himself
You have to invest money to make money ―Turns out that twice a year fashion trade shows take place in Las Vegas. Thousands of buyers and owners of boutiques all over the world fly out for the weekend to pick up new brands for their shops. A lot of magazines go to do write ups on new brands as well. These trade shows cost an arm and a leg...but you gotta spend an arm and a leg to make more arms and legs.‖ Faithful Johnny Cupcakes fans
Create a sense of exclusivity ―People like what nobody else has, and I love coming out with limited edition, exclusive shirts rather than mass-producing things. Once a shirt is sold out, I never produce them again. It makes what I sell more than just tshirts. It's collectible, limited, and wearable art.‖
Tiles in the LA shop
―Every October, I come out with a batch of extremely, limited edition, seasonal tshirts, entitled; "There's Something In The Cupcake Mix!?". It's usually 4 designs or so.‖
Don‘t feel pressured to sell out ―Once I became better known I could have made a TON of money real quick, but instead I chose quality over quantity. I turned down investors and took countless risks like keeping my shirts out of chain stores.‖ Get people talking about your brand ―Whether people are or are not into my brand, every time they see a bakery or a cupcake they talk about Johnny Cupcakes. "Oh my - there's this kid who's been opening up bakeries on expensive streets, and he doesn't even sell real food!" - Instantly friends of the upset hungry people, become very curious and have to check out this Johnny Cupcakes thing.‖
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―I wanted to have a wall lined with vintage ovens that randomly open and shoot steam out, a giant 12 foot tall vintage oven that employees can walk in and out of to grab t-shirts from the stock room, pipes going through the store with frosting and oversized fake sprinkles oozing out of them, a stove top at the cash register area that emits fake flames, and more.‖ - JC
Johnny Cupcakes with the DSP Etas at NYU!
Johnny Cupcakes decides to treat his LA customers to free ice cream sandwiches. 300 people showed up to enjoy ice cream at Diddy Riese!
“I almost feel like the Willy Wonka of t-shirts.”
The Cupcake Chronicle, updating fans on the Johnny Cupcakes Suitcase tour!
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Driving Change with Pineseed How three NYU alum founded a microfinance consulting organization to help drive growth for developing businesses. By Yoon Chang
Origination and Inspiration New Sources of Beginnings Growing From Seeds of Hope Andy Tam, David Killebrew, and Yoon Chang got together in March of ‗09 to start a microfinance and consulting business in New York City. Focusing on Chinatown in the beginning and later expanding to other neighborhoods was their best bet because:
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Other microfinance organizations have not entered the area at the time
Increasing number of Chinese population in New York City
Many small businesses in need of capital and consulting services
Enhancing existing relationships with local associations in Chinatown
However, after further due diligence, the colleagues realized that most small business owners, specifically in Chinatown, lacked the skills to start or improve their businesses. Thus, they decided to focus on consulting rather than doing both micro-financing and consulting. The team developed their mission:
―Provide custom-tailored management consulting services to developing businesses and organizations to improve their competitive business strategy and financial performance.‖
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Fire. In other words, passion — passion for everything we do is the greatest motivating factor in life. Too little and we have brilliant ideas that never take flight, too much and we never focus on our goals productively. Pineseed provides the resources for our clients to channel their passion for their chosen industry to create lasting economic and social returns. Earth. Without a foundation, even the best-laid plans crumble. Pineseed builds a solid foundation for small businesses owners strategically and financially. Our team provides the latest research on trends and opportunities in our clients‘ industries and serves as an intermediary to help connect financially constrained entrepreneurs to a broader spectrum of funding opportunities.
Water. Unchanged in its composition, but adaptable to any new directional flow or limitation — the qualities of water are emulated by the most sustainable businesses in times of changing economic conditions. Pineseed‘s consulting services provide our clients with valuable recommendations and insightful industry reports to transform their existing business plan into a highly sustainable business model. Prosperity. The belief in combining a healthy passion for what we do, with in-depth knowledge of business strategy, finance management and sustainable business practices to deliver results. As proven leaders in an array of industries, we help our clients grow their businesses profitably by sharpening their business acumen, and giving them the tools to overcome barriers to financial success.
“Our logo is colorful and vibrant, embodying the passion of our clients to succeed. The red, yellow, and blue seeds are indicative of a business’s stages of development and growth.”
Pineseed’s Work Pineseed‘s latest client is SHERP , an orphanage that cares for 154 disabled children in Maralal, Kenya. Grace Seneiya founded it in 2001. The orphanage takes in disabled children who are discarded by their families, provides them with education and proper care (medicine, etc.) and thereby makes these children self-sustainable in the real world (become teachers, farmers, etc).
PINESEED‘S INVOLVEMENT SHERP needs about $30-35,000 a year. However, it is difficult to find this much every year when most people in Kenya live under a dollar/day. If enough money is not raised in a particular year, a child will not be able to get the medicine or education needed. Pineseed is creating a sustainability program for SHERP.
SHERP SUSTAINABILITY PROPOSAL Raise $385,000 to make two investments – rental housing and farm. The proposal to purchase land and construct homes for rent will yield about 15% return (conservatively) every year. The demand to invest in rental housing in Maralal is increasing significantly today. For the farm, growing marketable crops, mainly barley and wheat are less influenced by the weather conditions. If successful, this sustainability program will be able to raise the $385,000 and successfully make these two investments to make this orphanage selfsustaining in perpetuity. This means that thousands of disabled orphans who would never have had a chance would be helped instead of the current afflicted 154.
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capturing the social media generation By Lucy Liu and Rasikh Jawaid
Today’s college students represent perhaps one of the most saturated, chaotic, and fragmented markets for businesses looking to advertise products. More than any other generation in the past, members of Generation Y have been bombarded with advertising throughout their entire lives, making it increasingly difficult for marketers to get their messages out amidst the traffic, let alone get their products to stick in people‘s minds. In fact, with the rise of Twitter, Facebook, Youtube, and the iPhone, the entire media landscape is no longer the animal that it was a decade ago. We literally have access to media wherever we go – we can watch the latest viral video on our iPhones, receive Facebook updates on our Blackberries. And while this new media revolution is a phenomenon that many traditional marketers are not yet ready to handle, it is also spawning a new group of marketers who can. Enter, Rasikh Jawaid. As a recent alum of the University of California, Davis, Jawaid is no stranger to the demands of a student community. Involved in the successful marketing and execution of a multitude of fashion shows, arts showcases, and music productions on campus, Jawaid‘s knack for taking initiative and flair for making things happen often made him a valuable asset to various student organizations. When he wasn't in the studio producing songs with his music production group, he could be found working at the college radio station, hosting school rallies, or even, directing the marketing and videography for the UC Davis Arboretum (an 100-acre collection of gardens sponsored by the university). Indeed, Jawaid's ability to market to students largely speaks for itself. So, while it seems as if Jawaid has the whole college market figured out, the rest of us are left asking: what has he done to thrive where traditional marketers have failed? “I like to take a sort of open-source approach. Your team is your first sample audience so it's nice to have the creative inputs of each member contribute to the overall vision and goal of the project,‖ says Jawaid, who insists that much of his expertise in understanding students developed while lending his management and creative facilities to fashion show segments for The Imaginary Zebra, a West 46
Coast fashion brand that sparked The Zeeb Movement celebrating youth and individuality. Jawaid and The Imaginary Zebra founder, Benson Chou, understood that the key to success is involving your team, engaging your audience, and Jawaid, on the right, performing for The Imaginary Zebra
thinking outside the box. Fashion Show segments for The Imaginary Zebra are interspersed with not only runway model walks but also performers ranging from breakdancers to violinists to Chinese yo-yo artists. Fashion shows that Jawaid helped organize often took place in unconventional venues. One year, for example, they laid down the runway in a sports bar. "You have to learn to stand out," he says, excitedly recalling the way they synced animation and video in the surrounding flat-screens in the bar to match the music playlist for the runway models and performers. According to him, good marketing is often simply the extension of a good performance - you must be willing to create an unforgettable experience. In another instance, Jawaid describes promoting The Imaginary Zebra at an arts showcase. First, he and some friends went around campus filming students doing impromptu Haikus. Next, The Alpha Chapter
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using snippets of each Haiku, they mixed up lines from different people into single Haikus that would send the audience roaring. The film not only benefited from exposure within the arts showcase but also from subsequent online exposure as well, a feat that illustrates the newest rule for marketers with a consumer base characterized by limited attention spans: not only does the content have to generate interest, the marketing has to be an experience in and of itself. Promotions like these don't only sell a brand, but a lifestyle. If it is any testament to the power of word-of-mouth advertising and the rise in brand awareness among young people today, we no longer consider hugely successful marketing campaigns in college to be just fads. Instead, they‘re movements. Jawaid understands this concept at its core. As a freshman, he founded a student organization called the
sold by the on-campus bookstore and those sold by various online vendors, encouraging low-budget college students to make smarter purchases. Playing an integral role in the marketing and business development, Jawaid reflects below on some of the techniques Textbo uses to attract college students: The first and foremost most important tool in the college marketer‘s toolbox? The answer according to Jawaid is none other than the almighty Facebook, the heavyweight of social networking. Jawaid insists that the most effective method of reaching the college audience is also, disarmingly, the easiest – simply through branded Facebook pages, events, ads, and groups. Indeed, the statistics behind this claim are startling. The percentage of college students using Facebook in 2005 was a staggering 85%. Today, that figure is definitely much higher. But you
―We no longer consider hugely successful marketing campaigns in college to be just fads. Instead, they‘re movements.‖ Computer Science and Software Development Club, where he and others worked at the forefront of Facebook's innovative open source application platform. Having been exposed to the emerging world of web 2.0, Jawaid not only found his niche, but he also developed a thorough understanding and appreciation for project management in the programming world. His experience in helping manage, develop, and promote the team would eventually lead him to charge full-throttle into the social media space. A recent entrepreneurial project that Jawaid got involved in, in fact, was an iPhone application started by Max Guan, another UC Davis student, called ―Mapiz,‖ which gave city and university residents a location-based mobile service to track bus lines and other lines of transportation anytime, anywhere. After having experienced a fair share of entrepreneurial escapades throughout his undergraduate career, Jawaid is now spending his energy on a much grander project. Last year, he and friends, William Hsu and Henry Finucane, founded Textbo, an online business geared towards helping students find the textbooks they need for their courses at the cheapest prices online. To do this, they created school-specific Textbo websites (for example, DavisText.com), which gives students the power to immediately search and determine what books they need for a particular course or professor. Moreover, Textbo offers students a free price comparison between the books
may be asking - if marketing can be so easily done through Facebook, then why do some campaigns do better than others? For Jawaid, the answer lies not only in the marketing channel but also in how the message that is delivered. The content and campaign must be engaging. College students, especially, have become experts in picking out which advertisements to tune in and which to tune out. For this reason, Jawaid approached Textbo‘s marketing in a couple of ways: To appeal to student thriftiness, he used Facebook to advertise free textbook giveaways. To start building a community, he created a fanpage for Textbo, which often held raffles and other special events. Next, Jawaid and his partners realized that the person delivering the message can be as important, if not more, than how the message is delivered. To tap into the student network at each campus, he enlisted the help of representatives nationwide. Currently, Textbo has over 35 interns from multiple campuses, each responsible for promoting their school‘s Textbo service through flyers, campus marketing, and social media. Jawaid himself is responsible for training these interns, for example, making videos for them showcasing the unique and creative approaches of effective facebook fan page marketing by looking at case studies of major companies. Like Jawaid‘s experience marketing for fashion shows, the secret to Textbo‘s success appears to be
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a combination of innovation, relevant messaging, and the creation of a direct rapport between the company and students. Since launching DavisText.com in August of 2008, Textbo has already expanded to 12 campuses across the nation to states ranging from North Carolina to Texas to Chicago to Pennsylvania – a number which the group‘s founders hope will eventually grow to well over 100. Jawaid believes that Textbo has the potential for long-term success - ―Eventually, we want every college and every university student to have the option of comparing the cheapest textbooks prices online through our service,‖ he says. When asked about his daily routine back as an undergraduate student, Jawaid responded that he felt best when he balanced passion, friends, and work during college. His advice to students is reflective of this mantra: Take advantage of your four years in college to immerse yourself in projects related to your interests. Regardless of what phase he‘s in, Jawaid insists, he commits: ―If I‘m really passionate about something, I will obsessively spend time learning and applying it." And for 21-year-old Jawaid, passion has always been as much about celebrating creativity as it‘s been about turning ideas into reality. For more information on Textbo LLC visit: http://www.Textbo.com To check out more about The Imaginary Zebra visit: http://www.TheImaginaryZebra.com To check out more about Mapiz: visit http://www.Mapiz.com
Aeroflot (Russian Airlines) Alternative career: Aviation logistics By Muhammad Zulkarnain, SUNY Buffalo ‗10
I
work in the field of aviation logistics, specifically in the area of airfreight management. My work entails, essentially, transporting anything anywhere. The common stigma with this industry is the extreme focus on revenuebased activities (sales, flight operations and reservations). As a Business Development Manager at an airfreight firm, it has been my focus to quell this stigma by maintaining a healthy balance between internal development and external influences. Among the other things that I do, I facilitate cross-border discussions to hasten troubleshooting
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efforts (this industry involves working within 30 minute to 6 hour timeframes.) Any form of time inefficiency may lead to drastic losses on future and existing businesses. Also, I oversee a sales force in Malaysia, which consists of six individuals covering a potential market of 400 - 600 tons of cargo a month ($2,400,000 in potential revenues a month). I change prices for space on planes on different airlines heading to different destinations to maintain the company's competitiveness in terms of service and pricing. What sparked my interest in aviation logistics was and still is my father's involvement in the industry. His is a heroic story of humble beginnings, the classic baby boomer story. He started with no formal higher education, but had with him a great love for airplanes and a will to work. Having started from lifting cargo into airplanes, he progressed to becoming general manager of
the Aeroflot (Russian Airlines) in Malaysia. It was through the generosity of a friend that he was given starting capital to pursue his dream of owning his own airfreight consolidation firm, which has now blossomed into a global business. The prospects of growth and prosperity have always intrigued me in this industry, and since my first involvement in May last year, I have come to turn this inspiration into my own passion. What I enjoy most about this business is the fact that within the span of 30 minutes, unanswered business inquiries may be lost forever—within 6 hours of a flight, any cargo that is not docked for loading may be left behind. Grand losses can be incurred in the blink of an eye. The rapid pace and high stakes of this ever-changing business is what makes my job so interesting to me, and so incredibly rewarding. The Alpha Chapter
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kickin’ it back with green street records Ani Sanyal, NYU ‗10, who goes by his stage name A-Live, on starting a record label, finding his signature sound, and getting the chance to perform with Lupe Fiasco. How did you get into music? Ani: I was always interested in arts-related activities as a kid, whether it was drawing, writing, etc..that creative instinct grew over time and I started trying to find avenues by which to create music - I never formally learned an instrument so I took my love for writing and started getting into spoken word/hip-hop music. Where do you find your inspiration? Ani: For me, my music is very personal, everything I write or talk about, is a reflection on certain experiences I‘ve had. My inspiration comes a lot from actual events that happen in my life, the people around me, traveling - seeing new places. I‘m also inspired by the need to make things ―better,‖ even if it‘s in a nominal way; therefore my music is very positive, and in essence is meant to inspire its listeners. Can you tell me about the origins of Green Street Records? Ani: Green Street was originally founded by myself and my best friend, who goes by the stage name Renaissance, in ‗05-‗06, while we were still in high school as a way to create an avenue for people to hear our music. We felt we had something different, in our music and message, and we created a group/label based around that so people could hear it. Why did you create a label? why not just a group? Ani: Good question - creating a label allows for you to not only promote yourself, but to create a foundation for helping others around you who share similar visions. Financially, creating a label
has more benefits because you are able to pool resources before tackling a task. It also gives you a bigger network which has the potentially to grow exponentially because there are more people working towards the same goal. It‘s definitely more time consuming, but being an entrepreneur is never easy. What are some of the challenges of owning your own label? Ani: Everyday is a challenge because being a small, independent label leaves you with a limited amount of resources - most often money - that you need to work with in order to carry out your visions. Budgeting and finding solutions is one of the biggest challenges, and so is learning how to remain innovative in terms of marketing/promotion in this crazy internet age. We are lucky to have a product which people seem to believe in, and therefore it is rewarding to see our efforts paying off most of the time. Can you give me an example of how the label works? Ani: Green Street Records as a label that focuses on three-four acts, with the primary one being Green Street (the group). An example of an artist signed to our label, is a singer/songwriter named Ken Ross. He basically works with us to create a product (likely, a mixtape or an album), and we provide consulting, marketing, promotion and recording services to him. As a result, we are able to grow his brand by using our network, and at the same time further the image that Green Street holds as a label/group.
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What kind of marketing/promotion can you offer him? Ani: The majority of our promotion is done through the internet, and a degree of it is done by local street teams. The internet is the most valuable tool for any young entrepreneur and knowing how to maximize its potential is where we do a lot of research - we use Facebook, Twitter, Myspace, blogs, and online stores to spread our music, sell our merchandise and attract more people to our movement. We have recently adopted a different business model - one where we release music for free to people, and then use the interest in the music to book shows/tours/endorsement deals to generate a consistent revenue stream. How do artists get added on to your label? We find artists through local networks, word of mouth, etc. At this point we are focusing most of our time and energy on promoting Green Street as a group and hoping that as people dive into the music and our culture, they will become aware of the other acts that we associate with. What is the culture and unique sound of Green Street? Ani: Once we realized the potential of Green Street, and how people were really attracted to what we were doing we spent a lot of time in creating a brand image. We focus on creating a positive lifestyle, one that believes in making the most of life, in being creative, expressive and most importantly being yourself. Our 'culture' is based around this - we don‘t curse in our songs and we want to be able to inspire the people around us - the use of the color green is for its associations with fertility, growth, and livelihood. We believe in being cool but being cool in a positive way. We like to dress a certain way, use certain slang and continually innovate the things we do so that more people will give our music a listen. Sonically, I think we are in a very unique lane - we use a lot of jazz/soul samples in our music, but we try not to sound dated. Therefore, we mix old school sensibilities with a new school attitude and cognizance. Our live shows feature a 5person band, and are a truly unique experience..ask someone who has been! So how do you balance music with school/life? Ani: The balance is very tricky - it comes down to being able to not only manage your time effectively but making sure you are working smart and just working hard. Delegating tasks, as well as knowing when to do things yourself is very
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important. Green Street, as a group, has been on a 'tour' for the last 13 months or so, with 2-3 shows every week, so balancing that has been hard. I usually leave NY every Thursday, and return on Monday, as many of our shows are out of state. It comes down to knowing you can‘t have it all – it‘s impossible to have both a 3.8 GPA and be on tour - so I've learned to make sacrifices in certain things and accepted the fact that this life is going to come with its wins and losses. I don‘t regret it for a minute though! Any advice you would give to others interested in entering the music biz? Ani: My advice would be: Never be afraid to try something regardless of the challenges that you feel are there. If you are looking to get into the music business, never trust anyone but yourself and the team around you, there are a lot of false promises in this business. Be creative, innovative and don‘t be afraid to start small. Music is best received when it is personal, so find avenues by which you can connect to people, your fans, etc to get people to 'believe' in your brand. How has Green Street grown since you first started it? Ani: Good question. Green Street has grown, from its initial duo, to a four person team + band, etc. I have met most of the people through personal connections, and mutual friends. Malado, the band we play with, I met for the first time when 2 years ago, when we started doing shows with a mutual friend we shared. We realized that there was a lot of mutual respect between us, and we continued to work together, eventually performing with Lupe Fiasco at Umass Amherst last fall. Lupe Fiasco? Really?! Ani: There was an opportunity to open for Lupe Fiasco and GirlTalk last summer, and Umass Amherst was hosting a Battle of the Bands competition and the winner would be get the chance. We went into the battle of the bands, and put on a very high energy, progressive hip-hop/live band show, and we were selected the winner after 3 rounds of judged competition and an eventual round judged by audience participation. The opportunity was great because not only did we get to perform in front of 5000 people, but it also gave us a springboard by which we used to book more shows, and an eventual tour.
To find out more about Green Street Records, go to: http://www.greenstreetrecords.net http://myspace.com/greenstreetrecords
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The latitude to take risks: From Consulting to Entrepreneurship
anielle Qi is no stranger to following her gut. After graduating from University of Pennsylvania in 2006 with a dual degree in History and Marketing at Wharton and a minor in Chinese, she spent the summer after graduation pursuing a long-time interest: working in non-profit. Following her experience there, she worked two years for top management consulting firm, McKinsey & Co, in San Francisco, before leaving the company in 2008 to venture into another new field: entrepreneurship. Today a co-founder of Veritat Advisors, a financial planning startup founded with one of her former Wharton professors, Danielle reflects on her diverse career experiences and how they have shaped who she is today. By Lucy Liu
KEEPING AN OPEN MIND To Danielle, keeping an open mind is a key component to success. As an active member of the Penn‘s student government associations as well as a Residential Advisor, Danielle was exposed to different types of people and perspectives during her undergraduate years, which often helped when it came time to making career decisions. One of these decisions was to determine how to spend her summers. Danielle decided to accept an internal consulting internship at Dell headquarters in Texas, which gave her the opportunity to learn about a different side of business. ―Traditionally, a lot of that business school kids get service jobs,‖ says Danielle, ―like accounting, finance, or consulting. These jobs are great, but it‘s also really helpful to know what these jobs are built on. It‘s good to have a view on the industry that you‘re serving.‖ During her summers at Dell, Danielle also realized that there are many different ways to break into an industry. For example, if you aspire to be on the C-level, Danielle suggests that ―it may be a good route to work in a different industry – perhaps a service industry – then transfer into a corporate job later on.‖ Many Fortune 500 companies, for example, hire experienced individuals from the outside in addition to promoting from within. Service industries like consulting and finance provide a good foundation for long-term advancement, while offering the opportunity to explore different industries.
TAKING A LEAP INTO CONSULTING Danielle was first exposed to consulting during her junior summer, when she interned at AT Kearney, a global strategic management consulting firm that competes on the same playing field as heavy hitters like McKinsey and Bain. One of the most important factors in Danielle‘s decision to pursue consulting after college was how it fit her personality and lifestyle choices at the time. ―I didn‘t apply to any finance positions,‖ she reflects, ―because I knew my personality. I wanted to do more than just work and sleep, and I had interests that I wanted to keep up on the side.‖ Consulting offered Danielle flexibility, with an average of about 55-60 hours a week and the option to take time off between projects. On multiple occasions, Danielle took two to three weeks off here and there, to travel, consider next steps, or just spend time with family. When asked about the skill set required for consulting, Danielle emphasizes strong critical thinking and communication skills. ―You are working on high-level corporate problems, which require you to become an expert on the industry that you‘re working very quickly.‖ She dismisses the common perception that junior consultants are
―I didn‘t apply to any finance positions,‖ she reflects, ―because I knew my personality. I wanted to do more than just work and sleep, and I had interests that I wanted to keep up on the side.‖ 51
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too inexperienced to offer real advice to companies, explaining that after a few months of practice, a newcomer could easily get up to speed. In fact, Danielle attributes part of the excitement of consulting to its steep learning curve. During one of her early projects in the hospital space, she and other teams spent months on formal research that culminated in a 30 page industry report before the project could commence. TAKING RISKS AS AN ENTREPRENEUR After completing her two years at McKinsey, Danielle was contacted by one of her former Wharton professors, who invited her to join him in starting up a new business venture. Danielle agreed, and when asked how she has been able to make such an impulsive career decision, she answered: ―Entrepreneurism was just something I knew I wanted to try at some point in my career. It seemed as good of a time as any.‖ She noted that one of the benefits of test driving her passions early on in her career gave her a better idea for what she really wanted to pursue, at less cost and less risk. Danielle knew that entrepreneurism would be a high-risk experience. Yet, she believes that recent grads have more latitude to take risks: ―Worst case scenario, you mess up and go to business school. It‘s a great restart button.‖ Danielle‘s advice for budding entrepreneurs? ―Know what type of entrepreneurial experience you‘re looking for. There‘s the established startup, that‘s been around for maybe 3 or 4 years, and then there‘s the fresh off the ground startup with only nine people doing a lot of things from scratch.‖ DO YOUR HOMEWORK If there were one piece of advice Danielle would leave behind, it would be to keep an open mind and actively explore your interests and options. Students, she believes, should take advantage of their opportunities to explore while they are still young: ―Wall Street seems sexy, nonprofit seems sexy, entrepreneurship seems sexy – whatever you‘re interested in, do your homework into that field, talk to people, read about the industry potential, then decide if it‘s worth you giving it a shot.‖ As an undergraduate, you‘re allowed to make some mistakes – as long as you do your homework before you act, you may discover that following your gut can be less risky than it seems.
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WANT TO BREAK INTO CONSULTING? Management consulting is one of the top choices for Ivy League and business schools students because of its prestige, exposure, and attractive starting salary. The work is rigorous, but can be extremely rewarding, especially for undergrads. The field, unsurprisingly, is extremely competitive. Having worked at the number one firm in the biz, Danielle offers these pieces of advice to students who are interested in breaking into the world of consulting: 1.
Read widely. Consulting firms don‘t want to hear you recite what you learned in your finance classes; instead, they want to know that you have a broader understanding of the world, and can speak intelligently on real-world topics. They want well-rounded candidates, and to do that, Danielle advises keeping up with current events, whether it be through reading publications like The Economist or Wall Street Journal, or taking up nonfiction literature.
2. Practice cases. Close to interview time, Danielle suggests that students practice cases ―like crazy,‖ as it is often 80% of the interview. Good resources include the Vault guides, Case in Point, as well as checking out online guides such as ManagementConsulted.com. 3. Network, network, network. It‘s hard enough to get consulting gigs during the summer; imagine trying to find an internship when you don‘t come from a target school. While this wasn‘t a problem for Danielle, she recommends that students from non-target schools still submit their resume, attempt to seek out the firm‘s local recruiter, and reach out to alumni who are in the firms that you‘re interested in. It is possible to make it from a non-target school, as long as you make the right connections! Of course, things might not always turn out as one might hope. Danielle leaves us with some words of wisdom in regards to recruiting: ―The process can be like getting into college: hit or a miss based on luck. Whether you get an interview or an offer or not should not influence your sense or your skill set too much.‖ For students who don‘t manage to get a consulting internship right out of undergrad, it is not the end of the world. ―Most consulting firms,‖ says Danielle, ―are impressed by big name internships. Working at a well known firm, as long as they can see that it was challenging, is a great ticket to getting a consulting interview later on down the road.‖ The Alpha Chapter
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A Mind for MArketing When people first consider a career in marketing, they often begin with a few misconceptions: 1) that marketing is a world reserved only for the artistically gifted and 2) that marketing is irreconcilable with finance. As a 1st year marketing analyst at credit card giant American Express, Karen Kong breaks all these rules and more. Graduating from Stern in 2009 with a double major in Finance and Marketing, she explored many areas of marketing ranging from account management to fashion before finding her fit at one of the top brands in the country. We managed to catch up with Karen to learn more about her passion for the field and how it has developed throughout her undergraduate and post graduate career. By Lucy Liu First things first, how did you decide to major in marketing? I‘ve always been really interested in marketing. I took a class on it in high school, and was captivated by the creative aspect of it, the way that you are able to influence and inform people's choices based on what you say or what you show. Did you choose to do combine marketing with finance from the beginning? Yup, it was great. I always knew I wanted to do marketing, but I needed something more grounded as well and finance fits it nicely. The combo created a good balance. I had marketing for the more creative, qualitative stuff, but finance for the more stable, quantitative stuff. How have your marketing interests developed since coming to Stern? Well, I had a few internships at marketing agencies, so I learned more about the industry and really liked the work I was doing. All the classes I took were super interesting too - my Intro to Marketing class was in Shanghai, so we learned about marketing in China, which differs greatly from marketing in the US. For example, they don‘t have as many real regulations on advertising yet, so they have ads plastered everywhere! What would you say was your favorite marketing class? Advertising Management in my senior year taught by Professor Green. It taught basically the ins and outs of advertising; we looked at a lot of different campaigns and analyzed how successful they were. We had a project where we had to choose a company that we wanted to revamp and grow, and had to develop and entire marketing strategy for it. What company did you choose? We wrote a strategy for Freeze 24/7, which is a skincare brand. It was a really small company, but it was sold in both high-end department stores as well as QVC. We thought the strategy was really muddled, so we decided to make it a purely high-end company, and then revolved its marketing around that.
Did you intern as a freshman? Actually, I interned before and after freshman year. Before, during the summer after my senior year of high school, I interned at Standard Chartered Bank in Hong Kong in their marketing department. After freshman year, I interned at an agency in Chicago, where I got to work on the Coca-Cola account. That‘s exciting! What did you do for the Coca-Cola account? I was mainly working on a pitch we were doing for the Minute Maid account, doing lots of research, helping to think of ideas to revamp the brand etc. We had to think of the whole strategy behind it: lots of competitive research, field research—going to stores to look at product placements, seeing what trends were big at the time. The health trend was really picking up at the time, so a lot of our marketing revolved around that theme. I also did a lot of research about marketing to the younger generations. Lots of different firms were pitching for the Minute Maid account, but we won the account! You‘ve also worked in fashion before – can you tell us a little about that experience? During junior spring and part of senior year, I did an internship with the Italian fashion company Ermenegildo Zegna. I had always been interested in the fashion industry, and thought I‘d take an internship to see what it was like. I was working on sales, so basically, working with buyers, spending time on the showroom floor, and learned a lot about the collections. The brand is really well known for its suits. Wait – what about your sophomore summer? Did you work? (Continued on next page) 53
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Nope! I traveled around Asia – decided I‘d take a summer off. Okay, okay. So now you‘re working at American Express. How did that happen? Amex is known to be a great marketing company. It‘s a really well respected brand, and I thought it would be a good opportunity for an internship. It was between that and doing MAIP, an advertising program, where I would be working at an agency. I chose Amex because I wanted to try out the corporate side. The summer internship was amazing—I was given my own project to work on, which was actually implemented when I was there. I worked on the Blue Cash product management team, handling value proposition awareness. Basically, our Cardmembers didn't really understand the rewards of the card, what they were offered and how to utilize it to its greatest potential, so my project was to develop a strategy on how to improve the marketing to the Cardmembers so they were better informed. I ended up making 9 recommendations and was working on those my last month there or so...ranging from emails, direct mail, statement marketing to changing the website. What would you say is the main difference between agency and corporate side? Well, at agencies, you're always working for a client. So while you're thinking of strategy or creatives, ultimately, it's up to the client whether they like it or not. On our side, we think of the main ideas we want implemented and we go to agencies to help us actually realize them. Which side do you like better? Definitely corporate side – you see more of the big picture. You manage more of the overall marketing process, whereas on the agency side, you may only get to see one small aspect of a larger campaign.
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How was the transition to full time? Good! The best part is that you have stability instead of classes at random times (she laughs), and you don't have to really worry about work after you get home. Just as an aside, I‘ve heard that American Express and L‘Oreal are both firms that sit at the top of the lists for many marketing majors. How would you compare the two? Make sure the brand fits you. They‘re both great companies, but both very different. It‘s about your personality, and how you get along with the people there. Finally, what kind of advice would you give underclassmen who are interested in marketing based on your experience? What do you think helped you stand out as a candidate? I think it‘s good to try everything you may be interested in, whether it‘s through an internship or just talking to people that know about or work in the field. I held a lot of different internships in different companies because I was interested in learning about all types of marketing. In terms of standing out to American Express, I think it helped that I was a finance major – which appealed to the more technical, analytical side, but also the fact that I had tried many different things and knew what I ultimately wanted. Karen belongs to the Card Services group as an online acquisitions analyst, where she handles online marketing for all the additional benefits that American Express offers Card members, such as insurance products and identity theft prevention products.
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A Day in the Life of Today‘s Investment Banker This is an anonymous account from a 3rd year Analyst working at a bulge bracket bank. As an NYU alum, he shares with us his tips for achieving success in the world of investment banking, his experience in the field, as well as what he thinks about the future of the banking industry. What I Actually Do I am currently in my third year as an Analyst at a bulge bracket investment bank. I work in the Financial Institutions Group, which deals with companies in: insurance, banking, specialty finance, financial technology, or asset management. Over the past couple years, I have worked on a number of M&A and capital-raising transactions. On a very high level, an investment banker is what a real estate agent is for property but for companies. Bankers introduce buyers and sellers of companies and try to make a deal happen. At the analyst level however, my work is mostly transaction execution or pitching. Pitching involves working on marketing materials or presentations for senior bankers to use in securing deals. Execution work involves a number of different tasks that can be anything from valuation work to drafting up documents.
I finished my training program, I moved with my former group to the bulge bracket firm. What My Day Looks Like There isn't a day that's "typical" or "normal" in investment banking. I work in a fast-paced environment where things are constantly changing. I stay updated on the different projects I'm working on and check in with my deal teams throughout the day to make sure tasks are completed on time. (See next page for a sample day)
How I Got There My career process was pretty straightforward. I went through OCR and had a lot of interviews in my junior My Take on Investment Banking spring. Obviously to get interviews, you need a solid GPA There are definitely many positives and negatives about working (3.5+, ideally around 3.7) and relevant in investment banking. The hours are long and My #1 Tip: work experience (most people at Stern have unpredictable, but the work is challenging and exthe latter). I landed a couple offers and deJust work hard and tremely rewarding. The demanding and competicided to go to a large commercial bank‘s everything else will tive work environment really motivates you to IBD. From the summer analyst program, I work as hard as you can and stay focused. You also work itself out. received a full-time offer after the summer develop long lasting relationships and become good ended. I graduated from NYU in '07 and friends with many of your coworkers. Banking also went straight to work for the growing investment banking helps develop strong technical (i.e., financial modeling, valuation department at this commercial bank. analyses etc.), presentation, and organizational skills. My path into a bulge bracket bank was unconventional. For my penultimate year summer internship, I was a Summer Analyst at the commercial bank‘s M&A group. I received and accepted a full-time offer after the internship and subsequently went into a training program for 2 months after graduating from NYU. While in my training program, some of the investment bankers I worked with during my summer internship moved to the bulge bracket bank. When
The Future of Banking? The industry, like the economy, will always go through cycles of boom and bust. For better or worse, the banking industry is innovative, constantly developing and implementing new ideas to generate revenue. As past mistakes are corrected, new mistakes will arise. That's just the nature of the industry. I don't believe the fundamentals of the industry change as much as some may think. 55
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A Sample DAY FOR AN INVESTMENT BANKER (As a 3rd year) 8:30AM: Wake up and get ready for work. 9:30AM: Arrive at the office and get breakfast and coffee from the cafeteria. 9:45AM - 12:30PM: Listen to voicemails and check e-mails from prior night. Continue working on or finish some analysis and presentation changes from the night before. Check in with deal teams to map out a working plan for the day. 12:30PM - 1:30PM: On a good day, grab lunch outside with some coworkers. On a busy day, grab lunch from the cafeteria and eat at the desk. 1:30PM - 6:30PM: Work through presentation materials, financial models and dial-in to client calls. Respond to any client inquiries. 6:30PM - 7:30PM: Have dinner with coworkers in a conference room. 7:30PM - Midnight: Focus on getting tasks completed and head home. For more check out ―A Week in the Life‖ at www.mergersandinquisitions.com
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Breaking Barriers in Real Estate Frank Song is a driven twenty-two year old entrepreneur who has worked full-time in the California Real Estate industry for the past half decade, while attending the University of California, Davis (UCD). As the youngest Real Estate Broker in California and co-owner of real estate investment advisory firm Wynand Financial with partner Ireland Bowens, he speaks below on the meaning of success, the importance of facing challenges head-on, and giving 100% to your ambitions. By Daniel Sheng Why did you decide to get into real estate at such a young age? I always found the concept of being an agent or broker intriguing. I saw being an agent similar to being a lawyer, always looking out for my client‘s best interest. In addition, I also enjoy the relationship aspect of the business because I am very much a people person. How did you begin in real estate? When I began my senior year of high school (2005), a friend thought I would be good with people and suggested that I become a loan consultant at a real estate firm called Alliance Financial. I came in and hit the ground running. I experienced success very early on in a junior position and the rest is history. Wow, that sounds great. So how did you get the idea to get your real estate license and what were your motivations behind it? Well, that answer lies in the type of person I am. Whatever I do in life, I try to perform at 100% and do it to the best of my ability. So naturally, I wanted to add to my knowledge and find out what made the industry tick. So I started doing some research and eventually found myself on the Department of Real Estate website. I saw that you only needed 3 things to become a licensed real estate agent: Be 18 years of age, take 3 real estate courses, and pass the state exam. So I bought 3 online real estate courses, took the state exam a couple days after my 18th birthday and there I was, a licensed 18 year old real estate agent. How did your family and friends react to you getting your real estate license? I bet people were very happy to hear about it. (He laughs) You know what, many people thought it was a waste of time or thought I wouldn‘t be able to do anything with it. For example, I use to study for the real estate exam in my classes and people would laugh and think that it was a joke. Also, some family members thought it was just Frank with one of his crazy ideas. Looking back now I‘m glad that people doubted me because I‘ve learned that if people aren‘t doubting you, as an entrepreneur, your ideas aren‘t good enough. People who succeed understand that one of the reasons why they are successful is because they did something that no else
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Looking back now I‘m glad that people doubted me because I‘ve learned that if people aren‘t doubting you, as an entrepreneur, your ideas aren‘t good enough.‖
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thought of or had the guts to do, so inherently the general population will think you‘re out of your mind. Given your young age weren‘t people skeptical about your abilities to handle something as serious as their home and mortgage? This is where I had to grow up very quickly. I knew right off the bat that if I wanted to excel in this business, I needed to approach it professionally, as if I was an industry veteran. In sales, appearances are everything so I bought a proper fitting suit, business cards, and taught myself as much about the subject as possible. It also didn‘t hurt that I had a thick mustache that I refused to shave because it made me look older. The point is that, it‘s not just one thing. It‘s the entire package. Just wearing a suit and having business cards did no good if I didn‘t know the subject and vice versa. So to answer your question, I downplayed the issue of my age and tried to highlight my experience/knowledge in the subject. Why did you decided to start Wynand Financial with Ireland? Ireland and I currently work at Legacy Real Estate, which deals exclusively with real estate. We originally began Wynand Financial as a mortgage company because we felt that there was an opportunity in simplifying and synergizing the real estate transaction for our clients. Now, we have shifted our concentration more towards our distressed real estate fund partly due to the enormous demand for these properties from investors wanting to take advantage of the current state of the real estate market. On a cultural level, we wanted a small intimate firm that was built on trust and previous working relationships. The quality of the people we work with is exponentially more important to us than the number of people we work with.
―People who succeed understand that one of the reasons why they are successful is because they did something that no else thought of or had the guts to do, so inherently the general population will think you‘re out of your mind.‖
What have you learned about business that you could share with people who are looking to something start their own business? Forming an intelligent, driven, and trust-worthy team is vital to success. I have never heard of a one man, multi-million dollar company (aside from those one man hedge funds), so you will always need to delegate and have a team. If you have a great idea, then put your heart and soul into it and never look back. People will always doubt you, especially the ones closest to you, so don‘t be afraid to make bold decisions. This is of course after you‘ve done the proper analysis and you believe that you‘re taking an educated risk. Also, understand that running your own business is not easy. I run across many people who want to start businesses to supplement their income. In all honesty, this is one of the most difficult ways to effectively supplement your income. The risks are there and in all likelihood if you do not put 100% of your efforts into this venture then you are better off sticking with your current job. Wynand Financial specializes in the acquisition and exiting of distressed real estate investments in the San Francisco Bay Area, producing superior returns for their investors. In addition to being the youngest broker in California, Frank also holds a Series 7 general securities license and California Life and Disability insurance license, received at the age of 19. His past experience has included investment banking (Instream Partners) and private equity (Kayne Anderson Capital Advisors).
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Investment Banking … and Affordable Housing??
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As strange as the combo sounds, it‘s true! Jaclyn Lepore, a Public Finance IB associate from J.P. Morgan, shares her experience.—By Jessica Li
Hi Jackie, can you tell us a little about how you got started in the financial services industry? Jackie: I was a finance and accounting major at Villanova University. I always knew that I wanted to work on Wall Street after graduation. During the summer of my junior year, I interned at Bear Stearns on their Equities Sales desk. It was there that I realized that I would be better at a project-based role than on a sales & trading desk. So I attended some alumni events and through networking, learned about public finance and applied for the position. What does your group do? Jackie: Public Finance assists public sector clients like state and local governments and non-profit institutions raise capital and refinance existing debt by helping them issue bonds in the tax-exempt capital markets. The Housing Finance Group in particular serves the investment banking needs of state and local housing finance agencies (including veterans‘ agencies). We help our clients issue municipal bonds which provide financing to create and preserve affordable multifamily rental housing and/or create affordable loans for single family homeownership. What made you choose Housing? Jackie: Actually, at Bear Stearns, all of the analysts were put into a general pool. We all went through training and were then assigned to groups. I was assigned to the housing group. Why did you pick public finance over traditional investment banking? Jackie: The public policy aspect was very interesting to me. To me, the idea of helping state and local governments solve their financing needs through the capital markets is interesting. What are some similarities and differences you have noticed between public finance and traditional investment banking? Jackie: Our goal is the same: we help clients solve their capital needs. For our clients this is usually done by issuing municipal debt. But the clients are very different because we work with government officials rather than corporations. Many of our clients have laws and statutes about their debt issuance that we must be cognizant of and adhere to. What advice do you have for someone who wants to start a career in public finance? Jackie: Talk to as many people as you can in the industry to learn about what they do and what they like about their job. It‘s helpful to have a general interest in finance and the fixed income market and have strong analytical skills. What do you like most about what you do? Jackie: I like how public finance provides exposure to all aspects of the capital markets by working closely with the sales, trading, and underwriting desks for upcoming transactions. Most importantly I enjoy helping our clients create solutions for their financing needs. What are some possible career paths one can take after starting in public finance? Jackie: You can work for an issuer if you like the public policy aspect of it. You can work for a financial advisor if you like the analytical aspect of it. And of course, you can stay in public finance banking. Where do you see yourself in 10 years? Jackie: It‘s difficult to say where I will be in 10 years but I see myself working at J.P. Morgan, maybe still in Public Finance!
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Lunch Specials 11:30 To 4:00 Pm, Mom To Fri. Come With Salad & Soup Or Spring Roll. Choice Of Chicken, Vegetables Or Tofu $6.95/Choice Of Shrimp, Beef, Squid, Veggie Duck, Smoked Sausage Or Mussels $7.95/ Choice Of Catfish, Scallops, Salmon, Soft Shell Crab Or Duck $8.95
Kow Soy Crispy Noodles w/ yellow curry and crispy shallot Stir Fried Udon Noodle w/ ginger garlic Pad Thai stir fried rice noodles w/ egg & ground peanuts Pad See Ew stir fried flat noodles w/ egg & chinese broccoli Pad Woonsen stir fried glass noodles w/ egg & vegetables Spicy Noodle stir fried flat noodles w/ basil chili & veggies Pad Puk sauteed mixed vegetables w. garlic sauce Basil Sauce w/ basil, onion, scallions, chili & bell peppers Ginger Sauce w/ fresh ginger, mushrooms & scallions Garlic Sauce w/ fresh garlic and steamed veggies Cashew Nuts w/ cashew nuts & chili paste Sweet And Sour Sauce w/ pineapple, onion & tomatoes Seafood Spicy Bouillabaisse w/ shrimp, squid, scallops & mussels
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