Capital W Executive Team 2014 What is your favourite thing about Capital W? Whilst it's very hard to choose one favourite thing about Capital W, my favourite aspect would be that you get to meet likeminded, driven students. Not only do you develop a network of contacts, but you also gain a support network of female students who are always willing to give advice about anything relating to university, career paths or even just life generally.
Courtney Moses President Fourth year Commerce/Law
Where is the best place to study? My favourite place to study is definitely the Law Library. It's the quietest study space on campus, and there are always powerpoints available if you need to charge anything.
What's the best advice you've ever received? "Nothing in life is free, there is a trade off to everything.' I would like to let the readers ponder about this advice themselves.
Yafei Fang Communications Director Third year Commerce/Economics
What is your favourite thing about Capital W? Being able to meet a variety of people: students, alumni and professionals, learning and emulating their strengths.
What have you gained by being part of Capital W? Capital W has given me the opportunity to be proactive and to connect with the business world earlier than otherwise. I have formed professional relationships and friendships with inspiring women and men, and have had the fulfilling experience of being a leader and learner.
Jewel Zhu Vice-President
What's the best advice you've ever received? Always set out to achieve, and not merely to aspire.
Fourth year Commerce/Law
What is your favourite way to keep organised? I make use of the calendar on my phone, as well as a physical organiser for keeping to do lists and anything I need to jot down. I feel that the key to being organised is to not be overambitious when setting your goals, and keeping track of what you have already achieved during the day.
What do you know now, that you wish you had known in first year? Time is of the essence, figure out your personality and build character through whatever means e.g. trying different part time jobs, interning, travelling or living by yourself. This will eventually help make career choices easier in the future.
Martha Chan Student Liaison Director Fourth year Commerce/Science What is the best advice you've ever received? Be proactive and go out to find new opportunities, opportunities don't find you.
What is your favourite thing about Capital W? Capital W has given me the most amazing network of friends and mentors across different disciplines, year levels and backgrounds. The people I meet always inspire me with their stories and willingness to share their experience.
What do you know now, that you wish you had known in first year? First year counts in university, in terms of social and academics! Make the most of it.
Where is your favourite place to study? Max Brenner's
Jessica Qin Treasurer
Caroline Wong Secretary
Fourth year Commerce/Economics
Fourth year Commerce/Law
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Dear Ladies, It is so hard to believe I am sitting here and writing the last address for 2014. This year has felt like a complete whirlwind â&#x20AC;&#x201C; the year begins in a flurry with O Week, continues to build up with the multitude of networking workshops during graduate recruitment season, gets extremely busy with our Corporate Map Days workshops and the Annual Dinner before internship recruitment season and then focus on building skills to prepare to do it again in 2015! I would like to thank every single one of you, whether you have attended our events, volunteered or even just read our newsletters in 2014. Capital W would not be the society it is without the constant support of our enthusiastic members. We could not have achieved all the wonderful things this year without you!
Capital W Executive Team 2014 Meet the Executives!
President's Welcome By Courtney Moses
Market ReCap By Yafei Fang
Capital W Alumni Interview With Jessica Hunt, former Co-President
Bank of America Merrill Lynch Exclusive Interview with Jessica Mackillop
Citi Exclusive Interview with Edwina Chai
Credit Suisse Navigating the Recruitment Process
EY Exclusive Interview with Brindha Packianathan
Goldman Sachs Optimising Your Internship Experience: Human Capital Management Insights
Macquarie Group Exclusive Interview with Linda
UBS Exclusive Interview with Sarah Holmes
Westpac Exclusive Wijeratne
Enjoy your summer break â&#x20AC;&#x201C; take time to refresh and re-energise for 2015, so that you can reach the destination you are searching for. Kind regards, Courtney Moses President Editor Yafei Fang Communications Director Our contributors for this edition Yafei Fang Caroline Wong Courtney Moses Jewel Zhu Martha Chan Jessica Qin Jennie Yiu Tina Zhou Special Thanks to Our Contributing Sponsors Bank of America Merrill Lynch, Citi, Credit Suisse, EY, Goldman Sachs, Macquarie Group, UBS, Westpac Institutional Bank
Year In Review
Industry Knowledge Workshop Overview
Disclaimer: "The Market ReCap" article is general in nature and written by a student. The information should not be construed as professional financial advice and/or opinion. Statements and opinions expressed are of the author and do not represent the opinion of Capital W. The author and Capital W will not be held responsible for any liability arising from your actions. Please do your own research and come to your own conclusions, or consult with a licensed professional.
The ReCap 2014 Issue 3 |Page 3
Yafei Fang Communications Director
This year we have seen a time of turmoil and heightened geopolitical risk alongside rising equities markets and substantial increases in corporate activity. It is difficult to decide whether the economic standing of the world is better than it was a few months ago. U.S. sentiment is as strong as ever and the tensions over Ukraine have subsided, but worries about China, the success of Japan, concerns over European growth and the future of the Australian economy continue to linger in the minds of market participants. Markets are subject to the larger economic picture and thus the Market ReCap covers major economic themes, concerns and market movements. The U.S. economy is on most metrics gaining momentum, with higher consumer spending, improving sentiment and higher economic growth. Second quarter GDP growth in the U.S. was 4.6% at an annualised rate up from a previous estimate of 4.2%. Janet Yellen, the Federal Reserve chair believes that "the labor market has yet to fully recover". U.S. Federal policy makers are still debating how much longer to keep the federal funds rate near zero as they approach their goals of stable prices and full employment. This September, Federal Reserve bond-buying was tapered to only $15bn, with the program expected to end in October. U.S. inflation remains limited at 2% (annualised rate) in the second quarter. These inflation measures suggest price pressure in the economy has been limited. The Reserve has indicated that the key federal funds rate will continue to target a range of 25 basis points for some time after the quantitative easing program ends. This confidence has been reflected in rising U.S. equity markets and strong earnings throughout most of the year. Europe's deflation concerns continue, growth in the EU has been anaemic and the European recovery has been deemed fragile. The ECB meeting set the European overnight interest rate dangerously close to the zero lower bound, at 0.05%. The ECB has continued to discuss a US style quantitative easing in their talks, however, no clear consensus has been reached yet on the topic. ECB economic forecasts put this years growth at 0.9%, rising to 1.6% in 2015. Inflation remains below the target of 2%
at 0.3% YoY in September and 0.4% YoY in August. The ECB remains concerned over the inflation outlook, and the potential consequences of long-term low inflation. Plans have been announced for asset-backed securities and covered bond purchase programs to help ease credit conditions in the EU. Christine Lagarde, IMF Managing Director, said, "We strongly welcome measures taken by the ECB, which help counteract the dangers posed by an extended period of low inflation." Geopolitical risks continue and two major ones that have been making headlines are ISIS and tensions over the Ukraine situation. ISIS continues to attempt to establish dominance in the Middle East, causing some investors to become cautious and hedge their exposure in the region. Tensions in Ukraine have begun to ease, however, the level of U.S. and European sanctions over Ukraine means that Russia, a major trader in crude oil, is potentially at risk of a recession as the price of its major export crude oil blend, Uraals, continues to trade lower. Russia is the world's biggest energy exporter, and receives about half of its budget revenues from oil and natural gas taxes. Falling prices are exhausting public finances and have begun to limit Russia's ability to withstand sanctions, as the shortfall, excluding revenue from energy, exceeds 10% of economic output. Economic sanctions extend to cut Russian borrowers from world capital markets and have limited Russia's ability to grow. A flow-on effect that will soon be seen is the potential for the EU to suffer a gas shortfall this winter. This would be caused by the disruption of the Russian natural gas flows via Ukraine, however some more positive estimates have indicated that, in normal winter conditions, Europe will make it through the winter. That caps off another exciting year for the markets, and a period of turmoil and increasing volatility in contrast to the calm that was present earlier in the year.
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CAPITAL W ALUMNI INTERVIEW WITH JESSICA HUNT Jessica Hunt Analyst Commonwealth Bank Business Banking Finance Division What did you study at university and what is your current occupation? At university I studied Commerce at the University of New South Wales, majoring in Accounting and Finance. I am currently working at the Commonwealth Bank in the Business Banking Finance team. My role involves analysing the financial performance of the Business Bank and producing reports which assist in the decision making process. What motivated you to enter the industry you are currently in? I started my career working as an auditor at EY, focusing on the Financial Services sector. This provided me with exposure to a variety of financial services firms and I found that I had a particular interest in the banking sector. The banking industry is very dynamic and I found the complexity of the banks that I was working on very interesting. This lead to me joining CBA so that I could delve deeper into how the banks work. What initially lead you to join Capital W? Initially I joined Capital W because I had heard about the great events that they hold and the quality of the events was confirmed when I attended my first Capital W event. What skills did you gain from being the Capital W Co-President? Being an executive of Capital W provided me with opportunities to develop my leadership, teamwork and communication skills.
What was your favourite experience with Capital W? Working together with the executive team was the best experience as it was very rewarding to work with a group of passionate and driven students. What advice would you give to young women who have expressed an interest in working in your industry? I have three pieces of advice for those who are interested in working in the banking industry: 1. Do your research about the industry and the firms you are interested in. A great way to find out more about the industry and roles out there is through attending networking events. Speaking to people who work in the firms you are interested in is the best way to find out about the culture of the firm. It really is never too early to start thinking about your career and attending these events. 2. Make the most out of your time at university and get involved, whether it be volunteering for a charity, playing a sport, studying overseas on exchange or getting involved in a club or society on campus. There are so many opportunities and getting involved in what interests you is not just a lot of fun but it will also help when it comes to interviews no matter what industry you are interested in. 3. Do an internship. Doing an internship really is the best way to â&#x20AC;&#x2DC;try before you buyâ&#x20AC;&#x2122; and find out what it is really like to work in the banking industry.
Working with the executive team and with groups of volunteers I had to learn how to leverage the team to get results. I was stretched outside of my comfort zone through hosting the Capital W Annual Dinner and presenting at other Capital W events.
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EXCLUSIVE INTERVIEW WITH JESSICA MACKILLOP Jessica MacKillop Analyst Fixed Income, Currencies & Commodities What is your background? I have a Bachelor of Commerce (Liberal Studies) from Sydney University and majored in Finance and Econometrics. I’m an analyst in Fixed Income, Currencies and Commodities. How would you rate your team's culture? I would rate it the best, my team is friendly and will always go out of the way to help you. How did you begin your career? Has any particular experience strongly influenced your career path? Throughout university I worked in financial advisory, however I always knew that I wanted to work in markets. It’s about finding something you absolutely love doing and following through with your interests. I didn’t actually complete an internship with Bank of America Merrill Lynch, but I went through an employability workshop for my current position. I think it is important to attend as many industry and networking events as possible. Where do you hope to be in 5 years’ time? I hope to have my own trading book. I’d also like to work overseas. This was one of the key benefits I saw with joining Bank of America Merrill Lynch, their level of global connectivity and the strong emphasis that they place on global mobility. What do you believe the goal should be of a summer intern? Interns should learn as much as they can about the different parts of the bank and how they work. It will help give you an insight into what you want to do, as there are so many different opportunities available.
12 week long interview, which is the best way to figure out whether the work is suited to you. What resources should students take advantage of and focus on in the duration of their internship? - Take advantage of the wealth of reports that the research department produces, so that you know, for example, the firm’s view on when the Fed will start increasing rates or what economists think about the looming mining CAPEX investment cliff. - Spend as much time with other grads who have recently gone through the same experience and gain as much advice from them as possible. - Students should focus on things that are topical in the world markets, particularly in the Australian context, and just absorb as much as possible during their internship. What are some mistakes you have seen a summer intern make? One of the biggest mistakes is to be arrogant and act with a sense of entitlement because you’ve got the intern position. It is important to have a positive attitude and be happy to do menial tasks as well. For our younger students who may be looking to intern next year, how would you advise they spend this summer? Don’t switch off but keep reading financial papers. Be aware of what’s going on in the markets and the world and know what’s coming up. Try to gain a greater understanding of the jobs you are interested in. Learn about the experiences of others by speaking to and networking with as many people as you can. Be proactive rather than reactive. Also, practise doing the psychometric numerical and verbal testing in advance and look at ways to differentiate yourself from others.
What are some key qualities you see in the most successful interns? They should have an eagerness to learn. Learn as many concepts as you can and try to be resourceful in terms of figuring out how to do things. Treat the internship as a
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EXCLUSIVE INTERVIEW WITH EDWINA CHAI Edwina Chai Analyst Investment Banking Division What is your background? I completed the Bachelor of Accounting (BAcc) co-op scholarship program and Bachelor of Business (Finance Honours) at UTS. During university, I had internships with Citi, Macquarie and KordaMentha in various roles. I am currently a first year analyst in the Citi Real Estate Investment Banking Team.. How would you describe Citi's culture? Citi’s culture surprised me as I was expecting an alphamale boys club environment and it’s nothing like that. Everyone is friendly, patient and willing to help in terms of career advancement or improvements in technical skills. We’re all quite easy-going and tend to hang out on a social basis as well. How did you begin your career? The Bachelor of Accounting co-op program gave me the opportunity to partake in internships during university. I realised I wanted a more fast-paced, dynamic and challenging career and decided to apply for the Women in Banking Scholarship at Citi which gave me an opportunity to find out more about a career in finance through work experience, mentorship and academic funding. Post completion of the internship at Citi I realised how much I had learnt within just three months of working there and yet had more to learn. The work I was given was extremely interesting, albeit at times challenging. What made me stay at Citi was definitely the people. What do you believe should be the goal of a summer intern? I think a summer intern should aim to learn as much as they can and try to understand how concepts they have learnt in university apply in the industry. In addition, keeping good networks and connections are always a positive when applying for full time roles.
1. Dedication to work – Being able to manage expectations and other priorities 2. Attention to detail – Double checking work and making sure minimal mistakes are made 3. Good attitude – Willingness to work and passion 4. Learning from mistakes – Every intern will make mistakes but learning from them and making sure it doesn’t happen again is always good What resources should students take advantage of during their internship? News/press articles are probably the most important resource. Keeping up to date with the industry you are in or companies you follow will always be helpful. Other key resources include the team or people you are working with. They have been in the industry for a long time and provide very helpful advice for your career amongst other things. What are some mistakes you have seen a summer intern make? Some mistakes include poor organisational skills/inability to meet deadlines because they took on more work load than they should have. It’s ok to push back. Your team won’t know your capacity unless you tell them. Other mistakes include poor attitude and not dealing with challenges in a constructive and professional way. Despite a person having great technical background and knowledge, if they do not demonstrate a professional attitude, this will be noticed by the whole team and impact on their overall assessment. For our younger students, how do you advise they spend this summer? Enjoy your free time if you can. Go on holidays, go travelling, meet new people and go on new adventures. In terms of your career, I would probably just ask people in the industry about their jobs and find out what you really want to be doing with your career. Having said that, it’s never too late to change.
What are some key qualities you see in the most successful interns? Having outstanding technical skills or financial knowledge are helpful but not essential. Some key qualities that I think are more important include:
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NAVIGATING THE RECRUITMENT PROCESS BRINDHA PACKIANATHAN Credit Suisse Campus Recruiting Team
That hard-earned degree is within sight, but do you have a clear view on your employment prospects? Getting ready and getting noticed in a field of qualified peers is the final “assignment” of your academic career. Preparation and presentation will help you stand out and receive the employment offer best-suited to your talents. Here’s how to start: Think of the employment process as a thesis with an introduction, supporting statements and a conclusion. Breaking it up in segments allows you to focus on the current step and build for the next. The Recruitment Process The cycle begins when you and prospective employers start gathering initial information about each other. You’ll have an opportunity to attend campus events, meet recruiters and managers and exchange first impressions. More than a “meet and greet,” it’s a real chance to get your face and CV/résumé in front of people in the industry who seek to find the best talent for their firms. Stay abreast of such events with your Office of Career Services and plan your strategy in advance. How to prepare? First, be yourself. Firms look for skills and academic performance, yes, but also for wellrounded and confident individuals who will contribute to their company culture. Do your homework on firms that interest you and tailor a few questions specifically to their operations. Another homework assignment: keep yourself updated about financial news at least two weeks in advance of the recruiting event so you may ask a couple of topical questions. You don’t have to be an expert, but you’ll impress recruiters and hiring managers by showing an interest in global affairs. At the event, put your best foot forward. Treat the recruitment event as an interview with appropriate attire and polished appearance.
Recruiters and hiring managers are there to meet you: Be confident greeting them, introducing yourself with a smile and a handshake. Be mindful of their time and of your fellow classmates, who also are in line to speak with recruiters. Be succinct in your questions, acknowledge responses and maintain eye contact. Be prepared to step aside if there are a lot of people waiting in line to speak to representatives, but be sure you give each person with whom you speak a final handshake, along with thanks for their time and information. If you’ve made an impression, they may follow up with you. The CV/ Résumé Once you have decided in which area you are interested, you will be required to apply online with a CV/résumé— the formal document that describes your skills, accomplishments and interests. It’s also your marketing presentation. Be sure it’s accurate, up-to-date and competitively positions you as the best possible candidate. Here are a few essentials:
Use quality paper in a neutral color and a strong, easy-to-read conventional typeface. Refrain from graphics and restrict color and type formats. It’s fine to use bold or italics for emphasis, but use them modestly. Double-check all your contact information For in-person meetings, carry your CV/résumé in a folder or small portfolio so it remains crisp. This doesn’t have to be expensive, but it conveys a sense of professionalism.
Your CV/résumé should cover four areas: Academics, which include GPA and other scores, courses of study, mention of scholarships or other awards and accomplishments. Experience, such as relevant jobs, internships, school activities and volunteer work—anything that positions you as a leader and a doer. List in reverse chronological order (most recent first) and include a brief description of each job and the dates.
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NAVIGATING THE RECRUITMENT PROCESS
Personal information about who you are beyond what you’ve done. It’s an opportunity to mention your interests, talents, languages, or travel experiences. List relevant technology proficiencies. Awards, honors or publications will let recruiters know you’ve made a name for yourself in your community—whether that’s academic or civic.
The more specific, the better. If you have achieved a high ranking or have other metrics, for example, “led a club of 500+ members,” include the numbers. If you received an award that has particular distinction, note that, too. Use strong words in a consistent and active voice. Good examples: Directed, Developed, Managed, Performed, Led, Headed, Created, Coordinated, Produced, Researched, Identified. Be prepared to account for any gaps in activity. If you took time off from your education, note that, especially if you were engaged in activities that built your skills or your character. Remember, recruiters look for people who are adaptive and curious. Finally, do more than just a spell check. Print out your CV/résumé and read the hard copy, paying attention to consistent tenses, parallel construction, formatting errors. Ask professors or career advisers to review. Unless you have a long list of publications or other extraordinary work, keep it to one page. A word on ethics: Your CV/résumé is a factual account of your experience and shouldn’t include anything that can’t be verified or supported. It should not include confidential information about previous projects or employers. You may wish to include a cover letter, which serves as a brief introduction to you and your specific interest in the position. Your letter should complement your CV/résumé, not repeat the details. Keep it to two paragraphs, ensuring it’s properly addressed to the appropriate recruiter and department.
The Interview If your preparations have paid off, you’ll be called for an interview. Bring several copies of your CV/résumé. Typically you’ll spend up to an hour with an interviewer(s) who will ask questions that will help determine your competencies, knowledge and potential for success—professionally and personally. What does Credit Suisse look for? Potential leaders with demonstrated problem-solving skills and the ability to deliver results. These are students who, despite their significant workloads, have invested time and effort in on-campus activities such as leading student organizations or competing in sports. We seek students who have raw intellectual ability and have the grades to demonstrate that. Our best candidates are entrepreneurial: self-starters who can envision long-term goals. They have excellent communication and networking skills that will benefit them in our highly collaborative environment. Some business areas may have additional assessments such as job-specific exercises, questionnaires to determine abilities and attitudes and personal fit, or exercises for determining your ability to work in a team. You may go through several rounds, and as interviewers will compare notes, you’ll want to be prepared and confident for each meeting. Be sure you have good talking points on the following:
The firm’s culture, position and ranking in the industry The position offered, and the skills required Trends and current issues in the financial industry
It’s easy to get tongue-tied, but taking a moment before answering tough questions will help you gather your thoughts and formulate your answer. A considered and concise answer shows self-control and an ability to organize thoughts. Be prepared to discuss everything on your CV/résumé and where possible, provide examples of what you’ve accomplished or what you’ve learned. Keep focused on your contribution to the firm and save questions about salary and benefits for later.
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EXCLUSIVE INTERVIEW WITH BRINDHA PACKIANATHAN Brindha Packianathan Manager Assurance
teams you work with and taking ownership and pride in the quality of your work.
What is your background? I am a Manager in EY’s assurance practice. I have a specific focus on the real estate, hospitality and construction industry. I completed a B.Comm at UNSW with majors in accounting and finance and completed a C.A with EY over my first few years working with the firm. How would you describe your company's culture? EY has a strong people culture with a genuine focus on bringing out the unique strengths of each member of our teams. Our partners believe in active coaching and empowering people to take ownership over our client service. How did you begin your career? Has any particular experience strongly influenced your career path? I probably fell into both accounting and then assurance as I wasn’t sure of which career path to take after I left high school. However, with each year I have spent in the industry, I have continued to find new opportunities to be excited by including building different skill sets and providing new goals to shape my career path.
What resources should students take advantage of and focus on in the duration of their internship? Speak to people in your business to understand what is expected of you and how you can contribute to your wider team goals - don’t be afraid to ask questions. People already in the industry are your greatest resource for advice on how to succeed. What are some mistakes you have seen a summer intern make? Everybody starts somewhere – so take every opportunity that comes your way with a great attitude. For our younger students who may be looking to intern next year, how would you advise they spend this summer? Try to keep up to date with the latest news in your industry and keep in touch with your friends that are going through their internships so you know what to expect when it’s your turn.
Where do you hope to be in 5 years time? My answer to this question probably changes every year – so instead of where I would hope to be, I would now define my goals as ‘who I would hope to be’ in five years. I would hope to be a charismatic, confident and authentic business leader who can really contribute to shaping the communities I work with. What do you believe should be the goal of a summer intern? Use the opportunity to really learn as much as you can about the business and industry you are working in. What are some key qualities you see in the most successful interns? Genuine enthusiasm to learn and contribute to the
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Optimising Your Internship Experience: Human Capital Management Insights Samantha Postlethwaite, Co-Head of Campus Recruitment for Goldman Sachs in Australia and New Zealand shares some insights into how to make the most of your upcoming summer internship. Having now run several internship programs during my time at Goldman Sachs I’ve had the pleasure of meeting intern classes full of enthusiastic and bright young professionals. Each individual has made their mark in different ways. Some have been quiet but technically brilliant, others friendly and always punctual and then there were those who weren’t attentive during training. It is important to ensure that during your internship you set yourself apart for the right reasons and not the wrong ones. By the time to reach your internship, you have already gone through the rigours of the interview process; you have set yourself apart from 100’s, possibly 1,000’s of other applicants, proven your passion and fit with the firm. Now you need to prove yourself again, but this time in a more hands-on and sustained way. Your behavior during your internship will govern your personal brand, and ultimately your success. Here are some things to consider heading into your internship: Before You Start:
Think about what it is you want to achieve and take away from the internship; is it a graduate job that you ultimately are looking for? Do you want to learn more about the industry and whether this is the right career for you? Are you looking at it as a networking opportunity, or perhaps all 3? Set your goal and go for it!!
Complete all the necessary onboarding forms accurately and in a timely manner
Follow up with your new team/manager/HR to see if there is any pre-reading or preparation required
Re-connect with your buddy or contacts who you met during the interview process to let them know you will be joining the firm soon; a succinct email is a nice touch
If you have the option to indicate a preference for the team you are going to join, let them know in advance so it can be included in the planning
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During the Internship:
Be a sponge: absorb information during meetings and training sessions, take notes and ask questions. You are there to learn and make the most of this experience, make it work for you. There is no such thing as a dumb question
Network: if you enter a meeting room where you don’t know people, introduce yourself and shake hands (firmly) (gauge with you manager first what is appropriate during client meetings)
Be humble and helpful
Be remembered for your good manners
Professional communication: conduct yourself in a business-like manner at all times, using appropriate business language. Use correct spelling, grammar and punctuation, no slang and definitely no profanity!
Keep it positive: don’t let fear hold you back, doubting yourself is unproductive. Tell yourself ‘I can do this’, and if you don’t know where to start, ask
Ask for help: if you need additional support or are feeling stuck, ask your buddy, manager or Human Resources for advice. Most firms will also have a confidential Employee Assistance hotline
Ride the learning curve: you may be overwhelmed by how much there is to learn, it will get easier. Work out how you learn (and retain) information most effectively and use those strategies
Be punctual: make sure you know what time you are expected to arrive at work each day and ensure you arrive to meetings on time
Set expectations: be responsive to requests and communicate expected timeframes
Say thank you: express appreciation for the big and small things people do for you
Become familiar with processes and procedures: ensure you read and understand all the relevant policies, and understand the team’s norms i.e. how you answer the telephone
Be a vault: ensure you abide by confidentiality and away from the office, do not speak about your projects/ team members / client work
At meetings/events: respect the presenter, maintain eye contact, listen and refrain from talking whilst the session is in progress, unless it’s an interactive session. If you are unable to attend, notify the meeting organizer as soon as possible
Business attire: take guidance from your team as this can vary. Always make sure you are professionally presented and when in doubt, keep it conservative
Mobile Phones: Keep them on silent and limit personal calls during the day
Balance: you will want to give 110% of yourself and energy to this internship. balancing all your hard work with sleep, regular exercise and healthy eating
Ensure you are
After the internship
If you don’t receive a graduate offer at the end of your internship, be courteous, not bitter. The financial services industry is a community and even though this opportunity may not have worked out this time, there will be opportunities down the track. How you respond during the bad times is sometimes more important that how you respond during the good. Be the best ambassador for yourself and your brand that you can be.
Lastly, for those of you reading this who may not have secured an internship over the summer, don’t worry. Cherish the spare time you have. You may wish to travel, spend time with family and friends, do a short course, learn a language and/or explore some non-academic interests that generally take a back seat during semester. Whatever your plans for summer, have fun making the most of it. Good luck! Samantha
The ReCap 2014 Issue 3 |Page 15
EXCLUSIVE INTERVIEW WITH LINDA Linda Macquarie Financial Crime Compliance Team What is your tertiary background? I am currently in my final year at University of Technology, Sydney studying a combined Bachelor of Laws and Bachelor of Business (Economics) degree. In conjunction with the studies I work part time in the Macquarie Financial Crime Compliance team. How would you describe your company's culture? What I value most about Macquarieâ&#x20AC;&#x2122;s culture is that whether you are an intern or senior management, your input, views and work is valued. You feel that you are adding value. How did you begin your career? Has any particular experience strongly influenced your career path? Prior to joining Macquarie I worked in a number of industries (retail, education, accounting and legal) and I quickly realised I enjoyed variety and challenge in a role. At Macquarie the nature of my work involves everything from legal analysis of domestic and international laws, wrapping my head around complex financial products, to advising and educating the business on financial crime issues. Where do you hope to be in 5 years time? In 5 years time I hope to still be employed at Macquarie (and hopefully be in a position to mentor my own interns.). As a global organisation, the opportunity to second or permanently move to one of our overseas offices exists and I would welcome the opportunity to experience different cultures and gain new perspectives offshore. What do you believe should be the goal of a summer intern? The goal of a summer intern is not always about getting a graduate offer at the end, although it is very important. The goal is to work out for yourself if you enjoy the team you have been placed in and whether you are a good fit for the company. You will also have the opportunity to network and this is important.
What are some key qualities you see in the most successful interns? In my view, successful interns are the ones who possess a positive attitude towards every task they take on no matter how small or large. Those who ask the right questions, are enthusiastic to learn and are able to express and form their own views are the ones who will succeed. What resources should students take advantage of and focus on in the duration of their internship? Macquarieâ&#x20AC;&#x2122;s most important resource, as reiterated many times by Macquarie employees, is the people. During my internship I have had the privilege to meet and work closely with some of the brightest and accomplished people in the financial services industry. They are highly experienced professionals who come from different backgrounds and you are able to draw on their experiences to help you reach your goals. What are some mistakes you have seen a summer intern make? I would say being passive and not voicing their opinions, within reason, of course. Even if you are an intern your views are taken seriously because more often than not you will bring fresh ideas to the table. For our younger students who may be looking to intern next year, how would you advise they spend this summer? Work experience, whether voluntary or not, is key. I always target the skills I want to improve upon and seek work experiences that will help me develop those skills. I like to set out my major goals for the year, such as getting an internship for the following summer and I seek out ways in which I will be able to achieve it, such as getting relevant work experience or participating in more extracurricular activities. Other things that I believe that would be value adding is travelling to unfamiliar destinations or doing anything that is out of your comfort zone as it will be character building.
The ReCap 2014 Issue 3 |Page 16
The ReCap 2014 Issue 3 |Page 17
EXCLUSIVE INTERVIEW WITH SARAH HOLMES As we progress through university, summer internships often become the focal point of many conversations. Sarah Holmes from UBS describes her experience as, ‘an insight that no one can clearly explain; you need to do it to fully understand it. Once you do, you are one step ahead of your peers.’ Capital W had the opportunity to explore this with Sarah Holmes – Associate Director in Equity Capital Markets at UBS and an art enthusiast. What is your background and how did you start your career? In the summer of 2008/2009, I interned at the UBS Auckland office. Unfortunately, the GFC took its toll on the global economy and no graduates were hired around that time. I kept myself busy by completing the CFA Level 2, working as a graduate on the buy side at ANZ Private Wealth and keeping in touch with the people at UBS. As soon as a place opened up, I returned to UBS and jumped straight into the deep end. What are some highlights at the start of your career? My first transaction was the IPO of Trade Me. It was an exciting place to start as I was familiar with the online market place that I had used many times myself, and the company had proved itself to be one of the most successful technology start-ups in New Zealand. Following the IPO, I spent the majority of my time working on the sale of the South Australian Government's Forest Forward Rotations. It provided me with ample opportunity to travel frequently and develop strong relationships with my New Zealand colleagues, which still last today from Sydney. How would you describe your team and company’s culture? Friendly, supportive, committed and focused on delivering a high quality of advice and execution to clients.
stage, with solid client relationships and a reputation that I’m proud of. On a personal level, I hope to still find time to do the things I really enjoy outside of work, including my design and lifestyle blog which is a creative outlet for me (check it out at www.ateawiththequeen.com). What do you believe should be the goal of a summer intern? Learn from your experience, understand day to day what an analyst does, get used to the environment and structure of the bank. It is an insight that no one can clearly explain; you need to do it to fully understand it. Once you do, you are one step ahead of your peers when it comes to grad jobs. What are some key qualities you see in the most successful interns? Attention to detail is crucial. The tasks that interns take on are new and at times challenging, so it is important to ask questions and understand the context and output you are pulling together. We also like to see people who can get on with the team and work hard when required. What resources should students take advantage of and focus on in the duration of their internship? Talk to bankers in work situations but also at events outside of working hours. We have a huge amount of information available to us from our research team, sales desk and subscription products. Have a look at them and see what value add you can bring to a task you’ve been asked to deliver on. For our younger students who may be looking to intern next year, how would you advise they spend this summer? Firstly, have some fun and enjoy a free summer! We look for well-rounded students who are clearly diligent but have interesting backgrounds. You should also actively seek out connections and talk to them about the career paths they’ve chosen. Talking to people will give you an advantage in applying for internships, however it’s not until you have experienced working in a certain industry that you can conclude it is the right fit for you.
Where do you hope to be in 5 years time? I hope to be in my current team at a more developed
The ReCap 2014 Issue 3 |Page 18
The ReCap 2014 Issue 3 |Page 19
EXCLUSIVE INTERVIEW WITH CHRISTINA WIJERATNE Christina Wijeratne Graduate - Westpac Corporate Institutional Bank How do you demonstrate your interest in an industry through action? Getting involved in university societies is a great way to not only demonstrate your interest in an industry, but also to expand your network and meet like-minded people. These societies are often involved in organising networking events with corporates, which means you’ll often get to liaise with relevant industry contacts behind the scenes. Producing a regular update (e.g. on a particular industry/field of interest) and publishing it on a blog or distributing it via email will demonstrate your passion and that you’re actively keeping up to date. If you do it well, it can also lead to further networking opportunities – a friend of mine has managed to leverage his contacts by doing this, as people who have enjoyed his weekly summaries have passed them on to others in their workplace, proving a great way for him to advertise his personal brand before even leaving university. How do you spend your summer productively if you're not working in an internship program this summer and you are going into your penultimate year next year? I’d recommend trying to organise some work experience or time shadowing at a company in your area of interest - speak with any contacts you may have in the industry or consult with career services at university. Dedicating time to expanding your network and finding a good mentor is also a good idea and can be very beneficial throughout your career. Volunteering and helping out the community can also contribute to your overall development and the experience is often highly regarded by prospective employers.
What are some common misconceptions about the institutional banking industry? Some people think we work in a branch, others think we trade stocks. Sometimes friends ask if we can help them do their tax or with their personal banking issues. These are all definitely huge misapprehensions. The institutional banking industry is quite vast – from financial markets to relationship banking, credit analysis, transactional banking and everything in between, there’s a plethora of aspects involved in holistically delivering on the banking needs of corporations - something that can only be achieved through a great deal of collaboration. What are some of the realities vs. expectations of your role? As an intern, I was expecting to have to do a lot of low value-add tasks. I thought I’d be passed on piles of admin work, photo copying and coffee fetching. This was most certainly not the case. In reality, from day one you’re given actual responsibility and get to experience and contribute to real work. Being at a junior level, I assumed my ideas and opinions would not be valued, but in truth, people value a fresh perspective and seek a diversity of input and feedback. Coming into the banking environment, I had an expectation that everyone would be too busy to provide help or guidance, however most people are more than happy to take time out of their day to assist in your development.
What is the importance of setting career goals and milestones? By determining where you want your career to be in the medium-to-long term, you can set out short-term goals to enable you to remain on path. Assessing your options in line with these goals can ensure you’re always moving in the right direction.
The ReCap 2014 Issue 3 |Page 20
The ReCap 2014 Issue 3 |Page 21
First Year Social The First Year Social was an exciting event to get to know other first year students.
Capital W at O-Week Being a part of the Capital W Orientation Week team allowed me to work with some amazing girls. Together, we reached out to new students and spread awareness of Capital W.
Year in Review
Commonwealth Bank CMD The networking event provided an insight into the inner workings of the company.
Credit Suisse The event offered valuable insight into the life of an Analyst and Managing Director.
Annual Dinner The Annual Dinner was a fantastic opportunity to network with Capital Wâ&#x20AC;&#x2122;s industry sponsors and likeminded students.
Women in Consulting We gained valuable insight into a management consultancy career from a femaleâ&#x20AC;&#x2122;s perspective. The workshop also included a practice case study which gave us a taste of the problem solving processes.
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Bank of America Merrill Lynch CMD The event impressed attendees with three detailed case studies on a debt raising, an equity raising and an acquisition. Citi Assessment Centre Workshop An invaluable opportunity to gain targeted feedback and tips directly from Citi professionals.
Corporate Map Days 2014
Goldman Sachs Diversity Event The diversity event offered refreshing insight into the incredible range of people in banking. The people we met ranged from a female Director in commodities who was 30 weeks pregnant to a Director who started his career in Brazil!
Macquarie Interview Skills Workshop The workshop gave students a valuable insight into the firm and its service lines, and also gave students a chance to practice interview skills in an interactive workshop.
Intro to Industry The event provided students with an insight into the diverse career opportunities that a business degree can offer.
The Industry Knowledge & Networking Workshop The workshop filled in the common knowledge gaps among students. It covered a M&A transaction indepth.
The ReCap 2014 Issue 3 |Page 23
Industry Knowledge Workshop
This article brings you a brief glimpse of the content provided in Capital W Industry Knowledge workshops, which aim to bridge the industry knowledge gap. Come along to our workshops for an in-depth discussion on these topics and to ask questions. First of all, what is investment banking? Investment banks are financial institutions that help companies or governments raise capital (money), as well as advise them on other financial decisions. Investment banking is typically thrown around as a general catchall term regarding roles in Markets, Investment Banking (Corporate Finance) and Private Wealth & Asset Management. Each division is unique in its demands and tasks and they are all extremely rewarding as careers. At our networking events ensure that you meet representatives from each division and ask about what you can't find anywhere else, be it the culture of the firm, or tips regarding the application process.
What is a deal? Deals cover all sorts of areas, so we could be talking about debt issuance, equity issuance, IPOs and the more commonly known area of mergers and acquisitions. Deals vary in size and length, we encourage you to speak to our sponsors about careers in both their Product and Industry Coverage teams! What is meant by an M&A Deal? Transactions arranged by investment bankers which bring separate companies together to form larger ones The process of a typical M&A Deal is included below. Overview We will cover the protracted merger of Goodman Fielder with the First Pacific and Wilmar consortium.
The ReCap 2014 Issue 3 |Page 24
Goodman Fielder and Wilmar International - First Pacific Deal
Who are the players?
Target: Goodman Fielder
Acquirers: Wilmar International and First Pacific Consortium
Advisers: Bank of America Merrill Lynch, Credit Suisse, UBS
The takeover would add brands to Wilmar and First Pacific’s Chinese and Southeast Asian consumer divisions. Wilmar would use its existing distribution channels to sell Goldman Fielder’s up-market and high demand breads and spreads to Asian market, through leveraging its strength and market power
What kind of deal? This deal is a friendly takeover (Scheme of Arrangement). It is a case of the consortium Wilmar and First Pacific attempting to takeover Goodman Fielder. Due Diligence
Strategic Rationale Strategically, it makes sense to capitalise on the rising middle class of Asia, which demands food safety and has a penchant for premium foreign products.
Wilmar International and First Pacific aim “to create a leading Asia-Pacific agricultural and consumer staples company” Wilmar sought to use existing relationships with Asian grocers to expand from its agricultural commodities into branded products.
"Shoppers prefer imported foods due to the concerns over quality and safety"
What sorts of checks should be undertaken? Regulatory Hurdles • •
Traditional ACCC approval required Additional approval required for cross-border transaction • FIRB approval • China’s Ministry of Commerce (MOFCOM)
Important further details to gather How much was paid and what was the negotiation process? Were there any interlopers? How was the deal financed? Was the deal accretive or dilutive? What was the final ownership structure? How was the consortium structured, why did they partner together? What was the premium paid?
The ReCap 2014 Issue 3 |Page 25
About Us Capital W is the first and only dedicated undergraduate women’s business club at the University of New South Wales and in Australia. It was founded in 2007 by UNSW Co-op scholars as a grassroots approach to bridging the gap between university and the corporate world. Our goal is to motivate and educate talented female students of today – to give them the skills, confidence and inspiration they need to become successful business leaders of the future.
Our Vision To form a business-related women’s club with a reputation for attracting talented female students and equipping them with the skills and networks to become future business leaders.
Our Mission To advance the career development of women in business through a network of undergraduates, professionals and faculty.
Stay Connected! Keep up to date with the latest Capital W news, events and sponsor information via our website, capitalw.org, or like us on Facebook at
Capital W is proudly sponsored by Australia’s leading organisations:
The ReCap 2014 Issue 3 |Page 26