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President’s Welcome Dear Ladies, Congratulations on making it to the half-way point of 2015! Whether you’re a penultimate year student ready to embark on the internship application season, or winding down during your first break as a first year student, we hope that you will look towards Capital W for support, inspiration and a network of like-minded friends. 2015 has seen Capital W bring you numerous successful events. The highlight of the semester was the International Women’s Day Breakfast, where we collaborated with the University of Sydney to connect students with like-minded professionals at the Museum of Contemporary Art. With many semester 2 events in the pipeline, we look forward to meeting you in the near future! Jessica Qin | 2015 President

CONTENTS' Exclusive Articles 2 Market ReCap By Jennie Yiu

3 Female Entrepreneurs in the 21st Century By Gary Liang

4 Bank of America Merrill Lynch Exclusive Interview with Emma-Jane Elliot

6 Commonwealth Bank Exclusive Interview with Georgia Bailey

8 Deutsche Bank Exclusive Interview with Jessica Lin

9 Goldman Sachs Exclusive Interview with Olivia Brown

About Us Capital W is the first and only dedicated undergraduate women’s business society at UNSW Australia, and open to female students from all universities. It was founded in 2007 as a grassroots approach to bridging the gap between university and the corporate world. We aim to motivate and educate talented female students of today – to give them the skills, confidence and inspiration they need to become future successful business leaders. Editor Jessica Qin 2015 President

11 Morgan Stanley Exclusive Interview with Clare Forrester

12 PwC Exclusive Interview with Elizabeth Fritts

13 UBS Exclusive Interview with Philippa Turner

Stay Connected

Our contributors for this edition Yafei Fang, Vianna Pan, Courtney Moses, Jewel Zhu, Lauren Maxwell, Caroline Wong, Jennie Yiu, Gary Liang, Tina Zhou, Mary Ye, Kinza Memon, Vidushi Sharma Special Thanks to Our Contributing Sponsors Bank of America Merrill Lynch, Citi, CBA, Credit Suisse, Deutsche Bank, Goldman Sachs, Macquarie Group, Morgan Stanley, PwC, UBS, Woolworths 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.

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Market'ReCap' Jennie%Yiu% Marketing*Director*

Jennie Yiu Marketing Director Bachelor of Commerce/ Economics

Australia In June, the RBA has announced to keep interest rates on hold at a record-low level of 2%, after a 25 basis point cut in early May. National accounts data released indicate that the Australian economy is growing below its long-run trend of 3% a year, despite stronger than expected GDP growth of 0.9% recorded in the first quarter of 2015. The slowdown of the Australian economy is likely to persist in the near future due to a lack in business capital expenditures in both mining and non-mining sectors, weaker than expected wage growth and the sustained fall in coal and iron ore prices. The low interest rate environment has led to a rise in dwelling investment of 4.7% and the depreciation of the dollar has encouraged an export growth of 5%. Fuelled by the lower cost of borrowing, the residential property market in Sydney has boosted by 39% over the past 3 years. The Reserve Bank of Australia is expected to increase interest rates later this year to contain the housing bubble risk, warned by Governor Glenn Stevens. Europe Looking abroad, Greece’s debt crisis has caused a major sell-off in European equities as the European Central Bank, the European Union and the International Monetary Fund prepared for a possible

Greek default in the weeks leading up to the end of June. Greece’s missed debt payment to the IMF meant that Greece was “technically” in default. Its banking system has been temporarily shut down at the prospect of further debt defaults and the threat of being forced to abandon the euro as its currency. Since then, the Greek government has signalled to its creditors that it is willing to accept the terms of a bailout package. European Central Bank governor Mario Draghi warns of periods of high bond-yield volatility causing a sell-off in euro area government bonds. North America The US economy experienced stronger job growth with 280,000 jobs created in the month of May, showing strong signs of recovery. Remarkably, M&A activity in the US reached a monthly record of $243bn in May, the highest since the peak of the dotcom bubble and the period leading up to the 2008 financial crisis. Following this, the benchmark 10-year Treasury yield hiked to a 7 month high of 2.495% whilst the Federal Reserve is expected to increase interest rates later this year. Asia China’s share market has endured a month of extreme volatility. After more than doubling in the year to June 12th 2015, to a seven-year high, the Shanghai Composite Index has dived 20% in the past three weeks. In light of this, the World Bank has warned that China's financial sector is in need of urgent reform to address wasteful investment and excessive debt levels. Over the next decade, the World Bank expects China will likely shift from rapid to moderate economic growth, with an average annual pace of around 5%.

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Female'Entrepreneurs' in'the'21st'Century' Gary Liang Founder and Director of Keystone Education Bachelor of Economics and Science (Advanced Mathematics), Economics and Pure Mathematics In 2014, just 4.3% of Australian startup founders were women. A Babson College report showed that only 2.7 percent of venture-capital backed companies had a female CEO, despite the fact that businesses with women on the executive team being more likely to have higher valuations. There is a clear gender gap between the prevalence and success of entrepreneurship. Why is this? Looking towards role models… When people take the step to start their own business, they look up towards those who have achieved success before. When we think about entrepreneurs, we think of the Bill Gates, the Mark Zuckerbergs and the Richard Bransons of the world. Sadly, women find it hard to picture themselves aspiring to become these men. Without female leaders to look up to, it’s hard for many women to take the first step. One study showed that there are more men called Peter running ASX200 companies than females, which lies at just 5.75% of all the CEO and Chairs. But we just need to look a little harder to discover the amazing female entrepreneurs out there. Elizabeth Holmes founded Theranos, a blood diagnostic business which enables blood test with only a drop of blood, when she was just 19 years old, and she is now the youngest female billionaire in the US.

Gary%Liang*

In Australia, Melanie Perkins co-founded Canva, a website that offers simple do-it-yourself graphics design, reaching over 2 million users and attracting over $6 million in funding. Guy Kawasaki became the chief evangelist of Canva in mid-2014, a role he took with Apple for 4 years. Education in science, technology, engineering and mathematics (STEM) in Australia… Another reason is the lower level of STEM education among females. Society does not encourage females to study science, technology, engineering or mathematics, and the stereotypes that so ingrained that many girls do not see themselves learning to code or studying maths or science. In 2011, only 28% of Australians who were STEM-qualified were female, and only 14% in engineering. Building up confidence… I think the number one reason behind this gap is lack of confidence. Being an entrepreneur takes courage, it requires one to be able to fail and fail fast and persevere through hard times. But the research shows that women are more risk averse than men. They fear failure more than men and don’t feel as if they are as capable at launching their own business. I see this among many of my female acquaintances – when I encourage them to try something new, the natural response is “What if I fail?” Perhaps this is a trait that is genetically wired, or perhaps forged by societal norms. Regardless of the reason, confidence is a skill that women can learn and train. The next step? Aspiring female entrepreneurs need to carve their own path, instead of following footsteps. Don’t be afraid of failure – failure is necessary for success. I implore you to take the first step, and become the future role models leading tomorrow’s female entrepreneurs.

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Exclusive'Interview'with' Emma@Jane'Elliot' Emma-Jane Elliot Analyst, Equities Bachelor of Civil Engineering(Honours); Bachelor of Commerce, Econometrics and Quantitative Economics; Finance What is your background? I studied Commerce/Engineering and majored in econometrics, civil engineering and finance. I interned at Bank of America Merrill Lynch before joining as an analyst in Equities this year. Currently I’m in research sales in small cap. What are you passionate about within and outside of work? I do a lot of sport such as skiing and running. I am an outgoing person so I love catching up with friends and being involved. I am really excited and interested in the area I’m in because of its breadth of coverage. I enjoy looking into companies outside of Bank of America Merrill Lynch, seeing how you position the bank and what you should be covering. Women tend to cast doubt on their abilities, does this resonate with you? If so, how do you overcome this? Yes this definitely resonated with me, especially when I was interviewing for jobs. I think that once you have reached the interview stage, it means that you should be there so you need to put your best foot forward. I recommend you try to relax, take a deep breath and believe that you deserve to be there! Don’t doubt yourself before you even get a chance to speak to the interviewer.

What is your proudest achievement? For me, finishing university is my proudest achievement as I was there for a long time. What advice would you give to young women who are looking towards a career in your field? The most important advice I would give which I learnt from interviews is being well-rounded. Having interests outside of university is essential as it shows that you have a balanced life. Also being passionate about economics and markets will be very helpful. Ways to develop that passion include completing economics subjects, reading the AFR, and investing and trading in shares. Having skin in the game will help you learn a lot. Being teamorientated and being able to get along with everybody will be necessary, particularly if you’re working on the trading floor. Lastly, being driven and proactive will go a long way. Don’t be intimidated but reach out if you need help. The theme of this publication is 'Embracing Opportunities', can you tell us about a time where you have decided to take up an unexpected opportunity? During university, I gained some engineering experience and later wanted financial work experience as well. In the interview process of an investment analyst role I was applying for, I knew I wasn’t the most experienced or necessarily the best for the role. But I went in there and gave it my best and got the role. I think what set me apart was my enthusiasm, which links back to not doubting yourself. So I think getting some experience during university is important, it doesn’t matter if it isn’t in your area of study. Apply for as many jobs as you can and get in early.

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Exclusive'Interview'' with'Georgia'Bailey' Georgia Bailey What is your background? I completed my Bachelor of Commerce and Arts at Monash University in 2013, majoring in Finance and Geography and Environmental Science, minoring in French. I then interned in Corporate Finance before moving to CBA where I became an Institutional Banking & Markets Graduate. Upon finishing the Graduate program I moved to Interest Rates in CBA’s Global Markets team. What are you passionate about within and outside of work? There’s a crossover between the two; I enjoy making new connections and CBA’s graduate program has facilitated this through events and rotations across teams. I also enjoy activities involving analysis and investigation which my role at CBA has enabled me to do. However, I ensure that I have interests beyond the workplace so I can go away each day, relax, and come back to work refreshed. Outside of work, I love to cook and bake, run and spend time with my friends. Women tend to cast doubt on their abilities, does this resonate with you? If so, how do you overcome this? I find that my confidence is based on what I perceive others to be thinking about me, but I don’t think women need to feel this way. Women tend to downplay their capabilities, and I know that I do, because I don’t want to appear immodest. We need to consciously identify skills that we have but aren’t giving ourselves credit for. We can try to overcome this by remembering that it’s good to push yourself beyond your comfort zone. Once you achieve something that you didn’t think possible, it boosts your confidence and helps you expand your skillset. What is your proudest achievement? My proudest achievement was a charity project I worked on at CBA. After months of work towards it, I pulled off a successful event, raising 20% over

my fundraising goal. Not only was it a great outcome for the charity, but it enabled me to develop new skills and broaden my network. It gave me a real sense of accomplishment knowing that I had worked hard to achieve something and had managed to not only reach my goal, but surpass it. What advice would you give to young women who are looking towards a career in your field? Firstly, I want to tell them it’s great they’re interested in Banking and Finance. It can be perceived as a male-dominated field, but I’ve encountered many strong, successful women who have achieved so much in the industry. Secondly, I think it's important to be conscious of both your strengths and weaknesses. Honestly assess your capabilities so you’re aware of where your weaknesses lie, but also so you can use your strengths to add value. Don’t limit strengths to just technical capabilities; recognise the many other attributes desirable to employers. Employers want applicants who lead balanced lives and who will be a positive addition to the company. Think about how you exhibit these attributes alongside your technical knowledge and ways to utilise both in your future career in the industry. The theme of this publication is 'Embracing Opportunities', can you tell us about a time where you have decided to take up an unexpected opportunity? It's difficult to think of just one example; I think we’re confronted with opportunities and critical decisions daily and we never know what might result from any given decision. Perhaps the most important lesson that I’ve learnt so far is to view all challenges as opportunities. You can start the day with one plan and then find yourself changing direction. It’s these small deviations that provide new opportunities for development. It’s important to recognise that your career is in your own hands, so make the most of the challenges presented to you and use them to help you discover and develop new career opportunities.

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Exclusive'Interview'' with'Jessica'Lin' Jessica Lin Corporate Finance Analyst Bachelor of Commerce / Law at UNSW Australia

What is your background? I studied Law / Commerce (majoring in Finance) at UNSW from 2008 to 2012. I am currently an analyst in the Equity Capital Markets team in Corporate Finance and I started at Deutsche Bank in 2013. What are you passionate about within and outside of work? Outside of work, I love watching cooking shows and football, looking after my cats and I am an avid online shopper. At work, I am the go-to for birthday cakes, gifts for the team and team lunch destinations!

What is your proudest achievement? At work, my biggest achievement would have been executing the Medibank institutional bookbuild over 3 days last year. During my university days, my biggest achievement was organising a conference for 550 attendees. I would say both experiences were fun and daunting at the same time. What advice would you give to young women who are looking towards a career in your field? Be confident, assertive and don’t be afraid to show your personality. We are always interested in people who have come from diverse backgrounds and have different interests. The theme of this publication is 'Embracing Opportunities', can you tell us about a time where you have decided to take up an unexpected opportunity? In my penultimate year at UNSW, I noticed an ad for the Deutsche Bank Aspiring Talent Program. I decided to apply and one thing has led to another since then!

Women tend to cast doubt on their abilities, does this resonate with you? If so, how do you overcome this? Yes, I have noticed that women (including myself) tend to be very detail-focused and sometimes lose sight of the bigger picture. From my perspective, I think a lot of women show confidence when they have in depth knowledge whilst men are confident even when they need to “wing it”. I find to overcome this, it all comes down to experience and watching how others interact – it is okay to not know the answer all the time!

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Exclusive'Interview'with' Clare'Forrester' Clare Forrester Analyst, Equity Capital Markets Bachelor of Commerce / Law at University of Sydney “Morgan Stanley is a bank that cares about me as an individual – I have been given so many opportunities and my team has been incredibly supportive in helping me develop and learn.” Having interned at several investment banks before graduating, Clare Forrester has experienced a wide array of roles and cultures in banking. Capital W had the pleasure of catching up with Clare to see why she chose Morgan Stanley. What is your background? Even though I studied Commerce/Law at Sydney University and majored in Finance, I had no idea what investment banking was! When I saw that many of my friends were applying for banking internships, I became curious and decided to give it a go. After I interned at 3 different investment banks over several summer holidays, I started my graduate position in Equities Research. Finally, I jumped on the opportunity to join the Equity Capital Markets team at Morgan Stanley a year ago. What are you passionate about within and outside of work? Within work, I’ve always been passionate about following the stock market, which makes up a large part of my job. I love that my work gives me the opportunity to constantly interact with and have a viewpoint on the market. For example, my boss may have a meeting with a CEO or CFO of a company and ask what the market is thinking regarding a recent macro or stock specific event. Outside of work, I love boxing, running and any kind of physical activity! There is a group of us at Morgan Stanley who always goes out at lunchtime to exercise. I also enjoy seeing my family and friends, shopping and travelling.

Women tend to cast doubt on their abilities, does this resonate with you? If so, how do you overcome this? This definitely resonates with me! During my internships, I often doubted my ability to excel in a male dominated industry and I often questioned whether I’m suited to the job especially when I want to start a family in the future and knew the challenges which would come with balancing this with banking. Finally, I made the decision to take it one step at a time instead of forfeiting a fantastic opportunity! I also doubted myself when the Equity Capital Markets role came up. However, my colleagues helped me to realise that my strong ability to learn, attitude and diverse skillset will allow me to make valuable contributions to the team notwithstanding the fact I had no prior equity capital markets experience. Once I started, I have never looked back since! What is your proudest achievement? Although I am definitely proud of how far I have come professionally and the many things I have learned along the way, some of my proudest achievements are definitely personal ones. Notwithstanding how unrelenting my job has been at times, I have been able to maintain a very balanced lifestyle. For example, I still have the same group of friends since high school, I’m going to Europe with them for a month and I see my family as regularly, if not more, than my other siblings! What advice would you give to young women who are looking towards a career in your field? In one word, it would be confidence. I see so many women who would not pursue an opportunity unless if they fulfilled 100% of the requirements, whereas some of our male counterparts would give it a go with just fulfilling 80% of the requirements. Women need to realise that we have so much to bring to the banking industry; we can be better multi-taskers, relationship managers and certainly bring a very different perspective to a team.

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Exclusive'Interview'with' Elizabeth'Fritts' !

Elizabeth Fritts Associate Director, Deals (Mergers & Acquisitions)

deliver. It is also important to have a strong support network, people you can talk to openly and who can give you perspective. What is your proudest achievement? For me, it’s doing things differently. Doing more than what is expected of me and holding myself to my own standards.

What is your background? Originally from South Florida, I studied at Rice University in Texas with majors in Mathematical Economic Analysis, Managerial Studies and Psychology. I was a summer intern with Morgan Stanley and later joined as a graduate in Oil & Gas investment banking in Houston. After two years, I moved to New York as a senior analyst in an industry-agnostic M&A role. After an internal promotion to associate and a few years in the M&A team, I was ready for a change in pace and went on secondment to Sydney working in Leveraged Finance. At the end of 2012, I left Morgan Stanley and joined PwC for my current role. What are you passionate about within and outside of work? At the office, I love complex problem solving, in particular multifaceted and structurally unique transactions. I enjoy working on a variety of projects, balancing priorities, and learning about new industries. Outside of work, I love to do yoga and travel, as well as doing lots of things outdoors like hiking. Women tend to cast doubt on their abilities, does this resonate with you? If so, how do you overcome this? Women tend to be very self-critical, myself included. I think the key to overcoming this is to have self-confidence, be prepared so you know what you’re talking about, and know that you can

What advice would you give to young women who are looking towards a career in your field? Self-advocacy is crucial, and a lack of it is often what holds you back. At PwC, we think “if not, why not?” You need to be proactive, hungry to learn, and willing to put in the hard yards. Let your work stand for itself. On the other hand, you need to prioritise important events in your life outside of work. It is all about balance, which is easier said than done! The theme of this publication is 'Embracing Opportunities', can you tell us about a time where you have decided to take up an unexpected opportunity? One example would be when I was looking for a change in pace earlier in my career. Apart from the Leveraged Finance role in Sydney, I was also offered roles in M&A in London and Hong Kong. While those opportunities were compelling, I decided that I wanted to have exposure to a new product and strategic way of thinking, in addition to gaining valuable exposure to the Asian markets. Although I’ve since gone back into M&A, the skill set I’ve gained along the way has been invaluable. Five years since moving here I’m happy to call Sydney home.

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Exclusive'Interview'with' Philippa'Turner' Philippa Turner Analyst, Equity Capital Markets Bachelor of Commerce / Science at the University of Sydney

“I get energized from being both a mother and working as an investment banker. If you have the right support network and you’re working for the right firm, it is definitely possible!” Capital W had the pleasure of speaking with Philippa Turner, a proud mother and Director in the Financial Institutions Group at UBS. What is your background? I studied Finance and Immunology at the University of Sydney. In my penultimate year, I decided take the Finance route and did an internship at UBS. I started as a graduate in 2008 in UBS’ General Industrials team, and since then moved to the Financial Institutions Group, where I am now a Director. What are you passionate about within and outside of work? Within work, I really enjoy working with my team towards a positive outcome for our clients. Whether it is a small transaction or a large transformative one, being able to deliver something positive for our clients makes me passionate about what I do. Outside of work, I love being able to spend time with my family at the beach and being outdoors in general! Women tend to cast doubt on their abilities, does this resonate with you? If so, how do you overcome this? I’m definitely guilty of doubting my ability from time to time. Generally speaking, women tend to underplay their skills compared to men. As hard as

it is, the main way to overcome it is to be confident and to remember that you’ve been employed for a reason. You deserve a seat at the table and people want to know what you think. Women also need to overcome the fear of being arrogant and instead, become their own brand manager! What is your proudest achievement? If you asked me this question a year and a half ago, I would have talked about a particular acquisition. Now that I’m a proud mother, I have to say my greatest achievement is having my son! Having a child has provided a lot of balance and perspective in my life. I get energized from taking on the dual role of being both a mother and working as an investment banker. If you have the right support network and you’re working for the right firm, it is definitely possible! What advice would you give to young women who are looking towards a career in your field? In line with your theme, I would have to say that it is “embracing opportunity”. Young women should take on as many opportunities as possible in their early years, whether it means gaining experience on different deals or building relationships with people. All of this will provide a well-rounded perspective on what clients want and how your firm operates. Can you tell us about a time when you have decided to take up an unexpected opportunity? There are many opportunities that appear insignificant at the time, which people tend to overlook. However, those small opportunities can have the potential to become a great influencing factor on someone’s career path! This may be the opportunity to work with another team or to work on a side project. For me, I had the opportunity to broaden my sector experience by rotating into the Financial Institutions Group, which has worked out very well for me.

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About Us Capital W is the first and only dedicated undergraduate women’s business society at UNSW Australia, and open to female students from all Australian universities. 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.

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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 facebook.com/capitalwinc.

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Profile for Capital W

The ReCap Embracing Opportunities Edition 2015 No. 2  

The ReCap Embracing Opportunities Edition 2015 No. 2  

Profile for capitalw
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