Who run the finance industry: Girls? Women in finance s.56
Career and preparation The road to an internship
s.34
Introducing LINC Asset Management s.44
LINC Events of the Year s.18
EDITORIAL STAFF
Joel Balkow Thea Nyrell Julia Geine Andreas Thiberg Christopher Sendelbach Gille Samuel Hammarling Philip Berntsson John Kleven Falck Cecilia Skoglund Sebastian Svensson Bromert Sebastian Lindeborg
Editor in Chief Editor Art Director Layout Writer Writer Writer Writer Writer Writer Writer
On the cover Head of Education and Career Cecilia Skoglund & President Johan Eriksson
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Photo by Julia Geine
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CONTENTS 4 Editor in Chief 6 What is LINC? 9 Words from the President 12 Members of LINC 18 Events of the Year 30 Interview with Max Mitteregger 32 Interview with Carl BjĂśrkegren 34 Career and preparation The road to an internship
48 Have your heard that we have Bloomberg terminals in our lab? 50 The World of LINC 54 The Importance of External Partnership Sponsor Interviews 55 Fidelity Investments 56 Danske Bank 58 Who run the finance industry - Girls? 60 Some last words‌
38 LINC R&A Equity, Macro & Technical Analysis 45 Introducing LINC Asset Management LINC MAGAZINE 16/17
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EDITOR IN CHIEF
B
ACK IN 2016 when I was asked if I would like to take on the honourable responsibility of becoming Editor in Chief of LINC Magazine, I was more than thrilled. Not only because I was excited to get more involved within LINC and for the challenge of developing a magazine for the first time, but for the pure timing. It had been a while since LINC made so many exciting leaps, both internally and externally, to appeal to a bigger audience and to become the largest finance society in Sweden. That is what got me hooked. I remember my first meeting with president Johan Eriksson when we discussed the path which brought us to where we are, and where we want to be. We want to appeal to a larger group of the student body to create a wider network within the LINC organisation. This means attracting and recruiting more people outside the economy and finance faculties at school, more diversification, but most importantly, more women. These words set the groundwork for what my team and I wanted to articulate in this year’s magazine. To not only cover the previous year in words, but also look at present plans and the future. What new initiatives are developed and which steps are taken on the road towards LINC’s final goals as an organisation?
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I proudly share this year’s edition of LINC magazine as I conduct my greatest thanks and appreciation to all the people in my editorial staff. This was nothing but a team effort. Thank you.
JOEL BALKOW Editor in Chief
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What is LINC?
UT OF A HUNGER for finance, LINC was founded in 1991 and quickly became the primary organisation for students interested in finance at Lund University. The primary objective of our organisation is to strengthen the link between the academic world and the finance industry by providing our members with the tools needed to succeed within the industry. And the reason is simple: we believe in the students of Lund University and their capability to compete in the finance industry. What unifies our members is a genuine interest in finance and a willingness to learn. We offer the opportunity for students to gain knowledge and experience that they do not receive during their university studies. In essence, we offer the members of our society practical training in equity research and corporate valuation, access to our immense alumni and investment banking network, education and career preparation, possibilities to integrate with representatives from the top firms within the finance industry through our events, guest lectures with interesting profiles of the industry and much more.
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Our vision is to become the foremost finance organisation in the Nordics, and by establishing and managing relationships between the actors of the finance industry and the top performing students at Lund University, we continuously work toward this goal. Our society is centred around three fundamental pillars: Career, Event and Training.
Career - By guiding our members through the application processes, our ambition is to help our members pursuit prestigious internships positions. We put great effort in assisting our members during the application processes by providing support with everything from writing a cover letter to the preparation for the first job interview. At the core of career preparation lies the Tutorial Program which aims to help junior members in their endeavours. On page 34, you can read our full guide on how to receive your first internship offer.
Event - Our organisation offers various on-campus and off-campus events, such as career fairs, field trips and guest lectures. These events offer an excellent opportunity for those interested in pursuing a career in finance to meet and integrate with the top firms and banks of the industry. Our events are an integral part of our society as they constitute invaluable networking possibilities for our members. By participating in our events, you will put yourself in a better position to pursue a career in finance as LINC members are frequently recruited during these events. You can read more about our events throughout the year on page 18. Training - Our ambition is to provide our members with the necessary tools in order to break into the field of finance. By offering courses in Excel, VBA and financial modelling we allow our members to get the in-depth practical knowledge. Through R&A, our largest committee, the members learn the process and tools required to perform quality equity research. Furthermore, we continuously provide training sessions and courses in the financial software used by investment banks and financial institutions in order to make our members as prepared and attractive as possible for potential employers. Make sure to read the analyses from our Research & Analysis team on page 38 for examples of the competences obtained through a membership in our organisation.
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WHAT IS LINC?
Our society is continuously expanding and growing and we put a lot of effort in making sure that every member feel that they contribute to the development of LINC. Despite our size, we strive for keeping our organisational structure as simple and flexible as possible as illustrated in the organisational chart below. PHILIP BERNTSSON
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Words from the President
W
ITH A GREAT sense of honour and respect I was elected president of LINC, one of the finest and oldest finance societies among Swedish universities. Now, I look back at a challenging year that has been developing for me personally as well as for LINC as an organisation. The main purpose of LINC is quite simple; we attract driven students and give them the means to develop and excel as candidates and we combine this with opportunities to meet the very best employers. LINC offers an incredible network and connections in the financial sector. Numerous people in the business working in London and Stockholm actually know about LINC even if they have not studied in Lund because of our great reputation and our alumni network that always promote us. Since the beginning in 1991, LINC has connected the most ambitious students with the top employers in the financial sector, which is something we have continued doing this year. During my term as president of LINC, the main areas of focus were:
PHOTO: JULIA GEINE
• • •
Strengthen LINC‘s internal organisation Increase the number of participating firms and sponsors Strengthen the connections to our alumni network
Strengthen LINC’s internal organisation We wanted to continue the work of the former board and make LINC a more open organisation but still with a main focus on the minority with the highest career ambitions. To complete the comLINC MAGAZINE 16/17
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WORDS FROM THE PRESIDENT
mitment of making LINC more available for students with an interest in finance, we have upgraded our marketing profile and added several social activities to improve the networking opportunities between students within the organisation. These actions made LINC more recognisable and gave new students the chance to meet and interact with LINC. As a result, we signed up 234 new members during 2016. To keep the focus on the most ambitious students is very important and therefore we have created more opportunities for the most determined students to be able to engage and contribute to the development of LINC. During the last two semesters, we have almost doubled the number of active members in various roles within the different committees. Increase the number of participating firms and sponsors Throughout the year we have expanded the capacity of participating firms at our events. Thanks to a greater number of students in our event committee, we have been able to handle more firms without having to cut back on the quality of the event. We have also developed our sponsoring model and as a result got three new sponsors during the year. Our intention is to continue this work and reach further sponsorship agreements. Strengthen the connections to our alumni network LINC‘s most valuable asset is without hesitation our alumni network. We have
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been working on a mentorship program to connect students with alumni during the year. The work with this exclusive program, LINC mentorship program, will continue during the upcoming year. This is an extension of our tutorial program where experienced LINC members will guide selected members with long-term career perspectives. Where to go LINC is now stronger than ever. We have a large number of active members who are excited to contribute and advance within the organisation. When my work as president is done in March and I step into the role as Advisor, I will hand over the responsibility to the new board with the confidence that they will have the best possible starting point for a successful upcoming year. The alumni network will continue to be a main focus and there are already plans that will be executed during 2017. During the past year we have been working hard with LINC‘s university-wide presence across different faculties. In the upcoming semester there will be a board member dedicated to develop our attendance at the Faculty of Engineering (LTH) and making LINC as well known among technology students as among students at the School of Economics and Management (LUSEM). This mixture of students is where this society draws its main strength. We are not limited to a single discipline, and can therefore focus on what really matters, which is a curiosity and interest in finance.
WORDS FROM THE PRESIDENT
Our big, hairy audacious goal within the organisation is to become approved as Sweden’s primary student driven finance society. Today LINC is without doubt among the most primary finance societies compared to other Swedish universities. We are constantly growing internally and increasing our presence in the financial sector with our graduates. We will work towards our goal by focusing on the number of members, quality of sponsors as well as firms participating in our events and eventually increase the number of received internships and full-time positions. Yours sincerely,
JOHAN ERIKSSON President of LINC
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Members of LINC is constantly working to reach out and engage more students. LINC recognises that a good organisation needs a diversified membership base. In the coming pages we highlight and interview three, of many, interesting and different members of our society. BY CHRISTOPHER SENDELBACH GILLE
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MEMBERS OF LINC
Cecilia Skoglund Age: 22 Studies: MSc Industrial Engineering & Management, third year Role within LINC: Head of Education and Career/ Project Manager of WBC/ Junior Equity Research Analyst How did you find LINC?
One of LINC’s guest lectures popped up on my newsfeed on Facebook and caught my attention. What have you learned from your engagement in LINC?
As a member of the Executive Board I have learned a lot about how an organisation is run and how to communicate and execute effectively. As Project Manager of WBC (Women’s Business Conference) I have gained experience of leading a group and delegating tasks while still maintaining an overall view of the project’s development. Most importantly, as a member of LINC I have learned countless things through valuable and fun events, meetings and trips. What is LINC for you?
LINC is a stepping-stone for ambitious students into the world of finance, both in preparing them through internal courses, programs and other exercises as well as
PHOTO: JULIA GEINE
introducing them to potential employers through networking events and trips. When did you become interested in finance?
As a curious person in general I have always had some interest in finance. It was when I, as a summer employee at Nordea Markets in Stockholm, spent a few hours on their trading floor with a couple of traders that I decided to go for it fully. How many hours a week do you dedicate to LINC?
Depends on who is asking. If Johan (President) asks, it is a full-time job. Really though, it varies a lot. Anything from 10
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MEMBERS OF LINC
to 20 hours a week approximately. What has been the biggest challenge being part of LINC?
Getting to know so many new people. As a face blind person I remember conversations I have had with someone very well but not what the person in question looked like. That is a really big challenge in an organisation with many members, most of which I did not know before joining LINC. How do you visualize your future after LINC?
Hopefully working with something which challenges me every day, while still having room for a fulfilling personal life. How has LINC helped and supported you during your education?
To keep it short, LINC has made the somewhat exclusive and complex world of the financial industry more approachable.
Nicolai Bakardjiev Age: 24 Studies: Masters in Finance, Exchange Student Role within LINC: Head of International R&A, Equity Researcher within LINC Asset Management
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“
LINC has made the somewhat exclusive and complex world of the financial industry more approachable.� Shares or funds? Shares Wolf of Wall street or The Big Short? The Big Short Diversified or high-risk portfolio? Diversified
How did you find LINC?
I found LINC through a classmate who completed his bachelors here at Lund. He introduced me to several members and encouraged me to join. What have you learned from your engagement in LINC?
During my time with LINC I have learned practical uses of finance, not just
MEMBERS OF LINC
the theoretical aspects that we learn in the classroom, such as how to write equity reports. Also, I have learned how to present myself in a professional manner through my CV.
has been tough, but a great learning experience. How do you visualize your future after LINC?
LINC for me is an opportunity to test my own boundaries within the finance world, a place to meet like-minded individuals, and a supplement to my education in a professional and enjoyable environment.
After LINC I visualize my future as a financial consultant. I believe that the financial skills I have acquired through my program and LINC accompanied with the enjoyment I receive through interacting with others make me a great candidate for consulting.
When did you become interested in finance?
How has LINC helped and supported you during your education?
What is LINC for you?
I became interested in finance after taking a personal finance course in high school. Here we only went through the basics like balancing checkbooks but it made me curious about finance. After high school I began my bachelors in finance. How many hours a week do you dedicate to LINC?
Anywhere between 15-20 hours depending on the activities in my groups. What has been the biggest challenge being part of LINC?
For me the most challenging part of being in LINC has to do with my role as the Head of R&A for the international team. This is my first opportunity of its kind and the most difficult part is being a good leader and representative for our group and LINC as a whole. Learning how to manage both my obligations for this group and my personal obligations
LINC has given me confidence that I was lacking when I began my program. This organisation has shown me that not knowing all the answers is part of the process so long as you are motivated to find the answers. LINC has given me opportunities to gain a better understanding of finance through events, different groups, and a welcoming atmosphere.
Shares or funds? Shares Wolf of Wall street or The Big Short? The Big Short Diversified or high-risk portfolio? Diversified
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MEMBERS OF LINC
Gustav Nordenlöw Age: 20 Studies: Bachelor of Science in Business and Economics, 2nd semester Role within LINC: Junior Equity Research Analyst How did you find LINC?
When I was accepted to Lund University this summer I received a big envelope with information about the University and my education. Among all the brochures I found a leaflet. On the leaflet I read: “LINC - Lund University Finance Society”, and because I have had an interest for the stock market for a while, I felt joyful! In Lund I took the opportunity to listen to LINC’s President, Johan Eriksson, when he was talking in Ljusgården. I was sold, I had to be a part of LINC! What have you learned from your engagement in LINC?
A great amount! At first I did not know much but that changed when I got a spot in the R&A team. For someone who does not understand how, for example, a scalable business idea can be illustrated by an EBITDA with a faster growth than sales, the entry barrier to R&A can be hard to understand and a lot of time has to be put into it to understand what everyone is talking about. The first few weeks I mostly
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listened to the more experienced analysts, trying to understand the “language”. I have even started to learn things that is not due until after the bachelor degree, hence giving me an advantage towards my fellow students. What is LINC for you?
LINC is a gathering of ambitious, dedicated and skillful students, who would like to get the most out of their interest for finance. LINC has an enormous alumni network consisting of individuals working with some of the biggest banks in Europe. That way LINC is an opportunity for me to learn as much as possible about the business before I graduate.
MEMBERS OF LINC
When did you become interested in finance?
I have been interested in finance for quite some time now and the reason is simply because my parents have a background in finance. How many hours a week do you dedicate to LINC?
Being a part of R&A can be demanding. If you do not put in the effort and time that is necessary, you are making a big disservice towards yourself. Since I write about two analytical papers per semester the tempo fluctuates. During some periods I can spend up to 35 hours a week on research and writing. During other periods I only attend meetings, workshops and internal courses, which means I spend 3-8 hours a week with LINC. Something to keep in mind is that less experience requires more time spent on each paper. In time, once you get the right mind for it, it will likely be possible to write an analytical paper in a couple of days instead of weeks.
it will give me an advantage which employers possibly find appealing. How has LINC helped and supported you during your education?
LINC, especially the R&A team, has helped me enter a line of business with tough entry barriers. LINC has also helped me narrow down my interest for finance into something practical. Shares or funds? Shares Wolf of Wall street or The Big Short? The Wolf of Wall Street Diversified or high-risk portfolio? Diversified
What has been the biggest challenge being part of LINC?
Understanding the “language” and learning how to recognise a “case” has been quite hard. How do you visualize your future after LINC?
I just recently joined and I have already learned so much. I imagine myself becoming great at equity research. I believe that
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Events of the year
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Every year LINC hosts several events in order to prepare our members for an incoming career within the finance industry. In the following pages you can read more about our events throughout the year.
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EVENTS OF THE YEAR
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EVENTS OF THE YEAR
Transaction Advisory Forum The third edition of TAF took place on the 3rd of March. Just like last year, the forum provided a unique chance for selected students to interact and network with representatives from Sweden’s leading corporate advisory firms. The participating firms this year included; Deloitte, EY, Grant Thornton, KPMG and PwC. The event kicked off with a guest lecture and introductory presentation by
PHOTOS: LISA MERKOULOVA
Gun Nilsson, incoming CEO at MSAB. Thereafter, students dived right into the first rounds of workshops. To enhance the quality of interaction, students were divided into smaller groups with rotations between all the firms. The participants also had a chance to interact with the representatives during coffee breaks and lunch. The event ended with a drink reception, a sociable dinner at TegnĂŠrs Matsalar and a night out at T-bar. JOEL BALKOW
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EVENTS OF THE YEAR
Women’s Business Conference Women’s Business Conference is directed to women with a strong interest in finance and business and is held on an annual basis in April. Within LINC, we have noticed a growing interest from the finance industry for our female members, which make WBC a lucrative event for the participating firms. Since increasing the number of female members within our society constitutes one of our primary ambitions going forward, we are very pleased to witness the success that WBC has been since it was launched. During the event the ambitious students interact with the firm representatives through workshops, case studies, a lunch break, mingle sessions,
interviews and a three-course dinner. In addition, the participating students and firm representatives enjoy a full night at Tegnérs Matsalar. WBC in 2016 marked the second edition in a row and was held on the 16th of April. The participating firms were:
PHILIP BERNTSSON
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PHOTOS: KARLA OPAZO
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EVENTS OF THE YEAR
Investment Banking Forum Every year, in the beginning of the fall semester, LINC arranges the Investment Banking Forum to kick start the new semester. This year, with more than 200 applications, 80 handpicked students were given the chance to interact and create valuable relationships with the participating firms: Citi, Bank of America Merrill Lynch, Fidelity Investments, BNP Paribas, SEB, Carnegie, Nordea, Pareto Securities, ABG Sundal Collier, Danske Bank and Handelsbanken. The forum started with a lecture by Henry Ohlsson, Deputy Governor of the Swedish Central Bank, and continued with workshops, interviews and networking sessions. In the evening all the
PHOTOS: ANNA JAKAB
participating students and the representatives from the firms gathered for a dinner at TegnĂŠrs Matsalar. The Investment Banking Forum is a perfect opportunity to show the participating firms your competences and ambition to pursue a career within the world of finance, which some of the participating students succeed very well with. We would like to congratulate Carl Dalerstedt, Erik Ivarsson, John Kleven Falck, Johan Eriksson, Erik Stussare, Alex Mikaelsson, Filip Nilsson and Oscar Eriksson amongst others, for the internship offers they received in connection to the event. THEA NYRELL
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EVENTS OF THE YEAR
London Banking Tour Between October 5th and October 7th, 22 selected members visited the finance center of Europe - London. This year the tour was held in collaboration with BGI, “Börsgruppen vid I-sektionen”. During these days, students visited the following leading financial institutions in London during their recruitment process: Goldman Sachs, Bank of America Merrill Lynch, Deutsche Bank, Fidelity, Credit Suisse and UBS.
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After many subway rides between Canary Wharf and City of London, visits and workshops, interesting conversations and insight in the industry, we hope that the participating students came home to Lund with a lot of new knowledge and energy to apply for internships. THEA NYRELL
EVENTS OF THE YEAR
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EVENTS OF THE YEAR
Stockholm Banking Tour One of LINC’s recurring events is Stockholm Banking Tour, which is held on an annual basis. This year, the tour took place in the middle of November. The participating firms were: Citi, Danske Bank, ABG Sundal Collier, Bank of America Merill Lynch, Bodenholm Capital, SEB, Nordea, and Jarl Securities. 20 selected LINC members were selected to participate, including the Editor in Chief which marked his first indoor experience with an investment bank. If you, like I was, are unfamiliar with the world of investment banking, this might be a good read for you. Despite studying economics and finance for almost two years, I still was not sure what the Stockholm Banking Tour could offer me in foresight. Here I am, on my way back to Lund, writing about it and realizing what an eye-opening experience it turned out to be. Having no previous experience within investment banking I was very excited when
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we were greeted by our first bank of the tour: Citibank. Citibank had prepared well for our meeting. All of us from LINC were treated like business associates and it quickly became evident that Citibank was just as excited to see us, as we were to see them. What followed was a presentation of the bank itself and what it consists of. As a rookie in the field, I was taught what really marks a modern investment bank today. Generally speaking, banks like Citi are profoundly divided into two parts; Corporate Finance and Markets. The Corporate Finance division handles mergers and acquisitions (M&A) whereas Markets focus more on equity research (ER). Citibank continued their presentation with a case study and by diving deeper into what differentiates them in terms of career paths and company culture. After the presentation we mingled with Citibank representatives, where LINC members had the opportunity to network
EVENTS OF THE YEAR
and interact.
•
I left Citibank with a big smile on my face. Not only was I filled with new information, I found myself inspired and wanted to learn more about investment banking. The same smile popped up after every other bank we had the honour of visiting. Every visit followed the same encouraging, inspiring and foremost educational theme, yet every bank’s presentation and scheme was unique in their own ways. With a few standouts of course. • Getting to visit our new sponsor, SEB.
• •
An acquisition exercise at Bank of America. Getting to visit “where the action happens” at the ER floor of Danske Bank. Being greeted by our President who was an intern at ABG Sundal Collier.
Stockholm Banking Tour ended with a fantastic alumni dinner at GRILL. Old alumnus, some even working at the previously visited banks, joined the participants of SBT in a night filled with great discussions, laughs and true LINC spirit. JOEL BALKOW
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INTERVIEW
Max Mitteregger This past fall, LINC had the honour to host the successful hedge fund manager, Max Mitteregger. Max is famously known for starting the hedge fund “Gladiator�. After his inspiring guest lecture and presentation, we had an opportunity to talk with Max more in depth of his view of the economy and of his fund.
How would you summarize 2016?
A common theme throughout the year has been high liquidity levels as a direct result of low interest rates. Extensive influences from the financial institutions have created an atmosphere of hope and belief after years of waiting for a better tomorrow and a full turnaround of the economy. Both the oil and car market have continued to be strong, but I am afraid their glory days belong to the past. The same goes for the US, whereas China is harder to predict. Unfortunately my lack of optimism speaks for 2017 as well, it might be the year of the tipover, but I have been wrong
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before. I hope and believe in a stronger Europe. What is your take on the Swedish and Nordic hedge fund industry?
Good! I think Nordic companies have performed exceptionally well in relation to the rest of Europe. More funds are created now than in a long time. You can make a lot of money through hedge funds, especially if you make a successful short bet. However, few Swedish hedge funds do that. Your fund, Gladiator, has only two employees. How do you manage your assets with only two fund managers?
We do not need to be more people be-
INTERVIEW
“
There are no specific models to measure a good, prosperous company. I trust my gut. Always keep your ear close to the ground and dare to question analysts.”
cause we do not want to become a larger firm. We are keeping track of a lot of equity as it is. Are most of your customers institutional or private?
I would say it’s about 50/50.
To what extent do you interact with other firms within the industry?
What kind of approach do you take when you evaluate companies? What do you look at?
There are no specific models to measure a good, prosperous company. I trust my gut. Always keep your ear close to the ground and dare to question analysts. JOEL BALKOW
I have a lot of good friends in the industry but I try not to talk too much with other hedge funds. I rather focus on what I personally believe in. Do you ever consider alternative investment strategies?
No I do not. I don’t dive deep into derivative strategies either. I try to keep it simple, find cheap companies within sectors I have faith in. I buy futures and take long positions in bonds for safety, that is how I work. I am careful and try to stay liquid. I stay 40 % liquid, I deal less with real estate and I do not listen too much to the herd. LINC MAGAZINE 16/17
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Carl BjĂśrkegren
During the fall, LINC also hosted a guest lecture with Carl BjÜrkegren. Carl started his financial career on Wall Street more than twenty years ago. Through his work as a trader at one of the world’s biggest investments banks as well as with Swedish banks and stockbrokers, Carl has gained great knowledge and experience about the financial markets. As an entrepreneur, Carl also have experience from the hedge fund industry. What motivated you to pursue a career in finance?
I have always liked finance, but it grew on me when I studied in the U.S. I had, since young age, a knack for math and strategy games. This shaped me to become very analytic and strategic, constantly reflecting on which option is optimal in any given
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situation. It could be about whether or not to buy candy during breaks at school. I knew I was into economics somehow. However, I did not know at the time that this was a field of its own. When studying finance in the U.S, the subject became more concrete. I took
INTERVIEW
finance classes and heard stories of professionals who had been in the business over a long period of time. These stories inspired me, and I truly enjoyed being in an environment where a rigorous interest in finance was the standard. These American experiences, despite my lack of knowledge, led me to applying to an investment bank over the summer for an internship. I got the job and it was at this point my interest begun. Through “rotations� during the internship I was granted great insights on how the different divisions worked. I was constantly curious and wanted to learn and take in as much as possible. I can, in hindsight, see this curiosity as an important component as to why I continued the path of finance, which is a special world. You have to be curious and find everything really exciting in order to keep up your motivation to perform and do a great job. Curiosity is imperative, especially for young students. They have to try everything to find what division they are not only good at, but find most exciting. My curiosity finally led me to market, sales and trading. When it became clear to me what division I was really interested in, I also realised my true interest for finance. It had become something concrete which I could work within, excel within and develop within. I continued my financial journey within sales and trading at various divisions and institutions which led me on an amazing trip where I learned a lot.
What are the biggest changes you have witnessed in the financial market throughout your financial career?
The most obvious choice would be digitalisation. It has become clear it is a phenomenon that people are taking seriously. Other than that, I would say the new stricter laws and regulation on the industries. Both changes have been especially apparent to me who has a great interest in options. The option market has not grown as fast as other markets and has had a hard time keeping up with the technological development. This has to some extent caused people to ignore this market. However, more private investors are looking further into the option market, a trend I hope will continue and mark a big change in the finance world. What advice would you give a student who is interested in finance today?
The most important thing is to keep being curious. Talk with people in the industry on what drives them and what they have learned. Try different internships and take every opportunity to figure out what you like and what you are good at. It was only at my internship I realised I was into finance for real, so dare to take chances and try. Also, never forget to believe in yourself and your gut, and dare to ask questions. If you do that, then your finance horizon looks promising. SAMUEL HAMMARLING
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Career and Preparation
The Road to an Internship Whether you are a student with a humble curiosity for the finance industry or a full-out investment banking freak, you should consider applying for an internship. For a lot of the top tier employers, their internship scheme is the main resource of new analysts. Especially if you want to land a top job in London, having a successful spring week converted into a summer internship, which in turn is converted to a full-time graduate position, is a streamlined way to your dream position.
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What is a spring week?
A spring week, or spring insight, is in a way a one- to two-week long assessment centre that usually takes place in March or April. It is a way for the bank to get to know you and vice versa. The expected level of experience and knowledge of the industry is fairly low, but a strong interest and great curiosity is sought after. During the spring week you will get the chance to network with employees from all levels of the bank as well as take part in educating lectures and seminars. There is usually some kind of assessment towards the end, such as a presentation of a project you have been working on during the week. Some spring weeks are general, like Morgan Stanley’s Spring Insight Programme, which covers all different areas of their business. A general programme such as that one is designed for people with a finance interest who do not know exactly which division of the bank they fit into. There are also more specialized spring weeks, for example at Goldman Sachs, where you dive into one specific area such as Tech or Securities. The application process usually opens between September and December and then closes sometime between November and January; it varies a lot from bank to
bank. Make sure you look up the specific deadlines for each spring week you are interested in so you do not miss the chance to apply. You should also keep in mind that a lot of banks hire interns on a rolling basis, which means you are doing yourself a huge disfavour by waiting to the very last day to apply. If you do, you will be competing with more people for fewer spots.
What is a summer internship?
A summer internship usually lasts 8-10 weeks and takes place during summer break, June through September. During the summer you will be able to further explore the work environment and dayto-day tasks of your division. The idea is that when the summer is finished you will know if this is the right place for you and the employer will know if you are the right person for this place. The expected level of academics, experience and knowledge is generally higher than that for the spring week. This means you should expect some more technical questions during the application process, especially if you already have a spring week or similar on your resume. You will most likely be assigned tasks similar to those of a first-year analyst, and also be paid like one.
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THE ROAD TO AN INTERNSHIP
Most summer internships are within a specific division (Markets/Corporate Finance/Asset Management, etc.) some even hire interns straight to a certain desk. The summer usually begins with an introductory week where you will learn the basics of the industry: how options work, how to calculate profit and loss, and some industry-specific lingo (2 yards of cable = 2 billion GBP/USD). During this week you will also learn a lot about the history and culture of the bank you are interning at, as well as how you are expected to conduct yourself. The banks usually hire summer interns on a rolling basis, just like the spring week. You should therefore, by the same logic, not wait to the last day to apply, as your chances of landing an offer will be reduced.
The application process This is a list of common steps in a bank’s recruitment process for spring weeks or summer internships. It varies a lot from bank to bank, some do all these steps, others only a few. The order of the steps may also vary.
1. Application
Fill out an application form online. You will upload or type out your CV and Cover Letter as well as answer a few questions. Typical questions are “Write about something in the news
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you think is interesting” or “Why this bank/division?”. The questions for spring week applicants are generally less extensive than those for potential summer interns.
2. Online tests
Some banks have a series of numerical and verbal online tests. If you are invited to take these tests you will receive a personal invite and do them online. There is a time limit and for some tests you are not expected to answer all questions before the time runs out.
3. First-round interviews
If your application and tests are successful, you will be invited to a first interview. You will either be flown to London for a face-to-face interview, invited to a phone interview, or do a digital interview. While the two first possibilities are fairly straight forward the last one has only recently spread amongst London recruiters. In a digital interview you will be asked a series of questions and then given a one to two minute time slot to answer these, while you are being recorded by your webcam.
4. Second-round interviews/assessment centre
During an assessment centre the bank
THE ROAD TO AN INTERNSHIP
will interview and assess several people at the same time. You can expect a series of mini one-on-one interviews with senior and junior staff, some sort of group assignment that you will solve with other potential interns as well as some written tests.
5. Congratulations!
You have landed the offer of your dreams. Make sure to add this to your LinkedIn profile so you can humblebrag about it to all your friends.
A few tips on how to maximize your chances Spend a lot of time on your online applications and cover letter. Try to make them unique for each bank rather than just changing “Credit Suisse” to “J.P. Morgan” five times in your cover letter, it will show. Do five applications really well rather than ten sloppy ones. Do practice tests online before taking the real ones. This is a great way to get used to the types of questions you will be asked and limit the stress from the time pressure you will be under. Google is your friend. If you are invited to an interview, Google what kind of questions you can expect. If you do not know what the bank you are applying to is known for, Google it! The internet is a never-ending source of knowledge and inspiration.
Get a friend or two to read through your CV and cover letter, to avoid unnecessary mistakes. This is such an easy thing to do and could make all the difference so it is an absolute must. Prepare answers for the most common interview questions. While you should not sound like a machine reciting pre-written answers, you do not want to mess up the most basic (and probably most important) questions like “Walk me through your resume” and “Why do want to go into investment banking?” Read the news and form an opinion on current news stories and macro trends. You have to know what the most discussed subjects right now are or you will not be able to sell yourself as someone with a finance interest. Best of luck!
CECILIA SKOGLUND LINC MAGAZINE 16/17
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LINC R&A
Equity, Macro & Technical Analysis With more than 45 student analysts, LINC R&A’s purpose is to provide the most ambitious students at Lund University with adequate tools, a network and the right skillset to break into the field of finance. We give students in-depth knowledge regarding the analytical process of equity research. By screening through top- and bottom down approach and using financial modeling the students derive conclusions regarding the future drivers and the trajectory of a stock. In the next few pages you will find two examples of this: An equity analysis of the medical device company Stille and a macro analysis of copper.
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R&A EQUITY ANALYSIS
Stille Stille is a manufacturer and distributor of surgical instruments (Instruments, about 50 % of revenue) and advanced surgical tables (imagiQ2, 50 % of revenue). The company was founded in the mid-1800s and has a strong position within the premium segment for surgical equipment. Operational and organisational changes can lead to margin expansion Since CEO David Jern took over Stille in 2014, relocation of the administration and streamlining of the production has led to increased margins. The gross margin has on trailing 12 month increased from about 40 % to 49 % and the EBIT-margin from -1 % to 17 %. The increase in EBIT-margin can be derived to the closure of offices in Stockholm and Chicago, but also to a favourable dollar exchange rate. Established brand, 68 % insider ownership and recent insider trading by the CEO Jern acquired in November 2016 Stille shares for about 9 MSEK. The transaction was made to a discount of 50 %, but since the seller was the majority owner and board member Bengt Julander, the transaction could be interpreted as a bonus or part of an incitement program. Bengt Ju-
lander owns about 61 % and Jern 6 % after the transaction, something that indicates a strong belief in the future of Stille. Stille was founded 1841 and has since then created a reputable brand. Stille’s product belong to the premium segment of the market for surgical equipment and the prices are among the highest. The market that Stille is active on is mature and Stille is still managing to win market share from competitors with lower priced products. The market is characterized by bigger competitors and in the US 60 % of the market revenue is generated by the 50 biggest companies. If a price war were to start or taxes were to be raised, the biggest companies would have a competitive advantage through economies of scale. Big investments in US market penetration Trailing 12-month revenue has increased by 22 %, an effect of the last years focus on the US market. A new sales manager was hired during the third quarter and both Instruments and imagiQ2 are driving revenue. In 2014, the North American market stood for about 40 % of Stille’s revenues, but given the strong US dollar and the increased sales focus, the North American market share is estimatLINC MAGAZINE 16/17
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R&A EQUITY ANALYSIS
ed to about 45-55 % of revenue. Further, the US market growth is estimated to a CAGR of 6 %. In January 2017, Stille acquired Arcoma North America, a competitor to imagiQ2. The acquired company is estimated to contribute with a yearly revenue of 10 MSEK before synergies, and the purchase price was 8,5 MSEK which was paid with cash. Since Stille is traded at P/S 2,6 and the acquisition was made at 0,85 some multiple arbitrage is motivated. Further,
the acquisition will augment Stille’s exposure to the US market through additional distribution canals, which is in line with the company’s current growth focus. Traded at EV/EBIT 7,8 on 2018E, 94 % upside motivated Despite strong performance the last months, the valuation of Stille’s share is still relatively low given strong growth and increased margins. Stille is currently traded at EV/EBIT 10,3 and 7,8 for 2017E and 2018E compared to the current val-
20%
160 140
15%
120 100
10%
80 5%
60 40
0%
20 0
2012
2013
2014
2015 Revenue
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2016E EBIT-margin
2017E
2018E
-5%
Name
David Je
Bengt Ju
David Je
R&A EQUITY ANALYSIS
uation at EV/EBIT 15,1. This leaves an upside of 47 % and 94 %. This assumes a stagnant growth rate but stabilized EBIT-margins over 15 % due to long term streamlining effects. Taking Stille’s historical valuation in affect though, EV/EBIT 15,1 is a bit stretched and a lower multiple could be argued for. In that case, a significant upside would still be motivated. Unstable history and operational risk the biggest insecurities The impressing growth rate and EBIT-
margins is no guarantee for the future. Stille has previously had problems growing continuously and keeping the margins stable. Further, the capital expenditures has been relatively low the last five years which could lead to the growth slowing down henceforth. Just as well, the margins has partly been affected by a strong US dollar, which if changed, would have a significant effect on Stille’s earnings. SEBASTIAN LINDEBORG
Changes in Insider’s Holdings 20% 15% 10%
Name
Position
David Jern
CEO
Date
Volume
Price
Total sum
16-11-19
200 000
25
5 000 000
Bengt Julander Board member
16-11-19
200 000
25
5 000 000
David Jern
16-11-19
22 000
47
1 034 000
CEO
5% 0% -5%
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R&A MACRO ANALYSIS
Copper A metal with potential Copper had shown only a modest increase of 4% during 2016 until the US presidential election when Donald Trump’s promises of substantial infrastructure spending led to a price rally. The prices increased 11% over the course of a week closing at $5,529 per tonne, the best week for the metal in five years. Since the election, the prices have been ticking upward and the cost of a tonne of copper is $5,899 today. One could ask if this price increase is justified solely on the prospect on US infrastructure spending, or if there might be other reasons to own the red metal. Looking at the long-term supply side makes a good case for higher prices. With a broadly balanced supply and demand, it does not come as a surprise that the investments in new copper mining projects have been scarce in recent years. According to CRU, a research group, the thin project pipeline is not due to a fear of a supply glut but mostly due to difficulty in raising finances. The lack of projects is not the only thing contributing to a looming deficit. Many of the projects have run into complications which have led to substantial delays. According to a report by
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Coldeco, the largest copper producing company in the world, at least 50 of the bigger copper mining projects have been delayed globally. The CRU group estimates that only 6 major projects will be finished until 2020, assuming no further delays, comparing with a total of 80 planned developments worldwide according to Bloomberg Intelligence. In the report Coldeco predicts a deficit in copper supply by 2018. This positive demand outlook is shared by other industry giants such as BHP Billiton Ltd and Freeport-McMoRan Inc. who predicts copper shortage in 2019 and 2018 respectively. RBC Capital Markets have presented a similar view. Additionally, and more notably, the bank predicts a massive shortage of copper in 2020. This long term forecast is emphasising on a supply shortage and not a rising demand. Key events this year which makes the forecast probable are strikes at Coldeco in Chile and strikes against a large mining project in bordering Peru. The strikes at Codelco combined with an earthquake in the country earlier this year are of particular significance since it has further delayed the development of the aging Chuqui-
R&A MACRO ANALYSIS
camata pit, the world’s largest open-pit copper mine, a key investment to ensure forecasted future supply. Looking at demand, China unquestionably plays an important role. A more consumer driven economy could result in a lower demand from the Chinese building and manufacturing sector. However, China still relies heavily on infrastruc-
ture spending when striving to reach the growth numbers. Other areas where copper is used are transportation, in the form of automobiles, and electronics. An increased demand in these sectors could help offset the negative effect of a slowdown in building and manufacturing. According to the WSJ, the numbers of cars sold in China jumped by 29% in September alone this year. This is part of
Copper Demand by Source Industrial Machinery and Equipment: 9.4% Building Construction: 30.7%
Consumer and General Products: 9.8%
Transportation Equipment: 11.4%
Source: GFMS Copper Survey 2015
Electrical and Electronic Products: 38.7% LINC MAGAZINE 16/17
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R&A MACRO ANALYSIS
a larger trend of increased consumption in China which could boost demand for copper riddled consumer goods overall. The copper consumption per year and capita in China is 5,4 kilos comparing to South Korea with a consumption of 14 kilos. Further modernization, development and urbanisation in China should bring the consumption closer to that of South Korea. This aspect of consumption is perhaps more interesting when looking at India and its modest consumption of 0,4 kilos per person and year. Combining this with a population of 1,2 bn. indicates an enormous potential for growth. The progress in Indian infrastructure development has admittedly been very slow and the roads as well as power grids are unreliable. More notably, the wires and cables market in India comprises approximately 40% of the Indian electrical industry,
according to Power Watch India. Copper is the metal of choice when it comes to cables and wires and the demand for it in India is estimated to double within the next five years. To summarize, the short-term outlook is quite hard to deduce because it is dependent on Donald Trump convincing investors that the infrastructure plan is not just smoke and mirrors. Long-term there is good reason to believe there will be a deficit in the copper market considering the gloomy outlook on the supply side. The biggest risk to demand is a substantial slowdown in Chinese construction and manufacturing. However, there are numerous trends and potential markets which could soften the blow. SEBASTIAN SVENSSON BROMERT
Copper Deficit
METRIC TONNES
400000
200000 0 -200000 -400000 -600000 -800000
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2014 2015 2016 2017 2018 2019 2020
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Introducing LINC Asset Management As LINC continues to develop, LINC Asset Management is one of the most recent projects in the strive to become the most prominent finance society in Scandinavia. LCAM’s purpose is to actively manage the excess liquidity of LINC in a portfolio created by the team. LINC Magazine has had the opportunity to have a chat with fund manager, Erik Ivarsson. “The idea behind LCAM has been around for several years in LINC but 2016 was the year we chose to materialize the idea. The number of members of LINC grew in 2016, our events have become larger and the financial margin of safety is enough to realise the idea of asset management, without the risk of negative effects on our operations. This, combined with the success in building up a team of students with relevant academic quantitative knowledge and with experience from asset and fund management, we estimated that the timing of this project was right. Another important reason why LCAM
started in 2016 is LINC’s goal to become the most prominent finance society in Scandinavia. With this vision, we saw it as a natural part to offer ambitious students the opportunity to develop in asset management.” In order to manage the capital, LCAM consists of a team with a fund manager and the treasurer of LINC as responsible for the trading activities of the portfolio. LCAM has created an investment policy document, which the executive board has approved. The asset management committee will also present their work during the Annual General Meeting in which, LINC members are able to affect and discuss the content in the Investment Policy. Within the team there is a couple of analysts which focus particularly on three areas: fixed income, equity, hedge funds & structuring. On top of that, LCAM has a close collaboration with LINC R&A, especially the macro team that comes out with new analysis every two weeks. Through the partnership, LCAM LINC MAGAZINE 16/17
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LINC ASSET MANAGEMENT
gets interesting outlooks for different asset classes, markets and events regularly which is used as a fundamental basis for investment decisions. “The collaboration with the R&A’s fundamental team means an exchange of knowledge concerning trends and themes of the Swedish stock market. Since R&A has been built up to the extensive organisation it is today, there were synergies to harvest through this exchange.” The portfolio contains of mostly stocks and fixed income securities but it also has room for alternative investments such as
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investing in hedge funds. Regardless of the asset class that we invest in, it is by great importance that the investment follows an ethical profile. The portfolio does not allow any holdings in companies engaged in unethical activities such as unhealthy products, weapons and activities that are environmentally harmful. All investments must follow the Principles for Responsible Investments (PRI) of UN and by that, LCAM is contributing to the development for a sustainable financial system. “First and foremost, we feel it is import-
LINC ASSET MANAGEMENT
ant to raise this point of view, but it is also a strategic dimension. As responsible investment is an increasingly important element among institutional asset managers, we saw it as a natural element also in our management. We believe that contributing to sustainability is important for the students who get involved in LCAM.� LCAM is keeping a low risk profile with a required rate of return on 4 % + STIBOR. Rather than looking at the return for a specific period, LCAM has its focus on the processes in order to learn about asset management on an institutional level.
All for benefiting the students in LCAM with a passion for finance and an eagerness to leverage their learning and progress curve. To have an asset management division within LINC will most certainty contribute to the good reputation the students in LINC already have within the finance industry and will be an important piece of the work of LINC, for many years to come. It is by great interest we will follow the development of LCAM! SAMUEL HAMMARLING
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Have you heard that we have Bloomberg terminals in our lab? 48
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On December 13th, 2016 LINC made a big announcement: “As a step to reach our vision to become the leading financial student organisation in Northern Europe, LINC is proud to reveal that our members now have access to Bloomberg Terminals in our lab!� The Bloomberg Terminal is a computer software system provided by the financial data vendor Bloomberg L.P. It enables the access to the Bloomberg Professional service through which users can monitor and analyze real-time financial market data and place trades on the electronic trading platform. Most large financial firms have subscriptions to the Bloomberg Professional service.
It is exceptional for a student organisation to have access to not only one, but nine Bloomberg terminals. Because of this, LINC members will have the opportunity to learn, study and use the Bloomberg Professional service. This software is perhaps the most popular one within the finance industry due to its flexibility and power, but it is not the easiest software to use. Thus, having the knowledge of how to use the Bloomberg terminal is a great advantage in future careers. CHRISTOPHER SENDELBACH GILLE
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The World of LINC
Since the founding of LINC, the amount of members has increased rapidly. LINC has become the natural meeting point for ambitious students interested in finance at Lund University. Currently there are 1302 members of LINC. At present, some of them are following the stock market through our new Bloomberg terminals in the finance lab and others are drinking coffee in the boardroom. Further, many of the members have already graduated and started a career within finance in different parts of the globe. The common denominator for all the members are that you are a member for life - once you go LINC you never go back, and this has created a strong and international alumni network. The alumni network is the heart and core of LINC, the organ which constantly helps LINC to grow and prosper. The alumni are helping the members by giving
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junior LINC members career guidance, hosting visits during LINC’s banking tours, recruiting new talents from the organisation and also spreading and building up the brand of LINC. At the same time there is a great link between alumnus, which was clearly demonstrated when board members and honorary members from 1995 gathered for an unforgettable jubilation party together when LINC turned 25 years old last spring. Goldman Sachs, JP Morgan, Credit Suisse, UBS, Citi, Bank of America Merrill Lynch, Fidelity Investments, Danske Bank, SEB, Nordea, Carnegie and ABG Sundal Collier - are just some of the leading finance firms our alumnus are represented at. We have spoken with two successful alumnus of LINC to hear their story and to get some advice on how to succeed within the jungle of finance.
The alumni network is the heart and core of LINC, the organ which constantly helps LINC to grow and prosper.
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ALUMNI
Magda Lukaszewicz Goldman Sachs in London
How has LINC helped you get to where you are today?
LINC is an excellent entry point giving you access to a great network, but also a lot of fun. From a short-term perspective, LINC played an important role in my preparation for the application process, which may be a little different in finance compared to other fields. From a longterm perspective, I had the opportunity to meet a lot of inspiring people, that later became my friends. Many of them are now working at different investments banks. Why did you end up at Goldman Sachs in London?
I was looking for a job where I could challenge myself, have a steep learning curve and build on my technical expertise in finance. I decided to give banking a go. Goldman was one of a very few places that fulfilled my criteria, where I also felt I could be myself.
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ALUMNI
Jonathan Karlsson
Fidelity Investments, London How has LINC helped you get to where you are today?
What is your advice in terms of getting an offer?
Why did you end up at Fidelity Investments and in London?
Figure out what you want to work with and start absorbing all the knowledge you can get about that job or division.
LINC put me in touch with like minded peers to sharpen my wit and knowledge against. More importantly, it also put me in contact with our alumni in London and Stockholm. If not for that, I would probably never have secured any of my internships and by extension, my full-time offer.
I knew I wanted to work in an investment role since before I started at Lund, and FMR has a great reputation in the business. When I met the company at LINC’s LBT in 2013, I got interviewed by two PM’s. I managed to not mess up and so I progressed through their interview stages and met some of the smartest and most humble people in my life along the way. I got the internship and the rest is history.
The willingness of helping current members can also be shown by our new mentor program, where handpicked students will receive an alumni mentor. The program aims to help and guide students to a career within finance and there will be representatives from every division and a profound amount of different firms. In that manner each student can customize their own individual mentor program.
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Follow up with people you meet at events. It does not matter how active you are at an event if you do not follow up. I had one of the worst resumes on my first London trip and I still got two internships, because I actually followed up with the alumni I met.
Last, but most important, get internships as soon as possible. Even if you are a first year and you do not know the difference between an investment bank and a piggy bank, the way to actually figure out what you like is to get some experience. Otherwise you will be just as clueless next year, even if you actually read all the vault guides and talk to people like me. Meanwhile, we create yet one other bridge between current members and alumnus. Many say the world is getting smaller and in the meantime LINC is getting even larger - the link of LINC is getting even stronger. THEA NYRELL
Ekonomihögskolan klättrar uppåt Välsökta och eftertraktade utbildningar, högt placerade masterprogram i internationella rankningar – och ett fortsatt arbete för att rusta framtidens ledare att ta sig an globala utmaningar och bidra till att utveckla ett hållbart samhälle. 2016 var ett framgångsrikt år för Ekonomihögskolan. Masterprogrammet i finans klättrade i år från plats 38 till plats 32 i Financial Times årliga prestigefulla rankning av världens bästa finansutbildningar. Under 2016 fick vi förtroendet att samordna regeringsuppdraget att ansvara för kompletterande utbildningar för utländska ekonomer och systemvetare och därmed underlätta för dem att ta sig in på svenska arbetsmarknaden. Och i höst startar vårt nya kandidatprogram, International Business, som är tänkt att förbereda studenterna för en internationell karriär. Programmet ges helt på engelska, och hälften av platserna är vikta åt internationella studenter. Det här vore inte möjligt utan skolans engagerade studenter, medarbetare och samarbetspartners. Tack!
www.ehl.lu.se
Importance of External Partnership
T
HE EXTERNAL Partnerships Committee’s core purpose is to build new and maintain current relationships with external collaboration partners. The work of this committee is of outmost importance for LINC as its main responsibility is to ensure that top firms in the finance industry are interested in attending our events and sponsor LINC. I am proud to say that LINC received three new silver sponsors in 2017 – Fidelity Investments, Danske Bank and SEB. What pleases me even more, is noting that our sponsors really value our collaboration, which is demonstrated with several recent hires of LINC members. As a student organisation with an ambitious vision, it’s crucial to imply legitimacy and having sponsors of this calibre is definitely in line with this. As a sponsor of LINC, you will have the opportunity to market your brand towards Lund University’s most ambitious students interested in finance. LINC offers two levels of sponsoring; Silver Sponsor and Gold Sponsor. Through the different perks included in each package, you will have a competitive advantage relative to your peers, ensuring your po-
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sition as the most coveted employer. The benefits of being a sponsor include full recruitment potential, distribution of career information, increasing brand awareness and having priority in all of our events.
JOHN KLEVEN FALCK
SPONSOR INTERVIEW
Sponsor Interview
Jonathan Karlsson Fidelity is one of three main sponsors of LINC. LINC Magazine has had the opportunity to interview Jonathan Karlsson, Equity Research Associate, at Fidelity and former president of LINC about why a sponsorship can be beneficial for both parts. What would you say that the sponsorship gives to Fidelity?
Fidelity Management and Research Company (FMR) benefits from the sponsorship of LINC because Lund tends to produce a few talented analysts each year and we use to be the student’s first choice of employer. And from the student’s points of view?
That’s pretty easy to motivate. FMR gives an opportunity to students interested in stocks to work as an independent stock analyst on the buy side as a first stop in the working life. During the internship, you also have complete responsibility over your stocks and get the opportunity to be in charge of meetings with CEOs
of public companies. You also get the opportunity to go on business trips without “babysitting”! I can guarantee that no other employer offers that possibility. Why would you recommend students to get involved in LINC?
Being part of an organisation as LINC is by far the best way to get in touch with people who work the finance industry, which in turn is the best way to get an interview. I would never have gotten my job at FMR without LINC and I know that the same is true for 90% of all others who received similar jobs after studying in Lund. SAMUEL HAMMARLING
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SPONSOR INTERVIEW
Sponsor Interview
Karin Johansson How important is the collaboration with LINC?
Collaborations like these are imperative. It helps shedding light on what an investment bank really is and its parts. Most students think of only the “corp” part, but there is so much more to an investment bank than meets the eye. We want to address the whole picture, and LINC is one way of doing so. We also want to create a greater understanding of what opportunities and career paths you can find within the banks. LINC enables us to target educated and interested students within the subject right away. It has helped us hire sophisticated and ambitious students to both our corporate finance parts and mar-
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kets in not only Stockholm but also Copenhagen. What can LINC do better?
Attract more women! We currently have a hard time recruiting enough women which is a pity since getting women more interested in investment banking is an important matter to us. Women tend to end up in accounting or marketing but we are in need of more women in all our sectors. This is where LINC can help. To inspire more women to join this field of work. JOEL BALKOW
Women tend to end up in accounting or marketing but we are in need of more women in all our sectors.”
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We share your ambition to succeed Ambition is something we share. With our customers. Our people. And the communities around us. Danske Bank is a challenger on the Swedish market, with a strong ambition to grow. We’re a community of 1,500 people who together are building an even more innovative, agile and inclusive culture, in order for us to create value for our customers. We see change as an opportunity to develop and grow, and curiosity and drive is rewarded. Together we’ve embarked on a journey to push the boundaries of banking. Do you want to join us?
19.000 employees
In 16 countries
At Danske Bank, ambition is something we share. With our customers. Our people. And the communities around us. We are on a journey to push the boundaries of banking and make continuous improvements in how we serve our customers. Now’s the time to join our international community of 19,000 colleagues.
Serving 3.5 million customers
Explore your opportunities at danskebank.com/careers
Who run the finance industry - Girls? The finance industry is dominated by men. That is clearly not news. The male dominance is also distinct within LINC as the majority of the members are males. This correlation is not surprising considering LINC is the largest finance society at Lund University and the platform where most students at the university start their career within finance. Why there are such large gaps between men and women within finance is difficult to answer but one part of the equation is that it has always been so. However, the amount of women within the industry is increasing, as well as within LINC. An increased percentage of females within the organisation has, since a couple a years ago, been an internal goal and there have clearly been some changes. In order to capture females with an interest for finance, LINC arranged the
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second edition of Women’s Business Conference in 2016. Women’s Business Conference aims to give female students the opportunity to interact and create valuable relationships with representatives from national and international finance firms. The participating firms in 2016 were SEB, Swedbank, Nordea, Garantum and Cerberus and in total 40 selected female members participated. To continue the success story, the planning for WBC 2017 is already in motion. Another, new, initiative to encourage female students to enter the finance industry is our Female Network. The network aims to attract more female members to LINC, our events, and in the end, the finance industry. Today, about 20% of our members are female, a figure that we are working very hard to improve. The Female Network was released during the spring of 2017 and has been greatly appreciated by our members and by various
actors within the finance industry. The Female Network committee is striving to level out the gender distribution within our society and during the spring, you can expect more female guest speakers and an exciting event with the female finance network Feminvest. To get even more advice and insight in how it is like to be working in the finance industry as a female, we have talked to the LINC alumnus, Magda Lukaszewicz who already has started a career within finance: Do you have any advice to succeed within the finance industry, as a female?
This is a tricky question. Actually, I’m not a big fan of giving women advice on what they should do or not. However, I do see an unhealthy imbalance in confidence between men and women. The only advice I would give, which goes regardless of gender, is to be aware of the fact that you might have been brought up or formed by the society in different ways because of your gender. We have all been shaped by our diverse backgrounds and experiences and should draw on these aspects
“
of ourselves in any career and industry we choose. How do you prepare yourself for a career within finance?
I guess that is different for everyone, but in general, a solid academic background is definitely a good start. A side job or internship gives you valuable knowledge and makes you stand out in a competitive environment. Also, try to find something outside of work that gives you energy, no matter if that is spending time with friends, reading a book or exercising. Jobs in finance tend to be demanding and I believe that having something on the side to focus on makes you more balanced and relaxed in the long run. What do you like the most with your job?
The challenge and the people! The challenge, because I want to use my junior years to understand as much as possible within my field. The people, because the network, especially on the junior side is very strong and I have found some of my best friends at work. THEA NYRELL
Try to find something outside of work that gives you energy, no matter if that is spending time with friends, reading a book or exercising.� Magda Lukaszewicz
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Some last words…
W
HAT A YEAR. In the beginning of September, when we first created the editorial team, we had the vision to create a magazine with a new touch. All of us felt encouraged to tell a new story and chapter which LINC is writing. A chapter of fundamental changes and initiatives to reach our final goals as an organisation. When conducting this past year in words, we felt nothing but appreciation to be part of LINC and the ongoing success journey the organisation is on. Plans and goals have been put into practical effect and it is evident that this past year marks a fantastic and productive year for LINC. The events and changes speak for themselves, but let us summarize one more time: More diversified students, outstanding regular events throughout the entire year, inspiring guest lectures and interviews. Not to mention top notch R&A analysis, introduction of LINC asset management, Bloomberg terminals in our system, more women-orientated initiatives like WBC and LINC’s Female Network. Needless to say, what a year. On behalf of the entire editorial staff, thank you for reading this year’s LINC magazine and we hope you feel inspired to become a member and join our journey. Sincerely, This year’s editorial staff
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The Executive Board
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Special thanks to: Philip Berntsson Jonathan Karlsson Magda ล ukaszewicz Johan Eriksson Cecilia Skoglund Nicolai Bakardjiev Shiloh Whittall Gustav Nordenlรถw John Kleven Falck Erik Ivarsson Skandinaviska Enskilda Banken Fidelity Investments Danske Bank The Executive Board
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