February 2014 | ISSUE 7
table of contents Page 1 – A Message from the President Page 2 - 3rd Annual USWIB Conference Page 3 – Upcoming Events Page 4 – Internship Spotlight
A Message from the President Hello Friends! As interminable winter continues, it’s hard to believe it’s already February! But the new semester is back in full swing. Let me welcome back the USWIB e-board, board, and members and offer congratulations
Page 5 – Lean In: The Movie Page 6 – The Business of the Grammys Page 7 – USWIB Tries: KAWS Page 8 – Woman Crush Wednesday Page 9 – Market Updates - Check It Out: MAKERS
to those women who made membership last semester. A special “Welcome to USWIB” to all the new students! I’m Diana Zarowin, a Stern senior majoring in Management and Accounting. As USWIB President this year, I’m eager to assist each of you to develop professionally and socially in preparation for the workplace. I hope you are just as excited about USWIB’s spring semester as we are. We have a jam-packed social, professional, and community service calendar ahead (easily accessed on our website www.uswib.weebly.com.) I recently came across the following quote: “Find life experiences and swallow them whole. Travel. Meet many people. Go down some dead ends and explore dark alleys. Try everything. Exhaust yourself in the glorious pursuit of life.” How does this adventurous quote relate to my life and yours? I recently compiled a 50item ‘Bucket List’ of all of the things I wanted to experience in the City before graduation – walk across the Brooklyn Bridge at sunrise, see “The Lion King” on Broadway, go skydiving, just to name a few. I wanted to use this semester to appreciate everything around me: my friends, youth and opportunity. As such, I’d like to encourage each of you this semester to be passionate, take chances, immerse yourselves in all that this incredible city has to offer. Meet new friends, have memorable experiences, and enjoy everything that comes along with settling in to a new place filled with memorable things to do. Whatever point you are in your scholastic or career trajectory, dare to explore. The USWIB leadership is here to help in transforming us from highly capable undergraduate business students of today to the successful businesswomen of tomorrow. I encourage you to be proactive, ask for help, and do not be afraid to make mistakes! Though I may not end up actually jumping out of a plane, I look forward to making the absolute most of this semester and hope you all do, as well. This is your time, right now. Speaking for the e-board and for myself, we are excited to get to know the newest additions to our club and to work with you all this semester. We look forward to your participation in USWIB events and your interest in membership. With best wishes for a successful and busy semester! Diana Zarowin President of USWIB
Event Highlight: 3rd Annual USWIB Conference As the 2014 USWIB Conference Co-Chairs, Iram Cheema and I would like to invite you to the 3rd Annual Undergraduate Stern Women in Business Conference! It will be on Friday, February 21st, 2014 at our very own NYU Stern from 8 AM to 5 PM. Our theme this year is Redefine Your Limits and we are expecting over 150 attendees from elite school across the Northeast and Canada. The conference is divided into 3 main portions: Explore, with industry investigation panels; Collaborate, with collaborative workshops to develop your own skills; and Engage, with small coffee chats and a career fair. Our morning keynote speaker is Solita Marcelli, Global Head of Fixed Income at JP Morgan Global Wealth Management and we will close our conference with Anie Borja, Chief of Staff of Sales and Strategy at Microsoft as the afternoon keynote. Our sponsors this year include Macquarie, JP Morgan, Guggenheim Partners, Societe Generale, BNP Paribas, among many others. A sample of other companies represented will include Adobe, Google, BCG, PepsiCo, The Huffington Post, and BlackRock. Our conference is becoming infamous for its hefty swag bags and outstanding food, and we will not disappoint this year. We will also be having a raffle again this year, with prizes like an iPad and NICE headphones. As a new addition to our conference, we will be giving out a Distinguished Alumna Award. This year's recipient is Danielle Even, a former USWIB president and successful investment banker at Evercore Partners. If you have never attended the conference before, we sincerely hope you can make it. If you have class on Fridays, it is perfectly acceptable to be present for the sections you're available. Please dress in business formal attire and bring your resumes! More information can be found at: www.uswibconference.com. We look forward to seeing you all there! Cassandra Pinamonti Class of 2014 Conference Co-Chair 2
+ Upcoming Events: February-March February
20 st 21 th 27
Third Annual USWIB Conference
Big Four Accounting Panel
6 th 7 th 13 th 27
Lean In Workshop
Common Hour: QFS Event Evening: Women in Entertainment Panel
Internship Spotlight A Change in the Learning Curve: A First Internship Experience Sumi Singh Class of 2017 Operations Committee
By the time senior year ended, my summer was virtually free: I had finished exams, passed my classes, and gotten into college. What truly preoccupied my mind was the internship I had received at the e-commerce business Molds and Things Incorporated. It was a start-up company associated with ordering, packaging, and shipping chocolate candy molds to orders received through amazon, eBay, or through its own website. I was hired as an intern to assist in the creation and maintenance of its websites, the updating of its private database, and the completion of minor accounting work. Honestly, I did not know much going into the internship; I had taken some computer and accounting courses in high school but they were only introductory courses. Thus, I began my internship with a bit of caution, but also with the anticipation of learning â€œreal-worldâ€? material.
of the molds, I was able to be more precise in my work. I knew which molds were more popular during perhaps the Fourth of July than a normal week in August, so I knew to market them effectually on our sites. Additionally, by keeping track of accounts at Molds and Things, I learned how to make basic journal entries â€“ and this is proving to be especially valuable in my current Financial Accounting class.
Since my time at Molds and Things was so beneficial, I recommend that students, if they are not too busy this summer, look to work at start-ups around their community. The hours are not difficult and the work is not too pressuring, so they can easily enjoy the summer and feel My learning curve at Molds and Things is duly productive. Also, it is rewarding to finally use credited to Jerry C., the software engineer at what they have learned in the classroom in real Molds and Things. With his assistance, I learned life to add perspective to their education or more about programming in two months than I provide insight to their futures. For example, I did in high school. With every line of code, I have realized that I may want to peruse a could directly see the impact I was having on double major in finance and computer science, the website, and the want to help the business something I would not have discovered until I grow honestly gave me more motivation to took several classes in those areas. Thus, work than grades ever did. Jerry also taught playing a role in the development of a business how to be careful in my work; mistakes were provides much more than the potential to grow bound to happen, but by actually examining our professionally, and this an opportunity no inventory and knowing the relative description business student should avoid.
Entertainment and Music Lean In: The Movie Pooja Adani Class of 2016 Director of Branding Sony Pictures has bought the movie rights for Lean In: Women, Work, and the Will to Lead, Sheryl Sandberg’s bestselling book that gives advice for women in the workplace. Sandberg is currently the COO of Facebook, making her one of the select few women who have made it in Silicon Valley. She is 44, and just recently became one of the world’s youngest billionaires when the Facebook stock went up to $60 per share. Her book focuses on ways that women can be leaders in the workplace and gain more respect from their colleagues. It sold over 140,000 copies in the first week. In 2013, it was on the top of the New York Times nonfiction bestseller list for 12 weeks. Sandberg will be donating her proceeds from the movie to the Lean in Foundation.
It is hard to imagine Sony buying the movie rights for the book had it not already received much attention in the public. I am skeptical whether Sony took the deal to accurately address gender inequality issues or to make a movie that will make it to the top of the box office. I hope Sandberg’s message gets conveyed clearly and not miscommunicated in the profit-seeking nature of Hollywood.
Although creating a movie based on the book seems like one step forward in spreading the issues about gender inequality, it all depends on what direction Sony Pictures decides to go in. The company strives to target a large audience to maximize its revenue. The movie industry thrives on over the top drama. The movie is neither going to be about Sandberg, nor will she be represented as a character in the movie. Instead, it will incorporate the themes discussed in the book in a narrative. The “artistic license” that will be used in producing the movie poses the question of whether or not it will be a step in the right direction for women in the workplace.
Entertainment and Music The Business of the Grammys Laura Kettell Class of 2017 Social Chair The GRAMMYs never cease amaze, as celebrities rolled up in stretch limos sporting the newest Versace ensemble, the biggest Tiffany diamonds, and the most expensive sky-high Louboutins. Katy Perry rocked a gorgeous, diaphanous Valentino gown printed with music notes, earning votes for best dressed. The award show also received much attention this year for its mass wedding ceremony officiated by Queen Latifah. This uniting of 33 couples (many of which were same-sex couples) was a way to show support for marriage equality. Macklemore and Ryan Lewis sang the rather fitting song “Same Love” as 28.5 million viewers tuned in. Latifah said that, "I look forward to the day when presiding over a historic wedding ceremony like this is just the norm — normal special, not extra, extra special.”
In addition to the newly-weds, Daft Punk also had the night of his life, bringing in the win for record of the year (“Get Lucky”) as well as album of the year (“Random Access Memories”).
companies like AEG, Ford, Best Buy, Converse, and Microsoft.
Unfortunately, this organization was under a lot of scrutiny a few years back for mismanaging funds. About a decade ago, the Academy’s President, Michael Greene, supposedly used only a measly 10 percent of donations to actually help struggling musicians. Meanwhile, he was the highest paid non-profit executive in the US, bringing in a salary of 2 million dollars a Although we tend to think of year and having nice benefits this extravaganza as a once-alike a fancy Mercedes Benz and year occurrence, it requires a country club membership. 364 days of intense planning The IRS conducted an and organizing. The investigation, however, no anticipated event is hosted by charges were filed. Soon after, The Recording Academy, Greene winded up resigning which gave CBS the licensing (with an 8 million dollar parting rights to air the show through gift) after a sexual harassment 2021 for a whopping 20 million allegation. The current dollars a year. The Academy is president, Neil Portnow, makes not required to pay taxes on a more modest salary and The this income, because they are Academy has tightened up considered to be a not-fortheir charity operations. profit entity. The main Ultimately, the large amount of 501(c)(3) organization they run money the GRAMMYs raises is MusiCares, which donates brings into question, “the 3.5 million dollars a year to relationship between revenue help musicians in need. The and charitable benefit.” This GRAMMY Foundation also complicated issue is explored gives back to society by giving in Business & Its Publics, a scholarships for students required class for all Stern pursing music education. The freshmen. Academy receives a lot of corporate sponsorship from 6
Fashion and Art USWIB Tries: KAWS
Aurelia Biebuyck Class of 2017 Newsletter Chair After walking on the Highline one brisk afternoon this past December, I decided to stop by the Mary Boone Art Gallery on West 24th Street to check out the KAWS exhibition. The artist Brian Donnelly, but commonly known as KAWS, is a New Yorkbased artist known for his bold pop art. He has done many collaborations, including the album art for Kanye West’s 808s and Heartbreaks. The exhibit featured two wooden sculptures, each over eighteen feet tall,
and three tondo paintings stylized in bold colors. His two sculptures, titled ALONG THE WAY and AT THIS TIME, were breathtaking installations, soaring to the gallery ceiling (ALONG THE WAY is shown above). Galerie Perrotin also had a KAWS exhibition in collaboration with the Mary Boone Gallery’s, featuring more of his work. I’m excited to see what KAWS will do in the future. 7
Woman Crush Wednesday Sheryl Sandberg
Jeanne Qiu Class of 2016 Director of Social Media We’ve got a crush on Sheryl Sandberg, Chief Operating Officer of Facebook and author of the best-selling book Lean In: Women, Work, and the Will to Lead! Sandberg’s Lean In is a memoir that uses her personal experiences in a maledominated field to address women in leadership. She has inspired countless companies and individuals to “lean in” to these issues and work towards gender equality in business and other industries. She wrote Lean In after receiving an overwhelmingly positive response to her TEDTalk named “Why we have too few
@uswibgirl women leaders” and has since led an entire “Lean In” movement among women, men, and major companies in taking action in helping women reach their full potential. Lean In Circles have also been started all around the world in which women provide ongoing encouragement and development to each other in small peer groups. Sandberg has also been very successful in her role as Facebook COO. Since joining Facebook in 2008, she has helped turned the company from a “cool site” into a
multi-million-dollar company through discreet advertising. In 2012, she helped Facebook earn more mobile revenue than any other publisher in the United States. She was listed #6 on Forbes’ World’s Most Powerful Women in 2013. Sandberg received her undergraduate degree from Harvard College and MBA from Harvard Business School, and has also worked as a management consultant at McKinsey & Company, Vice President of Global Online Sales & Operations at Google, and Chief of Staff at the U.S. Secretary of the Treasury. Is there anything she can’t do?
+ Market Updates Alice Huang Class of 2016 Operations Committee
Stock prices can now be quoted in increments of five or ten cents. The House of Representatives approved the Small Cap Liquidity Reform Act earlier this week. In the past decade, stock prices have been quoted in one-cent increments. With speculation on whether or not decimalization has hindered economic growth, the House of Representatives decided to roll out a pilot program in the next three to five years where small companies would begin quoting stocks in increments of five or ten cents. Comcast proposes to acquire Time Warner Cable for $45 billion. Last Thursday, Comcast made a bid to purchase Time Warner Cable for $45 billion. If Time Warner Cable accepts this proposal and the Federal Trade Commission does not consider this acquisition to be in violation of anti-trust regulations, Comcast will gain an additional 11 million subscribers on top of the 21 million subscribers it already has. Rakuten acquires Viber Media for $900 million. The $13 billion Japanese conglomerate Rakuten expects its $900 million acquisition of Viber Media to close next month. The CEO Hiroshi Mikitani hopes to expand the market of online retailing and connect ecommerce with a popular web messaging application.
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