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Sales & Trading Training Summer Program Overview Summer Project

Sales & Trading Training Summer Program Overview Summer Project. UMBS Finance Club November 1, 2003. Summer Program. Program Overview. Orientation and Introduction Bloomberg Training Product Training Divisional Team Project Mentor/Buddy Program Summer Social Events Evaluations.

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Sales & Trading Training Summer Program Overview Summer Project

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  1. Sales & Trading TrainingSummer Program OverviewSummer Project UMBS Finance Club November 1, 2003

  2. Summer Program

  3. Program Overview • Orientation and Introduction • Bloomberg Training • Product Training • Divisional Team Project • Mentor/Buddy Program • Summer Social Events • Evaluations

  4. Orientation and Introduction • Welcome and Introduction of Firm • History • Corporate Culture, Vision and Values • Business Units • Legal and Compliance • Welcome lunch with senior divisional heads • Understand how the Firm operates and how each division relates to the Firm as a whole • Speakers will share their personal experience and their career progression

  5. Bloomberg Training • Bloomberg is the benchmark market data provider on Wall Street • Delivers security, currency, money market and commodity information around the world  • Provides analytical tools to different financial sectors  • Displays current and historic news and information • Introduced to basic keyboard configurations and taught how to find information on financial products such as equities, currency, and money markets

  6. Product Training • Experts will be invited to host specific presentations on: • Life of a Trade • Initial Public Offering Process • Legal and Compliance • Equity and Equity-Linked Products • Debt Products • Research • Structured Finance / Debt Derivatives • M & A • Credit Analysis / Optimal Capital Structure

  7. Buddy/Mentor Program • Provide career development tool outside of the traditional performance evaluation process

  8. Evaluations • Mid-Summer Feedback • Informal feedback collected from direct managers and project sponsors • Self-Evaluation: • Intern completes self-evaluation on his performance and development needs towards the end of the summer • End-of-Summer Evaluation • Formal written evaluation collected from a broad group of evaluators at all levels from within and across divisions

  9. Rotation Program • Rotate through four different business units over the summer:  • 1) Research, 2) Trading, 3) Sales, and 4) Capital Markets • Spend 1-3 weeks in each of the three different groups for which you are not permanently assigned  • Assigned team project to be completed at the end of the summer • Intended to expose you to different businesses • Understand the interrelationships between Sales & Trading versus Research functions

  10. Summer Project

  11. Project Overview • Divided into project teams whereby you will be assigned an industry and a company • Project deliverables divided into the four products that correspond to your rotations • Intended to maximize your rotational experience by offering a basis for learning on each desk • Utilize your time on each desk to become comfortable with products and the PEOPLE

  12. Research – Part I • Identify best company within chosen industry • Prepare “Initiation of Coverage” research report utilizing the Firm template • Industry Environment • Company Background • Pro Forma Financial Projections – Bottoms Up Approach • Comparable Analyses – P/E, P/B, EBITDA/Mkt Cap • Valuation – DCF, Comparables, and Sum of Parts • Primary Investment Points • Recommendation – Rating and Price Target

  13. Sales – Part II • Prepare different sales pitch to different institutional investors • Value, Growth, Index, and Sector • Customize sales pitch in 2-minute and 15-minute formats for different clients • KNOW your client investment profile • Summarize most salient investment points • Anticipate probing Q&A session afterwards • Conduct live and recorded telephone pitches • Email client with sales points and follow up

  14. Capital Markets – Part II • Purpose strategic capital raising alternatives for company and key issues for its success • Market Sentiment • Type of Issue: IPOs, Secondary Offering, Preferred Stock, Convertible Bonds, Derivatives, etc. • Deal Size • Valuation • Timing • Listing • Institutional and Retail Buyers • Underwriters

  15. Trading – Part IV • Devise complex trading strategies for hedging and absolute return opportunities • Focus on cash and derivatives products • Address specific limitations on trades • Liquidity Risk • Short Selling Restrictions • Availability of Options • Credit Risk • Sensitivity Analysis • Documentation

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