Ross Finance Club Weekly Breakout Sales, Trading, Research, PCS November 7, 2004 Zachary Emig MBA Class of 2005

What’s going on? Q: Where did the S&P close at on Friday? How much did it move for the week? Q: What was the October payroll number and how did it compare to expectations? Was Sept’s revised up or down? Q: What’s happening with the US dollar? Q: What started the recent drop in oil prices? Q: Name one high-profile IPO from the past ten days, and how it did? A: Dreamworks went public on October 28, gaining 38% on it’s first day of trading.

Informational Interviews: Timing SunMonTuesWedThuFriSat 11/7 11/14 11/21Thanksgiving 11/28 12/5 12/12 Final Exams 12/19 Christmas! 12/26 New Year!

Informational Interviews: Goals Your goals, in order of importance: 1.Make a good impression 2.Meet as many people as possible 3.Learn about the bank and its culture 4.Learn about different trading desks/products You absolutely want to avoid: 1.Acting unlikable 2.Not being abreast of current news 3.“Blowing up” on a technical question

Informational Interviews: Setup There are two channels for arranging informational interviews: HR HR –Some banks’ HR will be happy to create a schedule of people for you to sit with –Some banks’ HR will ask you to go directly to your contacts to set them up –Some banks’ HR will require persistence to get through to. Bank contacts (alums, WSF, presentations) Bank contacts (alums, WSF, presentations) –Alumni are usually more receptive

Informational Interviews: Setup (2) Last year, I found it was easier if I first committed to a date range that I’d be in New York, rather than ask the banks when would be best for them. Last year, I found it was easier if I first committed to a date range that I’d be in New York, rather than ask the banks when would be best for them. After all, if they are in the office, most traders/salespeople are at their desk all day long, so probably will be able to meet you. After all, if they are in the office, most traders/salespeople are at their desk all day long, so probably will be able to meet you. When contacting alumni, I ed first and then called a few days later if there was no reply (90% of the time). When contacting alumni, I ed first and then called a few days later if there was no reply (90% of the time). Scheduling any more than two banks in a day can be dangerous. Scheduling any more than two banks in a day can be dangerous. Also keep in mind that, the later in the year, the worse the weather, meaning flight delays/cancellations. Don’t stress yourself out by pushing an overly aggressive schedule. Also keep in mind that, the later in the year, the worse the weather, meaning flight delays/cancellations. Don’t stress yourself out by pushing an overly aggressive schedule.

Informational Interviews: Details Could meet from anywhere from 1 to 6, 7, 8 people, depending on how much they like you. Could meet from anywhere from 1 to 6, 7, 8 people, depending on how much they like you. Usually won’t spend more than 30~60 minutes with one person. Usually won’t spend more than 30~60 minutes with one person. For S&T, you’ll be sitting in a chair in between two people, as they do their job: Need to pay attention to when they can talk and when they’re too busy. For S&T, you’ll be sitting in a chair in between two people, as they do their job: Need to pay attention to when they can talk and when they’re too busy. Of course, where business suit, carry multiple copies of your resume, don’t carry backpack/luggage, collect business cards, etc. Of course, where business suit, carry multiple copies of your resume, don’t carry backpack/luggage, collect business cards, etc.

Informational Interviews: Details (2) Informational interviews: expect anything: Informational interviews: expect anything: –They could ask tons of questions or no questions –They could chat about sports or grill you on hedging derivatives Sure-thing questions: Sure-thing questions: –Why S&T? Why Michigan? Tell me about you (i.e. your 30 second story)? What stocks do you like (if person is in Equities)? What do you think of the market? What can I tell you about this bank? Possible questions: Possible questions: –How do you price a bond? What are the inputs to Black-Scholes? What is gamma? What is the spread on AAA corporate bonds? What is the square root of 20?

Informational Interviews: Details (3) Best advice if you get jammed on a really tough technical question: Best advice if you get jammed on a really tough technical question: 1.Repeat the question to make sure you heard it correctly. 2.If you don’t know jargon or terminology, ask right away; don’t hem and haw. 3.If still stuck, try to work through the problem with the interviewer’s help. Don’t ever give up on a problem—oftentimes they are less interested in what you know coming in and more in how you deal with confusing/new situations. Stay cool, friendly, loose, and work the problem! Don’t ever give up on a problem—oftentimes they are less interested in what you know coming in and more in how you deal with confusing/new situations. Stay cool, friendly, loose, and work the problem!

Informational Interviews: Follow-up Be sure to each of the people you speak with a quick note of appreciation. Be sure to each of the people you speak with a quick note of appreciation. Be sure to HR after each visit to let them know who you spoke with and how much you learned from your visit. Be sure to HR after each visit to let them know who you spoke with and how much you learned from your visit.

Other Stuff Do a couple OCD mock interviews before embarking on informationals. Do a couple OCD mock interviews before embarking on informationals. On-campus companies will be forming closed lists in late December. On-campus companies will be forming closed lists in late December. Budget time in mid to late December to write cover letters; they are required as part of the iMpact resume drop. Budget time in mid to late December to write cover letters; they are required as part of the iMpact resume drop. Don’t leave these to the last second—iMpact crashed last Dec. 31, the resume deadline, causing a bunch of students to miss the deadline, have to OCD, beg the companies for mercy, etc. Don’t leave these to the last second—iMpact crashed last Dec. 31, the resume deadline, causing a bunch of students to miss the deadline, have to OCD, beg the companies for mercy, etc.