The Finance Connections

2010 Summer Analyst

Recruiting Newsletter, Fall 2009
In this Issue

Interested in an
Investment Banking
Summer Internship?

The Finance Connections

Fall Quarterly provides
you with all the
information you need to
know!

Introduction

The Summer Analyst Position

2-3

The Recruiting Process

3-4

Resources

Alternative Options

Resume Reviews/Mock Interviews

IB Resume Template

Sample Good Resume

List of Investment Banks

10

Closing

11

Contact Information
General Inquiries:
fc.ucsb@gmail.com

Resume Review:
ucsbmentorship@gmail.com

Website:
www.sbfinanceconnection.com
By
Tai Toribio, Vice-President
Ron Nussbaum, Co-Founder & President
Stephen Tang, Co-Founder, Advisor, & Mentor

Introduction
The purpose of this newsletter is to provide a resource for UCSB Juniors seeking Summer
Analyst positions in investment banking. If you are interested in pursuing an internship in
investment banking this summer we strongly encourage you to review this newsletter over
Winter Break. Although these internships are extremely competitive, by following our advice
you can significantly increase your chances of securing a position.
If you are unsuccessful in landing a Summer Analyst position, no need to panic; there is
always full-time recruiting to look forward to. Towards the end of this newsletter, we have
created a list of alternative options you should pursue to increase your chances of landing a
full-time investment banking offer down the road.
If you have any questions regarding this newsletter or the recruiting process in general, feel
free to send us an e-mail at fc.ucsb@gmail.com or send us a message through the Contact Us
page on our website. We anticipate you will find this newsletter helpful and hope you
ultimately succeed in your pursuit of a successful career in investment banking.

The Summer Analyst Position

The Summer Analyst position usually lasts 8-10 weeks, beginning around the 2nd week of June
and concluding around the 2nd week of August. Summer Analyst positions are available to
rising seniors (students who just completed their junior year of college) as well as to those
who will be graduating from a Masters program the following year.
As a summer analyst, most banks will offer a one week training program at the internships
onset, where basic accounting and finance concepts are covered. Following that, interns are
expected to hit the ground running and assume the role of a full-time analyst, at a temporary,
8-10 week capacity. Responsibility given to summer analysts will largely depend on
individual performance and staffing needs. Banks will assign interns work to the extent that
the individual is capable of completing it at a satisfactory level. Type of work done may
include: pitchbook creation, presentation compilation, valuation, financial modeling, research,
and memorandum drafting.
Not only are summer analysts expected to perform tasks that a full-time analyst would do,
they will be fully integrated into the firm. This includes being lent a Blackberry and laptop,
being staffed on deals, and working late nights if necessary. The program is intended to be an
8-10 week interview, in which summer analysts can determine whether the firm and industry
is right for them, and for the firm to decide whether they want to commit the next 2-3 years to
the individual. At the end of the internship, summer analysts are subject to a final review, in
-2-

which they will receive feedback on their performance and at the discretion of the employer,
an offer to return full-time after they graduate.
In addition to the work aspect, some banks will offer extra activities for their summer analysts
to participate in, such as, inviting executives to speak, community service outings, mentorship
programs, and networking events. Again, experience will vary by bank, as some firms offer
structured programs while others are more informal. Overall, an investment banking summer
analyst program is not only a great way to learn about the industry, but also to get a foot in the
door at some of the largest financial institutions in the world.

The Recruiting Process

Of the entire recruiting process, your biggest hurdle will most likely be actually landing the
interview. Coming from UCSB, we recommend that you network with as many professionals
in the finance industry as possible to increase your chances.
For your convenience, we have created a list of investment banks you should consider
applying to, which can be found in page 10. Make sure to cast your net wide and apply to all
these firms, not just the top tier ones. To apply, go to each firms site and visit their career
page. Fill out an application or e-mail your resume to the Human Resources director, with a
short (5-6 sentence) cover letter introducing yourself and explaining why you deserve to be
considered for the internship.

First Round Phone Interview

The recruiting process for Summer Analysts usually begins in January when schools are
returning from Winter Break. Firms have a set of target schools from which they recruit
students and conduct on-campus interviews. Because these firms do not recruit at UCSB, your
first round interview will consist of a 30-45 minute phone interview by first and second year
analysts. The bulge brackets will typically select 40-60 candidates for this initial stage, asking
you a combination of fit and technical questions, and possibly even a few brainteasers. At the
end of this section is a brief list of common questions you can expect over the course of your
interviews. For a more comprehensive list of questions, study the guides listed in the
Resources section.

SuperDay
Following first rounds, top candidates will be invited back to the firms office for a
SuperDay (Final Round Interviews). On SuperDay, the candidate usually interviews with
about 5 to 7 people in the office, ranging from first year analysts to Managing Directors and

-3-

possibly even the office head. The bulge brackets in Los Angeles tend to hire around 2-5
Summer Analysts, with the San Francisco and Silicon Valley offices hiring a few more.
On SuperDay, firms are trying to assess your technical knowledge, overall interest in the
industry, and whether or not you fit in well with their culture. Technical questions will test
your knowledge of accounting, valuation, mergers & acquisitions, and financings to name a
few. You should also be prepared to discuss current events taking place in the financial
markets and certain trends occurring in various industries. Reading articles from the Wall
Street Journal, the Economist, the Deal.com, and other financial magazines and websites can
help prepare you for these types of questions.

Common Fit Questions:

Walk me through your resume.
Why do you want to do investment banking?
How have your experiences prepared you for the job?
Can you give an example of a time when you displayed teamwork in a group project?
Why do you want to work for this firm and in this division?
Common Technical Questions:
What are the 3 main ways to value a company? Walk me through each technique.
How are the 3 main financial statements linked?
What are some multiples you use when conducting a comparable company analysis?
What is free cash flow and how do you calculate it?
What are the different types of financings and why would you choose one over the other?
Brainteasers:
How many golf balls can you fit in a 747 plane?
What is the angle formed between the hour and the minute hand at 3:15?
If you toss 4 pennies in the air, what is the probability of them all landing heads?

-4-

Resources
Resume & Interview Advice
GottaMentor.com
Vault IB Interview Video
(http://www.vault.com/wps/portal/usa/v
ideos). Click on Job Search and
Interview Advice

Blogs
Wall Street Oasis
(www.wallstreetoasis.com)

Mergers & Inquisitions

(www.mergersandinquisitions.com)

Fit & Technical Interview Prep

The column to the left displays a list of resources which

should assist you in preparing for your interviews.
Resume & Interview Advice features two websites
providing career advice, sample resumes and cover letters,
and also sample investment banking interviews.
Wallstreetoasis.com is an online forum where students
discuss various finance topics as well as post questions.
Mergers & Inquisitions features articles posted by a former
investment banker, with multiple issues relating to the
industry. Under Fit & Technical Interview Prep you will
find three study guides which contain a comprehensive list
of fit and technical questions asked by investment bankers.
Lastly, News Articles contains a brief list of recommend
news sources you should read to understand the current
financial environment. As mentioned before, your
interviewer will be looking to engage with you in a
discussion relating to the financial markets.

Vault Guide to Finance

Interviews
(Can be downloaded through
GauchoLink)

200 Investment Banking

Interview Questions and
Answers
(http://www.mergersandinquisitions.co
m/investment-banking-questions-andanswers/)

Wall Street Oasis Technical &

Behavioral Interview Guides
(http://www.wallstreetoasis.com/wsogui
des)

News Articles
Wall Street Journal
The Economist
TheDeal.com

Additionally, by logging into GauchoLink

(http://career.ucsb.edu/students/gaucholink.html) you can
actually visit other career sites and download some guides
for free. You can also log into Vault.com and download
their guides for free by using your UCSB e-mail and
password.

-5-

Alternative Options
As mentioned before, Summer Analyst positions are difficult to come by. Therefore, it is
imperative you have a back-up plan to make yourself a more attractive candidate for full-time
investment banking recruiting. Below we have created a list of alternative companies you
might look to for an internship in case you are unable to land the investment banking summer
analyst position. Although this list is not exhaustive, it serves as a good starting point. If these
companies dont suit you, try searching for others through Vault.com.
The best way to approach these alternatives is to begin by visiting the websites of companies
that interest you. Here, you can familiarize yourself with a companys internship program by
reviewing the content on its careers page. Next, we recommend that you contact a company
representative and request to arrange a 10-15 minute informational interview (in person or
over the phone, whichever they agree to). This is an effective, unobtrusive strategy for
gathering reliable information about a company and for establishing your network with a
prospective employer. Although you may be rejected more often than youd like, with
respectful persistence you are sure to find someone who will lend you their time. From this
initial contact, you can begin asking more specific questions about available
positions/internships within their firm.
Though a position with these companies may differ greatly from investment banking, you
may find that these positions better suit your interests and skills after all.

Mgmt. Consulting

Research

Investment Mgmt.

Corporate Development

Accenture
Bain & Co.
Booz & Co.
Boston Consulting Group
Deloitte Consulting
McKinsey
Monitor Group
Navigant Consulting
Oliver Wyman
The Parthenon Group

Barclays Capital
BofA Merrill Lynch
Citi
Credit Suisse
Fitch
Goldman Sachs
JP Morgan
Moody's
Morgan Stanley
RBC Capital Markets

Alliance Bernstein
American Ctry. Investments
BlackRock
Franklin Templeton
Legg Mason
Mesirow Financial
PIMCO
TCW
The Vanguard Group
Western Asset

Alcoa
Altria
Chevron
Disney
Exxon Mobile
IBM
Johnson & Johnson
Proctor & Gamble
Whirlpool
Yahoo

Hedge Funds

Accounting

Valuation Advisory

Commercial Lending

Bridgewater Associates
Citadel Investment Group
D.E. Shaw Group
Marathon Asset Mgmt.
Passport Capital Mgmt.

BDO Seidman
Deloitte
E&Y
KPMG
PWC

Alix Partners
Duff & Phelps
Houlihan Lokey
Marshall & Stevens
Trenwith Group

BofA
GE Capital
JP Morgan
Prudential Capital
Wells Fargo Foothill

* The Accounting section comprises Audit, Advisory, and Transaction Services

-6-

Resume Reviews & Mock Interviews

The following page contains a resume template from Mergers & Inquisitions, an online
blogging site for aspiring investment bankers. You can download the template from
http://www.mergersandinquisitions.com/investment-banking-resume-university-student/.
Additionally, a sample resume has been provided with content appropriate for application to
an investment banking summer analyst program.
Finance resumes are different than most other resumes so you should make sure that the
person reviewing your resume has experience in writing/reviewing resumes in the industry.
Your resume should be quantitative (using numbers when applicable) and should
demonstrate your experience with financial statement analysis, financial modeling,
deal/transaction experience, and research analysis. It is also beneficial to include any
leadership experience youve had in the past.
If you would like to have your resume reviewed by someone on the board, send your resume
to ucsbmentorship@gmail.com, with Resume Review as the subject of the message. We will
also be offering mock phone and in-person interviews early next quarter to help you improve
your interviewing skills. To schedule an interview, send us an e-mail to the address listed
above.

Winter Quarter Offerings

Mock-Phone/In-Person Interviews
Resume Review Workshops
Cover Letter Workshops
Resume Book Submission

-7-

IB Resume Template

[Name]
[Physical Address]
[Phone Number] | [Email Address]
EDUCATION
[University Name]
[City], [State/Country]
Bachelor of [Arts/Science] in [Major]
Expected [Graduation Date]

GPA: [xx] / 4.0; SAT: [xx] [If youre outside the US, list grades under your system here instead]

Honors: [xx]

Relevant Coursework: [Economics / Accounting / Finance classes, anything business-related]
WORK & LEADERSHIP EXPERIENCE
[Company Name]
[City], [State/Country]
[Position Title], [Group Name]
[Start Date] [End Date]

[Summary sentence stating what you did and the overall results of your work]

Selected [Client / Project / Transaction] Experience:
 [Project #1]
 [Led team to do xx, which resulted in more efficiency / time or money saved / higher sales]
 [Project #2]
 [Analyzed xx and concluded that key factor was xx, which made project viable / not viable; resulted in
company proceeding with project]
 [Project #3]
 [Created xx new method for doing xx; led to increased efficiency / sales]
[Company Name]
[City], [State/Country]
[Position Title], [Group Name]
[Start Date] [End Date]

[Summary sentence stating what you did and the overall results of your work]

[Led teams efforts to do xx by creating/managing xx; resulted in increased sales / profits / cost savings]

[Analyzed options available for xx and recommended xx based on time and resource considerations;
implementation led to successful marketing of xx]

[Developed strategy for marketing to new prospective clients / fund-raising / promoting brand; resulted in
increased awareness / capital commitments]
[Student Club Name]
[City], [State/Country]
[Position Title]
[Start Date] [End Date]

[Summary sentence stating what you did and the overall results of your work]

[Recruited over xx members to club with promotional campaign]

[Organized conferences, speaker events and community events]
SKILLS, ACTIVITIES & INTERESTS
Languages: Fluent in [xx]; Conversational Proficiency in [xx]
Technical Skills: [List any programming languages not MS Office/Excel]
Certifications & Training: [Any extra courses or programs relevant to finance]
Activities: [Student Clubs, Volunteer Work, Independent Activities]
Interests: [Keep this to 1-2 lines and be specific; do not go overboard]
-8-

Sample Good Resume

Johnny I. Banker
123 Finance Blvd, Redwood City, CA
(555) 555-5555 | jbanker@ibanking.com
EDUCATION
University of California, Santa Barbara
Santa Barbara, CA
Bachelor of Arts in Business Economics with Accounting
Expected Graduation: June 2010

GPA: 3.8/ 4.0; SAT: 2275

Honors: Deans Honors 7 consecutive quarters; College of L&S Honors Program

Relevant Coursework: Intermediate Macroeconomics, Monetary Economics, Financial Management,
Corporate Finance, Intermediate Accounting, Financial Statement Analysis
WORK & LEADERSHIP EXPERIENCE
West Coast Capital
San Francisco, CA
Summer Analyst, Small Cap Energy Group
May 2009 September 2009

Performed financial and market analysis of domestic, small cap energy companies

Selected Project Experience:
 Inergy Holdings
 Led team to adopt new reporting procedure, resulting in 25% time savings on weekly financial reports
 Broadwind Energy
 Analyzed future cash flow projections and uncovered instability in key revenue source, proving
investment to be unpractical; resulted in company avoiding 20% loss on investment
 America West Resources
 Helped create pitch book to present to fund investors; book completed 2 weeks ahead of schedule
NRG Energy, Inc.
San Francisco, CA
Finance Intern
June 2008 September 2008

Assisted in the creation of cash flow and capital budgeting reports, as well as cash flow projections

Analyzed debt repayment options and provided recommendation based on time and resource considerations;
implementation led to 3% increase in free cash flow

Reorganized cost recording system, resulting in 3hrs/week time saving for 6 engineers
Investment Club at UCSB
Santa Barbara, CA
President
September 2008 May 2009

Created and implemented use of a new constitution; delegated club priorities to 5 board members

Recruited over 40 members to club with promotional campaign

Organized 12 conferences, speaker events, and community events over 30 week period
SKILLS, ACTIVITIES & INTERESTS
Technical Skills: Literacy in Visual Basic for Applications
Certifications & Training: Training in LBO, M&A, and IPO modeling
Activities: Alpha Phi Alpha Social Chair; intramural flag football and volleyball participant
Interests: Following domestic and international equity markets; following college and professional football

-9-

List of Investment Banks

Bulge Brackets &

Prestigious Boutiques

Boutiques &
Middle Markets

Boutiques &
Middle Markets

Barclays Capital
Blackstone Group
BofA-Merrill Lynch
Centerview Partners
Citigroup
Credit Suisse
Deutsche Bank
Evercore Partners
Goldman Sachs
Greenhill & Co.
JP Morgan
Lazard
Moelis & Co.
Morgan Stanley
Perella Weinberg
Rothschild
UBS
Wells Fargo

America's Growth Capital

Baird
BMO Capital Markets
BNP Paribas
BroadPoint Gleacher
CIBC World Markets
Cowen & Co.
Deloitte Corporate Finance
Duff & Phelps
Ernst & Young Corporate Finance
FBR Capital Markets
Financial Technology Partners
Financo
FTI Consulting
GCA Savvian
Harris Williams
Houlihan Lokey
HSBC
Imperial Capital
Jefferies
JMP Securities
Keefe Bruyette Woods
KPMG Corporate Finance
Lazard Middle Market
Lincoln International

Macquarie Capital
McGladrey Capital Markets
Miller Buckfire
Montgomery & Co
Morgan Joseph
New Century Capital Partners
Oppenheimer & Co.
Piper Jaffray
PJ Solomon
PWC Corporate Finance
RBC
RBS
Revolution Partners
Roth Capital Partners
Sagent Advisors
Sandler O'Neill Partners
Seven Hills
SMH Capital
Stifel Nicolaus
SunTrust Robinson Humphrey
The Mercanti Group
Think Equity
Thomas Weisel Partners
Wedbush Morgan
William Blair

- 10 -

Closing
Although summer analyst positions with investment banks are most suited for juniors heading
into their senior year, much of the information contained herein is applicable to all of those
considering a career in finance. By studying the resources we have provided, and even more,
by understanding the qualifications expected of first year investment banking analysts, you
can become a competitive candidate in the market for jobs in finance.
We hope this newsletter has given you some direction when it comes to planning for summer
employment. If you encounter any difficulties in your career planning ahead, remember that
were here to help.
In the words of Jim Rohn, You must either modify your dreams or magnify your skills.
Good luck!
The Finance Connection Board

- 11 -