Wake on Wall Street

1. Wake on Wall Street What is corporate finance?

2. Corporate Finance • What is corporate finance? • What are the different opportunities? • What is a typical day like for an analyst? • Which companies offer development programs? • How is it different than investment banking? • Who can I reach out to for more information?

3. What is Corporate Finance? • Can mean a lot of different things … in this context it refers to the in-house finance professionals of a Fortune 500 Corporation • In general, responsible for ensuring that a company meets its financial targets and investor commitments • Fantastic pipeline to leadership (CEO, CFO) roles later in one’s career • Opportunity to learn a business “from the ground up” and the accounting/financial concepts that accompany it • Experience is highly variable depending on size and industry • Many entry-level development programs exist to fast-track young talent

4. Opportunities(Ex: General Electric) Financial Planning & Analysis/C’ship Business Development Investor relations Treasury Commercial finance • Budgeting, Forecasts and earnings • Variance analysis • Strategic insight & presentations • Internal audit • Accounting oversight • Raise firm capital • Manage liquidity • Manage/track credit rating • Hedge exposures (ex. Interest rates, commodities, FX) • Financing & structure of industrial transactions • Facilitate credit for customers • In-house at larger firms (GE, SIE, CAT) • Internal M&A & strategy • Lead acquisitions and divestitures • Perform internal valuations • Interface with banks • Great exit opp. for IB professionals • Lead communications with investor community • Interface with buy & sell-side stakeholders • Track consensus & research reports Career Trajectory: Career Trajectory: Career Trajectory: Career Trajectory: Career Trajectory: Chief Financial Officer/ Chief Accounting Officer SVP of Corporate Treasury MD, CEO/CFO SVP of Business Development SVP of Investor Relations Every company will be slightly different in terminology/opportunities

5. Typical day in GE FMP program Typical non-quarter-close day What to expect • Hours are usually ~60 per week excl. quarter close • For quarter close, workload can reach 90 hrs/wk • Many entry-level programs combine classwork and rotational assignments • Heavy focus on accounting • Insights impact the business operations and plans • Consolidation and systems issues an unfortunate part of entry-level responsibilities • Generally encouraged to take appropriate vacation • Schedules are relatively defined in advance • 8:00 AM – Arrive and check emails • 8:30 AM – Meet with manager to discuss segment operating plan • 9:00 AM – Prepare analysis to respond to manager’s questions • 11:00 AM – Review analysis with manager, make necessary clarifications & adjustments • 12:00 PM – Grab lunch with peers • 12:30 PM – Finish analysis & prepare presentation with results for CFO • 2:00 PM – Meet with divisional CFO to discuss operating plan & business outlook • 3:00 PM – Review operating plan with supply chain & commercial teams • 4:00 PM – Submit operating plan to Corporate • 5:00 PM – Ad-hoc analysis for FP&A manager • 7:00 PM – Head home Better work/life balance vs. IB, but highly dependent on company culture & quarter-close timing

6. Notable training programs What to look for Company Leadership Program GE FMP • Established track record training finance talent • Internal prestige and name-recognition • Well-defined pipeline and career progression • Notable examples of program graduates who have succeeded in leadership roles later in their careers (CEOs, CFOs) • Opportunities to expand horizons (classroom work, international experiences, rotational programs, etc) • Opportunities to interface with commercial and operational aspects of the business Johnson & Johnson FLDP UTC FLP The Hartford FDP EMC FRTP Honeywell FRDP Raytheon FLDP BAE Systems FLDP Lockheed Martin FLDP Nationwide FLRP Whirlpool FLDP Genworth Financial FDP AT&T LDP Sears Business Analyst Program Kimberly Clark FADP BNSF Management Trainee Program Target Finance Associate Microsoft FRP Plus many others … target specific industries or locations

7. How does it compare to IB? Investment banking Corporate finance • Advise on mergers and acquisitions • Retain investment bank for advice on mergers and acquisitions (you are the client) • Underwrite debt and equity issuances • Take on debt and raise equity with which to grow and fund the business • Generally don’t “make” anything … a services business • Often sell a tangible product • Hours and expectations extremely strenuous • Non-quarter-close hours manageable, often slower paced depending on firm culture • Higher immediate post-graduate compensation • Lower immediate post-graduate compensation • Valuation, financial modeling skill development • Accounting/general management skill development Both offer tremendous post-graduate opportunities … learn more about specific firms & segments

8. Getting a job in corporate finance Learn more about specific firms and opportunities • Wake on Wall Street contact list • WIN alumni database • Company websites (may have slightly more luck with online resume drops vs. IB) • Career Services Before you interview: • Read EVERYTHING on the company website • Read the company 10-k, most recent 10Q, and investor presentations … ask a question of the interviewer demonstrating your knowledge • Read about industry trends • Ask younger alumni for insight into the interview process for specific companies (can vary widely between company cultures)