ACFIN_Program_Presentation_2010

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Accounting/Finance
Ms. Egyirba Walker-Arthur
Accounting/Finance Program Manager
[email protected]
Purpose of the Accounting
Department at an Investment Bank
• Enhance the company's competitive leadership position and strategic
flexibility and to ensure the accuracy of critical financial information
• Responsibilities Include:
– Market and credit risk management
– Treasury
– Financial & regulatory reporting and controls
– Corporate and strategic planning
– Internal audit
– Tax policy
– Regulatory supervision on a global basis
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What’s the difference?
Public vs. Private Accounting
Private or corporate accountants perform the same types of tasks of public
accountants, yet these tasks are specific to the companies for which they
work.
PUBLIC ACCOUNTING (BIG FOUR)
• Public accountants work for a
particular accounting firm and
serve various clients in ranging
fields
• Involved in the collecting and
external reporting of financial
information
PRIVATE ACCOUNTING (SEO)
• Private accountants work as
internal accountants for one
company
• Involved in the internal use of
financial information to and
help managers within the
company make more effective
business decisions
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Why work in Accounting at an
Investment Bank?
• Learn the business of running an Investment Bank
– Opportunity to gain a broad and deep knowledge of various
areas of a bank (Rotational Programs)
– Private accountants get to know a business more intimately
than their colleagues in public accounting who are only able to
obtain a high-level view
– Help execute strategic goals, drive disciplined growth, and
enhance operational efficiencies
• More Doors Opened
– Working in private accounting opens up career paths outside
of the specific disciplines of audit and tax which are the main
staples of public accounting
3
Why work in Accounting at an
Investment Bank?
• Less Stressful Environment than Public Accounting
– Private accountants work with the same group of colleagues
and tend to have a more relaxed lifestyle. Public accounts deal
with a wide variety of people and demands, thus their work is
inevitably more stressful.
• Work/Life Balance
– Other than the account-closing month, private accountants
have more or less a 9-5 job
• Exposure to Senior Management
– Have the opportunity to work with industry leaders on
developing cutting-edge products, processes, policies and
infrastructures.
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Accounting Departments at
Investment Banks
• Business Unit Finance
Opportunity to merge other business interests with accounting by working
with Business Units like Human Resources, Marketing, etc.
• Controllers
Great department if SEC and other regulatory reporting interests you –
you will be on the frontline of interaction with investors.
• Corporate Tax
If you like having input into creative tax strategies and reporting, tax may
be the best fit for you.
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Accounting Departments at
Investment Banks
• Corporate Treasury
Be involved in the cash transaction and the actual movement of money to
and from the firm
• Internal Audit
A chance to travel and interact with business unit management all over
the firm
• Risk Monitoring
A role that is constantly redefined with the proliferation of new credit and
equity products in the market every day
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Typical Intern Tasks
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SEO Accounting/Finance interns have worked on:
Calculating daily or weekly P&L for specific products or trading
desks
Preparing budgets and forecasts for business units
Analyzing trends in expenses and revenues
Reconciling accounts
Preparing and posting journal
entries to the general ledger
Preparing ad hoc reports and
financial statements
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Internship Requirements & Partner
Firms
• Minimum cumulative G.P.A of 3.0
• Minimum of three accounting courses with a grade of B or better in each by
the time the summer begins
• Broad knowledge of the finance industry
• Excellent quantitative and analytical skills
• Open to junior finance/accounting majors ONLY. Seniors who will have one
semester to complete at the time of the internship may be considered.
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