A Career in Finance/Insurance

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By: Gregory Beyer at The Wall Street Journal

High stakes, big money and long hours: all of these aspects probably cross your mind when you think of the world of finance. And while the stereotype is true in some jobs, others are less intense—but no less demanding.

A mastery of tools like Microsoft Excel and PowerPoint, as well as math skills and a bit of mental grit, are necessary to succeed in this varied profession, whether in the fast-paced world of investment banking or the wider world of financial planning.

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So you want to work for Goldman Sachs…

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Yesterday, my opinions on Goldman Sachs were confirmed. Their reputation SUCKS! I’ve been saying this for a while now but Greg Smith, Executive Director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa, confirmed this after posting his resignation letter in the New York Times Op-Ed sections. I have the feeling GS will never recover from the 2008 financial crisis when they dump sub-prime mortgages on the market just to cover their tails. Smith’s little stunt resulted in a loss of $2.2 billion for shareholders. WAY TO GO!! Below is the resignation letter posted in the NYT by Greg Smith.
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The Excel Helper

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You know you are guilty of it. When asked how good you are at using Excel, you reply, “Expert”, only to look like a deer in the headlights when asked to put together an excel sheet for your boss. I understand your anxiety, that is why I put together this post to help you master excel and become the person everyone in your office comes to when confronted with an excel problem. Below are help functions as well as video tutorials to help you become, “That Guy.”

Logical functions

FUNCTION DESCRIPTION
AND Returns TRUE if all of its arguments are TRUE
FALSE Returns the logical value FALSE
IF Specifies a logical test to perform
NOT Reverses the logic of its argument
OR Returns TRUE if any argument is TRUE
TRUE Returns the logical value TRUE

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2011 Top-Selling Luxury Brands in the US

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1. BMW

BMW was able to end the year strong with 26,834 cars in December bringing it’s total 2011 sales to 247,907. BMW’s 3-Series helped the company take the throne from Lexus, who had the best selling brand in 2010.

“BMW Group sales momentum has been increasing all year and this new burst of consumer confidence filled our dealer showrooms putting” BMW “over the top,” Ludwig Willisch, chief executive officer of BMW of North America, said today in a statement.


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Careers on Wall Street – Investment Banking – Private Equity Analyst

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Investment Banks help companies and governments issue securities, help investors purchase securities, manage financial assets, trade securities and provide financial advice. The investment banking division (IBD) is generally divided into industry coverage and product coverage groups. Industry coverage groups focus on a specific industry, such as healthcare, industrials, or technology, and maintain relationships with corporations within the industry to bring in business for a bank. Product coverage groups focus on financial products, such as mergers and acquisitions, leveraged finance, project finance, asset finance and leasing, structured finance, restructuring, equity, and high-grade debt and generally work and collaborate with industry groups on the more intricate and specialized needs of a client.
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Wall Street Movie Collection

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“Life all comes down to a few moments. This is one of them.” If you’re like me you have probably seen the movie Wall Street 50+ times. I’m constantly looking for movies to add to my collection that have the same resonance as the original Wall Street. I’ve decided to put together a list of movies that I would be a great addition to your Wall Street collection.

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The West Point of Capitalism: Inside Harvard Business School

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Harvard Business School (HBS) is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world’s largest full-time MBA program, doctoral programs, and many executive education programs. It owns Harvard Business School Publishing, which publishes business books, online management tools for corporate learning, case studies, and the monthly Harvard Business Review.

Founded in 1908, HBS started with 59 students. Once it innovated the case method of research and teaching in 1920, HBS ramped up the class size which reached 500 students during the decade.

Pioneered by HBS faculty and one of the highlights of the HBS experience, the case method is a profound educational innovation that presents the greatest challenges confronting leading companies, nonprofits, and government organizations—complete with the constraints and incomplete information found in real business issues—and places the student in the role of the decision maker. There are no simple solutions; yet through the dynamic process of exchanging perspectives, countering and defending points, and building on each other’s ideas, students become adept at analyzing issues, exercising judgment, and making difficult decisions—the hallmarks of skillful leadership.

Over 80 percent of cases sold throughout the world are written by HBS faculty, who produce approximately 350 new cases per year.



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Untold Wealth: The Rise of the Super Rich

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The Merrill Lynch – Capgemini World’s Wealth Report 2009[3] defines HNWIs as those who hold at least US$1 million in financial assets and ultra-HNWIs as those who hold at least US$30 million in financial assets, with both excluding collectibles, consumables, consumer durables and primary residences. The report states that in 2008 there were 8.6 million HNWIs worldwide, a decline of 14.9% from 2007. The total HNWI wealth worldwide totaled US$32.8 trillion, a 19.5% decrease from 2007. The ultra-HNWIs experienced the greater loss, losing 24.6% in population size and 23.9% in accumulated wealth. The report revised its 2007 projections that HNWI financial wealth would reach US$59.1 trillion by 2012 and revised this downward to a 2013 HNWI wealth valued at $48.5 trillion advancing at an annual rate of 8.1%.

In 1985, there were 13 American billionaires. Today, there are over 1000. CNBC takes you inside how the richest 0.001% live.
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Careers on Wall Street – Commercial Banking – Credit Analyst

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The Role of Commercial Banks

Commercial banks engage in the following activities:

  • processing of payments by way of telegraphic transfer, EFTPOS, internet banking, or other means
  • issuing bank drafts and bank cheques
  • accepting money on term deposit
  • lending money by overdraft, installment loan, or other means
  • providing documentary and standby letter of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures
  • safekeeping of documents and other items in safe deposit boxes
  • distribution or brokerage, with or without advice, of insurance, unit trusts and similar financial products as a “financial supermarket”
  • cash management and treasury
  • merchant banking and private equity financing

Traditionally, large commercial banks also underwrite bonds, and make markets in currency, interest rates, and credit-related securities, but today large commercial banks usually have an investment bank arm that is involved in the mentioned activities.

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