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Careers in Corporate Finance

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Presentation on theme: "Careers in Corporate Finance"— Presentation transcript:

1 Careers in Corporate Finance
GE’s Financial Management Program Sean Triplett Finance Manager, Global MRI Business GE Medical Systems

2 Eight Years Corporate Finance Experience
My Background Education Indiana University, BS ‘94 Finance and Business Economics & Public Policy Bellarmine College, MBA ‘99 Work Experience McDonnell Douglas Corporation ( ) Fiscal Analyst, Fiscal Development Program GE Appliances ( ) Financial Analyst, After-market Parts Sales Finance Manager, Six Sigma Quality Finance Manager, Home Products & Services Sales Channel Finance Manager, Bloomington Production Operations, LLC GE Medical Systems (2002-Present) Finance Manager, Global MRI Business Eight Years Corporate Finance Experience

3 What is Corporate Finance?
Controllership Reporting Analysis Critical Thinking Strategy Corporate Finance at GE can be described as all the financial activities required to successfully run a business: accounting, budgeting, financial analysis, cash management, and treasury operations. It is operational in nature, not deal financing or investment banking. Leadership & Business Value Adding Value and Leadership to the Business

4 The Changing Face of Business Leaders
Professional Background of Top CEO’s... 1970’s 1980’s & 1990’s Finance Has Become The Preferred Road To The Top

5 Finance Leadership Traits
Role Model Integrity (Controllership) Grounded in Reality Drive Business Process Discipline Understand Strategy & Integrate Decisions Provide Consistent & Meaningful Financial Information Have Independent Views (“Raise the Flag”) Be a Catalyst... Drive the Business to Make Hard Choices Develop Individuals & Teams (Technical Competency) Bottom Line Focus & Impact Engaged in Operations (“In the Boat”) Not Just Counting the Beans, but Growing the Beans

6 Rotational Training Programs
GE Focused Coursework Leadership Training Rotational Assignments Financial Management Program Mentoring & Networking Exposure FMP - entry level program that serves as the cornerstone for development of future GE Finance Leaders Duration - 2 to 2 1/2 years (All GE businesses except GE Capital are 2 years...additional rotation at GECS gives additional exposure to breadth of Capital) ...equates to 4 or 5 six month rotations Rotational Assignments - Diverse assignments across finance function…cover in depth on next chart Coursework - GE focused coursework taught in house by GE Finance professionals…supports and enhances job assignments...cover in depth on Coursework chart Leadership Training: Crotonville - In Ossining, NY - GE’s “Corporate University” (and America’s First). mission focuses on developing leaders, introducing cultural change and spreading key Corporate initiatives throughout GE. Leadership Essentials - Course all FMP’s attend within first year on FMP...focused on developing leadership knowledge and skills critical for early impact within GE businesses…Through class discussions, team exercises, and business presentations, participants (FMP’s and other Leadership Program members) will explore and understand GE Values, business priorities, and initiatives. Exposure: FMPs report to manager-level individuals with significant job responsibilities (not someone 1 year off program); Access to GE Leaders - formal and informal (examples - Keith Sherin meets with FMP’s at almost every business he visits (lunch/roundtables); CFO’s take active role in FMP development; Managers provide opportunities for FMPs to be exposed to top-level management); First and second semester classes provide multiple opportunities to present to Finance Managers & Other Business Leaders in a simulated business environment Feedback - Formal evaluations (written with face-to-face managers/FMP discussions) twice in each rotation (at midpoint and end); Frequent informal discussions on performance/expectations…salary increases every 6 months based on Job and Course performance Networking - Strong Finance network both at FMP level and above - common Finance culture and training across GE; FMP associations - community service activities, social events, local athletic leagues, etc. Continuous Feedback Emphasis on Total Development . . . Financial, Leadership and Personal

7 Corporate Finance Rotations
Sales & Marketing Finance Pricing Orders Analysis New Product Introduction Financial Planning & Analysis Product Line Profitability Long/Short Term Forecasting Variance Analysis Risks & Opportunities Quality Six Sigma Tools Root Cause Analysis Variation Span Challenging Work Structured Assignments Defined Deliverables Regular Reviews Diverse Experiences E-Business Customer Web Centers E-Auctioning Fulfillment Business Development Due Diligence DCF Analysis Deal Structuring Good chart to walk through types of rotations and examples of what FMP’s may work on Use personal examples of what your business’ FMP’s work on or projects you did Explain terms they might not understand…span, fulfillment, Six Sigma Note that not all businesses have all types of rotations, but this is a pretty good gauge Contributions are expected…not make work…focus on results Businesses review assignments and assignment managers constantly to ensure diversity of experience and quality of managers and jobs Accounting/Auditing Financial Reporting Closing the Books Accounting Standards Operations Analysis Mfg. Cost Analysis Sourcing Supply Chain Management Key To Development Is Variety Of Experience

8 Building Technical and Leadership Skills
Operational Strategy Competitive Analysis Customer Economics Strategy Case Study Based Classroom Sessions 4 Intensive Graded Courses . . . Taught by GE Finance Professionals Risk Assessment and Mitigation Controllership Audit Processes Controls On Line meetings Web-Based Self-Study Classroom Sessions Cost Management International Operations and Related Risks Financial Services Operations CD-Rom Based Interactive Self-Study + Classroom Sessions Financial & Management Accounting Business Planning Financial Statement Analysis Process Improvement Foundations CD-Rom Based Interactive Self-Study + Classroom Sessions Walk through each class GE specific content - not just a review of basic accounting GE managers add “real world” experiences to course content Constantly refreshing the courses Added a new E-Business case to the Strategy course ( Currently revamping entire Controllership to include more Risk Assessment modules and Controllership cases…keeping audit focus Developing Multi-Generational Project Plan to update Foundations and Operations Develops a Common Functional Skill Set

9 Skills Development Financial Skills Working Knowledge of Financial Accounting, Management Accounting and Business Measurements Analysis of Drivers, Relationships and Results, Clearly and Concisely Communicated Ability to Quantify Benefits, Risks and Outcomes Basic Courses Advanced Courses Critical Thinking Skills Finance Skills Working Knowledge In-Depth Understanding Critical Thinking Skills Analyze Situations and Strategies Against Logical Criteria, Evaluate Potential Outcomes Move from Factual Results to Root Causes, Combine Knowledge, Experience & Judgement with Data Evaluate Information, Anticipate Consequences and Develop Recommendations Pretty self-explanatory…earlier courses build a fundamental finance skill set…as you move through FMP, the classes become more analytical in nature, challenging you to build critical thinking skills when confronted with multi-dimensional problems…you are able to utilize all of these skills on the job every day as you move from a working knowledge of financial tools to an in-depth understanding resulting from applying them We Want You to Build Skills, Not Merely Accomplish Tasks

10 Career Paths - Two Examples
Amanda Trevor Graduated From FMP Plastics, Pittsfield, MA GE Plastics, Pacific Operations Financial Analyst (Singapore) (18 Months) GE Audit Staff, Associate Auditor (2 years) GE Capital, GEFA -- Marketing Financial Analyst (18 months) GE Capital GEFA -- Senior Financial Analyst, Variable Annuity Product (1 year) Current Position: Finance Manager, GECS Card Services – Exxon/Mobil Graduated From FMP Medical Systems, Milwaukee, WI GE Audit Staff (1 year off-program) Associate Auditor (18 months) Capital Audit Manager (1 year) Capital Senior Audit Manager (1 year) Capital Executive Audit Manager (18 months) Current Position: CFO, GE Insurance Holdings What can happen after FMP…note… Amanda remained in business for first off-program job…that is usual Multi-Business experience Moved between Marketing, Auditing, Operations, Insurance…no limit to what you can do in Finance New job every months…GE Finance challenges you and the rewards are great CAS not an option for everyone, but if you can do it it will be an experience like no other Trevor - spent a year at GEMS before joining CAS after FMP Got to the highest level at CAS Now CFO of a several hundred million dollar company 8 years after college! The Training is Universal…The Experience Is As Individual As You Are

11 Where the Career Path Leads
A Look at the Experience of the 20 Largest Business CFO’s Shows … Average Years with GE 18 FMP Graduates 70% Corporate Audit Staff Experience 65% Average Number of GE Businesses 4 Global Experience 60% Cross-Functional Experience 35% External Experience 30% Value of FMP and CAS…again, pretty self-explanatory GE tends to “promote from within” Multi-business, multinational experience a huge plus …and 50% of these Businesses CEO’s came through FMP/CAS! FMP & Corporate Audit Staff are Global & Multi-Business Experiences that are Highly Valued

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