1. James Refalo Chair, Finance & Law For CSULA FMA
Finance Careers
James Refalo
Chair, Finance & Law
For CSULA FMA

2. Corporate Finance Analyst
Investment & Operating Decisions
Project Analysis
Do we buy new equipment or lease?
Do we build a factory, bridge, or oil derrick?
Do we add an apartment building to our portfolio?
Mergers and Acquisitions
Determine Capital Structure

3. Corporate Financial Analyst
Hours: vary greatly depending on firm and corporate culture. 8-6, 8-8.
May have some long days
Probably wear a suit
Compensation is less than Wall Street
Goal is to make CEO in 20 years.

4. Corporate Finance Analyst
Fin 403, 437, and 431
Must have leadership and management skills to advance (generally cannot be a dictator)
Political and Communication Skills at higher levels
E.g. Think Alan Mulally, Jack Welch
Ability to get big picture and execute

5. Commercial Banker Businesses Making and Selling Loans
Mortgages (Mortgage Loan Officer/Broker)
Bank Management
Trusts
Some fields are more commission based and have greater high end.

6. Commercial Banker Commission based business Salary Based
Loan Officer, Workout Officer, Mortgage Loan and Mortgage Broker
Salary Based
Bank Manager Path
Trust Officer/Asset Manager Path

7. Commercial Banker Basic Quantitative Skills Qualitative Analysis
Numerical Skills/Good with numbers
Ability to read/interpret financial statements
Qualitative Analysis
Some Sales Skills
Some Interpersonal Skills
Fin 437, 403, 335 for loan/management paths
Fin 439, 493 for Mortgage Officers

8. Financial Advisor/Broker
Job is to sell financial products/generate trades
There are pure FA positions that are fee based
Can involve all aspects of financial planning
Estate planning and determining investment strategies/goals
Effectively these are commission based positions—you are running your own business

9. Financial Advisor/Broker
Good social skills
Sales skills
Be comfortable working with individuals on their problems
Be knowledgeable about the products you are selling and understand portfolio construction
Fin 332, 437, Fin 335 will help you understand your clients needs.

10. Financial Advisor/Broker
Hours can be longer when starting, building a book of business
Years later, becomes a cash-cow if maintained
You will start work with the markets 6AM west coast time, and finish with them 2-3PM
Probably some research on your own
Compensation depends on you, can be very lucrative.

11. Investment Banker Business of assisting firms in raising capital
Assist in Creation/Issuance of Stocks/Bonds
Areas
Equity and Fixed Income
Leveraged Finance and Private Placements
Structured Products
Mergers and Acquisitions/Financial Restructuring
Municipal Finance

12. Investment Banker Each group acts as a business unit
Often relies on Managing Director Reputation
You will be part of a team, and enter at the rank of analyst
Your job will include financial analysis, issue structuring, financial research, copying, creating slides for a presentation, anything they give you

13. Investment Banker Hours are long. 9AM to 11 or 12PM, 7 days
May have all-nighters
Major banks pay very well, currently 100 to 150K. But remember, they own you.
Sky is the limit as you progress, but at the higher levels, you will need to be able to sell and retain clients.
Hours also depend on bank culture.

14. Investment Banker Skills Very tough field to break into
Be very good with spreadsheets, financial statement analysis, and financial modeling
Thorough understanding of Fin On the equity side Fin 403 and 401 are quite valuable.
Fin 440 for structured products
Fin 450 for fixed income

15. Investment Banker Personal Traits
This can be a combative field, must have a strong constitution
Strong intellect
Good sales skills will be needed to survive
Managerial skills and people skills are desirable, but, but don’t be surprised if your boss doesn’t have them. There are many big egos in this field.

16. Sell Side Analyst
Sell Side Analysts are tasked the following and analyzing a market or specific securities, and providing position recommendations–buy/sell
High pressure field. You will have to write reports and deal with clients.
Advise clients during the day, research during the night.
Generate reports/recommendations in hours.

17. Sell Side Analyst
Very long hours, often hours per day, often working weekends.
Very lucrative, but work under constant time pressure—responding immediately to events
Must be adept at interpreting financial statements and firm/market events.
Constant awareness of markets/industry
Must know Fin 437, 403, 431, Cold.

18. Sell Side Analyst (Quant)
Fixed Income, Derivative, and FX analysts tend to be more quantitative
Often trained in Math, Physics, or Engineering
Familiar with the quantitative models that describe these securities
Fin 440, 450, and 437 are ideal courses
Should also have background in Money and Banking, and Macroeconomics

19. Buy Side Analyst
Money Management firms, e.g. Mutual Funds and Pension Funds (buyers of securities)
Must be able to sell recommendations to portfolio managers
Unlike Sell Side, recommendations not made public (held proprietary by firms)
Not as high pressure as Sell Side, hours vary 45 to 70 hours per week (extreme weeks).

20. Buy Side Analyst Starting point is usually an MBA
Strong Analytical and Personal Skills—Analyze financial statements and Qualitative Info
Often meet with CEO/CFO/COO’s of potential recommendations (5-6 times per month)
Requires some travel/on-site visits 1-2 times per month
Fin 437, 403, and 431 for Equities

21. Buy Side Analyst (Quant)
Fixed Income and Quantitative Fields
Quants also develop portfolio strategies
Many are Ph.D.’s in Econ/Finance
Need strong math skills, understanding of economics, Fin 440, 450, and 332
Good area for Math/Physics/Engineering, but need masters + background in econ/finance
Background in Statistics/Econometrics