Investment & Advisory Network ( I&A Network ) Formation Analysis February 2016
History: Mission: Operates with a passing of the torch mentality. History & Overview Model is successful with ample room for improvement in regard to penetration, efficiency and succession planning. Historically focused on Investment Banking, but want to expand reach to other areas of high finance and strategy consulting. To effectively promote the competitiveness and placement of Baylor students in advisory and related industries including investment banking, strategy consulting, equity research, wealth management, private equity & hedge funds. Name Explained: Investment refers to careers in hedge funds, asset management and private equity. Advisory refers to careers in investment banking, strategy consulting. Network refers to student-to-student, student-to-alumni, alumnus-to-alumni interactions. Objectives: Increase Baylor s brand equity. Bridge the gap between theory and execution. Strengthen relationships between existing and future alumni. Instill a sense of responsibility, humility and Christian discipleship in the I&A Network students (promote the Baylor DNA ). Rationale for the I&A Network: Formalize the process of interview and career preparation. Better vetting process to protect Baylor brand and personal reputations. Greater impact on résumé guidance and interview preparation. Wider dispersion of corporate touch points for potential interviews.
Identify Target Students Initial Objectives Seek out students who are qualified and interested in high finance and strategy consulting careers. Send emails to target students. Interview process conducted by Student Liaisons and approved by Board members. Prepare Students for Interview and Career Opportunities Assign current students to official mentor relationships with Board members. Conduct résumé review, interview preparation, and mock interviews. Provide guidance on the interview process and career direction. Placement Improve placement in terms of both quantity and quality of firms as well as success rate of interviews. Leverage Board network to increase placement from undergraduate level as well as further career opportunities. Organization Play a more coordinated and active role in mentoring students. Work to organize network of Baylor Business alumni in high finance and strategy consulting. Develop sustainability of program to endure current reliance on individuals. We intend to: Plan a trip to Houston for students to visit banks for informational interviews. Informational interviews are key to landing first round and Superday interviews. Plan a trip to Dallas/Houston for students to visit consulting firms (see UT https://my.mccombs.utexas.edu/bba/student-life/ubc/programs/careers-programs/company-field- Trip)
Suggested I&A Network Board Members (2015-2016) Senior Board I & A Network Matthew East Current: EIV Capital Past: Lazard / Deutsche Joseph Mercer Current: Dos Rios Partners Past: Raymond James Jonathan Hamilton Current: Blackstone Past: JP Morgan John Sommers Current: Quantum Past: RBC / Nomura Philip Spencer Current: Tritium Past: Raymond James Laura Messier Current: Citi Past: PwC Garrett Wallace Current: Goldman Sachs Todd Leitgeb Current: Main Street Junior Board Will Whaley Current: BofAML Patrick Bitting Current: JP Morgan Collin Tabor Current: RBC Ryan Aylward Current: KeyBanc Chris Gordon Current: BMO Past: HL Blake Cargill Current: Canaccord Genuity Tyler Pratt Current: Wells Fargo Alex Chan Current: BofAML Hannah Dickey Current: Raymond James Pierce Latham Current: RBC Clark Poole Current: RBC Senior Advisor and Student Liaisons Dr. Stegemoller Senior Advisor Benjamin Thomas Internship: Wells Fargo Kenzie Amack Internship: BofAML Will Bonds Internship: Jefferies
Senior Board Assigned 2 current Baylor students ( Mentees ). Connect with Mentees at least twice during the recruitment process. Provide interview and resume assistance to Mentees (generally handled by Junior Board members). Mock interview Mentees. Review accepted applications and final list of Mentees. Maintain an active role in Christian discipleship and career mentorship for Junior Board members, Student Liaisons and Mentees. Utilize current network to assist the I&A Network placement efforts. Provide strategic direction for the I&A Network. Partake in bimonthly conference call with Junior and Senior Board. Discuss Mentees recruitment process, best fits, and resume book to be sent out to banks. Send resume book of I&A Network students to contacts during the recruitment process.
Junior Board Assigned 2 current Baylor students ( Mentees ). Connect with Mentees every other week during the recruitment process. Assist Mentees by providing a touch point in industry for general inquiries. Provide second round of interview and resume assistance to Mentees after Student Liaison. Bond with students, so they will be willing to reach out with questions. Mock interview Mentees. Review accepted applications and final list of Mentees. Maintain an active role in Christian discipleship and career mentorship for Student Liaisons and Mentees. Utilize current network to assist the I&A Network placement efforts. Partake in biweekly conference call with Junior and Senior Board. Discuss Mentees recruitment process, best fits, and resume book to be sent out to banks. Send resume book of I&A Network students to contacts during the recruitment process.
Baylor Students Student Liaisons Consists of senior students that have completed the recruiting process and secured internship offers. Duties consist of: Run recruitment process to attract high-caliber students with oversight from Senior Advisor. Conduct initial interviews and resume assistance to students in the I&A Network. Maintain an active role in Christian discipleship and career mentorship for students. Assign Junior and Senior Board members Mentees from the current I&A Network students with assistance from Junior and Senior Board. Current I&A Network students who have not been through the recruiting process. Commit to the work required to break into a high finance or strategy consulting role. Networking Reading Studying Mentees Commit to joining the Board, if he or she receives a full-time offer. Will be removed from the program if not participating in weekly meetings or not doing the work to prepare for interviews.
Senior Advisor Senior Advisor maintains an active role in oversight of recruitment process. University provides logistics for students in the I&A Network to travel to Houston and Dallas for networking with target firms (likely one or two day trip) around August or September of the students junior year. University provides logistics for an I&A Network dinner at least once a year to welcome new students into the program as well as to celebrate any placements that were achieved the prior year. Ideal target includes two dinners per year: one in March when the information session is conducted (allows passing of the torch for student liaisons and celebration of placements) and a second dinner around the beginning of the students junior year to allow the students to meet the board members.
External Advisors Not as involved as Board members. Typically in senior positions at respective firms. Potentially junior members unable to commit to the time required to be on the Junior Board. Point of contact at his or her respective firm. Will provide assistance to students on an individual case-by-case basis. Students can ask to be mentored by someone from a specific industry. Senior and Junior Board members will direct attention to the External Advisor s contact. Contact will reach out, but ultimate approval from the External Advisor will be required. Able to provide developmental assistance for industries less covered by Board members. Network of External Advisors fosters a sense of Network. Board members will be added to the External Advisors list once they leave their positions.
March - May August Anticipated Timeline Recruiting process conducted by Student Liaisons with the assistance of Senior Advisor. Host information session the week students return from Spring Break (ideally a Friday so members of both Senior and Junior board can come speak and be present for an I&A Network dinner). Students will be given one week to complete the application process (discussed in the following slide). Qualified applicants will be selected to interview. A copy of all applicants resumes and the list of invited interviewees will be sent to the Junior and Senior Board for approval. Senior Advisor has the power determine if a student should be removed from the process and/or program, but does not have the power to add a student to the program without approval of the Student Liaisons and Board members. Following the application process, Student Liaisons will conduct interviews during the following week (3 rd week after Spring Break) and will select the students by that Friday. The selected students will be approved by the Junior and Senior Board and the Senior Advisor. Once students are selected, Student Liaisons will work with Board members to establish Mentors and Mentees. Four meetings will be conducted before the semester ends. 1 st meeting discusses investment banking and strategy consulting in general, the recruiting process, resumes, and mentor contact information. 2 nd meeting involves resume review and development. 3 rd meeting reviews LinkedIn usage, proper networking skills, and email etiquette (continue with resume review if necessary). 4 th meeting discusses the personal story and soft skill around recruiting. Any other meetings until August will be conducted at the discretion of Student Liaisons. Student Liaisons will help the I&A Network students refine their summer experiences in their resume. Meetings September - December Networking review and discussion on personal branding. Students will go through mock interviews. Although the above timeline is based on current recruiting cycle, times may change subject to timing of bank/firm recruiting schedule.
Application Resume: Send the link to the mergersandinquisition template to the prospective students and request that all resumes be transitioned into that format (http://www.mergersandinquisitions.com/investment-banking-resume-university-student/). Cover Letter Interview A cover letter will be required to gain more information about the prospective students. Topics to focus on should include: Why Investment Banking and/or strategy consulting? What makes you a good candidate? What makes you stand out relative to other candidates? Interviews will be conducted for those who pass the resume screen. A copy of all applicants resumes and the list of invited interviewees will be sent to the Junior and Senior Board for approval. Explanations for not admitting a seemingly worthy student will be provided when necessary. Senior Advisor has the power determine if a student should be removed from the process and/or program, but does not have the power to add a student to the program without approval of the Student Liaisons and Board members. Interview questions will be discussed with Board members prior to interviews. The final selection of students will be approved by Junior and Senior Board.
BU Pilot Program I & A Network The Impact of University Buy-in: A Case Study FT High Finance Placement: TCU vs. Baylor 12 14 2 3 3 1 5 3 4 5 5 2 2 2 6 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD TCU Begins TIP Board Note: Compares full-time placement for each graduation year. Metrics for TCU based on Summer Analyst Placement. Assumes 100% conversion of summer analysts to full-time.
Results from Previous Efforts During fall semester 2014, a small number of Baylor alumni and high-achieving students piloted this program. The mentorship, interview preparation, and career counseling resulted in the below successful placements: Student Placements Name Firm Role Jon Bonem Main Street Private Equity Alex Chan BAML I-Banking Hannah Dickey Raymond James I-Banking Pierce Latham RBC Capital Markets I-Banking Doak Parks Credit Suisse I-Banking Clark Poole RBC Capital Markets I-Banking Pilot Board Co-Student Liaisons: Mentors: Ryan Aylward, Collin Tabor Joseph Mercer, John Sommers, Will Whaley
Going Forward: To-Do Alumni: Reach out and confirm current candidates for Junior and Senior Board. Continued networking with recruiting leads at firms. Confirm recruitment process. Student Liaisons Continue current interview and resume assistance to students in the I&A Network throughout interview process in the fall. Run recruitment process to attract new high-caliber students with oversight from Senior Advisor in the spring. Assign mentors with assistance from Junior and Senior Board ASAP. University & Senior Advisor University, Senior Advisor and Senior Board work together to establish the I&A Network and formalize the relationship. Senior Advisor: general oversight of recruitment process in the spring. University sign-off for logistics of Houston student trip and dinner(s). Press: University and Senior Board to work together on press release and website sub-domain. Example press release: http://www.neeley.tcu.edu/news_and_events/top_stories/articles/2014/tip_board.aspx Example website sub-domain: http://www.neeley.tcu.edu/career_services/alcon_career_center/tip_board.aspx Finances To Be Discussed (Ideal and most likely won t occur in the 1 st year) Set expectations of what will be paid for by the University and what can be funded by alumni: Meals and events at Baylor paid for by the university, co-organized by alumni and university personnel. Student travel down to Houston for meetings paid for by the university, co-organized by alumni and university personnel. Alumni housing and travel to Baylor for information session and dinners paid for by individuals. Establish a fund specifically for the I&A Network that alumni can donate to.
Consulting Texas A&M Horizons Texas A&M has a similar program to what we want to establish at Baylor. Qualified students choose to join whichever branch they find most interesting: investment banking or consulting. Baylor Consulting Believe that the I&A Network can also prepare students for consulting interviews and internships. In the early planning phases of the consulting portion of the I&A Network, but believe that the spring semester recruiting timeline will be similar to the investment banking timeline. Baylor Consulting Curriculum Will be consolidated at a future date. Should Baylor Have Separate Branches or Have Option to Prepare for Investment Banking and Consulting? Initially, students will be kept together due to limited number of student liaisons and overlap of curriculum. Resume and soft skill development will be similar. Case study interview preparation will teach students to provide thoughtful answers to IB technical questions rather than memorizing answers from a guide. Potential for students to interview with both Investment Banks and Consulting Firms, which could lead to a larger number of initial placements from the I&A Network. Current students have minimal exposure to consulting the I&A Network s Investment Banking draw could lead more students towards the Strategy Consulting route. As the I&A Network matures and more students are accepted, will likely split students into branches if size becomes a bottleneck.
Appendix Senior Board Biographies
Biographies Matthew East (2012) EIV Capital Associate Matthew East joined EIV Capital in 2015 as an Associate. At EIV, his responsibilities include working with portfolio companies, building financial models and performing industry and company due diligence. Matthew previously served as an investment banking analyst in Lazard s Oil & Gas Group and Deutsche Bank s Natural Resources Group, where he focused on the oilfield services, refining and midstream sectors of the oil and gas market. There, he worked on a number of mergers and acquisitions, defense advisory, debt and equity engagements for privately held, publicly traded and state-owned organizations. Matthew earned a Bachelor of Business Administration in Finance and Real Estate from Baylor University. During that time, Matthew worked in the University s Office of Investments and as a teaching assistant in the Department of Finance, Insurance and Real Estate. Matthew is an active Baylor alumnus and currently serves as an energy sector advisor to the Philip M. Dorr Alumni and Friends Endowed Investment Fund, a student run investment fund geared towards providing hands on learning and scholarship opportunities for Baylor students. Jonathan Hamilton (2012) The Blackstone Group Analyst Jonathan Hamilton joined Blackstone s energy private equity team in new York City in 2014. Jonathan s primary responsibilities include due diligence, financial modeling and evaluation of new investment opportunities and portfolio company monitoring and management. Prior to joining Blackstone, Jonathan was an Analyst in J.P. Morgan s Energy Investment Banking Group in Houston where he worked on several transactions including mergers and acquisitions and debt and equity financings for upstream oil & gas and oilfield services companies. Jonathan graduated from Baylor with a BBA in Business Fellows and Finance.
Biographies (cont d) Todd A. Leitgeb (2013) Main Street Capital Corporation Senior Analyst Todd s primary responsibilities include deal sourcing, financial structuring and modeling, due diligence, transaction execution and portfolio company monitoring. Todd sits on the board of several of Main Street s portfolio companies and is actively engaged in the ongoing business activities of the portfolio companies that he covers. Todd attended Baylor University where he earned his BBA in Business Fellows, Finance and Economics, magna cum laude. Joseph Mercer (2012) Dos Rios Partners Senior Associate Joseph's responsibilities include due diligence, transaction execution and portfolio company monitoring. Joseph previously worked as an investment banking analyst at Raymond James where he advised companies in the alternate site, outsourced clinical services, pharmaceutical distribution and specialty pharmacy sectors of the health care services market. He worked on numerous transactions, including mergers and acquisitions, public offerings and private placements. Joseph attended Baylor University, where he earned a BBA with Honors in Business Fellows, Accounting, Economics and Finance, magna cum laude.
Biographies (cont d) John Sommers (2012) Quantum Energy Partners Associate John s primary responsibilities include financial modeling, due diligence, transaction execution and portfolio company monitoring. He also works closely with Quantum s portfolio companies on such activities as raising and structuring debt or additional equity, providing merger, acquisition and divestiture advice and executing commodity hedges. Prior to joining Quantum, John was an Analyst in the Energy Investment Banking Group of the Royal Bank of Canada in Houston, where he was involved in a wide variety of mergers and acquisitions, capital markets financings and strategic advisory assignments for clients across the upstream oil and gas, midstream and oilfield services sectors. Prior to joining RBC, he was an analyst in the Global Energy Investment Banking Group at Nomura Securities International. John graduated with honors from Baylor University with a B.B.A. in Business Fellows, Finance and Economics. Philip Spencer (2013) Tritium Partners Associate Philip Spencer joined Tritium Partners in 2015 as an Associate. At Tritium, his primary responsibilities include identification, evaluation and execution of acquisition and investment opportunities as well as monitoring of portfolio companies. Prior to joining Tritium Partners, Philip spent two years as an Investment Banking Analyst at Raymond James & Associates focusing on advising clients on mergers & acquisitions, capital markets and private placement transactions in the energy industry. Philip graduated with honors from Baylor University with a BBA in Business Fellows and Finance.