Internship in an Investment Bank Essay Example for Free

Internship in an Investment Bank Essay Internship is a system of on-the-job training for white-collar jobs. It is a work related learning experience for individuals who wish to develop hands on work experience in a certain occupational field. Most internship is temporary assignments. As such my intern too was temporary for a period of one month. My association with Goldman Sachs was during my semester vacation. To me internship is to combine theory with practical work experience. As such my intern period was of great help in that sense. Generally the objectives of internships are: * Develop skills in the application of theory to practical work situation. * Aptitude test for a particular career. * Develop and pursue business ethics. * Increase on the sense of responsibility. * Opportunity to understand informal organizational interrelationships. * Enhance employment opportunities * Develop skills and techniques directly applicable to their careers. * Provides inside exposure to the structure, operations and decision process within the organization without a commitment to a permanent employer. Some of the obvious advantages an internship offers include strengthening written and oral skills, helping to make contacts to gain future employment, to enhance and strengthen the intern’s resume. Gain an increased awareness of skills, attributes, personal qualities and values. Guides a student to find out what it is to like to work in a business environment. However duties which aren’t structured either not enough to do or random office work or nothing to do with the supposed internship may result in just a waste of time and valuable resources. Sometimes the intern may not have enough time to learn the nuances of the industry and no proper guide or a mentor to guide the individual through the process. It may also result as a burden financially and mentally. About Goldman Sachs History 1869–1930 Goldman Sachs was founded in New York in 1869 by the German-born Marcus Goldman. The company made a name for itself pioneering the use of commercial paper for entrepreneurs and was invited to join the New York Stock Exchange (NYSE) in 1896. In the early 20th century, On December 4, 1928, it launched the Goldman Sachs Trading Corp. a closed-end fund. 1930–1980 In 1930, Sidney Weinberg assumed the role of senior partner and shifted Goldmans focus away from trading and towards investment banking. It was Weinbergs actions that helped to restore some of Goldmans tarnished reputation. On the back of Weinberg, Goldman was lead advisor on the Ford Motor Companys IPO in 1956, which at the time was a major coup on Wall Street. Under Weinbergs reign the firm also started an investment research division and a municipal bond department. It also was at this time that the firm became an early innovator in risk arbitrage. 1980–1999 On November 16, 1981, the firm made a move by acquiring J. Aron Company, a commodities trading firm which merged with the Fixed Income division to become known as Fixed Income, Currencies, and Commodities. J. Aron was a player in the coffee and gold markets, and the current CEO of Goldman, Lloyd Blankfein, joined the firm as a result of this merger. In 1986, the firm formed Goldman Sachs Asset Management, which manages the majority of its mutual funds and hedge funds today. Since 1999 One of the largest events in the firms history was its own IPO in 1999. The decision to go public was one that the partners debated for decades. In the end, Goldman decided to offer a small portion of the company to the public, with some 48% still held by the partnership pool 22% of the company was held by non-partner employees, and 18% was held by retired Goldman partners. Goldman Sachs Overview The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients. Goldman Sachs was founded in 1869 and is headquartered at 200 West Street in the Lower Manhattan area of New York City, with additional offices in international financial centers. The firm provides mergers and acquisitions advice, underwriting services, asset management, and prime brokerage to its clients, which include corporations, governments and individuals. The firm also engages in market making and private equity deals, and is a primary dealer in the United States Treasury security market. It is recognized as one of the most prestigious investment banks in the world. As of 2009, Goldman Sachs employed 31,701 people worldwide.Goldman Sachs is divided into three businesses units: * Investment Banking * Trading and Principal Investments * Asset Management and Securities Services Investment banking Investment banking is divided into two divisions and includes Financial Advisory (mergers and acquisitions, investitures, corporate defense activities, restructuring and spin-offs) and Underwriting (public offerings and private placements of equity, equity-related and debt instruments). Goldman Sachs is one of the leading MA advisory firms, often topping the league tables in terms of transaction size. The firm gained a reputation as a white knight in the mergers and acquisitions sector by advising clients on how to avoid hostile takeovers, moves generally viewed as unfriendly to shareholders of targeted companies. Goldman Sachs, for a long time during the 1980s, was the only major investment bank with a strict policy against helping to initiate a hostile takeover, which increased the firms reputation immensely among sitting management teams at the time. The investment banking segment accounts for around 17 percent of Goldman Sachs revenues. The firm has been involved in brokering dea ls to privatize major highways by selling them to foreign investors, in addition to advising state and local governments – including Indiana, Texas, and Chicago – on privatization projects. Trading and principal investments Trading and Principal Investments is the largest of the three segments, and is the companys profit center. The segment is divided into four divisions and includes: * Fixed Income The trading of interest rate and credit products, mortgage-backed securities, insurance-linked securities and structured and derivative products * Currency and Commodities The trading of currencies and commodities * Equities The trading of equities, equity derivatives, structured products, options, and futures contracts * Principal Investments merchant banking investments and funds This segment consists of the revenues and profit gained from the Banks trading activities, both on behalf of its clients known as flow trading and for its own account known as proprietary trading. Most trading done by Goldman is not speculative, but rather an attempt to profit from bid-ask spreads in the process of acting as a market maker. On average, around 68 percent of Goldmans revenues and profits are derived from trading . Asset Management and Securities Services As the name suggests, the firms Asset Management and Securities Services segment is divided into two components: Asset Management and Securities Services. The Asset Management division provides investment advisory and financial planning services and offers investment products (primarily through separately managed accounts and commingled vehicles) across all major asset classes to a diverse group of institutions and individuals worldwide. The unit primarily generates revenues in the form of management and incentive fees. The Securities Services division provides clearing, financing, custody, securities lending, and reporting services to institutional clients, including hedge funds, mutual funds, and pension funds. The division generates revenues primarily in the form of interest rate spreads or fees. About Operations Division Operations is at the core of Goldman Sachs. For every trade agreed, every new product launched or market entered, every transaction completed, it is Operations that enables business to flow. Operations is a dynamic, multi-faceted division that partners with all areas of the firm to deliver banking, sales and trading and asset management capabilities to clients around the world. In addition, Operations provides essential risk management and control, preserving and enhancing the firm’s assets and its reputation. The Operations division represents approximately 14% of the firm, with more than 4,500 employees across the globe. Operations spans across all product lines and markets where business is conducted. Each area of business offers diverse opportunities that leverage a common core skill set. While there may be a group that interests you, it is not necessary to identify the group you would like to join when applying. †¢Clearing Operations provides clearing, execution and custody services for all major trading products across 75 exchanges. Our goal is to deliver superior client service, broad product offering and scalable technology to our global client base and franchise trading businesses, while minimizing operational risk. Our clients include hedge funds, asset managers, governments, corporates, broker dealers, Goldman Sachs franchise traders, other professional investors and market markers. †¢Derivatives Operations is responsible for ensuring efficient and accurate transaction processing across a broad range of products. Generally, the products supported are complex instruments that require close alignment with the business. A key focus for the organization is establishing strong risk management procedures and controls to ensure the firm and our clients are properly protected. Derivatives Operations is at the forefront of shaping and driving change in the industry with the ultimate aim of delivering greater accuracy, control and efficiency for our clients and our business. †¢Investment Management Operations delivers asset management and wealth management capabilities to clients around the world. We are a multi-faceted group that partners with all areas of the Investment Management Division to support evolving markets and business requirements. Alongside that vital service delivery role, Investment Management Operations provides essential risk management and control. †¢Liquidity Collateral Operations (LCO) manages the operational elements for daily funding and liquidity of the firm, oversees the firms payment strategy and overall cash flows and positions, and also performs key functions related to counterparty risk management, client transparency, and product and pricing data. In addition to the traditional line functions, LCO is home to Operations Technology Strategy and Reference Data Strategy, both of which focus on strategic process and technology solutions for the division and often the broader firm. †¢Regulatory Tax Operations is responsible for over 500 non-financial reporting and monitoring functions to over 400 regulators and exchanges. The group enhances the firms regulatory and tax transaction and position data and operational controls and develops best practices and standards for processing, infrastructure, and change management. The group aims to leverage expertise consistently across regions and entities in order to demonstrate supervision to regulators and provide efficiency, data accuracy, and transparency around controls. †¢Risk Control Operations supports the firm by ensuring the integrity of books and records, assessing regulatory requirements, and interfacing with regulators frequently. In addition, the group provides the firm with critical control indicators that assess economic, regulatory, and operational risks, while providing oversight of the Operations Division Risk Framework. †¢Securities Operations supports the Securities, Investment Management and Investment Banking Divisions of the firm. This group manages key relationships for the bank and infrastructure providers, on boarding of institutional and prime brokerage clients, and assists in the coordination of issuance of new financial product. Work Done and Experience I did my summer internship in the Operations Division of Goldman Sachs. My project was primarily based on corporate card reconciliation process. Being an intern to the office, there was a lot to be learnt and a lot more to be implemented, but the people at GS were really accommodating and willing to give the interns the required space and time. Goldman Sachs has, a completely flat organizational structure and everyone is very helpful and you can reach out to almost anyone and he/she will be more than willing to help. The Program is very efficiently carried out and there’s a lot to learn. The firm has its own In-House University where there are innumerable courses on Financial Markets, Corporate Finance, Investment Banking that we needed to learn from. Everything you do and suggest mostly goes into Production i.e. LIVE so obviously you will be having a hands-on experience on things which are actually going to be implemented. All things said, there is deadline within which the work needs to be done. Goldman Sachs was a good shot to achieve out of this internship – improved Problem Solving, Industrial Exposure, Understanding of Financial Markets. At Goldman Sachs, everyone is encouraged to take on more responsibility and stretch themselves. People are very professional and are always there to help when needed. This makes it a fun place to work even though the nature of work is very challenging.

Metamorphosis of Celie in Alice Walkers Color Purple Essay -- Color P

The Metamorphosis of Celie in The Color Purple  Ã‚   For people to be equal they need a chance to become equal by self-discovering themselves. As we are growing older during our childhood we depend on our environment, parents, and peers to create our self-image. Within our environment we are always trying to develop new insights in order to identify, clarify, connect and account for our beliefs. Even the underlying cause of dysfunctional relationships lies in crucial events in our life experience. The environment in which one is raised and developed will have a large affect on the individual. Most of the people that succeed in life come from stable families, in well positioned environments. While those that are not fortunate enough often don't have the opportunities to rise to the top or even get a chance to self-discover themselves. Self-discovery is important because it is intended to increase an individual's self-awareness, and help them to identify their own beliefs, skills, potentials, and talents. But when an individual is forced or destined to grow up in an atmosphere in which there doesn't exist a stable and firm family or environment, it will generally be hard for the individual to self-discover himself and succeeded in life. These kinds of individuals that grow up under these circumstances mainly suffer from depressions, sadness, and most importantly from low self-esteem. They suffer from low self-esteem because they were raised in low standard environments. Their personalities are excessively sensitive to social rejection, humiliation, and shame. One of the greatest literary examples of this situation is Celie, the main character in the book The Color Purple by Alice Walker. "Devoid of any and all respect, Celie, a p... ...as reborn as a different person. A person who not only had the courage to tell Albert off, but someone who left her husband to go with Shug to Memphis to start a pant factory, with two girls working under her. The book is truly a book about self-discovery and learning to love. Celie's path is an expression of all people's quest for themselves. The novel is the story of a timid woman finding herself. She did so with the love and support of the women in the novel who understood and loved her, under a safe and secure environment. Without this untraditional love a Celie would have lived her life shadowed by fear and pain. Celie's journey through her mind, in an effort to discover her true self, is where the true greatness of this book lies. Work Cited Klosowski, John E. "The Color Purple and Its True Color." Houston Cronicle. December 14, 1995 : 42-44.

Is Ethical Conduct Important?

Besides being the â€Å"right thing to do,† Ethical conduct is important because it not only involves doing what is right and proper, but it is also good for business. Ethical conduct is the basis for long-term success in any organization. Here are some of the many advantages to ethical conduct at work. Ethical conduct ensures good and proper relationships with customers and vendors. Ethical conduct on the part of all employees also helps maintain quality and productivity. When employees follow ethical standards, they do not cut corners or short-change the company or its customers. Ethical conduct makes the best use of resources. Money, time, and effort are put into productive activities rather than diverted for questionable purposes or personal gain. Ethical perform promotes a strong public image for the organization. People respect an organization that makes ethical choices. Customers like doing business with an association they can trust. Ethics can be defined as a set of standards of acceptable conduct and moral judgment. Ethics provides cultural guidelines between employees, team leads or supervisor, It also provides organizational or societal , that help us decide between proper or improper conduct among each others. Compliance with laws and the behavioral treatment of employees are two completely different aspects of the manager's job. While ethical dilemmas will always occur in the supervision of employees, it is how employees are treated that largely distinguishes the ethical organization from the manager's job. It is extremely important to have a peaceful environment a work. We spend 8 hours with our coworkers every day ,that's why is important to make a great environment full of joyful moments and happiness. Viera In my job is exceptionally important to have good ethics . I work at the Sylvester Comprehensive Cancer Center with patients all day. They are all patients that are sick and going through a very hard time in their life having chemotherapy treatment and radiation treatment. We as employee have to be ethical at all times, we need to be polite, helpful, lovely and very respectful with them. I personally had an amazing training before my starting day about the job expectations and ethics. I believe every company should train their employee about ethics. The ultimate goal of ethics training is to avoid unethical behavior and adverse publicity; to gain a strategic advantage; and most of all, to treat employees in fair and equitable manner, recognizing them as productive members of the organization. Ethical conduct boosts morale and promotes teamwork. When employees can trust one another and management, they can work together more harmoniously and effectively.

This Is The Classic Apples And Oranges Debate. Why Are

This is the classic apples and oranges debate. Why are drugs like tobacco and alcohol legal when they cause more harm to people than illegal drugs such as cannabis? This is a question many people and professionals ask themselves constantly. Based on past history alcohol was illegal during the 1920s known as the prohibition era. Federal and local government struggled to enforce the prohibition over the course of the 1920s. Even though it decreased drunken arrests and dropped alcohol consumption by 30 percent; there was still people that didn’t agree with the law and found inventive ways to get around it. That’s when â€Å"bootlegging† (illegal manufacturing and sale of liquor), â€Å"speakeasies† (stores or nightclubs selling alcohol), and the†¦show more content†¦It can cause cancer, peptic ulcers, cardiomyopathy, and liver cirrhosis. Not only that, but people who chronically drink alcohol may get deficiencies in thiamin (vitamin B1), and this can lead to Korsakoff s syndrome. Alcohol is also extremely addictive. And it is the main reason why drunk driving exists. That’s why organizations such as MADD exists today because they are trying to prevent more innocent lives being taken away because a person was driving under the influence. Now, just like alcohol people also have an issue as to why tobacco is still legal. Tobacco consumption and its appeal have really changed from the 1920s to today’s society. Tobacco was a global crop by the 1620 and by the 1700s it became very popular in Europe. Everybody was smoking tobacco and there was much money to be made because of it. It also helped that nicotine was highly addictive. During World War I the cigarette was invented. Cigarettes would be used to calm nerves of decrease appetite. By the 1950s Americans were buying a total of 8.4 million pounds of tobacco a year. America was the leading country in cigarette production. Then when it reached Hollywood and how glamorous smoking looked everyone wanted to do it as well. Classic stars such as Bette Davis, Paul Henreid and Audrey Hepburn glamorized cigarette smoking making it a big impact to the common people that idolized them to also smoke because their favorite celebritiesShow MoreRelatedGods Existence and Christi anity in Why I Am Not Christian by Bertrant Russell1492 Words   |  6 PagesReligion has been the cause for countless fights, debates, and wars throughout the existence of humankind. There have been many people who have stepped into the void of the endless dispute, among them are ones claiming God’s existence, and the ones refuting it. The forms of this endless debate fall into many categories to express opinions on religion: speeches, poems, and essays. It is common for these forms of expression to sway to both ends of the spectrum on religion. 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