In this post I’d like to quickly talk about corporate cultures; in particular: Dell’s culture.
Dell’s culture is – I believe – quite unique. People here keep stressing ambiguity – and I think it’s important to understand just how much this culture is about being in a state of constant flux. For instance, as I mentioned in a previous post – the instructions I got when I got to Dell were: “This is the name of the product you are focusing on. This is a list of names. Talk to them. Figure it out.”; when I had mentioned this to other employees in the company they mostly chuckled and said “Welcome to Dell.”
The culture here is essentially one of taking initiative and knowing which resources can help you get the job done. Essentially, it’s an entrepreneurial culture in which you don’t have your hands held by your bosses. They don’t teach you to swim, they kick you screaming into the deep end, fully expecting you to either learn to swim or sink down to the bottom. I love it.
People who like to take initiative and set their own agenda can really blaze their own trail here. They can create new business lines from scratch, they can take the ball and run with it and people will not get in their way too often. This is something that I think truly distinguishes the corporate culture here from others. All too often in large corporations there is a certain entrenched thinking that is seldom challenged. I find Dell’s culture to be very accepting to critique and fresh thinking.
The deeper into the internship I get, the more productive I become, which is fortunate, because the work keeps piling on and on. Workdays quickly now become 10 hour-11 hour workdays, and I’m sure that as the date of my final presentation looms I will be racking up the over time like it’s nobody’s business.
Monday, July 19, 2010
Season 5: Final Presentation
(MBA, Jiangtao) Finally, after weeks of work, my final presentation day comes!
At the very beginning of the project, I talked with my supervisor to nail down the audience name list and then sent out the invitations to relevant department heads from Global Treasury and Business teams. During my projects, it was very important to schedule one on one meeting with these people to let them understand my background and the projects. Often, the more you involved them in the process, the more they were willing to provide their insight and advice which I found very useful to refine my project and final presentation. In addition, the networking enables me to understand their daily jobs and them to know about my background and projects. In Lilly, one of the most valued elements is the relation you build with different people. Lilly people often agree that it deepens the mutual understanding and enhances work efficiency.
My final presentation starts at 8:30am. So, I came to the office at 7:30am and spent 30 minutes checking the projector and setting up logistics. The first to come in is Assistant Treasurer. We greeted and had a small talk on the baseball game last night. He is a very nice and smart boss. Very soon, all other audience came in one by one. In total, I have 10 people in the room. My supervisor kicked off the presentation and introduced me to the audience. After that, I started to present my projects to the audience, showing slides and talking about the details. During the presentation, my audience threw me lots of questions and I managed to answer all of them. We had a good discussion on lots of alternative solutions and possible barricades as my project touches a brand-new territory with global implication.
The final presentation itself lasts for around one hour and we had 15 minutes Q&A. At the very end, HR Director also invited me to share my impression on Lilly and the overall culture. The whole presentation was very good.
The biggest takeaway for me over the summer is to find ways to quickly know your team’s working style and achieve alignment with them. It enables you to understand the team’s priority and concerns as well as personalities. Meanwhile, your team can appreciate your role and contribution. Once both parties achieve the good alignment and mutual understanding, the efficiency will naturally ensue.
All in all, the summer internship at Lilly allows me to understand better the pharmaceutical industry, treasury jobs at corporate, and the fit to Lilly. It is a really memorable experience!
At the very beginning of the project, I talked with my supervisor to nail down the audience name list and then sent out the invitations to relevant department heads from Global Treasury and Business teams. During my projects, it was very important to schedule one on one meeting with these people to let them understand my background and the projects. Often, the more you involved them in the process, the more they were willing to provide their insight and advice which I found very useful to refine my project and final presentation. In addition, the networking enables me to understand their daily jobs and them to know about my background and projects. In Lilly, one of the most valued elements is the relation you build with different people. Lilly people often agree that it deepens the mutual understanding and enhances work efficiency.
My final presentation starts at 8:30am. So, I came to the office at 7:30am and spent 30 minutes checking the projector and setting up logistics. The first to come in is Assistant Treasurer. We greeted and had a small talk on the baseball game last night. He is a very nice and smart boss. Very soon, all other audience came in one by one. In total, I have 10 people in the room. My supervisor kicked off the presentation and introduced me to the audience. After that, I started to present my projects to the audience, showing slides and talking about the details. During the presentation, my audience threw me lots of questions and I managed to answer all of them. We had a good discussion on lots of alternative solutions and possible barricades as my project touches a brand-new territory with global implication.
The final presentation itself lasts for around one hour and we had 15 minutes Q&A. At the very end, HR Director also invited me to share my impression on Lilly and the overall culture. The whole presentation was very good.
The biggest takeaway for me over the summer is to find ways to quickly know your team’s working style and achieve alignment with them. It enables you to understand the team’s priority and concerns as well as personalities. Meanwhile, your team can appreciate your role and contribution. Once both parties achieve the good alignment and mutual understanding, the efficiency will naturally ensue.
All in all, the summer internship at Lilly allows me to understand better the pharmaceutical industry, treasury jobs at corporate, and the fit to Lilly. It is a really memorable experience!
Saturday, July 17, 2010
Goodbye Dallas!
(MBA,Booz) Nine weeks had passed in the speed of light; it feels like only yesterday we went through training in New Jersy and now I’m already in the airport on my way back home to Ann Arbor.
The past few days were very exciting, my analytical model was put into use and its results will be utilized to let the customer take a very important decision. In parallel to that, I presented a deck to the Dallas office, summarizing my past nine weeks.
If I try to summarize these nine fast going weeks, I think that first of all it was a very good learning, I learned about the consultant way of life, the Booz culture and about myself. And most important of all I learned that I would really like to do this work as a full time. It is an ever changing work; new challenges arise every day and with every customer. This job takes you out of your comfort zone on a daily basis, some people might not like this idea but for me it’s a thrill! I believe this type of challenges keep you sharp and assure that boredom will not be part of the daily routine.
One of the fundamentals of being a consultant is working in a team, the experiences I had with my team were amazing, it was a group of talented people who played a major part in my final decision to pursue this career path. I found out that Booz consulting teams are very supportive and are also fun to go out with after the working hours.
My internship had taken me through all kind of experiences with my teammates and taught me some values!
I learned the value of friendship when I got stuck with one of my teammates on a shaky plane for two hours because the pilot didn’t succeed landing due to crazy weather, another teammate taught me courage when he managed to convince the whole team to eat at the 105 degrees, a vegan raw food restaurant; Artistic ability was presented by my managing partner as he prepared his famous smoked ribs in a BBQ; I learned common sense when one of my teammates convinced me to eliminate all the macros from my over engineered Excel model though another key learning was pride of ownership which made me keep some of them at the end of the day ;-)
So this is the end of my blog, it was a pleasure sharing my experiences with you and I hope that some of my writing gave you some insights about the consulting world.
Friday, July 16, 2010
Keep Busy...Look Good
One of the hardest things to do in internship is to keep busy with good work. All of us interns now that there is always the administrative type work that can be done but none of us want to do that. In an early post I had talked about learning how to say no when you have too much work, this post is the antithesis to that one. How to get more work when you don't have enough.
One of the worst things an intern can do is sit at their desk with no work, go on facebook, gchat, or just surf the web. Granted a little of that stuff never heard, and I am one of the greatest offenders to that. But it is about creating a good balance, and of course not letting the boss see. If you find yourself going to your list of websites that you go to when you are bored go ask your supervisor if they have any projects for you. If they don't have anything ask their supervisor. This type of attitude will make you look like a diligent worker, and as we all know an internship is just an extended interview. Showing your commitment and hard work will leave a good impression of you with your bosses. However don't say "Do you have any work I can do?" This will lead to those killer tasks like making copies, filing, and other monotonous tasks. Instead say to your boss "Do you have any projects I can help out with?" or "Is there any project that I can work on?" Phrasing it like this shows the boss that you want a real project not a time filler. If you end up doing files so be it, it is the little things that get you to the top. In the sports and entertainment industry (more specifically agencies), in which I work, entry level is often in the mail room. Those who work the hardest at the job they hate the most will ultimately be the one who networks the best and climbs the corporate ladder.
My internship to this part has been a lot of ups and downs as far as work load. There have been times when I am the last intern in the office, and other times when I am the first out the door. Recently I asked my supervisor, "It is now the second half of the internship, is there anything I should improve or focus on in my second half." His response was, "Make sure you are always asking for work if you don't have anything on your plate." He said that since I already do this there wasn't much to improve but that the higher-ups like interns that are always working and asking for more work. I am lucky that my supervisor was recently an intern and knows the ins and outs, but if your supervisor isn't willing to offer that advice, take it from me your boss will like to see you in their office if you are always looking to do work.
Enjoy the rest of the summer it's almost over.
One of the worst things an intern can do is sit at their desk with no work, go on facebook, gchat, or just surf the web. Granted a little of that stuff never heard, and I am one of the greatest offenders to that. But it is about creating a good balance, and of course not letting the boss see. If you find yourself going to your list of websites that you go to when you are bored go ask your supervisor if they have any projects for you. If they don't have anything ask their supervisor. This type of attitude will make you look like a diligent worker, and as we all know an internship is just an extended interview. Showing your commitment and hard work will leave a good impression of you with your bosses. However don't say "Do you have any work I can do?" This will lead to those killer tasks like making copies, filing, and other monotonous tasks. Instead say to your boss "Do you have any projects I can help out with?" or "Is there any project that I can work on?" Phrasing it like this shows the boss that you want a real project not a time filler. If you end up doing files so be it, it is the little things that get you to the top. In the sports and entertainment industry (more specifically agencies), in which I work, entry level is often in the mail room. Those who work the hardest at the job they hate the most will ultimately be the one who networks the best and climbs the corporate ladder.
My internship to this part has been a lot of ups and downs as far as work load. There have been times when I am the last intern in the office, and other times when I am the first out the door. Recently I asked my supervisor, "It is now the second half of the internship, is there anything I should improve or focus on in my second half." His response was, "Make sure you are always asking for work if you don't have anything on your plate." He said that since I already do this there wasn't much to improve but that the higher-ups like interns that are always working and asking for more work. I am lucky that my supervisor was recently an intern and knows the ins and outs, but if your supervisor isn't willing to offer that advice, take it from me your boss will like to see you in their office if you are always looking to do work.
Enjoy the rest of the summer it's almost over.
The final word from Sears…
This has been the most exciting, eventful and somewhat dramatic two weeks of the internship. I am almost done with my time at Sears and it is time to wrap up and say goodbye, atleast for now.
I had my final internship presentation scheduled for the middle of last week, almost a week and a half before the end of the internship. I wasn’t certain that I would be able to work right up to the end, since my baby’s due date and my internship end date almost coincided at the end of this week, and therefore planned ahead. This foresight was invaluable! My presentation was at 3 pm on the 7th of July and three hours later, right after I got home, I went into labor!!! That was the end of completing the internship on the planned schedule. I am home recovering and going back to work for a few short days to wrap things up and complete a final performance review. It has been very rewarding to take on two very differently challenging projects at the same time and complete them both successfully.
Regarding the presentation itself, I started working on the power point at almost the six-week mark, making notes and draft power points of what I wanted to communicate. My bosses were very accommodating of the need to make a well-crafted deck and supported me in many ways such as creating a rough outline, providing detailed reviews and feedback on my analysis, setting up schedules with my audience of CFO’s and VP’s and providing overall feedback on the slide deck. I was very happy with and confident of my slide deck for the presentation and took a couple of hours going over every detail in the slides and preparing for possible questions, while rehearsing the script for my presentation.
The presentation was attended by business unit CFO’s and VP’s and also included other Finance interns for the summer. Both my managers were present. I presented my findings and left time for questions. The presentation was well-received by the audience. My manager told me I had done a good job of the presentation and of handling follow-up questions.
Working at Sears has been a great learning experience in terms of Corporate Finance, the Retail industry, good management practices and self-discovery. I am hoping that I will get an offer before the summer is up.
I had my final internship presentation scheduled for the middle of last week, almost a week and a half before the end of the internship. I wasn’t certain that I would be able to work right up to the end, since my baby’s due date and my internship end date almost coincided at the end of this week, and therefore planned ahead. This foresight was invaluable! My presentation was at 3 pm on the 7th of July and three hours later, right after I got home, I went into labor!!! That was the end of completing the internship on the planned schedule. I am home recovering and going back to work for a few short days to wrap things up and complete a final performance review. It has been very rewarding to take on two very differently challenging projects at the same time and complete them both successfully.
Regarding the presentation itself, I started working on the power point at almost the six-week mark, making notes and draft power points of what I wanted to communicate. My bosses were very accommodating of the need to make a well-crafted deck and supported me in many ways such as creating a rough outline, providing detailed reviews and feedback on my analysis, setting up schedules with my audience of CFO’s and VP’s and providing overall feedback on the slide deck. I was very happy with and confident of my slide deck for the presentation and took a couple of hours going over every detail in the slides and preparing for possible questions, while rehearsing the script for my presentation.
The presentation was attended by business unit CFO’s and VP’s and also included other Finance interns for the summer. Both my managers were present. I presented my findings and left time for questions. The presentation was well-received by the audience. My manager told me I had done a good job of the presentation and of handling follow-up questions.
Working at Sears has been a great learning experience in terms of Corporate Finance, the Retail industry, good management practices and self-discovery. I am hoping that I will get an offer before the summer is up.
Thursday, July 15, 2010
The World of Buyouts, $ and a whole load of Junk
I'm on my second rotation now, on the High Yield trading desk - thought it would be good to explain High Yield/Junk Bonds/Leveraged Buyouts in layman terms.
Remember Barbarians at the Gate? If the title does not ring a bell, try RJR Nabisco. Kohlberg Kravis Roberts? How about Leveraged Buyout? Three names; one of the history's largest buyouts at $31.3 billion. Such is the infamy, and some might argue romance, of the leveraged buyout that the tale is relived in one of the most well read books in financial literature, even spawning a movie (arguably much less successful than the book). But financial wizardry aside, what is a Leveraged Buyout (LBO)? More importantly, why use of the term junk?
On an extremely basic level, an LBO is simply one company buying another company, but instead of funding the purchase with cash or stock, the acquirer uses debt. A lot of debt.
Consider this simple scenario. Company A wants to buy Company B for whatever reason. However, A does not have the cash to do so/ does not want to commit a large amount of cash to do so. Recall: Company A tends to be a private equity firm, private investment partnership, corporate raiders and the ilk. What does Company A do? Simple, it borrows. In a twist of financial magic however, Company A purchases B and pushes all the borrowed money into B. Here's how the magic works:
Company A creates a new Company, C. Recall: C is a SPV or special purpose vehicle, whose "special" purpose in this case is to house Company B and all the debt taken on to fund the purchase. Now, when the debt is raised, B is bought and housed into C, together with all newly issued debt. Hence the use of the word "Leveraged" since the entire investment is made using rmostly borrowed money. A Real life example, in time to coincide with the dying World Cup fever. The Glazer's bought Manchester United in a LBO, with the English club being placed into the SPV/holding company Red Football Ltd - together with that now infamous debt which has caused a minor revolt in the club's fan base.
Now, more importantly, why use of the term junk? Simple. Remember the credit rating agencies that rated all the toxic mortgages triple A? They rate bonds based on the company's ability to repay them. Basically, more bonds equals more debt equals lower chance of repayment equals lower ratings. At a predetermined point on these agencies' ratings scales lies a threshold of High Yield (Junk) status. Go below that point, and the debt is rated junk. So named due to their relatively higher probabilities of default and thus unpopularity with most investors. In an LBO, so much debt is raised that it is a virtual certainty for the new bonds/debt to be rated as junk.
Hence the term, its use in Leveraged Buyouts, and the obscene buyout amounts witnessed. All essential ingredients in a quintessential Wall Street tale.
Half-way point!
I am now officially more than half way through my internship – and it feels like I just started yesterday. A lot has happened in the past two weeks – a couple of big client meetings, excellent team dinners, a new workstream and my mid-summer “pulse check”.
Let’s start with the work first. I completed the first project that was assigned to me (read previous post for details), and have now been assigned another workstream for the rest of the summer. The summer pulse check turned out to be balanced – with areas of strength and areas of improvement. I hope I end up improving on those “areas of improvement” by the end of the summer!
My next piece of work will influence a couple of key recommendations that we will make to the client. I am extremely excited, and a little apprehensive at being given this new responsibility. For one, the situation is a lot more ambiguous than my first project. And two, this project involves qualitative decision-making, definitely not my area of strength, in addition to the quantitative analysis. But the support from the rest of the team and other Booz folks has been tremendous. They have made themselves available to speak with me, exchange ideas, brainstorm and offer advice in a heartbeat. And being a
Now, for the fun part. The
P.S: The Germany-Argentina game was an absolute shame. And we could not have asked for a more boring final. A disappointing world cup over all.
A Typical Day @ Nationals Park
(BBA, The Washington Nationals Baseball Club)
I cannot believe I have already been here for over a month! I have fully adjusted and now have a daily routine. I thought I’d share a typical day of my in
ternship. As I mentioned in my last post, non-game days and game days are extremely different work environments. Game days are much more exciting, in my opinion. On a typical game day I work from 2pm-8pm.
2pm-3:30pm: I come in to the office, get settled, and start working on my current project. Last week I finished a Punch List of all the suites. I had to go around to all 79 suites in the stadium and take photos of places that needed touch-up work and fixing. This week, my project is to contact other baseball teams’ Enterprise and Events departments to receive information and brochures on their event plannin
g and price rates. Additionally, this week I have to edit and make the layout diagrams for the party clubs and rooms. This definitely is going to test my powerpoint ability!
3:30pm: I go grab the wristbands for the Diamond and Presidents Clubs that will be used during the game. Only those people with Diamond and President Club tickets are allowed to enter the clubs; therefore, wristbands are the most effective and efficient way to ensure only ticketed guests are in the clubs. Liam, a staff member in my department, and I walk to the Presidents Club, the Diamond Club, Section 126, and Section 119 and distribute the wristbands to the ushers. Those are the on
ly 4 locations that people can redeem their wristbands to enter the clubs. We also make sure there are podiums at these locations, and that everything in the clubs is ready for when the gates open. At every game, there are concierges in the clubs to greet and direct the guest. My department is in charge of ensuring that the concierges are there, on time, and ready. After we distribute the wristbands to the four locations, Liam and I post the concierge work schedule in the concierge check-in location. This whole loop usually takes us about an hour.
4:30-5:30pm: I head back to the office and work on my assigned projects.
5:30pm: Liam and I take another loop to make sure that the concierges and ushers are in places at the designated locations. After doing this final loop with Liam, he heads into the Diamond Club and I go work on my pre-game project.
6-7pm: My co-intern, Jim, and I work on throughput times before every game. Our department is trying to figure a more efficient way for people to get drinks and food, by minimizing their wait and process time. We are trying to prove that the method we currently use is not efficient. Jim and I time, count, and calculate the number of people that are served at s
pecific concession stands.
7pm: I meet up with the rest of my department’s team in the Diamond Club, where we can work while watching the game. (It’s a great view of the whole field)
8pm: Workday is over. I can either head home or stay and watch the game.
That is what a typical day at Nationals Park is like on a Game Day. Everyone in my department is extremely friendly and helpful. We spend a lot of time together as a team. On Non-Game Days we all spend a lot of time in the office together. Even though we are all doing different things and working on separate projects, there is still a social atmosphere around the office, and always someone to help, answer questions, etc. The people working in my department are young and fun, which definitely enhances my social life as an intern. I’m really enjoying my internship and can’t wait to update everyone again!
Wednesday, July 14, 2010
Almost there...
It's Nikos again from Hill's Pet Nutrition in the extremely hot state of Kansas, which I was told is the place where basketball was born. Having played pro basketball that sounds very cool!
Anyway, even though I have 4 weeks to go, I present to senior management next Friday. Logistically, it was easier to get all the marketing directors, VP, brand managers etc. in the same room for a 2 hour time when I and the other MBA intern will spend talking about our recommendations and overall experience. Frightened, terrified, and stressed are only some of the words that can describe my feelings. Not so much for presenting, but putting together a big deck while dealing with all the projects that I am part of. To make a long story short, my workdays have become dangerously long!
The good part is the experience. No matter what I say, words are not enough to describe it. Yes, I am tired! Yes, I am working till 9pm! Yes, I can't wait for vacation! But, I'm confident it will pay off. Being involved in several projects provides great exposure in the company and the opportunity to work extensively with cross-functional teams which, in my opinion, is the hardest thing to do no matter how much experienced you are in it. Actually, if I had to distinguish the single most important aspect of my internship it would be the cross-functional experience and the ability to coordinate with different people, different priorities, different perspectives.
Well, as another day of the week ends, I'm looking at this weekend as an opportunity to wrap up my presentation and get ready to rock it. The expectations are high and I'm looking forward to meeting them. Once that is done, I will spend time exploring the area, networking within the company, finish up my projects, and get ready to go back to Greece before school starts.
Anyway, even though I have 4 weeks to go, I present to senior management next Friday. Logistically, it was easier to get all the marketing directors, VP, brand managers etc. in the same room for a 2 hour time when I and the other MBA intern will spend talking about our recommendations and overall experience. Frightened, terrified, and stressed are only some of the words that can describe my feelings. Not so much for presenting, but putting together a big deck while dealing with all the projects that I am part of. To make a long story short, my workdays have become dangerously long!
The good part is the experience. No matter what I say, words are not enough to describe it. Yes, I am tired! Yes, I am working till 9pm! Yes, I can't wait for vacation! But, I'm confident it will pay off. Being involved in several projects provides great exposure in the company and the opportunity to work extensively with cross-functional teams which, in my opinion, is the hardest thing to do no matter how much experienced you are in it. Actually, if I had to distinguish the single most important aspect of my internship it would be the cross-functional experience and the ability to coordinate with different people, different priorities, different perspectives.
Well, as another day of the week ends, I'm looking at this weekend as an opportunity to wrap up my presentation and get ready to rock it. The expectations are high and I'm looking forward to meeting them. Once that is done, I will spend time exploring the area, networking within the company, finish up my projects, and get ready to go back to Greece before school starts.
Introducing Jeans to Specialty Chemicals
Hi, it’s Sandra again. When I arrived to FMC, I was told that I could wear jeans. I didn’t understand at the time why it was important or how come it came to be some constant topic of conversation during my summer. Every FMC person I spoke to after accepting the intern position and before my arrival to Philly mentioned, in one way or another, the fact that I could wear jeans now. I started working and I was glad to discover that the things that attracted me to the company held true. After the mid-point of my internship is behind me, I can understand better the 3 factors that really made a difference in my decision process and I hope will impact my career going forward.
1. Impactful projects: I am blessed to have the opportunity of 3 leading projects that will affect the core business, in a meaningful way. I discovered that part of FMC’s culture involves ownership. I own my projects and it’s up to me to make the impact I want. I have a real chance at achieving my goals and not only my manager but senior management are really expecting me to do so.
2. People: Initiative is valued. People will help if I look around and ask for help. It took me a while to discover it is how things work. Help won’t be offered but won’t be denied either.
3. Potential: FMC is a diversified company and a global leader in almost every business it operates in. An emphasis in growth has been put in place and culture is changing to make it possible. Opportunities around the world are currently being created. Diversity is increasingly encouraged by top management.
During the past weeks I heard some conversations among my co-workers about jeans and I understood it was a recent change in the company. I learned the new CEO was making other changes and I received several organizational announcements of new hires, changes in the structure of the company, new positions, movements around the world and some more HR communications. Yesterday we had a lunch with my manager and the other intern. I believe the intention was to check on our progress and give us some feedback.
It was after our discussion at a more informal setting when it all came together. I realized that the change in attire only reflected a deeper change and meant so much more. Some resistance I have felt towards the introduction of jeans in the wardrobe had a new meaning for me. The company is changing. It is looking for more flexibility and trying to attract new talents. I also discovered the MBA recruiting program is being revived. http://www.fmcbiopolymer.com/careers/Careers/FMCMBARecruiting.aspx The Chemical Industry is a traditional sector. New leadership at FMC is set to take advantage of the opportunities available and grow. Change in mindset is what FMC is really looking for in order to build its future.
1. Impactful projects: I am blessed to have the opportunity of 3 leading projects that will affect the core business, in a meaningful way. I discovered that part of FMC’s culture involves ownership. I own my projects and it’s up to me to make the impact I want. I have a real chance at achieving my goals and not only my manager but senior management are really expecting me to do so.
2. People: Initiative is valued. People will help if I look around and ask for help. It took me a while to discover it is how things work. Help won’t be offered but won’t be denied either.
3. Potential: FMC is a diversified company and a global leader in almost every business it operates in. An emphasis in growth has been put in place and culture is changing to make it possible. Opportunities around the world are currently being created. Diversity is increasingly encouraged by top management.
During the past weeks I heard some conversations among my co-workers about jeans and I understood it was a recent change in the company. I learned the new CEO was making other changes and I received several organizational announcements of new hires, changes in the structure of the company, new positions, movements around the world and some more HR communications. Yesterday we had a lunch with my manager and the other intern. I believe the intention was to check on our progress and give us some feedback.
It was after our discussion at a more informal setting when it all came together. I realized that the change in attire only reflected a deeper change and meant so much more. Some resistance I have felt towards the introduction of jeans in the wardrobe had a new meaning for me. The company is changing. It is looking for more flexibility and trying to attract new talents. I also discovered the MBA recruiting program is being revived. http://www.fmcbiopolymer.com/careers/Careers/FMCMBARecruiting.aspx The Chemical Industry is a traditional sector. New leadership at FMC is set to take advantage of the opportunities available and grow. Change in mindset is what FMC is really looking for in order to build its future.
Internship last 3 weeks
So the very creative title says it all, I'm almost done with my internship. These days, I'm working on tying up loose ends and organizing the mass of information generated during the internship. Also, I’m creating a presentation that can effectively sum up 3 months of work in 1 hour and yet not miss the important details. There is still some time to go (about 2.5 weeks) and I’m yet to enter the reflection mode fully, but since this is my last post, I will mention some of the key takeaways from the internship.
On the positive side I have been able to learn about many key aspects of the business. I started with evaluating some broad market segments for the company. And these days I'm creating pricing models which I hope would shortly be the basis for some price negotiations. More importantly, I have identified some channels the company could use to target those particular market segments. Also as short side projects looked at product certifications and some supply chain issues. Now that I think of it that’s a reasonable amount of work for 12 weeks. May be if I had interned for a larger company I might not have got the opportunity to touch so many aspects of the company business.
On the not so positive side, I got some pointers about dealing with investors when you are running a company in its initial stages. And saw some instances of how frustrating it can be some times to have to think continuously about cash flows or be in continuous dread of losing the only advantage that the young company has – intellectual property. Having seen the amount of uncertainty all these can bring to even a well funded early stage company, I could see that there are some definite advantages of being in a larger company.
It has been a great two and a half months and I have learnt quite a lot and I’m pretty sure come full time recruitment it will help me make a well informed choice.
(341 words)
On the positive side I have been able to learn about many key aspects of the business. I started with evaluating some broad market segments for the company. And these days I'm creating pricing models which I hope would shortly be the basis for some price negotiations. More importantly, I have identified some channels the company could use to target those particular market segments. Also as short side projects looked at product certifications and some supply chain issues. Now that I think of it that’s a reasonable amount of work for 12 weeks. May be if I had interned for a larger company I might not have got the opportunity to touch so many aspects of the company business.
On the not so positive side, I got some pointers about dealing with investors when you are running a company in its initial stages. And saw some instances of how frustrating it can be some times to have to think continuously about cash flows or be in continuous dread of losing the only advantage that the young company has – intellectual property. Having seen the amount of uncertainty all these can bring to even a well funded early stage company, I could see that there are some definite advantages of being in a larger company.
It has been a great two and a half months and I have learnt quite a lot and I’m pretty sure come full time recruitment it will help me make a well informed choice.
(341 words)
Tuesday, July 13, 2010
Mid Summer Check In
MBA, News Corp. Now that I, Roy, am about halfway through the summer and a month and half into my internship, I feel that this would be a good time to let you in on my personal, deep thoughts about New York City and News Corp. My inner thoughts could befuddle even the most learned, so be careful reading on. To start, I love living in New York City, but I know that is a shocker. I have always wanted to live in this city and I am finally getting to accomplish that. There is just never a dull moment, which is not very good for my sleep habits. There is a reason they call it the city that never sleeps because honestly people are always out and about, which I love. Now that’s all I have to say about that.
As for my internship at News Corp and Fox News Digital more specifically, I am enjoying the heck out of it. I have been able to learn many things that both I knew that I wanted to and stuff that I had no clue existed. I have been able to research and recommend advertising capabilities for the IPad to thinking of creative uses for QR Codes. Additionally, I have been able to see from the start to finish the process of how digital advertising gets sold, published and delivered. Although I personally do not necessarily want to be in sales directly, having this understanding is crucial to any role I might want in digital advertising strategy or business development.
Going forward I have been tasked with creating a business plan type thing (not exactly sure if it will be a full business plan) which will show the implications of the changing internet landscape as it applies to the Fox News website. This research and plan will allow Fox News to strategize on how to better monetize their current digital advertising against these trends. As you may have heard, News Corporation has made headlines recently with respect to the Wall Street Journal online. They are going to start micro billing for its content. Many in the online news industry are watching closely to see whether this business model or the current one of paying through digital advertisements is best. I initially believe it will be somewhat of a hybrid of the two, but I guess I will have to see what I discover in my research.
As for my internship at News Corp and Fox News Digital more specifically, I am enjoying the heck out of it. I have been able to learn many things that both I knew that I wanted to and stuff that I had no clue existed. I have been able to research and recommend advertising capabilities for the IPad to thinking of creative uses for QR Codes. Additionally, I have been able to see from the start to finish the process of how digital advertising gets sold, published and delivered. Although I personally do not necessarily want to be in sales directly, having this understanding is crucial to any role I might want in digital advertising strategy or business development.
Going forward I have been tasked with creating a business plan type thing (not exactly sure if it will be a full business plan) which will show the implications of the changing internet landscape as it applies to the Fox News website. This research and plan will allow Fox News to strategize on how to better monetize their current digital advertising against these trends. As you may have heard, News Corporation has made headlines recently with respect to the Wall Street Journal online. They are going to start micro billing for its content. Many in the online news industry are watching closely to see whether this business model or the current one of paying through digital advertisements is best. I initially believe it will be somewhat of a hybrid of the two, but I guess I will have to see what I discover in my research.
Monday, July 12, 2010
My Intern Life So Far
Time is going so fast and 4 weeks have passed since I got here. Since my first posting, there have been several things going on.
(1) Work
Some of my project scope has been finalized and I am trying to keep pace with the schedule. Unfortunately I can't tell you about the details of the project, but I want you to know how important Apple thinks about confidentiality. As for each of the projects, I have to work with 3-4 Apple employees, some of whom are in other countries. To get to know each other, I organized several one-on-one interviews with them for introduction of myself and my project. One thing unique about Apple. When you begin your internship, you are assigned an i-Buddy. i-Buddy helps you with almost every issues and it was very helpful to me getting used to Apple and its people. Another thing I want to tell is that people here are really busy these days. Since the launching of i-Phone 4, almost all the operations people are busy whole day to resolve some follow-up issues. I see their passion and professionalism, and understand what made Apple at this position.
(1) Work
Some of my project scope has been finalized and I am trying to keep pace with the schedule. Unfortunately I can't tell you about the details of the project, but I want you to know how important Apple thinks about confidentiality. As for each of the projects, I have to work with 3-4 Apple employees, some of whom are in other countries. To get to know each other, I organized several one-on-one interviews with them for introduction of myself and my project. One thing unique about Apple. When you begin your internship, you are assigned an i-Buddy. i-Buddy helps you with almost every issues and it was very helpful to me getting used to Apple and its people. Another thing I want to tell is that people here are really busy these days. Since the launching of i-Phone 4, almost all the operations people are busy whole day to resolve some follow-up issues. I see their passion and professionalism, and understand what made Apple at this position.
(Above you can see a pic of me and Woz. I hope I can finally be friend with Apple like the pic)
(2) Intern Events
As I said in the first post, there are lot's of intern events here. One is the executive speaker series. There were several speaker series since my first posting, including Steve's and Jonathan. I guess all knows who Steve is, and Jonathan is a SVP of industrial design at Apple. Recently he was announced as one of 50 smartest people in tech by Fortune. Again, the details of the speech is also a confidential, but I just want to tell you these events are really interesting and I gain a lot getting to know their experience and thoughts. There was also intern welcome dinner, field trip to winery etc. I am also in one of the teams for the corporate game, which is like Apple Olympic.
(3) Cupertino Life
When you are considering for a full-time job, I guess one important thing is the environment of where you live. Cupertino is a small city, but the weather here is so good. I heard that during May-December it hardly rains. Every day it is sunny, and you can enjoy a lot of leisure sports. Last week I brought my bike to Angel Island and went around the whole Island. People here are enjoying the weather and all seem to be sports-lovers. If you are very active person, I am sure that you will enjoy your life here.
(2) Intern Events
As I said in the first post, there are lot's of intern events here. One is the executive speaker series. There were several speaker series since my first posting, including Steve's and Jonathan. I guess all knows who Steve is, and Jonathan is a SVP of industrial design at Apple. Recently he was announced as one of 50 smartest people in tech by Fortune. Again, the details of the speech is also a confidential, but I just want to tell you these events are really interesting and I gain a lot getting to know their experience and thoughts. There was also intern welcome dinner, field trip to winery etc. I am also in one of the teams for the corporate game, which is like Apple Olympic.
(3) Cupertino Life
When you are considering for a full-time job, I guess one important thing is the environment of where you live. Cupertino is a small city, but the weather here is so good. I heard that during May-December it hardly rains. Every day it is sunny, and you can enjoy a lot of leisure sports. Last week I brought my bike to Angel Island and went around the whole Island. People here are enjoying the weather and all seem to be sports-lovers. If you are very active person, I am sure that you will enjoy your life here.Sunday, July 11, 2010
Investment Banking Week 2
Work has been interesting so far. I am staffed on a number of projects - some live some otherwise. The live deals are obviously the most exciting since they are actually going to happen, but the pitches give me a sense of how much work actually goes into clinching a mandate.
A little on the work environment at CS - I think the Technology, Media and Telecom (TMT) group is a great group. Everybody, and I mean everybody, is nice, friendly and helpful. Even the senior bankers are polite when asking for help and I feel I work with them instead of for them.
It has been a little hard to juggle personal/social life and the internship. I work 16-21 hours most days, having hardly any time to do anything else. It remains to be seen whether such a lifestyle is sustainable and/or desirable.
Also, banking is a lot about personalities of the Managing Directors. Since MDs are the ones bringing in the revenue, they dictate what kind of work gets done and how they want things to be done. Different MDs have different requirements for their Powerpoint formatting. So we get exposed to different kind of management styles. There are directors who go for the big picture, and others who like to get down into the details. Having the chance to work under MDs with different working styles is an enriching experience.
Bear with my shameless promotion of CS, but I think CS is in great shape post-crisis. It constantly ranks top 3 in the leveraged finance league tables, beaten only by Bank of America and J.P. Morgan, both of which have humongous balance sheets. CS is known for its execution. Furthermore, CS now ranks 2nd in global M&A deals. It is exciting to be part of an up and coming financial powerhouse in such a conducive market for investment banking.
A little on the work environment at CS - I think the Technology, Media and Telecom (TMT) group is a great group. Everybody, and I mean everybody, is nice, friendly and helpful. Even the senior bankers are polite when asking for help and I feel I work with them instead of for them.
It has been a little hard to juggle personal/social life and the internship. I work 16-21 hours most days, having hardly any time to do anything else. It remains to be seen whether such a lifestyle is sustainable and/or desirable.
Also, banking is a lot about personalities of the Managing Directors. Since MDs are the ones bringing in the revenue, they dictate what kind of work gets done and how they want things to be done. Different MDs have different requirements for their Powerpoint formatting. So we get exposed to different kind of management styles. There are directors who go for the big picture, and others who like to get down into the details. Having the chance to work under MDs with different working styles is an enriching experience.
Bear with my shameless promotion of CS, but I think CS is in great shape post-crisis. It constantly ranks top 3 in the leveraged finance league tables, beaten only by Bank of America and J.P. Morgan, both of which have humongous balance sheets. CS is known for its execution. Furthermore, CS now ranks 2nd in global M&A deals. It is exciting to be part of an up and coming financial powerhouse in such a conducive market for investment banking.
Friday, July 9, 2010
Fun, work and vistas
In addition to the 30-odd Rossers here, there are over 150 MBA interns in Seattle this summer, from B-Schools all over the U.S. We have a Facebook page and google groups where people have signed up for different activities. It has been great to hang out with them over the weekends for BBQs, Kayaking and Movies. It is not possible to meet over the week, but I make it a point to see other people every weekend, and I got to know a few of them very well.
Amazon organizes a lot of events for its interns. We have weekly happy hours. And one of my favorite parts of the internship is the speaker series. HR invites Senior VPs and VPSs from different divisions to talk to the intern group about their teams, career and the company as a whole. These are very educational, and provide another opportunity to spend time with the rest of the interns. As for networking, I meet a lot of people in relation to my project. And I reach out to people in groups that I find interesting. I found people here very open to talking to interns and happy to make time for us.
I have found the workload to be reasonable for an internship. My days vary quite a bit. I usually meet one or two people per day about my project. I spend several hours writing my findings or recommendations down. I also spend a few hours doing secondary research for my project. Due to the flexibility Amazon employees enjoy, every once in a while I work at the office café or lounge so that the change of scene and beautiful Seattle vistas can inspire me. I am very impressed by how every Amazon building has great views.
Amazon organizes a lot of events for its interns. We have weekly happy hours. And one of my favorite parts of the internship is the speaker series. HR invites Senior VPs and VPSs from different divisions to talk to the intern group about their teams, career and the company as a whole. These are very educational, and provide another opportunity to spend time with the rest of the interns. As for networking, I meet a lot of people in relation to my project. And I reach out to people in groups that I find interesting. I found people here very open to talking to interns and happy to make time for us.
I have found the workload to be reasonable for an internship. My days vary quite a bit. I usually meet one or two people per day about my project. I spend several hours writing my findings or recommendations down. I also spend a few hours doing secondary research for my project. Due to the flexibility Amazon employees enjoy, every once in a while I work at the office café or lounge so that the change of scene and beautiful Seattle vistas can inspire me. I am very impressed by how every Amazon building has great views.
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