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Bank of AmericaBank of America
“2003: Our best year. We served our 28,000,000 customers
better than ever before. Investors entrusted us with $474,000,000,000 of
their assets. We served 25,000 midsized companies – more than any other
bank. 2,000,000 small businesses made us the nation’s number-one small
business bank. Customers opened 1,240,000 net new checking accounts.
We made loans to more than 1,000,000 homeowners. We helped more than
452,000 low- and moderate-income families obtain affordable new homes.
We delivered more than $300,000,000,000 in investment banking
solutions for our clients. And we continue to raise the bar.”
- 2003 Annual Report
Financial Services IndustryFinancial Services Industry Depository Institutions
Commercial Banks Thrifts Credit Unions
Capital Markets Firms Investment Banks Brokerage Firms Investment Managers
Insurance Companies
Bank of America = Depository Institution + Capital Markets Firm
Corporate Finance vs. Corporate Finance vs. Investment Banking vs. Public AccountingInvestment Banking vs. Public Accounting
Corporate Finance Analyze our own company’s financials (Internal) Prepare financial statements for our own company (Internal) Business Finance Officers advise the company’s business divisions on financial issues related to
running their business (Internal) Prepare tax returns and provide tax advise for their company (Internal)
Investment Banking Analyze other Corporations financials (External) Provide creative capital raising solutions to Corporations (External) Provide advisory services to Corporations (External)
Public Accounting Audit clients financials (External) Advise clients on Accounting matters (External) Prepare tax returns and provide tax advise to clients (External)
Finance Group StructureFinance Group Structure
Executive
Management,
Shareholders
and
Regulators
Corporate Finance Functions
Accounting PolicyCorp Treasury Finance
Corporate Tax Decision Systems External ReportingFinancial Analysis General Accounting
Management AccountingRisk Management FinanceSupply Chain Management
Strategic Planning
Business
Unit
Management
Business Unit Support Functions
Consumer Banking Finance
Commercial Bank Finance
Global Corporate and Investment Bank Finance
Wealth & Investment Management Finance
Staff Unit Support Functions
Staff Support Finance
Technology, Service and Fulfillment Finance
Corporate Marketing Finance
Skill Set RequirementsSkill Set Requirements
Critical thinking/analytical skills
Business relationship skills
Strong knowledge of the business
Technical accounting knowledge
Management accounting knowledge
Technical skills (excel/access)
Leadership ability
Adapts well to change
Team Player
Process orientation
Communication/active listening skills
Time management
Typical AssignmentsTypical AssignmentsRotation #1: Corporate Finance (Accounting Policy)Primary Responsibilities Research accounting literature to determine appropriate treatment of new and unusual transactions
Provide updates on emerging accounting issues and regulation
Assist in preparing written communications to regulatory and standard-setting bodies, including the FASB and SEC
Provide analysis for external auditors
Provide support on implementation and communication of new accounting rules
Rotation #2: Staff Unit Support (Technology and Operations Finance Support)
Primary Responsibilities Produce initiative spending reports for all lines of business
Conduct variance analysis on initiative spending at the business level
Update In$ight with initiative forecast and plan numbers at the business level
Discuss project/programming allocations with relationship managers for each line of business
Create ad-hoc processing support reports for relationship managers to discuss with their business partners
Develop and maintain buyer-seller template
Typical AssignmentsTypical Assignments
Rotation #3: Business Unit Support (Small Business Finance)
Primary Responsibilities Support Government Lending Products (GLP) Executive in all financial matters, becoming a true
business partner
Develop financial plan and earnings forecast
Weekly and monthly sales and pipeline reporting
Support GLP Management By Fact initiatives
Develop/assist in developing financially sound business cases for all new initiatives
Prepare ad hoc analysis and information requests
Finance Management Associate Finance Management Associate Program (MAP)Program (MAP)
Primary entry point into Corporate Finance at Bank of America at the undergraduate level
2 year program
2 –3 rotation opportunities allowing associates to see different areas of Corporate Finance
Focuses on development of future leaders in Corporate Finance through:
Experiential learning
Networking
Training
Coaching/mentoring
Advancement OpportunitiesAdvancement Opportunities Tremendous amount of advancement opportunities Based on performance
Finance Analyst (FA)
Finance MAP
Intermediate Finance Analyst (IFA)
Senior Finance Analyst (SFA)
Manager (Mgr)
Senior Manager (Sr Mgr)
Executive (Exec)
Finance MAP entry: 5 – 7 yrs to reach Manager level
Other entry: 7 – 10 yrs to reach Manager level
Success StoriesSuccess StoriesHedrick Ellis
Finance MAP (1996 – 1999)Senior Finance Analyst, Consumer Banking Finance (1999 – 2000)Senior Finance Analyst, Technology & Operations Finance (2000 – 2001)Manager, Technology & Operations Finance (2001 – 2003)Senior Manager, Technology & Operations Finance (current)
Jason CollinsFinance Analyst, Mortgage Finance (1995 – 1998)Finance MAP (1998 – 2001)Senior Finance Analyst, Cash Management (2001 – 2002)Manager, Corporate Treasury Finance - Cash Management (2002 - 2003)Manager, Consumer Bank Finance – Staffing Solutions (current)
Julie HarrisFinance MAP (2000 – 2002)Senior Finance Analyst, Strategic Cost Services (2002 – 2003)Senior Finance Analyst, Corporate Planning & Forecasting (2003)Manager, Finance Core Transition Team (current)