The BAP Review: 2016 - 2017 Issue

2016 - 2017

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THE BAP REVIEW 2016 - 2017 ISSUE

BETA ALPHA PSI - MU CHAPTER

NEW YORK UNIVERSITY

EXECUTIVE LETTERS AN AMERICAN IN ABU DHABI RECONCILING WITH THE RISE OF POPULISM HOW HUISHAN DECLINED 85% IN AN HOUR DUCK, DUCK, TSX:GOOS OH SNAP. ANOTHER IPO. BREAKING FREE AT BBC I REBELLED AND WENT INTO THE FASHION BIZ. SOPHOMORE YEAR: THE RACE TO RECRUIT MAKE THE MOST OUT OF YOUR SUMMER 2016-2017 BAP REWIND THANK YOU, COMMITTEE MEMBERS MEET THE EXECUTIVES

SAMI SIDDIQUI AND JACOB MOON

HELEN KONG

RAGHAV SARAOGI

ALLEN CHEN

VERONICA CHAMBERS

MAXIM BAYDUZHIY

ZOE ZANE

PATTY JEON

STELLA PARK

ASHANE GOVIND

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A LETTER FROM

JACOB MOON OUTGOING PRESIDENT

Dear Fellow BAP Members and Alumni,

As the outgoing President of the BAP Mu Chapter, I would like to extend a warm welcome to all the candidates, new members who have been inducted to the family, as well as the alumni and my fellow soon-tobe alumni to our third annual edition of The BAP Review.

It only feels like yesterday that I swiped into my first Open House as a sophomore, grabbing some Mercato’s pizza and then proceeding to sit in the back with my two high school friends, Amanda and Rosalyn Lin, who had dragged me there. I distinctly remember coming out of the event thinking, “Wait, so this isn’t a business frat?” The beginning of my journey with BAP was admittedly irresolute, and in my mind, I was just another candidate who did not have much to show for. But this is why I have grown to develop so much personal admiration, faith, and adoration for our community here. Although I was in no way special or unique, the organization placed so much unsolicited effort into my professional and social development. And for this, I have the utmost respect and gratitude for all the upperclassmen who acted as mentors when I was a candidate.

The new friends and mentors I made naturally inspired me to do the same, and serving our community as a Candidate Master and the President has been a great honor. In these positions, I was given the responsibility and opportunity to further foster the sense of community, and the supportive and accepting culture it is built upon. Over the process of overseeing four different classes of candidates becoming part of our family, I have developed another sense of gratitude not for the mentors, but for the incoming future members of BAP. I was again and again surprised to see the diverse group of candidates that provided a new aspect to the club, uniquely adding onto the life of our community. Many have taken the torch, as my friends and I have done two years back, and it is truly heartwarming to see the legacy being passed down.

In the past few years, BAP has been successfully growing through the implementation of unparalleled mentorship, whether it be through the advancement in the Freshman Mentorship Program, partnership with the Graduate Finance Society, or the more interactive weekly workshops. We have clearly established ourselves as a leader on campus in professional development and community building. Though I am sadly graduating, I look forward to coming back and helping as an alumnus soon. I have much faith in the new leadership and am excited to see how the new generation will shape our organization. Thank you for having greatly impacted my college career and for allowing me the opportunity to serve this great organization.

Wishing you all the best, Jacob Moon

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A LETTER FROM

SAMI SIDDIQUI INCOMING PRESIDENT

Dear Fellow BAP Members and Alumni,

Welcome to the third annual edition of the BAP Review. As the incoming President of the BAP Mu Chapter for the 2017-2018 Academic Year, I sincerely hope you enjoy our Review and share in the sense of community and leadership we have all worked to create.

Coming from Newburgh, NY, Stern was quite the culture shock. People were a lot more intelligent, refined, polished, and diligent. I was honestly a little intimidated during my first year here; never in my wildest dreams would I have imagined having the opportunity to lead one of the biggest and best clubs on campus.

It is difficult for me to put into words how much this means to me and how honored I am to be in this position. It is not an exaggeration for me to say that I would be completely lost if it weren’t for BAP. I joined in the Spring of 2016 after studying abroad the previous semester; I was completely clueless professionally and not much better otherwise. Not only did BAP give me a network, it gave me a family. It gave me best friends, mentors, and everything in between.

The Executive Board that led BAP the semester I joined played an integral role in ensuring my initial interactions inside the club were nothing but positive. Mathew Roy, Varun Sawhney, Stevy Desir, and Tom Mao were all incredibly friendly and helpful in a way I hope our incoming E-Board can emulate. Of course, these interactions might never have happened had it not been for my Candidate Masters, particularly Jacob Moon and Susan Liu. Not only have they been able to give me an incredible amount of advice and resources, both professionally and otherwise, they have also provided me with the friendship and sense of family that is so prevalent in BAP.

BAP has given me so much and being able to have as many people as possible experience what I have is something I really want to focus on for the upcoming academic year. Our outgoing Executive Board did a fantastic job and that is something we will work hard to further. We will strive to continue building our community by increasing member involvement after candidates have crossed. We will work with our committees and leaders to continue achieving the goals we have set forth. We want to continue to see members and candidates grow professionally and will be diversifying our industry focus, as an increasing number of underclassmen have expressed interest in fields ranging from consulting to technology. I sincerely hope the BAP Review gives you the perspective we have had from inside the club and that you are as excited for the upcoming year as we all are.

All the best, Sami Siddiqui

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AN AMERICAN IN

BY HELEN KONG

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ver the January term, I spent 10 days studying at the NYU Abu Dhabi campus, learning about business in the Middle East and, more specifically, the countries around the Arabian Gulf known as the GCC countries (UAE, Qatar, Bahrain, Kuwait, Oman, Saudi Arabia). It was a great opportunity, both to learn more about a region seldom discussed in detail in our history classes and to physically experience the culture of the region we were studying. Beyond 8th grade global studies, where I learned about ancient settlements in the Mesopotamian

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region, there was little I really knew about the Middle East. It was a faraway land, literally at the intersection between the West and the East, and a region often splashed across headlines as a place of conflict.

Given the short duration of this class, our days were mainly focused on lessons about various key markets and indus-

tries in the GCC. A key theme in these countries rich in oil was the need to diversify--not only in terms of economy but also with regards to energy dependence. So much of the oil revenue generated is used to support social welfare initiatives at home, and is placed in sovereign wealth funds invested abroad. We discussed the locational advantages of the GCC for business and particularly, for aviation: Emirates, Etihad and Qatar Airways are among the fastest-growing and highest-rated (they are also pretty well-known for their first-class amenities!).

was definitely a nice break from NYC’s. On our first day, we took a tour of downtown Abu Dhabi--visiting the fish market and a local mall. We were also introduced to oud, a rare oil found in agar wood, used in a perfume that is popular in the area. Natural oud is so rare that it is more expensive than gold! Its musky scent is so distinctive that even just a sniff of it now brings back memories of this Abu Dhabi trip. On our third day in the UAE, we went on a cultural trip to Dubai where we visited a historic district of Dubai, learned about Emirati customs, and dined on traditional Emirati dishes. We also had the opportunity to try on abayas and kanduras. Dubai is often described as the “place where Middle Eastern culture meets western glamour” and we definitely did see some of this during our trips to the Dubai Mall.

“A key theme in these countries rich in oil was the need to diversify - not only in terms of economy but also with regards to energy dependence.”

In addition to the educational opportunities and lessons that the course provided, there were also days of adventure!

“Dubai is often described as ‘the place where Middle Eastern culture meets western glamour’ ...”

The NYU Abu Dhabi campus is actually on Saadiyat Island (also known as Happiness Island, which was a bit ironic, considering all the labor controversies), just a short drive from downtown Abu Dhabi. You can actually see the NYU torch emblazoned on the campus building as the car crosses over the bridge to Saadiyat. The vibe on this campus

Back in Abu Dhabi, we visited the Sheikh Zayed Grand Mosque. It was truly a grand experience, seeing the white marble domes and columns inlaid with precious stones in the foyers, the glittering chandeliers (some of which weigh up to 12 tons!) and a handwoven carpet

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that took 18 months to complete among other architectural and design wonders. The acoustics of the main prayer hall as the call to prayer rang was out of this world; just the simple act of wandering the hall felt like a holy experience.

transport pods in. On our first trip to Masdar, we arrived just as the sun set so there was not much to see. The pods were definitely the coolest part of that visit—in the

Muntafiq. Najah was such an inspiration as she told us her story of leaving a successful corporate career to launching her own chocolate brand, Coco Jalila, and bringing it to success.

She was just so passionate about chocolate, and persisted with chefs and producers to teach her everything they knew about making chocolate so that she could produce the quality of chocolates she wanted. Hearing her stories about how she convinced other brands to sell her chocolates as well were also both funny and admirable. One story she shared was about how she collected the chocolates one brand offered visitors in order to contrast them to her

“The acoustics of the main prayer hall as the call to prayer arng was out of this world; just the simple act of wandering the hall felt like a holy experience.””

We also visited Masdar City as a class. Masdar City is a planned project by Abu Dhabi to be completely carbon-neutral. Siemens has offices located in this city, and it is home to about 400 students from the Masdar Institute. Everyone else who works in Masdar commutes or drives, parking outside of the city and taking battery-powered, driverless, personal

dark, walking to the lower level of the Institute and seeing the pods in their bays felt like a scene from a sci-fi movie.

One of my favorite speakers during the trip was Najah Al

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chocolates; at the one meeting she was able to obtain with that team, she showed them the difference and matter-of-factly told them the terrible chocolates were theirs!

I have made some incredible memories during this trip. In our last couple of days left in the UAE, we went on a desert safari. I will never forget our professor at the top of the sand dune, teaching some classmates how to sandboard.

I also saw (and rode!) my first camel--it was exciting but also not quite what I expected. The camel was not as tall as I imagined, but it also knelt to make it easier for us to get on and off.

The more I think of it though, the worse

I feel about having ridden on that poor camel! Being in the desert was amazing as well: to actually see the sun set in the horizon and then to see the stars twinkling in the night sky are sights I will not soon forget. Finally, hours after our official last class, a group of us managed to arrange a bus to go ATV-ing in Sharjah, another emirate in the UAE. It was my first time driving a motor vehicle!

This trip was such an amazing opportunity to experience a different culture with my peers. To the juniors and seniors reading, I would highly recommend taking The Middle East--Cultures, Markets, and Strategies course.

It is a 3-credit Spring elective that happens over the January-term. Keep a look out for info about it in the fall--it will definitely be an unforgettable and impactful experience.

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RECONCILING WITH THE RISE OF

POPULISM

By Raghav Saraogi

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he internet may be bringing the world closer together, but it seems the world is becoming increasingly uncomfortable about the socalled “others” around us. In the United States, Donald Trump wants to block immigrants and provide jobs only to American citizens and leaders or candidates; the United Kingdom, France and Italy look to break away from the European Union. Populism is an emerging thought in many countries’ politics--its results seem to be contagious and its effects are beginning to take shape in capital markets and in our everyday lives.

Populism can be thought of as an ideology that “rejects” institutions and the “elite” in order to appeal to the masses, usually also

been moving for the last 20 years.

For most of our lives, many parts of the world have experienced a range of benefits from an integrated, more open world.

Globalization has lifted millions of people out of poverty. However, it is not difficult to recognize that this narrative came to a grinding halt in the global financial crisis of 2007-2008. Among the multitude of effects the crisis had on the global economy and on our daily lives, it forced many of us to question the system of free trade, debt, and the concept of the “establishment”.

“Populism can be thought of as an ideology that rejects institutions and the “elite” in order to appeal to the masses, usually also only brought to the foreground by a charismatic leader.” only brought to the foreground by a charismatic leader. To fully calibrate how this ideology has affected us, it is worth noting the stark contrast between populism and the direction in which the world h a s

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This abrupt end to the “bull” market gave an opportunity for alternative non-market-based policies to be adopted by governments, starting with the United States.

These policies are essentially those that may not drive the highest returns to shareholders of individual companies, but are largely perceived to protect against some of the adverse effects of globalization, free markets. and individual freedom. The presidential election in the United States has been the largest manifestation of support for this ideology. However, these ideas remain to be put to the test: as populist leaders remain in the spotlight of mainstream politics, the inertia involved in delivering on some of their promises remains the biggest challenge. Donald Trump has so far only promised to offer in the direction of protective trade deals, immigra- tion reform of the labor market, and a n expansionary fiscal policy. In the context of the policies that

have dominated the developed economies over the last 20 years, these are clearly unconventional and populist.

Financial markets are on the backfoot in reacting to such events for two reasons. First, they are skeptical about the utility of populism in spurring growth for developed countries such as

metric information, or of situations where politics distorts the interests between leaders and the nation. Additionally, most populist policies are being heavily debated before being enacted into law. They have not been executed to their fullest extent yet, which further delays their effects. This creates more uncertainty in the roots of spillover effects leading from unconventional policies, creating geopolitical risk and environmental risk among others.

“The world markets look to be unforgiving, and the new norm of high risk and low returns needs to be broken for faith to be restored in those parts of the system that we cannot individually control.” the United States. Protectionism in trade allows for fewer opportunities for businesses to scale up efficiently and diminishes economic activity overall. However, some populist leaders are questioning the underlying models themselves. They argue that fewer regulations on movement of goods and labor will prove costly for domestic business while only favoring others. Financial markets are skeptical, and critics argue that politics get in the way. Capital is always averse of political asym-

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Having created momentum in its favor, populism now needs to deliver. Yes, some of the more established models have failed in achieving many of its objectives, but can any ideology deliver perfect outcomes in a complex, ever evolving world? The world markets look to be unforgiving, and the new norm of high risk and low returns needs to be broken for faith to be restored in those parts of the system that we cannot individually control. However, every small step that adds to market risk has remarkable implications for our daily lives. Unfortunately, it is mostly for the worse. Markets will adjust to and learn the particulars of uncertainty, but time stands in the way of testifying alternative strategies to a better world.

A H S I U H W O H H

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uishan (6863:HK) is a major Chinese dairy firm that is principally engaged in the production and sales of raw milk, liquid milk products, and milk powder products. On March 23, 2017, shares of Huishan Dairy plunged as much as 85% from 2.8 HKD to 0.42 HKD, which is equivalent to a $4 billion loss of market cap.

It was the biggest-ever intraday fall in Hong Kong. The company promptly halted trading in its shares just after the plunge. The

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EN H C N E L L A Y B N E T T I WR

company confirmed that it not only missed its most recent loan repayment, but also lost contact with a key executive in charge of its finances.

The drama comes just four years after the company’s $1.5 billion initial public offering led by Deutsche Bank, UBS, Goldman Sachs,

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and H S B C .

Back then, the company sold itself as China’s largest “grass-to-glass” dairy firm, producing the alfalfa that the cows eat all the way to the milk – a structure touted to offer high profitability and quality. Adding to the surprise to investors was the fact that the company has been among the most stable stocks in the world for the past 18 months, fluctuating in a narrow range between 2.69 HKD to 3.23 HKD.

N A AN HOUR

IN

D E N I L C E

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But that is not to say no one saw it coming. A little more than three months before the plunge, U.S investment research firm Muddy Waters published a lengthy report that claimed that the company was a complete fraud and was “worth close to zero” based on its findings from visits to 35 farms as well as drone flyovers of selected Huishan sites. The report presented evidence that shows that Huishan has long purchased substantial quantities of imported alfalfa, a key determinant of the selling price of raw milk, from third parties instead of growing

its own at a low cost.

The report also showed that the company’s chairman Yang Kai had stolen at least 150 million RMB

leased by Sina Finance also claims that a major shareholder of Huishan moved 3 billion RMB from the company’s balance sheet to invest in China’s real estate markets, but was unable to recuperate the money.

“The company confirmed that it not only missed its most recent loan re-payment, but also lost contact with a key executive in charge of its finances.” worth of assets from Huishan, that involved an unannounced transfer of a subsidiary that owned several cow farms. In addition, the company was plagued by excessive leverage, inflated asset accounts, and incomplete farm constructions. A recent report re-

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The sudden collapse of Huishan raises both concerns about the credibility of China’s financial authorities, and questions about how thoroughly Western banks are vetting the Chinese firms they bring to market. Due diligence is a key responsibility of IPO sponsors that involves scrutinizing the financial health of companies planning to list. While investors are questioning the sponsors’ efforts

on finding out the truth, Asiabased IPO bankers claim that due diligence on Chinese companies is often difficult, especially when verifying physical assets. Similar cases that have happened to China Forestry Group and Hanergy Group have created much trouble for the regulators. There is also a growing distrust in China’s financial system, where authorities were revealed to fake numbers and to cover up for state-owned enterprises. The Huishan scandal is a disastrous blow to several Chinese banks, including Jiutai and Pingan, as well as to the local government of the Liaoning province. The company’s fall from grace shows that much effort is still needed to create a fair and transparent credit market in China.

“The Huishan scandal is a disastrous blow to several Chinese banks, including Jiutai and Pingan, as well as to the local government of the Liaoning province.”

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BY VERONICA CHAMBERS

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nyone who has walked through Washington Square Park in the middle of January can attest to the popularity of parka-maker Canada Goose. NYU students and Manhattanites alike flaunt the brand, easily identifiable from the unmistakable “Arctic Program” patch. The jackets have managed to endear the hearts of those from the Great North, the Northeastern United States, and now Wall Street!

Canada Goose Holdings Inc. filed an F-1/A with the SEC back in February for a $250 million USD IPO that debuted on both the New York Stock Exchange and the Toronto Stock Exchange on March 16th, 2017. With temperatures below freezing in both Toronto and New York, the park-maker may have benefited from the late winter cold spell during its first day of trading. The company priced its offering in Canada at C$17 (approximate-

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ly $12.78 USD on the NYSE), a price above its initial range. Shares jumped 41% off the bat, and after the first day of trading, analysts valued the parka-maker at approximately $2 billion USD. With shares trading below their first-day closing price as of April 21st, the question remains: how will Canada Goose weather this storm?

Wall Street’s amour for the brand remains justified – at least in the short term. Canada Goose reported a sales increase of over 40% in the first nine months of its current fiscal year compared to its previous fiscal year. Furthermore, the company also posted earnings up 26% from the previous year. Minimal market penetration and brand awareness in the United States suggests that the brand has immense opportunity for growth. The company maintains a mere 16% brand awareness among Americans, compared to 76% amongst Canadians. Sales have

grown in the United States by 76% annually over the past three years, with revenue nearly doubling from $152 million USD in 2014 to $291 million USD in 2016. The brand’s success has even garnered the attention of the private equity realm.

In 2013, Bain announced a 70% stake in the company. Following the IPO, Bain continues to maintain a controlling stake in Canada Goose Holdings, Inc. But will Canada Goose lay a golden egg? In the long term, likely no.

Shares of other luxury retail brands, such as high-end jeweler Tiffany (TIF), Coach (COH), Kate Spade (KATE), and Michael Kors (KORS), all currently trade significantly below their highs from their stock market debuts a few years back. Fashion trends typically remain just that – trends. The

luxury retail business remains particularly susceptible to economic downturns; this remains of concern to Canada Goose, as its most popular jacket retails for approximately $900 USD. Additionally, Canada Goose remains loaded with debt. The company had outstanding long-term debt of $264.7 million, or 59.8% of its total assets as of December 31st, 2016. This remains high considering the cyclical nature of Canada Goose’s business – selling parkas.

Canada Goose also faces intense competition from a larger competitor, Moncler (MONRF), with sales approximately three times those of Can-

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a d a cant has

Goose. Moncler has already secured signifisales in China – a feat which Canada Goose yet to accomplish. The firm also notes in its IPO filing that animal welfare activists who oppose the use of coyote fur could prove damaging to sales. Animal rights activist group PETA noted plans to purchase shares in Canada Goose and serve as an activist investor. On the first day of trading, PETA held a protest outside of the NYSE, complete with signs and posters emphasizing their disapproval.

While Canada Goose’s long-term future remains questionable, the brand hosts many potential upsides in the short-term through expansion in the American market. It will be interesting to see what trends help or hurt the brand, and whether it can sustain its popularity and stock performance in the coming years.

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OH SNAP.

ANOTHER IPO. 20

BY MAXIM BAYDUZHIY

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et’s keep it real. Buying shares of Snap, Inc. is an act of madness. In 2016, Snap’s expenses were more than twice its revenue. In fact, the parent company of messaging app Snapchat explicitly warned potential investors that “it may never achieve or maintain profitability”. Yet, countless Millennials bought Snap stock despite the company’s subpar performance in the recent years.

Snap’s IPO was the most anticipated surefire IPO of 2017 after one of the slowest years for initial public offerings since the recession. Snap closed its first day of trading up 44% at $24 per share on the New York Stock Exchage on March 22, quenching a long drought in the market for tech IPOs. However, the shares dropped 17% to below $20 a

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week after its $3.4 billion public listing.

Red flags were raised almost immediately after Snap’s CEO Evan Spiegel and chief technology officer Bobby Murphy first announced their plans to go public two years ago. The most prominent warning concerned the dramatic slowdown in user growth.

The social platform saw sequential quarterly user growth dip to only 5 million for 3.3% growth.

Snap hadn’t seen that few user growth addition since back during Q314 when starting with only 57 million users. This slowdown in user growth rate corresponds with Instagram introducing Stories back on August 2, 2016. The wildly successful product for Snap was easily copied and duplicated on Instagram.

Facebook now claims that more than 200 million people use Instagram Stories placing this one feature far beyond the total users on Snapchat. This ability to copy and scale Snapchat features is no doubt a big part of the user growth slowdown.

are willing to pay an astonishing 60 times sales for a piece of the company. And that’s despite Snap posting a net loss of $522 million last year.

losses for investors. Everything needs to go right, and nothing can go wrong.

You only need to look to Twitter to see what happens when a social-media company fails to live up to its initial promise. Those who bought Twitter at its peak have lost 80% of their money, with the company unable to produce anything but massive losses and stinging disappointment. Growth has ground to a halt, and even its current depressed valuation is questionable, given its struggles.

“Snap needs to produce incredible growth going forward for the stock to stay afloat.”

Unsparingly, the declining rate of user growth had little effect on the company’s outrageous valuation. To say that investors are optimistic about Snap would be the understatement of the century. Sure, the stock has slumped since peaking soon after its initial public offering in March.

But with a market capitalization of nearly $25 billion, investors

Is it possible that Snap manages to continue to grow quickly, and eventually produces a profit?

Sure. Is it possible that Snap becomes as successful as social-media giant Facebook? Yeah, it is. But that’s a narrow, unlikely path in a sea of scenarios that will produce

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Snap needs to produce incredible growth going forward for

the stock to stay afloat. Not solid growth. Not impressive growth.

Mind-boggling growth. It also needs to work its way toward profitability. That’s a tall order for a company that has yet to prove that it’s business model works at all.

So why would anyone in their right mind invest in a highly controversial and overvalued tech IPO? Perhaps, Millennials who bought Snap stock were following the advice of former Fidelity Magellan portfolio manager Peter Lynch, who ran the large mutual fund for

“Snap made history by being the first company to issue non-voting shares in its IPO.” And with the sole decision-making power in the hands of two 20-somethings, it is hard to expect much in the future. Snap made history by being the first company that issued non-voting shares in its IPO. While other tech companies listed and traded in the US have shares with no voting rights, Snap was the first and only one to have offered only non-voting shares at the time of its IPO. By doing so, Snap implemented a dual-class share structure where founders retain super-voting shares, while denying IPO shareholders voting rights. Such move may undermine investor confidence in the future, potentially leading to even further declines in stock prices.

13 years, delivering a 29% annualized return. Nevertheless, Lynch’s “invest in what you know” mantra was fundamentally misinterpreted by young investors. More likely, however, most millennials have probably never heard of Peter Lynch, and simply invested in Sanp because they liked using the app.w With a hardly impressive Snapchat score of 678 points, I was never a huge fan of the app. My advice is to stay away from Snap, Inc. stock for now. Instead, follow me on Instagram @bayduzhiym. Or follow BAP @BAPNYU.

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BREAKING FREE at

S

ince the Spring 2017 semester, I have been working with BBC’s Worldwide Strategy and Business Development team. Joining BBC was primarily supposed to be a getaway from my five Stern classes. And that goal was actually achieved on day one.

Standing in the open living room inside BBC Worldwide, which was designed by Perkins Eastman to embody a consolidated and creative office landscape, I can clear-

BY ZOE ZANE

ly see the Bank of America Tower through the window on the other side of Avenue of the Americas.

On that very first day, there was a small gathering in the state-ofthe-art living room – sending off a colleague to her honeymoon. Ice cream cakes, strawberry champagne, and boozy lemonade provided an almost amusing contrast to a backdrop of people in the BoA Tower working in front of 6-screen Bloomberg terminals.

Jokes aside, working at BBC meant

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more than just an internship to me from the very beginning. I have always believed in media & entertainment’s mission not only to deliver content, but also to educate and to help people become culturally aware. I am a business student, a passionate entrepreneur, but at the same time a cultural person. I wanted to maximize my college experience by exploring as many industries I am interested in as possible. BBC has been my dearest mentor who helped lead me to my passions--their news,

documentaries, movies, and television shows have presented me with newer insights of this world.

Having my own voice heard through BBC has been a blessing.

I have been constantly surprised that I could use what I’ve learned from school to prompt new solu-

tions and highlight the need for others even when working behind the scenes.

Incorp o rating Nielsen d a t a analysis within entertainment business, I do retrieve some knowledge from school – Marketing, Decision Models and Analytics, Statistics, and Financial Statement Analysis among others.

Conducting research and analysis to support operational business decisions and strategy development--especially for shows like

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Sherlock, Top Gear, Doctor Who, and BBC Earth--I wrote reports and responses to both external market trends and internal business decisions.

However, not until a recent project about Virtual Reality and Augmented Reality opportunities for Sherlock and Doctor Who, did I start to proactively reach out to people outside of the Business Development team. The lack of private office, high creativity, and energy that was transmitted through streamlined open-team tables, casual coffee-chat areas, and dynamic conference rooms made it easy for me to communicate with the organization. Thanks to the open space, I got to easily interview people from freelancers

to d i rectors, and even had the opportunity to speak with COO Ann Sarnoff. She told me the story of her transition from a being a consultant after getting out of her MBA, to becoming a strategist, beating the marketing strategy of Teletubbies as BBC’s competitor, to finally getting hired

by BBC. Listening to the stories behind familiar cultural products that had built my childhood might have be my favorite coffee chat. I had the privilege of meeting many interesting people, and gaining mentors that I didn’t think would spare the time to advise me on business, life, and my goals.

I felt indescribable joy the moment I was informed that I got the internship from BBC Worldwide.

Growing up with BBC productions, I never expected that I would, one day, be able to work behind the scenes of my favorite shows. My intention behind finding an atypical-Stern internship during the school year was to take a break from finance, and to maximize my New York City experience. The BBC internship optimally fulfilled both my goals in being culturally aware and in exploring the entertainment industry. Interning at BBC Worldwide might have been the best thing that’s happened to me this year. Having my own voice heard through the strategy team is simply rewarding. After spending these five months with BBC Worldwide, I have become very thankful to: my beloved intern class, our doorman Michael, who gave me fist bumps everyday, and director Ed, for en-

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couraging me after learning that my family was thousands of miles away.

Of course, the ride hasn’t always been fun and breezy. My most embarrassing moment is when my boss commented on my dress code, joking that “it’d be okay if you work at BuzzFeed,” and giving me a Dr. Who jacket to cover it up.

Overall, my experience has been an incredibly enjoyable one and I’m happy that I took the chance to explore an industry outside the more typical business industries.

This is brought to you by your favorite BBC intern – keep dreaming, keep exploring!

I REBELLED AND WENT IN TO THE

FASHIO

by Patty Jeon 28

ONI BIZ. had never thought of myself as a black sheep or a rebel; I was never really a revolutionary because I didn’t want to be. For most of high school, I stayed in my lane. College was different because I finally acknowledged that too easily I had shut out other interests because I had never taken them that seriously. What was serious was college, and then when I got to college, the “serious” thing became a career in finance, but suddenly the “serious” thing didn’t seem to make sense for me.

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I joined Beta Alpha Psi because friend told me it would be a good chance to meet hardworking people who were serious about the finance thing. I didn’t know if I wanted to do something related to finance, so even when I was going through all the motions and events, my foot was half out of the door. I never felt fully qualified or motivated to continue in a sales and trading recruiting cycle, and it definitely showed both in my preparation for networking sessions or on the day of interviews. I felt drawn to fashion, but it felt so irresponsible and so unlike me that I was

worried it would be a phase.

Starting sophomore year, I interned at various fashion companies. I loved every moment of it, even when it became stressful or difficult, because it was a kind of challenge that I don’t think anything except experience prepares you for.

Still, despite my growing work experience and growing interest in the business of fashion, I didn’t know if this was something I could take seriously--after all, it wasn’t finance, and finance was to be taken seriously.

As it is with most things the very first internship I had in college, which was in a public relations role, was the most difficult. Approaching people and building connections were never my strong suits, at least not in a business setting, so I started looking for areas

“I didnt know if this was something I could take seriously.” where I would be able to confidently contribute--data analysis and follow-up emails. I was still interested in the fashion work that we were doing, but it was so out of my league and I always felt a step behind, similarly to the way I felt during recruiting season, but by combining what I learned in BAP with the insight for the job, I was able to add value to my workplace. There, I was able to get a recommenda-

30

tion from my manager who suggested I try more roles in fashion, so I explored merchandising and will be interning in an allocation role this summer.

This story can be cliche: I had only safely explored my interests in a very guarded manner, but once I took the jump and invested all I had in what I liked, even the difficulties seemed to be rewarding and I was rewarded for being different. I believe that a career can be fun for anyone, and now it is often so easy for people to forget what they are interested in, or to disregard it. I don’t think that

“Now, it is often so easy for people to forget what they are interested in, or to just disregard it.”

BAP just teaches how to write a perfect networking email, but more importantly, it stewards hard work and ability to see opportunities, make connections, and ask intelligent questions that empower people to take advantage of their talents and resources. I was able to pursue work that was maybe not a traditional path, but was “serious” to me because I had put what I had in it.

As for now, I guess I’m doing the “fun” thing.

3131

r a e Y e r o

m o T I U h R C E R p O T E o C A R S E TH

BY STELLA PARK

T

he year is finally coming to an end, and what a year has been.

Many students, including myself, came back from studying abroad, aching for the exciting and unpredictable weekends when we were able to fly off to a new country every week. Returning from Florence, I especially missed seeing pedestrians strolling down the streets, soaking in the sun. Locals and tourists lounging in outdoor cafes, sipping on espressos. Vespas zipping past me, honking their horns and effortlessly winding through traffic.

Instead, we returned to New York and— whether we were ready or not—faced the dreaded reality of recruiting. It’s hard to imagine that as sophomores, most just starting to take Foundations of Finance, we are expected to know the ins and outs of in-

32

vestment banking. What was once a sprint to find a summer internship is beginning to turn into a marathon for most students.

“It’s pretty ridiculous how recruiting has been pushed up so early—we’re trying to put ourselves out there in front of all the major firms and network for our junior internship while, at the same time, we’re desperately trying to find an internship for our sophomore summer. The ironic thing is that when you think about it, recruiting is really just a phenomenon unique to Stern, and we’re all kind of trapped,” sophomore Kenneth Yu said.

Balancing challenging coursework with leadership activities, while also maintaining a decent social life, is no easy task. Fortunately, resources are plentiful through-

out NYU Stern. Students have access to world-renowned faculty and organizations (like Beta Alpha Psi!) that help prepare students to enter the world of recruiting. However, the number one lesson that students have learned is the importance of being proactive.

exams, it’s easy to lose sight of the fact that we are just sophomores. One year ago, we were moving into our new dorms, nervous to meet our randomly-assigned roommate. One year ago, we (or at least most of us) were just figuring out what investment banking was.

“But in the chaos of preparing for interviews and studying for exams, it’s easy to lose sight of the fact that we are just sophomores.”

“Because recruiting got pushed so far up, I can’t stress enough how important it was for me to start networking early.

I started cold emailing before Spring Break, and luckily enough, I was most people’s first coffee chat and they subsequently referred me to most of their networks. Early recruiting is definitely unreasonable and hard, but my key takeaway is this: be bold and reach out,” sophomore Slavi Arnaudov said.

While the semester is winding to a close, it seems like our professional lives are just beginning to start. But in the chaos of preparing for interviews and studying for

“My best advice is to not fall into the pressure of doing what everyone else is doing.

Instead, try to find something that fits you, not something that you think is glamorous. If you are set on recruiting for banking, you should definitely reach out to upperclassmen and people that you can genuinely count on,” junior YiPu Lin said.

Two years ago, I was expected to make what had seemed like the most important decision of my life: what college should I attend? And I can confidently say that I made the right choice. Hopefully, I can say the same about the start of my career path after junior fall.

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MAKE THE MOST OUT OF YOUR ASHANE GOVIND

S

ummertime used to be filled with outdoors, sunshine, and games. The days we spent outside and the memories we made are with us for eternity. But now, in a time where competition is high and the sweet release of freedom from school-based stress is so close, it’s time to step up and stand out. How can you do that, though, when your peers are chasing internships at the Big Four, and you’re spending your summer at home? Enjoy one of your last summers while you can, but don’t forget that there are a number of things you can do to keep up with the pace and continue to build yourself into the candidate you want to be.

1

READ BOOKS

If someone were to ask you what you do the half hour before sleeping or the half hour after waking up, chances are scrolling through your phone is one of the first things you say. There’s nothing wrong with that, but what if we all spent fifteen minutes reading a book – any book – before tapping through our phones and falling asleep? Try something intense, like How to Win Friends and Influence People by Dale Carnegie, or something fictional, like Lord of the Rings or Harry Potter, to stimulate your brain in the most vulnerable parts of the day. Maybe you’ll learn something or maybe you won’t, but there’s no shame in taking half an hour a day to expand your perception on the world; you never know when you could put that knowledge to use.

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2

LEARN TO CODE

It doesn’t matter if you plan to study marketing, economics, actuarial science, or operations. Try to find someone that tells you that computer programming isn’t important if you want to be competitive. Step into Python or R, two of the “easier-to-learn” programming languages out there that could really distinguish you from the pack of fellow job applicants. Regardless of the firm you’re aiming for or the field you’re thinking about, showing adept computer skills is a surefire way to stand out during the recruiting process.

3

STAY UP-TO-DATE

For years, you’ve been told about life in the “real world,” and how one day, you’ll have to make it yourself. Well, if you’re going to be applying for a position in the real world, you should probably have an idea of what’s happening out there!

Resources like the Wall Street Journal, the Economist, and the New York Times are fascinating tools you can use to learn more about current events and find scholarly commentary about them. Don’t want to pay? Use the internet! Just be careful; many online media outlets tend to align with a specific political side. Reading about current events through an unbiased lens can give you an opportunity to stimulate thought and form your own opinions.

4

VOLUNTEER

5

MOCK INTERVIEW

If you’ve been thinking to yourself that you’d like to give back to your community, then there’s no better time than the summer to do so. Applying a different set of skills than in school and working your brain in a different way can be a good refresher for the busy fall that awaits, all while enriching the community through public service.

Before you jump right into interviews, though, it’s important you know what you want to say. Think about how you might craft your story, what it is that you want to provide for your future employer, some examples of how you have participated in a team and have resolved conflicts or problems, and-- most importantly--what your biggest strengths and weaknesses are. Talk to experienced members of BAP and other upperclassmen to see what you can say to make your story and your experiences sound as seamless and convincing as possible.

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6

MAKE A PLAN

The last thing you want is for it to be December before you realize that all the firms that you’d like to work with next year have closed their recruiting. Spend some time to find out who you want to recruit with, and take note of various dates and deadlines so you can stay on top of the timeline and prove that you’re a strong applicant. If you have questions, talk to the campus recruiter or an upperclassman; you never know what you’ll learn.

The key to success with these things is time management. Don’t forget to touch some of these every so often, but also don’t let them consume your entire life. There will be plenty of time for the job hunt and the real world to consume your life come fall. In the meantime, take advantage of your summertime while you can, and remember that the key to a productive summer is through balance.

2016 -

2017

BAP REWIND IT HAPPENED SO

FAST.

BEFORE WE KNEW, WE BECAME GREAT FRIENDS. WE MET OUR MATCHES. AND WE STARTED MAKING MEMORIES.

WHO KNOWS?

MAYBE IT WAS BEING LOCKED IN A ROOM TOGETHER FOR 6 STRAIGHT HOURS. OR MAYBE IT WAS THOSE INFAMOUS MENTOR SPEED DATING SESSIONS.

BUT, IF ANYTHING,

WE GREW. PROFESSIONALLY. SOCIALLY.

PERSONALLY.

AND WE DEFINITELY HAD A

PRETTY “LIT”

TIME IN THE PROCESS. 36

REMEMBER WHEN

WE FIRST MET? FROM WHEN YOU FIRST WALKED INTO THAT INTEREST MEETING... AND THEN WHEN YOU MET ALL YOUR POTENTIAL MENTORS?

OR MAYBE IT WAS ALL THOSE

SOCIALS &

SPEAKER EVENTS.

AND OUR FAM KEEPS GROWING,

TOO. 37

CANDIDATE MASTER

COMMUNITY SERVICE

Manages the onboarding of new candidates and the candidate process.

CINDY WEI

ALEC PAN

RYSZARD MADEJ

LIA WEI

Organizes community service events and various other events to raise money for Relay for Life.

DEVYANI NIJHAWAN JULY BOK CHRISTOPHER LEE DARIEN CHENG

MICHELLE XIE NATASHA RAJIV JASON ZHOU

MARKETING

Oversees rush week campaigns and gathers event photography and media.

ROBIN ZHAO ANDY XIA ALVIN LEONG JOSHUA CHAN

ZOE ZANE

T H A N K Y O U TO

COMMI

OSCAR XIA CHANEL KIM

MENTORING

Manages big-little pairings, alumni mentorship, and the freshman mentorship program.

JENNIFER ZHUANG ANNIE CHAYANUPATKUL BRIAN LI MAX ZHOU

BILL SHEN CATHERINE CHAO NANCY DING

PUBLICATIONS

SOCIAL

Designated to publish the weekly newsletter (The BAP Herald) and the annual magazine (The BAP Review).

CLAUDIA FANG

Organizes and executes social events and the Semi-Formal to foster community engagement.

PATTY JEON

MICHAEL WANG 38

KEVIN YANG

CAROLINE WANG

HENRY WANG

KATHERINE KUSTAS

TUTORING

WORKSHOP

Hosts bi-weekly tutoring hours to help members and candidates in core classes and professional guidance.

LILY LI

Hosts workshops surrounding industry overviews, technicals, and professional development.

AMANDA LIN

SIHENG YEO

KRISHNA SRIDHARAN

HENRY WANG HANEESH ANUMOLU

NEIL SWAMI

ADITYA GARG

VITA

Focused in spring during tax season, VITA provides tax filing assistance for low-income individuals.

OUR 2016-2017

ITTEES

JOE WANG

LAUREN LU

LAUREN YEE

MICHAEL ZHANG

FREYA ZHANG

NICCO LIU

TECHNOLOGY

Responsible for managing the website in regards to updating information and design.

RACHEL LEE DAVID JOOYOUNG YOUN VICTORIA CHEN

SPECIAL EVENTS

MEGAN LEE

STEPHANIE BAO

SPEAKER EVENTS

Manages major events like corporate mingle and candidate initiation

JIMING LI

DIVAKAR GOUDA

Provides and manages the budget for food for weekly professional and social events.

SANDY LIU ZACHARY KOH 39

YI PU LIN

LI HUANG

EMILY SHI

VERONICA CHAMBERS

JAMES ZHANG

SINDHU IMMIDISETTY

JACOB MOON

M E E T

PRESIDENT

Jacob graduated from NYU Stern with concentrations in Finance and Accounting. Originally from Seoul, South Korea and Los Angeles, CA, Jacob enjoys playing the guitar, singing and songwriting, going to K-town, and backpacking. He will be returning to Credit Suisse as a full-time analyst in their M&A department.

ERIC CHAO VICE PRESIDENT

Eric Chao graduated in May 2017 with a double concentration in Finance and Statistics. Originally from Parsippany, NJ, enjoys exploring New York restaurants, watching basketball, and playing piano. Eric will be joining Greenhill & Co. this June as an investment banking analyst, focusing on M&A and Restructuring.

SUSAN LIU

DIRECTOR OF CORRESPONDENCE

Susan Liu graduated from NYU Stern with concentrations in Finance and Statistics and a joint minor in Computer Science and Mathematics. Originally from Shanghai, China, Susan enjoys scuba diving, travelling, and watching shows like Sherlock Game of Thrones. After graduation, Susan will be joining UBS as an Investment Banking Analyst.

JULIE CHEN

Julie graduated from NYU Stern with concentrations in Finance and Management. Originally from Parsippany, NJ, Julie enjoys graphic design, bubble tea, and watching shows like How I Met Your Mother and Game of Thrones.

Now that she’s graduated, she will be joining Deloitte full-time as a Strategy and Operations Business Analyst.

CINDI ZHANG TREASURER

Cindi Zhang graduated from NYU Stern with concentrations in Finance and Accounting and continues to pursue an M.S. in Accounting. Cindi will join EY in the FSO Tax practice and hopes to be a Certified Public Accountant.

Her proudest achievement was completing the Spanish minor from Beginners I, and somewhat fluently!

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OUTGOING

DIRECTOR OF REPORTING

T H E

INCOMING

E X E C U T I V E S

SAMI SIDDIQUI PRESIDENT

Sami is a rising senior studying Finance and Economics with a minor in BEMT. Originally from Newburgh, New York, Sami enjoys sports and music, whether its lifting, running, or learning a new song on the guitar. This summer, Sami will be joining Signal Hill, a boutique tech investment bank, as a summer analyst.

NANCY DING VICE PRESIDENT

Nancy is a rising senior studying Finance and Statistics.

Originally from San Antonio, Texas, Nancy enjoys hiking, painting, and taking aerial classes in addition to the usual hobbies of food and travel. During the upcoming summer, Nancy will be joining J.P. Morgan as an Investment Banking Risk summer analyst.

DAVID LABINE

DIRECTOR OF CORRESPONDENCE

David is a rising senior studying Actuarial Science and Finance with a minor in Mathematics and Computer Science. Originally from Tiverton, Rhode Island, David enjoys doing yoga, Tom Brady, and taking long walks on the Hudson. This summer, David will be joining Deloitte for Actuarial Consulting.

MICHELLE XIE

DIRECTOR OF REPORTING

Michelle is a rising senior studying Finance and Accounting in the BS/MS program. Originally from Montville, NJ, Michelle enjoys finding new places to eat, playing music, hiking outdoors, and attending concerts and shows in the city. She will be spending her upcoming summer at PwC in their Core Assurance practice.

YI PU LIN TREASURER

Yi Pu is a rising senior studying Finance and Statistics.

Originally from Scotch Plains, NJ, Yi Pu enjoys karaoke-ing, going to comedy shows, spending time with family and friends, and going to different restaurants in the city. This summer, Yi Pu will be joining Morgan Stanley for Credit Risk.

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THE BAP REVIEW 2016 - 2017 ISSUE

BETA ALPHA PSI - MU CHAPTER

EDITOR-IN-CHIEF Claudia Fang MANAGING CO-EDITORS Veronica Chambers Patty Jeon CREATIVE DIRECTOR Michael Wang CONTRIBUTORS Maxim Bayduzhiy Veronica Chambers Allen Chen Ashane Govind Patty Jeon Helen Kong Stella Park Raghav Saraogi Zoe Zane

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NEW YORK UNIVERSITY

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