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What he does:
- Jawad joined Lehman Brothers’ Investment Banking division in June
2003. Before joining Lehman Brothers, he interned in a buy-side
firm, Gardner Russo and Gardner, during his college years at
F&M. This internship helped him get his current job: Jawad
mentioned that prior work experience in the financial services is not
required, but it is strongly recommended. Investment banking
draws heavily on both quantitative and interpersonal skills.
Junior bankers are expected to work with detailed financial
models, feel at ease with numbers, and be able to explain the
underlying logic and reasoning to the senior bankers and the
clients. The job requires creativity and a solution-oriented
approach to problem solving.
- Investment banks act as financial advisors to corporations and
institutional clients. Most full-service investment banks can be
divided into three major divisions:
• Investment Banking involves underwriting debt, equity and hybrid securities to help corporations meet their funding needs. It also involves advising clients on mergers, acquisitions and divestiture assignments.
• Sales and Trading means buying and selling securities .
• Research provides the clients with fixed income and equity research.
Math on the Job:
- Jawad says, "Whether you are working on complex financial models
or looking at simple financial ratios, Math plays a pivotal role in the
job. Junior bankers need to have affinity for numbers and feel
comfortable analyzing massive amounts of data. Math courses have
taught me how to logically think through models and adopt a
solution-oriented approach to cracking complex financial analyses."
- In addition, people in Financial Services have to be able to
listen to their clients, analyze the financial situation, and
communicate that analysis back clearly. Jawad says, "During my
early years at F&M, I could never understand the relationship
between Math, which was simply number crunching to me, and writing
papers and presenting to people. But in professional life,
we not only have to crunch numbers, but also are required to write out
the underlying Math for an audience that might not have very
sophisticated quantitative skills."
Jawad's background:
- Jawad graduated from F&M in May 2003, with majors in Math and
Economics and concentration in Business Administration. He claims that
all the Math, Economics and Business writing intensive courses are of
tremendous help – courses that not only require number crunching but
also demand the ability to write out the underlying math and logic and
be able to explain it to the rest of the class. For him, those
courses included Linear Algebra, Differential Equations, Geometry,
Dynamical Systems, Econometrics, Intermediate Accounting, Business
Finance and Securities analysis. These courses challenged and
enriched his Math, writing, and presentation skills.
Advice for students:
- Charles Babbage (1792-1871) said, "Errors using inadequate data
are much less than those using no data at all.”
Jawad's advice builds on this theme: "My profession strongly believes in the strength of numbers – at times we rely heavily on numbers to help us make decisions regarding the execution of major deals – be it a M&A [Mergers and Aquisitions] advisory project or a capital funding one. Whether you want to pursue banking or any other career in the financial services, your ability to play with numbers will always provide you with a different perspective and an edge when it comes down to solving complex, real-life problems.”