Finance & Consulting
Scroll through the blog posts and stories below to learn more about Hamilton student and alumni experiences in this industry, and then use our career resources such as Facts on File and O*Net to learn more. Finally, meet with your career advisor and explore the Career Center curriculum to learn how to network with alumni to discuss your interests and learn more about their work.
Market Updates During COVID-19
As COVID-19 has affected the health and wellbeing of billions around the world, it has also deeply affected the markets. While at first it was easy to view the virus as something that is far away, intangible, and non-threatening to Americans, new statistics on infection rates and death toll both abroad and at home have created a sense of unease. This lack of safety and security have deeply affected the economy and the markets. The effects were so large that the Dow Jones dropped from above 29,000 in February to a three and a half year low of 18,591 on March 23. As always, the mindset of not knowing what is to come, and feelings of instability, has led to drops in the markets.
But more devastatingly, most Americans are no longer working. As the government requests that employees of non-essential firms either work remotely or do not work at all, productivity is rapidly decreasing and goods are not being purchased. As this is necessary for the success of capitalism, the economy is currently suffering. To incentivize Americans to begin spending again and re-stimulate the economy, the government passed a stimulus bill, providing money to individuals and businesses. This has provided hope for Americans and for the markets, as it has allowed for the Dow to rise back into the range of 22,000 as March concludes. Whether this stimulus will provide the long term benefits the country so desperately needs is up for debate, but the view tends to be pessimistic as the perception is that this is a bandaid, not a fix. Most believe the economy will only become healthy again once the virus passes and society returns to normality.
But even once this does occur, even once the economy does return to its healthy state, will it be the same? It is likely that many industries and the economy will have to adjust. Will the demand for cruises or travel restaurants or sporting events remain the same, or will people no longer feel safe in these settings? While no one has the answers to these questions, it will be interesting to observe the human response once the virus begins to ease away, and it will be just as fascinating to see how this influences individual businesses and the markets as a whole.
Data Updates on COVID-19
Over the past weekend, coronavirus cases in the U.S. showed signs of stabilization.New York, the epicenter of the virus, reported a one-third fall of coronavirus-related death which was 758 on Sunday. As of April 13, New York’s overall death was 9,385.
According to Bloomberg and John Hopkins data, the growth rate of domestic cases continued to fall on Sunday. National cases were up 5.4% and reached 542,000 on Sunday afternoon, compared to a rise of 5.6% on Saturday and 7.9% on Friday.
Source: Yahoo Finance
AECOM announces remote public consultation tool
AECOM, the leading consulting firm in design, engineering, and construction, has launched an interactive technological tool to help its clients consult via mobile devices. Under the global pandemic, in-person consultations are unrealistic, but the invented tool by AECOM will allow their clients to engage with stakeholders through virtual events using virtual reality demos, videos, maps, plans, and more. This digital engagement tool enables chatting among participants and can also record and analyze instant feedback from users.
“It will allow that process to reach a wider audience, allowing more widespread buy-in for major infrastructure projects,” said Andy Thomas, AECOM’s head of visualization & VR in EMEA.
Reinventing Corporate and Investment Banks
Many corporate and investment banks have not fully recovered from the financial crisis in 2008 and the current pandemic situation is not helping. According to a report from Boston Consulting Group (BCG), corporate and investment banks (CIBs) must reinvent the ways they work if they are to survive in the next decade. The report outlines six key actions for transformation that can potentially increase revenue by 5% and productivity by 10% at least.
B2B: Business to business, referring to a company’s primary audience for sales and marketing
B2C: Business to consumer, referring to a company’s primary audience for sales and marketing
Bandwidth: The amount of energy, skills and time that you can allocate to a project
Deck: A slide presentation
Pushback: Any real or anticipated issues that might be raised by the client concerning a consultant’s analysis or proposed solution
20,000-Foot View: A summary of a situation in which most details are avoided and only key points are discussed
MECE: An acronym for “Mutually Exclusive and Collectively Exhaustive,” which means that your solutions and data should have no gaps or mistakes
Boil the Ocean: Boiling the ocean as a nearly impossible and is probably useless; this term is used for tasks that can be forgotten about because there is no point in pursuing them
Big 3: McKinsey, Bain, BCG
Big 4: Deloitte, Ernst & Young, KPMG, PricewaterhouseCoopers
Courtesy of: Management Consulted
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Lucas Albert graduated from Hamilton in 2013 with a major in Government and a minor in Economics. He is currently a Marketing & Product Specialist Associate at Perella Weinberg Partners in New York City.
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