Responsibilities

The Good News

The Bad News

The Bottom Line

Financial Analysis

·  Analysis of comparables

·  Modeling

·  Discounted cash flow 
    analysis

·  Leveraged buyout analysis

·  Pro forma credit analysis

·  IPO analysis

"I learned more in three months on the job than I did in three years in the classroom."

"I stayed up two nights finalizing the valuation for this morning's meeting. Then, this afternoon, all of our assumptions changed."

You will spend long hours performing various financial analyses, but you will also learn a lot in the process.

Industry Research

·  Market data research

·  Monitoring internet and media
    sources

·  Understanding implications of
    industry dynamics

"My position in the Consumer group means that one of my responsibilities is to follow the retail industry. The firm really encourages you to take what you're interested in and make it your specialty."

"It can be frustrating to spend a lot of time searching for a specific industry report when you have a lot of other work to do."

Given Cowen's industry-based approach to its services, you will become an expert in one or more industries by the time your analyst years are through.

Company Research

·  Equity research reports

·  Web research

·  Financial profiles

·  Competitive landscape

·  News runs

"I pointed out a target's plan for expansion into a strategic market, allowing our client to increase their estimate of operating synergies. As a result, our client was able to justify the eventual winning bid."

"Sometimes finding information seems impossible, other times you feel like you're drowning in it. Half of the job is identifying what information is relevant to the project."

The second biggest block of your time is likely to be spent researching client companies, potential clients and competitors.

Presentation Preparation

·  Initial drafting and repeated
    revision of presentations

·  Coalescing input from various
    groups

·  Quality control of finished
    work product

"I suggested that we include an executive summary in our new business pitch. The next day, that was all that the meeting focused on and we got the assignment. I felt as though I had done something tangible to bring in new business."

"It is imperative to ensure the accuracy of all of the information in a presentation, even though the discussion with the client may only focus on two pages."

In a service-oriented business such as investment banking, presentations are used at every stage - from pitching new business ideas to the presentation of a fairness opinion.

Client Interaction

·  Due diligence

·  Road shows

·  Drafting sessions

·  Writing information         memoranda

·  Coordinating management
    presentations

"As the only junior member on the Corporate Finance team, I was responsible for all of the duties of a co-manager in an equity offering."

"After a four hour meeting with our client's senior management, we finally agreed upon a deal structure - leaving me exactly 12 hours to re-run the model and update the presentation for a 9:00 a.m. Board of Directors' meeting the next morning."

The small deal teams typical of Cowen provide early opportunities for direct client contact and more importantly, translate into a greater level of responsibility.