2014 Global Research Summer Associate PhD Program

Title: 2014 Global Research Summer Associate PhD Program

  • Employer: Bank of America Merrill Lynch
  • Location: New York
  • Job Description:

    Our Business:

    At Bank of America Merrill Lynch, Research Associates are aligned by both product (macro, credit or equity) and/or industry group (healthcare, technology, energy, etc.). Working alongside some of the most talented professionals in the industry, Research Associates gain the sector-specific expertise critical to building a career in Research, and contribute significantly to the in-depth research we distribute to clients worldwide.

    Overview:

    The Summer Associate program is offered to economics and finance PhD candidates graduating the following year. Research Associates are responsible for financial modeling/analysis, conducting primary research, writing franchise pieces and servicing institutional clients. Some responsibilities are conducted regularly (daily, weekly, etc.) while others are longer-term, ad hoc projects. Sample responsibilities and projects include:

    Modeling and Analysis
    *Assembling historical financial models on covered companies using SEC filings, company conference calls, and press releases
    *Conducting financial, statistical and industry analysis on companies and the industry to support the team's investment thesis
    *Updating financial models regularly and ad hoc

    Primary Research
    *Gathering data from primary and secondary sources; analyzing data for insight
    *Learning the fundamentals of the industry and companies covered by the team
    *Developing a network of contacts appropriate for the industry covered
    *Researching sector trends that may impact company/sector recommendations

    Writing
    *Writing short notes and lengthy reports on covered companies and the industry
    *Writing sections of coverage initiations & company conference call summaries

    Client Relations
    * Initiating and building relationships with clients
    *Developing a network of contacts appropriate to the industry covered
    *Attending industry conferences, investor dinners and company meetings

    Research Summer Associates will be placed in a specific industry sector team for the duration of the 10 weeks program. Outstanding performers will be considered for a full-time position pending completion of their MBA.

    Qualifications:

    Education
    *Progress towards completion of Economics and Finance PhD in December 2014 – June 2015 with demonstrated academic achievement
    *Accounting, economics, mathematics, engineering, statistics, physics, computational finance or programming background a plus
    *BS/BA degree with demonstrated academic achievement

    Skills and Abilities
    Candidates must demonstrate a combination of academic aptitude, quantitative skills, strategic and creative thinking and distinguished written and verbal communications skills.

    *Strong communication skills; excellent written and verbal skills
    *Effective organizational skills; time management and good prioritization skills
    *Client service oriented; drive to over-deliver to internal client
    *Ability to work independently and drive toward a completed end product
    *Strong attention to detail; exercise strong quality control over own work
    *Strong team and partnering skills; able to operate effectively remotely
    *Ability to interpret information and points of view and can act on this information
    *Development orientation; good at giving and receiving feedback
    *Ability to learn and use a wide range of market data sources
    *A passion and interest in the US capital markets
    *Ability to create and maintain financial models
    *Strong understanding of finance, accounting, valuation techniques; familiarity with US accounting standards

    Personal traits
    *A passion and curiosity appropriate for research
    *Highly motivated with a drive to succeed
    *Well organized with high attention to detail
    *Outgoing with strong personal presence
    *Good judgment and business sense
    *Solid work ethic

    Training & Program Description:

    The 10 week summer program kicks off with a week of training which teaches Bank of America basics, including professional practices, views of the markets and technical skills. Training continues throughout the summer as the Associate participates in group projects and presentations, offering the opportunity to learn not only from one's own program assignment, but also benefit from the other Summer Associate experiences.

    After training, candidates rotate throughout two groups placement will be determined based on candidate preference, skill set and business needs. Each rotation is approximately 4.5 weeks.

    Locations:

    The Research Associate position is located in New York.

    Potential Program Placements:
    Research Analyst Interns are placed in a specific industry sector team for the duration of the 10 week internship. Outstanding performers will be considered for a full-time position pending graduation.

    Global Emerging Markets
    The Global Emerging Markets (GEMs) research team is responsible for the formulation and communication of the macroeconomic outlook and related forecasts for 35 economies in Asia, Eastern Europe, the Middle East, Africa, and Latin America. In addition, the team uses quantitative models to derive investment strategies in bond and foreign exchange markets. More than half of the team's 30 members hold PhD degrees from top US and European universities. Our economists and strategists have been ranked #1 in Asia and EEMEA Economics, and #1 in EEMEA and LatAm Sovereign Strategy by Institutional Investor magazine.

    Derivatives and Quantitative Strategies
    The Derivatives and Quantitative Strategies team levers quantitative and fundamental tools to produce multi-asset analysis on volatility, correlation, asset prices, and term structures. We also devise and market investable strategies across asset classes. Our clients include corporations, institutional investors and hedge funds who we advise on efficient hedging and alpha generation using derivatives, including investable indices and smart ways to trade volatility using both listed and sophisticated OTC derivatives. The summer program encompasses an opportunity to rotate across different desks.

    High Yield & Relative Value Strategy
    The High Yield & Relative Value Strategy group focuses on a wide swath of credit research. The High Yield effort provides timely and relevant research on the high yield and loan markets along with maintaining a comprehensive, market-leading database of high yield data. The Relative Value Strategy effort focuses on quantitative and relative value themes and trade ideas, both cross-asset and within credit products using both cash and derivative instruments. The team also covers Global Convertibles through a monthly publication and maintains proprietary indices that are widely used as benchmarks by the investing community. Finally, the team oversees the Lighthouse technology effort which acts as the firm’s depository for credit data and analytics and houses our quantitative models.

    Mortgages and Structured Finance
    The Mortgages and Structured Finance Research group covers mortgage-backed securities (MBS), consumer asset-backed securities (ABS) and collateralized loan obligations (CLO). Our team consists of strategists focusing on each of these sectors as well as modelers who build and monitor prepayment, credit and home-price models. We work together to provide insights and identify opportunities for our clients. Past interns have worked with our team on evaluating the performance of our prepayment model for specified pools of mortgages with defining characteristics. Through this, they were able to grasp the essence of modeling in the context of bond valuation.


    How to Apply:

    • Please click on the following link to apply for the Summer 2014 Research PhD Program on the Bank of America site by the deadline indicated in the job posting:
    https://bacfhrs.taleo.net/careersection/4/jobdetail.ftl?lang=en&job=1300066592

  • Application Deadline: March 3, 2014
  • Contact Details: Courtney Goldman, Courtney.goldman@bankofamerica.com

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