Written by: Zach Messenger
Hello everyone. My name is Zach Messenger I am a third year in the Fisher College of Business. I am dual majoring in finance and real estate. I am from a small suburb in Cleveland, Ohio called Bainbridge. I am scheduled to graduate June 2012. I am a very active person I like working out, playing basketball, soccer, and golf. I am very excited about my internship this summer and look forward to relaying my experiences to you. I got my internship this summer by competing in the 2011 Duff and Phelps YOUniversity Case Study Challenge with 2 other students Chris DiYanni and John Weiler. They are in the picture below as well. I strongly advise anyone to compete in case study competitions, they are great real world experience and an even better way to showcase what you know to potential employers.
I am going to be interning at Duff and Phelps this summer in New York City. A little background on Duff and Phelps, their world headquarters is in New York. They are a leading global independent provider of financial advisory and investment banking services. Duff & Phelps works with CEOs, CFOs, hedge fund and private equity managers, investors, legal counsel, boards of directors, tax directors and controllers to value their assets and businesses.
My internship this summer will be dealing in portfolio valuation mainly valuing unique assets that hedge funds and private equity firms hold. Some examples of unique assets are CMBS (Commercial Mortgage Backed Securities), RMBS (Residential Mortgage Backed Securities), CDO’s (Collateralized Debt Obligations), and ABS (Asset Backed Securities). Also a key valuation that I am going to be assisting with is goodwill. Basically what goodwill is, is an asset on a firms balance sheet that results from Mergers & Acquisitions with other firms. When a company buys another company they pay a price that is above what the acquired companies assets are worth. So very simply put the difference between what is paid for the company and the tangible value of their assets is what is classified as goodwill. (Brand name, supplier relationships, and patents are specific examples of things that go into the value of goodwill)
I’m not entirely sure what I am going to do after I graduate next summer. I have to choice of going right into my MBA or going to work. My decision will depend on the opportunities that will arise this summer. I do know my ultimate goal is to work for a private equity firm. I would love to be able to value companies, acquire them, restructure them or combine them with other companies that the private equity firm owns and then resell the companies. I am scheduled to take my CFA Level 1 exam in December.
I look forward to keeping you updated on my summer internship. New York is an amazing city and I am really excited to work there. I look forward to learning a lot, gaining a lot of exposure, and networking with a lot of new people. Please feel free to ask me any questions you may have or ask me things that you would like me to discuss in my posts. My email is firstname.lastname@example.org if you have specific questions. Or on my posts you will be able to comment. Good luck to you on what you are doing this summer! Talk to you guys soon.