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Introduction

The City Fellowships Board

announce the

City Fellowships in Financial Services 2011

2011  Brochure

Are you a young minority financier looking for a way to transform your career? The City Fellowships can help you. They offer a unique opportunity to get in-depth knowledge of global markets with Goldman Sachs and Morgan Stanley two of the world's top investment banks, in the City of London, the world's most international financial services center. As the Economist has commented, "The City of London is globalization in action..handling more of the world's deals in over the counter derivatives, global foreign equities, eurobonds and foreign exchange than any other financial centre."

The program was inspired by the ideas of  late Robert Kennedy and his British friend  the late Rt. Hon. Lord Walker of Worcester, former Chairman of Dresdner Kleinwort Wasserstein, and former Secretary of State for Wales. The program was co-founded by Mr. Oliver Franklin and Dr. Ray Raymond in 1991.

The program began with just one Fellow and has grown steadily over the last 20 years. This year, as welcome Morgan Stanley, the program offers 38 Fellowships making us the largest US-UK Fellowship program in the United States and the only US-UK Fellowships for American ethnic minorities. To date, the total value of the Fellowships awarded is $21 million.

In association with the following partners:

The British Consulate-General, New York

Goals

The aims of the City Fellowship program are:

• To enable young American minority financiers to get experience and knowledge of global capital markets with Goldman Sachs and Morgan Stanley;
• To offer outstanding young minority financiers the opportunity to join Goldman Sachs and Morgan Stanley as permanent staff working internationally;
• To strengthen the relationship between the City of London and Wall Street.

Eligibility

Candidates must be : 

• US citizens
• Members of ethnic or racial minorities traditionally under-represented in financial services
• Honors graduates with GPA of at least 3.4 preferably though not necessarily in Business, Finance and Accounting.

Candidates must have : 

• At least two years experience with an investment bank or other financial institution in the United States
• A strong commitment to a career in financial services
• A commitment to advance UK-US relations
• Exceptional personal and intellectual qualities
• Evidence of outstanding professional achievement
• Outstanding leadership qualities
• The ability to integrate into an international financial services team and build new professional relationships

TENURE AND TIMETABLE

The Fellowship is initially a one year performance-based contract. Prospects for conversion to permanent employment with Goldman Sachs or Morgan Stanley are excellent for Fellows who are outstanding performers. Our current conversion rate with Goldman Sachs is 75 per cent. Converted Fellows remain in London although they can eventually transfer back to New York.

Each successful Fellow will be expected to join Morgan Stanley in London by 8 August and to join Goldman Sachs by mid September. There will be a comprehensive orientation program before departure organized in cooperation with Morgan Stanley and Goldman Sachs. While in Britain, Fellows will be required to contribute their time, knowledge and experience to assist the Sponsor for Educational Opportunity (SEO) mentoring program for young British minorities.

APPLICATION PROCESS AND TIMETABLE

If you wish to apply for both the Morgan Stanley and Goldman Sachs Fellowships, you must first apply to Morgan Stanley. Those not awarded  a Morgan Stanley Fellowship may apply for a Goldman Sachs Fellowship by submitting a Goldman Sachs application form only. You need not resubmit your entire dossier.

• Morgan Stanley's application must be received by 9 June 2011.
• Goldman Sachs application must be received by 22 June 2011.

Your application dossier will be complete when you submit :

• A completed application form
• Your personal statement
• A full resume
• An academic transcript (an unofficial transcript is fine).

Your completed dossier, and two letters of recommendation went in by two referees should be submitted in hardcopy to :

Dr. Ray Raymond MBE, DSM, FRSA

President and CEO

The City Fellowships in Financial Services

68 Alley Road

LaGrangeville , New York 12540

Selection Process

The selection process is in three parts. In the first, each application is carefully reviewed by every member of the board. We then choose the strongest applicants for interview. We evaluate every application on the following criteria :

• The quality of the educational background
• Length, quality and relevance of the work experience in the financial services industry;
• The quality of the personal statement
• The quality of the letters of recommendations
• The quality of applicant's leadership potential
• The capacity to make the cultural transitions necessary to function effectively in the City of London and be an effective ambassador for the City Fellows program within Morgan Stanley and Goldman Sachs.

The second part of the process is an interview with the Board. Applicants shortlisted for interview will meet the board in Philadelphia in mid-June for the Morgan Stanley Fellowships and in early July for the Goldman Sachs Fellowships. The interview will be between 30 and 40 minutes and will be preceded by a day of psychological exercises. These finalists will need to supply a third letter of recommendation from a financial service professional familiar with their work. Finalists should be aware that there will be a comprehensive background check before the interview.

Once the board has chosen the nominees, their nomination papers will be forwarded in confidence to Morgan Stanley and Goldman Sachs for final approval. This is the third and last part of the application process. Before giving their final approval, Morgan Stanley and Goldman Sachs will interview the nominees at their New York headquarters. Fellows confirmed by Morgan Stanley and Goldman Sachs should be aware that a formal offer by either Morgan Stanley or Goldman Sachs is contingent upon a second background check.    

ABOUT US

The City Fellowship Programme is governed by a board. The members are:

• Mr. Oliver St Clair Franklin, OBE (Chair), Vice Chairman, Electronic Ink, British Honorary Consul, Philadelphia.
• Dr. Ray Raymond, MBE, DSM, FRSA President and CEO, Professor of Government and History, State University of New York and Adjunct Professor of Comparative Politics and International Relations, US Military Academy, West Point.
• Ms. Joy Taylor, Chief Financial Officer, the Hamilton Wharton Group
• Ms. Deirdre Guice, Managing Director, Public Funds, Rothschild Asset Management
• Ms. Daphne Dufresne, Managing Director, RLJ Equity Partners

The program is administered in association with the Philadelphia Foundation.

STIPEND, BENEFITS AND NOTES  

Each Fellowship carries a competitive salary and benefits. For details, see the application forms. The Board of the City Fellows program accepts no responsibility for the care of Fellows’ personal property and assets while they are City Fellows.

City Fellowships are not awarded to support basic research or to enable the recipient to study for a higher degree.

Successful Fellows should have a comprehensive physical examination before taking up their Fellowship in London.