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The City Fellowships Committee
announce the
City Fellowships in Financial Services 2008

Honorary Patrons:

The Rt. Hon. the Lord Walker of Worcester, MBE, PC
Vice Chairman, Dresdner Kleinwort Wasserstein

The Rt. Hon. the Lord Paul of Marylebone
Chairman, Caparro Group

2008 brochure, application form and fellowship descriptions

Introduction

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, the world's top investment bank, in the City of London, the world's most international financial services center. As the Economist commented recently, "The City of London is globalisation 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 programme was inspired by the Rt. Hon. Lord Walker of Worcester, Vice Chairman of Dresdner Kleinwort Wasserstein, and former Secretary of State for Wales. The programme was co-founded by Mr. Oliver Franklin and Dr. Ray Raymond in 1993.

The total value of the Fellowships awarded to date is approximately $16 million.

In association with the following partners:

The British Consulate-General, New York

Goals

The aims of the City Fellowship programme are:

• to enable young American minority financiers to get experience and knowledge of global capital markets with Goldman Sachs;
• to offer outstanding young minority financiers the opportunity to join Goldman Sachs;
• to strengthen Anglo-American financial relations.

Eligibility

City Fellows sparkle. They combine intellectual excellence, personal and professional discipline and integrity, grace abd maturity. They have a passion for finance, clear goals and the ability to articulate them with clarity, enthusiasm and vigor. The City Fellowships are open to individuals with a first degree (preferably but not necessarily in business studies or economics) and a minimum of two year’s practical experience with a bank or other financial institution in the United States. Fellows should ideally have two to three years experience. Fellows must have demonstrated exceptional personal and intellectual qualities and professional achievement. They must be capable of integrating effectively into a financial services team, building new working relationships, and learning how to bring in new business. They must also be committed to a career in financial services matched by a commitment to put their professional experience to effective use on behalf of their community. Finally, Fellows must show promise of providing leadership and possess a commitment to advance international understanding.

Fellows for the City Fellowships programme must be US citizens and members of ethnic and racial minorities who have been traditionally under-represented in the financial services industry, who have demonstrated a commitment to developing their community, and who may have come from impoverished areas.

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

Tenure

The fellowship is initially a one year performance-based contract. Prospects for permanent employment with Goldman Sachs are excellent for Fellows who are outstanding performers.

Each Fellow will be expected to join Goldman Sachs in London by early September. A comprehensive orientation programme will be provided in cooperation with Goldman Sachs, New York before departure. While in Britain, Fellows will be required to contribute their knowledge and experience to assist the Sponsors for Educational Opportunity (SEO) London mentoring programme for young British minorities.

Fellows may not perform services for an employer from whom they are on paid or unpaid leave of absence.

Selection

All applications for City Fellowships are reviewed by the City Fellowship Executive Committee. The selection process is demanding. It encompasses a completed application form, an academic transcript, an essay, strong letters of recommendation and an hour-long interview.

Guided by the eligibility requirements, we evaluate each application on the following criteria: quality of educational background; length, quality and relevance of work experience in the financial services industry; record of community service; quality of the essay; quality of the references; quality of leadership potential; capacity to function internationally and be an effective ambassador for the City Fellowship programme.

Candidates short listed for interview, which will take place in Philadelphia in early to mid-July, should be prepared to attend at short notice and should submit 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 committee has chosen the nominees, their nomination papers are forwarded in confidence to Goldman Sachs for final approval. Before giving their final final approval, Goldman Sachs will interview the nominees at their New York headquarters. Fellows should be aware that final acceptance by Goldman Sachs is contingent upon a second background check.

The City Fellowship Programme is governed by an Executive Committee. The members are:

• Mr. Oliver St Clair Franklin, OBE (Chair) British Honorary Consul, Philadelphia, Former Senior Vice President, Fidelity Investments and President, International House Philadelphia.
  
• Dr. Ray Raymond, MBE, FRSA, OCSM Executive Director and Treasurer. Professor of Political Science 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, Inc.
  
• Ms. Daphne Dufresne, Managing Director, RLJ Equity Partners
• Mr. Anthony Williams, Senior Vice President, Schroders

The programme is administered in association with the Philadelphia Foundation.

Timetable

The application deadline is Wednesday, June 25, 2008. Interviews will follow in about 3 weeks.

Stipend/Benefits

Each Fellowship carries a competitive salary and benefits. Where possible it will be commensurate with the Fellow’s US salary. For details, see the application form. The Executive Committee accepts no responsibility for the care of Fellows’ personal property and assets while they are City Fellows. Successful Fellows should have a comprehensive physical examination before taking up their Fellowship.