Finance > Graduate

Business Description

Overview of the Business…
Have you ever stopped to think who controls the finances in a leading financial services firm? Primarily, the Finance Division is responsible for supervising all financial reporting and controls pertaining to the flow of capital into and out of Citi. The division acts as a strategic partner across all business divisions, working closely with the many global management teams. The Citi Finance Division spans each of the Citi businesses: Markets & Banking, Global Consumer Group, Global Wealth Management, Citi Alternative Investments and Corporate Center. The Citi Finance team includes a variety of specific functions, including Financial Control, Planning and Analysis, Strategy and Business Development, and Treasury.

Our Programs

Overview of MA Program…
The Financial Management Associates Program (FMA) provides Financial Management Associates with the challenge of diverse rotational assignments in various finance areas across all Citi businesses. Financial Management Associates have the opportunity to work closely with senior-level finance managers in key areas including strategy, business development, planning and analysis, treasury, accounting and financial reporting/control. The program consists of three six-month rotations with an optional international rotation, which broadens the Financial Management Associates' global perspective both professionally and personally. Financial Management Associates can choose the location where they want to be based, including New York City, Europe, Asia, Latin America and Japan.

Several key elements of the FMA program include:

Access – Start at the top. FMAs can gain direct access to Citi's senior financial officers and management team while working with carefully selected managers who know how to maximize their potential and develop their careers. Learn about global finance from the people who shape it every day.

Global Reach – Build an endless network. FMAs can select their region from five major global regions. Additionally, FMAs can be exposed to varied global perspectives and businesses by spending one of their three rotations on an international assignment outside their regional hub. Much like the business school experience, FMAs develop close ties within the FMA community at Citi and strengthen these relationships throughout their career.

Leadership – As part of a leadership development program, FMAs are viewed as the future finance leaders of Citi. FMAs are encouraged to develop their management skills during their three rotations.

Responsibility – Contribute from day one. Part of Citi's growth strategy depends on the entrepreneurial spirit of our employees. As a full-time member of the team, FMAs can apply their leadership skills in a customized curriculum to accelerate their learning and professional development.

Empowerment – Be part of the action. FMAs are typically challenged right away to be intricately involved in the fast-paced analytical and dynamic financial environment of a world-class corporation.

From the start, FMAs will be paired up with a Senior Mentor who will guide, support and mentor them throughout the program. These are professionals who have volunteered their time to mentor FMAs, and therefore have a strong commitment to the program and the future leaders of Citi.

This program is unique because….
What makes the Financial Management Associate program unique is the cross-business exposure that the Management Associates experience. Where else could one spend six months in a Corporate Strategy role assessing Citi's next acquisition, spend six months planning for Citi's biggest business, the Global Consumer Group, and then learn how money is moved at Citi by spending six months in a Treasury function?

Upon successful completion of the program…
After learning and contributing to the business during the program, many Financial Management Associates take Vice President-level finance positions that ultimately lead to important leadership roles inside Citi businesses. The FMA program is a great launching point for a successful career path in finance.

Summer Diaries

Summer Diary by Nicole R. Smith

Week 1 & 2

My summer at Citi in the FMA program would be the beginning of what I hope would be a very successful and rewarding career in finance. As a career switcher, I was both excited and anxious about what the summer held for me. My goal was to learn as much as possible while leveraging my prior experience and MBA education.

For the summer, I was placed in the Finance group of Citi Alternative Investments (CAI) in Planning & Analysis. CAI covers private equity hedge funds, and real estate – the most sought after industries among MBA students. I was very excited, but I knew I would have a lot of work to do in order to come up to speed. Coincidentally, the first week I arrived was the week my group was preparing its 5-year strategic plan for Citi’s CFO. While everyone worked on the strategic plan, I set out to learn as much as I could learn about CAI, its products, organizational structure, and performance metrics. Although my colleagues were very busy, they were still eager to answer my questions. Their willingness to help and their overall friendliness played a significant role in my integration into the group and my understanding of the business.

I was also assigned two projects during the first couple of weeks of my summer internship. One project was to conduct a Comps Analysis of the various portfolio companies in the private equity funds. The other project was to develop a PowerPoint presentation for CAI’s CFO to give to the incoming class of full-time FMAs. The latter project was one that I continued to work on throughout my 10-week internship, and it really helped to pull together everything that I had learned over the summer.

Aside from work, there were numerous opportunities to socialize with other summer interns and FMAs and to learn about the company. The FMA program team and the Citi recruiting team organized events throughout the summer including a senior speaker series, social events, and a volunteer day. Another highlight of the program was the junior and senior mentors assigned to each summer FMA. They were valuable resources throughout the summer and good people to talk to about my experience. I also felt that they were genuinely interested in how my summer was progressing and whether I had access to all the information that I needed.

Week 3 & 4

In week three, I started a project analyzing the returns of each of the private equity funds to understand how each fund contributed to its respective investment center and how that funneled up to the private equity business as a whole. In addition, a new return metric had been introduced to the group and my manager asked me to model the performance of the various private equity funds, CAI, and Citi using this new metric.

Weeks three and four were also filled with a number of presentations by senior management at a corporate and business unit level. Throughout the summer, I was amazed by the number of senior executives, who had taken time out of their busy schedules to speak to and answer questions from the summer interns. It was a great opportunity to learn about their background, their work and the strategic vision of the company.

Week 5 & 6

One of the highlights of my summer internship was the volunteer day organized for the Summer Associates. For several years Citi has partnered with City Year, an organization committed to expanding young people’s involvement in community service. A group of about thirty of my colleagues and I spent the day restoring, painting, and beautifying a playground/park in Queens. It was a great opportunity to get to know other summer interns outside of the office. It also demonstrated Citi’s commitment to the community and its ongoing efforts to encourage employees to take part in community service programs. Most of all, it was a very rewarding experience. The kids in the neighborhood were so excited to see the wonderful things we were doing to their playground, including painting a sea mural and a map of the world.

Week five also marked the mid-point of my summer internship. Although we are continuously receiving informal feedback, my mid-summer review was a great opportunity to get formal feedback regarding my progress over the summer. I greatly appreciated my manager’s thoughtful comments and recommendations. I was also very happy to hear that my team was very pleased with my work, my flexibility, and my ability to integrate myself into the group in such a short period of time.

Week 7 & 8

This time period was very eventful for our company and the market as a whole. On July 20th, Citi announced record earnings with CAI reporting strong revenue growth. Unfortunately, the market was more focused on the fate of sub-prime mortgages, which spilled over to concern regarding bridge loans. As investors reassessed their appetite for risk and the market became more volatile, I continued my work in Planning & Analysis (with a close eye to developments in the market). At this point, I was working on several projects including finalizing the presentation that CAI’s CFO and my manager would be presenting to the new class of FMAs, which included a case study. I was also working on two projects that put me closer to the private equity valuation process. One of these projects involved an analysis of the capital flows of several private equity funds, and the other project was aimed at improving the valuation process by leveraging a newly enhanced proprietary database. All three projects were great opportunities to develop my financial modeling skills in Excel and to gain a deep understanding of the various private equity funds.

Week 9 & 10

The end of my summer internship is approaching and I can’t believe how quickly the time has flown by. I have had such a wonderful experience this summer. Both the work and the people have been amazing. I have been able to improve my analytical and technical skills, while learning a lot about the alternative investments space. Aside from the work and the research that I have done, my manager, colleagues and the FMA program team have played a huge role in making sure that I have enjoyed my summer and that my expectations were met. Furthermore, the program is organized in such a way that although, we work in specific businesses, we are able to gain exposure to and information about other businesses in Citi through presentations and networking opportunities. I have also valued the camaraderie that was established among the members of my summer FMA class. The summer has proven to be a great opportunity for my professional and personal development. I look forward to future opportunities as part of the full-time FMA program.

Summer Diary by Philip Moran

Weeks 1 & 2

After much anticipation, I was extremely excited to finally begin my summer FMA rotation with Citi. Having grown up in the Philippines, I had always dreamed of living in New York City and I was now looking forward to savoring every thing the magnificent city had to offer.

My internship started with an orientation session which allowed me to finally meet everyone in the summer FMA program. I was thrilled to find that they were very down to earth and seemed like genuinely nice people. An hour into the orientation, I found myself kidding around with the other associates and thinking to myself that I was going to have a lot of fun with these people…and I truly did. During orientation, we met a couple of full time FMAs who gave us an overview of their experience and shared their insights on how to make the most of our summer experience. Some of the FMAs whom I had met with that day proactively reached out to me throughout the summer to check in and see how I was doing. One of the FMAs in particular had done my rotation previously and gave me great advice on how to succeed and told me what I should focus on during my summer with Citi.

I was assigned to work with the finance team of the Global Marketing Group. My first impression of the group was that they were very fun and easy going. It was a very small team of four and we started out my assignment by having lunch at a beautiful restaurant where I got to know the others, understood their roles, and learned a greater deal about what the group did. Although I did have a finance background, I worked in wealth management and had no idea what the process for financial management and control was so a lot of this would be very new to me, having only done accruals in accounting textbooks but never in real life. I was definitely very excited to learn more about the group and spent the next two weeks working very closely with the team understanding their systems and processes.

Weeks 3 & 4

My timing in joining the team could not have been better as by the third week, I had seen the process for both month end book closing and accruals and how the group correspondingly analyzed monthly reports comparing actual, forecast and previous year P&L figures. My group made sure that I actually learned the systems that they were using because this would allow me to understand the intricate details that they dealt with on a regular basis. True enough, understanding the process prompted me to ask more probing questions regarding how budgets and forecasts were developed and how Citi monitored the performance of various segments within the organization. I was so impressed by how my team, despite their busy schedules spent time to answer my questions, and helped expedite my transition into the group.

During the summer, FMAs are assigned Senior Mentors who are typically high level managers within the organization to give summer associates strategic perspective on the company. I was pleasantly surprised by the enormous attention given to the FMA program as my mentor was the head of Financial Planning and Analysis for all of Citi. By the fourth week, I managed to meet my Senior Mentor twice and in the process, was able to ask him thoughtful questions based on what I had seen in my few weeks with the company and he in turn shared the challenges he faced in his role. It was such a great opportunity for me to have such insightful discussions about the organization and to be given a solid overview of Citi very early on in my internship. Through my discussions with my Senior Mentor, I was able to better appreciate my group’s role within the organization and how we fit strategically within Citi’s overall plan. In addition, I also learned about his career and how he progressed within the organization to get to his current position.

Weeks 5 & 6

Although it may sound a bit cliché, time really did fly by during the internship. I could not believe I was already into my fifth week and was about to have my mid summer review. The review went very well and it felt great when my manager acknowledged the positive attitude and enthusiasm I shared for the team and for the projects I was assigned to. I had worked very well with my group from the very beginning and it was nice to hear that they were delighted with my performance. I was also assigned a new task of learning the main Citi reporting system being used because I would be working closely with my manager in the coming weeks to develop a more streamlined approach to how businesses within Global Marketing were being evaluated from a financial performance perspective.

Weeks 7 & 8

By the seventh week, I was working very closely with my manager to tie in all the intricate details of my project. I was revamping the reports which were being generated from Citi’s Consumer Group general ledger database and streamlining how data would flow to the templates I created. I very much enjoyed the project because it exposed me to financial details which senior management prioritized and it allowed me to better understand the different business units which reported up to my group in Global Marketing - Finance. It also gave me the opportunity to interact with many people from senior managers who helped me understand the logic behind why certain financial details were given more priority over others, to analysts who prepared reports which fed into the general ledger. I was beginning to understand not just the technical details but also management’s viewpoint to how business units were being evaluated and how it all made sense to the bottom line.

Many of the senior speaker series were also being conducted during this time. We had an opportunity to listen to Chuck Prince who spoke to us about the organization and the direction that the company was taking. My summer FMA class also had the opportunity to have an exclusive session with the CFO, Gary Crittenden. Here he spoke about the growth opportunities that Citi would be focusing on in the coming years and spent a lot of time answering questions we had regarding the organization and the financial services industry in general. We had other senior people within Citi speak to us and overall the sessions were great in helping us understand the objectives and initiatives which senior management prioritized. These sessions gave us a high level understanding of where the organization was heading and tied in nicely with many of the initiatives we saw being rolled out in the business units we were working in. One common theme in all the sessions was the need to develop talent within Citi because without this, the company’s strategic initiatives would not materialize. The company is very supportive of initiatives to bring in top performing MBA candidates worldwide and allocating resources to constantly developing and improving Management Associate programs. The company realizes that the future of the organization will depend highly on the pool of top caliber talent within Citi.

Week 9 & 10

The last few weeks got very busy because I was wrapping up my first project and was also working with my team on a cost management initiative to automate part of the media buying procurement process, specifically covering how we billed our agency partners. This involved a lot of meetings with the global media group and the strategic cost management group. By being part of these meetings, I got a good sense of Global Media’s business and it was very interesting to understand the dynamics behind media buying and the many negotiations that come along with it. I spent a lot of time with my group as we discussed the pros and cons of implementing various process alternatives being presented. As I became more familiar with the procurement process, I began to participate more in the meetings, contributing ideas which my team incorporated into its decision making process. By this time I was very involved with my group and it was hard to believe that I had only been with them for nine weeks.

On my final week, I had the opportunity to present my projects to my classmates in the FMA program and also learned about their respective rotations. I enjoyed the presentations because they gave me a better idea of the scope of rotations available within the program. It still amazes me how through the program, you have the flexibility of choosing finance rotations as diverse as Strategy, M&A, Financial Planning or Treasury among many others, and have the opportunity to work in various business units within Citi to do these different functions.

My summer experience in the FMA program definitely surpassed any expectations I had set prior to arriving. I would never have imagined that I’d meet as many people as I did and be exposed to as much of the business unit as I was through the many interactions and projects I worked on during the summer. One thing that most surprised me with this whole experience was how personal the entire process was. I had pre-conceived expectations of what it would be like to work for a large organization like Citi and I was very pleasantly surprised to find out that it was not the large behemoth of an impersonal entity I thought it would be. What made my experience so wonderful was the phenomenal people I got to meet and know in my group in Global Marketing – Finance, the FMA program and other teams I got to interact with through my summer projects. The program was truly remarkable as it far exceeded my expectations and I am very thankful for the spectacular opportunity I had at Citi FMA.

Who we are looking for

What we look for in a candidate...

The Financial Management Associate Program values individuals who are committed to excellence in whatever they do, who have a sense of urgency and excitement, and who thrive in an environment of change and competition.

• MBA with a concentration in Accounting, Finance, or Economics
• 3 - 5 years of significant, related work experience
• Eagerness for a broad and increasingly demanding career in financial management
• Interest in opportunities for international assignments and new business challenges at regular intervals
• Willingness to take initiative and offer creative solutions, to take risks and build businesses
• Strong communication and presentation skills
• Skill at building and maintaining relationships
• Ability to speak several languages (not mandatory)

Where

Management Associate opportunities for this program are available in...

• New York City
• Europe
• Asia
• Latin America
• Japan

Our People

Aunoy Banerjee MBA (Simon, University of Rochester), Major: Finance & Corporate Accounting, B.Sc (Hons), St. Stephens College, University of Delhi, INDIA Finance Management Associate

What advice would you offer prospective candidates on transitioning from school to the workplace?

As one comes out from school, one should keep an open mind about the opportunities that are being presented in front of them. One should also be flexible, ready to work hard and have the ability to think though a problem instead of blindly following instructions. One should remember that it is a marathon and not a 100 meter dash.

Also people will be surprised about how much of the classroom learning is used in the real world directly and indirectly, thus good understanding of the concepts in school will be always be helpful at work.

What do you consider Citi's competitive edge?

Citi’s global presence along with its distribution network, products and an empowered, motivated best-in-class team gives it the competitive edge.

How would you describe your team and the people you work with?

At Citi one finds the smartest people around. In my rotations across the various groups in the company, I have worked with extremely talented, hardworking and helpful people. Team players have been a hallmark of Citi teams.
As it should be, most finance teams are very comfortable with numbers and base their decisions on facts and figures.

What other groups do you liaise with regularly within the Firm?

It depends on which group one is rotating with. For example if one is working in Strategy and M&A and part of a deal team or due diligence, one will interact with Systems, Legal, HR, Risk, and Concerned Business teams etc.
If one is doing a planning rotation in a business, one will interact more with the business frontline teams, marketing, customer support, systems, HR and a whole host of support functions. In most cases it is finance, which is the language of business and is the common thread which holds all businesses and functions together across the company thus creating all round interaction.

How has Citi supported your career development?

From facilitating expense reviews in Capital Markets & Banking to gaining an understanding of financial services in the consumer field, Citi has given me the opportunity to work in varied fields of business in the last 18 months.
I have also increased my knowledge of financial services and finance by working in the regulatory capital group in corporate treasury and the private equity group in Citi Alternative investments. Various training programs on the web and in the classroom have also contributed to my learning.
As at this point of my career I believe I have a lot to learn to develop and these opportunities help me in my career advancement.
There is a regular mentoring program in place which helps to share my thoughts and get guidance with senior managers on a regular basis. There is also a regular feedback and performance evaluation process which not only evaluates performance but creates opportunities for career development.

Describe your experience in your specific training program.

The Financial Management Associate Program provides tremendous opportunity to an incoming Associate in Citi in many ways. One gets a chance to work in various business lines in Citi across the globe gaining an understanding of financial services. The program also gives an opportunity to work with senior management in the company thus gaining insights about Citi, finance, work life balance, etc. from their years of experience. It also helps to build a strong network across the company. The program also gives one the opportunity to get a taste of various roles in finance first hand before committing oneself for a significant period with that field.

What do you enjoy doing outside work?

A bit of reading (management, investments & politics), a bit of golf and tennis and long drives helps me relax outside work.

Beth Suvak MBA NYU Stern, Major: Finance and Management Financial Management Associate

What advice would you offer prospective candidates on transitioning from school to the workplace?

The transition from school to the workplace can be a difficult adjustment to make, and entering a rotational program like the FMA program presents its unique set of challenges as you move to a different rotation every six months. As such, it is important to remain flexible and make the most of opportunities as they present themselves. Six months can go by very quickly, so be sure to speak with your manager up front to outline what your goals for the rotation are. My experience has been that managers are very willing to try to tailor your projects, within reason, to meet your goals. Also be active in seeking opportunities to get involved in new projects and to meet new people. And do not be afraid to ask for help when needed. Keep these points in mind, and I think that you can make the most of your experience in the program.

Describe the most memorable experience you've ever had at Citi.

One of the great things about the FMA program is the opportunity to complete a six-month international rotation. After weighing the number of different alternatives, I decided to do my rotation in Japan. While I was there, Citi’s Japan banking operations converted from a branch to a locally incorporated bank subsidiary, the first time this has ever been done in Japan by a foreign company. Also, Citi completed the acquisition of 69% of Nikko Cordial in one of the largest foreign acquisitions of a domestic company in Japan’s history. Being involved in initiatives like these has provided me with experiences that would be hard to get elsewhere. In addition, having the opportunity to work and live in a new and different culture has provided me with memories that I will not soon forget.

How would you describe your team and the people you work with?

In my time at Citi, I have worked with a number of different teams and people on various projects, and all have been very positive experiences. The quality of the finance professionals within the company is very high. People are always willing to help out and to take the time to explain projects and new concepts. This is particularly important to people who are within developmental programs like the FMA program. My co-workers have always understood the importance of the program and do what they can to make sure I am broadly exposed to different members of management and a variety of projects, so that I can get the most out of all my experiences.

How do you apply your degree to what you're doing now?

I think that I use some aspect of my degree on a daily basis in my work. At business school, you are given the basic tools in finance and business in general, such as how to analyze financial statements and evaluate a business. You learn the theory about finance, accounting, statistics and economics. In addition, you gain valuable experience in working in different team situations, and learn how to most effectively work with a variety of people. This has all been applicable on the job, as I build on this foundation to form a practical well-rounded skill set. I have performed statistical regressions to analyze credit sensitivities to various macroeconomic variables, completed pro forma analyses given the impact of potential acquisitions, and determined the required level of capital to hold on the balance sheet of a newly created subsidiary. My MBA degree provided me with the base skills to effectively and efficiently complete these tasks.

Describe your experience in your specific training program.

The FMA program has been a great experience so far. What attracted me to the program in the first place was the opportunity it provided to broaden my skill set and gain experience in different areas of finance before beginning a full-time career at Citi. In addition, at the same time I could build a valuable network with colleagues in different functions, businesses and geographies. In this regard, the FMA program has lived up to my expectations and more. To date I have worked in two very different areas – Corporate Strategy and M&A in New York and Financial Control in Japan – which I feel have given me experiences that will benefit me in whichever career path that I eventually choose. Along the way, I have had the support of all of my co-workers and I have expanded my professional network. This is possible due to the solid reputation of the program throughout the company and commitment to the program by senior management.

How did your summer internship help you make the decision to pursue a career at Citi?

I was lucky to have the opportunity to complete my summer internship in the Consumer Risk Capital Group as part of the Financial Management Summer Associate program. As an intern, I was able to network with a number of people in the finance community, including the other interns, which gave me insight into the broad range of career opportunities that were available within the finance function at Citi. After seeing first hand the quality of the people and hearing about the great experiences that others were having as well, it was an easy decision for me to join Citi after graduation.

What do you enjoy doing outside work?

Outside of work I enjoy staying active and exploring my surroundings. Living in New York provides an abundance of possibilities in this regard, with its many museums, restaurants and Broadway shows, among many others, and I try to take advantage of most of what the city offers. I also have a bit of a travel bug, and love to explore the culture and history of other countries. Doing one of my rotations in Japan has allowed me the opportunity to see as much of that country as possible and to immerse myself in some of its unique traditions.