Bank of AmericaBank of America

“2003: Our best year. We served our 28,000,000 customers

better than ever before. Investors entrusted us with $474,000,000,000 of

their assets. We served 25,000 midsized companies – more than any other

bank. 2,000,000 small businesses made us the nation’s number-one small

business bank. Customers opened 1,240,000 net new checking accounts.

We made loans to more than 1,000,000 homeowners. We helped more than

452,000 low- and moderate-income families obtain affordable new homes.

We delivered more than $300,000,000,000 in investment banking

solutions for our clients. And we continue to raise the bar.”

- 2003 Annual Report

Financial Services IndustryFinancial Services Industry Depository Institutions

Commercial Banks Thrifts Credit Unions

Capital Markets Firms Investment Banks Brokerage Firms Investment Managers

Insurance Companies

Bank of America = Depository Institution + Capital Markets Firm

Corporate Finance vs. Corporate Finance vs. Investment Banking vs. Public AccountingInvestment Banking vs. Public Accounting

Corporate Finance Analyze our own company’s financials (Internal) Prepare financial statements for our own company (Internal) Business Finance Officers advise the company’s business divisions on financial issues related to

running their business (Internal) Prepare tax returns and provide tax advise for their company (Internal)

Investment Banking Analyze other Corporations financials (External) Provide creative capital raising solutions to Corporations (External) Provide advisory services to Corporations (External)

Public Accounting Audit clients financials (External) Advise clients on Accounting matters (External) Prepare tax returns and provide tax advise to clients (External)

Finance Group StructureFinance Group Structure

Executive

Management,

Shareholders

and

Regulators

Corporate Finance Functions

Accounting PolicyCorp Treasury Finance

Corporate Tax Decision Systems External ReportingFinancial Analysis General Accounting

Management AccountingRisk Management FinanceSupply Chain Management

Strategic Planning

Business

Unit

Management

Business Unit Support Functions

Consumer Banking Finance

Commercial Bank Finance

Global Corporate and Investment Bank Finance

Wealth & Investment Management Finance

Staff Unit Support Functions

Staff Support Finance

Technology, Service and Fulfillment Finance

Corporate Marketing Finance

Skill Set RequirementsSkill Set Requirements

Critical thinking/analytical skills

Business relationship skills

Strong knowledge of the business

Technical accounting knowledge

Management accounting knowledge

Technical skills (excel/access)

Leadership ability

Adapts well to change

Team Player

Process orientation

Communication/active listening skills

Time management

Typical AssignmentsTypical AssignmentsRotation #1: Corporate Finance (Accounting Policy)Primary Responsibilities Research accounting literature to determine appropriate treatment of new and unusual transactions

Provide updates on emerging accounting issues and regulation

Assist in preparing written communications to regulatory and standard-setting bodies, including the FASB and SEC

Provide analysis for external auditors

Provide support on implementation and communication of new accounting rules

Rotation #2: Staff Unit Support (Technology and Operations Finance Support)

Primary Responsibilities Produce initiative spending reports for all lines of business

Conduct variance analysis on initiative spending at the business level

Update In$ight with initiative forecast and plan numbers at the business level

Discuss project/programming allocations with relationship managers for each line of business

Create ad-hoc processing support reports for relationship managers to discuss with their business partners

Develop and maintain buyer-seller template

Typical AssignmentsTypical Assignments

Rotation #3: Business Unit Support (Small Business Finance)

Primary Responsibilities Support Government Lending Products (GLP) Executive in all financial matters, becoming a true

business partner

Develop financial plan and earnings forecast

Weekly and monthly sales and pipeline reporting

Support GLP Management By Fact initiatives

Develop/assist in developing financially sound business cases for all new initiatives

Prepare ad hoc analysis and information requests

Finance Management Associate Finance Management Associate Program (MAP)Program (MAP)

Primary entry point into Corporate Finance at Bank of America at the undergraduate level

2 year program

2 –3 rotation opportunities allowing associates to see different areas of Corporate Finance

Focuses on development of future leaders in Corporate Finance through:

Experiential learning

Networking

Training

Coaching/mentoring

Advancement OpportunitiesAdvancement Opportunities Tremendous amount of advancement opportunities Based on performance

Finance Analyst (FA)

Finance MAP

Intermediate Finance Analyst (IFA)

Senior Finance Analyst (SFA)

Manager (Mgr)

Senior Manager (Sr Mgr)

Executive (Exec)

Finance MAP entry: 5 – 7 yrs to reach Manager level

Other entry: 7 – 10 yrs to reach Manager level

Success StoriesSuccess StoriesHedrick Ellis

Finance MAP (1996 – 1999)Senior Finance Analyst, Consumer Banking Finance (1999 – 2000)Senior Finance Analyst, Technology & Operations Finance (2000 – 2001)Manager, Technology & Operations Finance (2001 – 2003)Senior Manager, Technology & Operations Finance (current)

Jason CollinsFinance Analyst, Mortgage Finance (1995 – 1998)Finance MAP (1998 – 2001)Senior Finance Analyst, Cash Management (2001 – 2002)Manager, Corporate Treasury Finance - Cash Management (2002 - 2003)Manager, Consumer Bank Finance – Staffing Solutions (current)

Julie HarrisFinance MAP (2000 – 2002)Senior Finance Analyst, Strategic Cost Services (2002 – 2003)Senior Finance Analyst, Corporate Planning & Forecasting (2003)Manager, Finance Core Transition Team (current)