FINC3600 Finance in Practice
George To
Acknowledgement of Country
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I would like to acknowledge the Traditional Owners of Australia and recognise their continuing connection to land, water and culture. I am currently on the land of the Gadigal people of the Eora Nation and pay my respects to their Elders, past, present and emerging.
I further acknowledge the Traditional Owners of the country on which you are on and pay respects to their Elders, past, present and future.
Standard COVID safety precautions
Stay home and get tested if you are sick
– Stay home if you are sick. If you are unwell with any symptoms please excuse yourself from this class and get tested for COVID-19 as soon as possible. We will support you to catch up or continue the work remotely.
– If you are isolating, or a close or casual contact of someone who has tested positive for COVID-19. Please email:
– Take the opportunity to get vaccinated if you’re able to do so.
– Make sure you read the information on special consideration in the unit outline.
Keeping our community safe
– The University is following advice from the government and related public health authorities.
– For the latest information, see and follow the advice on the University website.
– Always bring your student ID card to swipe into buildings
– In some classes, especially those involving use of shared equipment, please follow additional advice from your coordinators.
– Please take care of each other and yourselves and if you need support reach out to your unit coordinator or the health and wellbeing area of the Current Students website.
Tips for learning online
– Remember that you are still in a space with other students.
– Mute your microphone when not speaking.
– Use earphones or headphones – the mic is better and you’ll disturb others less.
– If you have a webcam, please switch it on so we can see you, if you are comfortable doing so.
– Try not to talk over someone else.
– Some classes may use breakout rooms – engaging fully in
these is a great way to meet classmates and your teachers.
– Help your teachers know you’re there by participating in chat, polls and other activities during class – we’re all in this together.
Tips for learning online
– For tips and guides on learning online and the tools you will use, refer to Learning while off campus resources in Canvas. This is especially useful if it’s your first time learning online at university.
What is this unit about?
Connect academic skills and insights to your upcoming professional career
› Facilitators reflect this synthesis
› 10 practitioners and 3 academics are involved in delivering the unit
› Focus is on two projects
› Work in teams on “live” cases
› You will meet with facilitators “face-to-face” via Zoom on an ongoing basis
Be Prepared – This unit is very different
Approach the unit with a practitioner focus, not a student focus
› No new material
› Use skills you know to build new capabilities and analyse current questions
Be Prepared – This unit is very different
Approach the unit with a practitioner focus, not a student focus
› No correct answers
› Answers are not “obvious”
› Can you make a coherent recommendation?
› Can you justify your view?
› Can you communicate it clearly to someone who has limited time, but lots of responsibilities?
Be Prepared – This unit is very different
Approach the unit with a practitioner focus, not a student focus
› You will meet with facilitators “face to face” on an ongoing basis › Facilitators will not “instruct” / lecture you
› They are there to assist your analysis and learning › Learning by doing
› Be creative
› Be innovative
Contradictions / diversity among facilitators
› We have a diverse group of practitioners, each with significant experience and perspectives
› Academics have strong (and equally as diverse) research backgrounds
› Project deliverables are broad and practical
› You will see different perspectives in your discussions
› Develop your own views and use practitioners as support
› Justification is key and needs to be communicated clearly
› Reduced team sizes should help encourage discussion
› Rotation of facilitators over the workshops each week
Feedback and changes
› Working online with people you may not have ever met is a challenge – It is also increasingly common in industry
› Allowing student selection of team members – Available through Canvas
› All team members must be enrolled in the same stream
› Can join teams through Canvas
› Students without team affiliations declared will be assigned to teams for Week 2
Feedback and changes
Online is a challenge
› Consider arranging some in-person team meetings if feasible › Look to use software to share documents and other materials › Keep cameras turned on at all times during workshops
› Structure meetings
– Chairperson for each session
– Keep track of action items and summaries from workshops
Feedback and changes
Feedback and changes
› Meeting deadlines means you need clear deliverables from each session
› Research checklists are important introductions to information and analysis
– Be sure to review Canvas materials
› Work cooperatively and bring relevant questions to facilitators › Project materials have been sharpened and restructured
Each week we meet for 3 hours in workshop format
› Working in teams (includes facilitators)
› Ongoing assessment across a range of outputs › We will be online (Zoom)
› Contact academic facilitator via email ASAP if you are having difficulties joining your Zoom session
› Be sure to use your USYD email when you login to Zoom
How is the unit delivered?
We will be online (Zoom)
› Use Main room as a gateway, and for larger discussion sessions
› Breakout rooms are used to accommodate team discussion
› Be sure that your Zoom screen includes your name
› Name is consistent with USYD records
› Keep your camera on at all times
› Please mute your microphone when in large sessions
› See the BBC for a recent / notable example why
› Ensure that your Zoom background is clear and free of distractions
› This link for video conferencing tips might be helpful
How is the unit delivered?
We will be online (Zoom)
› The unit design is for face to face discussions with students and facilitators › Online this is a bit more challenging
› Some things that can help
› Try to avoid speaking at the same time when in discussion › Make use of software features
› Chat rooms › File sharing › Link sharing
› No commuting
› Use email to contact facilitators while in session if they are not in your breakout room
How is the unit delivered?
› Individual project based assessment counts for 30% of the overall mark
› Group project based assessment counts for 30% of the overall mark
› A 2 1/2 hour final examination counts for 40% of the overall mark – Cumulative over the semester
– Draws upon experiences in the projects
– Short essay format / industry style memo
Assessment
There are a lot of contributors to the development and running of this unit
› Careers & Employability Office › Educational technology
› Video and media from USBS
› FMAA and AUSFIC
› Corporate contributors
Careers & Employability Office
The CEO provides tailored careers support for Business School students.
• AttendourvirtualEmployableYOUactivities
• Book in for a careers appointment
• Drop-in for a career chat
• Email us for a resume review
• Access careers resources & programs
Book in a career chat with our Career Leaders, Monday – Friday, 1pm – 4pm (teaching weeks only)
Visit us on
Canvas: https://canvas.sydney.edu.au/courses/9119 Facebook:
The University of 21
Use the chat feature in Zoom to offer a view on the following
For graduating finance majors, what will be a key difference between academia and industry?
Check out a recent podcast with for more on this topic
Discussion
Messy problems
› Interesting
› Relevant / Materiality
› No obvious “solution”
› Quality of analysis as communicated to others is crucial › Teams make better recommendations?
“Practical” Problems
Some insights from past students
› Do your background research before each session
› Review Canvas videos and readings as well as data sources
› Be prepared for disagreements and conflicting views
› Practitioners can give very different views and you need to
incorporate these
› Learn from diversity
› Structure meetings carefully
› Session chair › Agenda
› Outcomes
Student Feedback
Use the chat feature in Zoom to offer a view on the following
In our current environment what are the biggest challenges facing CFO’s? CIO’s?
Discussion
Decisions need to be made
› You will not have sufficient information
› One person cannot think of everything
› Experts will disagree on key items
› You have limited time
› You need to maintain a commercial view › E.g. materiality of recommendation
Implications?
Weeks 1 through 3
› Introduction and review
› Finding key information and reviewing the fundamentals
› Team building, communication, and preparing for first project meeting
Semester Breakdown
Weeks 4 through 8
› Project 1 (Corporate Finance)
› Analysis and discussion (Weeks 4, 5, and 7) › Submit CFO briefings (Week 6)
› Review and reflect (Week 6)
› Board presentation (Week 8)
Semester Breakdown
Weeks 9 through 12
› Project 2 (Portfolio Management)
› Analysis and discussion (Weeks 9, 10, and 11) › Submit CIO briefing (Week 11)
› Committee presentation (Week 12)
Semester Breakdown
Week 13 (Online)
› Final Exam Preparation
› Unit review – look for feedback and discuss with team members › Practice exam is available
Semester Breakdown
Semester Breakdown
Project 1 Key dates:
Mon 28 March: CFO Briefing
papers due 9am
Tue 29 March – Fri 1 April: Marking of CFO Briefing Papers
Mon 11 April: Board presentation slides due 9am
Tue 12 April – Thu 14 April: Board Presentations
Project 2 Key dates:
Mon 9 May: CIO Briefing papers
Tue 10 may – Thu 12 May: Marking of CIO Briefing Papers
Mon 16 May: Investment Committee Presentation slides due 9am
Tue 17 May – Thu 19 May: Investment Committee Presentations
Corporate Finance Project
› Conduct a financial and strategic review of a listed Australian company
› Prepare detailed analysis for a few key corporate issues
› Integrate detailed analysis into strategic insights for presentation to the corporate Board of Directors
› Assisted, challenged, and encouraged by facilitators throughout your analysis and discussion
Project 1 – Specifics
Analysis › Teams
– As in previous semesters, students will be permitted to form their own Teams (Groups)
– Teams are allocated to persons registered in the same stream; all team members must be enrolled in the same stream.
– Allocation is done personally through Canvas
– Up to 5 persons per team
– Initial allocations are settled in Week 2
– These can change with enrolments, so teams are confirmed in Week 3 › Companies
– 5 companies are allocated randomly across teams
Project 1 – Specifics
BlueScope Steel Limited
The a2 Milk Company Limited
Project 1 – Specifics
Fortescue Metals Group Limited
Coles Group Limited
SEEK Limited
Use the chat feature in Zoom to offer a view on the following
In our current environment what are some key, current challenges to the companies selected for analysis? Why?
Are these challenges likely to be as important in the longer term? Why?
Discussion
Topic areas for analysis
› Individual members prepare
– Capital structure
– Debt financing and cash management – ESG
– Payout policy
– WACC for the main business activity
› Team submission
– Scope of company’s operations
Project 1 – Specifics
CFO Briefing (individual and team assessment)
› Reports on each topic area
– Individual assessment for 5 briefs
– Team assessment for Scope briefing
› Facilitators work to provide written feedback on briefs as soon as possible
Project 1 – Specifics
Board Presentation
› Presentation slides are prepared in days prior to presentations (assessed as group submission)
› Presentations are in Week 8
› Presentation assessment is done at both the group and individual level
Project 1 – Specifics
Project 1 – Specifics
Other assessment (all assessment details are in the Unit of Study Outline)
› Teamwork
– Assessed every discussion session by facilitators
– Leave camera on so you are sure to be included
Ian Pope’s comments to last semester’s class
› Look beyond the obvious
› Use different team member perspectives
› Collaborate and disagree well
› Make final recommendations holistically
› Do preliminary research and use Canvas resources
Project 1 – Practitioner Insights
Ian Pope’s comments to last semester’s class
› Use as a learning experience
› Be bold and try out ideas
› Safe to make mistakes and change your mind › Have fun
Project 1 – Practitioner Insights
Portfolio Management Project
› Consider investment recommendations to the CIO and a presentation to the investment committee of a superannuation fund
› Pieces to your analysis
– Advice on possible updates to long-term strategic asset allocation weights for an
investment fund
– Expand the set of available asset classes? Insights into longer term returns? – Initial recommendations of life cycle fund for current and future members
– Can a lifecycle product protect members from adverse market moves just before retirement?
Project 2 – Specifics
Portfolio Management Project
› Support includes Excel models to support your analysis
› Use up to date data in your analysis
› Assessable items include a team CIO brief, team presentation slides, individual and team components to the presentation and individual-based assessment of team contributions during workshops
Project 2 – Specifics
General Items
Canvas site
› The Canvas site has all of the material you need during the semester
› Includes specifics of projects, as well as some online resources to help you complete your analysis
› Be sure to review carefully the Unit of Study details › You will find video content throughout the site
– We are grateful to the many contributors who have taken the time to share their insights
– This includes introductory videos from our facilitators
Canvas site
› Be sure to include a current photo in Canvas
– Go to “Account” and then select “Profile”
– From this location hover your mouse over the photo section – Select the edit pencil when it appears
– You can either upload an existing photo are take a new one, using the camera in your computer
– The site has a modular structure
– Go to Modules section in Canvas and find the content for next week’s class – Find contact details for our facilitators
General Items
› We will use Zoom every week in this unit
› It is important that you can quickly find your team’s breakout room
› At the start of each session we will link you to your breakout room, which will be identified with your team number
– In Canvas go to “Groups” to learn your team details and members
– The allocation can be automatic, but this does not always work
– Put your team number at the start of your Zoom name (appears on your video to others)
– E.g. “Team 100 ”
– This allows us to quickly move you to the correct breakout room if we need to process this manually
General Items
› To practice today I will randomly assign you to one of 15 team breakout rooms
› You should get a message inviting you to join a breakout room
› Join the room and introduce yourself
› Once the introductions are complete please “Leave” the breakout room
– You will be back in the main room
– You should now have a “Breakout Room” button on your Zoom control
– Use this to return to your breakout room
– Now try to share a application with your team members
– Try a blank spreadsheet or Word document to make sure you are comfortable sharing applications in the breakout room
– Only one person can share at a time
General Items
Research checklists
› Next week we will start working on 2 research checklists which are designed to help you find and interpret data to use in the projects
– This is online and is largely available through our Canvas site or by doing some internet searches.
– In addition, there are some terrific resources available through the library website that are definitely worth exploring
› Team formation and company allocation
– Please note that until Week 3 this can change as people adjust their enrolments
– Work with your new team members to find the information noted in each checklist
Teams and projects
› Heading into Week 3 it is possible for there to be changes in your team
– However, think about the following team-based habits (taken from feedback of past students)
– Spend some time getting to know each other before launching into your work – Think about key takeaways for each meeting and set an agenda so that you
meet these milestones
– Nominate someone as meeting chairperson
– Chairing is a great learning opportunity so consider sharing the role so that everyone gets a chance to chair a meeting
– Don’t be surprised if in your first meeting with the practitioners they ask who is chairing the session
Teams and projects
› Advice and comments from our practitioners
– Enjoy the experience
– Try out new ideas and do not be afraid of making mistakes – you can learn a lot from these
– Prepare in advance of each meeting so that you get the most out of the workshops
– has some advice on working in teams; we have included these presentation slides in the Week 1 section of Canvas
– We leave the last word to (from an interview on the ABC 7:30 report, available on YouTube)
– Advice to her younger self
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