About Swiss Finance Institute

How do you think Swiss Finance Institute impacted your development as an investment banker?

I have been working at Lazard since September in the Investment Banking Division. I am in the Corporate Finance Group - working almost 100% on structuring and underwriting SPACs or special purpose acquisition companies. It's a small team at Lazard but it is arguably the most exciting at the firm. I've been fortunate to have a front row seat in the product's evolution and in Lazard's evolution as a major underwriter of SPACs. I can only thank Swiss Finance Institute faculty for introducing me to numerous concepts such as leverage, DCF, cost of capital, valuation multiples, IRR, WACC and numerous other concepts, (my humble) grasps of which help me understand why SPACs have gained momentum over the last year. For example, as their debt ratios are not as high when acquiring a company, SPACs are an alternative to PE buyers who need access to cheap debt markets, which have dried up. I vividly remember you teaching me at Swiss Finance Institute [certain concepts] that allowed me to get up to speed at Lazard way before anyone else.

How do you see yourself growing from here?

Everyday I am still learning about the concepts I was introduced to by Swiss Finance Institute and during my time there they seemed foreign, but the ignition of curiosity itself was the most important part. I am all the more grateful given the fact that I was hired off-cycle when the SPAC team desperately needed manpower as so many deals were being spread among so few people. This meant that I missed the summer training program - but I was able to hit the ground running thanks in large part to Swiss Finance Institute.

- Noh-Joon Choo, Lazard Investment Banking