- Security Selection: Teams will be pitching one security (not a portfolio). Teams must pick a security that is credit or credit-based, for example: corporate and government bonds, treasuries, and derivatives such as callable bonds and convertible bonds. The pick should be a specific debt-focused instrument, not a company/entity in general.
- Additional Notes: The investment idea and thesis must be based on the fundamental analysis of the credit assessment of the entity. Forecasted financials are not required, but teams do need to have a target price.
- Composition: Each team will consist of between three and four members who must be full-time or fully-employed MBA students in their first, second or third year of study. Only one team can represent an invited university.
- Submission and Notification: Invited teams will be provided a registration link. All team member resumes, emails, and names are due by 11:59 PST on December 14, 2018. Teams will be notified of decisions by December 21, 2018 and will be sent a link to pay the registration fee of $275.
- Team Names: All schools will be given a Greek letter team name by the Credit Pitch organizers, so their school affiliation will not be identified by each other or the judges.
- Substitutions: Accepted teams may only change team members on a case-by-case basis, with permission from the event coordinators.
- Dress Code: Dress code is business formal.
- Travel and Accommodations: Each team is responsible for its own travel to Los Angeles, CA and lodging. Travel advice will be provided to participating teams before the competition.
- Awards: Announcement of the winners will be made at the awards ceremony immediately following the conclusion of the final presentations. Cash prizes totaling $6,000 will be awarded to the top three teams:
1st Place: $3,000
2nd Place: $2,000
3rd Place: $1,000
- Publicity: Press coverage of the Fink Center Credit Pitch Competition is sought, and although there is no guarantee, it is possible that reporters could be in the rooms during the competition. UCLA Anderson will dispatch a press release on the results of the event. All team members agree to allow their names and likenesses to be used in press materials. Students may list their accomplishments on their resumes. A resume book will be put together and mailed to the judges after the competition.
1. Pitch Deadline: All pitch decks must be submitted by 11:59 PM PST on February 27, 2019. Pitches submitted after the deadline will not be considered.
2. Pitch Format: All pitches must be in PowerPoint format. There are no slide count restrictions, but strict time restrictions will apply (see below).
3. Pitch Content: Pitch decks should include fundamental analysis of the bond issuer, bond-specific investment considerations, risk vs. return analysis, and a target price along with a buy/sell/hold recommendation.
4. Team Presentations: Teams will be randomly divided into divisions. As part of this process, the presentation order for teams will be randomly assigned. Presentations will occur in two rounds - a preliminary round and a final round.
• Preliminary Round: Teams will be divided into two groups. Each group will present in front of one panel of judges in one room. Each team will have up to 10 minutes to present, followed by 10 minutes of Q&A with the judges. Teams will not be allowed to attend other teams' pitches during the preliminary round.
• Final Round: Each team will have up to 15 minutes to present, followed by 10 minutes of Q&A with the judges. The same security must be pitched for both rounds. Teams that do not progress to the final round are highly encouraged to attend the final round pitches.
Each presentation will be officiated by a member of the UCLA Anderson School of Management community. Time limits will be strictly enforced by the official. All team members are expected to contribute to the presentation and Q&A.
5. Judging: All presentations will be judged by industry professionals. The order of presentation for finalist teams will be determined by random drawing. An evaluation form will be provided with the judging guidelines for both judges and participants. Areas of evaluation will include: quality of analysis, risk vs. return analysis, presentation skills, Q&A expertise, and strength of investment thesis. Following all of the presentations, the judges will deliberate.
- No External Aid: No outside help will be allowed from anyone in preparing the materials and presentation; help can be solicited from industry contacts to better help analyze data.
- Research Integrity: All data sources are fair game, including the Internet and any proprietary quantitative or fundamental models developed in advance. However, proper attribution must be provided (i.e., sources must be clearly marked on each slide).
- Team Firewalls: It is expected that teams will fully respect one another's privacy, and that team members will neither seek nor provide information to anyone outside their own team.
- Violations: Any violation of these rules constitutes grounds for disqualification and notification of the Academic Services dean at the offending team’s graduate MBA program.