The Fletcher School

Some believe that you need an MBA to get a Wall Street job after graduate school. Depends on what financial markets you want to build your career in, James Bonfils shared. A Senior Vice President at Standard Bank, he suggested that a Master of Law and Diplomacy degree with an emphasis on International Business Relations and International Financial Law is what adds that extra International Markets flair that most MBAs simply don’t have. It is an instinct for doing cross-border business, which translates into a perfect fit for employment at the South African Bank. Standard Bank focuses on emerging markets, and with its headquarters in South Africa and 15 branch offices worldwide, it is truly a global company. Bonfils works in Standard’s New York office, where he manages a sales and trading operation with capabilities in fixed income sales and proprietary trading, as well as the structuring and distribution of credit derivative products to Latin American and U.S. investors. He discussed the details of his trade, as well as his career path, with Fletcher students on Thursday, October 28, 2004, as part of the International Business Relations Program’s Global Speaker Series.

Bonfils called emerging markets “the backbone” of Standard’s business, and they have been the bulwark of its prosperity. Over the past ten years, the emerging market asset class has been a much better investment than the S&P 500 overall, Bonfils explained, although “a lot of people just don’t believe it.” In the late 1980s, emerging markets was a small boutique business, Bonfils said. But people quickly began to realize that “you can make a lot of money by buying debt” and riding it up through restructuring. But this is not to say there is no risk involved. On the contrary, investing in emerging markets is extremely risky for institutional investors, who, Bonfils said, prefer a slower rate of progression rather than consistent volatility.

Standard Bank differs from many Wall Street firms that seem to place a higher premium on making their rich clients richer than helping those less fortunate. For Bonfils, working with emerging markets is what he calls “the most gratifying aspect” of his job. “You’re actually helping developing countries by bringing capital to companies that are starved for capital,” he said. Assets in emerging markets are subject to the forces of political instability and financial exchange fluctuations, added elements that Bonfils said make his job much more interesting.

It is these additional aspects of sales and trading in emerging markets that drives Bonfils and keeps him motivated. “If you want a Wall Street career,” he told Fletcher students, “then it’s got to be more than just trying to get rich.” The business will “burn you out” unless you “feel a passion beyond just the monetary rewards.” Bonfils relies on what he calls the 3 E’s of sales: enthusiasm about your product; empathy for others when they are losing money; and ethics, because in this business, “it’s so easy to slip.”

The students in attendance seemed to find Bonfils’ guidance and insights very useful in answering their questions about everything from the suitability of a country’s financial markets for institutional investment to the way a bank like Standard is created and developed. “A lot of us who are looking to get into international development know how important capital flows and investment are, but we haven't had enough exposure to the actual business of finance to understand how the businesses operate,” said Ben Mazzotta (MALD ’05). Other students found Bonfils’ advice on how to effectively sell their Fletcher education very beneficial.

Jan Soerensen (MALD ’06) called Bonfils’ presentation “fascinating” and believes “there is a lot of unexplored potential in emerging markets.” “A career in this field would be interesting, challenging, and rewarding as you can contribute to the development of a country's economy.” Soerensen said.

Bonfils’ concluded his presentation with the strong encouragement for Fletcher students evidently keen on the industry to adopt the psyche of being a very well-suited “feeder into emerging markets.” Having been quite impressed with on several occasions with Fletcher students, he reassured those planning to apply for a job at Standard by saying, “I hope to build on that.”

Article by Evan Pressman, MALD '05