Another unique opportunity for students interested in pursuing investment management careers is the Cayuga Fund first year sector analyst program. Approximately 6-7 first year students are selected through a competitive process, modeled after Fidelity Investments' p-test, or prospectus test, in which they are given limited information on the stock of a company, including 10-Q and 10-K filings, sellside analyst reports, conference call transcripts and two hours to come up with an investment recommendation, which they will need to pitch to interviewers. Successful students are paired with a second year Cayuga Fund analyst and can begin covering a sector and pitching stocks into the fund as assistant portfolio managers. They are also given the unique opportunity to be featured in the Cayuga Fund annual report and can indicate their position on their resumes. First Year Sector Analysts are not guaranteed a position in the Cayuga Fund during their second year and wil need to re-apply to be student portolio managers in the fund in the spring semester with the rest of the applicant pool.