The Exchange (2018) - Tippie College of Business

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Exchange, the magazine from the Department of Finance, provides insight into the people and programs of the department.

2018

How did Hannah land

a job at Goldman Sachs?

THE TIPPIE CONNECTION

UNIVERSITY OF IOWA • TIPPIE COLLEGE OF BUSINESS • DEPARTMENT OF FINANCE


Exchange is an annual publication for

alumni and friends of the Department

of Finance, Tippie College of Business,

University of Iowa.

EDITOR/WRITER

Rebekah Tilley

TABLE OF CONTENTS

1

DEPARTMENT VISION

2

DEPARTMENT NEWS

6

ALUMNI NEWS

10

PHOTO SPOTLIGHT

INTRODUCING THE BIZ HUB IN THE

POMERANTZ BUSINESS LIBRARY

12

FEATURE STORY

BIG. BOLD. UNAPOLOGETIC.

THE LAUNCH OF THE MASTER OF FINANCE

16

COVER STORY

THE TIPPIE CONNECTION

A PASSION FOR EXCELLENCE AND A LEGACY OF

GIVING BACK LAUNCHES STUDENT’S CAREER

DEPARTMENT EXECUTIVE OFFICER

Thomas A. Rietz

Soumyo Sarkar Professor of Finance

DESIGN

The Williams McBride Group

CONTRIBUTING PHOTOGRAPHERS

William J. Adams

Cole Cooper

D.J. Freesmeier | Frees Frame

PHOTOGRAPHY

Mike Hari | fadeout foto

Dan Kempf | IMPACT Photo

Harry Lynch | News & Observer

Tim Schoon | University of Iowa

Rebekah Tilley | University of Iowa

Justin A. Torner | University of Iowa

DIRECT CORRESPONDENCE TO:

Rebekah Tilley

Tippie College of Business

S210 PBB

University of Iowa

Iowa City, IA 52242-1994

319-335-1554

rebekah-tilley@uiowa.edu

ADDRESS CHANGES

Email your changes to:

alumni-records@uiowa.edu

or mail to:

Alumni Records

Office of the Registrar

University of Iowa

2 Jessup Hall

Iowa City, IA 52242-1797

RECEIVE TIPPIE NEWS EMAIL

Email us at tippie-news@uiowa.edu to

subscribe to our monthly e-newsletter.

Copyright @ 2018 Tippie College of

Business, University of Iowa

CONNECT WITH US

@TippieIowa

TippieIowa

Tippie College of Business

@TippieCollege

21

3 PEOPLE / 3 QUESTIONS

ON THE COVER

Hannah Hendricks (BBA18) in the

Pappajohn Business Building.

Photo by Justin Torner.


WHO IS GOING TO

SOLVE THE PROBLEMS

THE WORLD FACES?

The research technology to produce life-saving

and life-enhancing solutions already exists.

What’s missing are the financial models to move

those solutions into the marketplace. We have

the experience, knowledge-base, and moxie

to align technology with profit to raise capital to

deliver solutions that will literally save the planet.

The answer is simple.

WE ARE.

Tom Rietz

Department of Finance

Executive Officer and

Soumyo Sarkar Professor

of Finance

1 EXCHANGE 2018 UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 1


DEPARTMENT NEWS

QUOTED

NOTED

This idea that there’s just

money


lying around that United

Technologies can pick up by fixing

things in Rockwell is unlikely. My

sense is that United is thinking of

this more as a play for power in that

market. The bigger they get, the more

they control the supply chain.


Amrita Nain, associate professor, director of

the Full-time MBA Program Finance Academy,

and Henry B. Tippie Research Fellow, in

“Rockwell Collins likely to maintain strong Iowa

presence if merger happens, analyst says,”

The Des Moines Register

BERRY-STOELZLE

receives

ARIA AWARD

Thomas Berry-Stoelzle,

associate professor of

finance and director of

the Vaughan Institute of

Risk Management and

Insurance, received the

Early Career Scholarly

Achievement Award from

the American Risk and

Insurance Association

(ARIA). Berry-Stoelzle

received the certificate

at the group’s annual

meeting in Toronto,

Canada, in August 2017.

ERIK LIE PASSES FINANCE DEPARTMENT

EXECUTIVE OFFICER BATON TO TOM RIETZ

EMPLOYMENT DATA

96%

EMPLOYMENT RATE

FOR CLASS OF 2016

finance majors six months

after graduation

—UI Pomerantz Career Center

QUOTED

NOTED

We have some

unique


potential in

the state because of

the wind energy and

ethanol production

here. We’re rigged

up already with the

infrastructure to

get the ethanol to

the market. So it

seems like a natural

fit for the state.


Tom Rietz, Soumyo Sarkar

Professor of Finance and

department executive

officer, in “Ethanol’s next

breakthrough? Turning

greenhouse gas into fuel,”

The Des Moines Register

2 EXCHANGE 2018


AEGON TRANSAMERICA FOUNDATION

gift funds TECHNOLOGY NEEDS

The Aegon Transamerica Foundation recently gave

a generous gift to the Tippie College of Business to

support data sets, software subscriptions, and additional

software packages throughout the college and the

Finance Lab. Annual re-investments are required to keep

technology on the cutting edge and ensure that students

are career-ready. Thank you to Transamerica for

supporting student success.

$6

Valuation milestone

MILLION

HENRY FUND

for the Henry Fund,

the University of

Iowa’s graduate

student-managed

equity portfolio,

23 years after it was

established with

$50,000 in capital.

The Henry Fund

percent average

annual growth

(1994-2017)

11.25%

9.84%

S&P

500

percent average

annual growth

(1994-2017)

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 3


DEPARTMENT NEWS

LONDON WINTER

SESSION 2018

The Tippie

Finance Wealth

Management

class spent

part of winter

break across the

pond with Todd

Houge, director

of Undergraduate

Studies in Finance

and Curt and Carol

Lane Research

Fellow, and Cathy

Zaharis, director

of professional/

employer

development.

@TippieIowa students enjoying

high tea at British Museum.

Follow the

Tippie College

of Business

@TippieIowa

@TippieIowa students on a

tour of Fulham Football Club

this afternoon.

Grateful to have

London Hawk

Alex Boyce speak

to our Iowa

class. Thanks,

@londoniowaclub!

4 EXCHANGE 2018


HAWKINSON INSTITUTE

QUOTED

NOTED

We’ve certainly had sophomores

interview


for post-sophomore year

internships, but we’ve never had a

situation here where sophomores

have interviewed for post junior-year

internships. It’s all part of this cycle

of firms leapfrogging each other to

compete for talent.


Brian Richman, director of the Hawkinson

Institute of Business Finance, in

The Bulge Bracket Rush: Banks Seeking

Earlier Access to Biz Undergrads,”

Poets & Quants

EMPLOYMENT RATE

FOR CLASS OF 2018

HAWKINSON SCHOLARS

2017-2018

Hawkinson Scholar

placement:

Bank of America Merrill Lynch

Barclays

William Blair

BMO Capital Markets

Deutsche Bank

Goldman Sachs

Greenhill

Houlihan Lokey

Moelis

J.P. Morgan

PwC

RBC Capital Markets

Sandler O’Neill

VAUGHAN INSTITUTE

named GLOBAL CENTER OF

INSURANCE EXCELLENCE

The Emmett J. Vaughan Institute of Risk Management

and Insurance achieved another milestone by being

named a Global Center of Insurance Excellence by the

International Insurance Society at its 53rd annual Global

Insurance Forum in London, England.

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 5


ALUMNI NEWS

FINANCE GRADS

NAMED TIPPIE ALUM

& YOUNG ALUM OF

THE YEAR

TIPPIE ALUM OF THE YEAR

With 27 years of leadership experience at GE, Trevor

Schauenberg (BBA91) is currently president and CEO of GE

Capital Industrial Finance, the company’s business focused on

financing solutions for its industrial customers. GE Industrial

Finance is composed of three operating companies: GE

Healthcare Finance, GE Industrial Solutions Finance, and GE

Working Capital Solutions. A company officer, Schauenberg

previously was president and CEO of GE Capital’s Americas

Direct Segment. He also held several chief financial officer

positions at GE including roles in Munich, Germany, and

London, England.

Schauenberg’s international experience has made him

a natural advocate as a member of the UI Institute for

International Business advisory board where he actively

encourages avenues for Tippie students to become global

citizens. He has made international experiences available

to Tippie students through the Trevor Schauenberg Global

Internship Fund, and supports diversity initiatives in the

college through the Trevor Schauenberg Fund for Diversity.

Schauenberg and his wife, Kyle, and two daughters reside

in Chicago. In his community, Schauenberg is chairman of

the board of buildOn Chicago, an organization committed

to empowering U.S. urban youth to transform their

neighborhoods and the world through community service.

As I’ve grown older, I’ve learned that striving in

business “ can only bring so much satisfaction. True joy

and happiness comes from leveraging our success in

business to help others and bring consciousness to our

communities and areas of the world that need it.”

—Trevor Schauenberg (BBA91)

Tippie Alum of the Year acceptance remarks

6 EXCHANGE 2018


STUDENT STARTUP FANFOOD NAMED TO

‘50 STARTUPS TO WATCH IN 2018’ LIST

TIPPIE YOUNG ALUM OF THE YEAR

The Tippie 2018 Young Alum of the Year is Shalini

Hanoman Campbell (BBA04). She has 14 years of

experience at BMO Capital Markets where she currently

serves as a director on the Leveraged Finance Sales and

Trading Desk, covering various types of credit investors

within the loan and high-yield asset classes. Hanoman

Campbell joined the company as a member of the

Relationship Development Management Program in 2004.

Prior to her current position, she spent time on both the

Food and Consumer, and Debt Capital Markets teams.

Hanoman Campbell brings her industry knowledge

to bear as a member of the college’s Department of

Finance Advisory Council and previously served on the

School of Management Advisory Council. She regularly

returns to Iowa City to serve on panels, including the

Hawkinson Institute’s Women in Banking luncheon and

the 2015 Tippie Women’s Summit, and is a mentor to

numerous Tippie students. Her efforts have helped attract

women into high-visibility finance careers. Within her

own organization, she has been a strong advocate for

Tippie undergraduates and MBA students, leading to the

successful employment of a number of Tippie graduates.

Hanoman Campbell and her husband, Joseph, reside

in downtown Chicago, where she serves as the vice

president of the Chicago Iowa Club. Hanoman Campbell

is also a founding member of the Onward House

Auxiliary Board, an organization dedicated to serving

the educational needs of underrepresented minority

youth and their families in the Chicagoland area. She has

volunteered with Impact Grants Chicago and the First

United Methodist Church’s Homeless Ministry. She serves

on the BMO United Way Women’s Leadership Council.

Waiting in line is never fun. It’s even worse when you’re

missing out on the action.

As University of Iowa students, Carson Goodale (BBA16)

and his business partners Elijah Doetsch (BBA17) and Will

Anderson (BA17) launched FanFood, a free app that delivers

concessions to your seat. The company was recently named

a “50 Startups to Watch in 2018” by Built In Chicago, an

online community for Chicago startups and tech companies.

FanFood began beta testing in September 2016. The

company has fulfilled orders at over 100 events across the

country and is approaching 15,000 users on the platform.

FanFood is actively focused on scaling: growing a team,

landing venture funding, and working to secure a strategic

partner within the concession industry.

VAUGHAN INSTITUTE YOUNG ALUM OF THE YEAR

Erin Wonsmos (BBA09),

marketing manager at IMT

Insurance, was named the

Vaughan Institute of Risk

Management and Insurance

Young Alum of the Year.

Wonsmos has long been a

passionate advocate for the

Vaughan Institute, including

assisting with the formation

of its Young Alumni Board,

serving as board liaison and

advisory board member,

and participating regularly in

alumni panels to encourage

Tippie students to pursue a

career in insurance and risk

management.

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 7


ALUMNI NEWS

JONATHAN ABDO (BBA17)

is a financial advisor with

Northwestern Mutual in

Coralville, Iowa.

KEVIN AMOO-MENSAH

(BBA08) is an associate with

Goldman Sachs in New York City.

MATTHEW ANDERSON (BBA14)

is an analyst with the Claro Group

in Chicago.

ZAHARIS AWARDED HANCHER-FINKBINE

ALUMNI MEDALLION

Cathy Zaharis (BBA82) received

one of the university’s highest honors

last April at the 100th Finkbine Dinner:

the Hancher-Finkbine Alumni Medallion.

Seven medallions are given annually

to four students, one professor, one

staff member, and one alumnus who has

attained special distinction. Zaharis is

the program director of professional/

employer development in the college’s

Undergraduate Program.

The award recognized Zaharis as an

exceptional leader, volunteering on the

Investment Advisory Committee for the

Krause Fund and as a mentor for the

Women in Business program.

8 EXCHANGE 2018

She has been a dedicated member

of the UI Center of Advancement Board

of Directors since 1999. As chair of

the board, she provided vital leadership

throughout For Iowa. Forever More:

The Campaign for the University of Iowa,

the university’s most recent fund-raising

campaign. Zaharis also demonstrates

generous philanthropy through her

support for a variety of programs at

the college and university, including

the Dr. George M. Zaharis Medical

Scholarship, a fund she established in

2003 in memory of her father, a 1959

graduate of the UI Roy J. and Lucille A.

Carver College of Medicine.

EMILY BRANNON (BBA15), a

financial analyst with BMO Harris

Bank in Chicago, married her high

school sweetheart MICHAEL

NAUMAN (BBA15) in October.

The couple are both members of

the Tippie Young Alumni Board

and recently adopted a dog:

Henry Herky Tippie.

SETH CORUSH (BBA13) is a tax

associate with Grant Thornton

LLP in Chicago. He recently

graduated from Loyola University

Chicago School of Law and was

admitted to the Illinois bar.

ALEX CULLEN (BBA09) recently

joined an InsurTech startup called

Kin Insurance, based out of Chicago.

PAUL DEXTER (BBA04) was

recently promoted to managing

director in the Mergers and

Acquisitions Group in the Investment

Banking Division of Credit Suisse.

He lives in New York City.


tippie.uiowa.edu/alumni/update

tippie-alumni@uiowa.edu

Do you want to be in the next issue?

SEND US YOUR UPDATE

Ashley Durham, Alumni Director

Tippie College of Business

108 John Pappajohn Business Bldg.

Iowa City, IA 52242-1994

STEVE DONNELLY (BBA91)

was promoted to vice president of

claims with Amerisure Insurance.

He previously served as vice

president of field claims.

TAYLOR DUNLAP (BBA12)

is an investment officer with

John Hancock Real Estate

Finance Inc. in Chicago.

DAVID FULCHER (BBA12)

was promoted to senior associate

at Harren Equity Partners, a

private equity firm, in Fort

Lauderdale, Florida.

DAN HALSTROM (BBA83) has

been named CEO of the U.S. Meat

Export Federation.

STEVEN P. HENSLEY (BBA15)

is a senior financial analyst at

CNA Financial in Chicago.

JAY JORGENSEN (BBA95) is

vice president of operations

with eX2 Technology. He lives in

Plainfield, Illinois.

MATT KEMP (BBA07) graduated

from Loyola University Chicago

Quinlan School of Business in 2012

and completed CFA charter in 2017.

He is the senior manager of project

portfolio management with Health

Care Service Corp. in Chicago.

KELLY (QUADE) KENT (BBA14),

married TYLER KENT (BSE14)

on July 8. She is a financial

management analyst at

Residential Mortgage Network

Inc. in Coralville, Iowa.

MATTI KIUKAS (BBA94) is a

real estate sales negotiator for

Huoneistoketju Oy in Turku, Finland.

DAWN C. MARSHALL (BBA88)

recently received a Board of

Regents Staff Excellence Award.

She is the director of the Safety

Research Using Simulation

University Transportation Center

and a research manager with

the National Advanced Driving

Simulator at the UI College of

Engineering.

JOHN MICKELSON (BBA03,

MBA07) received an Emerging

Leaders Award from M&A

Advisor. He is a founding partner

of Midwest Growth Partners.

He serves as a city councilman

for West Des Moines; is a board

member for the State of Iowa

Historical Society, YPO Iowa, and

John Pappajohn Entrepreneurial

Center; and is active in his church,

St. Francis of Assisi.

SEAN O’BRIEN (BBA15) is a

portfolio accountant with Janus

Henderson Investors in Denver.

KATIE OXENDINE (BBA13)

is a compensation consultant

with Microsoft in Redmond,

Washington.

STEPHANIE RUYLE (BBA90)

was hired by the American

Society of Composers, Authors,

and Publishers (ASCAP) as the

executive vice president and head

of licensing. She previously was

the executive vice president of

distribution and affiliate relations

for Participant Media’s television

venture Pivot, a millennial

targeted television network.

CASEY SPODEN (BBA10,

MBA17) is a senior investor

relations analyst with DF

Industries in Deerfield, Illinois.

MICHAEL STYLER (BBA13) is an

associate with CIBC in Chicago.

JENNA HERR (BBA13) received

the Courage Award at the

Inspiring Women of Iowa event,

hosted by the Girl Scouts of

Greater Iowa.

DAVID HIRSCHFELT III (BBA16)

is an analyst with Honda Financial

in Irving, Texas.

CHRIS HOMEISTER (BBA91)

is CEO of Tile Shop Holdings Inc.

He lives in Excelsior, Minnesota.

KATHERINE KNIGHT (BBA13,

RMICERT13) was promoted

to assistant director of career

research with the University

of Chicago Booth School of

Business. She assists students in

the career research process.

BENJAMIN LEDERER (BBA14)

published a novella, The

Garrington Garden. He lives in

Vancouver, Washington, where

he is a content services associate

at Fisher Investments.

ELIZABETH PEREZ (BBA15)

is a senior consultant at FTI

Consulting in Chicago.

BLAKE TEBBE (BBA16) has

worked in the e-commerce

industry as a B2B account

manager for Sainstore Inc. in

Lenexa, Kansas. He recently

traveled to China for a month

where he networked with

manufacturers and tech

companies in Shenzhen,

Dongguan, and Guangzhou to

learn more about supply chain,

manufacturing, and Chinese

business principles.

ALLISON (SMITH) VER STEEGT

(BBA10) is a financial advisor with

Edward Jones in Ankeny, Iowa.

DYLAN JONES (BBA17) is

a corporate and investment

banking analyst with Mizuho Bank

in Chicago.

AMANDA MAHOSKI (BBA07)

is a health care equity analyst at

Principal Global Investors.

BLAKE RASING (BBA12) is a

manager with Deloitte in Chicago.

He proposed to his college

sweetheart, STEPHANIE

SWANSON (BSE11), at the Iowa

vs. Michigan game last November.

EDITOR’S NOTE

Alumni Updates are submitted by

alumni and are not verified by the

editor. While we welcome alumni

news, Exchange Magazine is not

responsible for the information

contained in these submissions.

9


INTRODUCING THE BIZ HUB

IN THE POMERANTZ BUSINESS LIBRARY

10 EXCHANGE 2018



Looking at our own college-age kids,

my wife Donna and I have witnessed

how today’s students have very

different study modes than we had.

These changes demand new spaces.

I was able to leverage what the

University of Iowa and its business

school invested in me into a good

career. It’s an honor to reinvest

back into the next generation

alongside Henry and Patricia Tippie.”

Kevin Gruneich

(BBA80)

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 11


THE

LAUNCH

OF THE

MASTER OF

FINANCE

WRITTEN BY

Rebekah Tilley

12 EXCHANGE 2018


“This is an

opportunity for

the Department

of Finance to be

big, bold, and

unapologetic,”

Last August Tippie Dean Sarah Fisher Gardial announced

the launch of the Master of Finance and closure of the Fulltime

MBA Program at the Tippie College of Business. This

decision was part of a bold master strategy that has caused

other major business schools to sit up and pay attention.

says Tom Rietz, the Soumyo Sarkar Professor of Finance,

who for four years was the faculty director of the Full-time

MBA Program Finance Career Academy before becoming

department executive officer this year.

UNAPOLOGETIC.

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 13


There is a growing market demand

for Master of Finance graduates.

According to the 2017 GMAC Corporate Recruiters Survey,

48 percent of recruiters report plans to hire applicants with

a Master of Finance credential—a 45 percent increase from

2016. For its inaugural class this fall, the finance department

is aggressively recruiting a class of 40 students. The goal is to

have 60 students enrolled starting in 2019.

By adding new layers of programming to the strong portfolio

offered in the Full-time MBA Program, Tippie’s new Master of

Finance is setting itself apart from the 72 other programs in the

United States. These four differentiators include:

World-Class Faculty

and Pedagogy

The Tippie Master

of Finance will be

delivered by the same

faculty that earned

the college a #4 Best

in Finance ranking

from Financial Times.

Flipped and hybrid

teaching models offer

innovative ways to

learn from experts

in investment, risk

management, fixed

income, and financial

modeling.

14 EXCHANGE 2018

Flexible Areas

of Study

A third of the Tippie

Master of Finance

curriculum is

structured as electives

so students can craft

a degree program

tailored to their career

goals. The program

has a unique threecourse

international

sequence culminating

in Global Structured

Finance, which

equips students to

compete in a globally

interconnected

financial world. The

Master of Finance is

also STEM-designated,

which makes it

especially attractive to

international students.

48%

OF RECRUITERS PLAN TO

1 2 3 4

Real Experience

Hands-on fund

management and

real-world consulting

are the cornerstones

of the Master of

Finance. Tippie’s

student-managed

equity portfolio, the

Henry Fund, will

transition over to

Master of Finance

students, and the

department is adding

a fixed income fund

modeled on the Henry

Fund. Consulting

projects from global

financial institutions

will offer students the

opportunity to solve

real-world problems.

All students are

required to take at

least one experiential

elective.

HIRE APPLICANTS WITH A

MASTER OF FINANCE

Soft Skills

One of the keys to

career advancement

is the ability to

tell a compelling

story. Cultivating

communication

skills is a focus

woven through the

curriculum. Supported

by the Frank Business

Communication Center,

students will learn

how to communicate

complex ideas with

data visualization and

storytelling skills.

BE PART OF

OUR SUCCESS.

WE’RE LOOKING FOR

CONSULTING PROJECTS

Contact:

Tom Rietz

Department Executive Officer

319-335-0856

thomas-rietz@uiowa.edu

INTERNSHIPS

Contact:

Cindy Meis

Director of Career Services

319-353-2788

cindy-meis@uiowa.edu

FIXED INCOME FUND

givetoiowa.org/finance

University of Iowa

Center for Advancement

P.O. Box 4550

Iowa City IA 52244-4550

Greg Lamb

Executive Director

for Development

(319) 467-3804 or

(800) 648-6973

The international deadline for fall admission

was May 1 and the final domestic deadline is

June 1. The program also has been approved

as a 4+1—current Tippie students can apply to

the program as a junior and, if admitted, complete

the undergraduate and master’s degree in

five years.


The pivot from the fulltime

MBA to the Master of

Finance is tied directly to

market demand and one that

I fully support.”

—SCOTT BENNETT (BBA86, MBA88)

Portfolio manager at Principal Global Investors and

Tippie Finance Advisory Council member

“For current Tippie students, one of the

best features is they can take graduatelevel

courses at undergraduate tuition

prices their senior year,” says Jennifer

Carter, director of recruiting and

admissions for the college’s specialty

masters programs. “Tuition isn’t

likely to become less expensive, so the

4+1 is very attractive financially and

professionally.”

Like the Full-time MBA Program,

the Tippie Master of Finance

Program is attracting large

international interest.

“We are delighted to be drawing interest

from a broader international applicant

pool than we’re used to seeing with

the Full-time MBA Program,” says

Ali Yildirim, director of the Tippie

Collegiate Marketing Team. “With this

degree, we’re seeing applications

from students in Greece, Turkey,

Nepal, and Korea—locations we rarely,

if ever, saw applications to our

Full-time MBA Program.”

At the department’s Finance Advisory

Council meeting in November 2017,

members offered insights from their

companies’ hiring practices and

strategized ways to align Master of

Finance students with employment

opportunities following the first

cohort’s graduation in 2019.

There is a marked shift across all

industry sectors, including finance,

for increased quantitative skills,”

says Scott Bennett (BBA86, MBA88),

portfolio manager at Principal Global

Investors and Tippie Finance Advisory

Council member. “Job applicants who

can manage and manipulate data in

the context of traditional skills sets

of analysis, decision making, and

leadership will be more highly valued

than those without.”

There are many avenues for alumni to

invest in the success of this new degree

program and the department as a

whole. The department is continuously

seeking consulting projects and

internships for its students and

donations that help enhance the

student experience—technology,

programming, and scholarships.

These are critical, Rietz says.

“Over time, the success of the

department has been built on the

commitment and generosity of our

faculty and alumni,” says Rietz. “As

a public research university, we are

underfunded. We have achieved

excellence because of private and

corporate investments in our success.

Historically, every time we have put

out the call for time and resources, our

alumni and partners have answered

that call.” •

EXPECTED 2017 STARTING

SALARIES FOR MASTER OF FINANCE

GRADUATES IN THE U.S.

$65,000 $80,000 $95,500

25th PERCENTILE MEDIAN 75th PERCENTILE

GMAC Corporate Recruiters Survey, 2017

15


• HANNAH HENDRICKS •

BY REBEKAH TILLEY

A PASSION FOR

EXCELLENCE AND

A LEGACY OF

GIVING BACK

LAUNCHES

STUDENT’S CAREER

When we tell student success stories, what

sometimes gets lost are the stories of all the

people who made that success possible.

Each one of us stands on the shoulders of those

who have gone before us. Our families raised

us, faculty mold us, alumni give back with their

time, counsel, and hard-earned money.

This is the story of a Tippie student from

Burlington, Iowa, who through a solid curriculum,

good advice, and hard work landed a job offer

with Goldman Sachs following her graduation

in May 2018. And it’s also a story of some of the

people whose shoulders she’s standing on.

16 EXCHANGE 2018


UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 17


SHALINI HANOMAN CAMPBELL

HANNAH HENDRICKS

While her orthopedic surgeon father encouraged

her toward a career in medicine, it was the business

side of her dad’s private practice that captured the

attention of Hannah Hendricks (BBA18). She

eventually followed three of her older sisters to the

University of Iowa.

“I came in an economics major and then Hawkinson

guided my eventual decision toward adding the

finance major and wanting to pursue a career in

financial services,” says Hendricks describing the

Hawkinson Institute of Business Finance, a highly

selective undergraduate program that grooms

Tippie students for careers in investment banking.

“Combining those two majors led to me being

interested in capital markets because that’s where

those two subjects marry so well.”

The top-down analysis model in financial services is

a skill Hendricks honed in Applied Equity Valuation—

the Krause Fund elective course—where Tippie

students are under the tutelage of Todd Houge, the

Curt and Carol Lane Research Fellow and director of

Undergraduate Studies in Finance.

“Going through the Krause Fund has been one of the

most valuable experiences I’ve had while at Tippie,”

declares Hendricks. “Through it I was able to gain

technical skills that are directly applicable to a career

in banking.”

This included producing a report that looks at macroeconomic

factors driving a sector, researching

sub-industries likely to benefit from those trends,

exploring how this influences companies, building

financial statement forecasts and valuation models

from scratch, and synthesizing a cohesive opinion in a

report to an audience of experts. In the case of Krause

Fund students, the audience of experts is the Krause

Fund Advisory Board.

In addition to the hard skills gained through the

Krause Fund, Hendricks received extensive soft

skills coaching through the Hawkinson Institute.

After being accepted into Hawkinson as a

sophomore, Hendricks attended a class in which

two Hawkinson alumni—Sandy Davis (BBA04), a

vice president in investment banking at Goldman

Sachs, and Shalini Hanoman Campbell (BBA04),

a director in leveraged finance distribution and

trading at BMO Capital Markets—spoke to current

students about opportunities at their respective

banks. At a lunch afterward, Hendricks began to

forge relationships with both women—especially

with Davis.

“That connection I formed with Sandy was really

instrumental in getting a foot in the door at

Goldman Sachs,”says Hendricks.

“She really helped me when it came to the Goldman

Sachs undergrad camp, and eventually securing an

internship and a full-time position.”

“Hannah stood out as such a hard worker,” says

Davis. “I remember looking at her resume and

thinking: ‘Wow, this woman isn’t afraid to put

her head down and get a job done.’”

18 EXCHANGE 2018


BRIAN RICHMAN

CHESCA COLLOREDO-MANSFELD

THAT CONNECTION

I FORMED WITH

SANDY WAS REALLY

INSTRUMENTAL IN GETTING

A FOOT IN THE DOOR AT

GOLDMAN SACHS.”

—HANNAH HENDRICKS

SANDY DAVIS

But why was an executive at a major investment bank in

New York City taking time out of her hectic schedule to

come to Iowa City and coach students?

“I’m just so grateful for the experience that I had at

Iowa,” responds Davis.

As a Hawkinson student herself, Davis flourished under

the mentorship of Chesca Colloredo-Mansfeld,

director of the Hawkinson Institute from 2002 to

2004, and Sarah Rogers, then assistant director.

Colloredo-Mansfeld had spent a portion of her career

as a Wall Street analyst and found innovative ways

to get Hawkinson students into internships with top

investment banks that had not historically taken

Tippie students. This included careful pre-screening

and “match making” between investment banks and

students. Over time, says Colloredo-Mansfeld, bank

recruiting teams came to trust the reputation of

Hawkinson students.

“A combination of a really strong finance faculty

and finance course offerings, summer internship

experience and coaching, as well as a real hunger for

opportunity on the part of the students meant that

recruiters started looking to Iowa to recruit for New

York and Chicago positions,” says Colloredo-Mansfeld,

now the executive director and co-founder of the

nonprofit MiracleFeet.

Once students land jobs, they excel, which enhances

the reputation of Iowa’s Hawkinson Scholars as

well-grounded in finance and down-to-earth. These

alumni then become advocates within their firms and

strengthen the talent pipeline.

Besides getting Tippie students’ collective feet

in the door, Hawkinson instills in students a

confidence that they can compete professionally.

The confidence part was half the battle,” recalls

Davis. “I was terrified to move to New York. I didn’t

think I belonged there or that I could do it, and

Chesca and Sarah pushed me out of my comfort zone

to at least give it a try. I think that often, especially

as women, we need that person to nudge us and say,

‘No, really. You are absolutely qualified to do this. It’s

not as scary as you think and let me tell you why.’”

“Alumni are the driving force behind our ability to

place students in these high-visibility positions at

well-known banks,” says Brian Richman, director

of the Hawkinson Institute since 2008.

“Most are very dedicated about paying it forward

and creating the same opportunities for younger

students.”

The collaborative environment has long

been a hallmark of the Hawkinson Institute,

Richman says.

“Seniors help juniors. Juniors help sophomores.

Alumni are involved all along the way. As strange

as it sounds, interview prep for investment banking

is very much a team sport. You can’t do it alone. It

depends very much on building cohesiveness within

the program.”

UNIVERSITY OF IOWA TIPPIE COLLEGE OF BUSINESS 19


MARVIN POMERANTZ

KEITH COOK (BSC49) AND

SHARON KRESS SUPPORTED

HANNAH HENDRICKS WITH A

SCHOLARSHIP

GARY FETHKE &

JAY SA-AADU

H. JOHN HAWKINSON

The concepts that became the Hawkinson Institute

and the Krause Fund were born in the 1990s under

the deanship of Gary Fethke (BA64; PhD68).

“It’s important to create distinctive programs

that are hard to copy,” said Fethke. “You just can’t

have mass-produced undergrads. You have to

give them something special. And that programming

has to be funded by private sources.”

He found an early champion in Marvin Pomerantz

(BSC52), who wanted to honor investment banker

H. John Hawkinson (BA36), who had profoundly

impacted Pomerantz’ life and career. Other donors

stepped forward including Keith Cook (BSC49)

and Sharon Kress and, in 1999, the Hawkinson

Institute of Business Finance was established. In the

previous year, W.A. (Bill) Krause (BA57), endowed

the Krause Fund, which offered undergraduates

experiential learning in real-world portfolio

management.

Fethke says that initially, the idea was to teach

investment banking to students, but it quickly

became clear that the curriculum wasn’t the problem.

It was placement.

“We’re far from the major financial centers,” said

Jay Sa-Aadu, professor of finance and the

Department of Finance department executive officer

from 1982 to 1994. “In the 1980s, at best we would

place students in Chicago or maybe Minneapolis.”

The vision of the Hawkinson Institute quickly

pivoted its emphasis to placement and today

Hawkinson successfully places students at all types

of investment banking firms: bulge bracket, middle

market, and elite boutiques in New York, Chicago,

and the Bay area. The value of the Krause Fund

continues to grow as the elective class pushes today’s

W.A. (BILL) KRAUSE

students to new levels of excellence. That

legacy—coupled with a strong Midwestern work

ethic—ultimately landed Hendricks in another

interview chair.

During her summer internship, Hendricks pursued

an internal mobility option and jumped from

Goldman’s finance division to the banking side of the

business. One major selling point: her Krause Fund

class report.

“Taking the skills and the physical report from

the Krause Fund class, I was able to leverage that

experience into a new position at Goldman Sachs,”

says Hendricks. “Given that I had been focusing on

doing equity research in the Krause Fund and also

covering equities in my internship, I was able to

combine those experiences to produce a compelling

argument that I was a good fit for an equity capital

markets role.”

Before making her pitch, Hendricks says she

consulted with Davis, Kiran Moorthy (BBA10),

and Skaaren Cossé (BBA14), all of whom work

in Goldman’s investment banking division and

were able to offer her concrete pointers. More proof

that the pay-it-forward culture doesn’t end after

graduation.

The resources of the Hawkinson Institute and

the Krause Fund are necessary but not sufficient

conditions to the success of students like Hendricks,

says Richman. At the end of the day, he says, there’s

one thing that defines every successful student:

“What I really credit student success to is they work

their butts off and they don’t give up.” •

20 EXCHANGE 2018


3 PEOPLE / 3 QUESTIONS

ELISE RUNDE VOSS

BBA08

CEO/Co-Founder of UpScored

New York, New York

1 What are you reading? I’m reading Shoe Dog by Phil Knight.

Q It’s a fascinating look into the growth of Nike and Knight’s journey as

an entrepreneur. It’s honest and refreshing.

2 Who is inspiring you? I really admire J.K. Rowling. Aside

Q from her evident talent, her story is incredible. She was a single mother

living on benefits before Harry Potter, which was actually met with a number

of rejections before it was published. If you have 30 minutes to spare, google

“J.K. Rowling Harvard Commencement Speech.”

3 What is the best part of your day? It truly depends on

Q the day! The best part of most of my days is when I spend time with my

husband. When it comes to work, the best part is right after my team and I have

come up with a great idea or a solution to a problem (usually following a long

brainstorming session and a lot of coffee).

MAGGIE RECHTORIS

BBA18

POST-GRADUATION

Accounting Rotation Business Associate

CNA Insurance, Chicago, Illinois

1 What are you reading? I am currently

Q reading The Girl Who Played with Fire, which is the

second novel in the Millennium Trilogy by Stieg Larsson.

2 Who is inspiring you? I am currently

Q inspired by Catt Sadler. She was an E! News anchor

who quit her two-decade career after learning that her male

co-host made nearly double the amount she made. I have a

greater appreciation for all the women who are attempting

to break the glass ceiling and fighting for equal pay within

the workforce, whether it is Hollywood celebrities or people

participating in marches across the nation.

3 What is the best part of your day?

Q The best part of my day is the morning, I enjoy going

to the gym right away in the morning to help wake up and

mentally prepare for the day ahead of me.

JON GARFINKEL

PROFESSOR AND HENRY B. TIPPIE RESEARCH FELLOW

1 What are you reading? I’m reading The Wisdom of Finance by Harvard Professor

Q Mihir Desai. His book offers “an entry” to finance thinking by tying core finance concepts to

the humanities and to more commonplace life-long questions.

2 Who is inspiring you? I continue to be inspired by Barack and Michelle Obama.

Q The more I watch world politics, the more grateful I am for his wisdom, and the more

amazed I am at the normalcy of their family (particularly their children).

3 What is the best part of your day?

Q Cooking dinner together with my wife.

21


Department of Finance

108 John Pappajohn Business Bldg

Iowa City IA 52242-1994

It’s important to create distinctive

programs


that are hard to copy.

You just can’t have mass-produced

undergrads. You have to give

them something special. And that

programming has to be funded by

private sources.


Gary Fethke

BA64; PhD68

Former Dean of the Tippie College

of Business, Professor Emeritus of

Economics and Management Sciences

The University of Iowa prohibits discrimination in employment, educational programs, and activities on the basis of race, creed, color,

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additional information on nondiscrimination policies, contact the Director, Office of Equal Opportunity and Diversity, the University of

Iowa, 202 Jessup Hall, Iowa City, IA 52242-1316, 319-335-0705 (voice), 319-335-0697 (TDD), diversity@uiowa.edu. W32419

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