Financial Markets Program - University of Minnesota
Financial Markets Program - University of Minnesota
Financial Markets Program - University of Minnesota
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2001-2009
EARNED EXCELLENCE<br />
THE BEST BUSINESS SCHOOLS<br />
IN THE WORLD<br />
The <strong>University</strong> <strong>of</strong> <strong>Minnesota</strong> is committed to the policy that all persons shall have equal access to its programs, facilities,<br />
and employment without regard to race, color, creed, religion, national origin, sex, age, marital status, disability, public<br />
assistance status, veteran status, or sexual orientation.
UMD’s Labovitz School <strong>of</strong> Business & Economics<br />
The Labovitz School <strong>of</strong> Business & Economics at the <strong>University</strong> <strong>of</strong> <strong>Minnesota</strong> Duluth<br />
established the <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> in the fall semester <strong>of</strong> 2001. This program<br />
selects some <strong>of</strong> the best and brightest LSBE students to participate in a rigorous 15-month<br />
program that combines academics with real-world practicum experience. In fact, the<br />
program’s primary objective is to provide students with experience that goes “Above and<br />
Beyond” the classroom and textbook-oriented education.The students manage a live<br />
portfolio known as The Bulldog Fund, LLC. Following is an explanation <strong>of</strong> the program’s<br />
history, mission, methods and a summary <strong>of</strong> its achievements. The story behind the LSBE<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong>’s beginnings and how its founders planned, partnered for, and<br />
executed it in such a short time, created, in part, its first “experiential” lesson.<br />
<strong>Program</strong> History – A <strong>University</strong> is Ready<br />
In 2000, students involved with the<br />
<strong>University</strong> <strong>of</strong> <strong>Minnesota</strong> Duluth (UMD)<br />
Investment Club approached Dr. Kjell<br />
Knudsen, Dean <strong>of</strong> the Labovitz School <strong>of</strong><br />
Business & Economics (LSBE),<br />
wondering if the <strong>University</strong> would<br />
provide them the necessary funds to<br />
invest in a live portfolio.<br />
“The students requested ten<br />
thousand dollars,” stated Dean Knudsen.<br />
“I asked, ‘Why not just do a real<br />
program?’”<br />
And from there, the wheels were in<br />
motion for the school’s <strong>Financial</strong> <strong>Markets</strong><br />
<strong>Program</strong>, one <strong>of</strong> the first programs <strong>of</strong> its<br />
kind to engage students with a live<br />
portfolio on the undergraduate level.<br />
Dean Knudsen recalls the sequence <strong>of</strong><br />
events that followed:<br />
“I contacted two local bank<br />
presidents, Mr. David Gaddie <strong>of</strong> US<br />
Bank and Mr. Phil Rolle <strong>of</strong> Norwest<br />
(now Wells Fargo) and they were very<br />
willing to support the project. It is their<br />
support that launched the program.”<br />
Shortly thereafter, the Dean<br />
approached UMD Chancellor Kathryn<br />
Martin, who thought it was a “terrific<br />
idea” and pledged her full support. A<br />
proposal to UMD’s Board <strong>of</strong> Regents was<br />
later presented and unanimously<br />
approved, which is significant as the<br />
Board was eventually designated as the<br />
Bulldog Fund’s owner and primary<br />
investor.<br />
Initial investment into the fund was<br />
$200,000. <strong>University</strong> funds were<br />
matched by the North Star Foundation.<br />
Subsequently, a third investor, the<br />
Northland Foundation committed capital<br />
to the “fund” in March, 2005.<br />
Classes began Fall, 2001 – a<br />
remarkable timetable in the world <strong>of</strong><br />
higher education.<br />
“ This program has far<br />
exceeded anybody’s<br />
expectations. It has been a<br />
spectacular success. The<br />
performance <strong>of</strong> the fund has<br />
been solid, but its performance<br />
and making money are not the<br />
goals <strong>of</strong> the program – to give<br />
students an excellent vehicle to<br />
learn is the goal and we’ve<br />
achieved that.”<br />
– DEAN KJELL KNUDSEN –<br />
Dean Knudsen<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 1
Phil Rolle<br />
Dave Gaddie<br />
Joe Artim<br />
“ A lot <strong>of</strong> young people think it is<br />
commonplace to walk into a<br />
finance career and make a lot <strong>of</strong><br />
money. This program pushes the<br />
experiential component, so<br />
they are truly prepared to go out<br />
and know what area<br />
they want to work in.”<br />
– JOE ARTIM –<br />
Director, <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong><br />
A major reason for the program’s ability<br />
to launch so quickly was the help it received<br />
from the <strong>University</strong> <strong>of</strong> <strong>Minnesota</strong>’s Carlson<br />
School <strong>of</strong> Management in Minneapolis<br />
which runs the Golden Gopher Growth<br />
Fund, a $4 million portfolio, as part <strong>of</strong> its<br />
MBA program.<br />
“We made numerous visits to<br />
Carlson,” says Dean Knudsen. “Their<br />
Dean, Dr. David Kidwell, was extremely<br />
helpful as a resource in helping to<br />
organize our program. We eventually<br />
hired the same law firm that helped<br />
structure their program and live fund.”<br />
Mr. Matt Thompson <strong>of</strong> Faegre and<br />
Benson was instrumental in designing the<br />
legal architecture <strong>of</strong> our fund.<br />
One <strong>of</strong> the bank presidents<br />
approached by the Dean explains why he<br />
was so quick to support this groundbreaking<br />
initiative:<br />
“I was intrigued by the idea <strong>of</strong> a<br />
program entirely focused on investment<br />
strategies and portfolio management on<br />
the undergraduate level, since it had<br />
never been before,” said Mr. Phil Rolle <strong>of</strong><br />
Wells Fargo. “We wanted in on this,<br />
because Wells Fargo has a long-held belief<br />
to give back to the community. Those are<br />
not just words, they’re our history. For us<br />
this is the perfect marriage <strong>of</strong> private<br />
industry and a nonpr<strong>of</strong>it.”<br />
Rolle attributes the program’s success<br />
to Dean Knudsen’s leadership and the fact<br />
Mr. Joe Artim was available to assume the<br />
role <strong>of</strong> <strong>Program</strong> Director.<br />
“We had an idea, but Joe, with his<br />
talents and experience, took it to the next<br />
level,” said Rolle. “The execution <strong>of</strong> this<br />
program has been extraordinary.”<br />
A <strong>Program</strong> is Ready<br />
The story behind the LSBE <strong>Financial</strong><br />
<strong>Markets</strong> <strong>Program</strong>’s beginnings and how<br />
its founders planned, partnered for, and<br />
executed it in such a short time, created,<br />
in part, its first “experiential” lesson: to be<br />
successful in investment fields, it’s okay to<br />
take a chance, but only if you are well<br />
prepared with the proper resources<br />
supporting you – and you’re able to think<br />
and act quickly<br />
2 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
At his cabin on Lake Vermilion in<br />
northern <strong>Minnesota</strong>, Mr. Joe Artim was<br />
on sabbatical from his job in London<br />
when he saw an ad in the Minneapolis<br />
Star Tribune for a director <strong>of</strong> a new<br />
program at UMD. After a career<br />
spanning 13 years in investment<br />
management and taking him from<br />
Chicago to New York and finally,<br />
London, Artim saw that ad as a higher<br />
calling.<br />
A 1986 <strong>University</strong> <strong>of</strong> Evansville<br />
(Evansville, IN) graduate, Artim was poised<br />
to inherit his father’s trucking company,<br />
but both knew this was Joe’s time to “see<br />
what’s out there.”<br />
The Monday after the Crash <strong>of</strong> ’87<br />
marked his first day on the job at the<br />
Chicago Mercantile Exchange. Working 70<br />
to 80 hours a week on the floor for Refco,<br />
Artim quickly advanced from runner,<br />
phone clerk to eventually arb clerk within<br />
six months <strong>of</strong> being on the floor. Shortly<br />
thereafter he moved on to an execution<br />
desk at Heinold Asset Management, which<br />
was becoming one <strong>of</strong> the first groups to<br />
structure commodity funds.<br />
Heinold Asset Management <strong>of</strong>fered a<br />
generous tuition reimbursement program,<br />
so Artim quickly decided to pursue his<br />
MBA at Loyola <strong>University</strong>, completing<br />
the 2-year program in roughly 14<br />
months. In 1991, Artim was <strong>of</strong>fered the<br />
opportunity to join the Millburn<br />
Corporation in New York City where he<br />
served as a hedge fund trader. He moved<br />
to London in 1995 when <strong>of</strong>fered a<br />
position with Pareto Partners as a senior<br />
portfolio manager and was involved in<br />
products that ranged from their global<br />
equity strategy, currency overlay program,<br />
global fixed income strategy as well as<br />
heading up their alternative investment<br />
strategy area until his sabbatical.<br />
During his years in New York with<br />
Millburn, Artim also taught finance parttime<br />
at NYU for three years.<br />
“This experience planted the seed that<br />
I may want to teach someday,” said Artim.<br />
By the time <strong>of</strong> his first interview at UMD<br />
in the summer <strong>of</strong> 2001, he was already<br />
laying out plans how different facets <strong>of</strong> the<br />
program needed to be constructed.
“It was Joe who made this program<br />
happen,” said Dean Knudsen, and classes<br />
began just one week after Artim’s hire.<br />
Working without a dedicated classroom<br />
and creating curriculum with school<br />
already in progress, Artim and his students<br />
were <strong>of</strong>f and running when 9-11 hits.<br />
“The students were in awe and I<br />
found myself asking them, ‘Are you<br />
ready?’ This program is preparing you to<br />
work in the major playing fields <strong>of</strong> the<br />
industry: New York, Tokyo, London. I<br />
Learning Lab – Real World<br />
Technology<br />
“I think two things set us apart: the fact<br />
we are an undergraduate program and<br />
our investment strategy,” said Dean<br />
Knudsen.<br />
This strategy implemented by<br />
students exposes them to every facet <strong>of</strong><br />
the investment world: currency trading,<br />
commodities and portfolio management.<br />
“When I ask students applying to this<br />
program what do you want to be, 75<br />
percent say a financial planner or broker.<br />
Almost all <strong>of</strong> them end up doing something<br />
else,” Artim said. “Our experiential focus on<br />
learning exposes them to the buy side and<br />
the sell side <strong>of</strong> this world, as well as the<br />
private versus institutional.”<br />
The LSBE <strong>Financial</strong> <strong>Markets</strong><br />
<strong>Program</strong> employs a presiding directive to<br />
improve a student’s written and spoken<br />
communication skills in regard to<br />
business and management and to improve<br />
their ability to comprehend and use<br />
quantitative information in regard to<br />
business strategies and global<br />
organizational and economic activities.<br />
The program also strives to help students<br />
better understand information from<br />
technology based systems.<br />
Allowing the latter to happen is FMP’s<br />
learning lab, where students learn how to<br />
use state-<strong>of</strong>-the-art technologies that<br />
provide up-to-the-minute information. As<br />
Dean Knudsen stated, initial investments<br />
always believe you have to teach from<br />
truth. So I told them, ‘You have to be<br />
prepared for what is not an easy life in<br />
the investment industry.’”<br />
Experiences such as starting a finance<br />
career in the middle <strong>of</strong> a crash to<br />
launching a <strong>University</strong> program with only<br />
days to prepare served to strengthen<br />
Artim’s resolve to anchor this program on<br />
<strong>of</strong>fering students a vast array <strong>of</strong> real-world<br />
experience in the investment fields. �<br />
Learning Goals <strong>of</strong> the <strong>Program</strong> –<br />
Experiential Learning Produces Graduates Ready for Anything<br />
from their local bank partners were the<br />
impetus that drove the program. Wells<br />
Fargo donated 20 new computers, two<br />
printers and a network server.<br />
“The Wells Fargo <strong>Financial</strong> <strong>Markets</strong><br />
Lab” was <strong>of</strong>ficially dedicated in May,<br />
2002. Features <strong>of</strong> the lab include:<br />
� Four dedicated Thompson Reuters<br />
data feeds providing students with<br />
instant access to current events and<br />
information that shape today’s<br />
global financial marketplace<br />
� On-site resource island housing<br />
industry trade journals, newspapers<br />
and company specific reports<br />
� Daktronics’ “Data Display” and<br />
“Ticker Display”<br />
� Direct cable access to CNBC,<br />
Bloomberg, CNN<br />
� State-<strong>of</strong>-the-Art technology and AV<br />
equipment<br />
� Centrally located conference table<br />
serving as the “round table” for<br />
student investment analysis and<br />
discussions<br />
“Our lab is designed to replicate the<br />
technological experience <strong>of</strong> the real<br />
world,” said Artim. “It allows students to<br />
work as a team, which is key to being<br />
successful.”<br />
Further funding support for the lab<br />
occurred in 2006 through the generosity <strong>of</strong><br />
a gift from Mrs. Elaine and Mr. Hunter<br />
Keck, allowed the program to upgrade its<br />
technology.<br />
“ I feel the <strong>Financial</strong> <strong>Markets</strong><br />
<strong>Program</strong> has exceeded<br />
expectations. I have<br />
attended the rebalancing<br />
sessions, and have been<br />
greatly impressed with the<br />
students, for their<br />
knowledge, poise, and<br />
enthusiasm. The actual<br />
performance <strong>of</strong> the Fund,<br />
although never our primary<br />
focus, has been more than<br />
satisfactory, particularly<br />
given program goals and<br />
market conditions. As the<br />
Labovitz School has grown<br />
in size and in distinction,<br />
the Bulldog Fund has<br />
played an integral role in<br />
that growth. It has added<br />
an element <strong>of</strong> creativity<br />
and sophistication typical<br />
<strong>of</strong> first-class business<br />
schools.”<br />
– TOM RENIER –<br />
President, Northland Foundation,<br />
initial investor in Bulldog Fund<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 3
“ The work ethic<br />
<strong>of</strong> students<br />
in the program is<br />
remarkable.”<br />
– DEAN JUNKANS –<br />
Chief Investment Officer,<br />
Wells Fargo Wealth Management Group<br />
Academic Components<br />
Complement Experiential<br />
The academic component <strong>of</strong> the program<br />
is preceded by a rigorous application<br />
process. Acceptance into the LSBE<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> is by<br />
invitation only. A formal application and<br />
interview process occurs once year, early<br />
in the spring semester, allowing select<br />
applicants to be integrated into the<br />
program before the preceding class <strong>of</strong><br />
students graduate.<br />
Only second semester junior LSBE<br />
majors or minors with a minimum overall<br />
GPA <strong>of</strong> 2.50 and a B or higher in FMIS<br />
3601 Corporate Finance, FMIS 3619<br />
<strong>Financial</strong>s Statement Analysis and FMIS<br />
3644 Investment Fundamentals are eligible<br />
to apply.<br />
<strong>Program</strong> coursework includes: FMIS<br />
4616 Security Analysis, 3 credits; FMIS<br />
4620 Portfolio Analysis and<br />
Management, 3 credits; FMIS 4624<br />
Applied Portfolio Management &<br />
Practicum, 3 credits.<br />
Throughout the program year, several<br />
industry leaders come to campus and<br />
share their valuable insight and<br />
experience to students.<br />
Past Guest Speakers<br />
Mike Farrell, Annaly Mortgage<br />
Management<br />
Wellington Denahan-Norris,<br />
Annaly Mortgage Management<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
Employer: Jim Jarocki, President, Stolat Partners,<br />
managers <strong>of</strong> a private investment fund in Duluth, MN.<br />
FMP Graduates Employed: Joshua Karlgaard ‘04 and<br />
Mark Friederichs ‘07<br />
“I think the program has done an excellent job in preparing candidates to analyze and trade securities.<br />
The two employees and the interns we have hired from the program have come well prepared to<br />
perform financial analysis. They also have come with the interpersonal skills necessary to be successful<br />
as money managers. The students have gained some real world exposure to the markets and have<br />
more than just a textbook understanding <strong>of</strong> how markets work. They have been exposed to the<br />
personalities and workings <strong>of</strong> the financial markets, giving them an advantage over other prospects.<br />
“The greatest usefulness <strong>of</strong> the program to Stolat as an employer is as a screening device. Those<br />
that make it into the program have the drive and skills to rise above the other business and nonbusiness<br />
graduates who are seeking employment.”<br />
4 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
Dan Lass, Pareto Partners<br />
Jim Jarocki, Stolat Partners<br />
Dave Arp, Stolat Partners<br />
Brad Christensen, Piper Jaffray<br />
Walter Broughton, Merrill Lynch<br />
Pat Cutshall, Allete<br />
Dean McCall, Solomon-Smith Barney<br />
Stuart Mason, UMN Office <strong>of</strong><br />
Asset Management<br />
Cheryl Meese, RBC Dain Rauscher<br />
Josh Hill, Windsor <strong>Financial</strong> Group<br />
Dave Hoium, Wells Fargo<br />
Jerry Dodd, Northern Asset Management<br />
Megan Hayman, Past Participant<br />
Ann Schmid, Past Participant<br />
Josh Karlgaard, Past Participant<br />
Bill Merz, Past Participant<br />
Greg Monegro, Past Participant<br />
July Eliason-Johnson, Past Participant<br />
Phil Rolle, Wells Fargo<br />
Bryan Amundson, Wells Fargo<br />
Dave Gunderson, Wells Fargo<br />
Artim carefully selects reading<br />
materials for the program’s academic<br />
component that ranges from classic,<br />
traditional texts on finance and investing<br />
to current industry journal articles.<br />
“This coursework builds on what the<br />
students are doing with their practicum<br />
work,” said Artim. “It does not rehash<br />
previous coursework. There are no exams,<br />
no cramming for tests. Performance is<br />
base entirely on their participation and<br />
presentations.”<br />
Bulldog Fund, LLC –<br />
Learning with Real Money<br />
Students begin their involvement with<br />
the portfolio as soon as they are accepted<br />
into the program. The FMP’s Summer<br />
Ready <strong>Program</strong> helps new program<br />
participants get started by <strong>of</strong>fering<br />
mentoring from the past year’s<br />
participants, assigning a summer reading<br />
schedule and introducing them to the<br />
daily – and sometimes nightly –<br />
monitoring <strong>of</strong> The Bulldog Fund, LLC.<br />
They are, after all, playing on a global<br />
field. “They’ll call as late as ten-thirty<br />
some nights to run a play past me” said<br />
Artim. “I encourage them to be pro-active
in their approach and unconcerned about<br />
when and what time they contact me.”<br />
The capstone <strong>of</strong> the LSBE <strong>Financial</strong><br />
<strong>Markets</strong> <strong>Program</strong> is the Bulldog Fund,<br />
LLC which was launched in January,<br />
2003. Each year, students are challenged<br />
to leave the fund in a better shape than<br />
they found it by striving to deliver excess<br />
returns to its investors. Working in small<br />
teams throughout the program year,<br />
students present formal investment<br />
recommendations to the program’s<br />
Investment Oversight Committee during<br />
formal rebalance dates, held four times a<br />
year.<br />
In managing the “fund”, students<br />
conduct extensive research, devise<br />
investment strategies and are responsible<br />
for administering and servicing all areas<br />
related to the fund. Specific<br />
responsibilities include implementing<br />
investment recommendations, daily<br />
management <strong>of</strong> the portfolio, monthly<br />
portfolio attribution and performance<br />
reporting.<br />
Putting the “Experience” in<br />
Experiential Learning<br />
<strong>Program</strong> participants dedicate the fall<br />
semester to learning the art <strong>of</strong> actively<br />
managing risk related to the “fund”. A shift<br />
occurs in the spring semester when students<br />
focus their attention towards devising new<br />
investment strategies for the “fund”.<br />
During the fall semester, students get<br />
their first <strong>of</strong>f-campus taste <strong>of</strong> the financial<br />
services industry with a trip to Chicago in<br />
mid-to-late October. This trip was<br />
instituted into the program during the<br />
2002-2003 academic year. Trips typically<br />
include visits to the following<br />
institutions:<br />
� ABN-AMRO Bank<br />
� Andrie Trading<br />
� Chicago Mercantile Exchange<br />
(CME)<br />
� Chicago Board <strong>of</strong> Trade (CBOT)<br />
� Chicago Board Options Exchange<br />
(CBOE)<br />
� Citigroup Global <strong>Markets</strong>, Inc<br />
� Driehaus Capital Management, LLC<br />
� Federal Reserve Bank <strong>of</strong> Chicago<br />
� First Trust Portfolios, LLC<br />
� Grosvenor Capital<br />
Management, LLP<br />
� K2 Advisors<br />
� One Chicago<br />
� Thompson Research QA<br />
“This trip is their first period <strong>of</strong><br />
discovery during the program year,” said<br />
Artim. “In Chicago they are exposed to a<br />
wide spectrum <strong>of</strong> career opportunities,<br />
both on and <strong>of</strong>f the exchange floors.”<br />
“It’s also a great bonding experience.<br />
Groups usually become very close over<br />
the course <strong>of</strong> the year.”<br />
At ABN-AMRO, students participate<br />
in a half day program that <strong>of</strong>fers them<br />
their first exposure into the real world<br />
<strong>of</strong>f-campus. Today, out <strong>of</strong> the program’s<br />
101 graduates, 13 are currently working<br />
in Chicago.<br />
“Students are encouraged to use this<br />
opportunity in Chicago to connect with<br />
program alumni already working there,”<br />
said Artim. “The alumni are core to the<br />
program’s success. They help open doors<br />
for these practicum visits and job<br />
opportunities for new graduates.”<br />
As part <strong>of</strong> its tradition, Dean Kjell<br />
Knudsen and Director Joe Artim enjoy<br />
hosting a Chicago Alumni Dinner during<br />
this trip each year. Another such event is<br />
held in Minneapolis in<br />
January as part <strong>of</strong> the<br />
program’s J-Term<br />
Practicum experience.<br />
“The J-Term<br />
Practicum is far more<br />
interactive than our<br />
Chicago trip,” said<br />
Artim. “Students are<br />
involved in doing far<br />
more in-depth research<br />
that culminates in a<br />
<strong>Program</strong> participants in Chicago in October, 2006.<br />
formal presentation at<br />
the end <strong>of</strong> the<br />
experience.”<br />
The J-Term Practicum has grown<br />
from a one week experience in the early<br />
years <strong>of</strong> the program to a two week<br />
experience today. Since its inception,<br />
students have spent at least one week,<br />
sometimes longer, working in the Wealth<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 5
“The alumni are<br />
core to the<br />
program’s success.”<br />
– JOE ARTIM –<br />
Director, <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong><br />
Class <strong>of</strong> 2009 during J-Term Practicum at Wells Fargo in Minneapolis.<br />
Management Group (formerly Private<br />
Client Services) <strong>of</strong> Wells Fargo’s regional<br />
headquarter in Minneapolis and Duluth,<br />
MN. Students begin the experience with<br />
an overview <strong>of</strong> portfolio management,<br />
then dive into asset allocation, equity<br />
research, credit analysis, earnings models<br />
and, finally, writing research reports and<br />
presenting their findings.<br />
Mr. Dean Junkans is the Chief<br />
Investment Officer for the Wealth<br />
Management Group <strong>of</strong> Wells Fargo.<br />
Junkans is impressed by how well<br />
prepared the students are each year. “The<br />
selection process to get into the program<br />
and the classroom preparation before the<br />
field practicum ensures these students<br />
have a high probability <strong>of</strong> success,” said<br />
Junkans.<br />
“The students I have worked with<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Paul Johnson, Managing Director <strong>of</strong> Investor Relations and<br />
Assistant Treasurer, Xcel Energy, Minneapolis, MN<br />
FMP GRADUATES EMPLOYED: Kayla Hertel ’04, Jessica Schmidt ’07,<br />
Kelli Millslagle ’07 and Garrett Mikrut ‘08<br />
“We have been very pleased with the students that Xcel Energy has hired from the <strong>University</strong> <strong>of</strong><br />
<strong>Minnesota</strong> Duluth (UMD). We have hired four students from FMP as employees in our Treasury<br />
Department. Clearly, we would not continue to hire students from this program if we didn’t feel<br />
they were strong candidates.”<br />
Jessica Schmidt has been an excellent employee for Xcel Energy. She has strong technical skills, a<br />
positive and pr<strong>of</strong>essional manner and a very good work ethic. Her educational background<br />
prepared her to contribute immediately. We are very pleased to have Jess as employee and I think<br />
she has a lot <strong>of</strong> potential.”<br />
6 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
over the past seven years have all been<br />
highly pr<strong>of</strong>essional and courteous,” he<br />
continued. “This may not sound like a<br />
big deal, but I have done informational<br />
interviews <strong>of</strong> college students for over 25<br />
years and sometimes they don’t know<br />
how to act in the business world. I have<br />
never seen anything but the highest<br />
degree <strong>of</strong> pr<strong>of</strong>essionalism and respect<br />
from the students in this program.”<br />
Also Junkans says he appreciates how<br />
well-prepared the program participants<br />
are with the technical tools and skills<br />
required to do the work. “The work ethic<br />
<strong>of</strong> students in the program is<br />
remarkable,” he said. “Every year, I am<br />
asked by the students to come in early or<br />
leave late or both to work on their<br />
projects – a request, I’m happy to<br />
accommodate.”<br />
After making their presentations, the<br />
practicum at Wells Fargo closes with a<br />
roundtable discussion about career<br />
opportunities and how students can<br />
distinguish themselves when competing<br />
for jobs after graduation. Wells Fargo has<br />
hired on average about 20% <strong>of</strong> the<br />
graduates from the program.<br />
“We always need top-flight students<br />
in our organization,” said Mr. Phil Rolle.<br />
“Here we have an opportunity to see the<br />
best <strong>of</strong> the best in action. There’s so<br />
much more opportunity to get to know a<br />
potential candidate than through a job<br />
interview.”<br />
After their work at Wells Fargo,
students spend several days at Piper<br />
Jaffray & Co., doing similar work. Ms.<br />
July Eliason-Johnson is a Research<br />
Analyst at Piper Jaffray in Minneapolis<br />
and a 2006 FMP alumnus. She helped<br />
coordinate the practicum, which was held<br />
for the first time in January 2008.<br />
“Graduates from FMP have a broader<br />
and more in-depth skill set than peers<br />
coming in from other<br />
undergraduate/graduate institutions and a<br />
higher level <strong>of</strong> pr<strong>of</strong>essionalism versus<br />
peers,” said Eliason-Johnson.<br />
“I believe the FMP experience has<br />
expanded several skills sets for<br />
participants including: financial analysis<br />
skills, written/verbal communication<br />
skills, an understanding <strong>of</strong> the industry<br />
including the relationship between buyside<br />
and sell-side analysis and portfolio<br />
management, and, perhaps most<br />
importantly, leadership/team<br />
management skills.”<br />
The strong relationships students<br />
build with each other during the program<br />
year last long after graduation, she adds.<br />
“I very much value being a part <strong>of</strong> a<br />
dialed-in and close-knit alumni network<br />
that has graduates from coast to coast,”<br />
said Eliason-Johnson.<br />
Another team-building and eyeopening<br />
experience the students enjoy is<br />
joining 2,000+ other students from<br />
across the country and world for the<br />
RISE (Redefining Investment Strategy<br />
Education) Symposium at the<br />
<strong>University</strong> <strong>of</strong> Dayton, OH in late<br />
March each year. The three day<br />
experience includes panel discussions<br />
and student workshops covering such<br />
topics as: investment research, portfolio<br />
management, investing, economics,<br />
regulation, political and governance<br />
issues and leadership in the finance<br />
services industry.<br />
“Students get to hear from some <strong>of</strong><br />
the brightest and best plugged-in minds<br />
on Wall Street,” said Artim. “And they<br />
<strong>of</strong>ten hear polar views on investing from<br />
these speakers, so they see that there are<br />
many different ways to be successful.”<br />
All in all, these experiential<br />
opportunities serve as an excellent bridge<br />
A Rebalance in action.<br />
between the work we do in the program<br />
and the work they can expect to do in the<br />
industry. The fall semester is focused on<br />
managing portfolio risk which leads to<br />
the spring semester <strong>of</strong> more actively<br />
pursuing higher returns for our investors<br />
in the Bulldog Fund, LLC.<br />
“I always tell them to live your<br />
passion,” said Artim. “These practicums<br />
and field trips really open their eyes to<br />
the different sides <strong>of</strong> the industry. They<br />
start realizing which side <strong>of</strong> the industry<br />
is the best fit for them.”<br />
Rebalances – Putting<br />
Learning to the Test<br />
As stated, the program conducts four<br />
rebalances throughout the year, in which<br />
students are given the opportunity to<br />
present new ideas for the Bulldog Fund,<br />
LLC to the program’s Investment<br />
Oversight Committee (IOC). Student<br />
recommendations will not be accepted<br />
until the IOC reviews and formally<br />
approves them.<br />
The role <strong>of</strong> the committee, which is<br />
comprised <strong>of</strong> seven industry pr<strong>of</strong>essionals<br />
currently working in the private sector<br />
and includes two program alumni, was a<br />
crucial element to the planning that went<br />
into the program.<br />
“We wanted to make it clear that we<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 7
“ Graduates from FMP<br />
have a broader and<br />
more in-depth skill set<br />
than peers coming<br />
in from other<br />
undergraduate/graduate<br />
institutions.”<br />
– JULY ELIASON-JOHNSON –<br />
Piper Jaffray, Minneapolis<br />
were not throwing students into the ocean<br />
to see if they could swim,” said Dean<br />
Knudsen. “We built in oversight and<br />
checks and balances.”<br />
During the integration process in the<br />
spring semester, teams are established.<br />
According to student interest, these teams<br />
are assigned different sectors <strong>of</strong> the S&P<br />
500. All 10 S&P sectors are covered.<br />
Weekly discussions attended by all<br />
the participants allow each student to<br />
learn about the other sectors. This allows<br />
them to gauge how other sectors may or<br />
may not impact the performance <strong>of</strong> their<br />
sector that week, and jointly, students<br />
decide what action would be best for the<br />
Bulldog Fund, LLC.<br />
The strategy the students utilize<br />
employs a “portable alpha” component.<br />
Based on their research, each team chooses<br />
a “relative value” opportunity from within<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Nate Bullard, Merchandise Planning Manager,<br />
Target Corporation, Minneapolis, MN<br />
<strong>Program</strong> Director Joe Artim in the new Wells Fargo <strong>Financial</strong> <strong>Markets</strong> Lab, opened in fall <strong>of</strong> 2008.<br />
FMP GRADUATES EMPLOYED: Joelle Hero ‘06<br />
“Two traits that set Joelle apart are her drive to understand root causes and her ability to get at<br />
those root causes by synthesizing data from multiple sources. By monitoring our vendor and<br />
competitor financial and market performance, Joelle <strong>of</strong>fers the team unique insights. By tracking<br />
customer opinions via their online shopping comments, she is able to discover and communicate<br />
why product is selling differently than expected. And by delving into the immense amounts <strong>of</strong> data<br />
we have available on historical sales, Joelle was able to identify patterns and recommend when<br />
new product should be set to maximize our financial performance. These characteristics make<br />
Joelle a very effective Sr. Business Analyst.”<br />
8 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
its sector. Teams seek to identify<br />
opportunities to arbitrage value from likecompany<br />
stocks; in essence, they<br />
recommend going “long” and “short” on<br />
certain stocks based on their analysis.<br />
Students are exposed to three forms<br />
<strong>of</strong> investment analysis widely using in the<br />
industry today: fundamental, technical<br />
and quantitative analysis. Students are<br />
required to incorporate all three forms <strong>of</strong><br />
analysis into their research and<br />
recommendations made during a<br />
rebalance event.<br />
Finance students are <strong>of</strong>ten limited in<br />
their learning regarding investment<br />
strategies. They may only be taught to<br />
look at a company’s financials or<br />
understand its strategy. The LSBE<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> at UMD is far<br />
more comprehensive in its approach.<br />
“We consider our approach very nontraditional<br />
in respect to the way we look<br />
at every aspect <strong>of</strong> a company before<br />
making a play,” said Artim. “The market<br />
may apply a valuation to a company that<br />
we need to investigate. For example, why<br />
is there a difference in its valuation versus<br />
its closet competitor, even if there is not a<br />
substantial difference in their respective<br />
market share?”<br />
By studying the many aspects <strong>of</strong> a<br />
stock’s performance, students learn to<br />
recognize when it is in play.<br />
IOC member Bryan Amundson says<br />
student performance during the formal
ebalance events is consistently strong.<br />
“The amount <strong>of</strong> detail they<br />
incorporate into their analysis and overall<br />
quality <strong>of</strong> their work is at a Master’s<br />
degree level,” said Amundson. “These<br />
students are well prepared to enter the<br />
financial services industry.”<br />
Alumni play an extremely viable role<br />
in the program. Throughout the program<br />
year, they serve as guest speakers,<br />
members <strong>of</strong> the Investment Oversight<br />
Committee and are instrumental in<br />
organizing practicum experiences. They<br />
also <strong>of</strong>ten open doors to job<br />
opportunities for new graduates. Future<br />
plans for the program include creating a<br />
formal mentoring program in which<br />
alumni work one-on-one with students in<br />
managing the “fund”.<br />
With the start <strong>of</strong> the 2008-2009<br />
school year, the LSBE <strong>Financial</strong> <strong>Markets</strong><br />
<strong>Program</strong> has come a long way from its days<br />
without a dedicated classroom or<br />
completed learning lab. UMD has just<br />
unveiled a new building for the Labovitz<br />
School <strong>of</strong> Business & Economics and<br />
located prominently on the first floor<br />
facing the front entry is the new Wells<br />
Fargo <strong>Financial</strong> <strong>Markets</strong> Lab. The new<br />
lab features more instructional and<br />
conference space.<br />
As stated by its founding fathers,<br />
such as Mr. Dean Knudsen and Mr.<br />
Phil Rolle, the program has met and<br />
exceeded its initial goals. When first<br />
proposing the program to the<br />
<strong>University</strong>, those goals were outlined as:<br />
“An education relevant to the financial<br />
services industry and students<br />
graduating prepared to make an<br />
immediate impact in their positions,<br />
diminishing the need for long costly<br />
training programs.”<br />
In the next section <strong>of</strong> this report,<br />
testimony from alumni and their<br />
employers will verify the impact this<br />
program has made on personal careers<br />
and company performance. �<br />
Fund Performance Graph<br />
All program members joined 2,300 other students from across the world for the RISE (Redefining<br />
Investment Strategy Education) Symposium at the <strong>University</strong> <strong>of</strong> Dayton, OH in 2008. Panel<br />
discussions included investing, economics, regulation, political and governance issues and leadership<br />
in the finance industry.<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 9
Outcome <strong>of</strong> Learning – Graduates Ready<br />
to Perform, Ready to Succeed<br />
“We have had calls from other schools<br />
about the program and how it is<br />
structured,” said Dean Knudsen. “While<br />
trading rooms on campuses are becoming<br />
more the norm, very few have actually put<br />
together the resources and structure to<br />
support a program like this, including<br />
having a director committed to a team<br />
experience and team learning like we have.”<br />
And the fact the program’s applicant<br />
screening process is extremely selective<br />
appeals to not only potential employers,<br />
but prospective students as well.<br />
“Right after that first year, we created<br />
sort <strong>of</strong> a buzz on campus,” said Artim.<br />
“We are finding students are now coming<br />
to UMD specifically to be part <strong>of</strong> this<br />
program.”<br />
In regards to one <strong>of</strong> the program’s<br />
initial goals to provide employers with<br />
candidates prepared to perform without<br />
the need for training, the program can<br />
claim mission accomplished. “Excelled<br />
immediately without a lot <strong>of</strong> hand<br />
holding” is a typical theme in the<br />
comments from employers <strong>of</strong> the LSBE<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> graduates.<br />
“The greatest usefulness <strong>of</strong> the<br />
program to Stolat as an employer is as a<br />
screening device,” said Jim Jarocki,<br />
President, Stolat Partners. “Those that<br />
make it into the program have the drive<br />
and skills to rise above the other business<br />
and non-business graduates who are<br />
seeking employment.”<br />
“Clifton believes the program<br />
produces above average candidates for<br />
hire in the investment fields due to the<br />
screening process involved with accepting<br />
students into the program,” added Jack<br />
Hansen, Principal, Clifton Group.<br />
“My supervisors are continually<br />
impressed with the quality <strong>of</strong> my work –<br />
especially having come right out <strong>of</strong><br />
college with little ‘industry’ experience,”<br />
commented Michael Lundquist, ’03.<br />
“The experience I gained in the program<br />
10 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
far exceeded any experience I may have<br />
gained working for a year in an <strong>of</strong>fice.”<br />
An important part <strong>of</strong> assuring that<br />
students are prepared for real-world<br />
experience is related to the amount <strong>of</strong><br />
technical knowledge they receive during<br />
their program experience.<br />
“They (FMP graduates) have a<br />
stronger skill base with computer<br />
applications such as Excel and<br />
Powerpoint,” said Laura Schauer,<br />
CFA/Assistant Treasurer,<br />
ALLETE/<strong>Minnesota</strong> Power. “Many<br />
students claim mastery <strong>of</strong> such programs<br />
but really haven’t been forced to use them<br />
in applicable business circumstances while<br />
completing their education.”<br />
“Mark brings a much more technical<br />
background on the financial markets than<br />
the average financial advisor,” said<br />
Michael Murphy <strong>of</strong> Ameriprise <strong>Financial</strong><br />
<strong>of</strong> employee and ’03 FMP graduate,<br />
Mark Sobiech.<br />
And <strong>of</strong> Joelle Hero, an ’06 FMP<br />
graduate, employer Nate Bullard,<br />
Merchandise Planning Manager, Target<br />
Corp., said, “By delving into the<br />
immense amounts <strong>of</strong> data we have<br />
available on historical sales, Joelle was<br />
able to identify patterns and recommend<br />
when new product should be set to<br />
maximize our financial performance.”<br />
The ability to excel by being a team<br />
player is one <strong>of</strong> the cornerstone’s <strong>of</strong> the<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> and<br />
employers are taking notice. “My FMP<br />
hires exhibit excellent teamwork while<br />
interacting with others,” said Jennifer<br />
Kibbon <strong>of</strong> Thomson Reuters. Another<br />
employer <strong>of</strong> an FMP grad, Dale R.<br />
Larson <strong>of</strong> Wells Fargo, said, “Tom<br />
(Miller) has a very positive attitude and a<br />
genuine willingness to learn and improve<br />
in his role at the Bank. He is a great team<br />
member and a valued part <strong>of</strong> our team!”<br />
Of the importance <strong>of</strong> the team learning<br />
experience, Scott Wallschlaeger, an ’04
FMP graduate, said, “In my current career<br />
as a financial adviser, we put a strong focus<br />
on teams and truly believe that no one<br />
person is going to have all the answers. The<br />
program has helped me work as a team to<br />
develop strategies and take every team<br />
member’s opinion into consideration when<br />
making decisions.”<br />
Ultimately, the mission <strong>of</strong> this program<br />
intends to not only raise the bar for the<br />
level at which graduates would first enter<br />
the workforce, but the level at which<br />
graduates would perform once there.<br />
Following is testimony from a<br />
sampling <strong>of</strong> alumni who attest to the fact<br />
this intent is being realized with every<br />
graduating class:<br />
Adam Kuhlmann, ’06<br />
Equity Trader, Wentworth, Hauser and Violich<br />
“The <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong><br />
experience allowed me to build a solid<br />
foundation that has directly applied to the<br />
current financial markets. Entering the<br />
workforce with the experience from the<br />
program has proved invaluable. The<br />
experiential knowledge learned gave me a<br />
base to excel in my current position. I<br />
have been able to use the analytical tools<br />
and education from the FMP and directly<br />
apply it when screening companies for<br />
potential investment. I learned how to<br />
multi-task in an efficient manner and<br />
make important decisions based on the<br />
best available information. The<br />
presentation experience also allowed me<br />
to have a comfort for communicating<br />
research to others. Presenting research<br />
ideas to a committee is used in our stock<br />
selection process daily. Lastly, the<br />
leadership skills developed during the<br />
FMP allowed me to be confident with my<br />
decisions and work well in a team setting.<br />
Joe Artim has developed a program that<br />
allows any self-driven student who has a<br />
passion for the financial markets to excel<br />
in their future career.”<br />
Michael Lundquist, ’03<br />
Floor Trader, wheat options pit, CBOT<br />
“While I firmly feel the experiences I had<br />
at UMD had a direct impact on my career<br />
path, I also feel the program has taught<br />
me so much more than that. The<br />
camaraderie and pure open nature <strong>of</strong> the<br />
program has made me into the person<br />
that I am today. I am greatly appreciative<br />
<strong>of</strong> what the FMP helped me learn<br />
regarding my place in the wide world <strong>of</strong><br />
finance and my niche in the market. I<br />
have currently been a floor trader for oneand-a-half<br />
years, and I owe all that I have<br />
to the FMP program at UMD.”<br />
Robert Ethier, ’06<br />
Investment Accountant & Operations Specialist,<br />
Kentucky Farm Bureau Mutual Insurance<br />
Co.Company<br />
“The program helped me gain insight into<br />
the global financial markets that I could<br />
not have received anywhere else. The<br />
analytical skills that I developed in the<br />
program have been instrumental thus far<br />
in my career helping me excel at my job<br />
and outperform my peers. The program<br />
<strong>of</strong>fered an environment that really focused<br />
on personal growth. The time I put in paid<br />
huge dividends in term <strong>of</strong> networking<br />
opportunities and improving my public<br />
speaking skills. It also helped me become<br />
more confident in my ideas, because I<br />
had to be able to back them up not only<br />
in front <strong>of</strong> the investment committee but<br />
also my peers. I may not have had the<br />
confidence necessary to succeed in the<br />
financial industry when I first came to the<br />
program, but I certainly had it by the time<br />
I graduated.”<br />
Kelli Millslagle, ’07<br />
<strong>Financial</strong> Analyst, ALLETE/MN Power<br />
“The program has given me real-world<br />
experience that I was able to apply on the<br />
job at day one. The program widened my<br />
financing skills and my presentation skills<br />
“ I owe all that I have to the<br />
FMP program at UMD.”<br />
– MICHAEL LUNDQUIST, ’03 –<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Lisa Pelayo, V.P., Senior Equity Trader, Wentworth, Hauser<br />
and Violich, San Francisco, CA<br />
FMP GRADUATES EMPLOYED: adam kuhlmann ’06<br />
“Adam has been a great employee. I think his exposure to the equity markets has been invaluable.<br />
He excelled immediately in all that he has taken on here at WHV. When I give him a task, he takes<br />
it and performs to my expectations without a lot <strong>of</strong> hand holding. I believe part <strong>of</strong> this is the<br />
experience gained from this program.”<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 11
that I use daily in my career. It has also<br />
taught me how to work in a real-world<br />
setting and be an effective employee in<br />
my job. If I was not given the opportunity<br />
to be in the <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong>, I<br />
would not have the knowledge or s<strong>of</strong>t<br />
skills that I have today.”<br />
Matthew Steffen, ’08<br />
Graduate Student at Univ. <strong>of</strong> Chicago (formerly<br />
employed at Meyer <strong>Financial</strong> & Consulting)<br />
“The LSBE <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong><br />
provided an invaluable wealth <strong>of</strong><br />
knowledge to my academic background.<br />
As a program applicant I had no<br />
intention <strong>of</strong> looking for any career other<br />
than that <strong>of</strong> an actuary, and my initial<br />
aspirations were to gain general<br />
managerial and business skills, as well<br />
as learn some good investment<br />
knowledge. These initial goals were<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Laura L. Schauer, CFA/Assistant Treasurer,<br />
ALLETE/<strong>Minnesota</strong> Power<br />
FMP GRADUATES EMPLOYED: Kelli Millslagle ‘07<br />
”The program clearly presents a real-life experience for the students unique against traditional<br />
theoretical-based methods. We have been impressed in interviews by the quality <strong>of</strong> candidates who<br />
have participated in the program. Specifically noteworthy is the maturity level and confidence that<br />
a student who has completed the program exhibits. They also have a stronger skill base with<br />
computer applications such as Excel and Powerpoint.<br />
“Many students claim mastery <strong>of</strong> such programs but really haven’t been forced to use them in<br />
applicable business circumstances while completing their education. Students that have<br />
completed the program debate the merits <strong>of</strong> a decision and inquire about the facts supporting it. I<br />
expect that this is a skill developed during the formal investment recommendation presentations.<br />
Other students tend to be more accepting <strong>of</strong> a decision, lacking the confidence or experience to<br />
ask questions or debate the answer. The latter, <strong>of</strong> course, assists with providing a broad-base<br />
versus a superficial understanding <strong>of</strong> an issue.<br />
“Finally, program students have an understanding and awareness <strong>of</strong> the capital markets and their<br />
impacts on the company’s ability to raise capital – and the price to raise capital.<br />
EMPLOYER: Jack Hansen, Principal, The Clifton Group, Edina, MN<br />
FMP GRADUATES EMPLOYED: Matt Liebl ’07<br />
“Our experience with hiring a UMD <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> graduate has been very positive.<br />
Matt has demonstrated a strong work ethic and is very focused in his position. He combines<br />
intelligence, maturity, motivation, and general interest in investments with a positive team-oriented<br />
approach.<br />
Clifton believes the Duluth program produces above average candidates for hire in the investment<br />
fields due to the screening process involved with accepting students into the program. The students<br />
then develop a knowledge and skills base which enters them into investment fields at a higher level<br />
than their peers and advance at an accelerated rate within investment organizations.”<br />
12 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
blown out <strong>of</strong> the water, and upon<br />
conclusion <strong>of</strong> the program I had<br />
completely transformed my career<br />
objectives towards those <strong>of</strong> a "quant." I<br />
found the probability and statistical<br />
implications in the financial markets to<br />
be the most captivating material I had<br />
ever studied.<br />
“Through the program I was able to<br />
develop a statistical arbitrage/quantitative<br />
pairs trading point <strong>of</strong> reference to add in<br />
our more traditional analytic techniques <strong>of</strong><br />
technical and fundamental analysis. This<br />
ultimately led to a UROP project entitled<br />
"Statistical Arbitrage: Developing a Pairs<br />
Trading Model" which perfectly combined<br />
my academic interests <strong>of</strong> statistics,<br />
economics, and investments.<br />
“Now as I enter the <strong>University</strong> <strong>of</strong> Chicago,<br />
not only do I feel the program and UROP<br />
greatly helped with my acceptance into the<br />
program, but it also provided me the perfect<br />
comprehensive background to take to the<br />
next scholastic level.”<br />
Jim Sonnek, ’05<br />
WMG Investment Management Specialist,<br />
Wells Fargo<br />
“Participating in the <strong>Financial</strong> <strong>Markets</strong><br />
<strong>Program</strong> at UMD allowed me hands-on<br />
experience in managing assets in a<br />
pr<strong>of</strong>essional environment that prepares<br />
one for the business world, and <strong>of</strong>fered<br />
networking opportunities with industry<br />
pr<strong>of</strong>essionals that led to my employment<br />
after college.”<br />
Scott Wallschlaeger, ’04<br />
<strong>Financial</strong> Planner/Investment Advisor, Midwest<br />
Pr<strong>of</strong>essional Planners, Ltd.<br />
“The program experiences have helped me<br />
as we put a strong focus on teams and<br />
truly believe that no one person is going<br />
to have all the answers. The FMP has<br />
taught me to take every team member’s<br />
opinion into consideration when making<br />
decisions. The program also gave me<br />
knowledge in finance and financial<br />
markets that was far in excess <strong>of</strong> that <strong>of</strong><br />
my peers. This has helped me in many<br />
ways. It made passing the knowledge tests<br />
for my securities registration very easy,<br />
and my scores were much higher than
average. This in turn translated into me<br />
being better suited to handle my clients’<br />
questions and concerns and developing<br />
more successful investment strategies. It<br />
has also helped to further my education<br />
and prepare me for my CFP (Certified<br />
<strong>Financial</strong> Planner) designation test. My<br />
experience with the FMP has also given<br />
me the knowledge and credibility to be a<br />
member <strong>of</strong> MPPL's Investment Committee<br />
and act as their assistant portfolio<br />
manager.”<br />
Matthew Liebl, ’07<br />
Investment Analyst, The Clifton Group<br />
“The program experience helped prepare<br />
me for my career in a couple <strong>of</strong> ways.<br />
First, it helped me focus my career path<br />
and eventually decide that I wanted to<br />
pursue an Investment Management career.<br />
Secondly, it opened my eyes to the long<br />
work hours that are very common in the<br />
Finance Industry. I also feel that the team<br />
approach to the program helped me<br />
tremendously because I work as part <strong>of</strong> a<br />
team everyday.”<br />
Dan Maki, ’08<br />
Operations Clerk, Waterstone Capital<br />
Management, LP<br />
“The program was by far one <strong>of</strong> the most<br />
beneficial experiences <strong>of</strong> my life. It<br />
helped me grow personally and<br />
pr<strong>of</strong>essionally. Joe Artim was an<br />
outstanding instructor who is respected<br />
and admired by participants. I went from<br />
entering the program with very limited<br />
knowledge <strong>of</strong> what the markets were and<br />
how the economy actually operated to<br />
entering the work force with a strong<br />
understanding <strong>of</strong> market action, market<br />
participants, major forms <strong>of</strong> analysis,<br />
accounting, business models and the<br />
economy, Micros<strong>of</strong>t Excel, presentation<br />
skills, networking skills, teamwork, and<br />
doing in-depth research. I developed a<br />
work ethic I didn’t know I had.”<br />
Kayla Hertel. ’04<br />
Forecasting/<strong>Financial</strong> Analyst, Xcel Energy<br />
“The program opened me up to different<br />
career opportunities available in finance.<br />
It provided me with real-life experience<br />
by being able to buy and sell actual<br />
stock and present to a board <strong>of</strong> finance<br />
experts. It also provided me with<br />
valuable contacts, which led me to my<br />
career that I have today. Overall, I think<br />
it was a great experience that taught me<br />
hard work, discipline and how to work<br />
with others that other regular classes did<br />
not. I think it is a wonderful opportunity<br />
for students.”<br />
Kevin Allen, ’04<br />
Operations Associate, Deephaven Capital<br />
Management<br />
“I am mainly responsible for supporting<br />
one <strong>of</strong> our U.S. trading desks, but I also<br />
help support, when necessary, some <strong>of</strong><br />
our desks in London and Hong Kong. This<br />
requires being familiar with nearly all<br />
products in the financial universe, as well<br />
as liaising with all areas <strong>of</strong> the<br />
organization including accounting,<br />
treasury, trading, compliance and<br />
operations colleagues across the globe.<br />
My knowledge <strong>of</strong> different hedging<br />
strategies and knowledge <strong>of</strong> a wide range<br />
<strong>of</strong> financial products helped me gain<br />
employment at Deephaven Capital<br />
Management, which is a multi-strategy<br />
hedge fund.”<br />
Nathan Swenson, ’06<br />
Underwriting Analyst, Raymond James Tax<br />
Credit Funds, Inc.<br />
“I doubt I would have this job without the<br />
experience and knowledge I gained in the<br />
program. The most beneficial aspect <strong>of</strong><br />
the program is the pr<strong>of</strong>essional<br />
atmosphere we were exposed to. Actively<br />
managing a hedge fund as an<br />
undergraduate taught us not only the<br />
detailed, technical mindset any successful<br />
business analyst must have, but it led to<br />
an easier transition into the pr<strong>of</strong>essional<br />
world than many business undergrads<br />
may not have. We had the opportunity to<br />
be exposed to, and learn from, seasoned<br />
financial pr<strong>of</strong>essionals and how the<br />
business world actually operates. All in all,<br />
even before getting a pr<strong>of</strong>essional job, I<br />
already had the knowledge and<br />
confidence that I would be a valuable<br />
asset to any company.”<br />
Graduate Placement<br />
Minneapolis<br />
Ameriprise <strong>Financial</strong><br />
St. Paul Traveler’s<br />
Black River Asset Management<br />
Cargill<br />
Citigroup Derivative <strong>Markets</strong>, Inc.<br />
The Clifton Group<br />
Deloitte & Touché<br />
Deephaven, LLC<br />
Edward Jones<br />
Ernst & Young<br />
GE Capital<br />
Honeywell<br />
Office <strong>of</strong> the Comptroller <strong>of</strong> the<br />
Currency (OCC)<br />
Piper Jaffray<br />
RBC Capital <strong>Markets</strong><br />
RBC Dain Rauscher<br />
SIT Investment<br />
Target Corporation<br />
TCF<br />
US Bank<br />
Waterstone Capital Management<br />
Wells Fargo<br />
Xcel Energy<br />
Chicago<br />
Andrie Trading<br />
Citigroup Global <strong>Markets</strong>, Inc<br />
Driehaus Capital Management, LLC<br />
First Trust Portfolios, LLC<br />
Harris Associates<br />
Thompson Reuters QA<br />
New York City<br />
American International Group (AIG)<br />
Other<br />
Alaska Department <strong>of</strong> Insurance –<br />
Juneau, AK<br />
AXA Insurance – Duluth, MN<br />
Farm Bureau <strong>Financial</strong> Services –<br />
Waite Park, MN<br />
Kentucky Farm Bureau<br />
McGladrey Pullen – Duluth, MN<br />
<strong>Minnesota</strong> Power – Duluth, MN<br />
RBC Dain Rauscher – Duluth, MN<br />
Raymond James – Tampa, FL<br />
Ruesch International – Atlanta, GA<br />
Sterling <strong>Financial</strong> – Boca Raton, FL<br />
Stolat Partners – Duluth, MN<br />
Wentworth, Hauser & Violich –<br />
San Francisco, CA<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 13
Awards & Recognitions<br />
AACSB International<br />
Mid-Continent East:<br />
Innovation in Business<br />
Education Award (2002)<br />
MISSION: The main goal <strong>of</strong> the<br />
LSBE <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> is<br />
to provide students with an educational<br />
experience that can be<br />
directly applied to the <strong>Financial</strong><br />
Services Industry. With the support<br />
<strong>of</strong> the local financial community,<br />
LSBE students have the opportunity<br />
to directly apply learned ideas, theories,<br />
and tools.<br />
Since the program’s inception,<br />
between 90 to 95 percent <strong>of</strong> the<br />
program’s 101 participants have<br />
secured employment in the financial<br />
services industry prior to graduation<br />
or shortly thereafter. As <strong>of</strong><br />
June 30, 2008, The Bulldog Fund,<br />
LLC appreciated in value 35 percent<br />
since its launch in January,<br />
2003.<br />
The success <strong>of</strong> the program has<br />
sparked a growing interest among<br />
not only potential employers, but<br />
other schools as well.<br />
“ It gave me a<br />
confidence that<br />
I don’t think I<br />
would have had otherwise<br />
coming into my career.”<br />
– ANNA SASSOR, ’03 –<br />
Mark Sobiech, ’03<br />
Associate <strong>Financial</strong> Advisor,<br />
Ameriprise <strong>Financial</strong><br />
”The breadth and depth <strong>of</strong> the markets<br />
program was unlike any other classes I<br />
experienced before or during college, as<br />
well as other training I have since received<br />
revolving around the financial markets.<br />
The program experience has been<br />
extremely helpful in my career in three<br />
primary ways: 1. It gave me the<br />
confidence <strong>of</strong> feeling like I had the<br />
necessary experience to compete in a<br />
competitive environment when entering<br />
the workforce at a young age. 2. It has<br />
enabled me to have more in-depth<br />
conversations with my clients to help<br />
educate them on investment decisions.<br />
3. It has helped me better evaluate<br />
investment vehicles that I may or may not<br />
recommend to my clients.”<br />
Joelle Hero, ’06<br />
Sr. Business Analyst, Target Corporation<br />
“The <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> has<br />
prepared me for the workforce both in and<br />
out <strong>of</strong> the market. I have gained adequate<br />
market experience to understand how The<br />
Street’s expectations relate to a<br />
company’s share price. I also learned<br />
how to read economic indicators and<br />
apply their repercussions to Target and our<br />
direct/indirect competitors. Outside <strong>of</strong> the<br />
market, the <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong><br />
served as a forum for me to improve on<br />
communication skills, database usage,<br />
and financial analysis. I feel that this<br />
experience allowed me to hit the ground<br />
running as I entered the corporate world.”<br />
Jessica Schmidt, ’07<br />
<strong>Financial</strong> Analyst, Xcel Energy Inc.<br />
“First and foremost, through the program,<br />
I learned essential interview techniques<br />
and had the opportunity to have my<br />
resume critiqued by other pr<strong>of</strong>essionals in<br />
the field, which I believe gave me a<br />
competitive advantage when beginning my<br />
job hunt mid-way through my senior year.<br />
Through the program, I was also able to<br />
develop the technical skills <strong>of</strong> researching,<br />
writing, and presenting which are not only<br />
critical in my career, but in all other<br />
14 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
aspects <strong>of</strong> my life. The program also has<br />
instilled a sense <strong>of</strong> confidence in me,<br />
which has helped me deal with all types<br />
<strong>of</strong> situations that arise in my life.”<br />
Rebecca Boll, ’05<br />
Equity Research Analyst, Piper Jaffray<br />
“The <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> accelerated<br />
my pr<strong>of</strong>essional development above and<br />
beyond the traditional lecture classes.<br />
Specifically, I obtained concise<br />
communication, structured writing, and<br />
critical quantitative skills. During the spring<br />
semester, we presented three paired stock<br />
recommendations to the Investment<br />
Oversight Committee, whereby we<br />
communicated our ideas, explained stock<br />
market catalysts and fielded the committee’s<br />
questions. This was directly applicable to my<br />
Equity Research Analyst position at Piper<br />
Jaffray. In this position, I was <strong>of</strong>ten called on<br />
by my boss, institutional clients and<br />
institutional sales people to deliver similar<br />
presentations <strong>of</strong> our “top ideas” within my<br />
team’s Medical Diagnostics and Life Science<br />
Tools coverage.”<br />
Joshua Karlgaard, ’04<br />
Mortgage Backed Securities/US Treasury Trader,<br />
Stolat Partners<br />
“This experience gave us a clear picture <strong>of</strong><br />
the possibilities that were waiting when we<br />
finished school. The J-Term Practicum in<br />
Minneapolis was a vital to the program<br />
experience. We performed analysis and<br />
gave presentations on companies just as an<br />
analyst would in the industry. More<br />
specifically, the program gives students the<br />
tools they need to enter the industry with<br />
confidence and a head start on the bulk <strong>of</strong><br />
other graduates because <strong>of</strong> the general<br />
approach to learning that was practiced<br />
throughout the year. We were taught to<br />
approach the problem from all sides to find<br />
the best answer, not just settle for the easy<br />
way. I have found that employers in the<br />
highly competitive financial services<br />
(especially capital markets) industry truly<br />
value this trait and search out people that<br />
use this approach.”
Anna Sassor, ’03<br />
Business Systems Consultant, Wells Fargo Bank<br />
“The program created a pr<strong>of</strong>essional<br />
environment and exposed us to<br />
community business leaders. By getting<br />
the opportunity to work and speak with<br />
these pr<strong>of</strong>essionals, it gave me a<br />
confidence that I don’t think I would have<br />
had otherwise coming into my career.<br />
Immediately after starting at Wells Fargo I<br />
was praised for being able to speak<br />
confidently and with ease to others within<br />
and external to the company. I ultimately<br />
got my start at Wells Fargo because <strong>of</strong><br />
connections made through the January<br />
experience!”<br />
Josh Williams, ’05<br />
Strategic Consulting Analyst, FindLaw – a<br />
Thomson Reuters business<br />
“The program allowed me to do several<br />
things that I feel gave me an advantage<br />
when it came to finding gainful<br />
employment after graduation. Throughout<br />
my time in the program I was continually<br />
given the opportunity to write and present<br />
detailed analyses and reports. From this I<br />
gained confidence in my analysis work<br />
and in justifying my opinions in front <strong>of</strong> an<br />
educated audience. Also, I was able to<br />
leverage past participants to get my first<br />
job in Chicago at Thomson Quantitative<br />
Analytics. I graduated on Saturday and<br />
was hired on Monday.”<br />
Gregory Monegro, ’06<br />
Senior Product Specialist, Thomson Reuters –<br />
Quantitative Analytics<br />
“The program has helped shape my career<br />
goals and given me the knowledge needed<br />
to perform at a higher level. The hands-on<br />
experience intensified my passion for the<br />
markets. It has led me to my current<br />
position in Chicago and towards becoming<br />
a CFA charter holder, where I will sit for<br />
the final level in June ’09. In all, the<br />
networking and real-world application has<br />
built a strong foundation <strong>of</strong> my skills,<br />
experience, and growth.”<br />
Jason Rylander, ’05<br />
Senior Tax Consultant, Deloitte & Touche<br />
“The program has helped prepare me in<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Aman Devgan, Director Strategy and Business Development,<br />
FindLaw, a Thomson Reuters business, Eagan, MN<br />
FMP GRADUATES EMPLOYED: Josh Williams, ‘05<br />
“As an analyst in a consulting position, Josh has to take a leadership role in achieving crossfunctional<br />
alignment and buy-in for his analysis. He has the ability to structure data needs for his<br />
analysis, keeping the overriding objective in mind. His training in drawing business insights using<br />
financial data allows him to quickly form hypotheses, identify right data to analyze, and draw<br />
valuable insights from the analysis. Josh is also comfortable supporting his findings in<br />
presentations to the company executives – a skill that he gained through the program. With<br />
experience, I see Josh becoming a good consultant and taking a leadership position in our<br />
organization.”<br />
EMPLOYER: Jennifer Kibbon, Manager <strong>of</strong> Client Services, Thomson<br />
Reuters – Quantitative Analytics, Chicago, IL<br />
FMP GRADUATES EMPLOYED: Gregory Monegro, ‘06<br />
“I have had the pleasure <strong>of</strong> working closely with Greg for the past two and a half years. Since<br />
joining Thomson Reuters, as a Product Support Specialist in May 2006, he has proven to be a<br />
great asset to our team. Greg was able to use the knowledge gained from the hands-on experience<br />
in the LSBE <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> to quickly grasp the financial s<strong>of</strong>tware products supported<br />
by the Thomson Reuters Quantitative Analytics team. His knowledge <strong>of</strong> the financial market has<br />
allowed him to continually excel in this position and clearly understand our clients’ needs and<br />
objectives. In August 2008, Greg earned the title <strong>of</strong> Senior Product Specialist. He shows excellent<br />
teamwork while interacting with others, and displays great organization skills in his job<br />
performance. Greg works diligently to meet all deadlines that he encounters, putting in the extra<br />
hours when necessary. He also carries a positive attitude, which creates a pleasant working<br />
environment. I believe the LSBE <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> prepared him well for a successful<br />
career in the financial industry.”than their peers and advance at an accelerated rate within<br />
investment organizations.”<br />
several different aspects <strong>of</strong> my career with<br />
Deloitte. The security analysis part <strong>of</strong> the<br />
program proved to be the most beneficial<br />
curriculum in my practice in the<br />
securitization industry. Being able to<br />
fundamentally understand the concepts<br />
behind the MBS and ABS securities I<br />
worked on, day in and day out, was<br />
without a doubt the largest catalyst to my<br />
success. Today, due to the slowdown in<br />
the securitization industry, I play a less<br />
active role in the financial markets. I now<br />
work with tax documents that deal with<br />
foreign entities investing in U.S. securities.<br />
It’s a position that has less exposure to<br />
the financial markets, however, the<br />
curriculum <strong>of</strong> the program continues to<br />
help me since it’s extremely beneficial to<br />
have an understanding <strong>of</strong> the types <strong>of</strong><br />
securities that qualify for different types <strong>of</strong><br />
benefits.”<br />
“I graduated on Saturday and<br />
was hired on Monday.”<br />
– JOSH WILLIAMS, ’05 –<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 15
“ I established instant<br />
credibility with my clients,<br />
because, although I had no<br />
work experience, I did have<br />
market experience.”<br />
– ALEX HUSNIK, ’06 –<br />
Tom Miller, ’04<br />
Credit Manager/AVP – Business Banking,<br />
Wells Fargo Bank<br />
“The LSBE <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong><br />
provided me with a skill set that I believe<br />
has been very beneficial in my<br />
development as a Credit Manager at<br />
Wells Fargo. Specifically, the emphasis<br />
within the program on financial statement<br />
analysis, understanding key ratios for<br />
measuring capital structure, liquidity,<br />
solvency and management/operating<br />
performance have been very applicable in<br />
my current role. In addition, the “paired<br />
equity” strategy used in the LSBE FMP,<br />
required program participants to really<br />
understand the concept <strong>of</strong> competitive<br />
advantage, which I have applied in the<br />
form <strong>of</strong> determining key risks and<br />
possible mitigants for borrowers within an<br />
industry. I have also occasionally found<br />
other financial measures, which I learned<br />
in the <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong>, to be<br />
quite useful, such as determining a<br />
company’s sustainable growth rate (how<br />
quickly can a company grow assuming<br />
pr<strong>of</strong>itability and pr<strong>of</strong>it retention and<br />
leverage are held constant). Although my<br />
current position is not directly involved in<br />
the financial markets, I feel the LSBE<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Dale R. Larson, Vice President - Business Banking Manager,<br />
Wells Fargo Bank, Minneapolis, MNL<br />
FMP GRADUATES EMPLOYED: Tom Miller, ‘04<br />
“Tom's overall risk assessment skills are advanced and directly a result <strong>of</strong> a solid fundamental<br />
understanding <strong>of</strong> finance, accounting, and financial statement analysis. With his background and<br />
understanding <strong>of</strong> the fundamentals, Tom is able to grasp new concepts and apply those quickly to<br />
become more effective in his position. Tom has a very positive attitude and a genuine willingness to<br />
learn and improve in his role at the Bank. He is a great team member and a valued part <strong>of</strong> our team!”<br />
EMPLOYER: Matt Wiebke, Manager, Investment Funds,<br />
Sit Investment Associates, Minneapolis, MN<br />
FMP GRADUATES EMPLOYED: Jacob Stoecker , ‘04<br />
“As Jake described the LSBE program to me, it is clear that the program has served him well in his<br />
current pr<strong>of</strong>ession. All employees we hire directly from college will possess a certain level <strong>of</strong> market<br />
knowledge learned via textbooks and lecture. However, that will only carry them so far. Jake has a<br />
much better foundation to work with given the experience he gained in your program. Also, I think<br />
the one-on-one mentoring he received in the program has given him an appreciation for similar<br />
relationships he has available to him in this environment.”<br />
16 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> helped my<br />
develop analytical tools to be effective as<br />
a credit manager (lender).”<br />
Amanda Midtling, ’03<br />
Staff Accountant, Thomson Reuters<br />
“The program helped me prepare for my<br />
career in a number <strong>of</strong> ways. It helped me<br />
work on my teamwork skills so I am better<br />
able to collaborate with others to get<br />
tasks done. Another way the program<br />
helped me was in improving my research<br />
skills, it gave me a better idea <strong>of</strong> what to<br />
look for in researching financial data and<br />
gave me a perspective in applying that to<br />
the accounting position I am currently in.<br />
As I am not currently working directly in<br />
the financial markets, I am not able to<br />
apply the specific skills I learned to<br />
research stocks, but it has helped provide<br />
me with another perspective on my current<br />
role.”<br />
Jacob Stoecker, ’04<br />
Fund Accountant, Sit Investment Associates<br />
“I feel the program, with its depth, gave<br />
me a curiosity <strong>of</strong> the financial markets<br />
that I wouldn't have had as a regular<br />
student. Being in a small, dedicated group<br />
forced me to maintain an intensity to keep<br />
learning at a fast rate and also do work<br />
that my fellow classmates would be proud<br />
<strong>of</strong>, and that would ultimately make money<br />
for the Bulldog Fund. Another unique<br />
feature to the program was having virtually<br />
exclusive access to the instructor. In<br />
addition to being able to bounce<br />
investment ideas <strong>of</strong>f him, I found a high<br />
value in being able to talk career options<br />
with someone who was successful in the<br />
field I was entering. Whereas a grade was<br />
always important to me I felt the<br />
opportunity to utilize the program<br />
resources was fully up to me and that the<br />
effort I put forth was directly correlated to<br />
what I would get out <strong>of</strong> it.”<br />
Jesse Andrist, ’08<br />
Accountant, Lawrence J. Ickes, CPA, A.C.<br />
“The LSBE <strong>Financial</strong> markets program<br />
prepared me, better than any other class<br />
could, for the investment industry working<br />
environment. Specifically, the
presentations we gave during our<br />
rebalances were the most beneficial part<br />
<strong>of</strong> my participation in the program. All<br />
aspects <strong>of</strong> the rebalance experience have<br />
proven to be similar to situations faced in<br />
the post graduation world. Preparation for<br />
the rebalance accurately emphasized the<br />
preparedness necessary to intelligently<br />
face a client and inform them <strong>of</strong> your<br />
decision. I am certain that the LSBE<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> is the most<br />
important stepping stone <strong>of</strong> my<br />
pr<strong>of</strong>essional life.”<br />
Ben Law, ’08<br />
Associate Analyst, Driehaus Capital Management<br />
“The program has helped me immensely<br />
in nearly every facet <strong>of</strong> my career<br />
including the initial job search while still in<br />
school. It plugs its participants into a<br />
network <strong>of</strong> alumni that is diverse in both<br />
career choices and geography which<br />
allows the participant to contact people<br />
who can provide advice and feedback in<br />
addition to helping me find out more<br />
information about different career paths.<br />
The program forced me to engage in<br />
the very activities that I spend the majority<br />
<strong>of</strong> my time doing now in my career. Verbal<br />
and written communication are necessities<br />
within this industry and, through the<br />
curriculum in the program, the<br />
participant’s abilities are refined through<br />
giving presentations to the oversight board<br />
and other students, and through writing<br />
up ideas in research reports. These skills<br />
helped me to not only find employment,<br />
but also succeed after being hired.<br />
I feel that I became more mature,<br />
responsible and thoughtful after going<br />
through the program which has enhanced<br />
my ability to operate both inside and<br />
outside <strong>of</strong> my work.”<br />
Nitya Malik, ’07<br />
Formerly <strong>of</strong> Piper Jaffray Co.<br />
“While employed at Piper Jaffray, it was<br />
critical for me to have background<br />
knowledge <strong>of</strong> the markets. The LSBE<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> provided me<br />
with a great platform in terms <strong>of</strong> technical<br />
skills (stock analysis), overall<br />
understanding <strong>of</strong> the economy, practical<br />
learning (being able to apply the<br />
knowledge directly) as well as exposure to<br />
other Wall Street firms. The team<br />
experience and learning from peers is a<br />
daily process in the workplace, and having<br />
gone through the program, I was more<br />
prepared to take full advantage <strong>of</strong> the<br />
resources available to me.”<br />
Brian Heijerman, ’07<br />
Fixed Income Trading Liaison,<br />
RBC Capital <strong>Markets</strong><br />
“The opportunity to participate in the LSBE<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> has allowed me<br />
to grow my knowledge and further my<br />
overall passion for the financial markets. By<br />
using a course curriculum that stressed a<br />
proactive hands-on learning approach, I<br />
was able to learn in a way that was similar<br />
to the pr<strong>of</strong>essional world. I found the<br />
transition from the classroom to the<br />
industry to be a smooth one, where I was<br />
able to apply the skills I had gained directly<br />
to my position. I am grateful for being a<br />
part <strong>of</strong> the LSBE <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong><br />
and thoroughly believe it is the sole reason<br />
why I have been provided the opportunities<br />
I have today.”<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Lawrence J. Ickes, CPA, Lewisburg, WV<br />
FMP GRADUATES EMPLOYED: Jesse Andrist, ‘08<br />
“Jesse is an extremely motivated young man. I know that Jesse took this job because a job in his<br />
field was not available in this rural area. He decided this was the best fit to expand his knowledge<br />
base while his wife is attending medical school here. While not having an accounting degree, he<br />
has more than made up for this by his understanding <strong>of</strong> investments, returns and calculations <strong>of</strong><br />
those returns and his presentation skills with clients. I believe he is very competent in the subject<br />
matter that his degree prepared him for. Overall, he has been an excellent addition to the company<br />
and I am very glad I hired this young man. Thank you for providing him to us in West Virginia.<br />
EMPLOYER: Daniel Rea, Co-Portfolio Manager, Driehaus International<br />
Discovery Fund, Lead Portfolio Manager, Driehaus Global<br />
Growth Fund, Director <strong>of</strong> Research Driehaus Capital<br />
Management LLC, Chicago, IL<br />
FMP GRADUATES EMPLOYED: Ben Law, ‘08<br />
“Ben has consistently demonstrated a strong aptitude for detailed financial analysis. The program<br />
has imparted solid technical skills combined with a broad awareness <strong>of</strong> global economic trends.<br />
Furthermore, given the unique long/short aspect <strong>of</strong> the program, Ben has become efficient at<br />
identifying specific investment drivers/catalysts and is advanced in his ability to evaluate<br />
risk/reward. Overall, having hired most analysts at the firm, I strongly believe that Ben is<br />
substantially better prepared than the average undergraduate candidate.”<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 17
“ Most <strong>of</strong> all, the program<br />
provided me with confirmation<br />
<strong>of</strong> what I wanted to do for the<br />
rest <strong>of</strong> my life.”<br />
– GENO NOVAK, ’06 –<br />
Yan Pronin, ’04<br />
Investment Analyst, The Severin Group<br />
“Participation in the LSBE <strong>Financial</strong><br />
<strong>Markets</strong> program has become the<br />
pinnacle <strong>of</strong> my undergraduate education<br />
taking me to a level far beyond <strong>of</strong> what<br />
one can expect from an undergraduate<br />
program. Quantitative and qualitative<br />
analysis skills developed during<br />
participation in the program have helped<br />
me get a firm grip on understanding a<br />
complex world <strong>of</strong> financial markets.”<br />
Alex Husnik, ’06<br />
Inside Wholesaler, First Trust Portfolios<br />
“The experience that I received while in<br />
the program allowed me to be fully<br />
prepared for my job before I started. With<br />
my clients being all seasoned investment<br />
advisers, I was able to step into my career<br />
already knowing current market trends and<br />
terminology. I could establish instant<br />
credibility with my clients, because,<br />
although I had no work experience, I did<br />
have market experience. The rebalance<br />
process also allowed me to hone my<br />
public speaking skills and defend my<br />
opinions to investment pr<strong>of</strong>essionals. This<br />
was the most beneficial aspect <strong>of</strong> the<br />
program in preparing me for a sales<br />
career. Without this experience I could<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Patrick Furnstahl, Sr. Investment Manager,<br />
Wells Fargo, St. Louis Park, MN<br />
FMP GRADUATES EMPLOYED: Kara Proctor, ‘07<br />
“We think highly <strong>of</strong> the FMP program here at Wells Fargo. The program has definitely given a job<br />
applicant an advantage over others who have not shared a similar experience. The training needed<br />
to bring a new hire up to speed is greatly reduced, which allows me to maintain my level <strong>of</strong> service<br />
to clients and not have to take time to train the new hire. Also, the level <strong>of</strong> job sharing between<br />
myself and the new hire is greater because they have a much better understanding for the job I<br />
need to do, Plus, they can provide much more help (even recommendations) to me due to their<br />
higher level <strong>of</strong> knowledge.”<br />
EMPLOYER: Brett Zingle, Performance Analyst, FAF Advisors/<br />
First American Funds (US Bancorp), Minneapolis, MN<br />
FMP GRADUATES EMPLOYED: Geno Novak, ‘06<br />
“Having a basic hands-on understanding <strong>of</strong> investments and portfolios is certainly beneficial – and<br />
not only to the specific job (reporting and analysis), but also to interactions within the firm. There<br />
is a considerable amount <strong>of</strong> interaction with various investment groups and pr<strong>of</strong>essionals, and<br />
having a basic understanding and experience to learn and grow <strong>of</strong>f <strong>of</strong> certainly benefits these<br />
interactions and the group as a whole.”<br />
18 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
never have accomplished everything that I<br />
have so quickly in my career.”<br />
Kara Proctor, ’07<br />
Investment Management Associate, Wells Fargo<br />
Private Bank<br />
“The greatest value <strong>of</strong> the program goes<br />
beyond the vast transfer <strong>of</strong> information,<br />
which is a valuable part <strong>of</strong> it, given the<br />
breadth and depth <strong>of</strong> Joe’s knowledge and<br />
experience. In my opinion the greatest<br />
value is gained through the experience<br />
produced by the real-world environment<br />
created by the program, which is truly<br />
unique at the bachelor’s degree level. It is<br />
this experience that spurs the personal<br />
growth that employers are able to<br />
instantly recognize.”<br />
Geno Novak, ’06<br />
Performance Analyst, FAF Advisors | First<br />
American Funds (US Bancorp)<br />
“The intensity <strong>of</strong> the program and the<br />
other participants challenged me to<br />
constantly think outside the box. This has<br />
benefited me greatly since I graduated,<br />
through the interview process, and my<br />
daily job tasks. Also the opportunity to<br />
interact with Joe really enabled me to<br />
learn what it takes to succeed in this<br />
industry. The passion and knowledge is<br />
infinite, and he is a great role model to<br />
learn from. Most <strong>of</strong> all, the program<br />
provided me with confirmation <strong>of</strong> what I<br />
wanted to do for the rest <strong>of</strong> my life.”<br />
Chad Mammenga, ’07<br />
Fixed Income Trader, Wells Fargo<br />
“The <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> helped<br />
greatly in preparing for my career. I attribute<br />
the knowledge base I gained as a member<br />
<strong>of</strong> the program to the books we read,<br />
primarily The Stock Market Course by<br />
George Fontanills. In addition, the research<br />
reports we wrote before our portfolio<br />
rebalances, the J-Term practicum with Wells<br />
Fargo, and our trip to Chicago helped me<br />
greatly. Without experiencing this program I<br />
do not believe I would be where I am today<br />
with my career at Wells Fargo.”
Ashley Mauer, ’07<br />
Product Associate – Mutual Funds, RBC Wealth<br />
Management<br />
“The program helped me develop my<br />
communication skills. We were responsible<br />
for developing our own opinions and were<br />
expected to share these opinions to<br />
classmates and industry pr<strong>of</strong>essionals.<br />
This taught me how to explain and defend<br />
my opinions. It also gave me a great<br />
opportunity to learn how to listen to<br />
feedback. We also had to learn how to<br />
admit when we did not know something or<br />
we had been wrong. Finally, the program<br />
really taught me how to look at the<br />
market. I learned that there was always a<br />
reason for the market to move. It really<br />
taught me the basic understandings <strong>of</strong><br />
what the industry was looking for and how<br />
to be a part <strong>of</strong> it.”<br />
Andrew Guyer, ’08<br />
<strong>Financial</strong> Analyst, IBM<br />
“The <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> has helped<br />
to prepare me for my career in many ways.<br />
First, through the program's hands-on<br />
research, I was able to begin my position at<br />
IBM with a strong knowledge <strong>of</strong> the inner<br />
workings <strong>of</strong> financial statements. I spend<br />
much <strong>of</strong> my time working with monthly<br />
revenues and costs, and the knowledge<br />
gained through this program has helped<br />
create a smooth transition from college to<br />
this position. Coming from a small town, I<br />
was not exposed to many <strong>of</strong> the possibilities<br />
that finance careers have to <strong>of</strong>fer. This<br />
program helped me develop a career<br />
direction and a list <strong>of</strong> goals. Finally, the<br />
program provided me with an excellent<br />
source <strong>of</strong> knowledge from a pr<strong>of</strong>essional<br />
that has more than 10 years <strong>of</strong> experience<br />
in the industry, and a team atmosphere that<br />
provided challenges for us every day we<br />
stepped in the FMP Lab.”<br />
Alex Paquin, ’08<br />
Planning Analyst, Target Corporation<br />
“One <strong>of</strong> the areas I believe the program<br />
provided the most benefit was in analysis.<br />
We took many different approaches in doing<br />
analysis: fundamental, quantitative and<br />
technical. Learning how to do deep analysis<br />
in different ways is something I find very<br />
important in my every day work. Another<br />
crucial skill the program helped develop<br />
was my presentation skills. Presenting my<br />
opinion and being confident and able to<br />
back it up while fielding challenging<br />
questions from an audience are all valuable<br />
skills that I don’t feel I had enough<br />
experience from other classes.”<br />
Brian Pattock, ’04<br />
Agent, Farm Bureau <strong>Financial</strong> Services and<br />
Owner – a Merchant Services Company<br />
“The LSBE <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> was<br />
by far the best learning environment that I<br />
have ever experienced. My life and career<br />
paths have lead me away from what I found<br />
to be the most valuable parts <strong>of</strong> the<br />
program. It provides the opportunity to look<br />
at various roles in the financial industry and<br />
to visit various financial centers <strong>of</strong> the US,<br />
along with the opportunity to work with a<br />
group <strong>of</strong> dedicated students who have<br />
similar aspirations. I would like to take the<br />
opportunity to thank the <strong>University</strong> <strong>of</strong><br />
<strong>Minnesota</strong> Duluth and LSBE for the chance<br />
to experience such a great program, with<br />
that I also would like to thank Joe Artim for<br />
all that he does for the program and all the<br />
invaluable information I gained.”<br />
Mike Olson, ’06<br />
Director <strong>of</strong> Finance, Taymark<br />
(Taylor Corporation)<br />
“The skills I obtained in the program that<br />
have been the most beneficial to my work<br />
are as follows: The ability to effectively<br />
analyze a company or situation – particularly<br />
fundamentally or quantitatively – and to<br />
present findings, recommendations and<br />
make informed decisions. The program also<br />
helped instill confidence and accountability<br />
in decision making, and skills regarding how<br />
to work successfully as a team. Even though<br />
Press Coverage<br />
“Taking Stock in Business<br />
Education” – Duluth News Tribune,<br />
February 21, 2001<br />
“SBE Begins New <strong>Program</strong> for<br />
Finance Majors” – UMD Statesman,<br />
March 28, 2002<br />
“Fund May Add to Students’ Options”<br />
Duluth News Tribune<br />
April 11, 2002<br />
“In New UMD Lab, Students Invest<br />
Real Money” – Duluth Budgeter<br />
News, May 19, 2002<br />
“Big Bank on Campus” – Minneapolis<br />
Star Tribune, January 24, 2003<br />
“Wells Fargo Partners With<br />
Undergraduate <strong>Program</strong>” –<br />
North Western <strong>Financial</strong> Review,<br />
February 1, 2003<br />
“UMD Students Get Experience They<br />
Can Bank On” – Duluth News<br />
Tribune, January 7, 2004<br />
“<strong>Program</strong> Lets Finance Students Get<br />
Feet Wet” – The Business Journal,<br />
January 9, 2004<br />
“Students Put Stock in UMD” –<br />
Duluth News Tribune,<br />
January 24, 2004<br />
“Students Get Real World<br />
<strong>Financial</strong> Experience”<br />
UMD Statesman,<br />
February 17, 2005<br />
“Bullish on Bulldog”<br />
Duluth News Tribune, May 7, 2007<br />
“Bulldog Fund Offers a<br />
Bull Market for Learning”<br />
Duluth News Tribune, May 5, 2008<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Ben Holmes, Finance Manager, Target Corporation,<br />
Minneapolis, MN<br />
FMP GRADUATES EMPLOYED: Alex Paquin, ‘08<br />
“Alex is prepared to present the results <strong>of</strong> his analysis well to all levels at Target. He is also<br />
experienced in analysis, which is essential in executing his role at Target. Finally, he is able to<br />
manage many different tasks at once, which appears to be central to the training <strong>of</strong> your program.”<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 19
I do not work directly in the financial<br />
markets, I feel that many <strong>of</strong> the lessons<br />
learned in the program are universal in the<br />
working world and would be beneficial to<br />
most business students.”<br />
Matt Kleffman, ’08<br />
<strong>Financial</strong> Advisor, Edward Jones<br />
“The program was great at helping me get<br />
ready for the work load that I am<br />
experiencing in the industry now. Prepping<br />
for the presentations felt a lot like what it<br />
feels like prepping for my appointments<br />
now, because no matter how much you<br />
prep, you really don't know exactly what to<br />
expect. I learned how to think on the spot<br />
intelligently. The program really forced me<br />
to grow up. I feel that the hours expected<br />
in this industry would have hit me hard if<br />
� Employers Take Notice <strong>of</strong> Graduates Going “Above & Beyond”<br />
EMPLOYER: Karim O’Driscoll, Director Pricing Strategy and Dealer<br />
<strong>Program</strong> Integration, Zag.com Inc., Los Angeles, CA<br />
FMP GRADUATES EMPLOYED: Tyson Nassauer, ‘08<br />
“Tyson’s learning curve <strong>of</strong> pricing concepts in a new industry (automotive) has been very fast. His<br />
technical skills (data analysis, Excel, reporting, data presentation, attention to detail) are very<br />
strong, as are his motivation levels and work ethic.”<br />
EMPLOYER: Jacalynn Reed, VP, Lifelong Wealth Inc., Minneapolis, MN<br />
FMP GRADUATES EMPLOYED: Jeremy Lipinski, ‘06<br />
“Jeremy came well prepared to take on the responsibilities <strong>of</strong> Para Planner. His client service skills<br />
are excellent. He came with a good understanding <strong>of</strong> the financial industry and financial planning<br />
as a whole. Terminology, asset allocation, fund management, etc., were all skills that did not have<br />
to be taught. He has been a valued employee with high expectations for a bright future in this<br />
industry.”<br />
EMPLOYER: Jennifer Kibbon, Manager <strong>of</strong> Client Services, Thomson<br />
Reuters – Quantitative Analytics, Chicago, IL<br />
FMP GRADUATES EMPLOYED: Jason Sluciak, ‘07<br />
“Since joining Thomson Reuters, as a Product Support Specialist in May 2007, Jason has proven to<br />
be a great asset to our team. He was able to use the knowledge gained from the hands-on<br />
experience in the LSBE <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> to quickly grasp the financial s<strong>of</strong>tware products<br />
supported by the Thomson Reuters Quantitative Analytics team. His knowledge <strong>of</strong> the financial<br />
market has allowed him to continually excel in this position and clearly understanding our clients’<br />
needs and objectives. Jason constantly welcomes new challenges and opportunities. I have also<br />
witnessed Jason demonstrate many important personal qualities in the workplace. He shows<br />
excellent teamwork while interacting with others, and displays great organization skills in his job<br />
performance. Jason works diligently to meet all deadlines that he encounters, putting in the extra<br />
hours when necessary. I believe the LSBE <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> prepared him well for a<br />
successful career in the financial industry.”<br />
20 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM<br />
not for the program. On top <strong>of</strong> all that, the<br />
knowledge I gained in how the market has<br />
reacted throughout history has helped me<br />
talk to people about how great <strong>of</strong> an<br />
opportunity this is for clients.”<br />
John Malone, ’05<br />
RFP Specialist, Advantus Capital Management<br />
“I came away from the FMP with skills and<br />
abilities above and beyond those <strong>of</strong> my<br />
fellow classmates. Specifically, the<br />
opportunity taught me what would be<br />
expected to succeed in the financial<br />
marketplace and provided me with vital<br />
contacts to reach the goals that I set to<br />
achieve. I feel grateful for having the<br />
opportunity to be a part <strong>of</strong> the LSBE<br />
<strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong>.”<br />
Nishit H. Charadva, ’08<br />
Technology Support Specialist, <strong>University</strong> Of<br />
<strong>Minnesota</strong> Duluth<br />
“This program has helped me grow both<br />
personally and pr<strong>of</strong>essionally. It helped<br />
me tremendously in developing my<br />
intellectual skills, as well as improving<br />
significantly my presentation skills and<br />
ability to learn, think and apply hands-on<br />
learning experience to my day-to-day life.<br />
The program challenged me to go above<br />
and beyond my own expectations.”<br />
Tyson Nassauer, ’08<br />
Pricing Analyst, zag.com<br />
“The <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> has<br />
molded my ability to analyze data,<br />
diagnose complex situations, and prioritize<br />
and commit the appropriate level <strong>of</strong> time<br />
and attention to detail in a resource (i.e.<br />
time and money) constrained environment<br />
to a level that exceeds most college<br />
graduates who recently entered the<br />
workforce. This much needed experience<br />
not only enhanced my resume in a<br />
competitive job market, but provided me<br />
the skills to exceed management’s<br />
expectations, allowing them to assign me<br />
as “lead” on projects that would normally<br />
be assigned to more senior employees.<br />
The <strong>Financial</strong> <strong>Markets</strong> <strong>Program</strong> allowed<br />
me to experience my “rookie year” in a<br />
controlled yet realistic environment.”
Students visit Chicago Board <strong>of</strong> Trade in fall, 2003.<br />
Learning from pr<strong>of</strong>essionals at Wells Fargo during J-Term.<br />
Jeremy Lipinski, ’06<br />
Para Planner, Lifelong Wealth Inc.<br />
“Much like a career, the FMP was not a<br />
class that you simply went to for a few<br />
hours a day and did not think about again<br />
until the next week. We were called upon<br />
to be responsible and accountable for our<br />
recommendations at all times. Above all<br />
else, the FMP gave me an understanding<br />
and appreciation for the financial markets<br />
that I could not have ever achieved by<br />
attending a lecture or reading a text book.<br />
I use this knowledge everyday when<br />
constructing client portfolios.”<br />
Jason Sluciak, ’07<br />
Product Specialist, Thomson Reuters –<br />
Quantative Analytics<br />
“For my career the biggest benefit from<br />
the program I’ve seen is the deeper<br />
understanding I gained about the different<br />
financial markets. I spend the majority <strong>of</strong><br />
my time helping clients extract and<br />
manipulate financial data that is<br />
important to their investment strategies,<br />
and it is crucial that I understand what<br />
the client is trying to do and what they<br />
want the end result to be. My experience<br />
in the program prepared me very well for<br />
this. The other major area I feel the<br />
program helped me with was my<br />
presentation skills. The skills and<br />
preparation habits I learned from those<br />
presentations have paid huge dividends<br />
over my brief career. Overall I can’t<br />
express how invaluable the knowledge and<br />
experience <strong>of</strong> the LSBE <strong>Financial</strong> <strong>Markets</strong><br />
program have been for me.” �<br />
“ FMP gave me an<br />
understanding <strong>of</strong> the financial<br />
markets that I could not have<br />
achieved by attending a<br />
lecture or reading a book. I<br />
use this knowledge everyday<br />
when constructing client<br />
portfolios.”<br />
– JEREMY LIPINSKI, ’06 –<br />
UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 21
<strong>University</strong> <strong>of</strong> <strong>Minnesota</strong> Duluth<br />
1318 Kirby Drive<br />
Duluth, MN 55812-3029<br />
www.d.umn.edu/lsbe/finmarkets/home.htm