Financial Markets Program - University of Minnesota

2001-2009

EARNED EXCELLENCE 

THE BEST BUSINESS SCHOOLS 

IN THE WORLD 

The University of Minnesota is committed to the policy that all persons shall have equal access to its programs, facilities, 

and employment without regard to race, color, creed, religion, national origin, sex, age, marital status, disability, public 

assistance status, veteran status, or sexual orientation.

UMD’s Labovitz School of Business & Economics 

The Labovitz School of Business & Economics at the University of Minnesota Duluth 

established the Financial Markets Program in the fall semester of 2001. This program 

selects some of the best and brightest LSBE students to participate in a rigorous 15-month 

program that combines academics with real-world practicum experience. In fact, the 

program’s primary objective is to provide students with experience that goes “Above and 

Beyond” the classroom and textbook-oriented education.The students manage a live 

portfolio known as The Bulldog Fund, LLC. Following is an explanation of the program’s 

history, mission, methods and a summary of its achievements. The story behind the LSBE 

Financial Markets Program’s beginnings and how its founders planned, partnered for, and 

executed it in such a short time, created, in part, its first “experiential” lesson. 

Program History – A University is Ready 

In 2000, students involved with the 

University of Minnesota Duluth (UMD) 

Investment Club approached Dr. Kjell 

Knudsen, Dean of the Labovitz School of 

Business & Economics (LSBE), 

wondering if the University would 

provide them the necessary funds to 

invest in a live portfolio. 

“The students requested ten 

thousand dollars,” stated Dean Knudsen. 

“I asked, ‘Why not just do a real 

program?’” 

And from there, the wheels were in 

motion for the school’s Financial Markets 

Program, one of the first programs of its 

kind to engage students with a live 

portfolio on the undergraduate level. 

Dean Knudsen recalls the sequence of 

events that followed: 

“I contacted two local bank 

presidents, Mr. David Gaddie of US 

Bank and Mr. Phil Rolle of Norwest 

(now Wells Fargo) and they were very 

willing to support the project. It is their 

support that launched the program.” 

Shortly thereafter, the Dean 

approached UMD Chancellor Kathryn 

Martin, who thought it was a “terrific 

idea” and pledged her full support. A 

proposal to UMD’s Board of Regents was 

later presented and unanimously 

approved, which is significant as the 

Board was eventually designated as the 

Bulldog Fund’s owner and primary 

investor. 

Initial investment into the fund was 

$200,000. University funds were 

matched by the North Star Foundation. 

Subsequently, a third investor, the 

Northland Foundation committed capital 

to the “fund” in March, 2005. 

Classes began Fall, 2001 – a 

remarkable timetable in the world of 

higher education. 

“ This program has far 

exceeded anybody’s 

expectations. It has been a 

spectacular success. The 

performance of the fund has 

been solid, but its performance 

and making money are not the 

goals of the program – to give 

students an excellent vehicle to 

learn is the goal and we’ve 

achieved that.” 

– DEAN KJELL KNUDSEN – 

Dean Knudsen 

UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 1

Phil Rolle 

Dave Gaddie 

Joe Artim 

“ A lot of young people think it is 

commonplace to walk into a 

finance career and make a lot of 

money. This program pushes the 

experiential component, so 

they are truly prepared to go out 

and know what area 

they want to work in.” 

– JOE ARTIM – 

Director, Financial Markets Program 

A major reason for the program’s ability 

to launch so quickly was the help it received 

from the University of Minnesota’s Carlson 

School of Management in Minneapolis 

which runs the Golden Gopher Growth 

Fund, a $4 million portfolio, as part of its 

MBA program. 

“We made numerous visits to 

Carlson,” says Dean Knudsen. “Their 

Dean, Dr. David Kidwell, was extremely 

helpful as a resource in helping to 

organize our program. We eventually 

hired the same law firm that helped 

structure their program and live fund.” 

Mr. Matt Thompson of Faegre and 

Benson was instrumental in designing the 

legal architecture of our fund. 

One of the bank presidents 

approached by the Dean explains why he 

was so quick to support this groundbreaking 

initiative: 

“I was intrigued by the idea of a 

program entirely focused on investment 

strategies and portfolio management on 

the undergraduate level, since it had 

never been before,” said Mr. Phil Rolle of 

Wells Fargo. “We wanted in on this, 

because Wells Fargo has a long-held belief 

to give back to the community. Those are 

not just words, they’re our history. For us 

this is the perfect marriage of private 

industry and a nonprofit.” 

Rolle attributes the program’s success 

to Dean Knudsen’s leadership and the fact 

Mr. Joe Artim was available to assume the 

role of Program Director. 

“We had an idea, but Joe, with his 

talents and experience, took it to the next 

level,” said Rolle. “The execution of this 

program has been extraordinary.” 

A Program is Ready 

The story behind the LSBE Financial 

Markets Program’s beginnings and how 

its founders planned, partnered for, and 

executed it in such a short time, created, 

in part, its first “experiential” lesson: to be 

successful in investment fields, it’s okay to 

take a chance, but only if you are well 

prepared with the proper resources 

supporting you – and you’re able to think 

and act quickly 

2 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 

At his cabin on Lake Vermilion in 

northern Minnesota, Mr. Joe Artim was 

on sabbatical from his job in London 

when he saw an ad in the Minneapolis 

Star Tribune for a director of a new 

program at UMD. After a career 

spanning 13 years in investment 

management and taking him from 

Chicago to New York and finally, 

London, Artim saw that ad as a higher 

calling. 

A 1986 University of Evansville 

(Evansville, IN) graduate, Artim was poised 

to inherit his father’s trucking company, 

but both knew this was Joe’s time to “see 

what’s out there.” 

The Monday after the Crash of ’87 

marked his first day on the job at the 

Chicago Mercantile Exchange. Working 70 

to 80 hours a week on the floor for Refco, 

Artim quickly advanced from runner, 

phone clerk to eventually arb clerk within 

six months of being on the floor. Shortly 

thereafter he moved on to an execution 

desk at Heinold Asset Management, which 

was becoming one of the first groups to 

structure commodity funds. 

Heinold Asset Management offered a 

generous tuition reimbursement program, 

so Artim quickly decided to pursue his 

MBA at Loyola University, completing 

the 2-year program in roughly 14 

months. In 1991, Artim was offered the 

opportunity to join the Millburn 

Corporation in New York City where he 

served as a hedge fund trader. He moved 

to London in 1995 when offered a 

position with Pareto Partners as a senior 

portfolio manager and was involved in 

products that ranged from their global 

equity strategy, currency overlay program, 

global fixed income strategy as well as 

heading up their alternative investment 

strategy area until his sabbatical. 

During his years in New York with 

Millburn, Artim also taught finance parttime 

at NYU for three years. 

“This experience planted the seed that 

I may want to teach someday,” said Artim. 

By the time of his first interview at UMD 

in the summer of 2001, he was already 

laying out plans how different facets of the 

program needed to be constructed.

“It was Joe who made this program 

happen,” said Dean Knudsen, and classes 

began just one week after Artim’s hire. 

Working without a dedicated classroom 

and creating curriculum with school 

already in progress, Artim and his students 

were off and running when 9-11 hits. 

“The students were in awe and I 

found myself asking them, ‘Are you 

ready?’ This program is preparing you to 

work in the major playing fields of the 

industry: New York, Tokyo, London. I 

Learning Lab – Real World 

Technology 

“I think two things set us apart: the fact 

we are an undergraduate program and 

our investment strategy,” said Dean 

Knudsen. 

This strategy implemented by 

students exposes them to every facet of 

the investment world: currency trading, 

commodities and portfolio management. 

“When I ask students applying to this 

program what do you want to be, 75 

percent say a financial planner or broker. 

Almost all of them end up doing something 

else,” Artim said. “Our experiential focus on 

learning exposes them to the buy side and 

the sell side of this world, as well as the 

private versus institutional.” 

The LSBE Financial Markets 

Program employs a presiding directive to 

improve a student’s written and spoken 

communication skills in regard to 

business and management and to improve 

their ability to comprehend and use 

quantitative information in regard to 

business strategies and global 

organizational and economic activities. 

The program also strives to help students 

better understand information from 

technology based systems. 

Allowing the latter to happen is FMP’s 

learning lab, where students learn how to 

use state-of-the-art technologies that 

provide up-to-the-minute information. As 

Dean Knudsen stated, initial investments 

always believe you have to teach from 

truth. So I told them, ‘You have to be 

prepared for what is not an easy life in 

the investment industry.’” 

Experiences such as starting a finance 

career in the middle of a crash to 

launching a University program with only 

days to prepare served to strengthen 

Artim’s resolve to anchor this program on 

offering students a vast array of real-world 

experience in the investment fields. � 

Learning Goals of the Program – 

Experiential Learning Produces Graduates Ready for Anything 

from their local bank partners were the 

impetus that drove the program. Wells 

Fargo donated 20 new computers, two 

printers and a network server. 

“The Wells Fargo Financial Markets 

Lab” was officially dedicated in May, 

2002. Features of the lab include: 

� Four dedicated Thompson Reuters 

data feeds providing students with 

instant access to current events and 

information that shape today’s 

global financial marketplace 

� On-site resource island housing 

industry trade journals, newspapers 

and company specific reports 

� Daktronics’ “Data Display” and 

“Ticker Display” 

� Direct cable access to CNBC, 

Bloomberg, CNN 

� State-of-the-Art technology and AV 

equipment 

� Centrally located conference table 

serving as the “round table” for 

student investment analysis and 

discussions 

“Our lab is designed to replicate the 

technological experience of the real 

world,” said Artim. “It allows students to 

work as a team, which is key to being 

successful.” 

Further funding support for the lab 

occurred in 2006 through the generosity of 

a gift from Mrs. Elaine and Mr. Hunter 

Keck, allowed the program to upgrade its 

technology. 

“ I feel the Financial Markets 

Program has exceeded 

expectations. I have 

attended the rebalancing 

sessions, and have been 

greatly impressed with the 

students, for their 

knowledge, poise, and 

enthusiasm. The actual 

performance of the Fund, 

although never our primary 

focus, has been more than 

satisfactory, particularly 

given program goals and 

market conditions. As the 

Labovitz School has grown 

in size and in distinction, 

the Bulldog Fund has 

played an integral role in 

that growth. It has added 

an element of creativity 

and sophistication typical 

of first-class business 

schools.” 

– TOM RENIER – 

President, Northland Foundation, 

initial investor in Bulldog Fund 


“ The work ethic 

of students 

in the program is 

remarkable.” 

– DEAN JUNKANS – 

Chief Investment Officer, 

Wells Fargo Wealth Management Group 

Academic Components 

Complement Experiential 

The academic component of the program 

is preceded by a rigorous application 

process. Acceptance into the LSBE 

Financial Markets Program is by 

invitation only. A formal application and 

interview process occurs once year, early 

in the spring semester, allowing select 

applicants to be integrated into the 

program before the preceding class of 

students graduate. 

Only second semester junior LSBE 

majors or minors with a minimum overall 

GPA of 2.50 and a B or higher in FMIS 

3601 Corporate Finance, FMIS 3619 

Financials Statement Analysis and FMIS 

3644 Investment Fundamentals are eligible 

to apply. 

Program coursework includes: FMIS 

4616 Security Analysis, 3 credits; FMIS 

4620 Portfolio Analysis and 

Management, 3 credits; FMIS 4624 

Applied Portfolio Management & 

Practicum, 3 credits. 

Throughout the program year, several 

industry leaders come to campus and 

share their valuable insight and 

experience to students. 

Past Guest Speakers 

Mike Farrell, Annaly Mortgage 

Management 

Wellington Denahan-Norris, 

Annaly Mortgage Management 

� Employers Take Notice of Graduates Going “Above & Beyond” 

Employer: Jim Jarocki, President, Stolat Partners, 

managers of a private investment fund in Duluth, MN. 

FMP Graduates Employed: Joshua Karlgaard ‘04 and 

Mark Friederichs ‘07 

“I think the program has done an excellent job in preparing candidates to analyze and trade securities. 

The two employees and the interns we have hired from the program have come well prepared to 

perform financial analysis. They also have come with the interpersonal skills necessary to be successful 

as money managers. The students have gained some real world exposure to the markets and have 

more than just a textbook understanding of how markets work. They have been exposed to the 

personalities and workings of the financial markets, giving them an advantage over other prospects. 

“The greatest usefulness of the program to Stolat as an employer is as a screening device. Those 

that make it into the program have the drive and skills to rise above the other business and nonbusiness 

graduates who are seeking employment.” 


Dan Lass, Pareto Partners 

Jim Jarocki, Stolat Partners 

Dave Arp, Stolat Partners 

Brad Christensen, Piper Jaffray 

Walter Broughton, Merrill Lynch 

Pat Cutshall, Allete 

Dean McCall, Solomon-Smith Barney 

Stuart Mason, UMN Office of 

Asset Management 

Cheryl Meese, RBC Dain Rauscher 

Josh Hill, Windsor Financial Group 

Dave Hoium, Wells Fargo 

Jerry Dodd, Northern Asset Management 

Megan Hayman, Past Participant 

Ann Schmid, Past Participant 

Josh Karlgaard, Past Participant 

Bill Merz, Past Participant 

Greg Monegro, Past Participant 

July Eliason-Johnson, Past Participant 

Phil Rolle, Wells Fargo 

Bryan Amundson, Wells Fargo 

Dave Gunderson, Wells Fargo 

Artim carefully selects reading 

materials for the program’s academic 

component that ranges from classic, 

traditional texts on finance and investing 

to current industry journal articles. 

“This coursework builds on what the 

students are doing with their practicum 

work,” said Artim. “It does not rehash 

previous coursework. There are no exams, 

no cramming for tests. Performance is 

base entirely on their participation and 

presentations.” 

Bulldog Fund, LLC – 

Learning with Real Money 

Students begin their involvement with 

the portfolio as soon as they are accepted 

into the program. The FMP’s Summer 

Ready Program helps new program 

participants get started by offering 

mentoring from the past year’s 

participants, assigning a summer reading 

schedule and introducing them to the 

daily – and sometimes nightly – 

monitoring of The Bulldog Fund, LLC. 

They are, after all, playing on a global 

field. “They’ll call as late as ten-thirty 

some nights to run a play past me” said 

Artim. “I encourage them to be pro-active

in their approach and unconcerned about 

when and what time they contact me.” 

The capstone of the LSBE Financial 

Markets Program is the Bulldog Fund, 

LLC which was launched in January, 

2003. Each year, students are challenged 

to leave the fund in a better shape than 

they found it by striving to deliver excess 

returns to its investors. Working in small 

teams throughout the program year, 

students present formal investment 

recommendations to the program’s 

Investment Oversight Committee during 

formal rebalance dates, held four times a 

year. 

In managing the “fund”, students 

conduct extensive research, devise 

investment strategies and are responsible 

for administering and servicing all areas 

related to the fund. Specific 

responsibilities include implementing 

investment recommendations, daily 

management of the portfolio, monthly 

portfolio attribution and performance 

reporting. 

Putting the “Experience” in 

Experiential Learning 

Program participants dedicate the fall 

semester to learning the art of actively 

managing risk related to the “fund”. A shift 

occurs in the spring semester when students 

focus their attention towards devising new 

investment strategies for the “fund”. 

During the fall semester, students get 

their first off-campus taste of the financial 

services industry with a trip to Chicago in 

mid-to-late October. This trip was 

instituted into the program during the 

2002-2003 academic year. Trips typically 

include visits to the following 

institutions: 

� ABN-AMRO Bank 

� Andrie Trading 

� Chicago Mercantile Exchange 

(CME) 

� Chicago Board of Trade (CBOT) 

� Chicago Board Options Exchange 

(CBOE) 

� Citigroup Global Markets, Inc 

� Driehaus Capital Management, LLC 

� Federal Reserve Bank of Chicago 

� First Trust Portfolios, LLC 

� Grosvenor Capital 

Management, LLP 

� K2 Advisors 

� One Chicago 

� Thompson Research QA 

“This trip is their first period of 

discovery during the program year,” said 

Artim. “In Chicago they are exposed to a 

wide spectrum of career opportunities, 

both on and off the exchange floors.” 

“It’s also a great bonding experience. 

Groups usually become very close over 

the course of the year.” 

At ABN-AMRO, students participate 

in a half day program that offers them 

their first exposure into the real world 

off-campus. Today, out of the program’s 

101 graduates, 13 are currently working 

in Chicago. 

“Students are encouraged to use this 

opportunity in Chicago to connect with 

program alumni already working there,” 

said Artim. “The alumni are core to the 

program’s success. They help open doors 

for these practicum visits and job 

opportunities for new graduates.” 

As part of its tradition, Dean Kjell 

Knudsen and Director Joe Artim enjoy 

hosting a Chicago Alumni Dinner during 

this trip each year. Another such event is 

held in Minneapolis in 

January as part of the 

program’s J-Term 

Practicum experience. 

“The J-Term 

Practicum is far more 

interactive than our 

Chicago trip,” said 

Artim. “Students are 

involved in doing far 

more in-depth research 

that culminates in a 

Program participants in Chicago in October, 2006. 

formal presentation at 

the end of the 

experience.” 

The J-Term Practicum has grown 

from a one week experience in the early 

years of the program to a two week 

experience today. Since its inception, 

students have spent at least one week, 

sometimes longer, working in the Wealth 


“The alumni are 

core to the 

program’s success.” 

– JOE ARTIM – 

Director, Financial Markets Program 

Class of 2009 during J-Term Practicum at Wells Fargo in Minneapolis. 

Management Group (formerly Private 

Client Services) of Wells Fargo’s regional 

headquarter in Minneapolis and Duluth, 

MN. Students begin the experience with 

an overview of portfolio management, 

then dive into asset allocation, equity 

research, credit analysis, earnings models 

and, finally, writing research reports and 

presenting their findings. 

Mr. Dean Junkans is the Chief 

Investment Officer for the Wealth 

Management Group of Wells Fargo. 

Junkans is impressed by how well 

prepared the students are each year. “The 

selection process to get into the program 

and the classroom preparation before the 

field practicum ensures these students 

have a high probability of success,” said 

Junkans. 

“The students I have worked with 


EMPLOYER: Paul Johnson, Managing Director of Investor Relations and 

Assistant Treasurer, Xcel Energy, Minneapolis, MN 

FMP GRADUATES EMPLOYED: Kayla Hertel ’04, Jessica Schmidt ’07, 

Kelli Millslagle ’07 and Garrett Mikrut ‘08 

“We have been very pleased with the students that Xcel Energy has hired from the University of 

Minnesota Duluth (UMD). We have hired four students from FMP as employees in our Treasury 

Department. Clearly, we would not continue to hire students from this program if we didn’t feel 

they were strong candidates.” 

Jessica Schmidt has been an excellent employee for Xcel Energy. She has strong technical skills, a 

positive and professional manner and a very good work ethic. Her educational background 

prepared her to contribute immediately. We are very pleased to have Jess as employee and I think 

she has a lot of potential.” 


over the past seven years have all been 

highly professional and courteous,” he 

continued. “This may not sound like a 

big deal, but I have done informational 

interviews of college students for over 25 

years and sometimes they don’t know 

how to act in the business world. I have 

never seen anything but the highest 

degree of professionalism and respect 

from the students in this program.” 

Also Junkans says he appreciates how 

well-prepared the program participants 

are with the technical tools and skills 

required to do the work. “The work ethic 

of students in the program is 

remarkable,” he said. “Every year, I am 

asked by the students to come in early or 

leave late or both to work on their 

projects – a request, I’m happy to 

accommodate.” 

After making their presentations, the 

practicum at Wells Fargo closes with a 

roundtable discussion about career 

opportunities and how students can 

distinguish themselves when competing 

for jobs after graduation. Wells Fargo has 

hired on average about 20% of the 

graduates from the program. 

“We always need top-flight students 

in our organization,” said Mr. Phil Rolle. 

“Here we have an opportunity to see the 

best of the best in action. There’s so 

much more opportunity to get to know a 

potential candidate than through a job 

interview.” 

After their work at Wells Fargo,

students spend several days at Piper 

Jaffray & Co., doing similar work. Ms. 

July Eliason-Johnson is a Research 

Analyst at Piper Jaffray in Minneapolis 

and a 2006 FMP alumnus. She helped 

coordinate the practicum, which was held 

for the first time in January 2008. 

“Graduates from FMP have a broader 

and more in-depth skill set than peers 

coming in from other 

undergraduate/graduate institutions and a 

higher level of professionalism versus 

peers,” said Eliason-Johnson. 

“I believe the FMP experience has 

expanded several skills sets for 

participants including: financial analysis 

skills, written/verbal communication 

skills, an understanding of the industry 

including the relationship between buyside 

and sell-side analysis and portfolio 

management, and, perhaps most 

importantly, leadership/team 

management skills.” 

The strong relationships students 

build with each other during the program 

year last long after graduation, she adds. 

“I very much value being a part of a 

dialed-in and close-knit alumni network 

that has graduates from coast to coast,” 

said Eliason-Johnson. 

Another team-building and eyeopening 

experience the students enjoy is 

joining 2,000+ other students from 

across the country and world for the 

RISE (Redefining Investment Strategy 

Education) Symposium at the 

University of Dayton, OH in late 

March each year. The three day 

experience includes panel discussions 

and student workshops covering such 

topics as: investment research, portfolio 

management, investing, economics, 

regulation, political and governance 

issues and leadership in the finance 

services industry. 

“Students get to hear from some of 

the brightest and best plugged-in minds 

on Wall Street,” said Artim. “And they 

often hear polar views on investing from 

these speakers, so they see that there are 

many different ways to be successful.” 

All in all, these experiential 

opportunities serve as an excellent bridge 

A Rebalance in action. 

between the work we do in the program 

and the work they can expect to do in the 

industry. The fall semester is focused on 

managing portfolio risk which leads to 

the spring semester of more actively 

pursuing higher returns for our investors 

in the Bulldog Fund, LLC. 

“I always tell them to live your 

passion,” said Artim. “These practicums 

and field trips really open their eyes to 

the different sides of the industry. They 

start realizing which side of the industry 

is the best fit for them.” 

Rebalances – Putting 

Learning to the Test 

As stated, the program conducts four 

rebalances throughout the year, in which 

students are given the opportunity to 

present new ideas for the Bulldog Fund, 

LLC to the program’s Investment 

Oversight Committee (IOC). Student 

recommendations will not be accepted 

until the IOC reviews and formally 

approves them. 

The role of the committee, which is 

comprised of seven industry professionals 

currently working in the private sector 

and includes two program alumni, was a 

crucial element to the planning that went 

into the program. 

“We wanted to make it clear that we 


“ Graduates from FMP 

have a broader and 

more in-depth skill set 

than peers coming 

in from other 

undergraduate/graduate 

institutions.” 

– JULY ELIASON-JOHNSON – 

Piper Jaffray, Minneapolis 

were not throwing students into the ocean 

to see if they could swim,” said Dean 

Knudsen. “We built in oversight and 

checks and balances.” 

During the integration process in the 

spring semester, teams are established. 

According to student interest, these teams 

are assigned different sectors of the S&P 

500. All 10 S&P sectors are covered. 

Weekly discussions attended by all 

the participants allow each student to 

learn about the other sectors. This allows 

them to gauge how other sectors may or 

may not impact the performance of their 

sector that week, and jointly, students 

decide what action would be best for the 

Bulldog Fund, LLC. 

The strategy the students utilize 

employs a “portable alpha” component. 

Based on their research, each team chooses 

a “relative value” opportunity from within 


EMPLOYER: Nate Bullard, Merchandise Planning Manager, 

Target Corporation, Minneapolis, MN 

Program Director Joe Artim in the new Wells Fargo Financial Markets Lab, opened in fall of 2008. 

FMP GRADUATES EMPLOYED: Joelle Hero ‘06 

“Two traits that set Joelle apart are her drive to understand root causes and her ability to get at 

those root causes by synthesizing data from multiple sources. By monitoring our vendor and 

competitor financial and market performance, Joelle offers the team unique insights. By tracking 

customer opinions via their online shopping comments, she is able to discover and communicate 

why product is selling differently than expected. And by delving into the immense amounts of data 

we have available on historical sales, Joelle was able to identify patterns and recommend when 

new product should be set to maximize our financial performance. These characteristics make 

Joelle a very effective Sr. Business Analyst.” 


its sector. Teams seek to identify 

opportunities to arbitrage value from likecompany 

stocks; in essence, they 

recommend going “long” and “short” on 

certain stocks based on their analysis. 

Students are exposed to three forms 

of investment analysis widely using in the 

industry today: fundamental, technical 

and quantitative analysis. Students are 

required to incorporate all three forms of 

analysis into their research and 

recommendations made during a 

rebalance event. 

Finance students are often limited in 

their learning regarding investment 

strategies. They may only be taught to 

look at a company’s financials or 

understand its strategy. The LSBE 

Financial Markets Program at UMD is far 

more comprehensive in its approach. 

“We consider our approach very nontraditional 

in respect to the way we look 

at every aspect of a company before 

making a play,” said Artim. “The market 

may apply a valuation to a company that 

we need to investigate. For example, why 

is there a difference in its valuation versus 

its closet competitor, even if there is not a 

substantial difference in their respective 

market share?” 

By studying the many aspects of a 

stock’s performance, students learn to 

recognize when it is in play. 

IOC member Bryan Amundson says 

student performance during the formal

ebalance events is consistently strong. 

“The amount of detail they 

incorporate into their analysis and overall 

quality of their work is at a Master’s 

degree level,” said Amundson. “These 

students are well prepared to enter the 

financial services industry.” 

Alumni play an extremely viable role 

in the program. Throughout the program 

year, they serve as guest speakers, 

members of the Investment Oversight 

Committee and are instrumental in 

organizing practicum experiences. They 

also often open doors to job 

opportunities for new graduates. Future 

plans for the program include creating a 

formal mentoring program in which 

alumni work one-on-one with students in 

managing the “fund”. 

With the start of the 2008-2009 

school year, the LSBE Financial Markets 

Program has come a long way from its days 

without a dedicated classroom or 

completed learning lab. UMD has just 

unveiled a new building for the Labovitz 

School of Business & Economics and 

located prominently on the first floor 

facing the front entry is the new Wells 

Fargo Financial Markets Lab. The new 

lab features more instructional and 

conference space. 

As stated by its founding fathers, 

such as Mr. Dean Knudsen and Mr. 

Phil Rolle, the program has met and 

exceeded its initial goals. When first 

proposing the program to the 

University, those goals were outlined as: 

“An education relevant to the financial 

services industry and students 

graduating prepared to make an 

immediate impact in their positions, 

diminishing the need for long costly 

training programs.” 

In the next section of this report, 

testimony from alumni and their 

employers will verify the impact this 

program has made on personal careers 

and company performance. � 

Fund Performance Graph 

All program members joined 2,300 other students from across the world for the RISE (Redefining 

Investment Strategy Education) Symposium at the University of Dayton, OH in 2008. Panel 

discussions included investing, economics, regulation, political and governance issues and leadership 

in the finance industry. 


Outcome of Learning – Graduates Ready 

to Perform, Ready to Succeed 

“We have had calls from other schools 

about the program and how it is 

structured,” said Dean Knudsen. “While 

trading rooms on campuses are becoming 

more the norm, very few have actually put 

together the resources and structure to 

support a program like this, including 

having a director committed to a team 

experience and team learning like we have.” 

And the fact the program’s applicant 

screening process is extremely selective 

appeals to not only potential employers, 

but prospective students as well. 

“Right after that first year, we created 

sort of a buzz on campus,” said Artim. 

“We are finding students are now coming 

to UMD specifically to be part of this 

program.” 

In regards to one of the program’s 

initial goals to provide employers with 

candidates prepared to perform without 

the need for training, the program can 

claim mission accomplished. “Excelled 

immediately without a lot of hand 

holding” is a typical theme in the 

comments from employers of the LSBE 

Financial Markets Program graduates. 

“The greatest usefulness of the 

program to Stolat as an employer is as a 

screening device,” said Jim Jarocki, 

President, Stolat Partners. “Those that 

make it into the program have the drive 

and skills to rise above the other business 

and non-business graduates who are 

seeking employment.” 

“Clifton believes the program 

produces above average candidates for 

hire in the investment fields due to the 

screening process involved with accepting 

students into the program,” added Jack 

Hansen, Principal, Clifton Group. 

“My supervisors are continually 

impressed with the quality of my work – 

especially having come right out of 

college with little ‘industry’ experience,” 

commented Michael Lundquist, ’03. 

“The experience I gained in the program 


far exceeded any experience I may have 

gained working for a year in an office.” 

An important part of assuring that 

students are prepared for real-world 

experience is related to the amount of 

technical knowledge they receive during 

their program experience. 

“They (FMP graduates) have a 

stronger skill base with computer 

applications such as Excel and 

Powerpoint,” said Laura Schauer, 

CFA/Assistant Treasurer, 

ALLETE/Minnesota Power. “Many 

students claim mastery of such programs 

but really haven’t been forced to use them 

in applicable business circumstances while 

completing their education.” 

“Mark brings a much more technical 

background on the financial markets than 

the average financial advisor,” said 

Michael Murphy of Ameriprise Financial 

of employee and ’03 FMP graduate, 

Mark Sobiech. 

And of Joelle Hero, an ’06 FMP 

graduate, employer Nate Bullard, 

Merchandise Planning Manager, Target 

Corp., said, “By delving into the 

immense amounts of data we have 

available on historical sales, Joelle was 

able to identify patterns and recommend 

when new product should be set to 

maximize our financial performance.” 

The ability to excel by being a team 

player is one of the cornerstone’s of the 

Financial Markets Program and 

employers are taking notice. “My FMP 

hires exhibit excellent teamwork while 

interacting with others,” said Jennifer 

Kibbon of Thomson Reuters. Another 

employer of an FMP grad, Dale R. 

Larson of Wells Fargo, said, “Tom 

(Miller) has a very positive attitude and a 

genuine willingness to learn and improve 

in his role at the Bank. He is a great team 

member and a valued part of our team!” 

Of the importance of the team learning 

experience, Scott Wallschlaeger, an ’04

FMP graduate, said, “In my current career 

as a financial adviser, we put a strong focus 

on teams and truly believe that no one 

person is going to have all the answers. The 

program has helped me work as a team to 

develop strategies and take every team 

member’s opinion into consideration when 

making decisions.” 

Ultimately, the mission of this program 

intends to not only raise the bar for the 

level at which graduates would first enter 

the workforce, but the level at which 

graduates would perform once there. 

Following is testimony from a 

sampling of alumni who attest to the fact 

this intent is being realized with every 

graduating class: 

Adam Kuhlmann, ’06 

Equity Trader, Wentworth, Hauser and Violich 

“The Financial Markets Program 

experience allowed me to build a solid 

foundation that has directly applied to the 

current financial markets. Entering the 

workforce with the experience from the 

program has proved invaluable. The 

experiential knowledge learned gave me a 

base to excel in my current position. I 

have been able to use the analytical tools 

and education from the FMP and directly 

apply it when screening companies for 

potential investment. I learned how to 

multi-task in an efficient manner and 

make important decisions based on the 

best available information. The 

presentation experience also allowed me 

to have a comfort for communicating 

research to others. Presenting research 

ideas to a committee is used in our stock 

selection process daily. Lastly, the 

leadership skills developed during the 

FMP allowed me to be confident with my 

decisions and work well in a team setting. 

Joe Artim has developed a program that 

allows any self-driven student who has a 

passion for the financial markets to excel 

in their future career.” 

Michael Lundquist, ’03 

Floor Trader, wheat options pit, CBOT 

“While I firmly feel the experiences I had 

at UMD had a direct impact on my career 

path, I also feel the program has taught 

me so much more than that. The 

camaraderie and pure open nature of the 

program has made me into the person 

that I am today. I am greatly appreciative 

of what the FMP helped me learn 

regarding my place in the wide world of 

finance and my niche in the market. I 

have currently been a floor trader for oneand-a-half 

years, and I owe all that I have 

to the FMP program at UMD.” 

Robert Ethier, ’06 

Investment Accountant & Operations Specialist, 

Kentucky Farm Bureau Mutual Insurance 

Co.Company 

“The program helped me gain insight into 

the global financial markets that I could 

not have received anywhere else. The 

analytical skills that I developed in the 

program have been instrumental thus far 

in my career helping me excel at my job 

and outperform my peers. The program 

offered an environment that really focused 

on personal growth. The time I put in paid 

huge dividends in term of networking 

opportunities and improving my public 

speaking skills. It also helped me become 

more confident in my ideas, because I 

had to be able to back them up not only 

in front of the investment committee but 

also my peers. I may not have had the 

confidence necessary to succeed in the 

financial industry when I first came to the 

program, but I certainly had it by the time 

I graduated.” 

Kelli Millslagle, ’07 

Financial Analyst, ALLETE/MN Power 

“The program has given me real-world 

experience that I was able to apply on the 

job at day one. The program widened my 

financing skills and my presentation skills 

“ I owe all that I have to the 

FMP program at UMD.” 

– MICHAEL LUNDQUIST, ’03 – 


EMPLOYER: Lisa Pelayo, V.P., Senior Equity Trader, Wentworth, Hauser 

and Violich, San Francisco, CA 

FMP GRADUATES EMPLOYED: adam kuhlmann ’06 

“Adam has been a great employee. I think his exposure to the equity markets has been invaluable. 

He excelled immediately in all that he has taken on here at WHV. When I give him a task, he takes 

it and performs to my expectations without a lot of hand holding. I believe part of this is the 

experience gained from this program.” 


that I use daily in my career. It has also 

taught me how to work in a real-world 

setting and be an effective employee in 

my job. If I was not given the opportunity 

to be in the Financial Markets Program, I 

would not have the knowledge or soft 

skills that I have today.” 

Matthew Steffen, ’08 

Graduate Student at Univ. of Chicago (formerly 

employed at Meyer Financial & Consulting) 

“The LSBE Financial Markets Program 

provided an invaluable wealth of 

knowledge to my academic background. 

As a program applicant I had no 

intention of looking for any career other 

than that of an actuary, and my initial 

aspirations were to gain general 

managerial and business skills, as well 

as learn some good investment 

knowledge. These initial goals were 


EMPLOYER: Laura L. Schauer, CFA/Assistant Treasurer, 

ALLETE/Minnesota Power 

FMP GRADUATES EMPLOYED: Kelli Millslagle ‘07 

”The program clearly presents a real-life experience for the students unique against traditional 

theoretical-based methods. We have been impressed in interviews by the quality of candidates who 

have participated in the program. Specifically noteworthy is the maturity level and confidence that 

a student who has completed the program exhibits. They also have a stronger skill base with 

computer applications such as Excel and Powerpoint. 

“Many students claim mastery of such programs but really haven’t been forced to use them in 

applicable business circumstances while completing their education. Students that have 

completed the program debate the merits of a decision and inquire about the facts supporting it. I 

expect that this is a skill developed during the formal investment recommendation presentations. 

Other students tend to be more accepting of a decision, lacking the confidence or experience to 

ask questions or debate the answer. The latter, of course, assists with providing a broad-base 

versus a superficial understanding of an issue. 

“Finally, program students have an understanding and awareness of the capital markets and their 

impacts on the company’s ability to raise capital – and the price to raise capital. 

EMPLOYER: Jack Hansen, Principal, The Clifton Group, Edina, MN 

FMP GRADUATES EMPLOYED: Matt Liebl ’07 

“Our experience with hiring a UMD Financial Markets Program graduate has been very positive. 

Matt has demonstrated a strong work ethic and is very focused in his position. He combines 

intelligence, maturity, motivation, and general interest in investments with a positive team-oriented 

approach. 

Clifton believes the Duluth program produces above average candidates for hire in the investment 

fields due to the screening process involved with accepting students into the program. The students 

then develop a knowledge and skills base which enters them into investment fields at a higher level 

than their peers and advance at an accelerated rate within investment organizations.” 


blown out of the water, and upon 

conclusion of the program I had 

completely transformed my career 

objectives towards those of a "quant." I 

found the probability and statistical 

implications in the financial markets to 

be the most captivating material I had 

ever studied. 

“Through the program I was able to 

develop a statistical arbitrage/quantitative 

pairs trading point of reference to add in 

our more traditional analytic techniques of 

technical and fundamental analysis. This 

ultimately led to a UROP project entitled 

"Statistical Arbitrage: Developing a Pairs 

Trading Model" which perfectly combined 

my academic interests of statistics, 

economics, and investments. 

“Now as I enter the University of Chicago, 

not only do I feel the program and UROP 

greatly helped with my acceptance into the 

program, but it also provided me the perfect 

comprehensive background to take to the 

next scholastic level.” 

Jim Sonnek, ’05 

WMG Investment Management Specialist, 

Wells Fargo 

“Participating in the Financial Markets 

Program at UMD allowed me hands-on 

experience in managing assets in a 

professional environment that prepares 

one for the business world, and offered 

networking opportunities with industry 

professionals that led to my employment 

after college.” 

Scott Wallschlaeger, ’04 

Financial Planner/Investment Advisor, Midwest 

Professional Planners, Ltd. 

“The program experiences have helped me 

as we put a strong focus on teams and 

truly believe that no one person is going 

to have all the answers. The FMP has 

taught me to take every team member’s 

opinion into consideration when making 

decisions. The program also gave me 

knowledge in finance and financial 

markets that was far in excess of that of 

my peers. This has helped me in many 

ways. It made passing the knowledge tests 

for my securities registration very easy, 

and my scores were much higher than

average. This in turn translated into me 

being better suited to handle my clients’ 

questions and concerns and developing 

more successful investment strategies. It 

has also helped to further my education 

and prepare me for my CFP (Certified 

Financial Planner) designation test. My 

experience with the FMP has also given 

me the knowledge and credibility to be a 

member of MPPL's Investment Committee 

and act as their assistant portfolio 

manager.” 

Matthew Liebl, ’07 

Investment Analyst, The Clifton Group 

“The program experience helped prepare 

me for my career in a couple of ways. 

First, it helped me focus my career path 

and eventually decide that I wanted to 

pursue an Investment Management career. 

Secondly, it opened my eyes to the long 

work hours that are very common in the 

Finance Industry. I also feel that the team 

approach to the program helped me 

tremendously because I work as part of a 

team everyday.” 

Dan Maki, ’08 

Operations Clerk, Waterstone Capital 

Management, LP 

“The program was by far one of the most 

beneficial experiences of my life. It 

helped me grow personally and 

professionally. Joe Artim was an 

outstanding instructor who is respected 

and admired by participants. I went from 

entering the program with very limited 

knowledge of what the markets were and 

how the economy actually operated to 

entering the work force with a strong 

understanding of market action, market 

participants, major forms of analysis, 

accounting, business models and the 

economy, Microsoft Excel, presentation 

skills, networking skills, teamwork, and 

doing in-depth research. I developed a 

work ethic I didn’t know I had.” 

Kayla Hertel. ’04 

Forecasting/Financial Analyst, Xcel Energy 

“The program opened me up to different 

career opportunities available in finance. 

It provided me with real-life experience 

by being able to buy and sell actual 

stock and present to a board of finance 

experts. It also provided me with 

valuable contacts, which led me to my 

career that I have today. Overall, I think 

it was a great experience that taught me 

hard work, discipline and how to work 

with others that other regular classes did 

not. I think it is a wonderful opportunity 

for students.” 

Kevin Allen, ’04 

Operations Associate, Deephaven Capital 

Management 

“I am mainly responsible for supporting 

one of our U.S. trading desks, but I also 

help support, when necessary, some of 

our desks in London and Hong Kong. This 

requires being familiar with nearly all 

products in the financial universe, as well 

as liaising with all areas of the 

organization including accounting, 

treasury, trading, compliance and 

operations colleagues across the globe. 

My knowledge of different hedging 

strategies and knowledge of a wide range 

of financial products helped me gain 

employment at Deephaven Capital 

Management, which is a multi-strategy 

hedge fund.” 

Nathan Swenson, ’06 

Underwriting Analyst, Raymond James Tax 

Credit Funds, Inc. 

“I doubt I would have this job without the 

experience and knowledge I gained in the 

program. The most beneficial aspect of 

the program is the professional 

atmosphere we were exposed to. Actively 

managing a hedge fund as an 

undergraduate taught us not only the 

detailed, technical mindset any successful 

business analyst must have, but it led to 

an easier transition into the professional 

world than many business undergrads 

may not have. We had the opportunity to 

be exposed to, and learn from, seasoned 

financial professionals and how the 

business world actually operates. All in all, 

even before getting a professional job, I 

already had the knowledge and 

confidence that I would be a valuable 

asset to any company.” 

Graduate Placement 

Minneapolis 

Ameriprise Financial 

St. Paul Traveler’s 

Black River Asset Management 

Cargill 

Citigroup Derivative Markets, Inc. 

The Clifton Group 

Deloitte & Touché 

Deephaven, LLC 

Edward Jones 

Ernst & Young 

GE Capital 

Honeywell 

Office of the Comptroller of the 

Currency (OCC) 

Piper Jaffray 

RBC Capital Markets 

RBC Dain Rauscher 

SIT Investment 

Target Corporation 

TCF 

US Bank 

Waterstone Capital Management 

Wells Fargo 

Xcel Energy 

Chicago 

Andrie Trading 

Citigroup Global Markets, Inc 

Driehaus Capital Management, LLC 

First Trust Portfolios, LLC 

Harris Associates 

Thompson Reuters QA 

New York City 

American International Group (AIG) 

Other 

Alaska Department of Insurance – 

Juneau, AK 

AXA Insurance – Duluth, MN 

Farm Bureau Financial Services – 

Waite Park, MN 

Kentucky Farm Bureau 

McGladrey Pullen – Duluth, MN 

Minnesota Power – Duluth, MN 

RBC Dain Rauscher – Duluth, MN 

Raymond James – Tampa, FL 

Ruesch International – Atlanta, GA 

Sterling Financial – Boca Raton, FL 

Stolat Partners – Duluth, MN 

Wentworth, Hauser & Violich – 

San Francisco, CA 


Awards & Recognitions 

AACSB International 

Mid-Continent East: 

Innovation in Business 

Education Award (2002) 

MISSION: The main goal of the 

LSBE Financial Markets Program is 

to provide students with an educational 

experience that can be 

directly applied to the Financial 

Services Industry. With the support 

of the local financial community, 

LSBE students have the opportunity 

to directly apply learned ideas, theories, 

and tools. 

Since the program’s inception, 

between 90 to 95 percent of the 

program’s 101 participants have 

secured employment in the financial 

services industry prior to graduation 

or shortly thereafter. As of 

June 30, 2008, The Bulldog Fund, 

LLC appreciated in value 35 percent 

since its launch in January, 

2003. 

The success of the program has 

sparked a growing interest among 

not only potential employers, but 

other schools as well. 

“ It gave me a 

confidence that 

I don’t think I 

would have had otherwise 

coming into my career.” 

– ANNA SASSOR, ’03 – 

Mark Sobiech, ’03 

Associate Financial Advisor, 

Ameriprise Financial 

”The breadth and depth of the markets 

program was unlike any other classes I 

experienced before or during college, as 

well as other training I have since received 

revolving around the financial markets. 

The program experience has been 

extremely helpful in my career in three 

primary ways: 1. It gave me the 

confidence of feeling like I had the 

necessary experience to compete in a 

competitive environment when entering 

the workforce at a young age. 2. It has 

enabled me to have more in-depth 

conversations with my clients to help 

educate them on investment decisions. 

3. It has helped me better evaluate 

investment vehicles that I may or may not 

recommend to my clients.” 

Joelle Hero, ’06 

Sr. Business Analyst, Target Corporation 

“The Financial Markets Program has 

prepared me for the workforce both in and 

out of the market. I have gained adequate 

market experience to understand how The 

Street’s expectations relate to a 

company’s share price. I also learned 

how to read economic indicators and 

apply their repercussions to Target and our 

direct/indirect competitors. Outside of the 

market, the Financial Markets Program 

served as a forum for me to improve on 

communication skills, database usage, 

and financial analysis. I feel that this 

experience allowed me to hit the ground 

running as I entered the corporate world.” 

Jessica Schmidt, ’07 

Financial Analyst, Xcel Energy Inc. 

“First and foremost, through the program, 

I learned essential interview techniques 

and had the opportunity to have my 

resume critiqued by other professionals in 

the field, which I believe gave me a 

competitive advantage when beginning my 

job hunt mid-way through my senior year. 

Through the program, I was also able to 

develop the technical skills of researching, 

writing, and presenting which are not only 

critical in my career, but in all other 


aspects of my life. The program also has 

instilled a sense of confidence in me, 

which has helped me deal with all types 

of situations that arise in my life.” 

Rebecca Boll, ’05 

Equity Research Analyst, Piper Jaffray 

“The Financial Markets Program accelerated 

my professional development above and 

beyond the traditional lecture classes. 

Specifically, I obtained concise 

communication, structured writing, and 

critical quantitative skills. During the spring 

semester, we presented three paired stock 

recommendations to the Investment 

Oversight Committee, whereby we 

communicated our ideas, explained stock 

market catalysts and fielded the committee’s 

questions. This was directly applicable to my 

Equity Research Analyst position at Piper 

Jaffray. In this position, I was often called on 

by my boss, institutional clients and 

institutional sales people to deliver similar 

presentations of our “top ideas” within my 

team’s Medical Diagnostics and Life Science 

Tools coverage.” 

Joshua Karlgaard, ’04 

Mortgage Backed Securities/US Treasury Trader, 

Stolat Partners 

“This experience gave us a clear picture of 

the possibilities that were waiting when we 

finished school. The J-Term Practicum in 

Minneapolis was a vital to the program 

experience. We performed analysis and 

gave presentations on companies just as an 

analyst would in the industry. More 

specifically, the program gives students the 

tools they need to enter the industry with 

confidence and a head start on the bulk of 

other graduates because of the general 

approach to learning that was practiced 

throughout the year. We were taught to 

approach the problem from all sides to find 

the best answer, not just settle for the easy 

way. I have found that employers in the 

highly competitive financial services 

(especially capital markets) industry truly 

value this trait and search out people that 

use this approach.”

Anna Sassor, ’03 

Business Systems Consultant, Wells Fargo Bank 

“The program created a professional 

environment and exposed us to 

community business leaders. By getting 

the opportunity to work and speak with 

these professionals, it gave me a 

confidence that I don’t think I would have 

had otherwise coming into my career. 

Immediately after starting at Wells Fargo I 

was praised for being able to speak 

confidently and with ease to others within 

and external to the company. I ultimately 

got my start at Wells Fargo because of 

connections made through the January 

experience!” 

Josh Williams, ’05 

Strategic Consulting Analyst, FindLaw – a 

Thomson Reuters business 

“The program allowed me to do several 

things that I feel gave me an advantage 

when it came to finding gainful 

employment after graduation. Throughout 

my time in the program I was continually 

given the opportunity to write and present 

detailed analyses and reports. From this I 

gained confidence in my analysis work 

and in justifying my opinions in front of an 

educated audience. Also, I was able to 

leverage past participants to get my first 

job in Chicago at Thomson Quantitative 

Analytics. I graduated on Saturday and 

was hired on Monday.” 

Gregory Monegro, ’06 

Senior Product Specialist, Thomson Reuters – 

Quantitative Analytics 

“The program has helped shape my career 

goals and given me the knowledge needed 

to perform at a higher level. The hands-on 

experience intensified my passion for the 

markets. It has led me to my current 

position in Chicago and towards becoming 

a CFA charter holder, where I will sit for 

the final level in June ’09. In all, the 

networking and real-world application has 

built a strong foundation of my skills, 

experience, and growth.” 

Jason Rylander, ’05 

Senior Tax Consultant, Deloitte & Touche 

“The program has helped prepare me in 


EMPLOYER: Aman Devgan, Director Strategy and Business Development, 

FindLaw, a Thomson Reuters business, Eagan, MN 

FMP GRADUATES EMPLOYED: Josh Williams, ‘05 

“As an analyst in a consulting position, Josh has to take a leadership role in achieving crossfunctional 

alignment and buy-in for his analysis. He has the ability to structure data needs for his 

analysis, keeping the overriding objective in mind. His training in drawing business insights using 

financial data allows him to quickly form hypotheses, identify right data to analyze, and draw 

valuable insights from the analysis. Josh is also comfortable supporting his findings in 

presentations to the company executives – a skill that he gained through the program. With 

experience, I see Josh becoming a good consultant and taking a leadership position in our 

organization.” 

EMPLOYER: Jennifer Kibbon, Manager of Client Services, Thomson 

Reuters – Quantitative Analytics, Chicago, IL 

FMP GRADUATES EMPLOYED: Gregory Monegro, ‘06 

“I have had the pleasure of working closely with Greg for the past two and a half years. Since 

joining Thomson Reuters, as a Product Support Specialist in May 2006, he has proven to be a 

great asset to our team. Greg was able to use the knowledge gained from the hands-on experience 

in the LSBE Financial Markets Program to quickly grasp the financial software products supported 

by the Thomson Reuters Quantitative Analytics team. His knowledge of the financial market has 

allowed him to continually excel in this position and clearly understand our clients’ needs and 

objectives. In August 2008, Greg earned the title of Senior Product Specialist. He shows excellent 

teamwork while interacting with others, and displays great organization skills in his job 

performance. Greg works diligently to meet all deadlines that he encounters, putting in the extra 

hours when necessary. He also carries a positive attitude, which creates a pleasant working 

environment. I believe the LSBE Financial Markets Program prepared him well for a successful 

career in the financial industry.”than their peers and advance at an accelerated rate within 

investment organizations.” 

several different aspects of my career with 

Deloitte. The security analysis part of the 

program proved to be the most beneficial 

curriculum in my practice in the 

securitization industry. Being able to 

fundamentally understand the concepts 

behind the MBS and ABS securities I 

worked on, day in and day out, was 

without a doubt the largest catalyst to my 

success. Today, due to the slowdown in 

the securitization industry, I play a less 

active role in the financial markets. I now 

work with tax documents that deal with 

foreign entities investing in U.S. securities. 

It’s a position that has less exposure to 

the financial markets, however, the 

curriculum of the program continues to 

help me since it’s extremely beneficial to 

have an understanding of the types of 

securities that qualify for different types of 

benefits.” 

“I graduated on Saturday and 

was hired on Monday.” 

– JOSH WILLIAMS, ’05 – 


“ I established instant 

credibility with my clients, 

because, although I had no 

work experience, I did have 

market experience.” 

– ALEX HUSNIK, ’06 – 

Tom Miller, ’04 

Credit Manager/AVP – Business Banking, 

Wells Fargo Bank 

“The LSBE Financial Markets Program 

provided me with a skill set that I believe 

has been very beneficial in my 

development as a Credit Manager at 

Wells Fargo. Specifically, the emphasis 

within the program on financial statement 

analysis, understanding key ratios for 

measuring capital structure, liquidity, 

solvency and management/operating 

performance have been very applicable in 

my current role. In addition, the “paired 

equity” strategy used in the LSBE FMP, 

required program participants to really 

understand the concept of competitive 

advantage, which I have applied in the 

form of determining key risks and 

possible mitigants for borrowers within an 

industry. I have also occasionally found 

other financial measures, which I learned 

in the Financial Markets Program, to be 

quite useful, such as determining a 

company’s sustainable growth rate (how 

quickly can a company grow assuming 

profitability and profit retention and 

leverage are held constant). Although my 

current position is not directly involved in 

the financial markets, I feel the LSBE 


EMPLOYER: Dale R. Larson, Vice President - Business Banking Manager, 

Wells Fargo Bank, Minneapolis, MNL 

FMP GRADUATES EMPLOYED: Tom Miller, ‘04 

“Tom's overall risk assessment skills are advanced and directly a result of a solid fundamental 

understanding of finance, accounting, and financial statement analysis. With his background and 

understanding of the fundamentals, Tom is able to grasp new concepts and apply those quickly to 

become more effective in his position. Tom has a very positive attitude and a genuine willingness to 

learn and improve in his role at the Bank. He is a great team member and a valued part of our team!” 

EMPLOYER: Matt Wiebke, Manager, Investment Funds, 

Sit Investment Associates, Minneapolis, MN 

FMP GRADUATES EMPLOYED: Jacob Stoecker , ‘04 

“As Jake described the LSBE program to me, it is clear that the program has served him well in his 

current profession. All employees we hire directly from college will possess a certain level of market 

knowledge learned via textbooks and lecture. However, that will only carry them so far. Jake has a 

much better foundation to work with given the experience he gained in your program. Also, I think 

the one-on-one mentoring he received in the program has given him an appreciation for similar 

relationships he has available to him in this environment.” 


Financial Markets Program helped my 

develop analytical tools to be effective as 

a credit manager (lender).” 

Amanda Midtling, ’03 

Staff Accountant, Thomson Reuters 

“The program helped me prepare for my 

career in a number of ways. It helped me 

work on my teamwork skills so I am better 

able to collaborate with others to get 

tasks done. Another way the program 

helped me was in improving my research 

skills, it gave me a better idea of what to 

look for in researching financial data and 

gave me a perspective in applying that to 

the accounting position I am currently in. 

As I am not currently working directly in 

the financial markets, I am not able to 

apply the specific skills I learned to 

research stocks, but it has helped provide 

me with another perspective on my current 

role.” 

Jacob Stoecker, ’04 

Fund Accountant, Sit Investment Associates 

“I feel the program, with its depth, gave 

me a curiosity of the financial markets 

that I wouldn't have had as a regular 

student. Being in a small, dedicated group 

forced me to maintain an intensity to keep 

learning at a fast rate and also do work 

that my fellow classmates would be proud 

of, and that would ultimately make money 

for the Bulldog Fund. Another unique 

feature to the program was having virtually 

exclusive access to the instructor. In 

addition to being able to bounce 

investment ideas off him, I found a high 

value in being able to talk career options 

with someone who was successful in the 

field I was entering. Whereas a grade was 

always important to me I felt the 

opportunity to utilize the program 

resources was fully up to me and that the 

effort I put forth was directly correlated to 

what I would get out of it.” 

Jesse Andrist, ’08 

Accountant, Lawrence J. Ickes, CPA, A.C. 

“The LSBE Financial markets program 

prepared me, better than any other class 

could, for the investment industry working 

environment. Specifically, the

presentations we gave during our 

rebalances were the most beneficial part 

of my participation in the program. All 

aspects of the rebalance experience have 

proven to be similar to situations faced in 

the post graduation world. Preparation for 

the rebalance accurately emphasized the 

preparedness necessary to intelligently 

face a client and inform them of your 

decision. I am certain that the LSBE 

Financial Markets Program is the most 

important stepping stone of my 

professional life.” 

Ben Law, ’08 

Associate Analyst, Driehaus Capital Management 

“The program has helped me immensely 

in nearly every facet of my career 

including the initial job search while still in 

school. It plugs its participants into a 

network of alumni that is diverse in both 

career choices and geography which 

allows the participant to contact people 

who can provide advice and feedback in 

addition to helping me find out more 

information about different career paths. 

The program forced me to engage in 

the very activities that I spend the majority 

of my time doing now in my career. Verbal 

and written communication are necessities 

within this industry and, through the 

curriculum in the program, the 

participant’s abilities are refined through 

giving presentations to the oversight board 

and other students, and through writing 

up ideas in research reports. These skills 

helped me to not only find employment, 

but also succeed after being hired. 

I feel that I became more mature, 

responsible and thoughtful after going 

through the program which has enhanced 

my ability to operate both inside and 

outside of my work.” 

Nitya Malik, ’07 

Formerly of Piper Jaffray Co. 

“While employed at Piper Jaffray, it was 

critical for me to have background 

knowledge of the markets. The LSBE 

Financial Markets Program provided me 

with a great platform in terms of technical 

skills (stock analysis), overall 

understanding of the economy, practical 

learning (being able to apply the 

knowledge directly) as well as exposure to 

other Wall Street firms. The team 

experience and learning from peers is a 

daily process in the workplace, and having 

gone through the program, I was more 

prepared to take full advantage of the 

resources available to me.” 

Brian Heijerman, ’07 

Fixed Income Trading Liaison, 

RBC Capital Markets 

“The opportunity to participate in the LSBE 

Financial Markets Program has allowed me 

to grow my knowledge and further my 

overall passion for the financial markets. By 

using a course curriculum that stressed a 

proactive hands-on learning approach, I 

was able to learn in a way that was similar 

to the professional world. I found the 

transition from the classroom to the 

industry to be a smooth one, where I was 

able to apply the skills I had gained directly 

to my position. I am grateful for being a 

part of the LSBE Financial Markets Program 

and thoroughly believe it is the sole reason 

why I have been provided the opportunities 

I have today.” 


EMPLOYER: Lawrence J. Ickes, CPA, Lewisburg, WV 

FMP GRADUATES EMPLOYED: Jesse Andrist, ‘08 

“Jesse is an extremely motivated young man. I know that Jesse took this job because a job in his 

field was not available in this rural area. He decided this was the best fit to expand his knowledge 

base while his wife is attending medical school here. While not having an accounting degree, he 

has more than made up for this by his understanding of investments, returns and calculations of 

those returns and his presentation skills with clients. I believe he is very competent in the subject 

matter that his degree prepared him for. Overall, he has been an excellent addition to the company 

and I am very glad I hired this young man. Thank you for providing him to us in West Virginia. 

EMPLOYER: Daniel Rea, Co-Portfolio Manager, Driehaus International 

Discovery Fund, Lead Portfolio Manager, Driehaus Global 

Growth Fund, Director of Research Driehaus Capital 

Management LLC, Chicago, IL 

FMP GRADUATES EMPLOYED: Ben Law, ‘08 

“Ben has consistently demonstrated a strong aptitude for detailed financial analysis. The program 

has imparted solid technical skills combined with a broad awareness of global economic trends. 

Furthermore, given the unique long/short aspect of the program, Ben has become efficient at 

identifying specific investment drivers/catalysts and is advanced in his ability to evaluate 

risk/reward. Overall, having hired most analysts at the firm, I strongly believe that Ben is 

substantially better prepared than the average undergraduate candidate.” 


“ Most of all, the program 

provided me with confirmation 

of what I wanted to do for the 

rest of my life.” 

– GENO NOVAK, ’06 – 

Yan Pronin, ’04 

Investment Analyst, The Severin Group 

“Participation in the LSBE Financial 

Markets program has become the 

pinnacle of my undergraduate education 

taking me to a level far beyond of what 

one can expect from an undergraduate 

program. Quantitative and qualitative 

analysis skills developed during 

participation in the program have helped 

me get a firm grip on understanding a 

complex world of financial markets.” 

Alex Husnik, ’06 

Inside Wholesaler, First Trust Portfolios 

“The experience that I received while in 

the program allowed me to be fully 

prepared for my job before I started. With 

my clients being all seasoned investment 

advisers, I was able to step into my career 

already knowing current market trends and 

terminology. I could establish instant 

credibility with my clients, because, 

although I had no work experience, I did 

have market experience. The rebalance 

process also allowed me to hone my 

public speaking skills and defend my 

opinions to investment professionals. This 

was the most beneficial aspect of the 

program in preparing me for a sales 

career. Without this experience I could 


EMPLOYER: Patrick Furnstahl, Sr. Investment Manager, 

Wells Fargo, St. Louis Park, MN 

FMP GRADUATES EMPLOYED: Kara Proctor, ‘07 

“We think highly of the FMP program here at Wells Fargo. The program has definitely given a job 

applicant an advantage over others who have not shared a similar experience. The training needed 

to bring a new hire up to speed is greatly reduced, which allows me to maintain my level of service 

to clients and not have to take time to train the new hire. Also, the level of job sharing between 

myself and the new hire is greater because they have a much better understanding for the job I 

need to do, Plus, they can provide much more help (even recommendations) to me due to their 

higher level of knowledge.” 

EMPLOYER: Brett Zingle, Performance Analyst, FAF Advisors/ 

First American Funds (US Bancorp), Minneapolis, MN 

FMP GRADUATES EMPLOYED: Geno Novak, ‘06 

“Having a basic hands-on understanding of investments and portfolios is certainly beneficial – and 

not only to the specific job (reporting and analysis), but also to interactions within the firm. There 

is a considerable amount of interaction with various investment groups and professionals, and 

having a basic understanding and experience to learn and grow off of certainly benefits these 

interactions and the group as a whole.” 


never have accomplished everything that I 

have so quickly in my career.” 

Kara Proctor, ’07 

Investment Management Associate, Wells Fargo 

Private Bank 

“The greatest value of the program goes 

beyond the vast transfer of information, 

which is a valuable part of it, given the 

breadth and depth of Joe’s knowledge and 

experience. In my opinion the greatest 

value is gained through the experience 

produced by the real-world environment 

created by the program, which is truly 

unique at the bachelor’s degree level. It is 

this experience that spurs the personal 

growth that employers are able to 

instantly recognize.” 

Geno Novak, ’06 

Performance Analyst, FAF Advisors | First 

American Funds (US Bancorp) 

“The intensity of the program and the 

other participants challenged me to 

constantly think outside the box. This has 

benefited me greatly since I graduated, 

through the interview process, and my 

daily job tasks. Also the opportunity to 

interact with Joe really enabled me to 

learn what it takes to succeed in this 

industry. The passion and knowledge is 

infinite, and he is a great role model to 

learn from. Most of all, the program 

provided me with confirmation of what I 

wanted to do for the rest of my life.” 

Chad Mammenga, ’07 

Fixed Income Trader, Wells Fargo 

“The Financial Markets Program helped 

greatly in preparing for my career. I attribute 

the knowledge base I gained as a member 

of the program to the books we read, 

primarily The Stock Market Course by 

George Fontanills. In addition, the research 

reports we wrote before our portfolio 

rebalances, the J-Term practicum with Wells 

Fargo, and our trip to Chicago helped me 

greatly. Without experiencing this program I 

do not believe I would be where I am today 

with my career at Wells Fargo.”

Ashley Mauer, ’07 

Product Associate – Mutual Funds, RBC Wealth 

Management 

“The program helped me develop my 

communication skills. We were responsible 

for developing our own opinions and were 

expected to share these opinions to 

classmates and industry professionals. 

This taught me how to explain and defend 

my opinions. It also gave me a great 

opportunity to learn how to listen to 

feedback. We also had to learn how to 

admit when we did not know something or 

we had been wrong. Finally, the program 

really taught me how to look at the 

market. I learned that there was always a 

reason for the market to move. It really 

taught me the basic understandings of 

what the industry was looking for and how 

to be a part of it.” 

Andrew Guyer, ’08 

Financial Analyst, IBM 

“The Financial Markets Program has helped 

to prepare me for my career in many ways. 

First, through the program's hands-on 

research, I was able to begin my position at 

IBM with a strong knowledge of the inner 

workings of financial statements. I spend 

much of my time working with monthly 

revenues and costs, and the knowledge 

gained through this program has helped 

create a smooth transition from college to 

this position. Coming from a small town, I 

was not exposed to many of the possibilities 

that finance careers have to offer. This 

program helped me develop a career 

direction and a list of goals. Finally, the 

program provided me with an excellent 

source of knowledge from a professional 

that has more than 10 years of experience 

in the industry, and a team atmosphere that 

provided challenges for us every day we 

stepped in the FMP Lab.” 

Alex Paquin, ’08 

Planning Analyst, Target Corporation 

“One of the areas I believe the program 

provided the most benefit was in analysis. 

We took many different approaches in doing 

analysis: fundamental, quantitative and 

technical. Learning how to do deep analysis 

in different ways is something I find very 

important in my every day work. Another 

crucial skill the program helped develop 

was my presentation skills. Presenting my 

opinion and being confident and able to 

back it up while fielding challenging 

questions from an audience are all valuable 

skills that I don’t feel I had enough 

experience from other classes.” 

Brian Pattock, ’04 

Agent, Farm Bureau Financial Services and 

Owner – a Merchant Services Company 

“The LSBE Financial Markets Program was 

by far the best learning environment that I 

have ever experienced. My life and career 

paths have lead me away from what I found 

to be the most valuable parts of the 

program. It provides the opportunity to look 

at various roles in the financial industry and 

to visit various financial centers of the US, 

along with the opportunity to work with a 

group of dedicated students who have 

similar aspirations. I would like to take the 

opportunity to thank the University of 

Minnesota Duluth and LSBE for the chance 

to experience such a great program, with 

that I also would like to thank Joe Artim for 

all that he does for the program and all the 

invaluable information I gained.” 

Mike Olson, ’06 

Director of Finance, Taymark 

(Taylor Corporation) 

“The skills I obtained in the program that 

have been the most beneficial to my work 

are as follows: The ability to effectively 

analyze a company or situation – particularly 

fundamentally or quantitatively – and to 

present findings, recommendations and 

make informed decisions. The program also 

helped instill confidence and accountability 

in decision making, and skills regarding how 

to work successfully as a team. Even though 

Press Coverage 

“Taking Stock in Business 

Education” – Duluth News Tribune, 

February 21, 2001 

“SBE Begins New Program for 

Finance Majors” – UMD Statesman, 

March 28, 2002 

“Fund May Add to Students’ Options” 

Duluth News Tribune 

April 11, 2002 

“In New UMD Lab, Students Invest 

Real Money” – Duluth Budgeter 

News, May 19, 2002 

“Big Bank on Campus” – Minneapolis 

Star Tribune, January 24, 2003 

“Wells Fargo Partners With 

Undergraduate Program” – 

North Western Financial Review, 


“UMD Students Get Experience They 

Can Bank On” – Duluth News 

Tribune, January 7, 2004 

“Program Lets Finance Students Get 

Feet Wet” – The Business Journal, 

January 9, 2004 

“Students Put Stock in UMD” – 

Duluth News Tribune, 

January 24, 2004 

“Students Get Real World 

Financial Experience” 

UMD Statesman, 


“Bullish on Bulldog” 

Duluth News Tribune, May 7, 2007 

“Bulldog Fund Offers a 

Bull Market for Learning” 

Duluth News Tribune, May 5, 2008 


EMPLOYER: Ben Holmes, Finance Manager, Target Corporation, 

Minneapolis, MN 

FMP GRADUATES EMPLOYED: Alex Paquin, ‘08 

“Alex is prepared to present the results of his analysis well to all levels at Target. He is also 

experienced in analysis, which is essential in executing his role at Target. Finally, he is able to 

manage many different tasks at once, which appears to be central to the training of your program.” 


I do not work directly in the financial 

markets, I feel that many of the lessons 

learned in the program are universal in the 

working world and would be beneficial to 

most business students.” 

Matt Kleffman, ’08 

Financial Advisor, Edward Jones 

“The program was great at helping me get 

ready for the work load that I am 

experiencing in the industry now. Prepping 

for the presentations felt a lot like what it 

feels like prepping for my appointments 

now, because no matter how much you 

prep, you really don't know exactly what to 

expect. I learned how to think on the spot 

intelligently. The program really forced me 

to grow up. I feel that the hours expected 

in this industry would have hit me hard if 


EMPLOYER: Karim O’Driscoll, Director Pricing Strategy and Dealer 

Program Integration, Zag.com Inc., Los Angeles, CA 

FMP GRADUATES EMPLOYED: Tyson Nassauer, ‘08 

“Tyson’s learning curve of pricing concepts in a new industry (automotive) has been very fast. His 

technical skills (data analysis, Excel, reporting, data presentation, attention to detail) are very 

strong, as are his motivation levels and work ethic.” 

EMPLOYER: Jacalynn Reed, VP, Lifelong Wealth Inc., Minneapolis, MN 

FMP GRADUATES EMPLOYED: Jeremy Lipinski, ‘06 

“Jeremy came well prepared to take on the responsibilities of Para Planner. His client service skills 

are excellent. He came with a good understanding of the financial industry and financial planning 

as a whole. Terminology, asset allocation, fund management, etc., were all skills that did not have 

to be taught. He has been a valued employee with high expectations for a bright future in this 

industry.” 

EMPLOYER: Jennifer Kibbon, Manager of Client Services, Thomson 

Reuters – Quantitative Analytics, Chicago, IL 

FMP GRADUATES EMPLOYED: Jason Sluciak, ‘07 

“Since joining Thomson Reuters, as a Product Support Specialist in May 2007, Jason has proven to 

be a great asset to our team. He was able to use the knowledge gained from the hands-on 

experience in the LSBE Financial Markets Program to quickly grasp the financial software products 

supported by the Thomson Reuters Quantitative Analytics team. His knowledge of the financial 

market has allowed him to continually excel in this position and clearly understanding our clients’ 

needs and objectives. Jason constantly welcomes new challenges and opportunities. I have also 

witnessed Jason demonstrate many important personal qualities in the workplace. He shows 

excellent teamwork while interacting with others, and displays great organization skills in his job 

performance. Jason works diligently to meet all deadlines that he encounters, putting in the extra 

hours when necessary. I believe the LSBE Financial Markets Program prepared him well for a 

successful career in the financial industry.” 


not for the program. On top of all that, the 

knowledge I gained in how the market has 

reacted throughout history has helped me 

talk to people about how great of an 

opportunity this is for clients.” 

John Malone, ’05 

RFP Specialist, Advantus Capital Management 

“I came away from the FMP with skills and 

abilities above and beyond those of my 

fellow classmates. Specifically, the 

opportunity taught me what would be 

expected to succeed in the financial 

marketplace and provided me with vital 

contacts to reach the goals that I set to 

achieve. I feel grateful for having the 

opportunity to be a part of the LSBE 

Financial Markets Program.” 

Nishit H. Charadva, ’08 

Technology Support Specialist, University Of 

Minnesota Duluth 

“This program has helped me grow both 

personally and professionally. It helped 

me tremendously in developing my 

intellectual skills, as well as improving 

significantly my presentation skills and 

ability to learn, think and apply hands-on 

learning experience to my day-to-day life. 

The program challenged me to go above 

and beyond my own expectations.” 

Tyson Nassauer, ’08 

Pricing Analyst, zag.com 

“The Financial Markets Program has 

molded my ability to analyze data, 

diagnose complex situations, and prioritize 

and commit the appropriate level of time 

and attention to detail in a resource (i.e. 

time and money) constrained environment 

to a level that exceeds most college 

graduates who recently entered the 

workforce. This much needed experience 

not only enhanced my resume in a 

competitive job market, but provided me 

the skills to exceed management’s 

expectations, allowing them to assign me 

as “lead” on projects that would normally 

be assigned to more senior employees. 

The Financial Markets Program allowed 

me to experience my “rookie year” in a 

controlled yet realistic environment.”

Students visit Chicago Board of Trade in fall, 2003. 

Learning from professionals at Wells Fargo during J-Term. 

Jeremy Lipinski, ’06 

Para Planner, Lifelong Wealth Inc. 

“Much like a career, the FMP was not a 

class that you simply went to for a few 

hours a day and did not think about again 

until the next week. We were called upon 

to be responsible and accountable for our 

recommendations at all times. Above all 

else, the FMP gave me an understanding 

and appreciation for the financial markets 

that I could not have ever achieved by 

attending a lecture or reading a text book. 

I use this knowledge everyday when 

constructing client portfolios.” 

Jason Sluciak, ’07 

Product Specialist, Thomson Reuters – 

Quantative Analytics 

“For my career the biggest benefit from 

the program I’ve seen is the deeper 

understanding I gained about the different 

financial markets. I spend the majority of 

my time helping clients extract and 

manipulate financial data that is 

important to their investment strategies, 

and it is crucial that I understand what 

the client is trying to do and what they 

want the end result to be. My experience 

in the program prepared me very well for 

this. The other major area I feel the 

program helped me with was my 

presentation skills. The skills and 

preparation habits I learned from those 

presentations have paid huge dividends 

over my brief career. Overall I can’t 

express how invaluable the knowledge and 

experience of the LSBE Financial Markets 

program have been for me.” � 

“ FMP gave me an 

understanding of the financial 

markets that I could not have 

achieved by attending a 

lecture or reading a book. I 

use this knowledge everyday 

when constructing client 

portfolios.” 

– JEREMY LIPINSKI, ’06 – 


University of Minnesota Duluth 

1318 Kirby Drive 

Duluth, MN 55812-3029 

www.d.umn.edu/lsbe/finmarkets/home.htm

Financial Markets Program - University of Minnesota

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