Financial Markets Program - University of Minnesota

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“ 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.” 4 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 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 UMD LABOVITZ SCHOOL OF BUSINESS AND ECONOMICS – FINANCIAL MARKETS PROGRAM 5
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Financial Markets Program - University of Minnesota

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