Q & A about the new AIM program track: Private Equity & Banking

The following is based upon information that is also contained on the AIM web site.

Q) What is the Private Equity & Banking Track?

Beginning with the Class of 2016, the AIM program is expanding and will include two tracks: Investments and Private Equity & Banking. The Investments track will continue to focus on asset management, while the Private Equity & Banking track concentrates on private or transactional finance.

The Private Equity & Banking track is dedicated to forging closer ties with the private equity and investment banking sector. Like the Investments track, it reinforces our commitment to linking theory with practice and by engaging alumni and leading industry experts.

Q) How does the curriculum differ between the Investments and Private Equity & Banking tracks?

The AIM program operates within the Department of Finance which means that students in the program must be declared as finance majors. In addition to fulfilling all of the courses required by the College of Business (i.e. FINA 3001: Introduction to Financial Management), an AIM student must complete the following:

AIM Program Requirements (Investments Track):

Students accepted in the AIM program must earn a BC or better in the following required courses:

ACCO 3001:   Intermediate Accounting

ACCO 4080:   Analysis of Corporate Financial Statements

FINA 3986:    Internship Work Period 

FINA 4001:    Advanced Financial Management

FINA 4011:    Investment Analysis

FINA 4065:    Fixed Income Securities        

FINA 4310:    Introduction to Applied Investment Management

FINA 4320:    Research and Financial Analysis

FINA 4330:    Valuation and Portfolio Management

FINA 4370:    Advanced Investment Management, Ethics and Society

One of the following:

ACCO 4020:   Advanced Accounting

ECON 4060:   Introduction to Econometrics

FINA 4060:    Introduction to Financial Derivatives

FINA 4081:    Investment Banking   

FINA 4082:    Alternative Investments         

FINA 4112:    Investment Management       

One of the following:

ACCO 4040:   International Accounting       

ECON 4044:   International Currency Markets         

FINA 4040:    International Finance 

           

AIM Program Requirements (Private Equity & Banking Track):

Students accepted in the AIM program must earn a BC or better in the following required courses:

ACCO 3001:   Intermediate Accounting

ACCO 4080:   Analysis of Corporate Financial Statements

FINA 3986:    Internship Work Period 

FINA 4001:    Advanced Financial Management

FINA 4310:    Introduction to Applied Investment Management

FINA 4011:    Investment Analysis

FINA 4340:    Private Equity, Society and Ethics

FINA 4350:    Applied Financial Modeling

FINA 4381:    Investment Banking

Two of the following:

ACCO 4020:   Advanced Accounting

ECON 4060:   Introduction to Econometrics

FINA 4060:    Introduction to Financial Derivatives

FINA 4065:    Fixed Income Securities

FINA 4080:    Entrepreneurial Finance         

FINA 4082:    Alternative Investments         

FINA 4112:    Investment Management       

One of the following:

ACCO 4040:   International Accounting       

ECON 4044:   International Currency Markets         

FINA 4040:    International Finance 

Q) What are some of the applied learning elements of the Private Equity & Banking track?

In addition to providing an academically rigorous set of private equity and investment banking courses (listed above), the Private Equity & Banking track also will add a strong element of applied learning including:

• ·         Summer internships within investment banks, private equity firms, and other financial service providers
• ·         Opportunities for students to learn from experienced professionals,
• ·         Incorporation of financial modeling and case studies into the curriculum
• ·         Interaction with Marquette’s growing finance alumni network who will continue to provide valuable assistance in preparing students for internships and entry level positions
• ·         Management of a micro-cap equity fund
• ·         Use of “in the trenches” guest speakers in the classroom to allow students to learn about real private equity and banking experiences,
• ·         Creation of a Private Equity & Banking Club which will provide opportunities for coaching and nurturing that are important in helping students accelerate their careers
• ·         Opportunities for students to assist in the monitoring and evaluation of the performance of private equity investments within various investment portfolios (i.e. university endowments, local and state public pension funds, family offices, etc.).

Q) When does a student accepted into the AIM program declare the track they wish to pursue?

During the enrollment process students will indicate whether they have a preference for the Investments or Private Equity & Banking track. Their response will not be a part of the decision process as to whether the student is accepted into the AIM program. The information is useful in determining future course offerings.

All students accepted into the AIM program will take a similar set of courses throughout their junior year. The curricular differences in the two tracks appear during the students’ senior year. Therefore, before a student chooses their courses for the fall semester of their senior year (usually during the month of March), they will be designated as either in the Investments or Private Equity & Banking track. The program director (Dr. David Krause) and co-director (Mark Zellmer) will advise the student as to the best track based on the student’s background and area of interest. Best efforts will be make to assign students to their desired track, while at the same time attempting to seek a working balance. Factors taken into consideration will be the students’ career interests, internship offers, and cumulative grade point.

The course catalog for the 2015-2016 academic year will contain the specifics on the AIM program application and the process of assigning students into one of the two tracks.

Q) How relevant is what I learn in AIM to the real investment and private equity world?

As the name implies, AIM is an applied program. The instructors who teach in the program have solid academic track records and have extensive real world experience. In short, they know both financial theory and business practice. One of the major benefits of the AIM program is that students are also able to learn in their internships and in the classroom from finance professionals that also help link theory to application.

Q) Can I double-major while being enrolled in the AIM program?

Yes.  Many students have successfully sought an additional major in addition to studying the AIM curriculum (and obtaining a finance major). You will need to discuss double-majoring with Dr. Krause and advisors in the other department you see a second major.

Q) How can I juggle working on my degree, interning at a finance firm, spending time with my friends, studying for the CFA exam, and still meet the obligations of the AIM program?

There is no denying that the AIM program requires a serious commitment. In addition to actual class time, you should expect to spend at least 15 hours a week researching investments and studying for the CFA exam (Investment track). This is intended to be a rigorous program and there may well be some activities you will need to postpone while pursuing your degree. On the other hand, you are not alone in the AIM program – you will be enrolled in many of the same classes as your program colleagues and will have an opportunity to travel through the AIM program as a cohort.  In addition, the comparatively short duration of the AIM program means the rewards for all the hard work involved are never too far from sight.

Q)  What types of job will AIM prepare me for?

It is clearly very difficult to predict the path that a person's career will take. However, the thread that unites students in the AIM program is their interest in investments, private equity and investment banking. Some students may be more interested in equity or fixed income investment research, while others will have a greater interest in the transactions side of the investment banking and private equity industry. Quite a few students have stated their their goal is to work for an investment firm, obtain their CFA charter, and then attend a top tier graduate school. Others are interested in working at a bulge bracket or middle market investment bank and someday becoming a partner in a private equity firm. Others are interested in working in hedge funds or working as a financial consultant. Starting positions in the finance industry are naturally dependent on previous work experience - and may range from an associate analyst position to a management trainee program to a mid-office credit analyst position (also see the see internships and careers section).

Q) How do I know if the AIM program is right for me?

That’s a decision you’ll have to arrive at independently. From our perspective we view the successful applicant to the AIM program as having a strong intellect, an active curiosity about the investment banking and asset management industry, a demonstrated record of academic achievement, a well-conceived plan for their future, and good communication and analytical skills. Candidates will have the opportunity to demonstrate these traits through their academic record, resume, letters of recommendation, personal application essay, and a program interview.

Q) Who is eligible for admission to the AIM program?

Students applying to the AIM program are finance majors; however, some are also majoring in other business areas, such as accounting and international business. What the students accepted into the AIM program share is a sincere desire to succeed in finance, graduate from Marquette, and obtain their CFA charter or MBA degree. All of the students display a willingness to work hard toward achieving that goal. Most students enter the AIM program with a proven academic record and a passion for a career in the industry. Students submit their applications during the fall semester of their junior year – and if accepted into AIM, take their first AIM course in the spring semester of their junior year. To learn more, please visit the application information area of the AIM web site.

Q) How do I access application materials or more information?

You can access application material on the AIM web site. For specific inquiries regarding the application process, please contact: Lee Hovorka at 414-288-8024 or AIM@marquette.edu.

Q)  When can I apply for admission to the AIM program?

Students may apply to the AIM program during the first semester of their junior year. The AIM program is a three semester, junior-senior program. Students interested in the AIM program must submit their application to the AIM Director in September.

Q) What are the AIM program admission requirements?

Students interested in the AIM program will be required to submit a formal application to the Director of the AIM Program near the beginning of the fall semester of their junior year. Unlike other offerings in the College of Business Administration, the selection process will be competitive due to the limited capacity of the program. Applicants will be evaluated by the AIM Admissions Committee, which is composed of the Director of the program, investment company representatives, and members of the Finance faculty. The selection of students for the program will be made by the Committee based upon the following: 1) overall academic performance (3.00 GPA minimum); 2) performance in courses relevant to investment management (e.g. finance, accounting, economics, statistics) ; 3) an application essay that articulates why you want to be in the AIM program and why you should be selected; and 4) experience and career objectives as demonstrated in your resume, letters of recommendation and interview.

Bond market veteran (Dan Fuss) is getting worried

The following is from the July 30, 2014, MarketWatch. 

Loomis Sayles’ Fuss: Geopolitical conflict and pricey market are a dangerous mix

NEW YORK (MarketWatch) — Dan Fuss hasn’t been shy about playing in the riskier corners of the bond market during his 50 plus years in finance. But he’s becoming increasingly cautious this year, reflecting growing concerns about the state of the credit markets.

Fuss’s flagship Loomis Sayles Bond Fund LSBRX -0.32%   LSBDX -0.32%   has put 27% of its $24.4 billion in assets under management in cash and reserves, such as short-term Treasurys, he said in an interview with MarketWatch this week. He joins a number of other big bond managers who have been prioritizing liquid holdings .

BloombergEnlarge Image

Dan Fuss, vice chairman of Loomis Sayles & Co.

That decision reflects a mix of caution about geopolitical conflicts around the world that have so far gently pushed investors away from riskier debt securities. In the past month, Russia’s conflict with Ukraine has intensified, leading to harsher sanctionsfrom Western nations. Violence has alsoerupted between Gaza and Israel.

“I think it is a very good time to be cautious... You have growing geopolitical risks and you have shrinking incentives to invest.”

Dan Fuss

At the same time, credit markets have become expensive in recent years, exposing the market to the potential for a sharp reversal if investors run for the exits all at once. Fuss worries that mutual funds and exchange traded funds could get hit with big outflows, exacerbating the selling. Already, the junk bond market has shown some softness in recent weeks.

“I’m looking at the risks around the world and I’m looking at the direction they are going and I’m saying ‘this is really truly not good,’” Fuss said. “And then I’m looking at the markets and I’m saying ‘this is really truly full valuation.’ And so what’s the prudent thing to do? Well the prudent thing to do in the case of the Loomis Sayles Bond Fund is to say, ‘okay let’s get that liquid reserve up.’”

The rising prices on credit have pushed yields sharply lower on all sorts of debt, making it more difficult for investors to find securities that provide substantial income. Bond yields across the world have been hitting record lows, from U.S. junk bonds to German government debt. The silver lining for investors is that when the market is this expensive, you don’t lose as much by sitting out a round, says Fuss.

“I think it is a very good time to be cautious,” he said. “You have growing geopolitical risks and you have shrinking incentives to invest.”

JNK 41.06, +0.11, +0.27%

SPDR Barclays High Yield Bond ETF

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Junk bond prices have risen sharply over the past year, as shown by this ETF's rise

Fuss has spent nearly four decades at asset management firm Loomis, Sayles & Co., where he is currently vice chairman. He pioneered its strategy of buying under-valued fixed-income securities, often in below-investment grade bonds. But the risk exposure in the Loomis Sayles Bond Fund, which he runs along with Matt Eagan and Elaine Stokes, has been coming down.

“By their standards, they are pretty conservative,” said Sarah Bush, senior analyst at Morningstar, referring to the current mix of assets in the fund. She likens the historical Loomis Sayles Bond Fund investing theory to value investing, in which market participants seek out undervalued securities.

The fund has outperformed 93% of its peers over the past decade, according to Morningstar. Last year, it managed to eke out returns of 5.5%, despite a 2% drop in the benchmark Barclays Aggregate index. Even after pulling back on higher yielding risk assets, Fuss’s fund has returned 6.9% year-to-date, compared with 3.9% gain in the Barclays Aggregate.

So where is Fuss accumulating returns within the market for highly liquid bonds? Increasingly, it’s in short-term debt, where the fund has been buying up liquid short-term U.S. and Canadian government notes. He asserts that by parsing the relative value of specific securities, investors can gain a surprising amount of income in this environment.

“It has put a premium on what I would call the mechanical skills of fixed-income,” he said.

Marquette expanding popular Applied Investment Management program: More about the new Private Equity & Banking track

College of Business Administration adds emphasis on private equity and banking

Marquette University’s College of Business Administration is expanding its nationally acclaimed Applied Investment Management program. The AIM program, which allows a select group of finance majors to get hands-on academic and financial analysis experience, including an opportunity to actively manage domestic and international equity and fixed-income portfolios, will now comprise two tracks: Investments and the newly developed Private Equity and Banking. The Investments track focuses on asset management, while the Private Equity and Banking track concentrates on private and transactional finance.

AIM is expanding as a direct response to the increased interest from employers and finance students, and builds off of the college’s expertise in applied business education.  Nearly 70 students last year competed for the 24 coveted AIM seats, and many students nationwide choose the college specifically for the AIM program. Firms worldwide are allocating more investments into the private equity sphere.  According to the 2013 Wharton Private Equity Review, $200 billion of new capital went into private equity and venture capital management partnerships globally in 2012.

Dr. David Krause, adjunct associate professor of finance who has led AIM since its inception in 2005, is excited about the program’s growth. “More students will have the opportunity to receive AIM’s rigorous education and career preparation, benefit from new internship experiences, and achieve broader career opportunities,” he said.

Mark Zellmer tapped to co-lead new AIM track

As part of the expansion, the college has named Mark Zellmer as the new co-director of AIM Private Equity and Banking track. A Marquette undergraduate and MBA alumnus, Zellmer has been a popular adjunct instructor since 1995. Chairman and majority shareholder of Northern Oak Wealth Management Inc., he has extensive expertise in financing and investing in privately held companies, and he will teach courses in the new track.

Zellmer will work closely with Krause on the program’s numerous applied learning components, including internships, career development, alumni mentorships, industry networking and student clubs.

“I’ve worked alongside Mark for nearly a decade, and he’s the perfect person to help lead AIM’s growth,” Krause said. “He’s not only a seasoned industry veteran, but he’s also an excellent, highly regarded instructor.”

One of the nation’s top undergraduate programs in applied investment management, AIM was the first undergraduate program to be recognized as a Chartered Financial Analyst Program Partner. Students in the program study the core body of knowledge covered in the CFA Level I exam – preparing them to take the test upon graduation. The pass rate for AIM students on the CFA exam has averaged around 70 percent – while the average global pass rate is only 38 percent. Further, AIM has had a near perfect career placement record since its inception in 2005.

In addition to providing an academically rigorous set of private equity and investment banking courses, the second AIM track adds a strong element of applied learning including:

·         summer internships within investment banks, private equity firms, and other financial service providers,

·         opportunities for students to learn from experienced professionals,

·         incorporation of more financial modeling and case studies into the curriculum,

·         interaction with Marquette’s growing finance alumni network who add provide valuable assistance in preparing students for internships and entry level positions,

·         the ability to manage a micro-cap equity fund,

·         use of “in the trenches” guest speakers in the classroom to allow students to learn about real private equity and banking experiences,

·         creation of a Private Equity & Investment Banking Club which will provide opportunities for coaching and nurturing that are important in helping students accelerate their careers, and

·         opportunities for students to assist in the monitoring and evaluation of the performance of private equity investments within various investment portfolios.

Graduates of the AIM program will continue to be highly valued by financial services firms in the Midwest and nationally because of their discipline, developed ‘applied’ skills, rigorous curriculum and industry knowledge.  Mark Zellmer, an experienced financial professional and popular instructor in Marquette’s Finance Department, is the program’s co-director and will help with the oversight of the Private Equity & Banking track.

Contact Information:                                      

David S. Krause, PhD                                                Mark Zellmer
Director, AIM Program                                           Co-Director, Private Equity & Banking Track
david.krause@marquette.edu                             mark.zellmer@marquette.edu
414-288-8024                                                            414-288-8487

Getting Ready for the Next CFA Exam

Many AIM alumni have just finished taking one of the CFA exams and this week found out their results. Now they must start planning for the next CFA exam. The following is from a semimonthly news update called The Finance Professionals' Post which is provided by the New York Society of Security Analysts. www.nyssa.org

CFA Exam Preparation: 3 Crucial Mistakes You Must Avoid

Just starting out on your CFA preparations and looking for some guidance? Many candidates aspire to aim for passing the CFA exams in three years.

While hard work and effort are a prerequisite, here are a couple of mistakes I made but wished I knew beforehand during my CFA journey - I hope it helps  you avoid the usual pitfalls of taking on such a challenging qualification!

FAILING TO PLAN

You've heard of this old saying time and again, and it certainly applies to your CFA study preparation too. Many candidates fail because they just thought they could "wing it," and take their time studying the materials without sticking to some sort of a strict schedule.

Or worse, some candidates even took time to do a simple study plan, but ignored them anyway during the revision and start to fall behind schedule. If you know you're behind, perhaps because you underestimated the work load or it took more time to understand a tricky concept, you need to make it up in your studies to ensure you catch up with your schedule.

Why? Because finishing on schedule, specifically one whole month before the exams (which I highly recommend), gives you ample time to do tons of practice papers, and contributes the other 50% to your learning and grasp of material. Yes, reading and covering the syllabus is just half of the work (and still very important), but the real test of your understanding of CFA concepts comes when you're tested under timed conditions.

UNDERESTIMATING THE MATERIALS

I have a degree in Economics and when I first took December Level 1, I remember smirking when looking through the economics section of the materials. Guess what? I paid the least attention to that section and scored the lowest band for that topic. "Easy," eh?

Overconfidence can be a dangerous thing for the CFA exams. In fact, in a 2012 study, we found that candidates with no finance background (in prior education or work experience) significantly outperformed candidates who had prior finance education for the CFA exams. 

This tells us two things:

- Complacency negatively affects your pass rates, which is common among candidates with prior finance education (but not working in finance currently). Skipping or "spotting" topics is not advisable, perhaps only when you're doing a last minute review (which shouldn't happen if you're learning from above).

- Having no prior background in finance nor work is actually an advantage.

ACTUAL EXAM DAY PREPARATIONS

After months of hard core studying, many candidates mess things up by not preparing logistically for the big day. You'll need to arrive early and on time, to avoid being flustered and distracted mentally when you get let into the exam hall late.

Do make sure you've brought everything required and have figured out how you're getting to the exam hall - you'll need to factor in extra time for the crazy traffic these places have during the CFA exams. It's also wise to bring your own food for lunch to avoid those massive lunch queues so you can eat at your own time far away from the chaos.

I hope this helps. Good luck!

Private Equity versus Private Wealth Management

What is the Difference Between Private Equity and Private Wealth Management?

I have been asked by students just entering the study of finance about the difference between private equity and private wealth management.

Private Equity (PE) is one of the most sought after types of work in finance. The traditional route into private equity is: spend two years at an investment bank and then complete an MBA at a top business school. For an excellent insight into the Private Equity world, read Barbarians at the Gate which details the leveraged buyout (LBO) of R.J.R. Nabisco by KKR in the 1980s.

Private Equity is not very well known outside of the finance world, but it is one of the key players in global business. Private equity firms are part of the ‘buy-side’ of the investment industry and some of the largest firms are: Kohlberg, Kravis & Roberts (KKR); Blackstone; Bain Capital; and Carlyle Group.

The definition of private equity is simply money invested into a private company, or the privatization of a company through the investment of outside money. Basically, what private equity firms attempt to do is to invest into a company, take a majority stake, improve the company and then exit their investment at a large profit. In order to magnify returns, PE firms make use of leverage (borrowed money) to conduct LBOs.

Private Equity firms can either focus on a specific sector (Software, Biotech, Energy, Technology, Healthcare, etc.) or operate across a broad spectrum. The larger the firm, the more likely it is to cover more sectors.

PE firms will typically acquire 100% of the target company and make use of a combination of cash and debt to finance the acquisition. The advantage of using debt is that the firm has to invest less of its own cash, and therefore the return on equity is higher and they can undertake bigger / more investments. When the target company is acquired, the future cash flows are used to pay off the debt used. If the PE firm in question is using leverage, they will require a financial sponsor (typically a bank) to loan them the money.

The aim of the investment by the PE firm is to take a business, increase its value and then sell it’s share in the business. Typically, PE firms will target 20% return per year. The way the firm will improve the business can be anything from replacing the management, reducing costs, improving efficiency or many other possible actions. Private Equity investments are usually not that risky (at least compared to venture capital) because the target firm is usually quite large and is unlikely to collapse in value.

As a junior employee in PE, your work is actually quite similar to that of investment banking, but the hours are usually less and the pay is usually more. The work will involve valuing companies, modeling for mergers / LBOs, conducting discounted cash flow (DCF) analysis, fundamental industry analysis, etc.

Private Wealth Management (PWM) is a service offered by institutions to high net worth individuals and firms. The services typically offered with private wealth management include:

·         Investment advisory

·         Money management

·         Wealth planning

·         First priority product offerings

Private Wealth Management is frequently part of the ‘Private Bank’ sector of a bank. Private Banking (PB) is a form of wealth management service offered to ultra-high net worth individuals ($5mm and upwards). The services offered by a private bank will include:

·         Portfolio investment ideas

·         Wealth protection through asset investment such as gold

·         Tax avoidance advice

·         General financial planning including charitable donations, inheritance, retirement etc.

There are some specific private banking firms, and most investment banks have a private banking service they can offer to their clients. Private Banking is considered to be a front-office role and people working in PB need to have extremely good interpersonal and client skills above all else, as relationships count more than almost anything else.

The AIM Program's Private Equity & Banking Track

Dr. Krause discusses the AIM program's newest track

 
It was recently announced by Dr. Mark Eppli, Marquette University’s Interim Keyes Dean of Business Administration, that the Applied Investment Management program is expanding. This is a key part of the Dean's DAY 1 vision which shifts the business curriculum across four years and adds a new freshman DAY 1 business course.  In this interview, Dr. David Krause, Director of the AIM program, discusses the second track which is the first of the new applied business programs planned by the Dean and the College's Executive Council.
 
Q)  First of all, can you provide some background about the Applied Investment Management program?

David Krause

In 2005, Marquette’s College of Business Administration launched the Applied Investment Management (AIM) program. Since then, over 200 undergraduates have passed through the program which has earned recognition as one of the nation’s top undergraduate programs in applied investment management. In short, the AIM program has allowed a group of undergraduate finance majors to get hands-on academic and security analysis experience, including summer internships and an opportunity to actively manage three equity and fixed-income portfolios throughout their senior year. 

Students have studied from a curriculum that emphasizes the core body of knowledge covered in the Chartered Financial Analyst (CFA®) exam – preparing them to take the test upon graduation – and begin a career in the asset management industry. Over 40 students have already passed all three levels of the CFA exam since the program began.
 

In 2006, the AIM program was selected as the first undergraduate business program to become a Program Partner of the CFA Institute. This coveted partnership designation means that AIM offers a degree program that covers at least 70 percent of the CFA Institute’s Program Candidate Body of Knowledge, including the CFA’s  Ethical and Professional Standards and other requirements.
AIM alumni are working in a variety of positions in the financial services sector around the globe and the program has a perfect career placement record since its inception. The pass rate for AIM students on the challenging Level I CFA exam has averaged nearly 70 percent – while the average global pass rate is only 38 percent. Many AIM alumni have passed all three levels of the CFA exam and have obtained their charters. The AIM program has also won the local CFA Society Investment Research Challenge five of the last six years – and two teams have advanced to the semi-final round of the Americas CFA Research Challenge. In short, the AIM program has achieved considerable success over the past decade. 
 
Q)  What is the new Private Equity & Banking track?
The AIM program is expanding and will now comprise two tracks: Investments and the newly developed Private Equity & Banking. The Investments track focuses on asset management, while the Private Equity & Banking track concentrates on private and transactional finance.
The expansion of the AIM program is a direct response to the increased interest from employers and Marquette's undergraduate finance students – and it builds off of the College of Business Administration’s expertise in offering applied business education programs. There has also been strong employer demand as more investment funds are being allocated into the private equity space.

This new track will bridge connections among the College of Business Administration’s constituents including its growing finance alumni network, firms in the financial services sector and the currently enrolled students. It will especially address the needs of employers, including bulge and middle market investment banks; commercial and industrial lenders; privately-held companies; and private equity firms.
More students will now have the opportunity to receive AIM’s rigorous education and career preparation, benefit from new internship experiences, and achieve broader career opportunities. It also fits well with the new vision advanced by the College of Business Administration.
 
Q)  What are some of the elements that will distinguish the Private Equity & Banking track from the Investments track?
Similar to the Investments track, AIM students in the Private Equity & Banking track will study a rigorous core body of knowledge, but one that has an increased focus on private and transactional finance. Hallmarks of the Private Equity & Banking track include three required courses that are not a part of the Investments core curriculum: Investment Banking, Applied Financial Modeling, and Private Equity. The last two courses being brand new offerings that will offered in the 2015 spring semester.

AIM Research Room

The primary goal of the AIM program remains committed to providing students with unique real-life learning experiences that will reinforce the core skills developed through their academic work. Students in the new AIM track will receive:

• An applied undergraduate education that will enhance their understanding of the private equity, investment banking and corporate finance sectors;
• Training in financial modeling;
• Opportunities to learn from, and network with, local financial services professionals and the University’s growing alumni base;
• Internship and job search support, including recruiting opportunities, mock interviews, and help with cover letters, resumes, work samples, and communication strategies; and    
• A leading-edge curriculum based on elements from the Chartered Financial Analyst, Certified Private Equity Professional (CPEP), and Chartered Alternative Investment Analyst (CAIA) core body of knowledge.  

Mark Zellmer

Q)  If the program is expanding will there be any new staff to support the AIM program? 
 Dr. David Krause, the inaugural director of the AIM program, remains responsible for the administration of the program and curriculum. He is an Adjunct Assistant Professor of Finance and has been the primary instructor of the AIM courses since the program’s inception in 2005. He has taught all four of the AIM courses that are included in the Investments track curriculum and will remain focused on asset management.
 
It was recently announced by the Dean of the College of Business Administration that Mark Zellmer will be joining the AIM program on a part-time basis as the co-director of the Private Equity & Banking track. A Marquette undergraduate and MBA alumnus, Zellmer has been a popular adjunct instructor since the mid-1990’s. As the chairman and majority shareholder of Northern Oak Wealth Management, he has extensive expertise in financing and investing in privately held companies. He will teach the courses in the new track and offer advice to students about related internships and career opportunities. Mr. Zellmer will work closely with Dr. Krause on the program's numerous applied learning components, including internships, career development, alumni mentorships, industry networking, and the oversight of student clubs.
 
The AIM program has also received instructional support from other finance faculty, including Dr. Sarah Peck, who previously taught the Investment Ethics course. Current and former adjunct finance faculty who have provided teaching support at the graduate and undergraduate levels include: Mark Zellmer, Chris Zuzic, Jeff DeAngelis, Chris Swain, Tom Digenan, Bill Walker, Chris Merker, Tom Eck, Mike Blonski, Dan Geigler, Jim Fitzpatrick, and Frank Esposito – with most of them being Marquette alumnus and prominent investment professionals.
 
Q)  How does the expanded program fit the mission and strategic goals of university and college?

The new track seeks to strengthen and advance the University’s mission in the search for truth, the discovery and sharing of knowledge, the fostering of personal and professional excellence, the promotion of a life of faith, and the development of leadership expressed in service to others.  

The new track also strives to support the College’s mission of providing innovative applied learning experiences and to serve as a valued resource for business and societal. We seek to apply Ignatian pedagogy, which encourages the faculty and students to consider the “context” of the subject matter and how it relates to and is impacted by society trends, economics, political structure, and global and local issues. We wish for our graduates to be able to analyze, decide, integrate and lead in the 21st Century.