Michigan Finance Scholars - Central Michigan University · 2019-12-09 · Lending Challenge, Ally Bank Challenge, CFA Research Challenge, ACG Cup, UIC Stock Pitch, and 20-Hour Investment

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Michigan Finance ScholarsDecember 2019

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Table of ContentsMFS at a Glance

Workshops

Challenges and Competitions

Trips, Tours, and Travel

SEC Chairman

Michigan Finance Scholars

Employers

Alumni & Friends Giving

Program Support

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Founded in November 2017, the Michigan Finance Scholars program prepares

ambitious and driven undergraduate students for top careers in finance. The goal

of the program is two-fold. First, we prepare scholars to become well-qualified

candidates to get top internships and entry-level positions in the finance industry.

Second, we equip them with hard and soft skills to ensure continued success and

growth in their careers.

The past academic year, 2018-19, was one of the greatest triumphs for CMU

Finance in the history of the program. We have seen unprecedented success in

job and internship placements, competition results, student energy, and alumni

involvement. Most notably, the junior cohort of the Michigan Finance Scholars

program has achieved 100% internship placement for summer 2019. This stratum of

success is impressive considering these internships vary across investment banks,

hedge funds, elite private capital management firms, and some of the Fortune

100 companies. With such momentum, CMU is rising to the level of top finance

programs across the country.

The competitions have been another area of considerable accomplishment.

Under the leadership of Professor Brad Taylor, a former CFO, CMU students have

competed in a mélange of finance competitions. These included the Corporate

Lending Challenge, Ally Bank Challenge, CFA Research Challenge, ACG Cup, UIC

Stock Pitch, and 20-Hour Investment Banking Challenge. We performed well in

all events and are especially proud of scoring a historic win at the CFA Research

Challenge.

We invite our alumni and friends to get involved with the program. Over the last year we had countless contributors

engage students for lunch, speak during Dialogue Days, extend access to internships, or attend regional alumni

receptions. We thank those who are already mentoring our students and inspiring them to pursue their career

aspirations. We are incredibly grateful for the time, talent, and treasure you have gifted our program.

Additionally, we welcome speakers at the student-led Central Finance Club on Thursday evenings or every weekday

morning at 7:30 at the Wall Street Journal Club; this was recently founded by Sam Bodman and Max Dolinsky, where

students meet to discuss the latest news in financial markets.

Moving forward, we plan to work together to prepare students for and place them in top positions across the country

and to promote the CMU brand. Brad Taylor will continue training students with business case studies on Saturday

mornings and bringing them to competitions, which are open to every student of any major. We will expand our

strong alumni network and will push the students to adopt the Mamba Mentality – wanting the most from life, and

willing to give every ounce of energy to earn it.

Fire up for finance,

Dr. Max DolinskyAssistant Professor of Finance

Jake AymenMichigan Finance Scholar &

Central Finance Club President

Michigan Finance Scholars at a Glance

Max Dolinsky Jake Aymen

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On October 26th, two CMU Teams consisting of Jack Posljako, Ryan Andrews, Jake Aymen (pictured above) and Ben Smyth, Gabe Nichols, Eric Scott competed against 11 other schools around the state at Grand Valley State University’s Siedman Center. Professor Brad Taylor mentored students for the competition and built on the success of last year’s CMU team placing second. The teams were tasked to present on a case to both the client and lending committee, justifying which loans to extend and defending why. They used knowledge they gained both in class and through their internships. The team of Jake Aymen, Jack Posljako, and Ryan Andrews placed first winning a $3,000 prize. This experience has directly led to students gaining an understanding of balancing client and lending committee needs.

Every year, more than 6,100 university students compete in the CFA Research Challenge. The competition consists of three levels—regional, national, and international. In teams, students intensively analyze a publicly traded company based in their region. This process includes speaking with management, using CFA Institute Resources, and delving into SEC archives. The competition requires a full equity research report and presentation in front of CFA Charterholders. While the benefit from gaining technical experience is substantial, the networking opportunities with other universities, CFA Charterholders, and employers is of immense value.

This year two CMU teams competed in the regional CFA competition, placing first and second among regional schools. The company assigned was Gentex (NASDAQ: GNTX). The first-place team advanced to the national level in New York City. The resounding success will ideally be the first of many more victories—both through competitions and networking with the CFA Institute. This challenge has inspired many Michigan Finance Scholars to take the CFA Level I Exam. Two students, Bailey Wessel and Jake Aymen, recently passed level I.

Challenges and Competitions

Commercial Lending Challenge CFA Research Challenge

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WorkshopsMichigan Finance Scholars hosts regular case studies with Professor Brad Taylor. These workshops augment student understanding of finance in areas of capital budgeting, mergers & acquisitions, critical thinking, loan extension, and corporate finance. Meetings this year commenced with 45 students including many non-MFS members, happily joining us on Saturdays at eight o’clock in the morning to hone their skills during these case studies.

September 2019, our students had the opportunity to meet with and hear from the chairman of the U.S. Securities and Exchange Commission, Jay Clayton. The chairman gave an overview of the work of the SEC before sharing his thoughts on capital markets, creating economic environments to support entrepreneurship and the value of teamwork.

Following the presentation, CMU alums Robert Stebbins, the U.S. SEC general counsel, and Jon Voigtman, managing director at Royal Bank of Canada, joined the chairman for a panel discussion facilitated by Max Dolinsky, Assistant Professor of Finance. The panelists answered students’ questions on emerging issues and trends such as market prices, insider trading, private and public sector careers, and much more.

SEC Chairman Visits CMU

“Often the winning team is not just the one with the most individual talent, but the one that coordinates the talent they have most effectively.”

— Jay Clayton, SEC Chairman

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“During the trip to NYC, we visited several companies in the city including the Royal Bank of Canada and Sharp Entertainment. These opportunities allowed me to explore different areas of finance. The trip also provided me with the chance to interview for an internship with one of the companies we connected with on the trip, a rare opportunity for a freshman.”

— Kelsey McElroy, Michigan Finance Scholar

New York City, New York

Minneapolis, Minnesota

Ann Arbor, Michigan

Dallas, Texas

In the last year, our students have taken trips to NYC, Minneapolis, Dallas, Detroit, Ann Arbor, Grand Rapids. During the trips our students compete and promote CMU brand, tour firms, explore cities, and meet alumni. As the result, many students discover valuable opportunities and secure internships and full-time jobs.

Trips, Tours, and Travel

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Inspired by the 2018 NYC trip, Professor Max Dolinsky and Graduating Senior Sam Bodman started a club that meets at Ponder Coffee at 7:30 am Monday through Friday to read a print copy of the Wall Street Journal, and discuss markets, careers, and life. The club has yet to miss a day, including the recent snow-days.

Alumni, recruiters, and even CMU President Bob Davies have dropped by. Among many, we thank Jon (’84) and Terri (’85) Voigtman, Tim Magnusson (’94), Bill Evans (’84), Rose Prasad, and Enrico Digirolamo (’76) for being part of it!

Max often invites recruiters without telling students to keep the sessions authentic. In fact, CMU alumna Tracy Jacobs (’00) from Owens Corning surprised the students one morning. Their energetic interaction led to the attending students interviewing with Owens Corning, and two students recently accepted offers with the company!

To get a feel for Mr. Jon Voigtman’s description of 20-hour days on Wall Street, six finance students simulated the experience last April. Starting at 5:00 am, the team spent 20 hours in the Voigtman Financial Lab to determine a buy, hold or sell recommendation of Bed Bath & Beyond following their earnings call. Sam Bodman, Jake Aymen, Wayland Williams, Austin Harvey, Lisa West, and Eric Scott published a comprehensive analysis and valuation using discounted cash flows, comparable companies, precedent transactions, and a leveraged buyout model. The scholars issued a “sell” rating when $BBBY was trading at $17.71. It fell to less than $8.00 in August, and now trades at around $14.00 per share. The published report is available upon request.

Special thanks to Mr. Jon Voigtman (’84) and Kyle Bazzy (’10) for mentoring the students during the challenge!

Wall Street Journal Club20-Hour Investment Challenge

The Fall 2019 semester has been a resounding success. This year we brought in speakers, hosted a career panel discussion, and spoke with a CFA Charterholder. Speakers included Jerome Schwind, Joshua LaFountain, April Wingate, Charles Zalud, and Troy Root. These speakers presented on hedge funds, family offices, commercial banking, corporate finance, investment banking, and personal financial planning. We also re-balanced the student-run Martha R. Seger Endowment Fund by cutting over-sized positions and bolstering underrepresented sectors.

Central Finance Club and Martha R. Seger Endowment Fund

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Michigan Finance ScholarsFreshmen (2023)

Sophomores (2022)

Adam KlausMajor: Finance & Accounting

Competitions:Undergraduate Investment Conference

Adam SchihlMajor: FinanceMinor: Accounting & Professional Sales

Morgan ColbyMajor: FinanceMinor: Accounting & Information Systems

Danielle SmithMajor: FinanceMinor: Accounting

Kelsey McElroyMajor: Actuarial ScienceMinor: Finance

Competitions:Stock Pitch at UIC

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Juniors (2021)

William BonneeMajor: Finance & Accounting

Jacob FoxMajor: FinanceMinor: Professional Sales Internship: United Wholesale Mortgage

Bryce ThelenMajor: Finance & Accounting Internship: General Motors

Competitions:Undergraduate Investment Conference

Erik CharenMajor: FinanceMinor: Accounting Internship: Magna International

Competitions:CFA Research Challenge

Andrew GawrykMajor: FinanceMinor: Economics

Competitions:Undergraduate Investment Conference & CFA Research Challenge

Lisa WestMajor: FinanceMinor: Information Systems Internship: Fragomen

Competitions:Stock Pitch at UIC & 20 Hour Investment Challenge

Jacob ChaseMajor: FinanceMinor: Accounting Internship: Northwestern Mutual

Competitions:Undergraduate Investment Conference

Preston GeeMajor: FinanceMinor: Sports Management

Sloan FeltonMajor: Finance

Eric ScottMajor: Finance & AccountingInternship: Azimuth Capital Management

Competitions:RMA Commercial lending Challenge, CFA Research Challenge, ACG Cup, Undergraduate Investment Conference, & 20 Hour Investment Challenge

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Seniors (2020)

Riley AlexanderMajor: FinanceMinor: Accounting Internship: MassMutual

Deanna N. BrouwerMajor: FinanceMinor: Accounting & Information Systems Internship: Domino’s

Jack PoslajkoMajor: Finance & Accounting Internship: Mercantile Bank of America

Competitions:RMA Commercial Lending Challenge

Ryan AndrewsMajor: FinanceInternship: Level One Bank

Competitions:RMA Commercial Lending Challenge & ACG Cup

Mitchell BrussellMajor: FinanceMinor: Accounting Internship: College Works Painting

Competition(s):RMA Commercial Lending Challenge

Samuel ReinaMajor: FinanceMinor: Information Systems Internship: Edward Jones Investments

Jake AymenMajor: Finance & EconomicsInternship: Merrill Lynch Wealth Management

Competitions:Stock Pitch at UIC, RMA Commercial Lending Challenge, ACG Cup, CFA Research Challenge, NIBC Investment Banking Competition & 20 Hour Investment Challenge

Hannah HartenburgMajor: Accounting & FinanceMinor: Information Systems Internship: Office of Auditor General

Benjamin SmythMajor: Finance & Real Estate Development Internship: PNC Financial Corporation

Competitions:RMA Commercial Lending Challenge & ACG Cup

Sam BodmanMajor: FinanceMinor: Mathematics Internship: Garda Capital Partners

Competitions:Undergraduate Investment Conference, ACG Cup, & 20 Hour Investment

Thomas LucasMajor: FinanceMinor: Accounting & Professional Sales Internship: RBC Capital Markets - NYC

Stewart ZondlakMajor: FinanceMinor: Information Systems Internship: WestRock

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EmployersPartnerships with employers are paramount to the success of any academic program. This year employers, including but not limited to, General Motors (pictured below), Royal Bank of Canada, Ally Financial, Owens Corning, Dow Chemical, Medtronic, and Garda Capital Partners engaged with MFS. From hosting a panel discussion and presenting employment opportunities, to hiring students and inspiring them to aim higher and achieve more. Such interactions give an array of perspectives on career choices, paths to dream jobs, and mentorship. Several companies extended internship and full-time offers to our students after these networking events. For example, Central Finance Club hosted General Motors at Ponder Coffee for an insightful discussion that prompted many opportunities.

Alumni & Friends GivingMaimonides defines eight levels of giving, where the highest form of charity is offering assistance in a dignified manner that fosters sustainability and independence. Giving Talent, Time, and Treasure to the MFS program has proven to be a long-lasting gift that multiplies.

With the help of our active alumni and friends contributing towards transformational student experiences, our finance students won competitions, 100% of our Junior Scholars earned internships, most seniors got excellent full-time jobs, and some even passed level 1 CFA. These accomplishments set up our students for long-lasting, perpetual success.

We humbly thank all of you for supporting our program!

“The Voigtman Family Endowed Scholarship is a badge of honor within CMU Finance. Mr. and Mrs. Voigtman’s generosity has allowed me to spend more time to focus on my education and less on managing tuition. I am grateful to be part of the line of students wearing that badge.”

— Sam Bodman, The Voigtman Family Endowed Scholarship Recipient 2018 -19

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Program Support: Time and Talent

Larry Alberts Former Portfolio Manager, Ameriprise

Bianca Allen Associate Underwriter, Quicken Loans

Michael Armstrong Professional Sales, Harness

Karen Arthur Director of Business Student Services, CMU

Jake Aymen Senior, CMU

Jody Bandlow Finance Staffing and Development Manager, Dow Chemical

Kurt Baringer Manager of Multimedia Production, CMU

Alma Bazarbaeva Consumer Credit Risk Manager, GM Financial

Nicholas Bellestri Commercial Lender, Mercantile Bank

Diane and John Berghoefer Friends of MFS

Sam Bodman Trading Assistant, Garda Capital Partners

Melodie Boling Senior Director of Development, College of Business Administration, CMU

Dustin Burke Credit Officer AVP Business Banking, Independent Bank

Phame Camarena Director of University Honors, CMU

Marilou Chanrasmi Academic Program Manager, SAS

Jay Clayton Chairman, Securities and Exchange Commission

Morgan Colby Freshman Scholar, CMU

Chuck Crespy Dean Emeritus, College of Business Administration, CMU

Aaron and Christie Cromar Founders, Ponder Coffee

Guy Daigneault Author, Wealth Manager, National Bank of Canada

Bob Davies President, CMU

Cam Davis Managing Director, J.P. Morgan

Katrina De Hart Senior Financial Analyst, General Motors

Jennifer Dietzel Academic Advisor, CMU

Enrico Digirolamo International Executive and Board Director

Rebecca Dingus Associate Professor of Marketing & Professional Sales, CMU

Margaret Dinneweth Accountant I and ALDP, Ally Financial

Cheryl Doggett VP & Chief Talent Officer, Anthem

Bill Evans Managing Director, Commerzbank

James Felton Professor of Finance, CMU

Francesca Ferrara Law Student, University of Michigan

Walter Galloway Sr. VP Credit Risk Reporting and ALLL Manager, Comerica Bank

Tim Gerstenberger Talent Programs Manager, Ally Financial

Alexandra Goodell Sr. Account Manager, MNI- Market News

Bryan Griffin Director of Annual Giving and Online Engagement, CMU

Matt Grimes Managing Director, Wells Capital Management

Todd Harter Associate VP, Ameriprise Financial Services

Austin Harvey Commercial Underwriter, Comerica Bank

Marilee Hedberg Director, Client Solutions, Scholarship America

Steve Hedberg Managing Director, HK Hospitality

Ryan Heeke ABS Syndicate Desk, RBC Capital Markets

Jan Hewlett Sr. Managing Director & Co-Founder, Azimuth Capital Management

Dustin Hill VP, FINNEA Group

Cindy Howard Executive Assistant, CMU

Zhenyu Huang Professor of Information Systems, CMU

Ashley Hughey Finance Manager, General Motors

Derek Humphrey Analyst, Goldman Sachs

Wayne Irwin VP Operations & COO, Ericsson

Tracy Jacobs Senior Finance Director, Owens Corning

Lynn Jones Financial Analyst, Ford

Riley Justis VP of Business Development, Faulkner Tech

Bob Kendall Director, UHY Advisors Corporate Finance

Kristen Kendrick Academic Advisor, CMU

Patrick King Designated Market Maker, Citadel LLC

Peter Konyndyk Plante Moran Financial Advisors

John Kulhavi Senior Consultant, Merrill Lynch Wealth Management

Joshua LaFountain Sr. Financial Analyst, General Motors

Chris Lane Country Music Singer

Bob Larson Executive Vice President, Sharp Entertainment

Fred Lawrence Professor of Marketing & Logistics, CMU

Olivia Long CarMax

Sherry Magnusson Volunteer, Friend of MFS

Tim Magnusson Founding Partner and Senior Portfolio Manager, Garda Capital Partners

Chuck Mallon CFO, Rio Grande Regional Hospital

Bruce Marble Director of Isabella Bank Institute of Entrepreneurship, CMU

Caleb Mathers Finance Supervisor, General Motors

Jack McCarthy Jr. Senior Managing Directory & Founding, Alvarez & Marsal Capital Partners

Linda McClain Executive Secretary, CMU

Kelsey McElroy Freshman Scholar, CMU

Gary McGuire Vice President and Treasurer at Dow Chemical

Jessica Meyers Coordinator of Communications, Marketing, and Social Media, CMU

Andhi Michaux Chief HR Officer, Garda Capital Partners

John Mitchell Professor Emeritus of Finance, CMU

Chris Moberg Dean, College of Business Administration, CMU

Mark Nadolski Senior Finance Manager, General Motors

Darian Neubecker VP of Finance, Robertson Brothers Co.

Lori Olsen School of Accounting Chair, CMU

Allison Osterdale Graphic Design Coordinator, CMU

Karla Ott Manager of Financial Operations & Accreditation, College of Business Administration, CMU

Diane Patton Ford Europe Executive

Mike Petix Senior Vice President, Citizens Business Capital

Robin Petix Friend of MFS

Rose Prasad Professor Emerita of Finance, CMU

Renae Pung Academic Advisor, CMU

Sarah Ransom Administrative Secretary, CMU

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Dave Roberts Senior Vice President, Medtronic

Troy Root Portfolio Manager, Garda Capital Partners

Andreas Rothe CFO, Fragomen

Mark Salter Executive Director, CFA Society Minnesota

Elise Sandler Sr. Financial Analyst, General Motors

Jerome Schwind President and COO, Isabella Bank

Josh Sheldon Sr. Strategy Analyst, CarMax

Emanuel Sledge Enterprise Risk Manager, Ally Insurance

Karl Smart Interim Associate Dean, College of Business Administration, CMU

Colleen & Kevin Smyth Friends of MFS

Rob Sparling Global Director / CIO, Dow Chemical

Bob Stebbins General Counsel, Securities and Exchange Commission

Shelby Stine Assistant Director of Employer Relations, CMU

Quinn Sullivan Analyst, Garda Capital Partners

Brad Taylor Corporate Finance C-Level Executive & Professor of Finance, CMU

Emily Telesco Operations Analyst, RBC Capital Markets

Jeff Thomas Entrepreneurship Department Chair, CMU

Makayla Tyler Financial Analyst, General Motors

Nick Urban Investment Advisor Representative, Advanced Wealth Strategies

Mark Van Faussien Senior Managing Director, Azimuth Capital Management LLC

Tzveta Vateva Professor of Finance, CMU

Frederic Vereecken Head of Trading and Middle Office, Garda Capital Partners

Voltaire Vizcarra Director of Production Finance and Accounting, Sharp Entertainment

Jon Voigtman Managing Director, RBC Capital Markets

Kirby Voigtman Credit Desk Strategy, RBC Capital Markets

Terri Voigtman Volunteer, Friend of MFS

Michael Wahl Managing Director, PNC Capital Markets

Scott Walbrun Investment Banking Associate, Jeffries

Christopher Weiss Business Unit Chief Accounting Officer, Ally Financial

Bailey Wessel Consumer Credit Risk Analyst, GM Financial

Holt Wilson Professor of Marketing, CMU

April Wingate Talent Advisor/Campus Recruiting, Raymond James

Charles Zauld Vice President, SI Capital

John Zehr Director of Global Learning & Development, Medtronic

Bob Zeinstra Group Manager, Global Sales Operations Support at Toyota North America

Dave Zick President, Rehab and Mobility Systems LLC

$10,000+

Lisa & Jack McCarthy Jr.

Jon & Terri Voigtman

Tim & Sherry Magnusson

$5,000 - $9,999

Jackie Goforth

$1,000 - $4,999

Jake Aymen

Chuck & Leigh Crespy

Cam Davis

Max Dolinsky

Jim & Angie Felton

Charles & Gerry Scribner

Brad Taylor

Anonymous (x1)

$500 - $999

Melodie Boling

Mary Davis

Mark Van Faussien

Jan Hewlett

Anonymous (x3)

Shae-Lyn Berghoefer

Nicholas Bellestri

Nils Bodman

Sam Bodman

Nick Clark

Program Support: Treasure

Brent Cox

Margaret Dinneweth

Sean Goffnett

Bryan Griffin

Allison Harrison

$1 - $499

Austin Harvey

Joshua LaFountain

Fred Lawrence

Mitchell Kerkstra

John Mitchell

Emily Telesco

Renji Thomas

Tzveta Vateva

Bailey Wessel

Anonymous X6

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The CMU Finance program is eager to increase our network. Many alumni and employers may wish to engage students. Please reach out get involved in any of the following ways:

» Student Mentor — Become a mentor and coach

» Alumni Speaker — Visit campus and share your story

» Host a Corporate Tour — Open your doors to traveling students

» Internship Sponsor — Help place a Michigan Finance Scholar

» Alumni Networking — Attend an alumni reception in your area

» Financial Support — Fund transformational experiences

Alumni & Friends: How Can You Get Involved?

To get involved, please connect with Max Dolinsky on LinkedIn or contact him at [email protected].

Visit www.MichiganFinanceScholars.com for more info.