About

If you’re intrigued by how individuals and organizations grow wealth through investment portfolios, the Investment Management Certificate Program will challenge you with an intense, extended, applied educational opportunity.

As an IMCP student, you’ll carry out all of the duties that professional investors do – leaving the program with analyst-level skills. You learn the role of the sell-side analyst, buy-side analyst, investment banker, performance and risk manager, institutional sales, financial planner, and portfolio manager.

You will:

  • Be part of a team that works on over $7 million in real portfolios;
  • Be trained in a Chartered Financial Analyst (CFA) Institute University Recognized Program (undergraduate IMCP curriculum) where you are prepared for and encouraged to sit for the CFA Level I examination;
  • Meet regularly with investment professionals during and outside the classroom;
  • Have access to top flight investment analytical tools;
  • Work on real projects and participate in competitions; and
  • Travel to some of the world’s largest financial centers.

In 2016, students placed in the top 11 in the Americas and top 21 in the world out of over 1,000 schools in the CFA Institute Research Challenge

David O. Nicholas Applied Finance Lab
The Nicholas Applied Finance Lab (established through a generous $2.5 million gift from David O. Nicholas, President of Nicholas Company, who is a 1987 graduate of the Lubar School’s graduate program in finance) houses various analytical software and data which allow students to get the job done right. These tools are the same as those utilized by professional money managers.

Analytical Resources
Axioma
Bloomberg
evaDimensions
FactSet
Northfield
Zephyr

Research
Evercore International Strategy & Investment Group
First Analysis Securities
JP Morgan
The Leuthold Group
Merrill Lynch
Miller Tabak
Morgan Stanley
Morningstar
Ned Davis Research Group
Northcoast Research
Robert W. Baird
Standard & Poor’s
Stifel Nicolaus
UBS
Yardeni Research

Data
Russell Investments
Standard & Poor’s

Portfolios
There are many investment programs, but few provide students with the latitude to “learn by fire” that Lubar IMCP students experience. Our students have sole discretion for the internally managed portfolios, subject to “doing their homework” on securities and an investment policy and portfolio construction specifics that they present to a group of professional investors (the “client”) during the October client meeting. They also have February and May “client” meetings. These meetings represent demanding meetings with a sophisticated client. Each portfolio team presents its philosophy and process, investment strategy, portfolio performance and risk, portfolio evolution, and on a security which reflect its approach to investing.

Students work on portfolios of over $7 million in assets. They form three teams for three internal funds:

  • U.S. Equity Value Fund
  • U.S. Equity Growth Fund
  • Global Macro Fund (international equity and bonds)

The internal portfolios amount to about $2.4 million, including about $400,000 through gains and three $100,000 gifts from Paul Franke (retired officer of William Blair), Bill Nasgovitz (President of Heartland Advisors), and Dave Nicholas (President of Nicholas Company), $1 million through anonymous Baird associates who are UWM alumni and supported by Baird, and $1 million from the UWM Foundation. Student work on another nearly $5 million for a local humane society. This is serious work with a real meaning. See how the IMCP helps furry friends.

View an example of an institutional quality client presentation.

Professional Connections
Students meet regularly with investment professionals during and outside of class for discussion of the funds, markets, and other topics. Many dozens of professionals generously commit their time each year as mentors, guest speakers, IMCP Advisory Council members, corporate visit hosts, business project providers, and in other capacities. The IMCP also co-hosts the Defining Markets Conferences with the CFA Society Milwaukee. Furthermore, students engage in various competitions, and in 2016, placed in the top 11 in the Americas and top 21 in the world out of over 1,000 schools in the CFA Institute Research Challenge.

IMCP Advisory Council members are:

Bob Bukowski
Founder & Managing Partner, Alpha Investment Group, LLC

Gary Elfe
Managing Director & Senior Portfolio Manager, Baird Funds

Jeff Geygan
President & CEO, Global Value Investment Corp.

Marilyn Holt-Smith
(retired) Managing Director & Principal, Banyan Partners LLC

Bill Nasgovitz
President, Heartland Advisors

Don Nesbitt
Chief Investment Officer-Equities, Ziegler Capital Management, LLC

David Nicholas
President, Nicholas Company, Inc.

Jason Schultz
Director, Leveraged Finance Research, Northwestern Mutual Investment Management Company

Noaman Sharief
VP & Portfolio Manager, Dana Investment Advisors

Summer Internships
The summer between the first and second years of the program is the ideal time for students to engage in professional internships and/or projects in investments, financial analysis, financial planning, and other investment- and corporate-related roles. The program will help to facilitate connections and prepare students for the rigorous interview process. Students are expected to be proactive in seeking these highly sought after positions.

In addition to their summer internship, students will spend part of their summer monitoring the investment fund which transitions to them in May from the prior student team. Students attend a not-for-credit portfolio management seminar (online).

Investment Trip
There is nothing quite equivalent to the opportunity to learn investments from investment professionals at their offices in some of the top financial centers in the world. IMCP students take trips to Chicago, New York, and London. We normally travel to Chicago in September to meet with investors before the students engage in new portfolio management activities in October. Over Spring Break, we typically travel to New York City to meet with investment professionals at around ten to twelve firms and we even tour the floor of the New York Stock Exchange. In 2015, we began a tradition of traveling to London to meet with investment managers. We have also attended the Berkshire Hathaway Annual Meeting.

Frequent stops in NYC include:

  • American Century
  • Bloomberg
  • Citigroup
  • Cornerstone Macro
  • New York Stock Exchange
  • Round Table Services
  • UBS

Gainful Employment

The Graduate Certificate in Investment Management is subject to gainful employment regulations.
See Gainful Employment Certificate Disclosure Information.

For More Information

Dr. G. Kevin Spellman, CFA
Senior Lecturer, Finance
Director, Investment Management Certificate Program
Lubar Hall S442
(608) 334-2110
spellman@uwm.edu

Curriculum

Investment Management

Undergraduate program coursework
BUS ADM 452 Applied Portfolio Management
BUS ADM 454 Analysis of Options and Futures
BUS ADM 495 Special Topics In Business*
BUS ADM 551 International Investments
BUS ADM 552 Investment Management Practice I
BUS ADM 553 Investment Management Practice II
BUS ADM 554 Investment Management Practice III

Undergraduate program requirements and course descriptions can be found in the Undergraduate Catalog.

Graduate program coursework
BUS ADM 495 Special Topics In Business*
BUS ADM 552 Investment Management Practice I
BUS ADM 553 Investment Management Practice II
BUS ADM 554 Investment Management Practice III
BUS ADM 772 Portfolio Management
BUS ADM 773 Options and Futures
BUS ADM 851 Global Investments

Graduate Investment Management certificate requirements as well as course descriptions can be found on the Graduate School website.

*This course is part of a two year pilot program which began in the Summer of 2016. During these two years, the program begins in August and is a two year academic program.

IMCP Timetable

Preparing for Application
Students can contact Dr. G. Kevin Spellman, CFA, 608-334-2110 to discuss pre-requisites and admission requirements. Students are also encouraged to gain experience by participating in the Student Investment Club. The first course in the IMCP is BUS ADM 495 during the fall semester, and the co-requisite for undergraduates is 450, admission to major, and a successful application process, and the co-requisite for graduate students is 705 and a successful application process.

YEAR 1
During the first year, students write high-quality reports on stocks and pitch them to investors. They learn to analyze business drivers, model financial statements, and value securities. Business professionals have called their reports “impressive.” They also learn the professional analytical software available to them in the Nicholas Applied Finance Lab. Finally, they have training in portfolio management, which prepares them for their work on over $7 million in assets.

Summer: Internship and Training
Students engage in professional internships and/or projects. They also monitor the investment funds, which transition to them in May from the prior student teams. Students meet online in a non-credit portfolio management seminar where the funds are discussed and students analyze performance and risk.

YEAR 2
If not completed earlier, students have courses in portfolio management (Bus Adm 452 / 772), derivatives (Bus Adm 454 / 773), and international investing (Bus Adm 551 / 851).

Students devote substantial time to researching securities in their assigned sectors / countries and monitoring performance and risk. While enrolled in Bus Adm 553 and 554, students are “on the job,” the portfolios are live, and they make the decisions. Students meet on three occasions with the IMCP Advisory Council (the “client”), when they discuss each fund’s investment approach, performance / risk, sector and security positions, characteristics, portfolio evolution, current strategy, and a security to illustrate the approach.

Students may also complete a project for a local business, such as a private business valuation, which is presented to management.

Competitions
Students compete in several inter-university competitions including but not limited to the ACG Cup (investment banking), CFA Competition (investments), CQA competition (investments), and the Duff & Phelps Competition (investment banking).

For More Information

Dr. G. Kevin Spellman, CFA
Senior Lecturer, Finance
Director, Investment Management Certificate Program
Lubar Hall S442
(608) 334-2110
spellman@uwm.edu

Careers

Investment Management Certificate Program graduates will have a substantial competitive edge in pursuing careers as investment analysts, financial analysts, investment advisors, investment bankers, credit analysts, and other roles in finance.

Our program for undergraduate and graduate students – is a demanding, CFA Institute University Recognized Program. Students are taught and mentored by both academic and investment professionals and a dedicated academic/practitioner director. These students are smart, well-trained, and passionate about investments and finance. They also possess outstanding work ethics and attitudes, viewing the program as a job and often working while in school to fund their education expensesBottom line? Our graduates hit the ground running.

Learn more about our outstanding students:

Class of 2017 Resume Packet

Class of 2018 Resume Packet

IMCP Completed Soon-to-Graduate Resume Packet

Class of 2017 Report Packet

Job titles of recent IMCP graduates:
Investment Analyst
Private Banking Analyst
Credit Analyst
Equity Research Associate
Financial Analyst
Cash Forecast Analyst
Fixed Income Analyst

Companies that have hired recent Lubar IMCP students and graduates:
Avondale Partners
Axa Advisors
Robert W. Baird
Bank Mutual
BMO Capital Markets
Business Valuation Resources
Catholic Financial Life
Citigroup
Cleary Gull
Dana Investment Advisors
Ehlers Investment Partners
EVA Dimensions
Fitch Group
Heartland Advisors
Jockey International
Lubar & Co.
Marcus Asset Management
Mason Street Advisors
Morgan Stanley
Nicholas Funds
North Star Asset Management
Northwestern Mutual
PricewaterhouseCoopers
Red Prairie

For More Information

Dr. G. Kevin Spellman, CFA
Senior Lecturer, Finance
Director, Investment Management Certificate Program
Lubar Hall S442
(608) 334-2110
spellman@uwm.edu

Faculty

The Investment Management Certificate Program benefits from outstanding faculty with expertise in investments, and a dedicated director with experience as an investment manager. In addition, a supportive investment community and Lubar alumni enhance the classroom experience as guest speakers and program advisers.

Kevin SpellmanDr. G. Kevin Spellman
Director, Investment Management Certificate Program

Dr. G. Kevin Spellman (a.k.a. “Coach”) brings the combined strengths of professional money management experience and university program leadership and teaching. Dr. Spellman has worked as an analyst, portfolio manager, and director of research (managing a 17-person analyst team), with responsibilities including fundamental analysis, quantitative analysis, and behavioral research. He has worked for public and private buy-side (investment manager) as well as sell-side (brokerage) firms, with direct experience in several asset classes, including U.S. and international equities and real estate, and indirect experience in private equity and bonds. He is a CFA Charterholder. Dr. Spellman has been associated with several student investment programs, including IE Business School in Madrid, The Ohio State University, and the University of Wisconsin-Madison.  View Dr. Spellman’s resume.

profile photoUjjal Chatterjee(414) 229-3840ujjal@uwm.eduLubar Hall S467

Visiting Assistant Professor, Finance

profile photoChristine Ferris(414) 229-3662ferris@uwm.eduLubar Hall S418

Visiting Assistant Professor, Finance

profile photoJoseph Halford(414) 229-4160Halford@uwm.eduLubar Hall S430A

Assistant Professor, Finance

profile photoJohn R. Huck(414) 229-4775huck@uwm.eduLubar Hall S436

Assistant Professor, Finance

profile photoYong-Cheol Kim(414) 229-4997ykim@uwm.eduLubar Hall S430D

Associate Professor, Finance

profile photoDonghyun Kim(414) 229-5612kim236@uwm.eduLubar Hall S430E

Assistant Professor, Finance

profile photoRichard D. Marcus(414) 229-4103marcus@uwm.eduLubar Hall S430F

Associate Professor, Finance

Chair, Executive Committee

profile photoJeffrey J. Rymaszewski(414) 229-2637rymas@uwm.eduLubar Hall S461

Senior Lecturer, Real Estate

profile photoValeriy Sibilkov(414) 229-4369sibilkov@uwm.eduLubar Hall S430G

Associate Professor, Finance

profile photoG. Kevin Spellman, CFA(608) 334-2110spellman@uwm.eduLubar Hall S442

Senior Lecturer, Finance

Director, Investment Management Certificate Program

profile photoSteven M. Trick(414) 229-6189trick@uwm.eduLubar Hall S444

Visiting Professor, Finance

Supportive Investment Community and Alumni Involvement

The program is fortunate to have the support of many investment professionals from firms in Wisconsin and beyond. In addition to an active group of investors who serve as “clients,” frequent professional and alumni guest speakers provide insights into specific topics in the investment practice courses.

Students also benefit from the generosity of Paul Franke (retired, William Blair), Bill Nasgovitz (President, Heartland Advisors), David Nicholas (President, Nicholas Company), anonymous Baird associates who are UWM alumni and supported by Baird, and the UWM Foundation who have funded the program’s approximately $2.4 million internal student-managed investment portfolio. Elmbrook Humane Society is also a great partner. Students work on its nearly $5 million portfolio.

Connect

The IMCP is the “community” program, which is evident based on the 100s of individuals and firms who have given their time, funds, and products to it over the years.

For More Information

Dr. G. Kevin Spellman, CFA
Senior Lecturer, Finance
Director, Investment Management Certificate Program
Lubar Hall S442
(608) 334-2110
spellman@uwm.edu