About

If you’re intrigued by how individuals and organizations can grow wealth through investment portfolios, the Investment Management Certificate Program will challenge you with an intense, applied 17-month educational opportunity.

You’ll build an outstanding foundation for portfolio management, gaining a substantial competitive edge for pursuing a career as an investment analyst, financial analyst, investment advisor, investment banker, credit analyst, or even to eventually become an independent financier.

As an IMCP student, you’ll carry out all of the duties that professional investors do – leaving the program with analyst-level skills. The program is applied in nature. That means you’ll learn about investments in a traditional class setting and by managing a real money investment portfolio. You’ll be exposed to a broad spectrum of investment-related subjects, with an emphasis on intensive research and applied training in complex financial tools and techniques.

In addition to a rich curriculum, IMCP students meet regularly with investment professionals during and outside of class for discussions of the funds, markets, and course topics. The IMCP also has organized trips to meet with investment managers in Chicago, Madison, Milwaukee, New York, London, and to the Berkshire Hathaway Annual Meeting in Omaha.

The Lubar School of Business is part of the prestigious Charted Financial Analyst (CFA) Institute University Recognition Program. Our students are prepared for and encouraged to sit for the CFA examination.

David O. Nicholas Applied Finance Lab
The IMCP program is housed in the David O. Nicholas Applied Finance Lab. Equipped with state-of-the-art professional databases, streaming financial news, financial software, and high-power dual-monitor computers, the Nicholas Lab features the same technologies available to professional investors. These resources provide students with price data, financial data, news, and an extensive suite of analysis tools to evaluate securities for purchase and to monitor portfolio performance and risk. The lab features multimedia tools for video conferencing and a board room to conduct meetings and presentations. The lab was 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

Research and software partners include:
Axioma
Bloomberg
evaDimensions
FactSet
Northfield
Russell Investments
Standard & Poor’s
WONDA
Zephyr Associates

Student Managed Endowment Fund: Hands On Investing
During the second year of the program, students are divided into three teams that manage the IMCP Endowment Fund: Panther Value Fund (Value U.S. Equity), Milwaukee Growth Fund (Growth U.S. Equity), and a third fund that has exposure to global bonds, international equity, and special situations (commodities, etc.). The third fund is also allowed to short securities. The objectives are to: (1) provided a real-world investment education experience, (2) grow assets at a rate 4-5% greater than inflation, and (3) effectively manage risk.

You’ll work closely with the Investment Working Board and other professionals, discussing your investment philosophy and process for investing, performance, proposed asset allocation, decision-making process and team makeup, and initial strategy. At mid-year and year-end, you’ll review your performance and portfolio evolution for the board, similar to an institutional investment manager’s presentations to existing and new clients such as a pension or endowment fund.

Professional Connections
A hallmark of the IMCP is the many opportunities students have to meet with investment professionals from the Lubar School’s partner companies.These include:
International Strategy & Investment Group
JP Morgan
The Leuthold Group
Merrill Lynch
Miller Tabak
Morgan Stanley
Morningstar
Ned Davis Research Group
Robert W. Baird
SG Cowen
Standard & Poor’s
Stifel Nicolaus
UBS
Yardeni Research

Professionals engage with the program in a variety of ways. Many teach course modules or guest speak on special topics in their expertise. Others participate on the program Board of Advisors or on the Investment Working Board that serves as the “client” for the student investment portfolio. And many of our corporate partners open their doors to meet with students during IMCP trips to investment firm. Not only do students gain valuable insights from these connections. They also gain visibility within the investment community.

Board of Advisors

Bob Bukowski, Founder & Managing Partner, Alpha Investment Group, LLC
Gary Elfe, Managing Director and Senior Portfolio Manager, Baird Funds
Jeff Geygan, President & CEO, Milwaukee Private Wealth Management
Marilyn Holt-Smith, Managing Director & Principal, Banyan Partners LLC
Bill Nasgovitz, President, Heartland Advisors
Don Nesbitt, Chief Investment Officer-Equities, Ziegler Lotsoff Capital Management
David Nicholas, President, Nicholas Company, Inc.
Noaman Sharief, VP and Portfolio Manager, Dana Investment Advisors

Summer Internship and Projects
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 also learn in a not-for-credit portfolio management seminar (online) which prepares them for money management activities during the following fall and spring. As part of the coursework, students also engage in projects. These have included valuations, investment research, etc.
Investment Trip
There is nothing quite like learning about investment philosophy, process, strategy, specific ideas, client relations, trading, and issues impacting the markets, and finding out what it takes to be a great investment professional, than by holding high level discussions with investment professionals in their own setting. IMCP students travel to New York City or another financial center, exposing them to different types of investment firms, investment management styles, and asset classes. Students normally meet with four investment managers per day over three days and tour a stock or commodity exchange (NYSE or NYMEX). This trip is not included in the cost of the program. Students also travel to Chicago, have also been to the Berkshire Hathaway Annual Meeting, and are going to London in 2015.

Agenda from January 2014 trip to New York included visits to:
New York Stock Exchange
11:11 Capital Management
American Century
Athelera
Bloomberg
Citigroup
Cornerstone Macro
Daruma Capital Management
Goldman Sachs
Governance Metrics
Manikay Partners
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 (18 credits)

Undergraduate program coursework
BUS ADM 452 Applied Portfolio Management
BUS ADM 454 Analysis of Options and Futures
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 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.

IMCP Timetable

Preparing for Application
Students should contact Dr. G. Kevin Spellman, CFA, 608-334-2110 to discuss pre-requisites. Students are also encouraged to gain experience by participating in the Student Investment Club.

YEAR 1
Winterim Semester: Required Program Introduction
The program kicks off in January with the IMCP WinterIM course. This class is free to students, and normally takes place during the first or second week of January. Students are introduced to the analytical tools in the Nicholas Applied Finance Lab and begin analyzing their assigned industries.

Spring Semester: Analytical Software Training and Security Report
In the first practice course, students learn how to thoroughly analyze a stock and produce a high brokerage-quality research report. Students learn to identify industry and business drivers, create detailed financial forecasts and quantify drivers in earnings, and value a stock using several methodologies. The report serves to exemplify the students’ skills during interviews. At the end of the semester, students are divided into portfolio teams and other teams for the management of the investment fund.

Summer Semester: Internship and Training
Students engage in professional internships and/or projects in investments, financial analysis, financial planning, and other investment- and corporate-related roles. During the summer, students also monitor the investment fund. which transitions to them in May from the prior student team, and learn in a non-credit portfolio management seminar (online) which prepares them for money management activities during the fall and spring.

YEAR 2
Fall and Spring Semesters: Portfolio Management
During the second year, students take courses in portfolio management, derivatives, and international investing. These classes ensure that they leave the program with a well-rounded perspective on various types of securities and asset classes. A large portion of the students’ time is devoted to independent research of securities in their assigned industries, but students also work in teams to make investment decisions and in other duties for the program and investment firm. Since the students are “on the job” in the second year, they are expected to be very involved in portfolio and program duties and activities. Over the year, students make three presentations to the Investment Working Board (the client).

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, or investment advisors, and will have an outstanding foundation for portfolio management or for becoming independent financiers.

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.  Bottom line?  Our graduates hit the ground running.

Learn more about our outstanding students:

Class of 2016 Resume Packet

Class of 2017 Resume Packet

IMCP Completed Soon-to-Graduate Resume Packet

Class of 2016 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 photoJoseph Halford(414) 229-4160Halford@uwm.eduLubar Hall S430A

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 photoMichael McBain(414) 229-3840mcbainm@uwm.eduLubar Hall S467

Senior Lecturer, Finance

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

profile photoQinghai Wang(414) 229-3828wangq@uwm.eduLubar Hall S430B

Sheldon B. Lubar Professor of Finance, 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 board of directors, frequent professional and alumni guest speakers provide insights into specific topics within the investment practice course.

Students also benefit from the generosity of Paul Franke (retired, William Blair), Bill Nasgovitz (President, Heartland Advisors), and David Nicholas (President, Nicholas Company) who have funded the program’s student-managed investment portfolio.

Data

The Lubar School of Business attracts top students to the Investment Management Certificate Program (IMCP). Each student has a demonstrated passion for investments, a solid work ethic, personal integrity, and intellectual curiosity. To learn more about the students, their portfolio activities, ways to be involved, and ways we connect to the business community (e.g. a conference), please visit the following:

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