Investment Management Certificate Program
Students in the Lubar College’s Investment Management Certificate Program (IMCP) work on real portfolios while earning their degrees. Our CFA Institute University Affiliation program emphasizes the philosophy that students learn by doing.
Through a rigorous curriculum that puts a premium on applied finance opportunities, students learn the roles of sell-side analyst, buy-side analyst, credit analyst, investment banker, performance and risk manager, institutional sales, financial planner, and portfolio manager, along with the skills necessary for many other roles in finance.
The IMCP is taking learning to the highest levels. We have collaborated with Dana Investment Advisors, the #4 ranked wealth manager by CNBC, where the Panther Value Fund is used as a model for the Wisconsin Value Fund – used for client portfolios at Dana.
Program Type
Undergraduate Certificate, Graduate Certificate
Program Format
On Campus
Our Students
- Through active management of real-money portfolios, students work on around $12 million in real portfolios, including internal management of around $6 million in assets.
- All students (100% placement rate) secure internships as part of the Certificate. Additionally, students may choose to have a second internship in client-relationship roles for the Wisconsin Value Fund at Dana Investment Advisors.
- Are trained in a Chartered Financial Analyst (CFA) Institute University Affiliation Program that prepares them for and encourages them to sit for the CFA Level I examination.
- Engage regularly with investment professionals inside and outside of the classroom.
- Have access to top flight investment analytical tools, work on real projects, and participate in competitions.
- Travel to some of the world’s largest financial centers to learn from working investment professionals.
If you’re fascinated 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 around $12 million in real portfolios and complete project work for the highly regarded Dana Investment Advisors
- All students (100% placement rate) secure internships as part of the Certificate. Additionally, students may choose to have a second internship in client-relationship roles for the Wisconsin Value Fund at Dana Investment Advisors
- Be trained in a Chartered Financial Analyst (CFA) Institute University Affiliation Program (undergraduate IMCP curriculum) where you are prepared for and encouraged to sit for the CFA Level I examination
- Meet regularly with investment professionals inside and outside of the classroom, and students will receive free attendance at CFA Society of Milwaukee events
- Have access to top flight investment analytical tools, equivalent to a multi-billion dollar asset manager
- Work on real projects, participate in competitions (CFA stock challenge, ACG Cup mergers and acquisitions challenge) and complete either Wall Street Prep or Adventis Financial Modeling bootcamp
- Travel to some of the world’s largest financial centers including Chicago and New York, and in some years Boston, London, or the Berkshire Hathaway Annual Meeting
Over $90,000 in scholarships are available to IMCP students to offset tuition. Students also receive $1,500 towards IMCP-related travel expenses, and some may receive funds for CFA examination fees.
Admission Requirements
Program Highlights
Students can complete the IMCP as part of an undergraduate degree, graduate degree (MBA and MS-Finance Analysis are common), or as a standalone graduate certificate. They may also begin the certificate curriculum as an undergraduate finance major and complete it as a graduate student in the MS-Finance program through our accelerated master’s program.
Undergraduate Course Requirements
| Course Number | Course Title | Credits |
|---|---|---|
| BUS ADM 454 | Analysis of Options and Futures* | 3 |
| BUS ADM 457 | Financial Modeling* | 3 |
| BUS ADM 550 | Investment Management Practice I* | 3 |
| BUS ADM 552 | Investment Management Practice II | 3 |
| BUS ADM 553 | Investment Management Practice III | 3 |
| BUS ADM 554 | Investment Management Practice IV | 3 |
| Total | 18 |
Undergraduate Course Descriptions
Study institutional setting, legal framework, portfolio strategies, and innovations in investment markets. Explore securities valuation, risk management, behavioral study, and prospects of market developments. Prereq: jr st; advancement to Bus Adm major; Bus Adm 451.
Valuate interest rate, equity, and stock index futures and options. Develop strategies using these instruments in hedging interest rate and equity portfolio risk. Prereq: jr st and advancement to Bus Adm major; Bus Adm 451.
Development and application of computer-based financial models. Models from corporate finance and investments use Microsoft Excel and Visual Basic for Applications (VBA). Prereq: jr st & advancement to Bus Adm major; Bus Adm 450(P) & 451(P).
Introduction to real-time and historic data sets and analytical software available in the David O. Nicholas Applied Finance Lab. Utilize Bloomberg and FactSet. Produce a stock report, including analysis of drivers, financial statements, and valuation. Prereq: jr st, admis to Investment Mgmt Cert program, Bus Adm 450(C); or grad st, admission to Investment Mgmt Cert program, Bus Adm 705(C).
Introduction to the real-time and historic data sets available in the David O. Nicholas Applied Finance Lab. Utilize Bloomberg, FactSet, and other analysis packages. Prereq: jr st, admission to Investment Mgmt Cert program and Bus Adm 451; or grad st, admission to Investment Mgmt Cert program and Bus Adm 771.
Students manage an investment portfolio utilizing the David O. Nicholas Applied Finance Lab. Topics include securities selection, portfolio hedging, behavioral finance, and financial market events. Prereq: jr st, admission to Investment Mgmt Cert program & Bus Adm 552; or grad st, admission to Investment Mgmt Cert program and Bus Adm 552.
Students independently conduct special study to assist individual future professional development and gain maturity and confidence in real world investment management. Prereq: jr st, admission to Investment Mgmt Cert program and Bus Adm 553; or grad st, admission to Investment Mgmt Cert program and Bus Adm 553.
Graduate Course Requirements
| Course Number | Course Title | Credits |
|---|---|---|
| BUS ADM 550G | Investment Management Practice I | 3 |
| BUS ADM 552G | Investment Management Practice II | 3 |
| BUS ADM 553G | Investment Management Practice III | 3 |
| BUS ADM 554G | Investment Management Practice IV | 3 |
| BUS ADM 772 | Portfolio Management*,** | 3 |
| BUS ADM 773 | Options and Futures* | 3 |
| BUS ADM 853 | Financial Modeling* | 3 |
| Total | 21 |
**Students may substitute MBA degree, other MS in Management, and Masters in Economics courses.
Graduate Course Descriptions
Introduction to the real-time and historic data sets and analytical software available in the David O. Nicholas Applied Finance Lab. Utilize Bloomberg and FactSet. Produce a report on a stock, including analysis of drivers, financial statements, and valuation. Prereq: grad st, admission to Investment Mgmt Cert
program, Bus Adm 705(C).
*Approved MS in Finance Analysis elective.
Investment Management Practice II. Use of real-time and historic data sets available in the David O. Nicholas Applied Finance Lab such as Bloomberg, FactSet, and other analysis packages to analyze securities and prepare to manage portfolios. Prereq: grad st, admission to Investment Mgmt Cert program & Bus Adm 550(P), Bus Adm 301(C) or 721(C); 771(C).
Students manage investment portfolios utilizing the David O. Nicholas Applied Finance Lab. Topics include securities selection, portfolio positioning, performance and risk analysis, and financial market events. Prereq: grad st, admission to Investment Mgmt Cert program and BUS ADM 552.
Students manage investment portfolios utilizing the David O. Nicholas Applied Finance Lab. Special topics covered to assist individual future professional development and gain maturity and confidence in real world investment management. Prereq: grad st, admission to Investment Mgmt Cert program and BUS ADM 553.
Study of dynamic process that periodically matches investors’ goals, objectives, and strategies with market expectations through portfolio construction and revision. Covers asset allocation, return optimization, and management of various asset types. Prereq: grad st; BUS ADM 771.
*Approved MS in Finance Analysis elective.
**Students may substitute MBA, other MS in Management, and Masters in Economics courses.
Pricing theories and models for options and futures contracts and their application to investment hedging, arbitrage, and portfolio management. Covers equity, fixed income, commodity, and currency options and futures. Prereq: grad st; BUS ADM 771.
*Approved MS in Finance Analysis elective.
Development and advanced application of computer-based financial models including pricing of exotic derivative securities. Prereq: grad st, BUS ADM 771.
*Approved MS in Finance Analysis elective.
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 550 during the fall semester, and the co-requisite for undergraduates is 450, admission to major, and a successful application process. 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 financial modeling (Bus Adm 457/853).
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 actively manage real-money portfolios. Students meet regularly with the IMCP Advisory Council (the “client”) to 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.
Job Placement
Job placement for IMCP students is close to 100% within three months of graduation. We speak with you about job strategies in your first semester and throughout the program.
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).
Wisconsin 30 Index
The Wisconsin 30 Index tracks the 30 largest Wisconsin companies by market cap, equal-weighted and annually rebalanced. Reports were created by students in UWM’s Lubar College of Business Investment Management Certificate Program.
Portfolio Management
Second-year students in the Investment Management Certificate Program manage around $6 million across three portfolios, developing investment policies, analyzing securities, and defending strategies to professional investors.
Support & Advisory Council
The Investment Certificate Management Program benefits from strong support by investment professionals from Wisconsin and beyond, who serve as client evaluators for student presentations, guest speakers, and donors for facilities and programs.
High-Quality Investment Research, Software, and Data
The Nicholas Applied Finance Lab, made possible by a $2.5 million gift from finance graduate and Nicholas Company President David O. Nicholas, gives students hands-on access to the same professional-grade tools and data used by real-world money managers.
For Employers
The Lubar College of Business Investment Management Certificate Program (IMCP) is a CFA Institute University Recognized program that selects high-integrity students and prepares them for careers in investment management.
Alumni
IMCP alumni build lasting professional networks through their cohort bonds and ongoing program-sponsored events and webinars, going on to work across investment firms, major banks, research firms, corporations, and government organizations nationwide.
Defining Markets Conference
The IMCP organizes the Defining Markets Conferences each year for the community. The conference series focuses on major events shaping the economy, business, and markets, with the goal of helping attendees better position their portfolios and businesses.
Macro Specialist Designation
The Lubar College of Business is now offering the course Macro Specialist Designation, a course that will prepare you to take the Level 1 exam for the M²SD. The Lubar College is one of only three universities in the world teaching this course.
The Investment Management Certificate Program (IMCP) is headed by an investment industry veteran and benefits from outstanding faculty in finance, investments, and related areas. A supportive investment community and Lubar alumni enhance the classroom experience as guest speakers and program advisers.
Director
- Professor of Practice, Finance
- David O. Nicholas Director, Investment Management
- spellman@uwm.edu
- 608-334-2110
- Lubar Hall S430F
Instructors
Founder & Portfolio Manager, 11:11 Capital
Portfolio Manager, Carmel Capital Partners
Founder, Madison Partners
Administrative Professional
Guest Speakers
Guest speakers provide added depth to issues discussed in the applied curriculum, addressing a wide range of topics, including compliance, fixed income, the state of the industry, stock screening, trading and quantitative investments. Our strong roster of guest speakers has included: Anthony Campagna, Global Director of Fundamental Research, ISS EVA; Lawrence Davanzo, retired President and Vice-Chairman of the Board, Wilshire Associates; Ian Elfe, Senior Investment Analyst, Robert W. Baird; and Jason Krueger, Portfolio Oversight Analyst, Artisan Partners.
All Finance Faculty
- Executive in Residence, Finance
- Dream Exchange Director
- craigl@uwm.edu
- 414-251-6545
- Lubar Hall
- Hans G. Storr Associate Professor, Finance
- ivfloros@uwm.edu
- 414-229-4369
- Lubar Hall S430A
- Sheldon B. Lubar Associate Professor of Finance, Finance
- sertsios@uwm.edu
- 414-251-8257
- Lubar Hall S430C
- Professor of Practice, Finance
- David O. Nicholas Director, Investment Management
- spellman@uwm.edu
- 608-334-2110
- Lubar Hall S430F
- Professor of Practice, Real Estate
- Director, Real Estate Program
- cmvenne@uwm.edu
- 414-251-6654
- Lubar Hall S461
Request Information
For more information about this program, please reach out directly to the program director, Kevin Spellman.
Dr. G. Kevin Spellman, CFA
David O. Nicholas Director of Investment Management
Professor of Practice, Finance
Lubar Hall S442
608-334-2110
spellman@uwm.edu
Internships & Careers
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 with 100% placement into experience building internships.
Additionally, students may choose to have a second internship in client-relationship roles for the Wisconsin Value Fund at Dana Investment Advisors. In these roles, students will pitch the Fund to potential new institutional and individual clients and serve current clients. This may include monitoring the funds during all market hours and communicating investment theses behind the ownership of various securities (stocks and bonds) and portfolio details.
IMCP graduates will have a substantial competitive edge in pursuing careers post-graduation as:
- investment analysts
- financial analysts
- investment advisors
- investment bankers
- credit analysts
- and other roles in finance.
Our alumni work in:
- investment firms
- major banks
- corporations
- research firms
- and government organizations around the country.
Each year, many firms hire from the IMCP. Some are local, others national, some international, and some local with a national or international presence. Large firms such as Baird, Northwestern Mutual, and Wells Fargo hire IMCP graduates most years. Alumni also hold positions with top-ranked, sell-side analysts (including Institutional Investor Magazine Hall of Fame investment strategist Francois Trahan), and have gone to firms such as Goldman Sachs, UBS, and Citigroup. These are all great organizations, but so are other firms and smaller organizations where you may have much opportunity to learn a more diversified set of skills and perhaps make an even larger impact.
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 College’s graduate program in finance) gives students hands-on access to leading-edge analytical software, research and data — the same tools that professional money managers use.
Analytical Resources include:
- Axioma
- Bloomberg
- FactSet
- Northfield
- think-cell
- UBS HOLT LENS
Research Resources include:
- Robert W. Baird
- Bank Credit Analyst
- CreditSights
- Evercore International Strategy & Investment Group
- Fundamental Research Corp.
- Institutional Shareholder Services (EVA Research)
- JP Morgan
- The Leuthold Group
- Merrill Lynch
- Morgan Stanley
- Morningstar
- Piper Sandler
- Sidoti & Company
- Standard & Poor’s
- Topdown Charts
- UBS
Data provided by:
- FactSet
- FTSE Russell
- Standard & Poor’s
$12 Million in Portfolios & Wisconsin Value Fund
IMCP students work on portfolios of around $12 million in assets and form three teams to manage about $6 million in internal funds. Our students have sole discretion for the internally managed portfolios, subject to “doing their homework” on securities and following an investment policy and portfolio construction specifics. They hold multiple meetings each year with a group of professional investors who represent a sophisticated “client.” At these client meetings, 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.
The Wisconsin Value Fund is modeled after the internal Panther Value Fund that students manage. Dana Investment Advisors manages this fund for clients, but students are involved through internships, working with clients, and providing them with portfolio and investment information.
Professional Connections & Community Involvement
Students meet regularly with investment professionals during and outside of class for discussion of the funds, markets, and other topics. Many dozens of top investment professionals generously commit their time each year as mentors, guest speakers, IMCP Advisory Council members, corporate visit hosts, business project providers, student competitions (CFA stock challenge, ACG Cup mergers and acquisitions challenge) and in other capacities. Students also have access to the IMCP alumni network, which holds an annual Milwaukee Brewers tailgate event.
The IMCP serves the community, and the community gives back. Through collaboration with Dana Investment Advisors, the Wisconsin Value Fund is offered to the public. Students perform the analysis on investments in the portfolio (subject to oversight by portfolio mentors [Brian Pinsker, Kevin Silverman, Kevin Spellman], Dana Investment Advisors, the UWM Foundation and the IMCP Advisory Council) to produce investment returns for the public. The community gives back by providing this learning opportunity, meeting with the students, and 10% of client fees goes back to the IMCP for students.
Investment Trip
There is nothing equivalent to learning about investments from investment professionals at their offices in some of the top financial centers — including Chicago and New York, and sometimes London or the Berkshire Hathaway Annual Meeting.
The IMCP’s Chicago trip allows first-year students to meet with investors before they engage in new portfolio management activities in the fall. In addition we have meetings at Baird and other local firms.
Over Spring Break, the second-year students travel to New York City to meet with investment professionals at close to a dozen firms, tour the floor of the New York Stock Exchange and visit the United Nations headquarters.
Scholarships
Over $90,000 in scholarships are available to IMCP students to offset tuition. Every student who has applied for a scholarship has received one. Students also receive $1,500 towards IMCP-related travel expenses, and some may receive funds for CFA examination fees. The IMCP also covers the fees for Wall Street Prep or Adventis Financial Modeling Certification. Finally, the IMCP also covers fees for attending CFA Society Milwaukee events.
Brian Pinsker
Founder and portfolio manager at 11:11 Capital in partnership with Millennium. Executive in Residence at University of Wisconsin Milwaukee, and teaches Company Stock Analysis.
Beforehand, Brian, headed up JP Morgan’s North American equity prop trading desk and over his time at the firm he was JP Morgan’s most profitable trader globally.
Prior, he was the first portfolio manager hired by Viking Global, where he founded Vikings healthcare investing initiatives. Pinsker started as an investment banker at Baird and then moved to the sell-side at Vector (small Chicago firm) before becoming an analyst at Putnam and Moore Capital.
BS from UW-Madison and MBA from Yale University
Kevin Silverman, CFA
Currently Portfolio Manager at Carmel Capital Partners, a wealth manager, Founder of Madison Partners, an investment research firm, and Executive in Residence at the University of Wisconsin–Milwaukee teaching Applied Portfolio Management.
Kevin has over two decades of experience as a small-cap value equity manager, earning three PSN/Informa Manager of the Decade awards for the 10-year periods ended 2020, 2021 and 2022.
Prior experience includes a decade as CIO at a Sterling Partners subsidiary, SPEA, and family office Third River Capital, and founder of Falcon Capital Management, managing a 40-Act fund.
Kevin established his career on the equity team at Harris Associates/Oakmark and spent 15 years as an equity sell-side analyst at Kemper Securities and ABN Amro, later serving as an industrial/consumer analyst on a 5-star $5 billion ABN Quality Growth Fund.
MS-Finance ASAP UW-Madison, BBA-Finance & Marketing UW-Madison.
Traci Graves
Traci is a retired administrative professional with over 30 years of experience supporting investment teams at The State Teachers Retirement System of Ohio, one of the largest pension funds in the US. Throughout her career, she provided critical administrative support across multiple asset classes.
Earlier in her career, Traci built a strong foundation through roles with a temporary agency, gaining diverse experience across a range of industries and corporate environments.
In retirement, Traci continues to apply her expertise by supporting the Director of the Investment Management Certificate Program at the University of Wisconsin–Milwaukee. She remains passionate about contributing her organizational skills and experience to meaningful work.
Kevin Spellman
Dr. Kevin Spellman, CFA, aka “Coach.” He’s the David O. Nicholas Director of Investment Management and Professor of Practice at Lubar College of Business at University of Wisconsin-Milwaukee and is a periodic adjunct professor at IE Business School in Madrid. He’s also Equity Portfolio Manager at Dana Investment Advisors.
Coach is a coach for investments. He’s a “praca-demic” with professional and academic experience.
He has about 30 years of investment experience at mutual funds, a pension fund, and on Wall Street as an analyst, portfolio manager, director of research, macro strategist, and advisor/consultant. Some of his past firms include Institutional Shareholder Services, State Teachers Retirement System of Ohio, CUNA Mutual, and ISI Group. His expertise is in asset pricing, portfolio management, investment strategy, and quantitative investments.
He’s been teaching for over 20 years and across most aspects of finance, some accounting, and economics. He’s directed rigorous investment programs at University of Wisconsin-Milwaukee, University of Wisconsin-Madison, and has been involved with investment programs/tracks/classes at IE Business School, The Ohio State University, and University of Wisconsin-La Crosse. He’s won teaching awards every period he’s been eligible for well over a decade.
He has a PhD in Finance and Accounting (field of study is behavioral finance) from Durham University in England, a MS in Finance, Investment and Banking (Applied Security Analysis Program) from University of Wisconsin-Madison, a BS in Finance from UW-La Crosse, and he is a CFA charterholder.