Carlson School of Management

Summer 2013

 

   

 

Congratulations to our CFE class of 2013 - we had a 100% graduation rate and wish them all well in their new careers. The class of 2014 class has already been actively rebalancing the portfolio, taking charge of their respective business roles, and working well as a team. We will be working with the new class over the summer as they manage the portfolio.

Looking ahead, we are excited to embark on CFE 2020, which is described below. Even though we believe we have one of the leading programs among business schools in the U.S., change in education is accelerating with the advent of technology. Our students learn differently than they did even 10 years ago and companies are changing the way information is processed and analyzed. We hope that you will consider spending some time with us this summer as we open and begin the dialogue as to how the CFE experience can be improved.

Let us all look forward to the change that awaits us.


Sincerely,
Jerry Caruso
Jeannette Parr
Bonnie Till

"Change before you have to." -Jack Welch
"You must be the change you see in the world." -Ghandi


Students

Graduate Students
mba
Undergraduate Students
BSB

Our New Analysts

We are happy to present to you the Class of 2014. Our students are outstanding. On the right-hand side of the page, there are links to our students' photos and bios. Please feel free to reach out to any student directly or send us a job/internship description, which we would be happy to send along to our talented students. A PDF of our Student Bio Book can also be easily viewed online. If you would like a copy of our resume book, please e-mail the CFE.

 

CFE Placements

Click chart for 2013 MBA and undergraduate statistics
Placements

 

Interesting Statistic: As shown in the charts below, more undergraduates choose Financial Services careers than MBAs.
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Portfolio

Comments from our students:

Growth Fund

CGF PerformanceThe Carlson Growth Fund returned 16.63% year-to-date. Markets were up in May amid mixed economic data and news. Employment statistics yielded higher payroll data (175,000 jobs created versus 149,000 in April), while unemployment increased slightly to 7.6% (up 0.1%). Weak economic data from China revealed a two quarter sequential decline in most economic indicators and bank lending, which Fund management is continuing to monitor closely.

CGF Highlights

  • The Class of 2013 made 6 pitches to the investment committee on May 2nd and each was approved; this is an unprecedented feat for the Growth Fund, as no set of proposals has been approved in its entirety in the Fund's history. Positions in each of the approved holdings have been acquired and each is performing as expected.
  • CGF Analysts accelerated the development of their skill sets by acquiring and applying to the portfolio the most advanced modeling techniques on the market today, taking advantage of the resources, professional experience, and institutional knowledge available through the Carlson School and its alumni.
  • The strategic direction of the portfolio was adjusted by new management at the beginning of May in an effort to capture opportunities driven by a newly dynamic equities market, setting the tone for performance in the coming fiscal year.

Fixed Income Fund

CFIF PerformanceThe Carlson Fixed Income Fund faced a volatile May and ended the month down 1.23% overall and 10 bps below the benchmark. The 10yr Treasury rose from 1.70% to 2.16% during the month of May, negatively impacting performance. The CFIF was able to add two new credits that were approved in the last mentor meeting, Agilent and Ecolab. Corporate spreads remain steady and the CFIF continues to overweight the sector. With recent rumors of the Fed slowing down the asset purchase program, the CFIF will keep a close watch in order to best position the fund for any monetary changes.

CFIF Highlights

  • On May 2, the Class of 2013 made 4 pitches and all 4 were accepted by the investment committee
  • As of the beginning of May, the class of 2014 has assumed responsibility of the fund
  • A new daily model and "What If" analysis has been created to better track the portfolio and analyze proposed trades

Program Updates

CFE Program Review

CFE2020Over the next 5-10 years, major shifts in the workplace will occur: retiring baby boomers, entry of millennials into middle management positions, increasing use of social media technology and heightened globalization. Together, these trends will require CFE graduates to think more strategically, recognize patterns and trends with big data, collaborate with colleagues they have never met, and expertly navigate virtual environments.

As we look towards 2020, our current CFE curriculum needs to better prepare our graduates for these trends in the financial workplace. We are seeking input from our community to collectively provide input on how we can shape what we teach our students

You can respond by:

  • Participating in a listening luncheon
  • Joining an online chat forum
  • Returning our online survey by September 1, 2013

Thank you in advance for your participation. We will make the best improvements to the CFE Program if we receive substantial input from you. Please view our review page for more information.


Outreach

Spotlight Event - CFE Social

MixerThis fall, the Funds Enterprise, in conjunction with the Carlson School Finance Club, will be holding a networking event in an effort to promote more alumni engagement and interaction with our students. We hope you can stop by and ask our students about the fund. See you there!

The CFE Mixer will be held on Tuesday, September 24, from 5:00 to 7:00 p.m. at Kieran's Irish Pub. Please visit our event site for more information and to register.

 

Career CornerThinking

We asked accomplished managers what things they would have done differently at the onset of their careers.

"Remember that there is no single path towards a career in the financial services industry. I've been surprised at how some of my prior experiences outside the financial services industry have helped me in my current role as an equity research analyst. Experience in specific industries or organizations outside of financial services can give you perspective or an edge that others may not have."

Jason, Senior Analyst at Pine River Capital Management

"I would have worked in a few jobs in varied locations before going to graduate school, to have a better sense of the kind of professional and living environments that suited me (or didn't) and of the pace of work, the type of work content, and the management styles I enjoyed."

Deborah, Managing Director at Okabena Advisors

"I wish I would have recognized the importance of specialization. It seems like a lower-risk route to stay as general as possible in your role and skills to maximize the potential paths for your career. You should find something you love to do and become an expert in that topic or trade. You don't have to become a case study for outliers. Just evaluate your opportunities, use your judgement, accept advice from those you trust, and make a bet on a path. 'Jack of all trades, master of none,' is never present in a job description."

Matt, Vice President at NY Private Equity Firm

"I began as an investment broker in 1981, and one of our common recommendations was to "pay yourself first", by establishing a monthly investment into a growth mutual fund. I was working straight commission at the time, and waited until 1990 to begin my monthly investment program, which was my first 401(k). Knowing what I know now, starting a $50 monthly investment when I started in this business would have given me a much earlier start on my wealth accumulation. I now recognize the significance of waiting 9 years to begin my monthly investment program."

Suzann, V.P. of Wealth Management at U.S. Bank

 

For next time...

The next edition of the CFE Newsletter will be in the fall (which also happens to be primary recruiting season), and we want to hear from our community members about effective job search strategies. Our students want to know: What are your best networking tips? How should new graduates be looking for a job? Share your advice by filling out our anonymous online form.


Alumni Spotlight

Yelena Ree, '10 MBA
Director, Treasury, Thomson Reuters

Yelena ReeMy CFE experience continues to be a special connection for me. I learned so much, and met so many great students and mentors. At Carlson, it was one thing to learn about bond duration and spread; it was a completely different experience to watch duration and spread drive real dollar gains and losses while participating in the Carlson Fixed Income Fund. The CFE experience was definitely a major contributor in securing a full-time position in the Treasury department of Thomson Reuters. My CFE experience gave me a head start in my career, where I could add value on day one, and it allowed me to not feel like a complete novice. It's been three years now since I've graduated, but I still rely on my CFE knowledge and it continues to help me grow in my role.

While I truly enjoy working in New York, I wish I was closer to Minneapolis. However, I always enjoy connecting with students in the CFE and talking with them about working in corporate finance. I know I'll stay involved with the CFE in the years to come.


Get InvolvedCircle

The Carlson Funds Enterprise provides a variety of opportunities for organizations and individuals to engage with us. Opportunities include hosting site visits, sponsoring live case competitions, becoming a guest speaker, and lending financial support for student scholarships, research, and program development. If you are interested in learning more about ways to contribute to our program, please e-mail Jerry Caruso.

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