Wells Fargo partners with undergraduate program

Northwestern Financial Review, Feb 1-Feb 14, 2003 by Hilgert, Jackie

Keith Bartusek credits his dad for opening his eyes to financial markets. The University of Minnesota-Duluth senior and his father, an appraiser, spent a lot of time following the stock market while Bartusek was growing up in LeCenter, Minn. While those years of following distant financial markets with dad set off his desire to study finance, the week he recently spent inside a real-world private asset management department at Wells Fargo & Co. should help Bartusek - and 13 other university seniors - decide once and for all if portfolio management is the career path they want.

This period of discovery is important for college seniors, according to Joe Atrim, leader of the financial markets program at UMD. For most, the week spent at Wells Fargo is their first real look into the industry. "It saves them a lot of time in choosing a career path if they encounter something here they might not enjoy," he said.

University administrators sought out this partnership with Wells Fargo a couple of years ago. The point was to give students hands-on learning in their field of study. Wells Fargo agreed to co-author a practicum - now in its second year - in part to ensure students get trained in areas sought out in new hires, according to Dean Junkans, senior director of investment for Wells Fargo's private client services. Wells Fargo also gave UMD enough computers to create an oncampus financial markets lab that the students can use as much as they like.

The Wells Fargo practicum is but one component in UMD's financial markets curriculum that includes courses in securities investment analysis, portfolio theory and analysis, and applied portfolio management. Prerequisites for acceptance into the program include courses in corporate finance, investment funds and financial statement analysis.

The team of portfolio managers at Wells Fargo enjoys the week spent tutoring these financial management upand-comers.

The students' week starts with an overview of portfolio asset management, then they dig into asset allocation, equity research, credit analysis, earnings models and writing research reports. By the close of the second business day, students have been assigned one stock to research, analyze and report on. It's exhaustive learning for students not accustomed to a typical 40-hour workweek, dressed in business attire.

"They get really nervous when they have to deliver their reports," said Junkans, who along with his team of portfolio managers, openly critique the reports for the benefit of the class. "We make them defend their analysis," he added. Students are graded on their participation at Wells Fargo, a performance that accounts for onethird of their total grade for this three-- credit course.

Bloomington, Minn.-native John Sabol appreciates the opportunity to learn from active portfolio managers. "After awhile you get an idea of the basics," Sabol said of his academic experience, "but some of the workplace concepts get skipped over." The program bridges this gap between classroom and workplace.

The week closes with a panel discussion on investment career options and advice for distinguishing themselves as they compete for jobs in the marketplace.

Evaluation forms from last year's participants indicate the program, while intense, does leave an impression. "We've grown from eight in last year's program to 14 this year and 28 have applied for 2004," said Junkans. None of the graduates from the 2002 program is currently employed by Wells Fargo.

Atrim, who spent more than a dozen years in the marketplace trading and managing investments, has been pleased by how his students have responded to the program. "These kids love the markets," Atrim said, adding that he wants to expose them to as broad a horizon in the marketplace as possible. Their education also focuses on integrity, "They need to understand the importance of honoring their word."

Upon completion of this section of coursework, the students will actively - and collectively - manage the Bulldog Fund, university money set aside for the purpose of practicing asset management. In spring, 14 college graduates will take the lessons learned at school and Wells Fargo to the marketplace. Bartusek, eager to embrace the fast-paced career for which he's been preparing, smiled and remarked, "I'm ready to test my mettle."