the magazine for marquette university college of business administration | 2018

Changed Landscape Graduates of the ACRE program are making Milwaukee’s commercial real estate market — and leadership landscape — more dynamic and diverse.

JOANNA BAUZA: GROWING A BUSINESS, COMPETING IN FINANCE, SUPPLY CHAIN AND DREAM TEAMS: PROFESSORS AND EXECUTIVES HEALING A STORM-WRACKED ISLAND MORE, MARQUETTE TEAMS MEAN BUSINESS JOIN FORCES FOR BETTER TEACHING p. 02 p. 20 p. 24 the magazine for marquette university college of business administration 2018

dean’s note

Dr. Brian D. Till James H. Keyes Dean College of Business Administration

As a As a Catholic, Jesuit business school, the College of Business Administration has a “ unique duty to the world around us. We are charged, first and foremost, with educating Catholic, future business leaders who — through our three foundational pillars of ethics and Jesuit values, experiential learning, and personal attention — will go on to Be The Difference. business That duty includes bettering the community in which we operate: our home, Milwaukee. In his cover story “Changed Landscape,” writer Dan Simmons explores the history of school, the the Associates in Commercial Real Estate program, a minority outreach program that College of provides commercial real estate training, networking and mentoring opportunities in a Business diversity-starved industry. He tells the ACRE story through the eyes of its graduates — an impressive list of successful developers, prominent Milwaukeeans and city council Administration members who each day are transforming whole swaths of Milwaukee’s central city. has a unique In this, the second issue of Marquette BIZ, you will also read about alumna and duty to Marquette University Trustee Joanna Bauza, who, with grit and determination, is bringing the skills she learned in the classroom and on the court as a tennis standout to the world secure brighter futures for her employees in her native Puerto Rico. around us. We also delve into the importance of teamwork, another tenet of a Marquette ” Business education. First, take a behind-the-scenes look at our students’ wildly successful track record in various case competitions, in which teams vie for trophies, scholarships and bragging rights against other universities in disciplines such as supply chain management, applied investment management, real estate, project management and applied economics. Then, read about how Marquette Business professors are joining forces with industry veterans for a series of co-taught courses that are not only a powerful teaching tool for our students, but also an invaluable experience for our faculty. Thank you for reading these and the other stories we share with you in the coming pages. They are a mere glimpse of all the great things happening in the college, but I am proud that they so accurately and broadly capture the spirit of Marquette Business — our students, faculty and alumni, alike. the magazine for marquette university college of business administration 2018

contents

We appreciate your feedback on MARQUETTE BIZ magazine. Please send all comments to the editorial director at stephen.filmanowicz@ marquette.edu.

Editor 02 Stephen Filmanowicz Art director 02 14 28 Sharon Grace true grit changed landscape dollars and sentience Editorial team Sarah Koziol An alumna grows a Graduates of Marquette’s The growing influence of Jennifer Russell company and helps Associates in Commercial computer programming Kaley Rohlinger (intern) heal Puerto Rico after Real Estate program are on the investing world, Hurricane Maria. bringing change to the and what it means for Students’ grade levels in this issue are current as of the local development market. Marquette students. 2018–2019 academic year.

05 20 32 biz briefing ready, set, compete! dreaming big Trading up from a pencil, Business students go The Big East’s three- blockchain explained, two beyond the classroom for time Most Outstanding new master’s degrees, real-world competitions Female Field Athlete going inside McDonald’s in everything from supply and much more. global ad agency, the chain to stock investing. relationship between weight and salary, knowing Warren Buffett, improving municipal pension plans, 24 and favorite movies. dream teams Professors and professionals team up to deliver students classroom knowledge and worldly experience.

01 Alumna Joanna Bauza has risen to meet every challenge she’s faced, from NCAA tennis to entrepreneurship. Now she’s bringing the same determination to securing brighter futures for employees in Puerto Rico, her native island.

02 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION ALUMNA PROFILE

TRUE GRIT

Though all made it safely through Maria’s BY JENNIFER ANDERSON initial onslaught, colleagues and family alike soon faced life-threatening hazards, including illness outbreaks and perilous searches for fresh water and gasoline. “The first team meetings were all about helping everyone meet their basic needs. One employee told me, ‘Joanna, I spent 12 hours waiting in line for gasoline with my baby.’ It was awful. She had no other choice,” recalls Bauza, who ran the meetings by conference call as flight Joanna Bauza, Bus Ad ’97, was at home in service on the island remained nonexistent or Chicago when Hurricane Maria struck Puerto sporadic. “For the first two weeks, we were Rico last September, but her heart was like a counseling department. We couldn’t 2,000 miles away on the beloved Caribbean really get much more done than that.” island where she grew up and still has much When she could finally book a round- invested, personally and professionally. trip ticket and see the storm’s aftermath

The devastation she saw left her with a sense of resolve deepened by her love of the island ... and certainly the grit she developed rising the ranks of competitive tennis ... .

As Puerto Rico plunged into an electricity firsthand, she trailed Mullen who’d headed blackout and frightening images began down a week earlier with four huge suitcases to circulate, she anxiously accounted for stuffed with supplies such as batteries, the well-being of her parents, other family fans, flashlights and granola bars. As her members and friends. And that wasn’t all. flight descended into San Juan, Bauza was As president of The Cervantes Group, an stunned. “It looked like a massive fire had international information services company burned down the whole island, like it had headquartered in San Juan, Bauza and been hit by a nuclear bomb.” her husband, Timothy Mullen, Comm ’96, The devastation she saw, however, just left Cervantes’ managing partner, also had her with a sense of resolve deepened by her the firm’s Puerto Rican employees and love of the island, her business philosophy customers to focus on and help. and certainly the grit she developed rising

03 TRUE GRIT

the ranks of competitive tennis in Puerto years working for startups, Bauza was ready Rico and at Marquette. Though Cervantes for a new kind of challenge, and so was had come to have offices stretched from Mullen. The couple moved to San Juan and Chicago to Madrid, Spain, Bauza and Mullen established The Cervantes Group in 2004. had established the firm in San Juan. They Her grandparents had established a number knew it now had a role to play rebuilding of retail stores in Puerto Rico, and her parents the city’s shattered economy, providing brought the True Value hardware store employees with support and long-term brand to the island, so the idea of starting Even with career prospects. The crisis was a humbling and growing a business was familiar to her, reminder of the business philosophy the perhaps even imbedded in her DNA. hurricane-related couple has nurtured with Marquette’s Leveraging Mullen’s sales and marketing challenges, influence. “The university really instilled in skills with Bauza’s technology talents, us the value of giving back,” says Bauza. “It the partners established a specialty in Cervantes helped form our values and friendships. And information technology consulting and talent occupies a it gave us an understanding of how you can acquisition. “Puerto Rico proved to be a use business to change people’s lives for great place for entrepreneurship,” she says. market sweet the better.” “The market was so underserved with the spot. “Most of Drive and resilience were traits Bauza services we provide.” already had in abundance when she Today, Cervantes is a multimillion- our consultants arrived at Marquette in the mid-1990s. dollar company with offices in San Juan, are bilingual,” As a girl in Guaynabo, Puerto Rico, she Querétaro, Mexico, Madrid, Spain, would play her mother in tennis, only to Boston and Chicago, where the couple says Bauza. “Our be beat soundly in repeated 6–0 sets. and their children live (while retaining an clients really Those losses ignited a competitive spirit apartment in San Juan). Even as it works in Bauza that drove her to become the through hurricane-related challenges, appreciate the No. 1 ranked women’s tennis player in the the firm occupies a sweet spot in the value we place on Commonwealth of Puerto Rico. IT marketplace. “We are a very diverse That hustle continued at Marquette. As company,” she explains. “Most of our multiculturalism.” a freshman, she shared head coach Jody consultants are bilingual. We move quickly Bronson’s dream of taking the women’s and adapt to our clients’ needs. Our clients tennis team to an NCAA Championship, really appreciate the value we place on but they lacked enough players to qualify. multiculturalism and, of course, results. So Bauza worked the phones, encouraging Our commitment to excellence is the former competitors from all over the world cornerstone of our fast growth.” These to check out Marquette. Several top Spanish strengths put the company on firm footing players eventually enrolled. In 1997 the to deliver on its promise to help people in team reached the NCAA Championship Puerto Rico get back on their feet. for the first time, capping off Bauza’s Although her love for the island is third season as team MVP. Looking back, unrivaled, her loyalty to Marquette comes she credits many of the elements of her close, says Bauza, a Marquette University success — discipline, mental toughness, Trustee since 2016 and recipient of the 2015 vision, collaboration, leadership — to her Spirit of Marquette national alumni award athletics experiences. with Mullen. “I find that when people come After graduating with a degree in to Marquette, it becomes their second management information systems and home, and they become very committed to Joanna Bauza and husband, Timothy Mullen marketing, earning an MBA from Depaul our university. I knew I wanted to make a University in Chicago and spending several difference for Marquette as well.”

04 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION BIZ BRIEFING

Trading Up It’s amazing what students can acquire when they start with a pencil and start trading —

including the lesson that value and when you identify that asymmetry, it is in the eye of the beholder. opens new possibilities.” That lesson resonated with Thomas Madaras, During a semester abroad this spring in Bus Ad ’18, a business administration major Vietnam, Vincent Weber, a junior majoring in who appreciated its marriage of classic information systems and marketing, ventured economic self-interest with the concern for out daily into the streets of Ho Chi Minh City, others stressed in Marquette’s even during rainstorms. That means he Catholic and Jesuit values. found the umbrella he brought “No one likes to get along with him from the the short end United States one of of the stick,” the most valuable Madaras items in Dr. Kristie Rogers says. “You his suitcase. Assistant professor of have to have of management Best of value on all, he didn’t both sides.” pay a cent for it. A For one trade, Madaras semester earlier, as a student BY LAURA MERISALO connected with a friend who had just in Dr. Kristie Rogers’ Negotiations received 40 packages of Peeps candies and New Ventures course, he and from his aunt. With so many Peeps on hand, fellow students tackled an unusual even just half a pack of gum was of greater assignment — negotiating no fewer comparative value, while Madaras realized than five trades to parlay a pencil into a full package of Peeps would give him something else of greater value. greater leverage for his next trade. Weber and his partner made eight The assignment teaches students “to trades, moving from pencil to pen to THINK ABOUT think on our feet and be able to adapt to snacks and electronics, culminating with VALUE IN A WAY THAT IS NOT any situation,” says Molly Long, a senior an exchange of a coffee-mug thermos majoring in marketing. “You can’t really for the aforementioned umbrella. “The prepare for that with a test. You have to work assignment didn’t specify that the PURELY with a person ... and adapt to what they are item had to be expensive. I focused on seeing to get what you want and make sure obtaining an item I’d actually use,” Weber the other person leaves satisfied.” says. “I brought it to Vietnam, and I’ve OBJECTIVE. used it three times.” The assignment lavished extra credit on the trade voted best by the class. A light-up Indeed, in helping students hone skills for Bluetooth fidget spinner earned accolades, real-world transactions, the assignment as did a five-show pass to the 2017 isn’t focused strictly on monetary value, Dr. Kristie Rogers Milwaukee Film Festival, valued at $55. But says Rogers, assistant professor of the deal that earned top billing, garnered management. The goal is to “think about from 13 trades? A black betta fish. value in a way that is not purely objective. In any given situation, something is of Lesson learned: Value is in the eye of greater value to one party than another, the beholder.

05 BIZ BRIEFING

Blockchain Explained Marquette looks to harness a blockchain boom that extends far beyond cryptocurrency.

In 2008, a year after the iPhone debuted, a Users churn through the encryption needed new kind of record keeping was invented. to make Bitcoin work using special, high- Called blockchain, this ultra-clever technology powered computing rigs and earn a portion is suddenly poised, 10 years later, to transform of the currency for their trouble. (The minting practices in currency systems, accounting, process of the cryptocurrency is highly Dr. David Krause supply chain management, medical records or predictable, producing new coin blocks roughly Director of Applied Investment even higher education — with a new leadership every 10 minutes; it’s just the subsequent Management program cluster headquartered in the College of speculative trading of bitcoins that’s proved and assistant professor of Business Administration bringing the discussion risky.) Forward-thinking businesses could practice, finance to campus. someday use blockchain to track inventory So what or financial records, and in those cases, the exactly is technology would stand in for trusted clerks and blockchain? accountants and remove the need for auditing. BY MATT HRODEY It’s a “Blockchain is how the internet was in 1995,” technology says Dr. David Krause, director of the Applied that does Investment Management program in the something College of Business Administration. “It’s ready previously to burst on the scene.” impossible. Since time The college is on track to be there when it BLOCKCHAIN immemorial, does. Administrators and faculty in the college IS HOW THE INTERNET the veracity convened a half-day blockchain conference in WAS IN 1995. or security of November that drew 300 people to the Alumni IT’S READY TO information Memorial Union. At an event in February co- has depended organized by Startup Milwaukee and Marquette, on its three local startups using blockchain technology BURST maintainer. pitched themselves to potential investors. ON THE SCENE. Banks are A workshop followed in March on using generally blockchain for supply chain management. Alec trusted, for example, to keep accurate records Shaw, Bus Ad ’18, and Davis Marklin, Eng ’18, of customer accounts. Blockchain does both graduating in December, are leading the Dr. David Krause something different. Using encryption and Marquette Blockchain Lab, which helps organize a network shared across a large number of these events as part of a broader agenda of

computers, it creates hack-proof records, connecting the campus and local business Photo (left): As professors and known as blocks, that everyone (with the right community through outreach and partnership. students anticipate what’s next keys) can add to and access as needed. The for blockchain, the technology has “We’ve been waiting for 40 years for a method gone mainstream to the point that information exists like a fortress unto itself. consumers can purchase Bitcoin of digital currency to emerge,” says Krause. And currency at ATMs like this one on Verifying transactions through a process called now it’s clear the technology’s impact will go far Brady Street in Milwaukee. “mining,” blockchains have already been beyond virtual money, with Marquette aiming to used to create currencies such as Bitcoin. go step-for-step in keeping pace.

06 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION Supply and Demand Leveraging recognized program. The graduate courses, which are online with the exception of three in-person expertise, a master’s program workshops, are geared toward individuals tackles the transition to digital with two to three years in the field, Barratt supply chains. says, and will tackle subjects such as Industry 4.0, blockchain, additive manufacturing and The field of supply chain management — business analytics. encompassing customer service, logistics, After helping to shape the program, partners manufacturing, sourcing and purchasing from industry now enthusiastically endorse — is changing rapidly as the world becomes its approach and focus on the transition to more technology-enabled and the economy digital supply chains. “Many companies more robust, says Dr. Doug Fisher, director here can benefit from hiring students with Dr. Mark Barratt of Marquette’s Center for Supply Chain the applied focus and skills that Marquette Associate professor of supply Management and assistant professor of graduates traditionally have. The graduate chain management practice of management. program will help forge a better connection Fortunately, with an undergraduate program between the program and the business in supply chain management ranked 14th community,” says Dr. Mark Cotteleer, Bus BY EDGAR MENDEZ, GRAD ’14 nationally by U.S. News & World Report and a Ad ’88, research director of the Center for master’s program debuting this fall, Marquette Integrated Research at Deloitte Services and is a natural place for educational programs an advisory board member. Illustration by James Steinberg and research that keep pace with this change. Fisher and Barratt see an The content of the new graduate program, in alignment of conditions particular, is industry-driven and focused on the favoring the program’s field’s newest challenges. launch — a strong Supply chain managers traditionally were tasked overall economy, an with ensuring businesses purchased or moved emergence of supply raw materials, parts or other products efficiently chain management as as cost-saving measures, says Fisher. Now a competitive weapon they’re also being asked to be more effective driving business success, and drive revenue by utilizing massive amounts and Wisconsin’s presence of information to make data-driven purchasing as a major manufacturing choices to meet customer needs. “It’s the center energized by the fourth industrial revolution,” he says. arrival in the region of the This transition from physical to digital supply world’s largest electronics chains, and the utilization of data to more manufacturer. With a effectively meet consumer needs, has new graduate program been coined “Industry 4.0,” explains Dr. leveraging these factors, Mark Barratt, associate professor of supply they believe, supply chain management. It’s creating a need for chain management at companies to hire people who understand Marquette is poised to digital supply chains and are ready to capitalize move from regional to on them, Barratt adds. Leaders of the Center national prominence. for Supply Chain Management had those needs Adds Barratt, “Adding a master’s program in mind in developing the new master’s degree with the focus on equipping students to help program. Barratt has worked closely with Fisher employers prepare their own digital supply and an advisory council of business leaders chain systems will move our program from a and other experts to develop the 31-credit regional to a national scale.”

07 BIZ BRIEFING

All Marquette, All Online The GSM’s newest MBA is all about flexibility and high Students will spend less time navigating administrative aspects of each class and standards. more time on learning, thanks to a template developed by an instructional design The trending need among today’s graduate committee that helps to ensure consistency students is flexibility. Whether working full time, across online courses. traveling globally for jobs or seeking to carve out time with family, students increasingly ask Another program highlight is virtual team for flexible MBA study options. participation for each student. “A cohort model is important for creating community Responding to these evolving student needs, To learn more, visit marquette. in an online environment,” says Dr. Jeanne edu/business/graduate/info- the Graduate School of Management is Simmons, Bus Ad ’88, Grad ’90, ’97, GSM sessions.php. offering a fully online MBA program beginning associate dean. Cohort teams will use tools this fall. Online MBA students will take two such as Skype for Business, Outlook Lync classes per term in fall, spring and summer, for and WikiLinks, with each group determining BY LAUREN SCHUDSON, GRAD ’97 a total of 33–39 credit hours. the best methods to get and stay connected. To maintain Marquette’s high MBA In using these applications, students also standards, the online program features the develop soft skills beneficial to their careers, same admission requirements, curriculum, as time zone differences and travel limitations faculty, learning outcomes and international increasingly call for use of these types of experiences as the other MBA offerings. collaboration tools.

Inside the “Incident” An immersion trip gives students a valuable view into advertising and marketing in Chicago — and the managing of a viral sensation.

Dana Warren, Bus Ad ’18, spent the past four Fortunately, the Chicago Experience — a years as an undergraduate studying marketing new two-day immersion in agencies and — and a fan of Cartoon Network’s grown-up brands piloted by the College of Business comedy Rick and Morty. So when she and 29 Administration and the Diederich College other Marquette marketing and advertising of Communication — delivered students to students found themselves in the Chicago the right place to learn lessons. An account

Insiders helped students headquarters of We Are Unlimited, the ad specialist guided them through the case understand how a major brand agency solely focused on McDonald’s global step-by-step, including the misfiring of a and its agency handled the pressures of a viral sensation marketing needs, she didn’t hesitate to ask well-intentioned “limited” return of the — the return of McDonald’s about “the Szechuan sauce incident.” sauce that left fans lining up angrily for a Szechuan dipping sauce. product that had already run out (requiring Beginning innocently enough in mid-2017 with police intervention, in some cases). an impassioned speech by one of the show’s BY KALEY ROHLINGER characters lauding the short-lived 1990s-era McDonald’s took a well-publicized do-over McDonald’s sauce, the incident grew into in February, flooding its U.S. restaurants a cause célèbre with tens of thousands of with 20 million Szechuan sauce packets. fans petitioning the chain to bring back the The firsthand report and other revealing condiment. What followed qualifies as a case agency visits amounted to “one of the most study for handling (or not) the viral engagement interesting college experiences I have ever brands pine for but struggle to manage. had,” says Warren.

08 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION

Adventures in Applied Economics Inside the program where weight on their wages and found that heavy students hone their analytical white women are paid less than their thin counterparts. Surprisingly, she also found skills answering intriguing that overweight African American men questions — such as how your and overweight white men are paid more than their normal-weight counterparts. weight may influence your salary. Vanderlin, now an analyst at Geico, had used an innovative model — the Blinder-Oaxaca Graduates of the Master’s in Applied decomposition, a statistical method primarily Economics program are everywhere, conducting market research for Fortune 500 used to identify discrimination — to reach companies, doing statistical analyses for the these conclusions, leading her faculty adviser, State Department and aiming for exceptional Dr. Nicholas Jolly, associate professor of economics and labor economics expert, to gains in investment banking. Nicole Vanderlin, Grad ’18 BY LAUREN SCHUDSON, GRAD ’97 work with her to publish the research in an Before assuming these enterprising academic journal. roles on the world stage, students prepare for them with professional BY ANNA MILLER, ARTS ’17 projects: theses-like papers that culminate their study and use economic analysis to answer pressing questions. Illustration by James Steinberg Take Kevin Kane, Arts ’10, Grad ’18. He studied Medicaid expansion and found that increased utilization of the program that provides health coverage to the poor and others in need actually led to reduced private AFTER THE insurance premiums. To reach this PROGRAM, THE RESEARCH conclusion, Kane analyzed data REPORTS I DO FOR WORK from over 100,000 privately insured ARE A LOT MORE consumers that he obtained from claims databases to compare the experiences of states that did and RIGOROUS did not expand Medicaid. AND ... MORE RESPECTED ... . Kane now applies this research directly to his work as a public policy expert Such innovative research methods and for the nonprofit Citizen Action of Wisconsin, noteworthy results gladden but do not which was also his employer while he surprise Dr. Farrokh Nourzad, professor of Kevin Kane, Arts ’10, Grad ’18 pursued his degree. “After the program, the economics and director of the Master’s in research reports I do for work are a lot more Applied Economics program, who says the rigorous and, I believe, more respected by research, analytical and communication people in the field,” Kane says. skills of Kane and Vanderlin are the kind Kane’s classmate Nicole Vanderlin, Grad ’18, that take program graduates places in devoted her final project to another timely their careers. “Not only do they learn and relevant topic: the interplay between quantitative research tools, they learn how weight and salary. Using a national data set to communicate,” he says. “Because of that surveys and tracks a representative set this, they’re not going to be in the back of over 5,000 families in the United States, room, just crunching numbers. They can be Vanderlin looked at the effect of a person’s in the front, leading.”

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BIZ BRIEFING

Knowing Warren Buffett Alumnus David Martin shares what it’s like to befriend an investing legend.

Few people can earnestly count one of the — luckily Walmart responded, and we went world’s richest people among their friends. to Bentonville, Ark., to pitch the idea. We David Martin, Bus Ad ’09, doesn’t have that received our first chance with Walmart on Feb. problem: He’s friends with Warren Buffett. 22, 2010, which I will never forget. As we like David Martin is president A graduate of the college’s heralded Applied to say, one good job leads to the next. of Building Installation Investment Management and real estate on meeting the oracle of omaha: I have always Group I, Inc., a retail programs, Martin has enjoyed his own admired Warren and Berkshire Hathaway. At merchandising service professional success growing his family’s company he founded Marquette, there were many references in business, developing commercial real estate after developing and class to his track record, management ability, and sharing commentary as a guest on growing that sector of his integrity and success. I tried to read as much CNBC. But some of the greatest lessons he family’s business, Green as I could from shareholder letters, news has learned have come from the “Oracle of Bay, Wisconsin-based articles and books about him, his partner Omaha” himself. Marquette BIZ asked Martin H.J. Martin & Son Inc., Charlie Munger and Berkshire as a company. a national construction about business, being on camera and — of specialty contractor.

BY CHRISTOPHER STOLARSKI

Students in the AIM program have benefited from the connection of Martin (far right) and Buffett (front, center), twice joining the young alumnus in Omaha for meetings with the Berkshire Hathaway CEO and students from other universities. Dr. David Krause, director of the AIM program, appears rear, right.

course — Buffett. What follows are excerpts of I attended my first Berkshire shareholder that interview: meeting in May 2013. Later that year, I was on early success: Throughout our company’s lucky to meet Warren with a family friend history, we have always tried to add new Green Bay Packers legend Paul Hornung. We revenue sources, and one way we thought to flew to Omaha to see Berkshire’s office and do this was to begin offering merchandising have lunch with Warren. In 2014 he and seven services to national retailers. A co-worker and people from Berkshire came to a Green Bay I wrote to existing and potential customers Packers game at Lambeau Field, which was a

10 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION

real highlight for me. As we watched the MAKE A Packers win the game, we talked about how university students would visit Warren, tour STRATEGIC MOVE Berkshire’s businesses and — most importantly — ask him questions. TO ENSURE Thankfully, the Berkshire team let Marquette travel to Omaha. on marquette visiting buffett: I’ve had the EXCELLENCE. opportunity to accompany two AIM classes and AIM Director David Krause to Omaha, where we were among seven other university groups of about 20 students each who visited with Warren. I was always impressed with A great university needs a great business school, the Marquette students and how they carried themselves with the likes of many Ivy League and a gift to the College of Business Administration schools — it is a real credit to Dr. Krause Strategic Excellence Fund helps to build the needed and his leadership. Each time I went with the students to Omaha, I was proud to be a resources to support faculty research, improve Marquette alumnus. the quality of teaching and enhance cocurricular on cnbc stardom: Being on camera is not easy for me, and I give a lot of credit to the experiences for students. Learn how you can help people who do that every day. I’ve gotten advance the College of Business Administration to know Brian Sullivan from CNBC over the years, and hopefully I can incorporate the AIM and Be The Difference for Marquette. program into a feature story or in-person visit in the future. final thoughts — on buffett’s wisdom: Contact: Teresa Janusz One thing Warren has always said is he wants Director of Development to be known as a teacher. The luncheons with students are a way for him to “conduct College of Business Administration class.” And the generosity he has shown 414.288.7693 (in mentoring) me, and several others, is [email protected] something that is very special and speaks to his character. Warren always says you go in the direction of the people you surround yourself with, and I was lucky to meet a great group of friends at Marquette in the real estate and AIM programs who are very motivated and intelligent. Being around them helped me tremendously.

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BIZ BRIEFING

Above Board New Marquette research links effective boards of directors with better municipal pension plan performance.

Your local municipal pension plan certainly that take into account funds’ different asset doesn’t have Warren Buffett managing its allocations, which in turn would reduce the investments. But does it need to? required contributions of taxpayers and bondholders by about $37.1 million. Dr. Sarah Peck New research by two College of Business Associate professor of finance Administration faculty members has found Given results like that, it makes sense that the that the performance of a plan’s board of authors are working with Marquette to patent directors is a key overlooked factor in fund the index and have made it commercially BY JEFF BENTOFF performance: The more effectively a board available to public pension plans as the FEQTM governs a municipal pension plan, the more through a new company, Fund Governance likely it is that good financial returns will follow. Analytics, created in partnership with Illustration by James Steinberg Marquette University. “Nobody has looked at The researchers — Dr. Sarah Peck, associate public pension governance in this way before,” professor of finance, and Dr. Christopher says Peck. “We’re really giving boards a tool, Merker, Grad ’17, adjunct professor and so they can do their jobs better.” director in wealth management at Robert W. Baird & Co. — have developed an innovative NOBODY HAS LOOKED AT index to measure that effectiveness. And with many public pension plans underfunded and trillions of dollars at risk, says Peck, “We PUBLIC PENSION feel this index has real social value, both for the taxpayers and for the beneficiaries of GOVERNANCE these plans.” To create the index, Peck and Merker relied IN THIS WAY BEFORE. on an army of graduate students that looked WE’RE REALLY GIVING BOARDS at minutes from nearly 1,300 board meetings A TOOL, SO THEY CAN DO THEIR on websites of 150 large public pension plans. They focused on 17 variables, including length of board meetings, percentage of JOBS BETTER. board members on a board’s audit committee and frequency of investment discussions. Applying statistical processes to the data, they created an index they’ve named the “fiduciary

Dr. Sarah Peck effectiveness quotient.” Peck says that how a plan ranks on the index “is strongly related to the returns the funds earned.” In fact, a To learn more about the new 10 percent improvement on the team’s FEQ company that grew out of this index equates to a 3.6 percent annual increase published Marquette research, visit fundgovernanceanalytics.com. in market returns compared to benchmarks

12 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION

MOVING PICTURES Which films with business themes have stuck with prominent figures from the college?

Cynthia Lopez, Bus Ad ’18 Shari Noonan, Bus Ad ’96 Dr. Kevin Rich Recent graduate, CEO and co-founder, Chair and associate professor, accounting and international business Rialto Trading accounting

Movie: Movie: Movie: Legally Blonde (2001) The Founder (2016) The Pursuit of Happyness (2006)

Why: Why: Why: There’s more to Chihuahua-carrying law As co-founder of a firm whose technology Dr. Kevin Rich gives the biographical drama student Elle Woods than meets the eye. Just provides access to anonymous fixed-income starring Will Smith as entrepreneur Chris ask Cynthia Lopez: “As stereotypical as it trading, Shari Noonan knows entrepreneurship Gardner two thumbs up for its inspirational seems, as a young girl I loved her pink outfits firsthand and can relate to Michael Keaton’s message and valuable lessons on managing and little puppy.” But it was Elle’s persistence performance as Ray Kroc, the businessman work-life balance. Gardner’s transformation — and the early glimpse of college life who built McDonald’s into a nationwide from a homeless father and unpaid stockbroker — that stuck with Lopez, the daughter of chain. “Especially the perseverance required trainee to a top-performing employee and, Mexican immigrants. “When I asked friends’ when embarking on a new venture,” Noonan eventually, owner of his own investment firm parents what Harvard was, I learned what explains. “People you think will be there for illustrates qualities that are beneficial in and college was and how there were many you may well not show up. However, new and outside the workplace. “Chris Gardner’s never- options,” she says. While not interested in surprising advocates arrive.” She also admires give-up attitude is extremely inspiring,” Rich studying law, Lopez did become president Kroc’s unconventional recruitment philosophy, says. “He strived to work smarter — to be of her sorority. “And like Elle, I always try to “focusing on those who were innovative and creative and find a different way to do things have faith in others and in myself,” she says. hungry, rather than people who had the requisite — because he didn’t have time to work more capital or were groomed to run the franchises.” hours because of family commitments.”

BY SARA RAE LANCASTER

13 14 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION CHANGED LANDSCAPE

College of Business Administration, agreed to take a chance. “We made an exception, and the Changed dude has hit it out of the park,” Eppli says. Newell finished ACRE at the top of his class then worked four years in Landscape increasingly bigger roles for the Wisconsin Housing and Economic Development Authority. Now, 13 years after his ACRE training, the still-young Newell (pictured left) is helping to reshape Milwaukee’s urban real estate landscape through his own company, Royal Capital Group. Most visibly among the firm’s $100 million in developments so far, Royal was handpicked to develop the 112-unit luxury apartment and mixed-use development The ACRE as part of the Milwaukee Bucks Arena District, outcompeting developers local and program and national. Notable about the announcement was a lack of headlines or surprise about a its talented major downtown development going to an graduates have African American man born and raised in Milwaukee. Even a decade ago, that piece transformed a of the news surely would have garnered more attention simply because, even that diversity-starved recently, it almost never happened. local real estate When he applied to become part of the “Without the ACRE program, Royal second cohort of Marquette’s already Capital does not exist,” Newell says. “I development popular Associates in Commercial Real was really attracted to the opportunity Estate program in 2006, Kevin Newell to do a deep dive into the teachings of industry and had strong credentials but was quite a bit the commercial real estate world from fostered a new younger than the typical applicant. experienced peers, industry professionals Noting that the 26-week course was and seasoned leaders in academia.” generation of designed primarily for working adults — The theme that landed Newell in the and that Newell hoped to enroll while program — taking a chance — aptly sums Milwaukee still an undergraduate — Dr. Mark Eppli up ACRE’s overall approach. Started in leaders. remembers, “I actually pushed back 2004 with funding from the Helen Bader against admitting him because he was Foundation, the program’s founders, a full-time student at UW–Whitewater.” including Eppli, decided the university Back then, just one of five applicants got should take a chance on identifying and accepted, and even small things could fostering promising men and women of disqualify an applicant for the program, color in Milwaukee to become players in BY DAN SIMMONS which meets weekly and includes courses the local development scene. They did so in property management, construction because both personal experience and Photography by John Sibilski management and real estate development industry research told them that the region techniques. But others championed the had microscopically small numbers of minority representation in commercial real Kevin Newell (left) applicant, and Eppli, then professor of finance and Bell Chair in Real Estate in the estate, a field whosepractitioners build

15 CHANGED LANDSCAPE

generational wealth for themselves and projects going, with an expectation they’ll their families but also shape the look, feel pay the funds back once projects reach and possibilities of their communities. maturity. Eppli says ACRE students have That investment in human capital has always brought a discipline and dedication encouraged other gatekeepers in the that he admires. industry and related civic circles to take “They’re there to learn,” he says. “The a chance on the program’s graduates, level of engagement is extraordinary. That’s who have taken thousands of chances what makes it fun to teach.” A strong on developments. Those efforts, in turn, Andy Hunt, Bus Ad ’08, Grad ’13, have remade big swaths of the central director of Marquette’s Center for Real ACRE city and helped fuel many graduates into Estate, says that the department remains positions of leadership. ACRE graduates committed to the ACRE program after Eppli program include prominent Milwaukeeans and departs, and that Eppli’s replacement will is a strong form a burgeoning network in town. The oversee Marquette’s involvement in the pipeline works the other way, too. When program just as he did. Milwaukee, Newell hired Terrell Walter at Royal, he “A strong ACRE program is a strong urged him to enroll in ACRE, which he did, Milwaukee, and a real win not just for and a real graduating in 2015. He’s now development the life-changing experiences that these manager with the company, in charge of a graduates receive, but also for our broader win not just multimillion-dollar portfolio. community,” Hunt says. “We now see more developers of for the life- color coming before us with development ACRE ACHIEVERS: 5 MORE GRADUATES projects that will help shape and mold MAKING THEIR MARK IN MILWAUKEE changing Milwaukee’s future,” says a recent letter experiences from three current Milwaukee Common Melissa Goins, Comm ’03, Grad ’12 (pictured Council members: Milele Coggs, Khalif right), took an unusual route to her current that these Rainey and José Pérez. Another thing job as founder and resident of Maures they have in common: Each is an ACRE Development Group LLC. She was a graduates program graduate. “Our experiences sergeant in the Wisconsin Department within the ACRE program have equipped of Corrections before joining the ACRE receive, us well as policy makers, influencing the program, which propelled her into real estate developments we now see development and spurred her rapid rise into but also for changing the Milwaukee skyline,” they the ranks of Milwaukee’s up-and-comers. wrote in the joint statement. Maures has done $70 million in apartment our broader ACRE is now coordinated by LISC developments, including three major community. Milwaukee, which partners with projects not far from Goins’ childhood Marquette, the Milwaukee School of home at 24th and Center: Teutonia Engineering and UW–Milwaukee. Gardens, Franklin Square and Century City. Eppli, who accepted a faculty position at “The biggest gift beyond curriculum is that Andy Hunt UW–Madison and is departing Marquette real estate is based on who you know, and this summer, leaves not just the legacy of ACRE creates a bridge and a platform for starting ACRE but also an enduring role. people without opportunities to be exposed In March, LISC launched a new real estate to the real estate world,” Goins told the fund called the Dr. Mark Eppli Catalytic Marquette Tribune in 2014. “ACRE is not a Venture Fund, which it hopes to grow to magic bullet. … The responsibility is in the $200,000 and will be available exclusively hands of the participants to nurture those to ACRE grads for startup grants to get connections created by the program.”

16 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION Melissa Goins

17 Deshea Agee

18 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION CHANGED LANDSCAPE

As executive director of LISC Milwaukee, Milwaukee BizTimes’ 2017 Nonprofit a community development nonprofit Executive of the Year, “I think I’m probably that’s part of the 32-city-strong most proud of the relationships I have.” Local Initiatives Support Corp., Deshea Agee, Bus Ad ’99 (pictured Donsia Strong Hill guides partners left), spent nine years as an economic in nationally tested development development specialist for the city of strategies to Milwaukee’s central- Milwaukee before assuming his current city neighborhoods. “Across the role as executive director of Historic King national LISC network, ACRE is seen as a Drive Business Improvement District 8 ACRE promising model for advancing equitable in 2016. Where did ACRE fit into his rise? economic development and building “I can point to ACRE as the single most graduates wealth,” she says. But her connection important set of events that propelled my build to the program doesn’t stop there. She career,” he says. “Professionally, ACRE graduated from the inaugural ACRE put me in a position to help more than their own class of 2005. LISC now coordinates 300 property and business owners access the ACRE program in partnership with over $3 million to improve properties wealth and Marquette and others. “ACRE graduates in Milwaukee. Ultimately, ACRE guided build their own wealth and influence, and me to a career where I wake up every influence, become mentors and investors to the day enjoying what I do.” And he avidly next generation of minority developers in connects with up-and-comers from the and become Milwaukee,” she says. program. “I am positioned well to help mentors and Keith Stanley parlayed his ACRE training ACRE graduates put deals together. This into roles in city government and is important because a goal of ACRE is to investors neighborhood development, change the narrative in Milwaukee.” ultimately landing him in his role Vincent Lyles’ path to his current job as to the next as executive director of the president and CEO of Boys & Girls Near West Side Partners/ Clubs of Greater Milwaukee led generation Business Improvement through ACRE, which he completed District 10, a high-profile partnership in its inaugural year of 2005 and of minority of neighborhood constituents and calls “a game-changer for me and five anchor institutions: Aurora Health many others.” He was working in developers in Care, Harley-Davidson, Marquette the public finance group at Robert W. Milwaukee. University, MillerCoors and Potawatomi Baird at the time, a job he eventually Business Development Corp. “Many of left to be president of M&I Community our political and economic systems in this Development Corp. before accepting his country still seek to avoid competition, current job in 2012. He also serves on Donsia Strong Hill specifically diverse competition, resorting Marquette’s Board of Trustees. “I think to the ‘good ole boy’ system,” he says. more diverse and talented individuals “ACRE was and continues to be a voice have gained the confidence and skills to against this mindset.” network within the real estate industry, In addition to the rigorous training and both groups have put their combined ACRE provides to develop the skills and resources to good use,” he says about tools needed to succeed in high-stakes ACRE. “Good housing is fundamental to development work, he appreciates our existence, so the more people we how the program connects students to have working on solutions, the better off Deshea Agee influential industry insiders. Says Stanley, we’re going to be as a community.”

19 20 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION READY, SET, COMPETE! Ready, Set, Compete! The CFA Challenge, which began 11 years ago, is an annual global competition that provides students with mentoring and intensive training in financial analysis as they work to analyze a publicly traded company, often meeting face-to-face with the company’s management before making their final buy, sell or hold recommendation. Marquette has competed in the past 10 challenges and has advanced from the local level to the regional level in eight of those years. As a member of Marquette’s winning Coached by Blue team that moved on to the national finals in Boston, Arcuri says a direct factor in the professors and squad’s success is the experiential learning he and teammates receive in the Applied drilled on Investment Management (AIM) program. abilities they’ll Twice each semester, the students are tasked with researching a company, writing up a need in their report and presenting their findings in class. “Then we are aggressively grilled by our fields, business classmates. It all gives our team a competitive students advantage. We are more comfortable with the delivery, we understand the analysis that’s enter the case required, and we are used to being judged,” he says. competition A forum for showcasing these skills and fray — and Buy AptarGroup. That stock tip, more, the challenge is also a fine networking recommending that investors purchase opportunity, judged by professionals from frequently end shares of the Illinois-based company, firms such as Baird, Northwestern Mutual catapulted Marquette to victory over five or Wells Capital Investors. In order to up on top. other teams in the regional final of the CFA accommodate all of the students who Institute Research Challenge in February. wanted to compete this year, Dr. David “Actually it was not that simple. We probably Krause, director of the Applied Investment put in 150 hours each to arrive at that answer,” Management program and team adviser, says team member Stephen Arcuri, Bus Ad was obliged to create two teams. “It made BY GUY FIORITA ’18, a finance and accounting major. They also for some interesting situations as each team had to produce a 10-page, in-depth, full equity tried to keep their analysis secret. They hardly Illustration by Robert Neubecker research report and present their findings in talked to each other and were careful not to front of a panel of judges. discuss it in front of anyone. For me, it was

21 a lot of fun watching them avoid each other. students have double majors, so unlike some They really are very competitive.” of the other schools, we were able to bring Today, much like student-athletes on IT, finance and marketing perspectives to the the basketball or soccer teams, business table,” says Melinyshyn, a supply chain and students are competing in the school’s name marketing major. Stephen Arcuri: and holding the Marquette banner high. “These competitions really give the Team took first in From the CFA Challenge to competitions students a chance to put their knowledge regionals of CFA Institute Research in supply chain or real estate and more, and skills to the test against their peers Challenge. they go head-to-head in a variety of arenas. from other universities. And because And their success is demonstrating the the judges are all from the industry, it college’s excellence in preparing students really validates the students’ ability to to apply their knowledge and conceptual communicate effectively with senior understanding to real-world problems using managers,” says Dr. Mark Barratt, associate reflection, analysis and synthesis. professor of supply chain management. Sabrina Thomas: “These competitions add another Not far from the University of Minnesota Placed second individually avenue for experiential learning, which is Twin Cities’ campus stands the WaHu in Project one of the strategic pillars of the college. Tower, a $90 million student housing project Management Competition. It’s a great opportunity for the students comprising 327 units and 24,000 square feet to apply what they have been learning in of retail space. Coincidentally, that happens class and gives them poise that will help to be just what Marquette’s team at the them throughout their own careers. Their regional NAIOP Real Estate Competition success is really an indicator of the great recommended for what was then a former hands-on education they are receiving at used car lot. “There’s also a senior housing Marquette,” says Dr. Brian Till, James H. facility in the suburbs of St. Paul and a hotel Stephen J. Gillespie: Keyes Dean of Business. near the Mall of America that our teams Team took first Matt Melinyshyn, Bus Ad ’18, agrees recommended in other years,” says Andy in Minnesota’s University and points to his experience in several Hunt, Bus Ad ’08, Grad ’13, director of Challenge in Real Estate. supply chain competitions as further proof. Marquette’s Center for Real Estate. He and his classmates competed in the “The real value of these competitions is Arizona State University’s National Case the experience and exposure the students Competition and placed first out of 11 teams get to industry conditions and professionals,” from across the country. “We were given says Hunt. the task to evaluate Oracle and its current When Hunt says “exposure,” he means a

situation regarding the growing trend away lot of it. Students are given their case some- Matt Melinyshyn: from in-house data storage systems,” says time near the end of January and present Team placed first in ASU’s National Melinyshyn. “The fact that we were all adept in mid-April. In the time between, they put Case Competition in supply chain in the processes we were proposing in our in up to 20 hours per week on preparations. and operations. solution helped our team deliver a strong As part of the development and final judging presentation in front of the judges.” process, students routinely touch base with He also attributes part of the success to at least 50 professionals, whether that’s the diversity of expertise found on his team. through one-on-one calls to gather data from “In addition to supply chain, many of the brokers, meetings with other developers

22 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION READY, SET, COMPETE!

in the area, visits to banks to discuss Managing to Compete Selling the Role financing, or feedback from real estate OK, hit the buzzer if you know In today’s presentation, the specialists at practice events. “This kind this one. When planning team president of the Federal Reserve of exposure is unparalleled and gives the development activities, what input Bank of Boston will be played by students a real-life view of their develop- would you use to identify when the Michael Dennison; the president ment project,” says Hunt. “What’s more, team members can participate? of the Federal Reserve Bank this contact absolutely impresses the Last December, 10 business of New York will be played by professionals they interact with, and often students traveled to Chatham Philip Suess; and Governor Lael leads to shadow opportunities, internships University in Pittsburgh to compete Brainard will be played by Cathy or jobs.” in the Project Management Gong. No, these aren’t playbill Competing in two real estate case Competition, which put teams from listings from a The Fed Goes competitions every year — one in Chicago nine universities head-to-head Broadway theatre performance, and one in St.Paul — Marquette teams in demonstrating the knowledge but part of Marquette’s lineup have won six in the last 10 years, including needed to manage large information from last November’s Fed three straight wins in Minnesota from technology projects. When all the Challenge, a competition that 2015–2017, and taken second place in points were tallied, Marquette’s two combines economics acumen another four. Stephen J. Gillespie, Bus teams had beaten their competitors with acting ability. Ad ’18, a real estate major and the to the correct answer enough times In the weeks before the Commercial Real Estate Club’s director to take second and third place in event, the students not only of finance, competed in St.Paul. “I was the team competition. Sabrina developed their analysis of a little nervous to present in front of 200 Thomas, Bus Ad ’18, and senior current economic conditions judges, but I was also confident because Kevin Lipuma also placed second and monetary policy it really just meant putting into practice and third respectively in individual recommendations, but also everything I had learned in class. It’s a competitions. “The Jeopardy-style tried on the roles of important chance to show yourself in front of some format is fun, but it’s also a real test of monetary policymakers in very successful and highly regarded real their overall knowledge. And it’s great dry runs of their 15-minute estate professionals and that helps lead to preparation because the questions presentations and similar-length conversations about future jobs,” he says. mirror the ones they will have to Q&A sessions to follow. In the No matter the competition or format, face on their Project Management rehearsals, questions from each offers an opportunity for experiential Professional certification exam,” faculty members such as Dr. learning that simply cannot be replicated says Kurt Gering, adjunct instructor Stephen Cole, assistant professor in the classroom. “I’ve had to present in of project management and coach/ of economics, would occasionally front of industry professionals in the past,” chaperone for the event. produce signs of discomfort — a says Melinyshyn, “but never on this scale. Lipuma says his Pittsburgh gulp or wide-eyed pause. But How else could I learn how to address a success helped convince him to take by the time the contest rolled whole ballroom and to be both poised and the Certified Associate in Project around, the practice paid off; confident? And on a more personal note, Management exam. And Thomas Dennison and Gong, both Bus I had never been to Arizona and looked calls the event “an awesome way to Ad ’18, Suess, a senior, and forward to the opportunity to see how prepare for the Project Management other team members performed supply chain-focused businesses operated final that semester. And it made it convincingly, placing fourth out of outside the Midwest — which could affect a lot easier to find the integrations 17 schools in the region. my post-grad career search.” project management has into every area of business.”

23 DR. KELLY O’REILLY (L) RESEARCH DIRECTOR, NORTHWEST PASSAGE CAPITAL ADVISORS

DR. DAVID KRAUSE ASSISTANT PROFESSOR JOINING FORCES LIKE NEVER BEFORE, OF PRACTICE, FINANCE PROFESSORS AND PROFESSIONALS TRANSFORM TEACHING TOGETHER.

24 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION JOHN PETERSON (L) COLEMAN PROFESSOR OF PRACTICE JACQUIN DAVIDSON CEO & PRESIDENT, DAVIDSON ASSOCIATES

DR. CHERYL MARANTO (L) CHAIR AND ASSOCIATE PROFESSOR OF MANAGEMENT LISA RAMBOL DIRECTOR OF HUMAN RESOURCES, REXNORD

READ ON TO LEARN ABOUT THESE TEAMS AND MORE.

25 The students’ case study topic is the largest development deal in Wisconsin history, creating a campus-to-be in Pleasant Prairie, Wis., employing as many as 13,000. “The complexities of establishing a supply chain for an industry that basically does not exist in the USA are unfathomable,” says Korman, who talks the students through potential construction and communication issues, legal complexities, environmental questions and strategic demands. He urges them to embrace these challenges as a collective opportunity not available to students anywhere else, even Harvard. “Supply chain is the next hot spot for executive talent,” he says. These students get that message from Fisher, but it’s equally tangible coming from a high-level executive with experience establishing tech production facilities. On a Wednesday afternoon in March, the Co-teaching pairs such as Fisher and theatre-style seats in room 106 of David A. Korman are following a path plowed by Straz, Jr., Hall are full of inquisitive faces Dr. Cheryl Maranto, associate professor and the sounds of fingers tapping on laptop and chair of management and a trailblazer keyboards. The juniors and seniors in this of the current trend, who took the leap Introduction to Operations and Supply Chain into executive co-teaching, by necessity, Management course are taking in a lecture in 2013. When a retiring faculty member by Dr. Doug Fisher, associate professor of caused a gap in coverage for the graduate- practice of management, and his co-teacher level Strategic Human Resources Eric Korman, a semiretired consultant with Management course, Maranto turned decades of tech industry experience. to Lindsey Linder, Bus Ad ’05, Grad ’07, “I’m trying to get you folks to deal who had excelled in an adjunct capacity with ambiguity,” Fisher tells the students. before having to pull back from teaching After all, the subject of this lecture and because of growing career demands at of the whole semester — setting up Rexnord Corporation. This time, Linder a supply chain for the new $10 billion enthusiastically embraced the opportunity Wisconsin plant of Taiwanese electronics- to get back into the classroom without giant Foxconn — is uncharted terrain. For having full responsibility for the class. navigational assistance, Fisher encourages Maranto’s contribution of academic students to make an appointment with chops and Linder’s network of contacts Korman, who has agreed to co-teach and strategic experience created “that several class sessions over the semester, perfect mix,” says Maranto. And it led to meet one-on-one with students and be a co-teaching partnership with a Rexnord available for questions by email. colleague Lisa Rambol, the company’s Adding momentum to a burgeoning trend, director of human resources, that Fisher was one of five business professors continues today. sharing the classroom this past year with Now numerous partnerships are executives with high-level expertise in their flourishing. One this spring combined BY ANN CHRISTENSON, CJPA ’90 fields. And all indicators suggest more such the academic expertise in leadership partnerships are on tap for future semesters. studies of Dr. Jay Caulfield, Grad ’93, ’01,

26 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION DREAM TEAMS

assistant professor of management, and group of the M7 Marshalling Our the strategic daily newspaper leadership Resources initiative for entrepreneurship of Betsy Brenner, who led the Milwaukee in the region. Journal Sentinel to three Pulitzer Prizes Over two semesters over the nearly 12 years she served as together, the pair have president and publisher. In their strategic developed an almost stage- communication class, students are divided worthy classroom rhythm. In into four groups that use the techniques covering what makes a good they’ve learned in class to contribute to pitch, says Peterson, “I the foundational work of United Way’s provided a lot of information, Teen Pregnancy Prevention Oversight including best practices and Committee. Combining their strengths research findings, while in leadership and communication, the Jacquin gave students reviews co-teachers coached the students on on their presentation skills and using persuasion, multicultural messaging, the impression they made. It reliable information and leadership was very valuable to them.” initiatives to make their contributions to “We are good cop-bad the committee’s goals. cop,” offers Davidson. Other business school academics are “I’m usually the bad one.” tailoring the executive co-teaching program Peterson appreciates specifically to their courses. For instance, another role Davidson plays in a field often Pooling know-how for Dr. David Krause, assistant professor of considered male dominated. “Student a novel challenge practice of finance, used two executive co- entrepreneurs need role models they For students, troubleshooting the creation of the teachers this spring. Entrepreneur Michael can relate to,” he says. “Jacquin is an first-ever U.S. supply chain for electronics-giant Foxconn gets less intimidating with the guidance Adam, the founder of Milwaukee loan excellent role model, showing all students of the college’s Dr. Doug Fisher (right) and co- startup Bankmybiz.com, was on board for that entrepreneurship is one of the most teacher Eric Korman (left), an industry expert. the first half of the semester in a capacity inclusive careers one can pursue.” Krause compares to a broadcast sports Dean Brian Till trumpets a “best of both commentator. While Krause handled the worlds” dynamic with in-class executives “play-by-play,” his co-teacher did the “color benefiting students and faculty alike and co- analysis” without having to deal with class teaching proving to be a powerful teaching management, he says. Dr. Kelly O’Reilly, tool as the college aims to give students Grad ’04, research director of Northwest “the very best step into the business world Passage Capital Advisors, closed out the that we can.” semester helping students improve non- traditional financial analysis skills using tools such as Matlab statistical software and Python programming language. For his Understanding Entrepreneur- ship course, John Peterson, Coleman Professor of Practice, supplemented his own business experience by partnering with an executive from the front lines of From the boardroom to the classroom entrepreneurship. His co-teacher, Jacquin Davidson, spent decades running a As president and publisher of the Milwaukee Journal Sentinel, Betsy successful entertainment industry Brenner (center) led the organization startup in California. She is CEO of to three Pulitzer Prizes. More recently, Davidson Associates, managing director she brought this proven leadership to a business communication course co- of WERCBench Labs, a Milwaukee taught with Dr. Jay Caulfield, assistant accelerator, and is on the leadership professor of management.

27 28 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION DOLLARS AND SENTIENCE Dollars Sentience&

almost like it’s becoming a requirement,” says Mattappillil, Arts ’18, who majored in applied mathematical economics, a joint program of the College of Business Administration and the Klingler College of Arts and Sciences. “At least on my desk, every trader could program.” Not that Mattappillil was caught by surprise As computer- by this phenomenon. Months earlier, in the driven trading spring of 2017, he co-founded Marquette’s Algorithmic Trading Club to bring together and artificial students from various majors to experiment with financial applications for computer intelligence hit modeling and artificial intelligence, making the investing him something of a quant himself. Club members now meet regularly during world like a tidal the school year to compare notes, write code and better understand the nexus of wave, investment artificial intelligence and algorithmic trading education at — where traditional fundamental analysis of businesses takes a backseat and humans Marquette If Max Mattappillil needed any further proof are mostly removed from buying and selling of the invasion of the world of high finance decisions as computer models developed adapts to a world by “quants” — investment strategists who by quants determine when to execute develop computerI code to conduct complex transactions. At their meetings, students of “quants” quantitative analysis and support automated in the club speak almost reverently about and coders. trading — he got it when he worked on Wall Renaissance Technologies, a hedge fund Street last summer. that has set records relying on quantitative During his internship at Societe Generale analysis developed largely by mathematicians, in Manhattan, Mattappillil noticed something physicists and other scientists with BY CHRIS JENKINS that would have been shocking a decade nonfinancial backgrounds. earlier: Most of the traders he met had As students take the initiative to learn new Illustration by Sam Ward computer programming experience and technologies through the club, faculty leaders used it in managing their trades. “It’s in the College of Business Administration

29 have moved past the wondering stage in for example — he says any job that deals determining how these rapid changes in with past events or is rules-based and can the financial industry will affect the college’s be executed more accurately through an curriculum. “Universities need to get on this algorithm is up for grabs. “Trading desks quickly because the rate of change is faster are going to go nearly all-quant because ... if it than I’ve ever seen it before,” says Dr. David they operate 24/7 and can execute trades feels like Krause, director of the college’s elite Applied in nanoseconds when new information Investment Management or AIM program, becomes available,” Krause says. “Quants you’re where undergraduates get hands-on financial will not take over areas of finance where analysis experience, in part by managing their decisions are based on more than just data doing too own portfolios from a trading floor inside that can be run through a model. However, David A. Straz, Jr., Hall. quants will continue to grow at the expense much Toward that end, faculty members from of those who have been involved in the accounting, finance and the AIM program industry pushing paper.” manual are collaborating to develop a series of For its part, much of the time, the stackable modules focused on artificial Algorithmic Trading Club at Marquette work, you intelligence, machine learning and blockchain. seems a better example of harmonious are. Write (For more on blockchain, see p. 6.) Drs. interdisciplinary collaboration than a one- Joseph Wall, Grad ’06, assistant professor sided rise of the quants. After all, it brings a little of accounting, and Terence Ow, associate together students from the College of professor of management, are completing Business Administration, the Opus College algorithm the first modules this summer and seeking of Engineering, the Klingler College of Arts funding from an industry partner to support and Sciences and possibly others. “These to do it development of secondary modules and days you need expertise in a lot of very expansion to additional topics. complicated fields — finance, math and for you. “Each module will develop a specific computer science,” says Ryan Schumm, skill set for students, and each will have Arts ’18, a data analytics and physics major a deliverable associated with mastery of who served as lead modeler for the club. Max Mattappillil the material presented,” Wall says. “The “The finance part, a lot of that went right first stackable module in each of the over my head, but we have a lot of smart current series is designed to be taken people here who could help me out with with very little baseline knowledge, such that. I could help them out with math and that most members of the Marquette computing, machine learning stuff. It’s been community — even those outside of a great learning environment.” business — could participate.” Look deeper, though, and you’ll see While Krause doesn’t see every area of some student members of the Algorithmic the financial industry surrendering to quants Trading Club parting ways over how — a human financial analyst is still needed to extensively their field is being transformed. analyze a company’s future growth strategy, “The classic discretionary strategies

30 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION DOLLARS AND SENTIENCE

High-tech Translators There is no shortage of data scientists sitting at computers in backrooms really are dying. We know Renaissance of businesses analyzing masses Technologies, the top-performing hedge of data, says Dr. Mark Barratt, fund in history; they’re just a team of associate professor of management Ph.Ds, mathematicians and physicists. The at Marquette. “What industry doesn’t industry is dominated by machines and have enough of are people who can math,” says Schumm, representing the translate the insights generated by bullish-on-algorithms perspective. the data scientists into knowledge Harboring a more balanced view for decision-makers in management is Mattappillil, who gained hands-on Max Mattappillil: Co-founded Marquette’s Algorithmic to help companies become more experience not only through internships Trading Club. effective and grow,” he says. but also as one of a very few nonfinance That’s the need awaiting majors enrolled in the highly selective AIM Marquette’s future Business Analytics program. Returning to New York City this program, an undergraduate major summer for a full-time position at Societe the college is preparing to launch Generale, Mattappillil believes his familiarity in fall 2018. Business analytics with quantitative and fundamental analysis students will make use of statistical will help him in his career. analysis, predictive modeling, data Dr. Joseph Wall: Co- “I think fundamental analysis will always developing curriculum visualization and other high-tech tools covering machine learning, have a role,” Mattappillil says. “That being AI and blockchain. to help suppliers understand what the said, everything is going to end up being customer wants and how they want more quantitative. I can imagine that a trader it, says Barratt. With Dr. David Clark, in a few years will primarily be a computer professor of economics and executive scientist. … The number one thing my boss associate dean of the college, Barratt told me last summer is that if it feels like drafted a proposal for the program you’re doing too much manual work, you are. approved by the Undergraduate Board of Studies in April. Write a little algorithm to do it for you.” Dr. Terence Ow: Completing first course modules with Wall “It’s for students interested in And despite the advance of coders this summer. and computers at big-time hedge funds, both the quantitative and qualitative Mattappillil doesn’t expect to see rank- aspects of industry,” says Barratt, explaining that students will be and-file financial advisers pushed out the expected to combine their study of door anytime soon. “Maybe generations business analytics with an additional in the future it can change, but people major in finance, supply chain still want to see a human managing their management, information technology money,” he says. “It can be uncomfortable or another related business field. if you throw $200,000 into a computer The new major is the latest to manage it for you. Even if that’s more Dr. David Krause: Sees example of Marquette’s leadership accurate, just knowing that someone is “quants” proliferating but not replacing fundamental and responsiveness in fast-growing handling it can be comforting.” human analysis. data-intensive fields. “We’re driven by industry, and they’re telling us they need business analytics specialists and will hire them,” Barratt says. “It’s a great opportunity for our students.”

31 Dreaming Big

32 MARQUETTE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION STUDENT PROFILE

DREAMING BIG

and 100-meter hurdles. She’s led her team to two consecutive Big East Conference championships and has been named the Big East’s Most Outstanding Female Field Athlete three times. Her success in sports translates into confidence in the classroom. Entering her senior year in the College of Business Administration, Felix is triple majoring in finance, international business and Spanish. Multiple semesters with a 4.0 grade point average have earned her a spot on the Beta Gamma Sigma business honor society, lunches with President Michael R. Lovell and a highly competitive internship in the Harley- Davidson’s treasury department. “I’m really impressed by her commitment to living her university experience here at Marquette to the fullest,” says Dean Brian Till. After pushing Monique Felix, a senior, has always had In November, Felix was selected from big dreams. As a confident third-grader in among all female athletes in the conference herself to Sheboygan, Wis., she vowed to follow in her to represent the Big East at the NCAA father’s footsteps as a collegiate athlete and Student-athlete Leadership Forum in remarkable set her sights on Marquette, which she’d see Washington, D.C., where she was inspired success in looming appealingly out of the car window by students and professionals committed every time her family headed to Illinois to visit to improving conditions and outcomes for athletics and relatives. Felix was ambitious, but it was her student-athletes. “It was eye-opening,” she father guiding her vision. “Sometimes you recalls, “to see that there are jobs in sports academics, can’t see your potential until someone else where you can help change student-athletes’ Monique Felix points it out,” she reflects. “I think my dad lives.” So much so that she is considering a believing in me and being there to support future career in college athletics. adjusts her sights me was really essential to where I am now.” Felix encountered her first major setback Monique’s father, Frantz Felix, who as a junior last fall — the diagnosis of a ball- and aims high emigrated from Haiti at a young age, had to and-socket lesion and cartilage tear in her in a new arena. strive to get where he is today and taught hip that could result in permanent cartilage the same to his daughter. “He talks about damage if left untreated. “It started to affect hard work, and he has the experience to back walking around campus and sitting in class,” it up,” she says. Frantz ran track and played she remembers. “Being an athlete, I didn’t BY MARTINA IBÁÑEZ-BALDOR, football as a student at Lakeland University know when to call it quits.” Ultimately, COMM ‘15 near Sheboygan and coaches a local girls though, she made the difficult decision to high school team. He started coaching her in bow out of the 2018 season to have surgery Monique Felix (left) middle school and by high school, Monique and focus on recovery. Yet with her interest The hip injury that forced her out of caught the attention of Marquette’s track deepening in a future career in college the 2018 track season will help her head coach Bert Rogers and assistant coach athletics administration, the injury has a “better relate to student-athletes Rick Bellford. “After she left with her parents silver lining, “It will help me better relate who are going through adversity,” an asset as she aspires to become on her very first visit, I knew we had a pretty to student-athletes who are going through an athletics administrator. special athlete on our hands,” recalls Bellford. adversity,” Felix predicts. “It puts everything Making good on those expectations and into perspective.” her childhood dreams, Felix charged out With her family there to support her, Felix of the blocks, setting Marquette freshman is as motivated as ever. She vows, “Even records in events including the triple jump, though you achieve your goals, there’s always pentathlon, heptathlon, 60-meter hurdles the next step to becoming better.”

33 Marquette University, P.O. Box 1881, Milwaukee, Wisconsin 53201-1881 USA REACH FOR MORE. What you’ve accomplished is already impressive. But you’re poised for something greater. Marquette University’s Graduate School of Management has the programs, expertise and reputation to guide you toward the most successful time of your career. Through one of our rigorous and recognized programs, including our new online MBA and master of science in supply chain management, you’ll advance your career as an ethical leader capable of solving challenging problems. And, you’ll be backed by the prestige of the Marquette name.

Learn more at marquette.edu/gsm.