Consortium OP 2011: Alumni Are Welcome

Consortium alumni, you are invited, too.

The Consortium's annual Orientation Program is not merely a five-day celebration of the Consortium's first-year MBA students. Alumni are welcome and can get involved in various ways. If they attend, they take advantage of the program's varied offerings--from career-strategy sessions to leadership and development seminars. And of course, the always-popular career fair.

Granted, the OP (including the Consortium's 45th this year in Minneapolis) is intended to be a memorable, festive welcoming event for over 300 first-year MBA students. First-year students get a head start on business school; 17 top business schools get acquainted with students formerly known to them for their GMAT scores, glowing recommendations and pertinent work experience. Corporate sponsors, by the hundreds, get access to diverse talent and get an early start on recruiting for summer internships.

Alumni can join the festivities, too. Consortium MBA alumni often say they want an opportunity to relive the OP experience of  their first years. But  now as experienced professionals, they look for reasons to attend and for programs geared to their interests and spots on the long career path. More and more, the Consortium has responded.

This year's OP will include ample programming for alumni--whether they are first-year associates at Morgan Stanley or team vice presidents at New York Life, whether they are in transition or they seek guidance on how to get the coveted promotion.   Throughout the orientation, alumni will be able to reconnect with their schools, with classmates or with others with similar interests.  Several school meetings and sessions are planned. 

A few workshops tailored for alumni and experienced professionals are scheduled. Alumni may also want to attend other sessions--including career panels and or seminars on innovation, leadership and strategy.  Alumni will flock, too, to various networking receptions and dinners.

Most sessions are intended for first-year students, especially career panels, which provide an in-depth introduction to, for example, corporate finance, investment banking, investment management and energy.  Alumni, however, in the past have appeared at such panels, especially to catch up on industry trends, to provide their own candid viewpoints, or to give feedback and guidance to first-year students. Career panels also attract alumni in transition, who, say, might have experience in marketing, but are pursuing roles in finance sales & trading.

Alumni in the past and certainly those in 2011 treasure the widespread corporate presence at the OP.  First, sponsoring corporations help make the event possible. Second, corporate representatives, officials and recruiters are visible and active throughout the several days. Accessible and approachable, they are eager to start relationships and recruiting dialogue with students and alumni.

This year, as usual, several companies will sponsor corporate receptions. Year in and year out the Consortium's major sponsors, such companies as 3M, Bank of America, Kraft, Colgate-Palmolive, Mattel, Nestle', Pepsico and Walmart will host gatherings.

The culmination of the OP's vast networking experience is the career fair, often held in a large hall with hundreds of company representatives present and willing to discuss careers, opportunities and specific job openings at their respective organizations.  Alumni are welcome, and many in past years have flown in just for this event.

Alumni need not attend the OP just for job search, career switching or transition soul-searching. They may come to help and be involved. The Consortium this year is welcoming alumni who want to volunteer to help in the dozens of program events, receptions, and panels. They may assist in advising or encouraging first-year Consortium students, who brace for the overwhelming tasks ahead of them in business school.

As in the past two years, the Consortium Finance Network (CFN) will have an OP presence (along with other Consortium special-interest groups). CFN will be at the career fair, will invite finance students to join, and will distribute (electronically) its guide for MBA students interested in finance careers.  Alumni in finance can invite students to join CFN and help steer them toward summer-internship offers.

For Consortium alumni, the OP need not be a one-year wonder or a fond first-year memory. There is a spot or role or purpose for all MBAs in Minneapolis.

For more information about the OP's schedule and registration this year, see http://www.cgsm.org.

For MBA alumni interested in volunteering, contact D-Lori Newsome-Pitts at newsome-pittsd@cgsm.org.

Tracy Williams

Minneapolis-Bound: OP, 2011

Minneapolis will host the Consortium's 45th Orientation Program in June

The Consortium's annual Orientation Program for new students and alumni will take place in Minneapolis this year, June 26-29. Minneapolis will be the host city for the third time. This is the Consortium's 45th orientation. The program was in Orlando last year and in Charlotte the previous year.

Depending on sponsors and arrangements with at various locations, the Orientation Program has criss-crossed the country. Dallas, New York, St. Louis, Atlanta, Cincinnati, Indianapolis, and San Francisco have also hosted the OP in the past.

The Orientation Program celebrates the achievements of new students and introduces them to each other and to business-school deans and officials and corporate sponsors. Activities involving alumni and others are included. The career fair has always been one of the most popular events during the week. New students also like the panel events on industry sectors from consumer products to investment banking.

Alumni, sponsors and corporate representatives interested in more information about this year's program should go directly to the Consortium website: http://www.cgsm.org.

As at the last two OPs, the Consortium Finance Network plans to have a presence during the week and at the career fair (along with other special-interest groups). It will introduce CFN to new students and other alumni, solicit input about programs and events, and welcome others interested in working with the steering committee.

For the past two years, CFN has prepared a detailed, useful guide for first-year MBA students in finance. The guide will be updated and sent to new students in finance again this year in June. The guide offers advice on what students in finance should do in the summer before business school and how to gear up for recruiting once they get to campus.

The guide offers tools and hints on technical topics (from corporate finance to capital markets) and helps students keep up with the rapid changes and updates in finance.

If you plan to attend OP this year (as an alumnus, sponsor or corporate representative) and want to help CFN and other Consortium special-interest groups (at the career fair), let us know (via Linkedin or separate e-mail). If you're interested in a copy of this year's finance-student guide, we can send you a copy when it is ready.

Tracy Williams

CFN Industry Event: "The Doors Are Open"

With the darkest days of financial turmoil offset by recovery, clean-up and optimism, Citi says its doors are open--especially for diverse, experienced talent.

Nearly 100 Consortium alumni, students, MLT alumni, Citi recruiters, traders and bankers attended the Consortium Finance Network's industry perspectives and networking event at Citi in New York Feb. 24.  The CFN event was co-sponsored by the Consortium, MLT and Citi's Institutional Clients Group (ICG). 

Citi's Tyler Dickson, a managing director who oversees global capital-markets origination, announced to the audience that Citi is keenly and eagerly ready to recruit lateral talent--experienced bankers, traders and salespeople.  "We may have missed (hiring you) the first time, " he said. "But we're interested in talking to you now."

Dickson, who has been at Salomon Bros. and Citi since 1989, discussed the bank's campaign in its ICG group to expand and hire more people with significant, meaningful experience and people with diverse backgrounds. This would include people who have done deals, made loans, managed clients, reviewed risks, or have account portfolios.  Citi, just like its peer competition, wants to make sure it doesn't skimp on talent from under-represented groups--especially now that banks have progressed beyond the scares and close calls from the financial crisis.

Dickson, who manages a sector of over 900 bankers involved in loan, bond and stock underwriting around the world, is also on the board of MLT.

Consortium Vice President Development Anthony Davis and MLT President Ian Hardman provided updates and remarks from the Consortium and MLT before the panel discussion. 

Consortium alum Nadine Burnett was one of four panelists who presented their views of the current economy, described their career experiences at Citi, and offered advice on how to pursue roles in their respective business groups.  Burnett, a Consortium graduate of Virginia-Darden, is a corporate banker (Vice President) in Citi's investment-banking healthcare group.  On the panel, she shared details of her daily responsibilities. She is charged with delivering a suite of products and services to health-care clients in the U.S. 

She explained the difference in the roles of a corporate banker vs. an investment banker (in the combined investment- and corporate-banking groups at Citi). She said investment bankers focus on M&A and equity- and bond-underwriting.  Corporate bankers focus on corporate loans, foreign exchange, derivative sales, and transaction services (cash management, securities services).

Burnett had stints at Bank of America and JPMorgan before she joined Citi five years ago. She is also an INROADS alum.

The panel also included Johny Vlachakis, a Vice President in corporate-bond sales and former military officer, who reflected on the transition from military operations in the desert to the bond-sales desk at Citi.  Vlackachis has an MBA from Cornell-Johnson, a Consortium school.

Consortium alums from the New York area attended the event.  Some students journeyed from as far away as Cornell to be present; some participants traveled from Chicago.

Audience participants asked several follow-up questions, including whether or not the new Dodd-Frank Act will have substantial impact on bank trading desks. Vlachakis said that for his group, if anything, such regulation (including that which will restrict proprietary trading) will "level the playing field" between his firm and such firms as Goldman Sachs.

Other panelists included Glenn Windisch, a director in Global Transaction Services, and Shawn Snyder, a senior associate in Investment Research and Analysis.


During the networking session, event participants gathered in clusters to discuss several areas of institutional banking:  private banking, sales and quantitative analysis, investment banking, and global transaction services.

Citi has been a long-time Consortium sponsor.  It hosted the Consortium Finance Network's special event on transitions and rebranding in May, 2009. The Consortium's annual award for outstanding service from corporate participants is named for Peter Thorpe, a Consortium board member and advisory-board chairman for many years.

Tracy Williams

Consortium and MLT alumni, panelists, Citi officials and other guests gather to discuss opportunities in institutional client banking at Citi. Citi managing director Tyler Dickson, head of global capital-markets origination,  made opening remarks before the panel discussion.

CFN: Inbox Follow-up

The Consortium Finance Network has encountered or addressed several issues, topics and opportunities over the past two years. There have been events, webinars, conference calls, e-mail exchanges, blog postings, discussions, and guidebooks. Some topics deserve follow-up: What are next steps? What are implications of events or discussions from the past year? What is the aftermath of an issue, problem, or question CFN may have tried to manage? In other words, where is Part 2, 3 or 4?


Microfinance: Growing Pains


CFN hosted two webinars on microfinance in 2010 to introduce members and participants to the sector and to possible opportunities. The first webinar offered a primer and history. The second was a case study of a successful, growing microfinance project in the Philippines. (See links below to blog summaries of the webinars).


Since then, there has been widespread reporting of scandals and problems in selected areas in microfinance around the globe. Reports indicate activities where micro-lenders have over-charged on loans and where borrowers have defaulted in greater numbers than expected. Some have blamed the problems on new industry participants who seek to maximize profits before achieving developmental objectives. Some argue that microfinance reaches development goals best when non-profit institutions are the predominant lenders.


The isolated problems will not likely deter efforts from some established institutions who have seen progress and success. But there may be calls to regulate or oversee certain activities to protect borrowers or discourage those who participate solely to maximize financial interests. The current issues likely mean the global microfinance model needs some tweaking.

http://www.consortiumfinancenetwork.blogspot.com/2010/01/microfinance-101-basics-issues.html

http://www.consortiumfinancenetwork.blogspot.com/2010/02/microfinance-ii-on-ground-in.html

Volcker Rule: Step Two


CFN blogged about the impact of a possible Volcker Rule in mid-2010: http://www.consortiumfinancenetwork.blogspot.com/2010/06/volckerized.html.


This is the rule that would prohibit banks from engaging in proprietary trading and would likely have significant impact on the profits, balance sheets, and roles of many familiar institutions (JPMorgan Chase, Citi, and Bank of Amercia; but also, Goldman Sachs and Morgan Stanley, now bank holding companies).


Banks will need to revamp their trading desks, refocus trading to client-driven activities exclusively, and risk losing talented traders and entire trading desks to hedge funds and trading and dealing firms.


Since then, the rule has now become law. But the roll-out will be slow. The law gives regulators ample time to rewrite rules and present new definitions of proprietary and client-driven trading. And as expected, regulators (or whoever will be the designated group to draft specific rules) have been deliberate and cautious. Banks now have time to (a) continue some forms of prop-trading until rules change, (b) wind down some activities without having to endure sell-offs, and (c) restructure trading departments in a way they can retain talent.

The CFA: To Pursue or Not to Pursue

CFN presided over lively debates over the value of the CFA--especially for MBAs in finance, who have already been exposed to many elements of the CFA (corporate finance, investment analysis, accounting, security analysis, etc.) in business school. To help CFN members, Consortium alumni and other MBAs decide for themselves what is right, CFN hosted a webinar on the pros, cons, costs, value and time of the CFA in Oct., 2010: http://www.consortiumfinancenetwork.blogspot.com/2010/10/cfa-where-it-makes-sense.html.

All sides of the argument have validity. In the end, it is a personal decision. Many Consortium students in finance (not necessarily influenced by the viewpoints or the webinar) continue to pursue the first levels of the CFA. Some current students have pursued Levels 1 and 2 with no intention of pursuing Level 3 or the complete designation. This group won't be able to add the full CFA onto a resume', but will be able to get what they want from the effort: polished knowledge in certain finance topics and a slightly enhanced resume' without the costs and time required to get through Level 3 and further.

Mentoring: Keeping the Relationship Alive

CFN the past two years has encouraged, embraced and facilitated mentor relationships between Consortium students and alumni. Mentorships open doors for students. Mentors guide students, boost morale, introduce them to other important contacts and even tutor them to get ready for technical interviews.

(See http://www.consortiumfinancenetwork.blogspot.com/2010/08/mentoring-still-critical-still.html.)

Thriving, long-term relationships, however, are few, scarce. Many mentor relationships start with energy and ambitions, but drift afterward. Students get busy, preoccupied with what needs to get done that day, and may not always see the value of long-term relationships. Mentors get busy, too, or may not have the interest to do what's necessary to keep the relationship alive. CFN has tried to address these phenomena and has often assessed the role the Consortium and CFN can play to keep mentor relationships going.

The long-term value of a student or young professional in having one or more mentor relationships is critical for Consortium members and makes all efforts to help students and mentors strengthen their ties worthwhile.

Delicate Balance: Long Hours at Work

One of CFN's most popular discussions or blog postings addressed the long, near-tortuous hours involved in certain jobs in finance: http://www.consortiumfinancenetwork.blogspot.com/2010/01/delicate-balance-long-hours-and.html.

MBAs in finance know the story. The hours are unending, the schedule is unpredictable. Senior managers are demanding, often unrealistic. Weekends are seized by more work, new projects, new demands and Sunday afternoons in the office. The pace is physically draining; emotions peak and ebb. Sometimes it's debilitating.

MBAs dig deep to figure out how to cope. Most scrutinize and weigh the advantages (compensation, responsibility and finance experience) with the costs (time away from family and friends and physical and emotional costs).

The crisis of 2007-08, nonetheless, led to much soul searching for just about anybody who survived the events. It encouraged people to address the delicate work-life balance more carefully--especially if the end result from all the hours was the collapse of an employer, a job loss, or a dip in compensation.

For many, the costs exceeded the advantages, and they fled to other sectors or fields that at least permit a handsome, tolerable balance. Others didn't have a say and were victims of staff reductions. Many were in transition, and while in transition had the opportunity to decide (away from the pressures and not influenced by lucrative compensation) objectively if they wanted to return to a similar environment.

Some Consortium MBAs know the score, bear down and manage the grueling pace as well as possible--especially if they feel the experience will lead to a greater goal.

Other Consortium MBAs--in a new, post-crisis era--have courageously stepped up to put work-life balance as a top priority and have pursued opportunities that permit such. That means a few have actually rejected high-paying New York finance jobs for satisfying positions (with slightly less compensation) in other regions. And they feel good about it.

Which Way to Go? Investment Banking or Private Banking

CFN in Sept., 2009, offered advice to many Consortium students and other MBA alumni in transition on how to decide between investment banking and private banking, when presented with opportunities. The two areas offer different career paths, although activities and functions overlap in some ways. Many agree, too, that the cultures of the two differ.

Most MBAs in finance have skills and aptitude to go in either direction. But they struggle to decide which way to go. Some simply go where there is opportunity. Some of CFN's advice is summarized in http://www.consortiumfinancenetwork.blogspot.com/2009/09/which-way-investment-or-private-banking.html

MBAs often"feel guilty" when they forego opportunities related to the relative high-paying world of investment banking. In recent years, many Consortium MBAs have comfortably decided to go the private-banking route. Part of the reason is due to the more professional, organized approach to recruiting MBAs in recent years. Private-banking units, which used to recruit MBAs on a one-off basis or in an unstructured way, now seek out MBAs in the aggressive, focused way investment banks do.

Another reason is that MBAs like the greater client responsibility that comes with many entry-level roles in private-banking. The so-called "apprenticeship" period is shorter. They get to have bottom-line accountability as soon as they are ready. Some who have opted for private banking know what they are talking about; they are former investment bankers.

Tracy Williams

CFN Schedules Industry Event

Save the date! February 24 in New York City.

The Consortium Finance Network will present its 2011 industry symposium and networking event at Citi in New York next month, Feb. 24 at 5:30-8 pm.

This year's event will focus on updates, outlook and perspectives in finance and financial services. It will outline and discuss opportunities after the financial crisis and on the industry's road to recovery.

CFN encourages CFN members, Consortium alumni and others to attend the reception, to participate in the discussion and meet others.

A short panel discussion will address specific topics on financial reform, trends in banking and finance, diversity agenda across the industry, and specific opportunities in certain sectors (investment and corporate banking, trading, investment management, private banking, and other financial services).

Join CFN and the other sponsors, Citi and Management Leadership for Tomorrow (MLT), for the evening. Invitations and more details will follow.

The CFA: Where It Makes Sense

MBAs in finance will often ask about the benefits of a CFA designation. Does it make sense? Will it propel my career? Can I learn something that will give me an advantage on the job or in my career? Are more and more employers requiring it? Or if I'm in transition, will it make a difference in getting attention and gaining an offer? Is it all worth the time, effort, and costs?



There are pros and cons, advantages and disadvantages in pursuing the CFA, if you have an MBA in finance already. And within Consortium and Consortium Finance Network circles, some have debated each side.



To help all sides in the ongoing discussion, CFN hosted a webinar Oct. 5, "The MBA and the CFA," to address these questions, to explain in depth what it means to pursue the CFA and to present data that show trends, growing popularity and greater demand for those who have it. (Click here to download the recording  or click here to view the slide deck.)



Charles Appeadu, Director of Sample Exam Development at the CFA Institute, was the featured presenter. "The CFA," he reminded webinar participants from across the country, "is regarded around the world." He added, "A lot of people think it's only about investments, but the content cuts across many fields. The content is deep and wide."



To prove the global reach of the CFA today, Appeadu said there are now over 99,000 people with CFA designations. About 67,000 are in the U.S., but a rapidly growing percentage of the total comes from other countries, reflecting the widespread regard for and attraction to the CFA from companies, investment funds, and financial institutions worldwide.



Appeadu said that once you have the CFA, "We (the CFA Institute) make sure you keep abreast of current knowledge and equip professionals with competence and integrity."



He presented statistics to show what those with CFAs do currently: About 22% are in portfolio managment, another 14% in securities analysis and research. About 4% are in investment banking. And 7% of CFAs globally are in C-level roles (CEO, CFO). More than a third are in positions that emphasize investment analysis, research or management in some form or another. In some of these roles, the CFA is either preferred or required.

Many CFAs, however, are in roles that may not require or may not have traditionally encouraged the CFA: consulting, risk management and accounting, for example. They have used the CFA not as a designation to meet requirements or to prove legitimacy in investment anlaysis, but as a knowledge base for other areas of finance.



Over 200,000 people are currently registered for the CFA--which means they are pursuing the CFA by preparing for one of the three levels of exams. Appeadu showed the trends of a growing number of registrants from foreign countries. (For now, most registrants are from the U.S.) Registrants have similarly expressed interest in a wide range of fields, indicating how they expect to use the CFA--from portfolio management to investment banking, corporate finance and consulting.



Webinar participants didn't hestitate to ask questions. Some wanted to know if there were scholarships to defray the costs of preparation (for the volumes of material required for study). There are, and many financial institutions support employees who express such interest. Some wanted to know whether the CFA Institute does or will ever provide an "MBA waiver," because of the overlap between MBA coursework and the CFA material. "No, but we get asked that question all the time," Appeadu said. One wanted to know if the CFA can be helpful in careers in commercial real estate.

Many wanted to know more about preparing for the three levels of exams. Appeadu said a candidate usually needs about 250 hours of studying for each exam, sometimes more. Candidates study the CFA-provided material, but they can seek and use supplementary sources. He emphasized the importance of preparing for the exams. On average for all three exams, the pass rate is about 42%, a rate that is fairly consistent among those who take it around the world and who have taken it over several decades. The same exam is given everywhere in English.

Appeadu, who has a Ph.D. in finance as well as the CFA, explained how the pass rate could be higher. Many candidates, he said, tend to be smart, well-educated and well-versed in finance and investments. They are also used to being successful and making swift progress in academics and careers. More confident than they should be, they, however, tend to underestimate the time and attention required to prepare for exams. "They sometime think they don't need to prepare as much," Appeadu said, "and then become overwhelmed."

In the exams, Level 1 focuses on knowledge. Level 2 is about analysis, and Level 3 is evaluation and synthesis. Levels 1 and 2 are multiple-choice questions (graded by computers). Level 3 includes essays graded by humans.

Registrants can take practice exams. Participants wanted to know if there is a relationship between performance on the practice exams and the real exams. There is a high correlation, but Appeadu reminded his audience there is no direct "causality," that if one does well in practice, then it doesn't mean he/she will do well on the exam.

For each exam, Appeadu explained, there is no consistent cut-off for the percentage number of questions an exam-taker must get correct. A committee of experienced experts each year determines what it thinks a "just qualified" candidate should know and how many a "just qualified" candidate should get right. That number can change from year to year, as exam questions and content change.

Because finance topics, issues and investment products evolve and get more complex, CFA content changes, too. The material covers ethics, risk management, new products, and may even cover topics such as Islamic finance.

Appeadu, who taught finance at Wisconsin-Milwaukee and Georgia State, lamented the small number of registrants and CFA charter-holders from under-represented groups. He said there is no accurate data about minorities who hold the CFA (among the 99,000) and who are in the process of taking exams (among the 200,000). But the numbers are low. "We want that to improve," he said. The CFA Institute has embarked on initiatives to spread the word by making similar presentations around the country, even speaking to undergraduates at HBCU schools.



Appeadu weighed the pros and cons of the CFA and the MBA. (The CFA Institute didn't have information on how many of the 99,000 have MBAs.) Some will ask whether an MBA should get a CFA; others will ask differently: Should one pursue the CFA and not bother with the MBA? He showed the MBA's advantages of networks, connections, contacts with professors and corporate recruiters and the broad business curriculum covering operations, marketing, accounting and policy. He showed the CFA's advantages of costs (relative to MBA tuition) and specialized knowledge and expertise.

In the end, he said he was a proponent of both. "The MBA is a degree," he said. "The CFA is a designation." In many ways, he showed, both are about a lifetime of learning, keeping up and maintaining networks and industry ties.

Tracy Williams

The MBA and the CFA: Part III

MBA students and graduates in finance, especially in current times when they seek an advantage of some kind, have wrestled with whether or not to pursue the CFA designation. They ask themselves: Is it worth the time, effort, costs, and uncertainty? Can it be used to propel a career? Some ask: Is there overlap with finance courses in business school? And many are now wondering: Does it make a difference in a career path? Or in pursuing a specific job spot?

The Consortium Finance Network is helping to respond to some of these questions by sponsoring a webinar, "The MBA and the CFA," October 5 from 5-6:30 p.m.

The webinar will raise these same questions and address topics related to the CFA. Most MBAs know there are three levels of exams, but what do they entail? How much preparation is necessary? How can I prepare for the CFA while in a demanding job? What topics are covered? How can an MBA student choose certain courses in business school that will help prepare for the CFA? In investment management roles, do I really need the CFA to succeed?

Charles Appeadu (above), Director of Sample Exam Development at the CFA Institute, will make a presentation, followed by questions and commentary. Appeadu was a finance professor at the Univ. Wisconsin-Milwaukee and Georgia State Univ. before joining the Institute in Charlottesville, Va. He has a Ph.D. in finance from the Univ. Washington. Not only does he have a CFA, he also has certifications in FRM (financial risk management) and CAIA (alternative investments).

Appeadu will address some of these questions. He will describe what the CFA covers and what business schools don't and tell about other topics the CFA covers in the wake of the financial crisis.

Some institutions (funds, banks or investment managers) actually require the CFA for some spots. Others are encouraging it, even if it doesn't have a direct connection to the role. Others find the CFA gives them a knowledge advantage ("oneupmanship") in traditional banking roles.

CFN members, Consortium students and alumni and others interested in finance, investments and the lure of the CFA should join the webinar.

Tracy Williams
----------------------------------------------------------------------------------------

For more on the MBA and the CFA, see:

http://consortiumfinancenetwork.blogspot.com/2010/05/mba-and-cfa.html

http://consortiumfinancenetwork.blogspot.com/2010/06/mba-and-cfa-part-ii.html

Register on the Consortium Finance Network Linkedin: www.linkedin.com

OFN: Taking the Lead in Community Development

There is an organization and network many in finance ought to know about, if they don't already and if they want to know about financing programs that make a difference and have immediate impact in communities. The Opportunity Finance Network, with programs, activities and funding relationships all over the U.S., acts in the hub of all of community-development finance.

"Our mission," says Donna Fabiani, OFN's Executive Vice President for Knowledge Sharing, "is to bring the whole industry (of community development finance) to scale." OFN (http://www.opportunityfinancenetwork.net/) is membership-based and connects investors and lenders to financial institutions and funds that finance low-income and low-wealth communities.

Today 180 Community Development Financial Institutions (CDFIs) are members and beneficiaries of OFN. Over 900 CDFIs exist in the U.S., many with a certification from the U.S. Treasury, based on critieria. CDFIs may themselves be small banks or funds with direct ties to the low-wealth community. OFN acts as an adviser or facilitator to CDFIs, who are funded by investors/lenders and, in turn, lend directly into the community.

With OFN's guidance, those who invest or lend (to CDFIs) may include investment funds, venture funds, larger banks, and other lenders. Some are unregulated; some regulated. OFN's role assists investors who seek to engage in "socially responsible investing." The funds and banks lend to CDFIs or make investments in them. Or they may arrange co-investments with CDFIs. OFN, since its inceptions, has arranged over $23 billion in financings with CDFIs.

CDFIs, in turn, use the funds to make loans to small businesses, consumers, or non-profit organizations or make loans to facilitate housing and microfinance activity.

Many of the funds that invest in CDFIs are non-profit organizations with goals to boost economic development in certain areas. Others have other objectives: achieving a target return on investment, providing job opportunities and growth in designated geographies, or (in some cases with banks) seeking CRA-related ("Community Reinvestment") credit.

OFN also manages a CDFI fund to make investments and loans to CDFIs. Thus, investors contribute to the fund, which invests or lends directly to the CDFI. In some ways, Fabiani says, OFN is a "fund of funds."

OFN's role extends beyond arranging financing and acting as the go-between that pulls it all together. It also greases the wheels to keep all participants informed, updated, and aware of policy and economic issues. It sponsors an annual national conference on community development where participants (investors, funds, banks, CDFIs, policy-makers, economists, and others) meet to discuss current topics, issues, lessons learned, current, pending legislation, and knowledge sharing.

OFN administers its own ratings system (CDFI Assessment and Ratings System or "CARS") to help investors and lenders decide which CFDIs they may want to finance. The ratings offer not just a financial assessment of the CFDI, but a community-development-impact assessment. The ratings help investors/lenders in managing investment risks and in determining determine whether the investment meets social-responsibility objectives.

This year, OFN's 26th annual conference will take place in San Francisco November 2-5 and will be one of the largest gatherings in the U.S. on community development, bringing together hundreds of important participants, including lenders, investors, CDFIs, and government agencies. At this year's conference, Federal Reserve Bank-San Francisco president Janet Yellen will be a keynote speaker.

In other sessions at the conference, OFN will outline a 15-year community-development (or "opportunity finance") strategy. There will be programs focusing on green finance, consumer finance, risk management, housing finance and small-business finance. Seminars or events on selected topics will be scheduled: e.g., CDFI board management, loan participations, social media and online funding, the disabilities market, and managing delinquencies.

Consortium MBAs and CFN members (including students, alumni and supporters) interested in community-development finance, socially responsible investing, microfinance, small-business lending, and housing finance should consider attending. They get the chance to connect with participants from all facets of the industry and learn about career opportunities. They can learn more about the funds or organizations that invest or the institutions that lend directly into the community.

OFN sponsors smaller, regional conferences. They, too, focus on important industry topics or programs and efforts to increase knowledge in a special topic or provide invaluable updates. The next regional conference will be in December in Dallas.

OFN is not yet a Consortium sponsor, but is interested in establishing ties with the organization, Consortium schools, students and alumni by acting as a conduit to community-development finance.

Those interested in following up or learning more can explore the website or contact Fabiani at dfabiani@opportunityfinance.net.

Tracy Williams

Autumn: Conferences and Career Fairs

August is often a time of planning for the fall and the months thereafter. It's commonplace to slow down during the last weeks of the summer and defer projects until September and October or prepare for big events, big deals, big transactions, and big roll-outs of new strategies or business plans. Or attend big conferences, conventions and network gatherings. Professionals in business and banking roll up their sleeves and get back to trying to finish the year with a big bang.

In finance, there is an eye on the November elections. Many want to see who will emerge as victors in Congress and who will influence the follow-up steps in financial reform or determine whether there will be another round of Government stimulus.

And there is another eye on financial reform itself, as Congress hands off responsibility to many agencies and regulatory bodies to decide in detail what will happen to the structures and size of banks or the ways derivatives and other complex financial instruments will be traded and priced.

It's an important time for recruiting at top business schools (including at the Consortium 17). Top companies, banks and firms head to campus in September and October to sell and show off the best of themselves to students--even if they aren't yet sure how many they intend to hire in 2011.

Nonetheless, it's conference season, too.

Right now there's buzz about the National Black MBA Association Conference in Los Angeles (Sept. 21-25) (www.nbmbaa.org). MBA students, alumni, and professionals turn out annually for the event. This year's event is practically in the backyards of Consortium schools USC and UCLA. Many banks and corporations make it a priority to participate in its career fair. (The Consortium, too, always has a presence at the conference.) This year's theme is "Blink--the speed of change."

The conference is an important networking event; over 12,000 are expected to attend a five-day series of events geared to MBAs of all interests--marketing and sales, finance, business management, and operations.

"National Black MBA" is not the only game going on this fall. The Opportunity Finance Network is hosting its annual conference in San Francisco Nov. 2-5. OFN (www.opportunityfinance.net) is a seven-year-old organization that facilitates financing to support low-income, low-wealth groups in the U.S. It arranges funding for community development financial institutions and now has over 170 members in its network. It has arranged over $23 billion in financings.

This year it reached out to the Consortium to establish ties, learn more about the Consortium and use the Consortium's own networks to spread the word about its mission and purpose. Donna Fabiani, an Executive Vice President at OFN, says at its annual conference this November it expects "over 600 community development practitioners, investors, funders, and policy makers from around the country to attend."

MBAs and finance professionals interested in community development in all phases and segments will want to attend or learn more about OFN's role. (Contact Fabiani at dfabiani@opportunityfinance.net to learn more about OFN. The Consortium Finance Network plans to highlight more about its programs and financings in the periods to come.)

Amidst a brisk conference season, don't forget the National Society of Hispanic MBAs (www.nshmba.org). Its annual conference will be in Chicago October 21-23. Its agenda will include several professional-development seminars, including some finance-focused. A highlight of the conference is its CEO speaker series. CEOs from Humana, Campbell Soup, and State Farm are scheduled to appear. The Consortium will make appearance in Chicago, as well.

For young entrepreneurs and those interested in the next earth-shaking startup, there is the "Lean Startup Machine (New York)" : www.theleanstartupmachine.com. Says Kyle Kelly, a co-founder of the New York group, "for an early-stage start-up, the idea is to build something that people want."

The organization hosted a conference for budding entrepreneurs in New York in July. Its next event is in Chicago November 6.

It emphasizes developing a product or service based on what a customer specifically wants and doing so before reaching out to investors for funding. Kelly described the methodology as a "customer discovery process," where entrepreneurs learn what the customer wants and analyze feedback during product development. The entrepreneur uses an iterative feedback to design and tailor the product to a customer base. In the end, when the product is fully developed, a known market already exists.

LSM intends to teach and spread its principles at weekend sessions (like the one in July) and hopes to lead more sessions elsewhere. At the events, experts and entrepreneurs show how the principles lead to a defined market base, funding, and business success.

The principles are based on methodology developed by Eric Ries, an advisor for many technology startups and venture-capital firms and a co-author of books on entrepreneurship. He shares his experiences and lessons learned in his own blog (www.startuplessonslearned.com).

Tracy Williams

CFN: What's on Deck?

After existence for over 18 months, membership in the Consortium Finance Network heads toward the 500 mark. Activities, events, agenda and schedules evolve and get rejiggered from time to time. But CFN's objectives are still the same and are still relevant.

Now is the time for midsummer planning, a time to explore and outline events or projects for the fall. In recent weeks, the steering committee has discussed priorities and possible activities. It has also performed a self-assessment: what has worked, what hasn't, what to prioritize and what to plan, and how to recognize that everybody (students, alumni, sponsors, recruiters, and supporters) has limited time.

CFN welcomed the new class of Consortium students at the Orientation Program last month in Orlando. It has identified about 100 first-years who have expressed interest in finance or financial services. CFN invited that sub-group to join the group and distributed an electronic version of its second-annual first-year guide. The guide helps first-years prepare for school, core courses, finance courses, professors, recruiting, interviews, and the unceasing pressure to land the right internship. The guide is available to others who request a copy.

CFN is now seeking to identify more school champions at Consortium schools. School champions the past year told us what was going on on campus--students' concerns, worries, pressures, plans, achievements, long-term dreams, disappointments, successes, and hiring. They told us what corporations came (or didn't come) to campus, which ones aggressively recruited, and which ones made token appearances with little interest in making offers.

They told us about the low- and highlights of business school--the case studies, the hurdles of accounting and "baby finance," the spring-break trips abroad, the interesting investment-analysis courses, and the crushing workload. CFN is especially looking for champions on the campuses at such schools as Texas, Olin, UNC, Wisconsin, and Emory.

Membership today in CFN is assorted. Recent Consortium alumni and current students comprise most of the core. But over 100 include people who are sponsors, recruiters, mentors and friends of the Consortium. As hoped, membership includes those who are affiliated with all aspects of finance--from bankers, traders and investors to professionals in real estate, consulting, insurance, community development, academia, accounting, and corporate treasury.

CFN webinars on microfinance, job searches, and networking the past year were successful. CFN is considering planning webinars on the CFA designation, mentoring, and any relevant, popular topic others suggest.

Because there was no corporate sponsor, CFN didn't schedule a large-scale networking event in early 2010, as it did at the Federal Reserve in 2009. It continues to explore hosting such an event in late 2010 in New York, if a sponsor comes through.

The steering committee continues to review many ideas and possible initiatives. They include follow-up on executive and career coaching, a speed-networking event, an investment fund run by students, and a "boot camp" to help students prepare for finance recruiting. It welcomes help, input and recommendations from any member.

Last year's mentor program concluded with mixed reviews. The program included over 75 students and mentors. Some relationships worked well. Some didn't. With tough courses and difficult schedules, some students lacked time to pursue mentor relationships, yet they craved mentors when interviewing time rolled around. Mentors helped students with the intricacies of technical interviews. CFN prepared guides to enhancing mentor-student relationships and will update them and circulate them again.

The steering committee is reviewing how to sustain the best of last year's program, how to play the role as adviser in existing relationships, or how to frame the program by suggesting mentors rather than assigning them. The committee welcomes input and interest from potential

mentors.

The committee is also exploring setting up an advisory team of senior experts, people with experience and reputations in a particular field of finance. That team would not spend as much time as the steering committee does. It will, however, make recommendations about focus and direction, make connections to other experts and participants, or simply share ideas from their points of view.

CFN discussion in Linkedin (with ties to the website and blog) has been lively, informative the last few months--thanks in part to contributions from experienced, informed members, who all seem to have thought-out points of view.

The dialogue and updates have touched many relevant topics in finance, diversity, opportunities, and career planning. It is the focal point for many CFN members, and it is hotbed of ideas and reflections from alumni, students, recent graduates, or outside experts. Often readers come away learning something or itching to add to the conversation. Contributions from anybody with an idea, a perspective, an update, or a teaching topic on finance, diversity or opportunities are encouraged.

Tracy Williams

Steering Committee: Rachel Delcau, Camilo Sandoval, Tracy Williams

If It's June, It Must Be OP Time

If June approaches, then the Consortium's annual Orientation Program must be around the corner. This year Orlando (above) will host the big event--always a festive, memorable occasion to welcome over 300 new students to the Consortium family.

Orlando last hosted the OP in 1999 right in the shadow of DisneyWorld. The 44th OP is scheduled June 13-16 this year at the Hilton Bonnet Creek Hotel. True to the tradition of Consortium OP's, hundreds and hundreds of students, university representatives, corporate sponsors, and (more and more) alumni and other supporters will converge on the city to participate in one of the grandest and (increasingly) one of the most important business-school and diversity congregations in the land. One of the biggest networking sessions of all--where students and alumni have ample opportunity to connect with corporate representatives from every corner of the country. And where students get a head start on the business-school experience.

Over the years, OP has offered not only corporate contacts and introductions to b-school classmates and professors, but has afforded special experiences and lasting memories. On the surface, OP is a large-scale networking event. Beyond that, it is more than that--an uplifting event and confidence-builder for the 300-plus students, a launching pad to help them take full advantage of the b-school experience.

Students arrive excited about their having been admitted to top schools or having won fellowships. But they come wondering about the decisions they made and the engulfing academic experience they are about to encounter.

They leave OP energized by new friendships and encouragement from every person in sight. Many come away inspired and connected; many devise well-outlined game plans for how to manage the rigors of courses and recruiting. Some actually come away with actual job offers, although that's not a primary purpose.

Often at OP, there has been the perennially popular "Diversity Theater," featuring real actors playing roles in skits with diversity-related plots followed by lively, heated discussion afterward, an event students had to been torn away from. Through the years, there have been the career fairs, the industry panels, the university programs, and stunning speeches that rouse students and reps to standing ovations.

There have been prizes and events to meet whomever you want, to discuss whatever you wish. There have been private meetings, informational interviews, and academic competition.

There, too, have been the chances for a batch of Dartmouth students to convene for barbeque nearby to set strategy for the fall and just bond with each other. Or there are those moments when Michigan students spontaneously shout, "Go, Big Blue" a few dozen times to whomever around. A feel-good time to supplement the meetings, the connections, the business cards, and the we'll-there-for-you messages from mentors, staffers, and university reps.

There, too, have been the parade of colors--the assortment of reds, blues, greens, and oranges(mostly reds!) emblazoned on the students, who wear school attire, wave school pennants, or sit at decorated school tables. The fiery reds of Wash-U, Indiana, Wisconsin, Cornell, or USC. The cool blues of Michigan, Berkeley, UNC, Yale and UVA. The burning orange of Texas. The conspicuous purple from NYU.

In the 40-plus years of this frenetic, adrenaline-filled convention, experiences differ from year to year based on hosting sponsors, the times at hand, the dreams and desires of students, and the host city itself. That city gets to show off; the hosting sponsor gets to present itself as a most attractive prospective employer.

Minneapolis, for example, has hosted twice (the first time in 1997)--thanks to such sponsors as General Mills, 3M, and Target--and shown that a June Minnesota is as comfortable and fun as the visions of a January Minnesota may not be.

In 1998, OP landed in the middle of Times Square in New York City--thanks to host Chase Manhattan and host school NYU--where students could steal away to bustling Broadway in between sessions.

In Cincinnati in 2001, OP resided just down the road from lead sponsor Procter & Gamble, which had dozens of it reps from all over the globe around and about. San Francisco was a host in 2002, when many were at first concerned about travel in the wake of 9/11. Attendance and enthusiasm, nonetheless, were as high as ever. Well-known state politician Willie Brown addressed Consortium students at one luncheon.

It might have been hot, unbearable outside when the OP was in Atlanta and in Dallas (2008). Yet in both places, the 4-5 days were spirited, lively--with much to do and many to see inside. In Dallas, Pepsio-Frito Lay was a lead sponsor, and host school Texas gladly tooted its horns, happy to have been able to lure its Consortium brethren to the Southwest.

St. Louis in 2006 was a special year, as the Consortium celebrated its 40th year, taking time to reflect on significant progress, the organization's growth, and its evolution. Emerson was a lead sponsor. Banking and finance opportunities had peaked, and nearly a hundred students expressed interests in financial services.

Chicago hosted in 2000. In perhaps its last hurrah before its demise, with a proud public face, long-time contributor Arthur Andersen was a major host. In 2007, OP went to Indianapolis, thanks to sponsor Eli Lily. In one keynote addresss, Consortium alum Derica Rice spoke to students and described his career path from Consortium MBA (Indiana) to CFO at Lily.

Philadelphia and Washington have also been host cities over the past 15 years.

Ask just about any Consortium supporter, student, alumnus, corporate rep, or univeristy rep what they like best about the Consortium experience. The answers will vary, but inevitably they snap and admit "OP" is near the top. Ask others who have heard about the Consortium, some will say they are considering being a part of it--because of "OP."

"Make Your Move" is this year's theme for Orlando. So go ahead and make it.

(For more information, see http://www.cgsm.org/op/OP2010.asp.)

Tracy Williams

Networking Resources

• It’s Not Who You Know, But Who Knows You, Presented by Dr. Benjamin Ola. Akande - Webinar playback

• It’s Not Who You Know, But Who Knows You - Webinar slide deck

• Follow Dr. Akande on Twitter @Benjamin_Akande and @WebsterU_Biz

• Consortium MBA: http://www.makeyourcareermove.com/

• Follow The Consortium on Twitter @cgsm_mba and @racheldelcau

• Connect with Consortium members on LinkedIn:

      Finance | HR | Energy  | Marketing & Branding | META | Health Care | Social Responsibility

Networking Effectively: Who Knows You?

Dr. Benjamin Akande', dean of the school of business and technology at Webster University, likes to tell the story of how he approaches a business networking setting. Recently he walked into a large room filled with business professionals mingling and socializing.

"I sat and watched for 10 minutes. I watched the dynamics of the room to give me an edge," he said. Most were engaged in focused dialogue. Some were meeting, greeting and moving on. Some were performing host duties. Dr. Akande' was devising a plan.

Dr. Akande' presented a webinar on networking May 5: "It's Not Who You Know, But Who Knows You." The webinar was the fourth in a series of webinars, sponsored by the Consortium Finance Network. Over 170 people participated, joining the session from all parts of the country. They included Consortium alumni and students, corporate sponsors, new Consortium students, prospective MBA students, and Webster alumni and students.

In his networking story, Dr. Akande' scoped out the room and strategized on how he would benefit from the contacts he would make in the next few minutes. "I identified who was talking to whom," he said, describing his pre-networking plan. After he observed the dynamics of the room and plotted how he would work it, he decided just from careful observation whom he wanted to meet and where he wanted to mingle in the room. He proceeded to introduce himself and make proper contacts with the right people in the right way.

That day proved to be fruitful, he said. He made at least two very important contacts, and he followed up on them immediately.

In his CFN presentation, Dr. Akande' shared experiences of what has worked for him and recommended techniques for professionals. He provided guidelines for students, for MBA graduates looking for jobs, and for alumni who want to transition into other areas.

He responded to dozens of questions from participants, who wanted to know how he organizes the data in his network of over 5,000 contacts, wanted advice on how to prepare business cards, wanted hints on how to overcome shyness or rejection, and asked how to handle telephone interviews.

Dr. Akande' emphasized follow-up and immediacy. "A lot of folks don't take the time to connect, to do the little things to follow up." He told how at the gathering in his story, he made the two contacts, and by the time he was in a cab leaving the venue, he was already sending follow-up e-mails.

Be yourself, and be original, he said. Know the rules and traditions of where you are. Dr. Akande' noticed how in St. Louis, when people ask where you went to school, they often mean high school. He grew up in Nigeria and learned how to answer the question to his advantage when it came up in area social events.

He described the unusual ways and odd settings in which people can network. "I love networking at airports," he said. "The barriers come down. People want to meet other people." He said he has made meaningful contacts at church, because it's a "democratic setting," at sporting events, and in political campaigns (on both sides of the party spectrum).

Dr. Akande' said, however, his favorite place to network is Starbucks. "Yes, Starbucks on a Saturday morning. Try it." The calm, placcid atmosphere at a coffee shop on a weekend morning allows people to be more engaging, more themselves--free of hidden agenda.

He provided suggestions on how not to be a "pest," how to sense that the moment is going nowhere and the other person is no longer interested in dialogue. He recommended that people shouldn't "park" during networking activities, shouldn't remained glued to one group for long periods--even if they want to. He showed how one can withdraw from a conversation without being rude or abrupt.

Dr. Akande' told how to rebuild relationships that may have been diminished by long periods of no contact or little interest.

One other favorite hint? "I don't send Christmas cards," he said. "I send Thanksgiving cards." People remember them, and they read his notes. They stand out. And he wishes his recipients both a Thanksgiving and Yuletide greeting at once--and thanks them for whatever they might have done for him during the year.

It's 2010, the year of Facebook, Twitter, and an assortment of social media. Webinar participants asked how to use them to a professional advantage. Dr. Akande' reminded all to keep Linkedin profiles up to date and acknowledged the personal benefits of social media. "But social media cannot replace trust," he said, "or the ability to look at the other person in the eye. You can't hide behind it."

"Don't unfriend a friend (in Facebook)," he added. He found that offensive and reminded his audience that one never knows when that contact will be useful or helpful in the long term.

Many participants were new Consortium students who will journey to Orlando for the Orientation Program in June and meet corporate representatives while there. Some asked for his advice in approaching the event. He said, "Do research and homework on the corporations you are interested in."

Dr. Akande' has been dean at Webster the past 10 years. The business school has online offerings and campuses in the U.S. Europe and Asia. His academic interests include economic development, leadership, and generational diversity. He helped lead the effort to create the school's Global MBA, full-time, one-year program in five countries. He is currently working on a book, "The Ipod Generation: It's Their World, We're Just Living in It."

CFN will follow up to provide slide summaries of the presentation to those who registered.

Dr. Akande' said he hopes (and expects) to see participants in Starbucks for his next Saturday-morning coffee run.

Tracy Williams

Networking: It's Not Who You Know, But Who Knows You

Join us for a Webinar on May 5

Space is limited.
Reserve your Webinar seat now at:
https://www1.gotomeeting.com/register/557520768


In this webinar, Dr Benjamin Ola. Akande will offer sage advice on the most productive and effective way to network for success. The presentation is sure to be filled with great antidotes, compelling stories and valuable take-a-ways such as “Find meaning in every conversation.” Dr. Akande concludes this presentation with the advice to “remember that networking is not about who you know, but who knows you.”

Dr. Akande is the Dean of the George Herbert Walker School of Business & Technology at Webster University.

This event is brought to you by the Consortium Finance Network, a special interest group of The Consortium for Graduate Study in Management.

Title: Networking: It's Now Who You Know, But Who Knows You

Date: Wednesday, May 5, 2010

Time: 5:00 PM - 6:30 PM CDT


After registering you will receive a confirmation email containing information about joining the Webinar.

System Requirements
PC-based attendees
Required: Windows® 7, Vista, XP, 2003 Server or 2000

Macintosh®-based attendees
Required: Mac OS® X 10.4.11 (Tiger®) or newer

California Dreamin'--MBA-Style

The Consortium continues to sprout and spread, especially on the West Coast. Days after announcing the return of UC-Berkeley to a growing list of Consortium schools, it announced this week that UCLA's Anderson School of Management will become the Consortium's 17th.

UCLA joins cross-town rival USC-Marshall and Berkeley's Haas School in the Bay Area, forming the Consortium's enlarged footprint in the West.

In just two years, the Consortium has added four prominent business schools, giving prospects that many more options, making the Consortium even more attractive to top talent, and making it near impossible for the best and brightest to ignore the Consortium when it comes time to apply to top b-schools.

Yale and Cornell-Johnson are the two other new Consortium schools. Along with Dartmouth-Tuck, they add "Ivy League" flavor to Consortium offerings.

Just like all other Consortium schools, UCLA offers a top-notch full-time program, a worldwide network of alumni, a demanding core of first-year courses, and prized, experienced faculty. But UCLA offers, too, its own brand and uniqueness. It's not necessarily USC in Westwood or UC-Berkeley in SoCal. The Anderson school features special programs and centers in finance, international business, media entertainment and sports, and real estate.

Alumni around the world total over 35,000. One of its most prominent is Larry Fink, CEO of BlackRock and a prominent spokesman and figure the past few years, as the financial system recovers from the crisis. Fink contributed $10 million to what is now the Fink Center of Finance and Investments. (He will be, in fact, speaking to students April 22 on campus.)

UCLA's full-time MBA program is moderate in size--about 360 students in the first-year class. Typically over 3,000 apply for those slots. Its joining the Consortium reaffirms its long-time commitment to diversity; its current ranks prove it. About 19% of students are minorities, and 34% are women, 33% international.

Students have broad interests. Like other top schools, many have come from or are interested in finance, consulting and high-tech. At UCLA, large numbers of students have interests and experiences in the public sector, non-profits, and (yes, not surprisingly) entertainment and media.

Anderson is led by Dean Judy Olian, who happens to have earned her Ph.d. from a Consortium school-Wisconsin.

Networking Webinar

The Consortium Finance Network will host its fourth webinar Wednesday, May 5, at 6 pm. EDT.

Networking continues to be a popular topic. Students, alumni, and even experienced professionals are always looking for ways to be effective at it and to do it in natural, comfortable ways--whether they are transitioning into other jobs, exploring ways to grow or simply looking to connect to help others. There are right ways, awkward ways, superficial ways and effective ways. There is, too, something called netiquette--networking gracefully and courteously, networking without being a burden to others.

Dr. Benjamin Akande of St. Louis will present the networking topic, "It's Not Who You Know, But Who Knows You." He will show what works, what doesn't, and how to make communication meaningful. Dr. Akande is the dean of the business school at Webster University.

For those interested in participating, reserve a spot now by registering via CFN's Linkedin site (http://www.linkedin.com/). For more about Dr. Akande's background, see http://www.benjaminakande.com/.

Tracy Williams

Stock Picking: March Money Madness

Consortium alum Rob Wilson has a different take on the approaching excitement and hoopla of March Madness, the NCAA basketball tournament that starts next week. He knows well that in the days to come thousands across the country will agonize while filling out brackets to participate in pools to try to pick this year's college-basketball champion.

He knows, too, how much time people, even those with litte interest during the season, will spend determining early-round winners, projecting who will advance to the Final Four, and guessing who will win the championship game April 5 in San Antonio. And he's mindful of how much office time is wasted, as pool participants will scramble to try to make informed picks and will sneak peaks at lunchtime to follow the early rounds.

However, Rob this year suggests another way to follow the fury, especially for MBA students and finance professionals. Why not channel some of that energy and excitement into picking stocks? Go ahead, dive into the madness, do cursory homework on teams and try to choose who may advance to the "Sweet Sixteen." But try something else this year, too: do research, rely on analysis, hunch and wisdom and pick the stocks that will generate the greatest returns during the tournament, starting March 15.

Hence, Rob has created this year a stock-picking contest that runs throughout the basketball tournament. Just like the tournament, in his contest, you choose stocks, fill out brackets, participate in a pool, and earn a prize if you win it all. He has organized the "March Money Madness Bracket Challenge."

You can compete individually or as part of a group. Or you and your group can compete against other groups--just like the myriad of pools and competitions that run alongside the college-basketball tournament.

In his contest, you pick stocks each week (using your own investment tools, research or models). The stocks in various brackets that return the highest in that week win that round and advance. Finance types will know to be competitive in this tournament, you'll need to have a traders' short-term view of the market, not Warren Buffet's long-term, value-investing view.

The "regions" in his contest are designated by industries: financial, technology, consumer, and industrial.

Rob, a 2005 Consortium MBA graduate of Carnegie-Mellon (Tepper), said he created his own version of the tournament "to use sports to educate people about investing." He said he thought it a worthwhile idea to start a contest where participants can "actually learn something" along the way.

Rob is professionally involved in investment management and has a specialty in managing the financial activities for professional athletes and entertainers.

If you are interested in learning more about his contest and want to participate, see http://www.marchmoneymadness.net/ or http://www.robwilson.tv/ . Contact Rob directly at rob@robwilson.tv. First prize is an iPad. We'll report winners (and winning stocks) here when the contest is done. It all starts March 15.

Tracy Williams

CFN: What's Up Next?

Consortium MBA students head into the home stretch of the school year--many deeply involved in another round of unrelenting coursework. First-year students are happily branching out into courses that take them beyond the core and more toward their real interests. Finance professionals, meanwhile, are in the throes of the business calendar year with targets to meet, costs to manage, and projects to get through. The slowdown of holiday yearend and the arduous sessions of yearend appraisals are done--thank goodness.

The Consortium Finance Network is falling in line and hopes to move to next steps, as well. What's next? CFN's steering committee has tentative plans and a bundle of ideas. As usual, input and assistance of any kind are welcome.

The webinar series has been an efficient, effective way to present topical material, especially on specific subjects. CFN has sponsored three since last August. Attendance varies, based on the topic and time of day. Presenters have been excited about their subject matter (microfinance or career management) and have summarized the material into neat, useful presentations. Participants have learned a lot in the 90-minute sessions.

CFN hopes to continue with webinars. On tap is a webinar on effective networking in the financial industry. The presenter will show there are right and wrong ways in networking.

Another possible webinar will focus on describing the dozens of opportunities for MBA's in finance at just one large financial institution. Not all MBA's in finance necessarily want to be (or can be) equity research analysts or M&A bankers. At a major bank, MBA's can be hired into systems and technology positions, corporate strategy roles, or financial management (forecasting and budgeting) jobs. And still be stimulated and handsomely paid.

The new class of Consortium MBA students will be announced soon. The annual Orientation Program will follow shortly afterward (this time in Orlando in June). Like last year, CFN will prepare and distribute its second-annual guide for MBA students in finance. Topics include preparing for recruiting, informational interviews, technical skills, and effective relationships with mentors. Topics will also cover finance, diversity, suggested reading, and non-traditional opportunities.

New students will be invited to join CFN via Linkedin. CFN and other Consortium special-interest groups hope to have a meaningful presence at the Orientation Program to introduce themselves to students right away.

Once again, CFN will appoint School Champions, Consortium students who report and share what's going on on their respective campuses. They note trends, general worries, and signs of opportunities, and inform us which banks and firms are swarming campus or not. This year, on some campuses, School Champions have been prompt, lively and eager to share their experiences and just as eager to learn about what's going on elsewhere.

After 2009's successful kick-off event at the Federal Reserve in New York, CFN still hopes to have a similar networking event in New York in 2010. Once again, the event would feature a panel of industry experts and insiders offering their perspectives on relevant financial issues. Just as important, the event will give alumni, sponsors and other CFN supporters an opportunity to meet and interact.

CFN will assess the current mentor program for first-year students and try to list lessons learned from this past school year. The mentor program has helped many students and introduced them to more contacts and possible opportunities. But the program can be improved, especially by ensuring students and mentors are properly matched. CFN, in turn, hopes to roll out the mentor program again for new students in finance in 2010.

Often there is a bustle of ideas about what CFN can do next and about how more people can be involved. As with all organizations, execution, planning, costs and timing are important factors.

One special idea on the table is to find ways to help alumni and other experienced professionals link up career coaches. CFN would act as a vehicle to introduce CFN members to designated people who can guide them in transitions, in long-term planning, or in a specific area (presentations, defining strengths, doing deals, a technical topic, managing people, interfacing with clients, etc.).

Another idea up for discussion is for CFN to administer an investment fund to permit students or younger alumni to implement and share some of their investment ideas and to measure performance.

Others may have ideas and should share them with the steering commitee. Feedback is always encouraged and even lets the committee know that CFN is getting one step closer in meeting objectives.

Tracy Williams

Microfinance II: On the Ground in the Philippines

In 2007, Clint Wilson, a San Francisco-based entrepreneur, spent time in the Philippines exploring Internet cafes and the region 60 miles north of Manila. He studied the area, the markets, the population, the risks and challenges and decided to embark on his idea.

His idea was to launch an Internet cafe and use that as the basis for his microcredit business model. Soon he and his wife Cristy, a native of the Philippines, launched CnC Partners, a microfinance business with operations in the Philippines and in San Francisco. His wife's family would assist in the getting the business off the ground in Bamban, a small, under-developed city north of Manila.



Wilson presented his business model Feb-4 in Part II of a microfinance webinar series sponsored by the Consortium Finance Network. (Part I in January focused on the history and basics of microfinance.)

During the session, he explained how he cultivated the idea with help and inspiration from his wife and her family in the Philippines and how he painstakingly researched the marketplace and the potential customer base. He had many goals:

(a) to be competitive and profitable in offering Internet services via a newly built cafe in Bamban,

(b) to reinvest profits directly back into the business to grow it and permit him to expand into microcredit activities,

(c) to provide employment for locals, and

(d) to help the regions where CnC operates in social and economic ways.



A staff of 10, including members of his wife's family, operates the new Bamban (Luzon) cafe. But this wasn't supposed to be just another cafe offering access to computers or just another one of the many such businesses that fail in the Philippines. Clint wanted to be unique, creative in ways to spur traffic and to give people an exciting, rewarding and interesting reason to go to the cafe.

He would charge for time on the Internet at the cafe (about 20 pesos/hr), but CnC would offer an array of other services, products, and enticements--games, English lessons, courses for adults, prizes and other products (even access to rental apartments, on its property).

Clint highlighted how kids today come to the cafe, hang out, establish Facebook accounts and learn by diving into Cyberspace. CnC provides an environment conducive for learning, he boasted. The fee is not necessarily prohibitive, because CnC offers discounts, permits bartering, and has a points system for access for high-volume users.

Clint said this is part of a long-time dream, which started in the 1990's, he said, "when he was on a 60-mile bike trip in China" and explored the countryside and economic development. This led to a graduate-school thesis on a similar topic and ultimately led years later to the formation of CnC--whose objectives are both financial and social.

In the presentation, he used a photograph of an improverished neighborhood alley in Bamban and told how it has inspired him to use his business to do his part to develop the area and to improve the fortunes of the inhabitants in the area.

With the Bamban cafe, CnC intends to reinvest profits to (a) build other smaller cafes with similar attractions and (b) build a viable, broad-based microcredit organization. Hence, one business will create profits and capital to be used to invest in and build the microlending organization.

CnC is growing the microcredit side in various ways. It is involved in a "rice project" in the southern Philippines, where it makes large loans (50,000 pesos) to farmers, who lend to other farmers and build a lending hierarchy based on business trust and relationships. Profits from this endeavor would, yes, be reinvested to support expansion of the Internet-cafe business.

CnC will also explore (and exploit) other existing microfinance models--e.g, Kiva, Riskebiz, etc., all ways to funnel microloans from those who want to support to those who have specific 30-day needs.

CnC is also growing the microcredit side in another way--via Facebook. It has built a Facebook page, "CnC Cafe' Microcredit Alley" with over 1,500 fans. "Fans" (or clients, borrowers, participants, and/or sponsors) can meet via the page and apply for loans or help facilitate lending. And similarly to the cafe', CnC will offer attractions to boost business--discounts, airline tickets, etc.

Some participants in the webinar were interested in opportunities in microfinance in the long term, but also for this summer. Or more specifically, "Are there opportunities for MBA's to work as interns for CnC?"

Clint was encouraging, because an organization like CnC can use MBA talent and energy. CnC will hire interns this summer and hopes to have at least one intern from the U.S. thereafter every three months. His firm offers not only on-the-ground business and financial experience, but a cultural experience with social action.

CFN will post Clint's presentation for more people to review. If you have specific questions or comments about his experiences, his business model, and opportunities, reach out to him via http://www.linkedin.com,/ through the CFN group in Linkedin, or by contacting Rachel Delcau (delcaur@cgsm.org) at the Consortium.

Tracy Williams