B.line Magazine Fall 2008

TABLE OF CONTENTS 16

26

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9

18

19

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6 Editorial: Internship in South America 8 Comic

19 A Word from Our Partner: General Mills

9 Student Org Highlight: Investment Banking

22 Top 10 Ways You Know You’re Failing

10 Kimm’s Korner: Under the Microscope

23 Madtown Munchies: A Small Business Profile

12 Help! I Need a Career Idea: CUNA Mutual

24 Entertainment Page

14 Staff Spotlight: Dean Michael Knetter

26 Finance: ETFs -- A Useful Diversification Tool

15 Queries ‘n’ Theories

28 How to Ace Your Interview

16 Career Fair Buzz

30 Make a Statement Update

18 The Best Excuse to Golf: Business

31 Meet the b.Liners

20 Pre-Employment Exams

3 CONTACT US AT [email protected]

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Editorial: Internship in South America

by: Andrea Webb

“I can live without heat, a clothes dryer, and coffee ‘to go’ – no problem!” I thought to myself as I settled in with my host family. I was so excited – finally in Uruguay, ready for my “summer” internship. Why the quotes around summer, you ask? Well, summer in the Northern Hemisphere equals winter in the Southern Hemisphere. However, winter in Montevideo, Uruguay is much more moderate compared to Wisconsin’s freezing climate. The average winter temperature is around 40 degrees. I really didn’t have too many problems adapting to the culture; I came expecting my lifestyle to change so I was ready for it and ended up loving it! What I wasn’t ready for was the change I would experience in the business world. I didn’t anticipate I would have any problems adjusting to the cultural differences in my internship. I had a good understanding of the Spanish language; I had taken marketing courses, international business courses, and studied the history and culture of Uruguay. I figured, how could I not succeed with my knowledge? I was working for a local dairy company that was in the process of creating a 10-year business development plan for a franchise agreement with a multinational dairy brand. It was Sunday, the night before the first day of my internship, and I was planning to begin in the morning at nine. I got a call from my boss and he told me to meet him at his office at four. I thought, “Four in the afternoon...on my first day? There’s not going to be time to do anything!” So come Monday afternoon at four I went to his office and sat down to chat with him. Over the course of our 30-minute Uruguayan Worker Producing Goat Cheese conversation his cell phone rang about five times. Each time he would have a conversation with the person for a few minutes and then return to our conversation. He didn’t say, “Excuse me, while I take this call,” he just stopped whatever we were talking about to answer the phone. I was a little surprised he didn’t ignore some of the phone calls. He would laugh and joke around with the person – taking calls that were seemingly unimportant! I began to think I wasn’t a very high priority for him. I was amazed that in the half an hour of his day I was occupying, I couldn’t even get his undivided attention! The very first day of my internship and all I did was go to the office and talk with him for about 30 minutes. The next day he picked me up at 6:30 am and we drove two hours up the coast through farmland to the company’s dairy plant. He introduced me to others in his office and then spent the first 30 minutes chatting with his employees there (which I expected). I realized it’s a more relaxed business atmosphere and they don’t get down to work very quickly. We finally headed into his office where it seemed like we would sit down and get to business. I waited for direction from him, but he again began talking with two other men in the office. They continued talking for about two hours without even acknowledging that I was there. I had nothing to do and no assignment. Later that afternoon he began showing me a presentation for the agreement that is underway with this multinational brand. He told me to continue looking at it while he left the room. Meanwhile another employee (that he had been laughing and joking with earlier) came into the office to get something from the room. My boss came back in and the other man left. “Woman! What are you doing? He’s not supposed to see this,” my boss said. “What?! – but he works here!” I was confused. “Yes, but it’s top secret and the employees don’t know about it,” my boss said. I didn’t really understand, but had to accept it. The end of the day came and I had sat there all morning and afternoon long, doing absolutely nothing! I got home 12 hours later at about 6:30 pm. A full day of my time, most of it wasted, and things should have taken 45 minutes...tops!

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Over the course of the week it became very evident that my boss viewed me as young and unintelligent and continued to talk down to me. He referred to me as “woman” and talked to me like I was incompetent. At one point, when I asked what I was going

to be doing over the course of my internship, he told me that I could probably help Sandra (the office secretary), who did not do much more than wait on him and run his errands. My entire first week was very frustrating due to the lack of assignments and lack of respect I felt from him. Throughout the next few weeks as we actually began working on a project, we began to bridge the cultural gap. After the second week, I began to understand the roots of many of my frustrations the first week. We were talking about work environment and he told me that very rarely do people sit down and work alone. The business atmosphere is very open and very “interruptible” (as I experienced my first day when he continually answered his phone). People do not generally have their own private cubicles or offices. As a result, however, it is a more fluid process of handling tasks when they arise. The importance of the relationships between employees is something that should be maintained every day. I knew this culture was more relationship-focused than our task-focused American businesses, but I didn’t realize that the “relationship building process” can sometimes take a week or two. It almost seemed as if there was a set amount of time that I had to be around the office before we could actually start working.

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By the end of my internship, my boss had asked me to work with him as his associate. We conquered the cultural differences and found common ground. In the business world there will always buyers and sellers, both domestic and international. One’s competitive advantage comes from the ability to tailor products and services to another person’s culture. Whether you are the person adapting to a new culture, or you have an employee from a different culture, it is really important that you approach the relationship objectively. With a true understanding of other cultures, the business world is at your fingertips!

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I also realized the Uruguayan culture has a higher Power Distance than the U.S. This can help to explain why my boss was so hesitant to show his business presentation to the other employees. The boss has a lot of power and his authority should be respected. He also has an obligation as the authoritative figure to maintain good relations with his employees, which can explain his joking and laughing with them. The role of Uruguayan women in this society is quite different than a woman’s role in American culture. Women in Uruguay have the same political rights, but in reality, the culture is still very male dominated. Of the 65 people working for the company, there were only two women and they were both secretaries. I had to realize my boss’s opinions of me were not a reflection of me, but were rooted in the culture. One of the major problems I had was that I interpreted many of his actions incorrectly. I found that the more you can take an objective approach in a foreign culture, the better.

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(And yes, if you were wondering, I was not able to find any place in Montevideo that sold coffee ‘to go’...except McDonald’s. But I couldn’t get over the thought of going to McDonald’s when I was on a different continent!)

CONTACT US AT [email protected]

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Comic by: Amber Piacentine

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STUDENT ORGANIZATION HIGHLIGHT:

Investment Banking Club by: George Ryan

Wall Street is a demanding environment where long hours and fierce competition are the norm. Only those willing to fully commit themselves to the challenging profession of investment banking will be successful. The Investment Banking Club (IBC) is a starting point for such committed individuals to utilize what they learn in the Wisconsin School of Business, as well as in the IBC, to become successful in their professional careers. IBC members will tell you that Wall Street is the best place for students of all backgrounds to start a career in finance. High motivation, ability to juggle multiple tasks simultaneously, teamwork skills and great attention to detail are common characteristics among people who thrive in this dynamic and often stressful environment. Exit opportunities for professionals working just two or three years in investment banking are unparalleled. Ex-bankers are often the first candidates for highly competitive and high-paying jobs in large asset management companies such as private equity firms and hedge funds. To ensure a dedicated core of members and to promote a sense of camaraderie that continues well beyond college, the IBC is an exclusive club. Attaining membership status in the IBC consists of a two-step application process that begins during the first few weeks of every semester. First, an applicant must submit a résumé through BuckyNet. Board members then select the candidates they would like to interview. Each of these selected students must fill out a personal statement and participate in a “super day” of several interviews with the club’s board of directors and senior members. The board of directors then selects the club’s new members. In the past few semesters, the club has received roughly 90 applications and interviewed 30 to 40 students for 10 to 15 spots. The pool of admitted students often includes a handful of math, science, and humanities majors, not just business majors.

Officers: Michael Rak - President Marko Lazarevic - VP External Development Matt Gribble - VP Internal Affairs Chris Martinez - VP Member Relations Yang Song - Secretary/Treasurer Links: Club’s Website - www.wiscibc.com Contact: [email protected]

The IBC Trip to Chicago The IBC holds weekly meetings on Sunday evenings for two hours. The first hour is called the valuation session, and is for freshman, sophomore and junior students. During this time, juniors and seniors in the club teach students on-the-job skills in a simulated work environment. Such skills include financial statement analysis, company valuation and interviewing skills. During the second hour, seniors join the rest of the members for the general meeting. The general meeting portion of the evening is split into two parts, a senior focus and current events. During the senior focus, seniors provide information to educate the club’s members about their former internship experiences. During the current events portion of the hour, the members discuss recent news stories concerning the banking industry, the financial markets or the economy in general. Learning also occurs outside of Sunday meetings. IBC members take a trip to Chicago in mid-fall and New York City during winter break. Some of the investment banks visited on such trips include Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Houlihan Lokey, J.P.Morgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Robert W. Baird and UBS. The trips are arranged by current student members who contact alumni working at these various firms. The visits are an all-day affair consisting of information sessions at the aforementioned firms. The alumni typically discuss their work and provide insight into what IBC members need to know if they are interested in

CONTACT US AT [email protected]

pursuing a career in investment banking. Alumni relations are essential to the IBC. The club facilitates such relations through its annual publication titled Insight, which is distributed to the IBC alumni. The purpose of Insight is to keep the club’s alumni network active and display what the IBC is doing. Members of the club write articles on evolving issues within Wall Street and add their own analysis based on what they have learned in the club. In an upcoming edition of Insight, feature articles include: opposing opinion articles on private equity financing as well as an interview with a senior private equity banker. There are many benefits to being a member of the IBC. Club members work hard to place Wisconsin students on Wall Street. IBC members typically work in investment banking upon graduation, but the club also places students in other finance professions such as investment research and asset management. The club currently boasts a 100 percent placement rate for full time jobs obtained by graduating seniors. During the 2007-2008 school year, IBC members received internship and fulltime job offers from The Blackstone Group, Credit Suisse, Goldman Sachs, Deutsche Bank, J.P.Morgan, Lehman Brothers, Merrill Lynch and Morgan Stanley, to name a few. Even though the IBC helps its members find employment upon graduation, job placement is not the club’s sole focus. The IBC provides a forum for individuals truly passionate about all areas of finance to share their enthusiasm with fellow University of Wisconsin students.

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Kimm’s Korner by: Kimm VanDen Heuvel

Under the Microscope: How to shine before, during, and after your interview

Whether you are approaching the college finish line or beginning your four to five-year trek through UW-Madison, be sure your interview game is mastered. How well you interview influences the internship you hope to get at a prestigious firm, the job you aspire to fill that pays the big bucks, or even the position you land as a barista at Starbucks. Also, it is important to remember that your verbal interview is just one of the three important phases of the interview process. Your pre- and post-interviews are the two phases that precede and follow your verbal interview. Pay attention to the three steps of the interview process—pre, mid, and post—and like a good golf swing, follow through.

PRE-INTERVIEW—Practice, Critique, Practice Disclaimer: It is important to note you can improve your interview skills at any time. Even if you have no intentions of searching for a job, it is useful to keep your interview skills sharp, as your practice will serve you well during future job-hunts.

The First Impression Always Sticks Typically, a company’s first impression of an applicant is formulated based on how the applicant looks on paper. Therefore, the importance of a fine-tuned résumé and cover letter are necessary in order to pass a job candidate on to the next round of scrutiny. Résumés are detail-oriented, outlining an applicant’s most promising traits that relate to the company and the position applied for. Be sure your résumé has white space, and is one page in length. In addition, tailor your cover letter to fit the job you wish to acquire. (For more information regarding résumé and cover letters, see the article, Career Fair Buzz). It is important to constantly update and critique your résumé.

Dig Up the Archives! Chances are you have applied for a handful of jobs with different companies, which is smart: you do not want to ‘put all your eggs in one basket.’ Now it is time to dig up the company archives. You should know basic facts about the companies you applied for, such as when they were founded and recent company news. Also, awareness of each company’s mission and vision is crucial. During an interview, it is likely you will be asked questions regarding the company or why you wish to work for their firm. If you are able to incorporate researched information about the company in your responses, brownie points will be awarded.

professional voicemail that is coherent and states your full name. Also, get rid of ringbacks. Recruiters do not want to be serenaded by Chris Brown’s latest jingle as they wait for you to answer their call.

Bring on the Questions! Whether you have an interview next Tuesday at 9:00 am or you are simply fine tuning your Q&A skills, it is crucial that you are able to formulate answers for various interview questions. Interviewers may ask behavioral questions beginning with the phrase, “Tell me of a time when you demonstrated…” Recall the past and think of times PRAC when you demonstrated fairness, leadership or honesty P RA TICE and recount the story in a professional manner. In PRACCTICE addition, situational interview questions are used to test TICE interviewees on the spot. Typically, an interviewer gives a testing scenario and asks the candidate how they would handle the situation. Begin brainstorming as to avoid the deer-in-the-headlights look when you are asked such questions during your interview.

The Business Career Center Toolbox The Business Career Center (BCC) is full of goodies to help students on the job hunt perfect their interview style.

Interview Cards When preparing for potential interview questions, play solitaire for the interview world. The BBC has decks of cards available for student to pick up displaying a variety of commonly-asked interview questions. Mock Interviews Continue your practice and acquisition of the perfect interview by partaking in

Phone Alert

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Yes, companies will call if you have widely advertised your résumé. Therefore, make sure your voicemail is up-to-par. This is not the time to screen your calls, but rather a time to screen your cell phone in general. Compose a professional voicemail and immediately delete those that read: “Yo yo, this is Joe. Leave a message, and I’ll holla back at ya!!” This is a NO, NO. Be sure to record a

Photo By Bruce Fritz

mock interviews. The BCC offers mock interviews to juniors, seniors and members of the Five-Year Professional Accounting Program. Students must sign up for this service on BuckyNet and are granted one interview per student. Faux interviews are 30 minutes in length, conducted by practicing professionals in the student’s profession of interest. At the interview’s close, students are given feedback for enhancement.

InterviewStream InterviewStream is another opportunity for improvement offered by the BCC to students year round. In order to utilize this system, students must find a PCbased computer that has an internet connection, a microphone and a webcam. If all ingredients are not present for home use, students can utilize the isolated interactive kiosk in the BCC. After accessing the InterviewStream program, students select the questions they would like to be asked. After the virtual interview is conducted, students then upload the interview online where they can access the recording of their interview and share it with family, friends and their advisor. After the virtual interview has taken place, students should make an appointment with their advisor for an interview critique. InterviewStream is a helpful tool because it asks questions similar to those asked in actual interviews. Also, feedback is provided regarding both non-verbal and verbal errors made on behalf of the interviewee.

induce you to feel pressed for time. Your goal is to arrive 10 minutes before the interview, demonstrating your punctuality. Most importantly, do not fall victim to the first impression error. First impressions go a long way in the business world. Make sure you demonstrate good posture, make eye contact, offer the interviewer a firm handshake and do not fidget during the interview. Also, do not forget a that sincere smile goes a long way. During your interview, utilize control statements demonstrating what you can do for the company. Control statements portray a time when you took action. An example of a control statement is: “I have great leadership and organizational skills to offer your company. At my last job I was responsible for implementing their new wellness program. My organized, good work ethic would be a great addition to your firm as I tackle new projects.” Ask what you can do for your company, not what your company can do for you. When answering various questions, be brief and concise. Also, be interactive. Ask the interviewer questions such as: “What is a typical day on the job like?” Most importantly, do not reference salary or job benefits during the interview, as those are fine details discussed upon hire. Upon the interview’s conclusion, shake the interviewer’s hand and thank him/ her for their time.

Two Birds, One Stone If you have submitted an application or accepted an interview, it is important to prepare yourself for what lies ahead. It is crucial you think about what points you want to convey to the interviewer. Brainstorm different ways in which you could implement your past experiences into different interview questions. It is time to kill two birds with one stone. It is important that you look at the specific KSAO’s (Knowledge, Skills, Abilities, and Other) of the job for which you are applying. The KSAO’s are found in the job description and they outline the traits the position requires. For instance, if the job you are applying for requires a candidate that is organized and possesses leadership skills, emphasize these traits in your answers. If you are asked a behavioral question that requires you to recount a time when you demonstrated a trait, reference a time that required you to use leadership. After diligent preparation, you will be ready for any interview circumstance that may come your way. If you have no intention of getting a job in the next six months, keep your skills sharp and continually update your résumé. Being prepared will serve you well as you battle a hectic life that may not leave room for interview T preparation in the future when you actually need FIRS R U O it. If all goes according to plan and you land ION EY MAK PRESS . the interview, you will be prepared for a successful M K I interviewer-interviewee interaction. STIC

Drum Roll Please!… Day of the Interview On the day of the blessed event, remain composed. You have practiced, critiqued and practiced some more. You may feel like a wreck on the inside as nerves and tension mount – try not to show this outwardly. Avoid burning the midnight oil the night prior to your interview and, in the morning upon rising and shining, be sure to dress conservatively with neutrals or blacks. The culture of the company will help you figure out if a business suit is necessary, or if slick trousers and a classic, pressed top are appropriate. It is important to eat a substantial breakfast and leave the house in a timely manner that will not

Picture Taken By Bruce Fritz

POST-INTERVIEW: How to make an impression after you leave the office Do not become an ‘out of sight, out of mind’ victim. Remember Hallmark says it best. Be sure to write a thank-you note to the employer in a timely fashion, typically one to two days after the interview was conducted. It is important that you never burn a bridge. If you were offered a position with a company and are unable to accept, decline their offer in a timely manner to give other potential candidates the opportunity to accept. Also, writing a positive rejection letter is a way to maintain a good employer-employee image. Your path may one day lead you back to the company you once interviewed with, making it necessary that you maintain a positive, respectable reputation with them. If you are offered a company position and you wish to accept, be sure to write a formal letter of acceptance for the company’s legal and filing purposes. The formal letter records your start date among other fine details. A general rule of thumb is to accept a position in a way that is equivalent to how it was offered to you. You are ready! Now that you have reviewed how to tactfully approach each step of the interview process, you can better prepare for those that lie ahead. Whatever the circumstance, a polished résumé, a firm handshake, wellanswered questions and respectable acceptance or rejection of a position will serve you well on your journey to be the best you can be.

CONTACT US AT [email protected]

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! a e HELP! d I r e e r a C a d I Nee If you’re anything like I am, finding an internship or entry-level job can be a daunting task. Which companies should I look at? Where can I develop meaningful skills and opportunities for full-time employment? Where do I even start? If you find yourself nodding in agreement, let me highlight one company that you may want to take a look at – CUNA Mutual Group.

by: Jake Martin

CUNA Mutual Atrium

What is CUNA Mutual Group? CUNA Mutual Group was founded in 1935 by pioneers of the credit union movement. Credit unions evolved out of a desire to provide members (rather than shareholders in a traditional bank) with lower loan costs and more benefits. CUNA Mutual’s purpose is to provide products and services to credit unions to ensure that they succeed. They provide Insurance and Protection, Business Services, and Asset Management for credit unions worldwide. As an employee, you have the opportunity to work around the globe or stay right here in Madison without ever being a part of a different company. The world headquarters are in Madison, Wisconsin, where the company houses over 2,000 employees. Other locations include Waverly, IA; Fort Worth, TX; as well as several international locations in Australia, Canada, Great Britain, Ireland, the Caribbean region, and Puerto Rico.

Why CUNA Mutual Group? Perhaps the most important reason to work at CUNA Mutual is that they provide real work experience. Forget fetching coffee or making copies, interns are involved in work that directly affects the company’s bottom line. Kori Keporos, an intern in the Claims Department, described her work to me, “I work directly with forgery claims and fraudulent deposits. I call credit unions, speak to them about their claims, and decide how much CUNA Mutual will reimburse.” Sara McKinley, an intern in the External Reporting Department said, “I am currently helping to update financial reports for next year as well as helping with internal control testing.” Interns are not only given a lot of responsibility, but also are given a lot of support. Melanie Patterson, a hiring manager at CUNA Mutual, commented that “Most managers have weekly meetings with their intern(s) at a minimum. Some managers meet with their intern(s) daily.” Furthermore, managers are typically only responsible for one or two interns, so interns are able to develop a very close relationship with their managers. Ms. Patterson encourages her interns to come to see her whenever they need help. An additional attraction for UW-Madison students is the proximity to campus. “The best part about CUNA Mutual is that it is right in Madison. I was able to stay in my apartment over the summer, work-out at the SERF, and was only a bus-ride away from work,” said Mark Buchholtz, an Actuary Intern. This can

also pay big dividends during the school year. While some internships conclude at the end of summer, CUNA Mutual often encourages its interns to stay on parttime during the school year. So, while your friends’ experiences ended after 12 weeks, your experience can continue for an entire year or more. Yet another benefit is that UW-Madison is one of a handful of schools at which CUNA Mutual focuses its recruitment efforts. So, as a UW-Madison student, you are a prime candidate for CUNA Mutual’s Summer Internship Program, Leadership Development Programs, and entry-level positions. “Completing an internship with CUNA Mutual gives you a significant leg up on other prospective job candidates at CUNA Mutual,” according to Jaime Logsdon, Director of Internal Audits and Liaison for the Summer Internship Program. Real work experience and proximity to campus, what else would an intern want? How about lunch breaks with company executives – even the CEO, an exquisite cafeteria and coffee shop complete with Starbucks coffee, a workout center right on site, and company picnics? Additionally, all of the buildings are connected by a network of underground tunnels which allow employees to move throughout the entire campus and the underground parking garage without stepping outside. This can be very attractive, especially during the harsh winter months in Madison. Furthermore, there are currently 37 interns at CUNA Mutual, 14 of whom hail from UW-Madison, so you won’t be alone as you get to know the company.

LIFE Site

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What the Interns are Saying

Things to Consider

A common theme among many of the interns that I spoke to was that CUNA Mutual was a great company to work for. Here are just a few highlights of what the interns are saying about the company.

If CUNA Mutual sounds like a company for you, there are a few things that you may want to consider. Prepare your resume and find CUNA Mutual at the Fall Career Forum September 23rd. Make sure that you check out the company website, www.cunamutual.com, and bring a lot of questions. There is also a video put together by interns for students interested in CUNA Mutual. It depicts a day in the life of a CUNA Mutual Intern and describes all of the benefits of working for the company. The video should be available on YouTube and Facebook soon and will also be distributed at the CUNA Mutual Career Forum table on free USB keys.

“I’m really happy with my internship. I came in with very little experience and CUNA Mutual has taught me everything I need to know.” -- Sara McKinley, External Reporting Department Intern “Everyone here is really accessible. The interns have a chance to talk to top financial executives during coffee breaks and most people have an open door policy.” -- Mark Buchholtz, Actuary Department Intern “I really like the LIFE Site. They have brand new equipment, I can workout during my lunch hour, and they have free personal trainers who are helping me train for the Chicago half-marathon.” -- Kori Keporos, Claims Department Intern. The Life Site is free for all employees and includes locker rooms, basketball courts, a track, weight lifting equipment, as well as classes for yoga and aerobics.

Also, several interns mentioned that it would have been helpful to be more proficient with Microsoft Excel and Access. Consider taking the free software classes offered by DoIT to brush-up on your skills. Finally, a background in insurance never hurts. Give some thought to taking Risk Management and Insurance 300 at a minimum. The bottom line is that CUNA Mutual provides an internship that will give you meaningful skills and experience. You will be surrounded by other interns, supportive staff, and an exciting environment. If you’re trying to find a great internship that could lead to a full-time position after you graduate, make sure that CUNA Mutual is on your list.

Your Career Grows Here

Whether starting new, or starting fresh, we have a career opportunity for you. We’re looking for smart, self-motivated students and recent graduates who are excited about applying their classroom knowledge in a dynamic environment. Take your first step to an exciting career with us!

Summer Internship Program

Check Us Out! On Facebook

CUNA Mutual Group Page Become a Fan!

Fall Career Forum September 23, 2008 Kohl Center

Hands on experience can set you apart in a competitive job market. Our program exposes you to a wide variety of assignments and challenges and helps you build social and professional networks.

Leadership Development Program

Our structured rotational programs help you develop the skills you need for real-world success in Finance, Human Resources, and Information Technology.

Entry-Level Opportunities

We offer positions capable of demanding, and bringing out, your very best. Actuarial Communications Finance/Accounting Human Resource

Information Technology Insurance Marketing Sales

www.cunamutual.jobs CONTACT US AT [email protected]

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t h g i l t o p S f f a t S dean michael knetter by: Jake Martin

during his time under either president. It is actually something that occurred here at the Wisconsin School of Business in October 2007. “The $85 Million Naming Gift is the greatest thing that I’ve worked on,” Dean Knetter told me. This gift was really significant because a group of private donors came together in an unprecedented move to not rename the Wisconsin School of Business for 20 years. I began to envision Dean Knetter sitting around a round table with a group of donors in a King Arthur-esque fashion – jointly coming to an agreement about how best to protect the School of Business. Contrary to my abstraction, the Naming Gift was a long process that occurred over two years, rather than one momentous event. Its success rested on the determination of Dean Knetter to pursue individual meetings with each donor.

“My biggest motivation is to benefit the students in the long run”

“The $85 Million Naming Gift is the greatest thing that I’ve worked on” Photo By Bob Rashid

Cotton mouth, clammy hands, and jitters – the all too familiar subtle signs of nervousness. I was experiencing the tri-fecta as I waited to meet the Wisconsin School of Business’s head man – Dean Michael Knetter. There is something about a title that has secretly made me believe a fundamental change has occurred between being a professor and being a “Dean.” I liken it back to when my congressman came to my elementary school and shook everyone’s hand. I remember making a pact with my friends never to wash that hand again because we had, in some small way, just touched someone famous, a demi-god if you will. While I have long since abandoned this silly, unhygienic practice, I did still feel that same anticipation that comes from meeting someone who really has the power to change things. In stark contrast to my preconceived notions about the Dean, the characteristic that struck me immediately and resonated throughout my interview was his relaxed speaking style and humbleness about his past. Perhaps he derived his demeanor from his humble beginnings in Rhinelander, WI. Dean Knetter’s father dropped out of high school and entered the workforce as a result of the pressures of the Great Depression. After high school, Dean Knetter experienced an explosive rise through the ranks of prestigious institutions. He completed his bachelors at UW-Eau Claire, Ph.D. at Stanford and then accepted a faculty job at Dartmouth. At Dartmouth, Dean Knetter took a leave of absence to work as a staff economist under President George H.W. Bush and later President Bill Clinton. The reality of this situation sunk in quickly for me. If I shook the hand of Dean Knetter, and he has shaken the hands of two presidents, then by the transitive property I would have… hmmm… perhaps it is time to bring back my elementary school tradition.

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After working for two presidents, I wondered what Dean Knetter considered his greatest achievement. Interestingly, the event that he named did not occur

Now with his greatest success to date behind him, I wondered what was next for Dean Knetter. “My next big goal is to grow the tradition of giving. If our alumni would give at the same rate that elite private school alumni donate, it would have as big an impact, if not bigger impact in the long run, as the Naming Gift.” The unfortunate truth about public universities is state funding is shrinking. In order to serve a large number of students, as the UW has traditionally done, it is becoming more and more necessary to pursue a private financing strategy. The Wisconsin School of Business has not faced some of the same pain as other schools on campus, largely thanks to big donors, but its future is by no means secure. Dean Knetter hopes he can take his experiences at the top private universities of Stanford and Dartmouth and transform the way alumni give back to the UW.

“My next big goal is to grow the tradition of giving” By the end of the interview, my perception of the Dean had changed somewhat. While he does not have special powers such as foreseeing the future like some demi-gods might be able to, he does do everything in his power to anticipate it. His efforts show he is taking the Wisconsin School of Business in a positive direction, and he encourages students to help him pursue this goal by e-mailing him directly with their ideas. Rest assured, I am still maintaining the recommended hand washing practices, but not because my meeting with the Dean was disappointing in any way. It was quite the contrary. I am confident that with Dean Knetter at the helm, the Wisconsin School of Business has a bright future and I genuinely believe him when he says: “My biggest motivation is to benefit the students in the long run.”

Queries Theories

‘n’

by: Andrea Webb

A section designed for you! Instead of reading what your authors think is important, you have the opportunity to read what you want to hear. Do you have a question about the Wisconsin School of Business, classes, involvement, campus life, the “real world”, etc? If so, please email your “queries” to [email protected] and our staff will apply their “theories” about your questions.

Q

How can I look at my DARS report?

Q

What has changed in the Wisconsin School of Business this year?

Your DARS (Degree Audit Reporting System) is a report that shows your progress toward graduation. It outlines the courses that you have completed, are currently taking, and still need for graduation. You can use your DARS report with your academic advisor to plan your future coursework. You can print your own DARS report by going to MyUW. Enter in your Student Center and find the link on the left hand side that says My Academics. There is a list of resources on the left hand side; find DARS and click on View My Report. Select your intended major and click Select Plan. At the bottom of the page click Submit Audit and the page will reload. Then click View Audits. You can choose to View/Print your audit, or email it to yourself.

Q

Are there new faculty in the business school this year? Yes. The new professors you will be seeing around the business school are: Xia Chen – Assistant Accounting Professor Quiang Cheng – Associate Accounting Professor Amber Epp – Assistant Marketing Professor Bjorn Eraker – Associate Finance Professor Robin Tanner – Assistant Marketing Professor Mary Carmen Triana – Assistant MHR Professor William Weld – Assistant Finance Professor Youchang Wu – Assistant Finance Professor

Q

What are the application requirements for students entering the Wisconsin School of Business? The Wisconsin School of Business has now changed the application requirements. The new requirements apply only to those students entering college in Summer 2008 or later. Students who enrolled before Summer 2008 will still be required to meet all of the previous application requirements. The new requirements for applying to the business school are: 1. You must complete the following courses. Communications Part A Economics 101 or 111 Psychology 202 or 281 Math 211, 217 or 221 2. You must have taken at least 24 credits at UW-Madison before applying to the business school. Previously, most students entered the business school as juniors, but this new system allows for sophomores to enter the Wisconsin School of Business. The course requirements that all current Wisconsin School of Business students had to complete before applying are now required before graduation.

With the new addition now open, many offices within the business school have been moved or changed. Here is list of the locations and some of the changes made to various offices. Undergraduate Academic Services – This office is now found in 3150 Grainger. The advising office used to be located in room 2020 near the library. The services that UAS provides are the same and this is where you can meet with your business advisor. Business Learning Center – The BLC is still located in room 2240 Grainger. Check out this office if you would like help with your studies. This office offers supplemental classes to quantitatively-based business classes such as accounting, finance, statistics, economics, and finite math. Accenture Leadership Center – The ALC is now located in 2020 Grainger (the old UAS office). The ALC moved from its previous location in room 2261. This office will now serve many purposes as Accenture Leadership Center, the Economic Career Services Office, the Office of Admissions, and the UBLC (Undergraduate Business Leadership Council) Office. New faces will also roam this domain. Albert Muniz is taking on the new position as Director of Undergraduate Recruitment and Admissions. Business Career Center – The BCC is still located on the 3rd floor in room 3290 Grainger. This office is now expanded and has new break-out rooms to be used for meetings and interviews. Career advisor, Kelly Cuene, is also new to the Wisconsin School of Business staff. Kelly will be advising students interested in careers in accounting, information systems, real estate, and risk management and insurance. Check out the BCC for career advising, interviewing tips, resume advice, etc. - the BCC is the place to go for all of your employment needs. Study Abroad Office – The study abroad office has moved to 3150 Grainger. This office can help both business and non-business majors find an international destination. Copy Center – The business copy center is located in 1220 Grainger. Here you can find course packets and other useful resources for your business classes. Mail Room – The mail room has now moved into its permanent location in room 1263 Grainger. This is the place where you can send a fax, or look for lost & found items.

Q

How many students were admitted for Fall 2008? For fall 2008 the Wisconsin School of Business had 738 students apply - one of the highest applicant pools within the past few years. Of those 738 students, there were 436 students accepted into the school.

CONTACT US AT [email protected]

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Z

UZ B R I A F AR EE R

C

by: Kimm VanDen Heuvel

As a new school year gets underway, career fairs teeming with recruiters will be all the buzz for the next few months. Career fairs are an optimal way for companies to reach out to UW students to find the perfect candidate to join their team. Therefore, students must prepare themselves for upcoming recruiting events to get their foot in the door and leave a lasting impression of not only themselves, but also UW-Madison.

The PB & J of Pursuing your Future Cover letters and résumés are like peanut butter and jelly: you cannot have one without the other, and because they are a staple, you always should have them on hand. Cover letters and résumés must be flawless and concise. They should highlight your potential and aspirations.

Résumés A résumé is worth its weight in gold. If you are traveling to a career fair, you must prepare a general résumé that can be distributed to a variety of recruiters. Below are some key guidelines for composing your general résumé: One page in length. Résumés range from one to two pages in length. As a college student or recent graduate, one page will do because workforce experience is minimal. White space. White space is a good thing and allows the recruiter to concentrate on the contents of your résumé. The 30-second test. Companies receive résumés in a variety of ways from many eager candidates. Many companies have online databases that allow job seekers worldwide to upload their résumé with the mere click of a mouse. Therefore, make sure a recruiter can easily read over your résumé from top to bottom in 30 seconds or less. At career fairs, recruiters are bombarded with résumés, making it critical you create a concise document that allows you to convey your brilliance in a 30-second eye scan. Tailored for the situation. As a rule, always tailor your résumé to the company you are applying to. However, for the sake of distributing to a plethora of career-fair recruiters, keep it general. If after the career fair companies express interest in what you have presented to them, create a résumé more specified to the company’s job needs.

Familiarize yourself with the position’s KSAOs (Knowledge, Skills, Abilities, and Other). Position descriptions highlight specific KSAOs the company is looking for in their next hire. By incorporating these skills into your résumé, recruiters can easily envision you fulfilling the company’s needs. When elaborating on previous job experience, select points that are most relevant to the job you are applying for. Purpose Statements. In most cases, modify these for each job applied for. For your career fair résumé, however, create a purpose statement that can apply to a broad range of recruiting companies.

How to convert a Microsoft Word document to pdf: 1. Visit www.dopdf.com in order to download your free pdf converter. 2. Once installed you can convert your document by selecting the ‘Print’ command in Word. Select the printer: dopdf, and VOILA! 3. Save the pdf version. Note: Mac computers already come with a pdf converter, so no need to download one. Fresh eyes. Have at least two people proofread your résumé, including professors, friends or family members. Grammatical errors may be the deal breaker, and proofreaders will be sensitive to the errors you do not spot. Your best foot forward. If you do not have a great GPA, do not include it in your résumé. Also, if you previously had a job for a couple months and quit, it may not be relevant to the résumé you are creating. Employers will inquire about this information if they need it. Action verbs. Use them. Action verbs include words such as: initiated, oversaw, approved, launched, arranged, trained, etc. The list is endless, but these verbs demonstrate an applicant’s takecharge nature and tangible accomplishments. A pdf for good measure. Résumés can be submitted in person, via email or via snail mail. The amount of résumés submitted online has increased due to Web sites such as monster.com. In fact, many organizations prefer candidates upload electronic versions of their résumés onto career or company Web sites. Therefore, once you have finalized a résumé for submission, convert it to a pdf file. This way, varying computers or programs will not change the layout or font of your résumé.

Cover Letters

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Photo By Lois Flad

Always write a cover letter when applying for a job. A cover letter is another chance for you to sell yourself as the next hire, based on your accomplishments and qualities. Cover letters should not be brought to the career fair, however, as you will be meeting with a wide variety of employers. If offered an interview for

an internship or position, then a cover letter should be drafted and submitted. Cover letters should possess the qualities below. Tailored. Just like your résumé, tailor your cover letter to the job applied for. Address. Be sure to address your cover letter to a specific individual within the company. This is typically the person in charge of recruitment or the person you have been conversing with in regards to the position. Bullet points. One should never underestimate the power of bullet points. They are a great way to summarize.

Don’t underestimate the value of the career fair as it could ultimately be the medium connecting you and a resume-worthy internship or a stepping stone to that fabulous career. Putting it all together Finally, here are some crucial points that apply to both your résumé and cover letter. When in doubt, leave it out. Be honest. MYTH: The spell check tool is error free. Reread your document in search of errors. Have friends, professors or BCC staff members look over your résumé and cover letter. When printing, use high-quality paper. You can purchase paper specifically formulated for résumés and cover letters. If you do not have access to a high-quality printer, find the nearest Kinkos.

Career Fair

Checklist

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cards. T he BCC al lows adm and certi itted bus fi cate stu iness cards pe dents to r semeste print 50 r. business These ar they port e great fo ray profe r career ssionalis fair use m. students

as  Res earch. R esearch the com attendanc panies th e at the at will be career fa in regarding ir. Know your com some bas pa ic facts ni es of intere facts yo s u have fo t. Then, und into incorpora conversat your rec te ion such ruiter-stu as dent “I have gr due to yo eat intere ur recen st in you t succes r company s with…”  Dre ss conser vatively. Choose and does an outfit not induc that is pr e negative ofessiona with a pa attention. l dfolio th Accesso at holds rize yours your res elf ume and  You business r little bl cards. ack caree r fair refe books ar re nce book. e not exc lusive to Little blac have com the dating k e of age world. I in the caree n fact, th travel th r world as ey rough th well. As e career you cards fro fair, you will coll m variou ect busin s recruit the caree ers. Ho ess r fair prem wever, af ter you le ises, do cards to ave not use throw aw the collec ay old ch ted busin when and ewing gu ess where yo m . Instead, u met th write characte e recruit ristic on er al o ng with a the back way, you defining of each open a do business or for yo card. In a recruit u this rself. I er in rega f you ne rds to po ed to co can cite tential jo ntact specifics b opport unities, yo that may Even if th joggle th u e recruit e recruit er canno er’s mem impressed t recall w o ry. by your ho you ar take char e, they w ge nature ill be and sharp memory.

You are ready. You have a crisp résumé, freshly printed business cards and a keen sense of what recruiters are looking for in their next hire. Now it is time to venture to the Kohl Center and implement the WOW factor. Be confident and the rest will take care of itself.

Photo By Lois Flad

17 CONTACT US AT [email protected]

The Best Excuse to G lf: Business by: Jake Fowler

It is generally not recommended to mix business with pleasure. If golf is the pleasure we’re talking about however, throw that saying straight out the window. Thousands of business deals are conducted on the golf course ever year and even business pioneers like Donald Trump and Bill Gates are not immune to the addictive pull of the game. But doing business on the course is a delicate art, an art not to be taken for granted if businessmen and women want to get more out of their rounds than just a few double-bogeys and a T-shirt tan. The first rule to doing business on the golf course is to never talk about business while on the golf course. Ken Rovak, GM of Good Karma Broadcasting, and Todd Bramson, Senior Associate at Northstar Financial Group, both agree it is always better to just enjoy golfing with clients and save the business talk for a separate meeting. “Golf is a great icebreaker,” Rovak said. It is 3-4 hours of hanging out where we can delve into topics like family, work and sports.” Bramson also sees golf as an invaluable opportunity to get to know his clients better. “[Golf] gives you 4-5 hours with people, [which is] very valuable in today’s busy world,” Bramson said.  “How you conduct yourself on the golf course is reflective as to how you conduct yourself in life.  You can learn a lot from someone by how they handle themselves on the course.” Because no actual business is discussed on the course, there is added pressure for business people to be likable and impress their clients in order to facilitate future business deals. Some will often go to extreme lengths to do this. Martin DeZell, caddy at Erin Hills Golf Course in Erin, Wisconsin, has overheard business people offer clients golf trips to Augusta National or lavish golf weekends in Kohler, Wisconsin as business deals progress. Rovak and Bramson prefer relaxed conversation to this high-roller schmoozing approach, but it does occur nonetheless.

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One such example comes from Zach Fowler, also a

caddy at Erin Hills Golf Course. He was caddying one day last summer for two businessmen, one from Kentucky and one from St. Louis. The two had obviously hit it off early in the round and by the fifteenth hole were throwing money around like Lil’ Wayne at a night club, trying to impress each other. On the fifteenth tee, the two men offered Fowler a proposal. If he could carry both of their golf bags on his shoulders without letting them touch the ground for the last four holes, the men would give him $300. Fowler agreed and the chaos began immediately. The businessmen tested his balance and agility by dropping their clubs on the ground after every shot (making Fowler kick them back up to himself) and bouncing their balls back to him at lightning speeds after holing out on each green. The hilarity continued on the final hole when after hitting his tee shot, the man from Kentucky whipped his driver 20 yards into long, gnarly fescue grass. The man from St. Louis then threw his club into a Sahara-desert sized sand trap so Fowler had to painstakingly rake the bunker with the golf bags now feeling like two elephants on his aching shoulders. Not only was Fowler exhausted at the end of this ordeal, he was also amazed at the lengths these two men went to make a favorable impression. “It was almost like a game of oneupmanship all day long,” Fowler said. “It was as if each guy wanted to show the other that price was no issue for them.” Fowler doesn’t know how it worked out for the businessmen, but it worked out ok for him, the men paid him $350. While some people impress clients with their social skills and others with their money, the one thing not necessary to impress clients is golfing skill or experience. Rovak admits he is no Tiger woods but still does just fine business wise. One organization dedicated to introducing people to golf in order to enhance career opportunities is The Executive Women’s Golf Association. The Madison chapter offers lessons for women to learn the game and provides leadership and networking opportunities as well. President of the Madison chapter Anita Mahamed knows how beneficial

golf course networking is and wants all women to have this option to do business. “By learning to golf, professionals and business owners can open themselves up to even more opportunities to meet a new referral source,” Mahamed said. “Plus, golf is a nice alternative to an office meeting during the beautiful summer months!” Golf can be a great advocate of business, but it is not a foolproof way to become a billionaire overnight. Being patient, having fun and building comfortable relationships with clients may not yield business results instantly, but can lead to more meaningful long-term relationships that benefit business down the road. Rovak cautions not to bring up business at inopportune times or become too competitive. These are automatic deal breakers. Rovak understands how to do business on the links and takes clients golfing once or twice a week during the summer months, but admits not all these outings are successful. “I fail all the time,” Rovak said. “But it’s better to not succeed and have fun playing golf.” Not a bad consolation prize.

A Word from o ur Partner: Ge neral Mills on Interviews , the Career F air, and Job S uccess “At General Mills, we know how important is to have great leaders to manage and uphold the legacy of our brand portfolio for years to come. The University of WisconsinMadison attracts the best and brightest leaders who are up for this challenge.” Jeff Rotsch, General Mills - EVP Worldwide Sales and Channel Development Wisconsin Alumnus Summer is gone, classes are here, and soon you’ll be interviewing again! It all goes so fast – you are still trying to remember in which room that new class is, and suddenly you realize that companies are coming to campus looking for great talent. It’s time to get ready for the job interviews! General Mills is kicking-off another year of recruiting at Wisconsin, and it seems appropriate to use this space to continue to partner with the University and the Wisconsin School of Business by providing some tips for the upcoming recruiting season. Why does General Mills wants to help you ace your interview? Because they want great talent! The company behind great brands such as Cheerios, Yoplait yogurt, Betty Crocker, Nature Valley granola bars, Lucky Charms, Totino’s, Progresso soups, among many others, knows first-hand that great brands start with the people that make them great. General Mills’ portfolio of over $13 billion includes leading U.S. icon brands that are made better each day by people that were in school not long ago – people in all areas, from Finance to Sales, from IS to Promotion Marketing. Each employee at General Mills has a chance to leave a great legacy, to be the person who created a successful story behind these brands, and to build their careers with a history of accomplishments. The recipe for the success of these brands is that General Mills seeks out the best minds and gives them development, support, and the chance to lead something big. If you’re ready to fulfill your potential, consider sharing your talents with the outstanding people of General Mills. You will work with legendary brands nourish people around the world, and start building your own legacy.

So, how do you show your talent to General Mills or to any other company that you want to impress? Here are some thoughts and suggestions: First, be professional – look and act like someone who is ready to work at that company! That first impression is vital. Pay attention at the career fair, info sessions, and interviews: pace yourself and listen to what is being asked. Make sure you answer the question posed; not what you wish they had asked. And do not forget to have questions for the person who is interviewing you – remember that you’re interviewing them too, trying to decide what job is best for your talents!

What are the key skills that companies look for in candidates? There are many traits that recruiters look for, but they can be summarized into five areas: 1. Leadership and personal initiative 2. Business Sense (an understanding of the critical success factors for businesses – increasing sales, improving profit margins, delivering what the customer wants on time, etc.) 3. Strategic/ Critical Thinking – from setting up strategies to dealing with a challenge, to using critical thinking to solve problems and make quick decisions 4. Analytical Skills - in business you must be proficient in numbers: can you read a spreadsheet of information and extract the key insights from all that data? 5. Innovation/ Creativity – from work to school activities and hobbies, do you have examples of thinking “outside the box” when needed? Second, understand what the recruiters are looking for: they are putting a lot of effort into reading resumes and talking to a lot of students at career fairs and company receptions to identify

CONTACT US AT [email protected]

the candidates that have the best skills, the most relevant experiences, and last but not least, the most passion for the job being offered. It is important to get to know the recruiter and other key decision makers. Top performers are more likely to exhibit these five competencies more often and more completely (five traits are listed in box to the left). Recruiters will try to identify those skills by asking about your past experiences because your past performance is the single best predictor of your future performance. Many companies use behavioral based interview questions. Have examples ready from your résumé that you can speak to during an interview. How should you answer those? Use the SAO Model. S: Situation – what was the situation that lead to an action? A: Action – how did you address the situation? O: Outcome – don’t forget to tell the outcome, preferably in a measurable way—“…and from that action, sales grew 20%” Many companies begin an interview by saying “walk me through your résumé.” The motive behind this question is that recruiters want to see your ability to communicate your personal accomplishments without being prompted – showcase what YOU did and how you accomplished something beyond what was expected. Oh, and don’t forget to be brief! As a rule of thumb, try to highlight the top three things on your résumé that really stand out. If the interviewer could only remember three things about you, what would those things be? One last thought - what should you expect this Fall when companies come to campus? Times are tight and some companies are looking to fill fewer jobs than they did in past years. This means that students need to have their interview skills in top shape to ensure that they stand out in the eyes of the recruiters. Don’t forget to take advantage of mock interviews at the BCC! We hope the tips above will help you land a great job – with General Mills or other great company, thus continuing the history of success of Wisconsin alumni!

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Pre-Employment Exams:

The Next New Hurdle to JUMP in Today’s Business World by: Denise Fesik

You have a great GPA, related work experience, can ace an interview and are on the exec board of a student org. You can definitely find a decent job after graduation right? WRONG! Being a star college performer does not guarantee placement within your company of choice. With the economy declining, sky-high health care costs and the loss of knowledge within many companies due to “baby boomer” retirement, businesses are becoming increasingly cost conscious and doing everything they can to ensure they hire the best employees. Think you are done with exams and quizzes once you graduate?  Think again.  Your ability to take exams like in the good ol’ college days could become pertinent to your present and upcoming successes. To compete in today’s business world, employers have started giving pre-employment examinations to potential job candidates to weed out the unqualified applicants; often times even before starting the interview process.  But not to worry, like any exam in college, you can study for these tests too, and with the proper knowledge you can quickly sail through the process and get back to worrying about what to do with your hands during an interview.

Pre-employment exams are like gardening, as employers weed out candidates that are not qualified for available positions. Human Resources professionals realize many people have mastered the skill of “acing” interviews by telling the interviewer exactly what he or she wants to hear. Unstructured interviews are one of the least reliable and valid predictors of job performance because they are full of human biases. As a way to fix this problem, HR professionals have developed scientifically proven standardized tests to accurately measure a candidate’s knowledge, skills and abilities pertinent to the job. Now, open the books and get crackin’ because today, some of the most important factors determining your success in the job market are scores on various pre-employment exams.

FACT: In as early as 2006, over half of all North American companies were using some form of pre-employment exam. These exams are often given prior to the first interview, and candidates must qualify for an interview by obtaining a certain passing score (passing scores vary depending on occupation). There are several different kinds of pre-employment exams a company might spring on you, some of which can be quite challenging and confusing. Having exposure to these exams before you face one, along with knowing how they are scored, can make a huge difference in your test-taking strategy and ultimately your final score. Below is a description of the two most popular types of exams—cognitive ability exams and personality tests. Specific sample questions and even tips on how you can prepare for the exams are also cited below.

These exams measure a variety of mental abilities such as memory, reasoning, reading comprehension and verbal and mathematical ability. Below is an overview of the Wonderlic Personnel Test, perhaps the most widely used test of general mental ability for selection decisions.

Wonderlic Personnel Test There are 50 questions and you have up to 12 minutes to complete as many as you can. Your score is then calculated by the number of correct answers given at the end of the 12 minutes. Questions range in type from story problems, requiring mathematics or logic solutions, to complex analogies, all of which must be done without using a calculator or any other type of problem-solving device!

Sample Questions: 1. Which whole number in the following group of numbers represents the smallest amount? a. 7 .8 31 .33 2 2. How many of the five pairs of items below are exact duplicates? Nieman, K.M./ Neiman, K.M Thomas, G.K/ Thomas C.K. Hoff, J.P./ Hoff, J.P. Pino, L.R./Pina, L.R. Warner, T.S./ Wanner, T.S. 3. A train travels 20 feet in 1/5 second. At this same speed, how many feet will it travel in three seconds? 4. Three individuals form a partnership and agree to divide the profits equally. X invests $9,000, Y invests $7,000, Z invests $4,000. If the profits are $4,800, how much less does X receive than if the profits were divided in proportion to the amount invested? ∗

5. A boy is 17 years old and his sister is twice as old. When the boy is 23 years old, what will be the age of his sister?

TIPS & ADVICE for Taking Cognitive Ability Exams ∗

Since the exam only scores the number of correct answers given, do not get hung up on any one question. Skip the hard questions and focus on getting as many correct answers as possible.

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Questions increase in difficulty, so try to get as many correct at the beginning of the exam as possible.

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Definitely prepare for this exam! You have worked so hard to get to this point, and you would hate to choke now! Start by reviewing that simple math you learned a decade ago and never thought you would

Cognitive Ability Exams

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Cognitive ability exams are becoming increasingly popular because several studies have shown they are one of the best predictors of job performance.

use again. Several Web sites provide Wonderlic practice exams and flashcards that help you review those concepts you have not thought about since the invention of the graphing calculator (http://www. flashcardsecrets.com/wonderlic/).

Personality Tests Personality tests measure specific traits that correlate to a candidate’s successful performance on the job. They vary from cognitive ability exams in that there are no ‘right’ or ‘wrong’ answers per se—responses are deemed positive or negative depending on the specific position applied for. Many organizations are currently using these tests because studies show they can unveil up to 75 percent of an individual’s personality. These exams are often used to measure person-job fit, work style and decision making style— essentially matching the position’s profile with the person’s profile. The most common personality exams consist of a long list of words or statements where respondents are directed to rate the applicability of each to themselves or the extent to which they agree or disagree with the statement. Some people assume personality tests are easy to fake by simply choosing the answers they think sound the best; however, companies use a variety of methods to outsmart fakers. They plant lie detecting questions in the tests, apply standard deviations to eliminate extreme scorers, and test for consistency across the whole exam. The Myers-Briggs Type Indicator, the DISC Assessment and the Predictive Index are three of the most popular exams of this nature. Personality tests are often used for positions requiring person to person contact, valuing conscientiousness.

Sample Personality Test Questions: Test instructions say to rate the items on how strongly you agree or disagree on a five point scale. 1. It does not make sense to work hard on something if no one will notice. 2. I tend to let others do most of the talking in conversations. 3. I have remained calm in situations where others have become upset. 4. There is always a better way. 5. It is important for me to do things as perfectly as possible.

TIPS & ADVICE for Taking Personality Tests ∗

Become familiar with the types of questions that will be asked.

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Remember, in these tests there are no ‘right’ or ‘wrong’ answers – responding positively or agreeing with the statements will not necessarily be beneficial to your score—it all depends on the job and the qualities that the company is looking for.

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Often times many questions are similar to one another, just worded slightly differently. Try to answer these questions consistently.

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BE HONEST! Most personality exams are assessing your work style and how well you would fit within the job and the company as a whole. If you prefer working in a team environment instead of individually, let it be known. Make sure this is a position you would be happy in as well!

Just like taking regular exams, it is important to remember to relax and take your time preparing for these tests. Because these assessments analyze you as a person, rather than how well you listened in class, being yourself is critical to successful job matching. Take a quick hour, look over the practice questions, fill out a few quizzes and take the whole process or a test-drive. In this competitive employment market, it is better to be safe than sorry, and a little research can be the difference between Arby’s and Epic.

1. .33 2. 1 3. 300 Feet 4. $560 5. 40 Years Old

Answers to Cognitive Ability Test: Pictured: Matt Shapiro.

21 CONTACT US AT [email protected]

e Jak by: tin Mar

TOP 10 WAYS...

You Know You’re

10 9

8

7 6 22

Your professor gives you a high five for coming to class.

You have group study sessions with Jack, Jim, and Jose.

You write more on Facebook than in your notebook.

Your first day of class is also the first day of finals.

You returned the textbook in its original wrapping.

5 4

3 2 1

FAILING

Your professor doesn’t know your name, but it’s okay because you don’t know his either.

After your first midterm, the Wisconsin School of Business offers you a full refund.

Your alarm is not even set before class starts.

You would have been better off just always guessing “C.”

It’s six hours before your test, you are drunk, you have not studied, and you planned it that way.

M

by: Jake Fowler

ADTOWN UNCHIES ~a small business profile~

Madtown Munchies co-founder Jeremy Nehren knew little about business when the company opened in the fall of 2006. He had a degree in history and planned to become a teacher before fate and love stepped in to guide him down the path to small business success. Nehren oversees Madtown Munchies with his girlfriend of nearly three years and 50/50 business partner, Sivan Levaton-Carignan. Levaton-Carignan just graduated from the UW in May and is working with the business for the foreseeable future. Being committed to each other in more than just a business sense is a unique challenge. “It [working together] was definitely harder at first,” Nehren said. “But now it’s probably easier, because if it were to be just my business right now then our relationship would suffer.” “There would be no relationship,” Levaton-Carignan said. What started out as selling ice cream and potato chips out of Nehren’s apartment is now a successful business with hundreds of food and accessory options. Choices include everything from mozzarella sticks to Ben and Jerry’s ice cream to party supplies, which can be delivered to your door in any weather until four in the morning on weekends. Nehren came up with the idea while on vacation in Washington, D.C. “There was a place out in D.C. when I was visiting a friend that you ordered from and I thought it was a really cool idea,” Nehren said. “We ordered ice cream one night. I thought this might be something that would be popular in Madison.” Nehren and Levaton-Carignan have made numerous sacrifices to help the business succeed. “In addition to working things out together,” Levaton-Carignan said. “Realizing we had to be 100% committed to the business and sacrificing our social lives [was challenging]. Even right now we’re there seven nights a week so we can’t really ever do anything.” Levaton-Carignan initially would stay in on the weekends to help Nehren out, but soon realized she was there every night. It became exceedingly difficult to be working until four in the morning and then get up for class. This led to the couple going 50/50 on the business this past summer.

“Like a Booty Call for Food” The company is always looking for ways to enhance its services and closed down for most of this past summer searching for opportunities to improve. New for this school year is the Madtown Munchies PASS, which allows students to buy items in bulk, which saves them considerable amounts of money. Offering healthy food choices and new items like school supplies and used DVD’s are also a priority for this upcoming year. So what advice would two people who originally knew little about business give to young entrepreneurs? “You have to be 100 percent committed to it and understand it’s going to be a lot of work,” Nehren said. But once you start to see some success it’s really gonna pay off and it’s really rewarding. It makes all the hard work worthwhile.” Levaton-Carignan echoed similar sentiments about the sacrifices she and Nehren have made. “You have to be married to your business for awhile. You can’t half-ass it. The business has to come first.” For all the hard work, the journey has definitely been rewarding for the Madtown Munchies couple. Nehren and LevatonCarignan remember walking down State Street last summer and glancing in the window of the Sconnie store staring in disbelief at the Madtown Munchies T-shirt in the window. At the very same time, two random people walked up next to them staring at the same shirt, talking about how much they love Madtown Munchies. Nehren and Levaton-Carignan looked at each other dumbfounded wondering if they should say anything. “It’s pretty cool to see people talking about it and knowing people appreciate the service,” Nehren said. “A year and a half ago we started this in my apartment. It’s turned into something a lot bigger.”

23 CONTACT US AT [email protected]

ENTERTAINMENT Crack the code by figuring out the following quote. Each letter represents a different letter of the alphabet. Figure out the words by the placement or prevalence of letters and punctuation. Each letter only corresponds to one other letter. If M stands for B, B does NOT necessarily stand for M. For example: “HOLPPF LQ WTHNDMHH” would be “SCHOOL OF BUSINESS.” Clue: T = R.

CRYPTATION

“ D K R W E T M I L D W A B D A B U D T Z W L F Z T B LW G T Z M H H W T Z , O Z M TA H W T Z , G W H W T Z M A G N Z I W H Z H W T Z , R W E M T Z M O Z M G Z T. ” P W FA S E D A I R M G M H B

1 5

4

5

1

6

6

2 2 7

8 9

3

7

8

4

10

9

10

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C R O S S W O R D

Answers found on page 30

LOGIC PUZZLE

S U D O K U

You are sitting at your desk with three boxes in front of you. One box contains only pencils, one contains only pens, and the other contains both pens and pencils. Each box is labeled. One says “Pencils”, one says “Pens”, and the other says “Pens and Pencils”. You know that ALL of the boxes are labeled incorrectly. If you can open only one box and take out one writing utensil, how can you label all of the boxes correctly?

© Kevin Stone [www.brainbashers.com]

VERTICAL CLUES:

HORIZONTAL CLUES:

1. A business owned and operated by one person.

1. To join The EU, a country needs to meet the ______ criteria.

2. Father of assembly lines.

2. The man who developed the 5 forces framework for industry analysis.

3. This computer came out in 2008 and was marketed by fitting into a manila envelope.

3. Repayment of loans by installments.

4. Corporate giving.

4. The city of the 2008 Olympic Games.

5. Combination of two companies.

5. The currency of India.

6. ______ Cash: small amounts.

6. Money paid to the owner of a copyright or patent.

7. A Latin phrase meaning: “all other things equal.”

7. A tag line.

8. Balance sheet element.

8. Subsidiary of Google.

9. What is left after deducting all expenses.

9. This country has applied for membership into MERCOSUR.

10. Available in spring 2009 the U.S. Mint will produce a new silver dollar featuring this.

10. Nike’s idea of using square spiked shoes came from this kitchen appliance.

25 CONTACT US AT [email protected]

Finance

by: Peter Olesen

ETFs - a useful diversification tool The Beginning of Diversification Ever since Harry Markowitz, Nobel Prize winning economist from the University of Chicago, published a dissertation called “Portfolio Selection” in the Journal of Finance in 1952, the investment community has credited the importance of diversification and risk management to the long-term success of investing. Now a time-tested strategy, diversification of your investment portfolio mitigates risk while maximizing expected return and finding its place on the “Markowitz Efficient Frontier.” Diversification of your portfolio can take many forms including various financial instruments, such as stocks and bonds, as well as across different sectors of the economy. Globalization has helped investors diversify their portfolios across borders with investments tied to foreign markets. For many years the passive investor, whether due to time constraints or confidence in their own abilities to create a successful diversified portfolio on their own, have relied on the use of mutual funds as their primary financial instrument. Mutual funds allow investors to focus on a certain sector or subset of the economy while handing off the day-to-day management duties to a portfolio manager, for a fee. At the end of 2007, there was over $26 trillion invested in mutual funds worldwide, according to the Investment Company Institute. Mutual funds typically use a common diversified index, such as the S&P 500, as a benchmark for comparison of performance. For the past 20 years, the S&P 500 has seen a cumulative average growth rate (CAGR) of 8.97 percent. When an investor does better than an index fund such as the S&P 500, he/she often refers to this feat as “beating the market.”

S&P 500 Index CAGR 1 Year 3.81%

3 Year 7.08%

5 Year 4.11%

10 Year 6.38%

20 Year 8.97%

k k through December k k Bloomberg k *Data 31, 2007, k k k k k k k k k k With a long term performance history like that of the S&P 500, millions of investors are attracted to the concept of exactly mirroring the index to achieve the same returns. However, the purchase and management of 500 securities for an individual investor would be entirely uneconomical. Fortunately for many investors, a new type of investment tool – Exchange Traded Funds (ETFs) – was introduced to allow individual investors to invest in a basket of securities, but trade these rights like an individual stock.

Entrance of the ETF The first exchange-traded fund (ETF) issued was Standard & Poor’s Depository Receipts (SPDRs) in 1993 by State Street Global Advisors. These ETFs track either the S&P 500 index or any of the nine sectors of the S&P 500 (Energy, Financials, Industrials, etc.) Each ETF seeks to replicate the returns, before fund expenses, of the underlying index. At the end of 2007, there were over 600 registered ETFs traded on national exchanges. ETFs, which started with a mere $464 million in total assets in 1993, have grown to over $608 billion in assets, according to the Investment Company Institute. Since the start of 2008, 60 ETFs have been launched. Until recently, the underlying indexes that were the primary targets of ETFs were broad-based indexes which reflect the performance of broad market segments (i.e. S&P 500, FTSE 100, Dow Jones Industrial Average, etc.) During the past few years, new ETFs have been launched which focus on narrow market segments or industries, such as commodities, gold, oil and solar power/ renewable energy, to name a few. This gives all investors the opportunity to invest in small market segments with a diversified, passive exposure. Another new development within the past year is the launch of leveraged ETFs, which use borrowed money to increase the return of the underlying index. Until the launch of these ETFs, the ability for the common investor to increase their possible returns through leveraging was almost impossible. Now, common investors can both leverage up long – betting the underlying securities will rise in price –or short – betting the underlying securities will fall in price – to get better returns.

26

Why You Should Consider an ETF Just like ETFs, mutual funds can bring a similar diversified exposure to various market segments and replicate similar returns, but there are a few major advantages of ETFs that should not be overlooked. 1. Mutual funds are a basket of securities managed by a portfolio manager. The mutual fund is not required to report the make-up of the underlying securities of the portfolio daily, only the calculation of the Net Asset Value (NAV), which represents the value of one share of the portfolio. As this is only calculated after markets close, new orders to buy or sell shares of mutual funds can only be processed after market hours.

Best ETF Performers - 1 Year Returns Fund Name

Ticker

Category

3 Month Return

6 Month Return

1 Year Return

iPath S&P GSCI Crude Oil

OIL

Natural Resources

39.27%

49.88%

115.91%

Ultrashort Financials Proshares

SKF

Bear Marker Financials

33.28%

57.25%

114.89%

United States Oil USO

Natural Resources

39.70%

50.03%

114.45%

iShares MSCI Brazil Index

EWZ

Latin America

16.74%

11.43%

48.66%

SPDR Gold Shares

GLD

Precious Metals

1.09%

10.84%

42.21%

Ultrashort S&P Bear Market ETFs are traded like an individual stock on SDS 3.64% 23.78% 29.68% 500 S&P 500 national securities exchanges worldwide. As *Source: Yahoo! Finance - prices as of June 30, 2008 with stocks, the ETF share price fluctuates based on the supply and demand for the share. This makes the investment more liquid, as it can be bought or sold immediately Global Growth in Exchange Traded Funds (ETFs) during market hours. Also, the make-up of the underlying securities is reported throughout the day making arbitrage possibilities unlikely.

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3. Mutual funds often have a minimum investment, not allowing investors with less money available to partake. ETFs – which trade like stocks – have no minimum investments, allowing any investor who can afford one share to invest. The only cost of buying a share of an ETF is the charge of a broker, which can be minimal especially with the emergence of discount brokers online, such as TDAmeritrade, &#!" Scottrade, etc. ETFs are in no way an automatic &!!" winning investment, but they do provide great opportunities for individual investors which may not have been available to all before. For example, an initial investment in the first SPDR, which tracks %#!" the S&P 500, on its launch in 1993 would have produced a 197 percent return since. While a similar investment in Microsoft (MSFT) would have returned %!!" over 800 percent since 1993, ETFs can offer a more diversified approach for an investor which strives to provide a less volatile investment in both bull and bear $#!" markets.

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1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

2. A second clear benefit of the ETF is the fee structure. Mutual funds can have management fees, operating cost fees, load fees (applied when you buy in or out of the fund), etc. With average mutual fund fees of about 1.4 percent per year, ETFs have been generally recognized as a much better value with fees as low as 0.09 percent per year.

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Source: Market Technologies, LLC and www.tradertech.com Data Provided by Morgan Stanley and Bloomberg

27 CONTACT US AT [email protected]

A

How to Ace Your Interview by: Rachel Hartjes

A There’s no worse feeling than walking out of an interview and waiting, waiting, waiting for a phone call to tell you if you have got the job (or made it to round two). Chances are, if you are waiting that long, you probably did not get it. Why? Everything went fine, right? You looked good and talked smoothly, but for some reason you just did not cut it. Read on! Maybe you can figure out where you went wrong and see how to set yourself apart next time!

The BAR Method:

First things first…get the little stuff right.

R – Result. What happened because of your actions? What did you accomplish?

Unless you have been living in a cave since getting into the Wisconsin School of Business, you have probably heard over and over again the importance of a strong handshake, appropriate attire and sending a thank you note (or email) after your interview. These things are not only important, but expected at every interview, so make sure you are aware of your actions.

A good way to prepare for behavioral based questions is to think of strong examples prior to your interview. Recall important events and do not be afraid to talk about things you are proud of. It is also okay to pause briefly before a question to think of a relevant example that answers the question appropriately. According to Sarah Barber from the BCC, an interviewer will not remember your short ten-second pause if you provide a good answer. Remain positive and avoid negative wording in your response.

Other easy things you can do:

A – Action. What did you specifically do?

•

Don’t take a seat until it has been offered to you.

The Research Path:

•

Smile every once and a while (not too much though, you don’t want to scare the interviewer!)

Job Description  Company Website  Employer Information Sessions  Vault Reports  The Wall Street Journal  (optional research) Previous Interns and/or UW Alumni  Company Annual Report  SEC Information

•

Say thank you at the end. …and of course, the BCC is always willing to help you!

Going from dud to stud…set yourself apart. One of the biggest problems students have is not giving concrete examples. No matter how many times you say you have good communication skills, no one will remember you if you don’t give a good example to back it up. For a typical behavioral interview (which also tend to be the most common), you will be asked questions that start out like, “Tell me about a time when…” It is extremely important that answers to these questions are given in enough detail to give the interviewer an understanding of what happened, what you did and what happened as a result in order to provide a concrete example. The Business Career Center (BCC) suggests students use the “BAR Method” to answer these questions. No, this does not mean you get to use examples of your crazy nights at the bars. Rather, BAR is an acronym to help you remember what to talk about when answering a behavioral based question. Based on BCC Employer Feedback, employers are looking for:

28

B – Background. What was the situation? Paint a picture of the surrounding events.

•

Motivation/innovation

•

Strong verbal communication skills

•

Strong work ethic

•

Critical thinking skills

And now, a word from our sponsors…what employers want to see (and expect!) Interviewing is easy, right? All you have to do is talk about yourself. WRONG! “Employers tell [the BCC] over and over again students have a lack of knowledge about the company, industry or the position they are interviewing for,” Barber said. “They just aren’t prepared enough.” The question now is what constitutes good preparation. Contrary to what some of us believe, looking at a company’s Web site and knowing the title of the position you are interviewing for is not good enough. When researching a company, you should find out at least the basic information: what the company does, the products/services it provides, the industry, competitors and locations of their headquarters and branch offices. It is also helpful to know the company culture because it can help you understand what they are looking for in a candidate. Still confused? Consider attending the BCC sponsored workshop on how to research a company. Know the job you are interviewing for! If you are applying for a job through the BCC, all positions and job descriptions are posted online. Many employers list the qualities and skills they want right in the job posting. Too often, students do not even know what they are interviewing for, which looks particularly bad in the eyes of an employer.

So, umm, what’s your favorite color? Ask good questions, please!

Questions are important. “Interviewing is a two-way street,” Barber said. “If you have questions about the position or the company, make sure you ask them. Accepting a job, especially a full-time job, is a big commitment and you want to make sure it is an appropriate fit for you.” For students interviewing for internships, you may want to ask questions about the internship program, the history of the program, the available supervision and what types of projects you will be doing. Internships are becoming more important and many of the companies that will hire you as an intern will also offer you a full-time position after you graduate if they liked you. Keep in mind you may be interviewing with your future employer!

BCC-Sponsored Events to help you ace your interview: Researching a Company September 17, 2008 12:20 PM - 1:20 PM, Grainger Hall

A

Ace the Case Interviews Friday, September 19, 2008 12:30 PM - 1:45 PM, Grainger Hall Business Etiquette & Dress for Success Monday, September 22, 2008 4:00 PM - 6:00 PM, Grainger Hall

A

There is nothing more discouraging to an employer than an interviewee who does not care about their company. At least that is what you have told them if you come to an interview with no questions prepared!

Dos and Don’ts for asking questions: Do: •

For a 30-minute interview, prepare at least six questions, but plan on only being able to ask three. After asking two, ask if there is enough time for another question.

•

Ask specific questions. For example, I researched your company and was wondering more about _____.

•

Feel free to ask interviewers about their experiences with the company. For example, What do you enjoy most about ________?

Don’t: •

Ask general/obvious questions that can easily be answered through research.

•

Ask questions about salaries or benefits.

•

Ask the interviewer how long they have worked for the company. Some may feel uncomfortable, as it can allude to their age.

Everything else is already there… relax and be yourself. Leave your nervous habits at home and bring confidence with you to your interview! Everyone gets nervous and employers understand that, but in the end an interview is their real chance to get to know you. So, it is important you can get rid of the jitters quickly and get down to the business of…ACING YOUR INTERVIEW!

How to Sell Yourself in an Interview Wednesday, September 24, 2008 12:20 PM - 1:20 PM, Grainger Hall Lunch & Learn: Successful Interviewing Wednesday, October 1, 2008 12:30 PM - 1:45 PM, Grainger Hall Bite This: The Art of Interviewing Over Dinner Thursday, October 2, 2008 5:00 PM - 6:30 PM, Grainger Hall (registration required) Do’s & Don’ts of Interviewing Wednesday, October 8, 2008 4:00 PM - 5:00 PM, Grainger Hall Sealing the Deal: Mastering the Site Interview Thursday, October 23, 2008 5:00 PM - 6:00 PM, Grainger Hall Mock Interviews with Employers Monday, September 22 through Friday, October 3

29 CONTACT US AT [email protected]

Update by: Jake Martin

Even though participation was the emphasis of the campaign, rather than the size of the pledge, it is impressive to see that a significant sum of money can be raised when a large number of small donations are pooled together. The success of the Make a Statement Campaign is also significant because business students already pay an additional $1000 per year more than other students at UW-Madison. The fact that business students are willing to make a pledge to their school, despite higher tuition, sends the message that they really care about the future of the Wisconsin School of Business.

Now, the focus turns to the Class of 2009. What kind of statement will they make in response to the momentum begun by the class before them? Megan Williams, a returning Make a Statement committee member, is excited to get started on this year’s campaign. Megan wants to start educating her fellow students right away in the fall.

“I’d like to have a big fall event in the atrium to get the word out that the business school is a great place to be and that it’s worth supporting.” -- Megan Williams The Class of 2009 is poised to make waves where the Class of 2008 made the first ripples. This year the goal is to expand the number of committee members from 11 to as many as 30 undergraduate students. This year’s campaign will also be a two semester effort rather than the one semester in 2008. The aim is to build a stronger community at the undergraduate level and instill a sense of giving back that is present at many other prestigious universities. Once again the campaign will be shooting for a high level of participation, rather than overall monetary value. The Class of 2008 set the bar at 24% participation and according to Kaylene Reilly, “We will be reaching for an even higher goal this year.” If you would like to find out more information about the campaign or would like to get involved, contact Kaylene Reilly at [email protected]. Also watch for e-mails and flyers about the committee early this fall.

CROSSWORD: horizontal... 1. Copenhagen 2. Porter 3. Amortization 4. Beijing 5. Rupee 6. Royalty 7. Slogan 8. YouTube 9. Venezuela 10. Waffle Iron

L

ast Spring, the Undergraduate Business Class of 2008 did something unprecedented in the school’s history. They made a statement to their fellow students and alumni, summed up in the words of Campaign Committee Co-Chair, Christie Cirilli, “Our class really cares about the Wisconsin School of Business and we are willing to put our own money on the line to make sure that it continues to be one of the country’s top schools.” This message was embodied in the form of the Make a Statement Campaign. Eleven undergraduates teamed up to spread the word to their classmates. By the end of the campaign in May of 2008, 24% of the Undergraduate Business Class of 2008 made pledges to the Wisconsin School of Business resulting in just over $11,300, according to Kaylene Reilly, Assistant Director of Alumni Relations and Student Campaign Advisor. Additionally, this sum will be matched by a group of alumni, bringing the Class of 2008’s total contribution to the Wisconsin School of Business to $22,600.

vertical... 1. Proprietorship 2. Ford 3. Air 4. Philanthropy 5. Merger 6. Petty 7. Ceteris Paribus 8. Liabilities 9. Net 10. Braille

LOGIC PUZZLE: Take a writing utensil from the “pens and pencils” box. If it is a pen, then you know that box must be the “pens” box since ALL BOXES ARE LABELED INCORRECTLY! This means, the box labeled “pens” must be “pencils” and the box labeled “pencils” must be “pens and pencils.” CRYPTATION: If your actions inspire others to dream more, learn more, do more and become more, you are a leader” -- John Quincy Adams

ANSWERS TO PAGES 24 AND 25: 30