Student Research Analyst Internships
FEI Research Analyst Interns prepare and analyze databases, program, manage the FEI web site, and perform administrative work for the Institute. In addition, students work with faculty members on a variety of empirically-based research projects. Past student/faculty research has focused on:
- Whether shareholder value is created when boards of directors elect to give their managers the choice of exchanging their old out-of-the-money executive stock options for new at-the-money options.
- Whether CEOs with financial backgrounds over- or under-perform CEOs with more general “leadership” backgrounds.
- To what extent firms actively or passively manage their risk levels to achieve the desired risk profile.
- Whether the firm’s quality of accounting disclosures affects CEO job turnover.
- The impact of university governance structure on endowment performance.
- What determines variations in IPO filing ranges.
FEI Student Research Analyst internships are available during the academic year and in the summer. The application form for internships during the academic year are accepted at the start of each semester and summer internship applications are due in the middle of the spring semester.
RA Internship Application Forms & Due Dates
Summer 2019 Application Form due March 25, 2019
2019-2020 Application Form due TBA, September, 2019
Research Analysts collect and analyze data from corporate annual reports and filings, biographical directories, and major financial databases, including CRSP and Compustat.
Careers in Financial Economics
Soll Center for Student Opportunity
Also referred to as Money Management, Investment Management, or Portfolio Management, the focus of this industry is to increase the value of assets for mutual funds, Hedge Funds, institutional investors, and high net worth clients. Money management professionals are considered to be on the “buy-side” of Wall Street, meaning that their primary role is to buy and hold securities and equities on behalf of their clients. The structure of buy-side firms is usually less rigid and formal than that of sell-side firms such as investment banks, which means there is no one standard way of entering the industry.
The field of investment banking has several segments, including the underwriting of stock and bond offerings, merger and acquisition advisory and other trading and asset management activities. They are considered to be on the “sell-side,” because most of their focus is on finding buyers for their clients’ stocks and bonds. Additionally, investment bankers often provide advisory services for companies considering mergers and acquisitions. In most activities, investment banks charge a percentage fee for their services. The entry-level position for those with undergraduate degrees is most often as analysts, and those coming from MBA programs are associates. Both positions are known for long hours and a high workload.
Commercial Banking / Financial Institution
Historically, the primary focus of a commercial bank is deposit-taking and loan-making. Commercial banks generally accept the deposits of individuals (such as in a savings or checking account) and lend the money to others, in the form of mortgages, business loans, etc. While the commercial bank makes a profit by charging a higher interest rate to its lenders than it gives to depositors, it is also accepting the risk if a lender defaults. According to www.careers-in-finance.com, more people are employed in commercial banking than in any other finance industry.
The field of financial engineering is a relatively new one, having emerged with the rapid technological advances and increased global nature of the economy in recent years. As the name suggests, this area involves the application of engineering, computer science, and mathematical principles to finance issues. Many universities offer advanced degrees in financial engineering, and those proficient in this discipline are finding their skills increasingly in demand. Financial engineering is especially useful for careers in risk management, investment strategy, strategic planning, insurance, and investment banking. There are a number of excellent graduate programs in financial engineering (generally MS programs).
Corporate Financial Management
Professionals working in the area of corporate financial management usually work for individual companies, determining strategies for acquiring capital, planning mergers, acquisitions and managing other major financial decisions for the company. Generally, jobs in this area dark-h2 on administering the company’s financial resources in accordance with the organization’s long-term goals, rather than having a strong focus on short-term returns. While many jobs in this area require accounting experience, strong analytical skills are also vital for success.
The consulting business provides an array of career options for those interested in applying problem solving-skills to a variety of managerial issues and related applications, including information technology, auditing and accounting, litigation, risk management, mergers, restructuring, compensation strategy, pricing strategy, etc. The consulting industry provides opportunities in many industries and geographic areas and is increasingly important in developing economies. Large consulting firms hire top students from leading undergraduate programs as analysts. These analyst programs generally last three years.
Private Equity / Venture Capital
Private Equity involves the provision of equity finance (venture capital) primarily to high-growth, start-up businesses. Private Equity specialists structure tailor-made financing packages that meet the needs of investee companies. Private Equity firms work with a wide variety of businesses and may also provide managerial and consulting services to clients. Jobs in these areas generally require broad-based experience.
Financial Economics Sequence
The Financial Economics Sequence (FES) is part of the Robert Day School of Economics and Finance. The curriculum of the Sequence is designed for students interested in pursuing careers in the financial sector and/or graduate education in economics, finance, and related fields.
FEI Tutoring Program
Current tutoring opportunities include:
Yutao (James) Jiang ’19, email@example.com By appointment: Mondays 6:00pm–8:00pm, Saturdays and Sundays 1:00pm–5:00pm
- Capital IQ
Yutao (James) Jiang '19, Yjiang19@cmc.edu By appointment: Mondays 6:00pm-8:00pm, Saturdays and Sunday 1:00pm–5:00pm
Yutao (James) Jiang '19, Yjiang@cmc.edu By appointment: Mondays 6:00pm–8:00pm, Thursdays 7:00pm–10:00pm, and Saturdays and Sundays 1:00pm-5:00pm
Alexander McKenna ’20, AMcKenna20@cmc.edu By appointment
CMC Student Investment Fund
The Claremont McKenna College Student Investment Fund (CMC SIF) was founded in 1974 when an alumnus of the college donated approximately $500 in securities. His intention was to give qualified students an opportunity to learn the basics of investment management using a “trial by fire” approach while creating value for the college’s endowment. The fund has grown substantially since its inception and the CMC SIF now manages approximately $2,100,000 of the Claremont McKenna College endowment.
The CMC SIF aims to earn risk-adjusted excess returns above our benchmark index while providing students with the opportunity to learn about investing in a pre-professional setting. Our main goal is to prepare all students for successful careers in investment related fields, and our senior management bears the responsibility of actively promoting the career development of junior members.
Annual New York City Networking Trip
Each year, FEI and the Robert Day Scholars Program sponsors a trip to New York during the final week of the winter break. Nine juniors and nine sophomores travel to New York to visit firms representative of different sectors of the financial industry, connect with industry professionals and CMC alumni.
On-Campus Networking Opportunities
FEI students have numerous opportunities to meet financial industry professionals through at FEI Events, as Research Analysts, and through the BMGI Asset Management Fellowship.
BMGI Fellowship Program
The BMGI/Michael Larson Asset Management Fellowship Program offers financial support and research experience for juniors and seniors at Claremont McKenna College who are interested in careers involving asset management and investment management.
The BMGI Application for the Fall 2019 Fellowship Program is available here.
John Everett '19 John Everett is a senior at CMC from Dallas, Texas, majoring in Economics and Government with a Financial Economics Sequence. On campus, John is involved on the Varsity Swim Team, swimming butterfly and individual medley events, as well as the Student Investment Fund. After graduation, John will join Moelis & Company as an investment banking analyst in the firm’s San Francisco office, where he will work on transactions across the technology sector. In John’s free time, he enjoys watching sports and Seinfeld reruns, traveling, and spending time with friends and family.
Roma Forest '19 Roma Forest is a senior at CMC pursuing her Bachelor's in Economics and Master's in Finance through the Robert Day Scholar Program. On campus, Roma is the CEO of the Student Investment Fund and a research analyst for Professor Helland. Last summer, Roma interned at Bank of America Merrill Lynch as an investment banking analyst. In her free time, Roma enjoys finding good boba places and playing piano.
Reeve Grobecker '19 Reeve Grobecker is a senior at CMC majoring in Economics and PPE (Philosophy, Politics and Economics). Originally from Monterey, CA, Reeve decided to come to CMC to play Softball for CMS and receive a prestigious liberal arts education. On campus, Reeve is a captain of the CMS Softball team and a member of both the Claremont Consulting Group and the Claremont Women in Business Club. During her freshman year summer, Reeve worked for the Jimmy Panetta for Congress Campaign. After becoming a Girls Who Invest Scholar, during her sophomore summer, Reeve worked for Charles Schwab Investment Management in San Francisco, CA. Last summer, Reeve worked for Dodge & Cox, a private mutual fund also located in San Francisco, CA. After graduation, Reeve will return to Dodge & Cox as a Fixed Income Research Associate. In her free time, Reeve enjoys playing sports, going to the beach and spending time with her friends and family.
Jia Jian (Blaze) Li '19 Jia Jian (Blaze) Li is a senior from Shanghai, China pursuing a Bachelor's degree in Economics and History. In addition to being a BMGI/Michael Larson Asset Management Fellow and a Robert Day Scholar, he is the President of the Claremont Consulting Group and a Portfolio Manager for CMC's Student Investment Fund. Last summer, he interned in Goldman Sachs' investment banking division in New York City and will be returning there upon graduation. In his free time, he enjoys reading classics, watching sports, and traveling.
Jennifer Mace ’19 Jennifer Mace is a senior at CMC from Boston, Massachusetts, pursuing a Bachelor’s degree in Economics with a Sequence in Financial Economics and Data Science Concentration. In addition to being a BMGI/Michael Larson Asset Management Research Fellow and a Robert Day Scholar, she is the Portfolio Manager of the Consumer Group in the Student Investment Fund, an Executive Board Member of the Claremont Consulting Group, and a co-founder of the Claremont Women in Business. Jennifer has spent her past two summers at Goldman Sachs - her sophomore summer in Private Wealth Management in Boston and last summer in High Yield Credit Research within the Global Investment Research Division in New York City. Jennifer will start at Boston Partners, a fundamental and quantitative equity and alternatives investment management firm, after graduation this summer. In her free time, Jenn loves running, cooking, hiking, photography, and spending time with friends and family.
Alexander McKenna ’20 Alexander McKenna is a junior at CMC majoring in Economics with a sequence in Finance. In addition to being a BMGI/ Michael Larson Asset Management Fellow, he is a consultant for The Claremont Consulting Group, a research analyst at the Financial Economics Institute, and a peer tutor for Econometrics/Accounting. Last summer, he interned in the investment banking division of Stifel Nicolaus, and is an incoming analyst at Moelis & Co. in their technology M&A group. In his free time, he enjoys fly-fishing, fantasy football, and traveling.
Joseph Scheuer '19 Joseph Scheuer originally from Southern California, Joseph is a senior studying economics with a concentration in financial economics at CMC. In addition to being a two-time BMGI/Michael Larson Asset Management Fellow, he is also a Robert Day Scholar. On campus, Joseph is the Fund Manager for Sagehen Capital Investment, a student-run hedge fund based at Pomona College, and is a teaching assistant for econometrics. Joseph has worked in various sectors of finance, including private equity, investment banking, investment management, and alternative investments research. Following graduation, Joseph will be working as an investment banking analyst in financial restructuring and special situations advisory at Miller Buckfire & Co. in New York City.
Tanisha Sheth '20 Tanisha Sheth is a junior from Mumbai, majoring in Mathematics and Economics with a sequence in Financial Economics. In addition to being a BMGI/Michael Larson Asset Management Fellow, she is also President of Kinship, a research analyst at the FEI, and an Economics tutor. Tanisha spent her previous two summers working at Edelweiss Group, a financial services firm, and DSP BlackRock, a mutual fund based in Mumbai. During her junior summer, Tanisha will be interning in the investment banking division of Bank of America Merrill Lynch in Los Angeles. In her free time, she enjoys traveling, watching films and showing off her Taekwondo skills.
Samarth Chawla ’19 Samarth is a junior from Singapore, pursuing a Bachelor's degree in Economics and Engineering with a minor in Finance. In addition to being a BMGI/Michael Larson Asset Management Fellow, he serves as an Executive Board Member on the Model United Nations Team and is a part of the Student Investment Fund, Claremont Consulting Group, the Lacrosse Team and the Debate Team. Last summer, he interned at Investec as an equity sales summer analyst in New York. Prior to that, he worked at General Electric Capital in New Delhi. Next summer, he will be working at Lincoln International as a generalist investment banking summer analyst in Los Angeles. In his free time, he enjoys spending time with friends and watching television.
John Everett ’19 John is a junior at CMC majoring in Economics and Government with a Financial Economics Sequence. On campus, John is involved on the Varsity Swim Team, swimming butterfly and individual medley events, as well as the Student Investment Fund, where he serves as Portfolio Manager of the Technology Group. In Summer 2017, John interned at Hawk Ridge Capital Management, a hedge fund in Los Angeles, an experience which furthered his interest in investing. In Summer 2018, John will be joining Moelis & Company as an investment banking summer analyst in the firm's San Francisco office, where he will work on transactions across the technology sector. In John's free time, he enjoys watching sports and Seinfeld reruns, traveling, and spending time with friends and family.
Roma Forest ’19 Roma is a junior from Guadalupe, CA pursuing her Bachelor's degree in Economics and Master's degree in Finance through the Robert Day Scholar Program. In addition to being a BMGI/Micheal Larson Asset Management Fellow, she is the Chief Operating Officer of the CMC Student Investment Fund and a manager for Phonenite. Last summer, she participated in Girls Who Invest--a summer program designed to encourage more women to enter asset management. In her free time, she enjoys playing piano and training for her black belt in Shotokan Karate.
Jennifer Mace ’19 Jennifer is a junior at CMC from Boston, Massachusetts, pursuing a Bachelor’s degree in Economics with a Sequence in Financial Economics. In addition to being a BMGI Asset Management Research Fellow and a Robert Day Scholar, she is the Vice President of the Consumer Group in the Student Investment Fund, an Executive Board Member of the Claremont Consulting Group, and a co-founder of the Claremont Women in Business. Jennifer spent her Freshman summer working at TechTarget in Marketing Operations. Last summer, Jennifer worked at Goldman Sachs in Private Wealth Management in Boston. She plans to return to Goldman Sachs this summer, transferring to the Global Investment Research Division in New York City. In her free time, Jenn loves running, cooking, hiking, photography, and spending time with friends and family.
Joseph Scheuer ’19 Joseph is a junior at CMC majoring in Economics with the Financial Economics Sequence. In addition to being a BMGI/Michael Larson Asset Management Fellow, he is also a Robert Day Scholar. He is currently the Chief Operating Officer of Sagehen Capital Management, the student-managed investment fund based at Pomona College. Joseph has experience in various sectors of finance, including private equity, alternative investments research, and investment management. Next summer, he will be working as an investment banking summer analyst. In his free time, he enjoys staying active and exploring restaurants with friends.
Jonathan Shaw ’18 Jon is a senior from Marin County, CA, majoring in Economics with a Computer Science sequence. On campus, he is a Portfolio Manager at the Student Investment Fund, Co-President of the Claremont Consulting Group, and a Robert Day Scholar. He is also a three-time All-American for CMS Men’s Golf and member of the 2016 CMS DIII Men’s Golf National Champion team. Last summer, he interned with Qatalyst Partners – a boutique investment bank focusing on M&A in the technology sector – and will be returning full-time after graduation. He spent the previous two summers interning at Hawk Ridge Management, a long-short equity hedge fund, and Saints Capital, a venture capital firm focusing on secondary transactions. In his spare time, he is likely found on the golf course, travelling, or seeking out food.
Matthieu Hafemeister ’17 Matthieu is a senior at CMC majoring in Economics and Mathematics with a Financial Economics Sequence. Originally from Paris, France, Matt decided to come to CMC for the liberal arts experience as well as the sunny Southern California weather. On campus, Matt is a Lead Consultant for SOURCE Non-Profit Consulting, a Career Services Consultant as well as a Research Analyst and Capital IQ tutor with the FEI. Matt spent his freshman summer working for a small e-commerce startup in California before spending his sophomore summer at DCA, a boutique technology investment bank in New York City. Last summer, Matt interned for Wells Fargo Securities in San Francisco on the Technology, Media & Telecom team. After graduation, Matt will be joining the Corporate Development team at Andreessen Horowitz in the Bay Area. In his free time, Matt loves watching soccer, traveling to foreign countries and spending time with his friends.
Kaitlyn Kelleher ’17 Kaitlyn is a senior from Pasadena, CA, pursuing a Bachelor's degree in Economics and Government. In addition to being a BMGI/Michael Larson Asset Management Fellow and a Robert Day Scholar, she is the Chief Executive Officer of the CMC Student Investment Fund and a Career Consultant at CMC's Student Opportunity Center. Last summer, she interned in Goldman Sachs' securities division in San Francisco. Prior to that, she worked at Clifford Swan Investment Counselors, an investment advisory firm in Pasadena. After graduation, she will be joining Goldman Sachs' investment banking division in New York City. In her free time, she enjoys spending time with her three younger sisters, playing soccer, and debating politics with friends and family.
Katherine Krey ’17 Katherine is a senior Economics and International Relations major hailing from the suburbs of Chicago. At CMC, she is a student manager of the Roberts Environmental Center, a tour guide, a managing director of the Student Investment Fund, a Robert Day Scholar, and an occasional contributor to the CMC Forum. In addition, she spent the fall of her junior year studying abroad in Ulaanbaatar, Mongolia. Katherine spent last summer working as an investment banking analyst for Goldman Sachs in the Global Natural Resources group in New York City, and will be returning there full-time next year. She is passionate about travel, food, and Chicago sports.
Hunter Olsen ’18 Hunter, originally from Spokane, WA, is a junior majoring in Economics. He came to CMC for the liberal arts experience and to be a part of its uniquely strong Economics program. In high school, he competed at the national level in Economics and History competitions as well as at the international level in Robotics. Hunter is a state champion runner and competes on the CMS track and cross-country teams as well. So far, he has travelled to Nationals twice and hopes to be in contention for All-American status next year. On campus, he is a student research analyst at the Financial Economics Institute and an analyst with the Claremont Consulting Group. He has worked at an economic development non-profit and spent enough time in Honduras for its unique issues to weigh often on his mind. In his free time, he enjoys traveling, downhill skiing, and spending time with friends and family.
Yulang (Danny) Wang ’18 Danny is a junior from Nanjing, China, pursuing a Bachelor’s degree in Computer Science and Economics, a dual major. In addition to being a BMGI/Michael Larson Asset Management Fellow and a Robert Day Scholar, he is a research analyst and Python tutor for the Financial Economics Institute, a researcher at Lowe Institute of Political Economy, a computer science tutor at Harvey Mudd College, and a former Claremont College Debate Union member. Last summer, he worked with Professor Filson at the FEI on a project concerning asset pricing anomalies, helped HMC Professor Gu build a mobile app sending earnings report notifications for her algorithmic trading research, and joined a startup building a crowdsourcing platform. He is set on a software engineering internship for next summer. His interests include playing board games, basketball, and car racing.
Albert Xu ’17 Albert is a senior at CMC majoring in Economics. In addition to being a BMGI/Michael Larson Asset Management Fellow, he is also a Robert Day Scholar. He has served as the CIO of Sagehen Capital Management at Pomona College, and works as a student research analyst at the Financial Economics Institute. While at CMC, Albert has researched, via the FEI, under Professors Eric Helland, Gary Smith (Pomona College), Laura Grant, and Sven Arndt. In his free time, he enjoys debating, fencing, and watching football.