A $1 million gift from Alec and Rachel McAree to the Financial Markets Institute (FMI) Fund has kicked off a campaign to raise a $4 million endowment, which will support all FMI operating costs. The Broad College is excited and grateful to the McArees for providing this generous lead gift.
The McArees are long-time supporters of Michigan State University and the Broad College. Nearly 10 years ago, Alec was instrumental to conceiving the FMI program, which was officially founded in April 2006. As a 1991 alum with a successful career in the financial services industry, he has also been supportive as a founding member of the Finance Advisory Board which provides guidance to the Student Investment Fund, an MSU Foundation Board member also serving on its investment committee and an FMI Board member.
FMI was created to give graduates the best opportunities to break into top financial services careers. The program provides comprehensive training to a select group of highly motivated students in finance and accounting. Then, thanks to resources from alumni and friends who are experienced financial services professionals, the program sets up strong academics, alumni connections, internship experiences, competitions, individual mentoring and group instruction in financial services. This uniquely prepares these graduates to compete for and excel in leading financial services positions.
The program has been received with praise and success by alumni, graduates and financial companies. FMI has launched dozens of students into careers in New York, Chicago, Charlotte, Detroit, Los Angeles, Shanghai and many other locations globally at companies like Bank of America Merrill Lynch, Citigroup, Goldman Sachs, JP Morgan Private Bank, Morgan Stanley, Well Fargo Securities and other leading banks and companies where few Spartans were previously hired. FMI has also been highlighted with accolades at national competitions, including Ohio State University’s annual Biz Quiz competition where in 2010 the Wall Street Journal moderator referred to MSU’s FMI team as the “800 pound gorilla in the room” for their consistent top performance. Furthermore, the students have successfully participated in managing the college’s $5 million small cap value fund (Student Investment Fund) on behalf of the MSU Foundation.
Alumni and friends like Alec and Rachel McAree have been vital to the success of the Financial Markets Institute by providing both financial and professional support to this program. To ensure the continuation of FMI, the program needs further support toward this exciting endeavor. If you are interested in joining the McArees in supporting the FMI’s endowment campaign, visit www.givingto.msu.edu/FMI or contact the Broad College’s Development Office at (517) 353-4340. For more information on the institute itself, please e-mail Elizabeth Booth or Helen Dashney at FMI@msu.edu or call (517) 353-0784.