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MBA CORPORATE FINANCEAND INVESTMENTS PLATFORMMBA students canpursue a career infinance throughmany paths.Finance professionalsare needed ininstitutions andfirms that providecapital to financialmarkets. They arealso needed withinTodd Milbourn, Chairthe companies andbusinesses that use capital. Finance professionalsare necessary to mediate between the providersand users of capital. The Corporate Finance andInvestment Platform has been designed toeffectively steer MBA students toward careerssuch as financial manager in a nonfinancial firm,investment banker–corporate finance, privateequity or venture capital positions, investmentbanker–capital markets and trading, and asset orportfolio manager.“Working on cross-departmental projectsat Citibank Singapore made me realizeI wanted to join the finance platform andlearn the big-picture aspects of finance,help industries acquire capital, and benefitpeople’s lives on a much broader horizon.”John ZhangMBA/MSF ’15Master of Sciencein FinanceBoth the CorporateFinance and Quantitative Finance tracksfuse mathematicaltools with a strategicunderstanding ofbusiness decisionmaking. The rigorof WashingtonUniversity’s MSFprogram attractsHong Liu, Chairapplicants withexcellent quantitative skills and a broad rangeof academic experience in finance, economics,engineering, and mathematics. Prior workexperience is recommended, though notrequired, for admission to the program. Forstudents who do not have any prior experienceor training in finance, the program offersconcentrated “foundation” courses in finance.Master of Science in Finance CorporateFinance AND Investments (MSFC)Fall 2013 Guest Speaker ListJay Freedman, Crystal Rock Capital Management, LLCEric Kalinowski, Stifel Nicolaus WeiselJacob Licht, Emergent BioSolutionsScott Sedlak, Nuveen Asset ManagementSteven Segal, J.W. Childs AssociatesDavid Sherman, Cohanzick Management, LLCKEY TAKEAWAYS W ith the Corporate Finance and Investments Platform, students can laser focuson their chosen career paths. C areer-focused concentration classesbegin during second semester, after whichstudents can identify the applied-learningcourses and types of summer internshipsthat will give them targeted, on-the-jobexperience. N early a dozen working professionals servedas corporate finance and investmentsplatform speakers to impart real-worldknowledge and expertise to our students.212012–13 WFA-CFAR Annual Report2013–14Master of Science in FinanceQuantitative FINANCE (MSFQ)The Quantitative Finance track is specificallydesigned to provide MSF students with a skill setsimilar to a Financial Engineering program whilestill including coursework in corporate finance,investments, and financial markets. Examples ofthe highly technical courses in the quantitativetrack include computer programming forquantitative finance, risk management, andtopics in quantitative finance.Financial Times RankingOlin tied with Brandeis University for the bestprogram in the U.S. in the 2013 Financial Timesranking of Master in Finance (pre-experience)programs. Only four American schools areincluded in this survey dominated by Europeanschools. Olin ranked #23 when matched with40 schools worldwide.Students in the Corporate Finance track takea significant amount of coursework alongsidefinance-oriented MBA students, such as dataanalysis for investments, advanced corporateDavid Fischer, Reinsurance Group of AmericaDavid Levy, Exxon Mobilfinance, financial intermediation, mergers andacquisitions, and options and futures.KEY TAKEAWAYS T his program prepares students tomanage risk, identify opportunities,and plot a course for future success.“I have sponsored a number of practicumswith Olin students, seeking solutions on awide range of issues, and am constantlyastonished at the creativity, knowledge,and energy that they bring to bear.”Jimmie LenzWells Fargo Advisors B oth the Corporate Finance and Quantitative Finance tracks fuse mathematicaltools with a strategic understanding ofbusiness decision making. P rogram offers students without priorexperience or training in financeconcentrated “foundation” courses infinance and accounting in preparationfor advanced finance coursework.3

Master OFACCOUNTINGGlobal Master ofFinance Dual DegreeTo meet the demandfor next-generationfinancial expertise,Olin Business Schoolat WashingtonUniversity in St.Louis has partneredwith Lee Kong ChianSchool of Businessat Singapore Management UniversityOhad Kadan, Chair(SMU) and YonseiUniversity Graduate School of Business (YSB) inSouth Korea to develop a singular educationalparadigm: the Global Master of Finance (GMF)Dual Degree program for high-reaching students.Students discuss the Global Master of FinanceDual Degree program. Graduates of this programreceive two degrees: a Master of Science inFinance (MSF) degree from Washington Universityas well as a Master of Science in Applied Finance(MAF) from Singapore Management University ora Global MBA from Yonsei University.Program distinctions include cross-continentexposure to a variety of cultures and financialmarkets, which will equip you with the knowledgeand skills required to make an impact on businesses—globally and culturally. Upon completion of the14-month program, you earn either 45 credits forthe Olin-Singapore Management University optionor 54 credits for the Olin-Yonsei University option.Additionally, our program offers you the best ofboth academic worlds:n T op-tier education from Olin Business School,a leading U.S. management institutionn W orld-class instruction from Olin faculty andfaculty at one of our partner institutionsn T raining targeted to your specific marketplacen A ccess to both domestic and internationalprofessional networksn I mmersion courses in New York City and at theBrookings Institution in Washington, D.C., thatfamiliarize you with U.S. financial markets,policymaking, and financial rules and regulations.42013–14 WFA-CFAR Annual Report“Immersion trips bring students incontact with key players both on WallStreet and in our nation’s capital.They could read text, but to hear viewsfirst-hand and see the actual playerscreates an extraordinary experience forour students.”David MeyerSenior Lecturer in ManagementOlin Business SchoolA distinctive featureof Olin’s Master ofAccounting (MACC)curriculum is ourcapstone course,Accounting Policyand Research.Students acquirea big-pictureunderstanding ofaccounting trendsTom Fields, Chairand regulatory issues,along with the critical-thinking skills to evaluateand debate them. Our MACC program also providesflexibility to students by providing a wide range ofelective options. Students can take coursework infinance, in supply chain management, or throughother schools on campus.Center for Experiential LearningThrough elective courses and unique initiativesoffered by Olin’s Center for Experiential Learning(CEL), students apply academic work to real businesschallenges in consulting projects with Olin’s networkof Fortune 500 corporations, nonprofit organizations,KEY TAKEAWAYS C urriculum includes immersion courses inNew York and Washington, D.C., exploringU.S. financial markets, policymaking,legislative processes, enforcementagencies, and the Federal Reserve. P artnership between Olin and Asianuniversities allows students greateropportunity to enhance internationalvision and broaden networks. T he first class, which graduated in August2014, were privy this summer to a tour ofWall Street, a visit to the Embassy of China,and guest lectures from CongressmanMichael G. Oxley (R-OH) and Hon. FrankKeating, president and CEO, AmericanBankers Association and former governorof Oklahoma.KEY TAKEAWAYS C urriculum’s capstone course, AccountingPolicy and Research, allows students toacquire big-picture understanding ofaccounting trends and regulatory issues,along with the critical-thinking skills toevaluate and debate them. O lin’s Center for Experiential Learning(CEL) allows students to apply academicwork to real business challenges throughconsulting projects with Olin’s network ofFortune 500 corporations, nonprofitorganizations, and startup companies. C EL pairs faculty-led teams of Olinstudents with companies seeking solutionsto specific management challenges.“In 2013, 325 GECC volunteers preparednearly 8,000 federal tax returns for low- andmoderate-income families in the St. Louisregion as part of the VITA program. Thosefamilies received more than 9.5 million infederal refunds, a return on investment ofmore than 70 for each dollar spent.”Russ SignorinoGateway EITC Community Coalition(GECC)and startup companies. The CEL Practicum pairsfaculty-led teams of Olin students with companiesseeking smart solutions to specific managementchallenges in areas such as operations, finance,strategy, business development, and marketing.Taylor Community Consulting ProgramUnique to Olin, this program entails interdisciplinaryteams of students working on solving big problemsfor eligible nonprofit organizations. TaylorConsulting teams provide analysis and recommendationsthat can have a dramatic impact by providing anoutcome-based evaluation of an organization’seffectiveness and strategic insight for long-term success.Professional Communications ForumStudents learn the skills necessary to communicateeffectively to both technical and nontechnicalaudience members. This course culminates withthe development and delivery of a technicalpresentation in a persuasive manner to accountingprofessionals who provide feedback to the students.VITA ProgramNearly 50 Olin students contributed more than 830hours during the spring semester to the VolunteerIncome Tax Assistance (VITA) program, preparingtax returns for local, low-income individuals.Through Olin’s network of corporate businesspartners and campus resources, students havemany opportunities to turn what is learned in theclassroom into real-world, practical experience.5

DoctorAL PROGRAMSDOCTOR OF BUSINESS ADMINISTRATIONThe Olin Doctor of Business Administration (DBA)degree program is a 72-credit-hour doctoraldegree designed for individuals with a seriousinterest in research who want to pursue graduatestudy on a part-time or full-time basis. A doctor inbusiness administration is an advanced graduatedegree that extends beyond the fundamentalfoundation of a master’s degree to develop thenecessary skills to conduct applied research. TheDBA differs from a master’s degree and a PhD ina number of ways, including the scope of study,the approach to research and, essentially, thedefinitive outcome.The Olin DBA offers a collaborative atmospherecentered on pursuing industry-relevant appliedresearch. The program crosses traditionalboundaries and provides opportunities, underthe guidance of Washington University faculty,for structured coursework along with focused,independent scholarly reading and research onimportant issues relating to business. A practitioner’sdoctoral degree, it is designed to meet the needsof the researching professional, rather than theprofessional researcher. While a PhD is intendedfor those who wish to pursue research careers inacademia, the DBA is extended graduate study forthose who wish to pursue careers in corporations,consulting firms, or government agencies that canbenefit from advanced research skills in analyzingbusiness problems. The research capabilitiesdeveloped in the DBA program offer moreimmediate real-world applicability than typicalresearch pursued in the PhD program.DOCTOR OF PHILOSOPHYAnjan Thakor, chair forall doctoral programsDBA in Finance students*Chitsun Chen, 2012Jim Horn, 2013Jimmie Lenz, 2013Francisco Marcet, 2012Jeff Stockton, 2013“This comprehensive foundation in financegives me the tools to successfully pursue mypersonal goals. Working with faculty has beenan invaluable experience and has taught methe real-world applicability of everything fromcorporate finance to asset pricing.”* Years listed reference wheneach student began his doctorof business administration.2013–14 WFA-CFAR Annual ReportFinance PhDOlin’s PhD program in finance emphasizesrigorous analytical training and prepares studentsto pursue careers in research and teaching at leadingacademic institutions across the globe. Our studentshave a strong quantitative background, most typicallyundergraduate training in economics, mathematics,engineering, or any other quantitative discipline.Weibai Zhao, 2012Francisco MarcetDBA ’166Olin currently offers doctor of philosophy (PhD)degrees in accounting, business economics,finance, marketing, operations and manufacturingmanagement, organizational behavior, and strategy.Olin PhD students make up a diverse andinteresting group. They come from many differentparts of the world with widely different backgrounds.Some have enrolled directly from undergraduateprograms; others hold advanced degrees or haveworked for several years. Some are new tobusiness, coming from academic majors rangingfrom engineering to biology. This diversityenhances the learning experience for all.Our research-active faculty members are easilyaccessible to students. Collaboration is encouragedearly in the program, with faculty and studentjoint research resulting in co-authored paperspublished in important journals. Much of theresearch is based on economic models to addressproblems such as the allocation of capital, risk,and rewards in the economy.Accounting PhDOlin’s PhD program in accounting focuses on infusingstudents with a broad base of knowledge as well asthe research skills necessary to enjoy a robust careeras a university educator and researcher. Training isrigorous, as competition for faculty positions at topresearch universities is intense. Students studyissues in two areas: the role of financial informationin facilitating the operations of capital markets andassistance for managers planning and controllingthe way institutions operate. WFA-CFAR providesaccounting doctoral students with the opportunityto work on groundbreaking research for Centermembers’ company-specific challenges and projects.PhD candidates in Finance*Felipe Cortes, Graduated in 2014Peter Haslag, 2011Ankit Kalda, 2013Fang Liu, 2009Suying Liu, 2010Fernando Lopez, Graduated in 2014Johan Maharjan, 2009Luca Pezzo, 2012David Sovich, 2013Kandarp Srinivasan, 2012Qi Sun, 2011Zhenling Tang, 2013Diego Vega San Martin, 2011Xinye (Karen) Zhang, 2010PhD candidates in ACCOUNTING*Seong Jin Ahn, 2013John Donovan, 2011Yadav Gopalan, 2013Bryan Graden, 2010Joshua Lee, Graduated in 2014Hojun Seo, 2011Yangnan Yi, 2012* Years listed reference wheneach student began his or herdoctor of philosophy.7

Emerson’s board from 2000–13, as vice chairmansince 2009, and as the company’s CFO for 17 years.Dr. Fields joined the Olin faculty in 2006; hisresearch involves accounting-based covenantsin debt contracts, and he previously worked asa CPA for Pricewaterhouse-Coopers in St. Louis.They joined a second-year MBA student to provideinsights on the topic of corporate tax reform andanswered questions regarding corporate taxation.Galvin stressed that the United States has thehighest tax rate in the world and that fact isactually hurting the U.S. economy. He said U.S.corporate tax policy encourages U.S. companiesoperating abroad to keep their profits abroad orreinvest abroad.In April 2014, the spring event was hosted underthe theme “Corporate and Consumer FinancialLeverage.” Three presenters participated: AssistantVice President-Financial Intermediation FunctionHamid Mehran of the Federal Reserve Bank of NewYork, Olin Assistant Professor of Finance MarkLeary, and The Value of Debt author and MorganStanley Executive Director Tom Anderson, BSBA ’96.Walt GalvinBreakfast Series he Olin blog provides an excellent way toTlearn more and gain a deeper understandingof the Olin Business School activities andaccomplishments happening on DanforthCampus and around the globe. An onlineportal maintained by the greater Olincommunity, visit olinblog.wustl.edu andclick the Research Centers program tag tostay informed on all that’s going on withWFA-CFAR. Visit the Olin blog to watch thevideo above and hear excerpts from the “U.S.Corporate Tax Reform and Competitiveness”WFA-CFAR Breakfast.(left to right) Tom Anderson, Hamid Mehran, Anjan Thakor,and Mark Leary.Held in October 2013, the fall event was themed“U.S. Corporate Tax Reform and Competitiveness.”While many support the simplification of currenttax policy so that the United States can becomemore competitive internationally, also at the heartof this matter is job creation and overall economicgrowth. Retired Emerson Vice Chairman WaltGalvin, Olin Senior Lecturer in AccountingTom Fields, and Olin MBA candidate Mary Bondexplored this topic from their diverse perspectives.Galvin served as a management member ofTom Anderson82013–14 WFA-CFAR Annual ReportHe was joined by Professor Leary, who prior tohis academic career, worked for CVS Corporationand the Federal Reserve Bank of New York. Learyshared his research views, which investigate themotives behind corporate financial policy decisions,including leverage, security issuance, and dividendand share repurchase decisions. Anderson, thefinal presenter, shared perspectives from hisbook, which applies fundamental concepts fromcorporate finance to personal finance. He deliveredan accessible and persuasive discussion of whyand how debt should be an important tool inpersonal financial management.Mehran holds a PhD in business administrationfrom the University of North Carolina at ChapelHill and has been a member of the faculty atBoston College, Northwestern University, and MIT.The main focus of his research is corporate financeHosted twice during the 2013–14 academic year, theBreakfast Series offers an informal yet informativeroundtable featuring the latest research. The eventis an idea exchange for business leaders of todayand tomorrow where corporate guests, members ofour award-winning faculty, and graduate studentsenjoy a brief presentation followed by a livelydiscussion tackling issues in finance and accounting.Learn More @ Olinblog.wustl.eduand many of his papers have been published innumerous journals—including his most recent“A New Idea on Bank Capital” co-authored withAnjan Thakor. The views expressed in this paper,posted in the Federal Reserve Bank of New YorkLiberty Street Economics Blog, were discussedduring the Breakfast Series.Anjan Thakor9

Corporate Finance ConferenceEach autumn, the finance faculty at Olin Business School host a conference during whichindustry guests and academics gather to discuss and debate issues related to corporatefinance. Below find the agenda for the 10th Annual Corporate Finance Conference, heldNovember 1–2, 2013.Session 1: Labor MarketsSession Chair: Vish Viswanathan, Duke University“Informed Trading and High Compensation in Finance”Presented by Vincent Glode, University of PennsylvaniaDiscussant: Yaron Leitner, Federal Reserve Bank of Philadelphia“Internal Labor Markets and Investment in Conglomerates”Presented by Rui Silva, London Business SchoolDiscussant: Denis Sosyura, University of MichiganSession 2: Corporate Financial PolicySession Moderator: Michael Roberts, University of PennsylvaniaCFO Panel: “Financing and Payout Decisions in Current Corporate Economic Environment”Jan Bertsch, Sigma-AldrichMichael Crews, Peabody EnergyWade Miquelon, Walgreens CompanySession 3: Collateral and Credit RiskSession Chair: Michael Roberts, University of Pennsylvania“Housing Collateral and Entrepreneurship”Presented by Martin Schmalz, University of MichiganDiscussant: Phil Strahan, Boston College“Rising Intangible Capital, Shrinking Debt Capacity, and the U.S. Corporate Savings Glut”Presented by Antonio Falato, Board of Governors of the Federal Reserve SystemDiscussant: Vish Vishwanathan, Duke University“Are Credit Ratings Subjective? The Role of Credit Analysts in Determining Ratings”Presented by Cesare Fracassi, University of Texas at AustinDiscussant: Jess Cornaggia, Georgetown UniversitySESSION 4: PhD Poster SessionBest Paper Award in Honor of Professor Stuart I. Greenbaum presentationRecipient: William Mann, University of Pennsylvania“Creditor Rights and Innovation: Evidence from Patent Collateral?”SESSION 5: Venture Capital and Private EquitySession Chair: Philip Strahan, Boston College“Posturing and Efficient Contracting in Venture Capital”Presented by Richmond Mathews, University of MarylandDiscussant: John Zhu, University of Pennsylvania“The Operational Consequences of Private Equity Buyouts: Evidence from the Restaurant Industry”Presented by Albert Sheen, Harvard UniversityDiscussant: Arthur Korteweg, Stanford UniversitySESSION 6: Corporate GovernanceSession Chair: Jay Hartzell, University of Texas at Austin“The Product Market Effects of Hedge Fund Activism”Presented by Praveen Kumar, University of HoustonDiscussant: Hyunseob Kim, Cornell University“Shareholder Democracy in Play: Career Consequences of Proxy Contests”Presented by Vyacheslav Fos, Univer

BusinessWeek RANkiNg Washington University in St. Louis' Olin Business School ranked #5 overall in the Best Undergraduate Business Schools ranking published April 4, 2014, by Bloomberg BusinessWeek. Olin's rank is due to superior student satisfaction and top marks from students in both teaching and academic services. Other criteria that