university finance labs 101 - bloomberg professional services
TRANSCRIPT
University finance
laboratories
STUDENTS FIRST SEE BLOOMBERG IN THE MOVIES
3
What’s that black and orange
twinkling screen?
What’s that Rubik's-Cube-like keyboard?
Margin Call (2011) Big Short (2015)
BLOOMBERG IS IN THE MOVIES FOR MORE THAN ITS LOOKS
4
“Bloomberg is the web that
weaves together much of
the global financial
ecosystem.”
“Today, what really
connects the financial
world? Money, intellect and
ideology are candidates.
But the best answer may
be: the Bloomberg
terminal.”
“Bloomberg screens have
become the central
nervous system of finance.”
“Bloomberg Professional is an
industry standard market
information software package.”
Abhijit Sharma, Senior Lecturer in
Economics, University of Bradford
“Bloomberg is the industry standard
financial database in the investment
industry.”
University of New Brunswick
website
“Since Bloomberg is the standard
in the industry, we believe that our
students should have experience
with it.”
Kathy Czyrnik, Finance Professor,
Central Connecticut State
University
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GETTING A JUMP ON BLOOMBERG WHEN YOU ARE A STUDENT IS A
SMART WAY TO BURNISH YOUR APPEAL TO EMPLOYERS
Employer perspective Student perspective
“The junior role is all about data extraction and data manipulation”
• “Learning Bloomberg will be transferable to my career as a data-worker”
• “I don’t want to bug people with data questions on my internship”
“All new hires need exceptional computer skills. Excel, Powerpoint and Word are a must while financial software experience is a big plus”
• “Bloomberg skill would be a nice addition to my resume, helping me get picked”
• “This will be a great ice-breaker in my interview if they’re a Bloomberg user too”
“I’m looking for things that stand out on a resume.”
• “I need to learn it anyway, so why not now when I can most afford the time investment”
• “This can be my edge against other interns as I will spend less time training”
“I need whizz kid number crunchers who don’t ask me too many basic questions”
• “I don’t want to rely on the kindness of strangers during my internship to get an offer”
• “I don’t want to look silly during my internships”
“I measure my juniors primarily on speed (serving me fast) and accuracy (no errors)”
• “The quicker I can turn requests around, the more responsibility I will get”
• “Knowledge is power so I need to learn fast”
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HENCE STUDENT INTEREST IN LEARNING BLOOMBERG
“Few business resources garner such a large amount of interest from such a wide range of users as Bloomberg. Students are aware of the importance of Bloomberg in the financial profession and are eager to give themselves a step up on the competition. Bloomberg is unlike any other resource I have worked with in academia. It is a treasure trove of information. It is the only source I know where students will spend hours with no specific need just to learn how to use it.” Thomas Ottaviano, Business & Economics Librarian, Cornell
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“Students with hands-on trading room experience often have a better chance at landing a good job because they can save their employer 6 to 12 months of training time.” John Siam, Associate Professor of Finance, McMaster University
“The learning and training students get from trading rooms help them get more job interviews and better jobs in the industry.” “Training Students for Wall Street”, EdTech Magazine
“Graduates of the trading room program will be at a competitive advantage…Employers will find these graduates economically attractive because they will not have to spend significant time and money training them.” Amit Sinha, Associate Professor, Bradley University
“It is obvious that finance students being able to operate the Bloomberg terminal would be stronger in today’s competitive job market. By familiarizing our students with Bloomberg functions, we aim to equip our students to be stronger candidates on the competitive job market.” Hihua Li, Finance Professor, St Cloud State University
“We are trying to give little edge against the ivy league.” Rich Jakotowicz, Director, Lerner College Trading Center, University of Delaware
“The Bloomberg terminals offer a tremendous advantage for CoB students, as Bloomberg terminals are the equipment of choice in major financial organizations. CoB students can now enter the job market with hands-on, real-world analytical experience.” School website
“Knowing Bloomberg’s functions for finding and retrieving data gives students an added advantage as they go to work for companies that use Bloomberg terminals.” Rick Hirschi, Associate Dean, University of Idaho
“Providing the students with training on the very same equipment they use in business can give the students a competitive advantage when it comes to placement.” John Alexander, Professor of Finance, Clemson University
"Our students are able to experience and work with the same technology that they will find in their future jobs, which puts them at a great advantage when searching for jobs and once they are in the work force." Eric Higgins, Finance Department Head and Trading Lab manager, Kansas State University
GETTING A JUMP ON LEARNING THE SOFTWARE GIVE STUDENTS A
RECRUITING EDGE…
“Integrating Bloomberg into the classroom better prepares students for future careers in finance.” Hossein Kazemi, Professor of Economics, Stonehill
“The learning and training students get from trading rooms help them get more interviews and better jobs in the industry.” Ahmet Tezel, Associate Professor of Finance and Director of Saint Joseph’s trading room
…AS EVIDENCED BY GRAD EARNINGS AT LAB SCHOOLS
“Our kids are getting jobs on Wall Street that they couldn’t get before, because now they have experience with the same hardware and software they find on Wall Street.” Bob Kendi, Finance Professor, Former Director of Rauch Center, Lehigh
“One of the original aims of the school’s trading room was to attract attention of Wall Street recruiters. This initiative was highly successful. My students are able to go to intern interviews and say they have familiarity with Bloomberg and have Bloomberg certification.” Amy Whittaker, Managing Director of Hughey Center, Bentley University
“Where’s best? The value of university” 31st Oct 2015 – top 10 of 1,308 schools
Bloomberg presence
None
Bloomberg in Cutler Center for Investment and Finance
Bloomberg in Applied Finance Lab
Bloomberg in Baker Library Bloomberg Center & Law Library
None - Feeder school for film studios, fashion brands and toy companies
Bloomberg in Financial Services laboratory, Rauch Center
Bloomberg in Reliant Securities & Commodities Trading Center
Bloomberg in Hughey Center for Financial Services
None – comprehensive regional university
None - Administration of Justice Program. Police & FBI feeder school
“The Applied Finance Lab came about ten years ago when alumni told us our students were no longer competitive on Wall St.” David Nawrocki, Finance Professor, Villanova
“If you had said five years ago that Baruch students would be getting front-office jobs in investment banking, people would be very skeptical. Now, they walk the walk.” Richard Holowczak, Director of Wasserman Trading Floor, Baruch
“One of the original aims of the school’s trading room was to attract the attention of Wall Street recruiters. This has been highly successful.” Beverly Hadaway, Director of EDS Financial Trading and Technology Center, UT Austin, McCombs
“Our placement has improved dramatically since we got the trading room.” Steve Wyatt, Finance Professor, Farmer School of Business, Miami University
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“A senior finance and economics major at Villanova, credits his
finance lab-acquired skills with giving him an advantage in the job
market.
After a six-month lab internship, where he learned how to use the
software and terminals, Hamza Guennon landed an internship at
Bank of America in New York on the sales and trading floor. After
graduation, Guennon will return to for a full-time job.
“It [getting the internship] was very competitive and I had the upper
edge over all the other students who went to Ivy League schools
but didn’t have a finance lab the way we have it here. We used the
exact same software, and all the other students didn’t know how to
use it which bought me time to do better than others — they had to
catch up.”
HOW THE MAGIC HAPPENS
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BLOOMBERG IS PROFESSIONAL HARDWARE OPTIMIZED FOR SPEED
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“Commands can give the user exactly what they’re looking for as fast as they can type. Navigating Bloomberg Professional is so distinctly different from exploring competing product environments that it not only differentiates Bloomberg Professional but, to many users, it provides a competitive advantage. Command-line search is exacting once mastered. Bloomberg Professional allows for different levels of sophisticated searching.”
Charleston Advisor Bloomberg product review
BLOOMBERG MNEMONICS SERVE THE PROFESSIONAL NEED FOR
SPEED, AKIN TO EXCEL KEYBOARD SHORTCUTS
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AND JUST LIKE EXCEL WITH ITS SHORT-CUTS AND PIVOT TABLES,
THERE’S A LEARNING CURVE FOR BLOOMBERG, TOO
12 Source: Dennis L Payette, Adelphi, Anthony F Libertella
What is the biggest problem in using Bloomberg (n=19) (open entry question)
50% 40 30 20 10 0
Too few terminals
5%
No training 8%
Finding the right information
22%
Getting started on Bloomberg
24%
Getting used to the software
46%
“Since there are literally tens of thousands of Bloomberg functions available, it is difficult for an inexperienced user to know what the relevant functions are and what information they provide.” Adam Lei, Finance Professor, Midwestern State
“For most people who have never used Bloomberg, there is a significant learning curve.” Thomas Ottaviano, Business & Economics Librarian, Cornell Mann Library “An education trading center has the same technology you would find a real trading floor, and that means It’s professional grade technology that’s not easy to use.” Bruce Weber, Dean of Lerner School of Business
“The challenge with Bloomberg is the learning curve. Finance faculty will be hesitant to use it. I use it as my boss was the Merrill Lynch fixed income chief when I was a PhD student. Most finance faculty do not use it. It is difficult for faculty to use and for students to learn.” Akin Sayrak, Assistant Professor of Finance, University of Pittsburgh
TIT
LE
OF
PR
ES
EN
TA
TIO
N G
OE
S H
ER
E
//
• 8-hour, self-paced e-learning course
• Visual intro to financial markets
• 4 modules, 23 learning outcomes, 70 Bloomberg functions
• 120 new questions for 2016-17 year (Q&A pack upon request)
• Confers certificate of completion
• Free on the terminal, $149 on web (no terminal needed)
• >50,000 takers since launch in August 2015
• Easily leveraged as course companion
Module Topics Covered Functions Leveraged
Economic
Indicators
• The Primacy of GDP
• Monitoring GDP
• Forecasting GDP
• ESNP, ECST, ECOW, GP
• WECO, ECOS
• ECFC, ECSU
Currencies
• Currency Market Mechanics
• Currency Valuation
• Central Banks & Currencies
• Currency Risk
• ECTR, FXCA, PEG, WIRA, FXTF
• FXC, WBG
• IFMO
• FXFX, WGO, FXFM, FRD, PTOE
Fixed Income
• The Roots of the Bond Market
• Bond Valuation Drivers
• Central Banks & Interest Rates
• The Yield Curve & Why It Matters
• Movements in the Yield Curve
• WCAP, SRCH, BUDG, DEBT, STNI
• CAST, DDIS, GY, RATD, CSDR
• CRPR, FOMC, WCDM, WIRP, SOVR
• GEW, ILBE
• GC, BYFC
Equities
• Introducing the Stock Market
• The Nature of Equities
• Equities Research
• Absolute Valuation
• Relative Valuation
• EQS, IPO, GIP, WEI, SECF, MEMB
• TRA, MRR, FA, EVTS, DES, CCB
• ICS, SPLC, BI, EM, SURP, EA, GIPT
• NI, EEG, WACC, CRP, BETA, EV
• DVD, GF, WPE, PEBD, RV, RVC
…WHICH IS WHY WE BUILT BMC<GO>, TO EASE THEM IN
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3 minute clip from BMC
https://vimeo.com/161775127
15
“Bloomberg offers product certification and since Bloomberg is extensively used in industry, such certification can help students in the job market.” Ginny Frings, PhD, Xavier
“Certification has the potential to make the students more marketable. An internship is only ten weeks. 95% of all jobs come from internships. If you are Bloomberg certified, you get a leg up on the competition.” Karen Hogan, Finance Professor, St. Joseph’s
“The Bloomberg Certification Program, recognized world wide, will signal to prospective employers that you have attained a high level of competency in using the Bloomberg Professional Service.” Brigham Young University website
“Bloomberg is the financial industry’s most popular database system, so getting certified is practical and portable…The Bloomberg certification course eliminates most students’ apprehensions about learning the system…Bloomberg certification enhances students’ resumes and gives them usable skills that will transfer easily to their working lives.” Robert Scott, Associate Professor of Economics, Monmouth University
“Certification in Bloomberg is just one more way students are able to differentiate themselves in the job market indicating they are familiar with functions and capabilities of Bloomberg.” Rick Hirschi, Associate Dean, University of Idaho
“Another way in which the lab can increase the lab’s visibility and benefit the students is to offer certification on the data feeds utilized such as Bloomberg. This has the potential to make the students more marketable during the job interviewing process for both internships and permanent jobs. It provides a mechanism to attest to outside constituents a skill set the students have mastered.” Richard Kish, Professor, Lehigh
BLOOMBERG CERTIFICATION IS POPULAR WITH PROFESSORS
“Certification in Bloomberg is just one more way students are able to differentiate themselves in the job market indicating they are familiar with functions and capabilities of Bloomberg.” Richard Holowczak, Associate Professor of Computer Information Systems, Baruch
“Bloomberg certification is a powerful addition to a student’s resume when interviewing for summer internships and jobs. Being able to quickly access almost any information from a Bloomberg terminal is a very marketable skill.” David Nawrocki, Finance Professor, Villanova
Finance 124, Undergraduate Introduction to Finance
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PROFESSORS WHO USE BMC AS A COURSE COMPANION TYPICALLY
REQUIRE A MODULE A WEEK
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“Many students come into introductory finance with a great deal more fear about the difficulty of the subject matter than motivation and interest in learning it.” Robert Ritchey, Associate Professor of Finance, Texas Tech
“Undergraduate finance courses include disengaged students at all levels…they find the subject very difficult…The introductory finance course can be notoriously challenging to teach.” Bathala Chenchuramaiah, Professor of Finance, Cleveland State
“Teaching finance poses the continuous challenge of linking the myriad of theories, conceptual models, and analytical techniques to the actual practice of finance in the “real world.” These challenges are especially formidable in the introductory finance course, where students lack the organizational frame of reference needed to understand and appreciate the relevance and context.” Peter Gianiodis, Associate Professor in Strategy, Clemson
“To most students unfamiliar with finance, the discipline appears to involve abstract concepts with mathematical derivations…The challenge to the finance professor, then, is to present the material in a way that convinces students that the concepts are indeed useful and interesting.” James Gilkeson, Associate Professor of Finance, University of Central Florida
“Many instructors would like the ability to “lighten” the density of the topics.” Michael Goldsby, Professor of Finance, Ball State
BMC DRIVES ENGAGEMENT FOR THOSE STUDENTS ONLY TAKING A
FINANCE COURSE AS A MANDATORY PART OF BACHELOR PROGRAM
…AND STUDENTS
PEOP<GO>
Communications •Advertising & Marketing •Cable & Satellite •Entertainment Content •Internet •Publishing & Broadcasting •Telecom Carriers
Consumer Discretionary •Apparel Design •Luxury goods •Auto Parts •Automobiles •Home Builder •Apparel Stores •Consumer ElectronicStores •Consumer Hardlines •Department Stores •Airlines •Gaming •Lodging •Restaurants
Consumer Staples •Beverages •Household Products •Packaged food •Tobacco •Food & Drug stores •Mass Merchants
Energy •Coal •Crude Oil Production •Drilling & Support •Integrated Oils •Liquefied Natural Gas •Midstream Oil & Gas •Natural Gas Production •Oil & Gas Services •Oil & Natural Gas E&P •Refining & Marketing •Biofuels •Solar Energy Equipment •Wind Energy Equipment
Financials •Investment management •Banking •Investment Banking •Security Exchanges •Life Insurance •Property & Casualty Insurance •Property & Casualty Reinsurance •Asian Real Estate •Healthcare REIT •Office REIT •Residential REIT •Retail REIT •Payments & Credit
Healthcare •Biotech •Disease Groups •Large Pharma •Specialty-Generic Pharma •Life Science Equipment •Medical Devices •Health Supply Chain •Hospitals •Managed Care
Industrials •Aerospace & Defense •Defense Primes •Industrials •Machinery construction •Electrical Equipment •Commercial Vehicles Infrastructure •Express & Courier Services •Marine Shipping •Rail •Trucking
Basic Materials •Agricultural Chemicals •Base & Diversified Chemicals •Specialty Chemicals •Containers & Packaging •Forest & Paper Products •Building Materials •Steel Producers •Steel Raw Materials •Aluminum •Base Metals •Copper •Precious Metals
Technology •EDS & ODM •Computer Hardware •Consumer Electronics •Data Networking •Mobile Phones •Semiconductor Devices •Semiconductor Manufacturing •Application Software •Infrastructure Software •IT Services •Information Services
Utilities •Electric Utilities •Gas Utilities •Utility Networks
Special reports •Industry calculators •Deals •ETF analysis •Emerging Technologies •Fannie/Freddie •LTRO Repayment •Critical Themes
STUDENTS DOING STOCK PITCHES LEVERAGE THE 96 INDUSTRY
DASHBOARDS (BI<GO>); COVERING ~2,000 COMPANIES (BIP<GO>)
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University finance
laboratories
SETTING THE SCENE: INNOVATIONS HAVE SEEPED INTO FINANCE
PROGRAMS SINCE THE 1940S
2000s 2010s 1950s 1940s 1970s 1980s 1990s 1960s
1940s
• Textbooks (Samuelson)
1960s
• Certifications (CFA)
• Terminals (Quotron)
1980s
• Calculators (HP12C)
• Movies (Wall St)
• Stock-screens on disks (ValueLine)
• Trading simulations (FTS)
1950s
• Student managed investment funds (Gannon)
• Paper portfolios
• Classroom newspaper usage (WSJ)
1970s
• Spreadsheets (Visicalc)
1990s
• Modeling bootcamps (TrainingTheStreet)
• Finance laboratories (Carnegie Mellon)
2000s
• Research competitions (CFA Res Challenge)
• Trading games (RISE)
• Financial software training (Bloomberg certification)
2010s
• Electronic homework (MyFinanceLab)
• MOOCs (Umich Intro to Finance)
FINANCE PROFESSORS ARE ENGAGED IN A CONSTANT BATTLE
TO STAY RELEVANT AS THE FINANCE INDUSTRY EVOLVES
“When I came to the University of Texas in the mid-1980s, to be considered a relevant professor, you just had to clip an article out of that morning’s Wall Street Journal and talk about it in class.” John Siam, Associate Professor, McMaster
Source: Image from CFA history book; Journal of Finance Education Spring 1996
“In the 1980s, Professor Zavanelli first brought an Apple II into the classroom and connected it via telephone modem to his mainframe in Chicago. This was students’ first glimpse of the use of computer technology to scan databases and use technical indicators to screen stocks.” James Mallett, Professor of Finance, Stetson University
“An irony shown between teaching and research is that while many professors themselves utilize databases in their research, there is little application of those same databases in the classroom.” John Clinebell, Finance Professor, University of Northern Colorado
1983 1985 1987
“These trading floors have really upped the ante for faculty in terms of what it takes to be relevant.” Keith Brown, CEO, MBIA
1995 1996 2003
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LET’S FOCUS ON THE LABORATORY BOOM
(512 SUCH ROOMS WORLDWIDE AND COUNTING…)
2000s 2010s 1950s 1940s 1970s 1980s 1990s 1960s
1940s
• Textbooks (Samuelson)
1960s
• Certifications (CFA)
• Terminals (Quotron)
1980s
• Calculators (HP12C)
• Movies (Wall St)
• Stock-screens on disks (ValueLine)
• Trading simulations (FTS)
1950s
• Student managed investment funds (Gannon)
• Paper portfolios
• Classroom newspaper usage (WSJ)
1970s
• Spreadsheets (Visicalc)
1990s
• Modeling bootcamps (TrainingTheStreet)
• Finance laboratories (Carnegie Mellon)
2000s
• Research competitions (CFA Res Challenge)
• Trading games (RISE)
• Financial software training (Bloomberg certification)
2010s
• Electronic homework (MyFinanceLab)
• MOOCs (Umich Intro to Finance)
SIX LANDMARK OPENINGS SPARKED THE BOOM
1991 1994 1996 1997 1999 2000
• "Everyone is jumping on this bandwagon. Everyone wants a financial center in their university." Christine Niles, Nasdaq
• Peter Lynch from Fidelity (author: One Up On Wall Street) opens Bentley lab
• “An explosion of technology and computing power has revolutionized both the delivery and processing of financial data.” Jahangir Sultan, Founder of Bentley Lab
• ICMA Reading opens first finance lab in the UK
• Baruch opens finance lab
• "You cannot overemphasize the impact technology has played on the markets.“ Professor Bruce Weber
• MIT opens finance lab
• Ross Perot opens the UT Austin McCombs EDS Financial Trading & Technology Center
• “This creates a fundamental change in education. It’s not just for show, it really produces special students”. George Gau, Chair, UT Austin Finance Department
• Carnegie Mellon sets up FASTlab as part of computational finance program. This is the world’s first finance lab. Goes on to win Smithsonian prize
1
2
3
4
5
6
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IRONICALLY, THE SCHOOL WITH THE BRAGGING RIGHTS FOR BEING FIRST CLOSED ITS
LABORATORY UPON THE ADVENT OF MASS STUDENT LAPTOP OWNERSHIP IN THE LATE 90S
“In these days of desktop access to financial information, the trading rooms may be on their way to the land of anachronisms. At Carnegie Mellon, one of the first schools to open a trading room, the trading room was dismantled after the school decided a physical space devoted just to trading was unnecessary once the school began requiring all students to own a laptop.” BusinessWeek 2006
“One downside of the dismantling was that the trading room has also served as a focal point for students interested in trading careers. That type of enthusiasm is difficult to recreate which is why the rooms serve a purpose more than just for show.” Sanjay Srivastava, Founder of Carnegie Mellon FASTLab
“It’s the most popular place within the business school. The students love to be there.” Michael Mensah, Dean, University of Scranton
“When students get involved in the room, it almost becomes a second home for them.” David Haushalter, Finance Professor, Smeal College of Business, Penn State
“University Trading Centers form cultures that translate knowledge into business know-how, as skills are transmitted from student to student and competencies are acquired through learning and discovery methods.” John Siam, Associate Professor of Finance, McMaster University
“Students in their freshmen year meet people there and find a network that carries them through graduation.” “Training Students for Wall Street Trading” EdTech Magazine 2006
“What's cool is that it is not a classroom, but a place to hang or work with others who are doing portfolio analysis, company modeling, fixed income and security valuation.” MBA student, Babson
1. You DO need a physical room to facilitate peer learning and build the community 2. Have long room opening hours to foster the community of “lab rats” 3. Do not give millennials option of avoiding the room
Lehigh “Financial Services Laboratory” hosts 7,000 students per term
DePaul “Trading Room” hosts 1,200 students per quarter
UMich “Electronic Business and Finance Center” hosts 1,000 students per week
Carnegie Mellon closed it room
Lessons learned
FINANCE LABS BRING 26 DISTINCT BENEFITS THAT WE KNOW OF
1. Deeper conceptual understanding of theory 2. Bring theory to life with live market data 3. Immediacy of live market data drives student engagement and motivation 4. Enhanced curricula with specialized programs 5. Experiential learning through the use of professional tools 6. Industry & practice relevance 7. Students spend less time on data extraction, more on analysis/understanding
8. Use of lab as a showcase drives enrollment via the “wow factor” 9. Boost placement statistics for your career office 10. Enhance research due to better data availability and enhanced idea generation 11. Exceed accreditation standards regarding technology (AACSB sections 13 & 14, “expectations
that school will innovate in instructional processes & provide students with engaging learning opportunities through technology-based tools”)
12. Project innovative image 13. Attract higher quality pool of student applicants 14. Help recruit faculty 15. Drive league table position 16. Differentiate your school from local and regional rivals 17. Build relationships with more practitioners and entice more industry guest speakers 18. Win more competitions e.g. research challenges and trading games 19. Raise funds via room “naming opportunity” 20. Free professor time once curricula in place (“set and forget”)
21. Students learn the key practical skills: data extraction and manipulation 22. Students get a jump on learning professional tools 23. Help students self-select in to (or out of) a career in institutional finance 24. Employer signalling to consider the school a target school 25. Bolster student resumes with certifications 26. Create better-rounded students with greater financial market awareness
Curriculum benefits
Univeristy benefits
Recruiting benefits
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THERE ARE MANY PEDAGOGICAL BENEFITS
“Students learn about data and about economic events better when they can put their hands on the data or manipulate it…Using a Bloomberg terminal fosters a deep understanding of both data and theory.” Hossein Kazemi, Professor of Economics, Stonehill
“Bloomberg is a tool to facilitate the active learning students require to understand the principles.” Rick Hirschi, Associate Dean, University of Idaho
“If we believe that learning occurs through doing, then the curriculum of “doing” can be implemented through University Trading Centers.” John Siam, Associate Professor of Finance, McMaster University
“Learning is reinforced when the student realizes that the models and theories that are being taught in the classroom are the foundation for Bloomberg.” Ginny Frings, PhD, Xavier
“The intervention of real world content into an academic setting helps provide a strong motivation for learning.” John Alexander, Professor of Finance, Clemson University
“The FTR has become an essential tool in students’ understanding of financial markets and the market’s effect on the global economy”. Wanda Lester, Interim Dean, North Carolina A&T State
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WE HAVE OBSERVED 23 USE CASES FOR LABS (FUNCTIONS ILLUSTRATIVE) 1. Demonstrate theories with live market data (e.g. FXC triangular arbitrage, GC expectations theory,
FRD interest rate parity) 2. Project Bloomberg in class from pedestal 3. Populate spreadsheets with live pricing data (FLDS, BDP) 4. Company valuation for corporate finance class (e.g. BETA, WACC, DDM, RV) 5. Invite professionals for industry visits (PEOP to find Bloomberg using alumni) 6. Plan class during announcements e.g. FOMC meeting, non-farm payrolls, IEA inventories to see
reactions (FOMC to see next meeting, WECO for non-farms/IEA, then look at WB, WIRP, WEI etc) 7. Show theoretical calculators to teach theories with live market data (e.g. OVME, TAYL)
8. Professor exercises using real market data 9. Class projects 10. Data gathering (e.g. FA for company financials, DS for transcripts/filings) 11. Textbook companion (see Bryan Schmutz’s white paper) 12. Building models (XLTP for Excel template library of pre-made models)
13. Investment competitions e.g. CFA Research challenge (e.g. ICS, EEG, EQRV) 14. Trading games (TMSG) 15. Writing equity research reports (e.g. FA, CCB, DS, BRC, RES, SPLC, EVTS, CF) 16. Home of Student Managed Investment Fund, idea generation, portfolio monitoring, what if
analyses (PORT)
17. Certification program (BMC) 18. Stock pitch preparation (e.g. BIP, BI, EE) 19. Interview prep (e.g. FFM, SALT, BRIE, BIO, MSG, ECFC, CPF, ILBE, WIRP, ECMX)
20. Pre-matriculation program with high-school students (BMC) 21. Summer bootcamps 22. Whistlestop on campus tour (GMM) 23. Faculty research (SECF, SRCH, IPO, ETF, ESG, IN)
Classroom
Homework
School usage
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Competitions /Clubs
Interview preparation
GIVEN BREADTH AND DEPTH OF BLOOMBERG, BLOOMBERG CAN
ENRICH THE WHOLE CURRICULUM
3
11
49
50
59
70
89
89
89
91
0 100% 90 80 70 60 50 40 30 20 10
Economic and industry analysis
Real estate or real assets
Ethics 6
Tax investment strategies 8
Convertible securities
International investing 13
Behavioral finance 28
Technical analysis 32
Portfolio performance and Sharpe ratios
Financial statements and ratios
Options/futures
Mutual funds 85
Stock valuation
Bonds
Market efficiency
Asset pricing models
Markets & Trading 94
Source: “Faculty practices in undergraduate investment courses” Doug Waggle & Gisung Moon, Managerial Finance Volume 35, No 5, 2009
WEI, WB, FIT, FXGO, WPE, IMAP
WACC, BETA, ILBE, WIRP, FWCV
SRCH, SECF, YAS, LQA
FSRC, FSCO, FMAP, PSRT
OMON, OSA, HVG, OVME, OVDV
FA, DS, WATC, CF
EMSX, ECWB, WECO, TAYL, BI
BPRA, PORT, PORT HP/IP, NPH
TECH, CHAR, GPC, GPL, GPO
FXC, WCRS, EMEQ, REGM, WFII
ESG, PRAC DODD, NI ETHICS
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TOP, NI NEGATIVE, SURP
MRV, RV, RVC, EEG, ANR
CSCH, OVCV, CVM, CVS, CNVG
FTAX, MTAX, QTAX, TFY, NI TAX
HSST, HOIN, BI HOMBN, BI FNFRN
MACD, RSI, NI VIX, NI STRATEGY
Frequency that topic listed as being covered by sample group (% of responding professors), n=101 professors
Relevant Bloomberg functions
ILLUSTRATIVE
BLOOMBERG CAN HELP REBALANCE FINANCE TUITION AWAY FROM
THE CRITICIZED “CHALK AND TALK” STAPLE METHODS
0 1 2 3 4
Videotapes/television
Student debates
Instructor overhead projector lecture
Instructor computer demonstration
Instructor-led problem solving
Instructor writing on board
Small group activities
Instructor computer Powerpoint lecture
Newspaper article discussion
Instructor led case study
Individual student computer work
Guest lectures
Group of students presentations
Group of students computer work
Magazine article text discussion
Individual student presentations
Journal article discussion
In-class teaching methods in the US for introductory level undergraduate finance 0=never, 1=rarely, 2=occasionally, 3=frequently, 4=usually
Source: Teaching Methods white paper, n=160
“The modal finance faculty usually conducts traditional chalk-and-talk lectures.” Phillip Saunders, Professor Emeritus, Finance Education, MIT
“The traditional teaching method is the chalk-and-talk lecture.” James Gentry, Professor Emeritus, Finance, University of Illinois
“Finance faculty should reduce the use of chalk-and-talk lectures and in-class testing.” Kent Saunders, Professor of Finance and Economics, Falls School of Business, Anderson University
“The teaching approach of instructors of finance and economics has tended to rely heavily on “chalk and talk” or, perhaps in more recent years, “slideshow and talk”…The dominance of the lecture method and passive student learning appears to remain the status quo in economics, finance, accounting and business. … this is likely inconsistent with fostering high levels of student motivation and engagement.” Peter Phillips, Associate Professor of Finance, University of Southern Queensland
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BLOOMBERG OFFERS NEW HOMEWORK IDEAS BEYOND THE
TEXTBOOK
0 1 2 3 4
Videotapes/television
Group take-home quizzes
Guest lectures
Individual take-home tests
Group papers
Individual take-home quizzes
Small group activities
Journal article reading
Group of students computer work
Group homework
Magazine article reading
Case studies
Individual papers
Workbook assignments
Newspaper article reading
Individual student computer work
Textbook reading
Group take-home tests
Out-of-class assignments for US for introductory level undergraduate finance 0=never, 1=rarely, 2=occasionally, 3=frequently, 4=usually
“There is a tendency of textbooks to treat finance in an overly mechanical or theoretical manner. They are quite concerned with determining the appropriate discount rate to use in evaluating estimated cash flows. In contrast, undergraduate students have a great deal of difficulty understanding real world relevance of the topic.” George Kester, Professor of Finance, Washington and Lee University “We describe the financial marketplace to students in great detail through massive 500 page Textbooks.” Reinhold Lamb, Professor, University of North Florida
31
Source: Teaching Methods white paper, n=160
0 1 2 3 4
Videotapes/television
Student debates
Instructor overhead projector lecture
Instructor computer demonstration
Instructor-led problem solving
Instructor writing on board
Small group activities
Instructor computer Powerpoint lecture
Newspaper article discussion
Instructor led case study
Individual student computer work
Guest lectures
Group of students presentations
Group of students computer work
Magazine article text discussion
Individual student presentations
Journal article discussion
In-class teaching methods in the US for introductory level undergraduate finance 0=never, 1=rarely, 2=occasionally, 3=frequently, 4=usually
Out-of-class assignments for US for introductory level undergraduate finance 0=never, 1=rarely, 2=occasionally, 3=frequently, 4=usually
0 1 2 3 4
Videotapes/television
Group take-home quizzes
Guest lectures
Individual take-home tests
Group papers
Individual take-home quizzes
Small group activities
Journal article reading
Group of students computer work
Group homework
Magazine article reading
Case studies
Individual papers
Workbook assignments
Newspaper article reading
Individual student computer work
Textbook reading
Group take-home tests
Demonstrate theories with live data
Project Bloomberg from pedestal
Populate spreadsheets with live data
Company valuation/corporate finance
Invite Bloomberg using alumni to speak
Debate reason for live price reactions
Exercises needing BBG data
Class projects
Textbook companion
Data gathering
Building models
Investment competitions
Trading games
Writing research reports
Read Bloomberg News
Bloomberg exercises
Discuss BusinessWeek
Bloomberg exercises
Certification program
Discuss Bloomberg News stories
Project Bloomberg from pedestal
Discuss BusinessWeek
Certification program
EXAMPLES OF HOW BLOOMBERG CAN FIT INTO YOUR CLASS AND
HOMEWORK
32
Source: Teaching Methods white paper, n=160
Use Bloomberg Intelligence
University finance
laboratories
Seen it in the movies Ordinary computer lab?
“When you’re trying to attract young folk, you have to have the proper technology.” Osagie Emmanuel, Penn State Fayette Campus Chancellor 34
BLOOMBERG IS DISTINCTIVE, PROFESSIONAL HARDWARE THAT
HAS SIGNALLING VALUE
“One wall of our center is all glass and every campus tour is brought by. Students often ask “how do I get a class here?” Kristin Bristol, Associate Director, Center of Financial Studies, Southern New Hampshire University
“Most trading rooms use a lot of glass, so that anyone passing by will be drawn to the facility.” Karen Hogan, Finance Professor, Saint Joseph’s University
“Some schools use the rooms as a recruiting tool to impress prospective students and parents.” “Business Schools add Mock Trading Floors”, New York Times 2010
“Everybody who walks in the new building is wowed by the trading lab, the alumni and prospective students who walk past the lab, they’re just wowed.” Pawan Madhorgarhia, Assistant Professor of Finance, York College
“Finance labs are a visible differentiator for business schools to attract talented students.” Kevin Mak, Director of RAIL, Stanford GSB
“Schools have seen that the trading rooms are useful recruitment tools.” Beverly Hadaway, Director of the EDS Financial Trading Center, Texas McCombs
“This will allow us to recruit students more effectively.” Michael Mensah, Dean, Kania School of Management, University of Scranton
35
“Students choose a college for a variety of reasons. Of primary concern is the school’s ability to prepare them for a future career. Towards this end, various business schools are enhancing their curriculum by building state-of-the-art financial trading labs. These facilities feature the latest technology to attract prospective students.” RISE display
“91% of the finance students and more than 55% of all majors believe their use of the finance lab would improve their career efforts.” Magdy Noguera, Finance Instructor, Southeastern Louisiana University
FINANCE LABS DRIVE ENROLLMENT
“As prospective business students tour colleges to determine which they want to attend, the presence of an electronic trading center influences their decision.” Richard Jakotowicz, Director of Lerner Trading Center, University of Delaware
CONVERSELY, NOT HAVING A FINANCE LAB THESE
DAYS CAN DENT YOUR ENROLLMENT
“In my judgment, not having a trading floor could turn out to be a drawback for the college. People almost expect experiential learning.” Narayanan Jayaraman, Professor of Finance, Georgia Tech College of Management “Students are turning down colleges that don’t have trading floors.” Richard Holowczak, Associate Professor of Computer Information Systems, Baruch “Now it is a must-have to be competitive.” Kevin Mak, Director of RAIL, Stanford GSB “The use of financial trading labs within university settings is in a growth phase, with more colleges and universities finding the need to build one just to stay competitive.” Richard Kish, Professor of Finance, Lehigh “We’re at the point where students expect this, and so for recruitment purposes, we must offer it to students.” Mitzi Green, Chair of Finance Department, University of West Alabama “Finance trading labs are becoming essential to finance programs.” “Business Schools add Mock Trading Floors”, New York Times 2010
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“Students are turning down colleges that don’t have trading floors.” Richard Holowczak, Associate Professor of Computer Information Systems, Baruch
“While it once was a competitive advantage to have one of these trading rooms, it now can be a clear disadvantage not to have one.” Michael Gendron, Professor, Central Connecticut State University
ONCE BUILT, GYMS NEED TRAINERS AND PROGRAMS; ONCE BUILT
FINANCE LABS NEED FACULTY AND SYLLABUS INTEGRATION
“Simple access to databases and analytical tools alone do not build skills and competences, as simple access to body building literature does not build muscles.” John Siam, Associate Professor of Finance, McMaster University
““Recommending” that students read the WSJ is like recommending that they begin studying for tests far in advance.” Doug Waggle, Professor, University of West Florida
Joined the gym! Victory? No.
Found trainer! Victory? No.
Regular appointments at gym Victory? Yes.
“Two main critical factors determine the success of the trading-room program: (a) curriculum and (b) personnel.” Amit Sinha, Associate Professor, Bradley University
37
YOU NEED BOTH AN ENTHUSIASTIC “TRAINER” AND REGULAR GYM
APPOINTMENTS A.K.A. SYLLABUS INTEGRATION
“Faculty must be enthused enough to develop a curriculum designed to maximize its advantages.” Abhijit Sharma, Senior Lecturer in Economics, University of Bradford
“A critical factor for the successful usage of the trading room is personnel – teachers, support staff, and “champions” for the trading room. The quality of instruction in the trading room depends on the interest and the desire of the faculty to innovate and use the resources.” Amit Sinha, Associate Professor, Bradley University
“The key factor to a successful trading room is utilization. This is why it is so important that the trading room has a champion. This individual must be successful in promoting the lab to the faculty.” Karen Hogan, Professor of Finance, St. Joseph’s University
“Key to lab’s success is getting faculty utilization for class assignments. Classes need to be taught in the lab and projects must be assigned that utilize the lab.” Richard Kish, Professor, Lehigh
“We would certainly suggest that instructors in institutions equipped with Bloomberg terminals consider incorporating the use of the terminal into a part of their course curricula.” Adam Lei, Professor, Midwestern State University
“It is very important to ensure use of trading room resources is closely aligned to programme and module objectives and learning outcomes…Faculty members do need to develop both new teaching and instructional material.” Abhijit Sharma, Senior Lecturer in Economics, University of Bradford
“Institutions that do not have a curriculum structure that makes full use of the trading room tend to not be able to prevent the trading room from degenerating into a glorified computer lab.” Amit Sinha, Chair of Finance Department, Bradley University
“Educators might consider adopting a new pedagogical innovation where clear evidence exists in that such innovation will result in curricular enhancement. Based in this limited experiment with students, Bloomberg seems to warrant research and application in the curriculum.” Dennis L Payette, Professor of Management, Adelphi
“No matter how well a trading floor is equipped and laid out, it will remain idle if faculty resists using it.” BizEd magazine January/February 2003 38
“It is easier to change the location of a cemetery, than to change the school curriculum.” President Woodrow T Wilson, former President of Princeton
39
“It takes months for a faculty member to develop a moderate level of comfort with financial technology. The practitioner level of detail in the application can make it intimidating and difficult to navigate at first. It can easily become frustrating for the academic.” David Fehr, Associate Professor of Finance, Southern New Hampshire University
“Because of the current workload of our faculty and the time commitment needed to understand the applications, some educators have been reluctant to integrate Trading Centers into their classroom.” Richard Jakotowicz, Director, Lerner Trading Center, University of Delaware
“No matter how well a trading floor is equipped and laid out, it will remain idle if the faculty resists using it…One reason professors stall is because the technology can be so daunting…it’s professional-grade technology that’s not easy to use.” Bruce Weber, Dean, Lerner College of Business, University of Delaware
“Keeping abreast of the various resources of financial data is a time-consuming hurdle for instructors.” John Clinebell, Professor of Finance, University of North Colorado
“Not all faculty members are interested in teaching courses that use the trading room…some faculty members may be reluctant to spend time learning new software packages…As gaining new knowledge and skills would require faculty to take time away from their already existing research, teaching or service commitments.” Amit Sinha, Chair of Finance Department, Bradley University
40
HE’S RIGHT - SYLLABUS INTEGRATION CAN BE CHALLENGING
“Incorporating technology of any kind into a curriculum has never been a trivial task. Without an acknowledgement of the time and resource constraints involved, there is a tendency on the part of some faculty colleagues to defer use of these resources mainly on account of time limitations and other pressing commitments.” Abhijit Sharma, Senior Lecturer in Economics, University of Bradford
“It’s not a simple task to convince faculty to integrate trading room simulations into their courses.” BizEd magazine January/February 2003
“Faculty may initially be reticent to learn and incorporate lessons based on the finance lab resources into their curricula. After all, it would take time from teaching, research and service.” Magdy Noguera, Finance Instructor, Southeastern Louisiana University
“Unfortunately, faculty may feel that incorporating the Wall Street Journal into their classes will take too much time and effort…Faculty may be reluctant to incorporate the WSJ into their classes because of concerns about the additional time they would have to spend preparing to talk about Journal articles.” Steven Rich, Associate Professor of Finance, Baylor University
THE EASY WAY TO QUICKLY INTEGRATE BLOOMBERG ONTO YOUR
CURRICULUM IS TO MAKE BMC A COURSE COMPANION
41
• Make BMC a companion with pre-existing courses e.g. intro to finance, Equities, Fixed Income, Currencies, Economics
• 200 of our 805 client schools have done this so far
• See examples: http://about.bloomberginstitute.com/bloomberg-syllabus-integrations/
• Key to make it mandatory, front-load and set deadline
• Provide laboratory orientation classes to freshmen
• “This orientation should include the importance of certification and should encourage students to seek it.” Richard Kish, Professor, Lehigh
• Weave Bloomberg functions into dozens of finance classes
• “At Bentley, the trading room is used in core classes that all freshmen, sophomore, and junior business majors must take, so thousands of students stream through the facility every year.” Patrick Gregory, Former head of Bentley lab
• “At Baruch, the goal is for 100 percent of MBA students to have programs that will make them familiar with the facility.”
• Bruce Weber, Baruch
CHECK OUR WEBSITE FOR EXAMPLES
http://about.bloomberginstitute.com/bloomberg-syllabus-integrations/
42
BEST WAY TO SPARK PROFESSOR INTEREST IN CORE INTEGRATION IS TO
PROMOTE THE RESEARCH APPLICATIONS OF BLOOMBERG AND FLAG HOW
IN THE LONG-TERM STUDENT BLOOMBERG ADDICTION FREES UP THEIR TIME
“Many professors and students have a Bloomberg terminal but may not realize this valuable research and teaching tool is available.” Robert Scott, Associate Professor of Economics, Monmouth University “Bloomberg Professional has the potential to be of great use to researchers, both members of staff and PhD students.” Abhijit Sharma, Senior Lecturer in Economics, University of Bradford “Once the professors have prepared modules that can be used every year, they become avid users of the trading room…Professors are motivated once they see that time invested in the new technologies actually supports their teaching and frees their time.” John Siam, Associate Professor of Finance, McMaster University
43
“Bloomberg’s utility for research is virtually limitless.” University of New Brunswick website
“These databases contain a lot of information that faculty use in research. So besides the benefits relative to teaching, there can be measurable benefits relative to research. The comprehensive nature of the data has given the faculty some fresh ideas about research.” John Alexander, Professor of Finance, Clemson University
SAMPLE OF BLOOMBERG “DATABASE” FUNCTIONS, OF PARTICULAR
USE FOR ACADEMIC RESEARCH
Security libraries SECF all securities SRCH all bond data ETF all ETF data EQS all equity data IPO all IPO data FSRC all fund data IN all index data DLIB all derivatives data (only on Bloomberg Anywhere) CRVF all curve data CSCH all convertible data RES all research (Equity, Bonds, FX, Economics, Commodity) TECH all technical analysis chart styles Corporate libraries ICS all industry revenue data DES all company descriptions EE all estimates data EEG all historic estimates data FA all fundamental stock data EVTS all events data ANR all analyst recommendation data MA all M&A data SPLC all supply chain data ESG all environmental, social & governance data CCB all corporate division data DS all transcript, filing and company presentations CF all company filings BI all industry analysis data CRPR all credit ratings data
44
Commodity libraries FDM all commodity data AGSD all agricultural supply/demand data BMAP all energy asset data BOIL all oil prices CCAL all crop calendars BMAP all energy assets Economic libraries ECMX all economic data ECST all world economic statistics WECO all world economic calendars Forecast libraries ECFC economic forecasts ILBE implied inflation forecasts CPF commodity price forecasts CCRV commodity curves FXFC FX forecasts FXFM FX forecast model FRD FX forward calculator BYFC bond yield forecasts WIRP world interest rate probabilities Test relationships/hypotheses CIX build custom indices HRA regression analysis of any two data-sets HS historic spread between any two securities HVG historic volatility CORR correlation matrix between any securities NT news trends to plot data against mentions
ILLUSTRATIVE
TOP BLOOMBERG TIPS FOR PROFESSORS
1. Set up your own Bloomberg login then build your BIO<GO> page so that you are “in the phonebook” 2. Sign up for NEW<GO> alerts to be notified when new Bloomberg functions and data-sets are released 3. Sign up for FFM<GO> alerts for news-relevant function applications for your class. You can also search the archive
to see topical applications of your favorite functions or to search topics for relevant functions 4. Sign up for Bloomberg readership spike alerts at SALT<GO> then option 6 to get in the flow of the news that
traders read (you will get about 5 alerts a day on things like non-farm payrolls) 5. Go to PEOP<GO> and search for alumni from your school using the Education field then check the “Bloomberg
Users Only” checkbox in the bottom right to see notable alumni who use Bloomberg. Invite them as guest speakers
6. Join our LinkedIn group “Bloomberg Professional Service for Education” to receive relevant content e.g. exercises and to communicate with the community
7. See how other professors have integrated Bloomberg into their syllabi at http://about.bloomberginstitute.com/bloomberg-syllabus-integrations/
8. Review the white papers on the use of Bloomberg on the curriculum at http://about.bloomberginstitute.com/press/
9. Build a library resource page to reduce questions on Bloomberg. See examples at http://about.bloomberginstitute.com/press/
10. Make BMC<GO> mandatory for your intro to finance classes, Corporate Finance classes, Investment classes etc (free of charge on the terminal)
11. Start a lab internship program like at McMaster to get students to go through your school’s syllabi looking for relevant spots to insert Bloomberg functions. This is a win-win as you get syllabus integration done for you while they get experience that is marketable to employers
12. Visit/contact other successful laboratories nearby to pick up tricks and tips 13. Plan classes to coincide with major market announcements and discuss the resulting intraday moves (see
FOMC<GO> e.g. Wednesday 16th March 2pm, Wednesday 27th March 2pm etc) or Change in Nonfarm Payrolls (see WECO<GO> e.g. Friday 4th March at 8:30am, Friday 1st April at 8:30am) and watch the intraday 10 year yield (WBGIY), rate hike probability (WIRP) and intraday USD v EUR
14. Buy Stafford Johnson’s Bloomberg infused books: “Equity Markets and Portfolio Analysis”, “Bond Evaluation, Selection and Management” and coming in Jan 2017, “Derivatives”
15. Check out Briefs (BRIEF) 45
BLOOMBERG’S POINT OF VIEW ON THE FUTURE OF THE LAB BOOM
Broader Deeper
Diversify from equities
100% of US law schools have mock trial rooms; one day, all b-schools will have a trading room
Schools will teach more and more of their finance and economics classes in the lab, like Bentley, and replace some “chalk and talk” with “Bloomberg and talk” U Delaware 26 classes in lab Bentley 23 classes in lab DePaul 13 classes in lab
“Our major focus is equities. Fixed income is much larger but is neglected.” Amy Whittaker, Lab Manager, Bentley “University trading rooms have primarily focused on the equity market. Only a few have focused on financial derivatives, commodities or commodity derivatives.” Amit Sinha, Associate Professor, Bradley University
“69% of the Student Managed Funds in our sample invest at least 90% of the capital in Equity…17 of 35 funds in the sample are invested purely in equities. This is generally due to the low barriers to entry and relatively low trading expenses…Fixed income positions typically have to be much larger and are also more costly to trade.” Joe Peng, Associate Professor, Arkansas Fort Smith
“The market value of the fixed income market is larger than that of the equity market…fixed income securities should receive considerable attention in the finance curriculum. Surprisingly, however, only 7.3% of AACSB accredited…offer a course dedicated to the topic…it is questionable whether schools are sufficiently emphasizing fixed income topics…Given the large increase in the use of derivatives…one would expect that it would be receiving increased attention by undergraduate institutions. Surprisingly, only 13.9% of AACSB institutions require finance majors to take a derivatives course.” James Gilkeson, Associate Professor Uni of Central Florida
46
FINANCE LABS: EXPENSIVE BUT WORTH IT
“The costs are steep for building these windows into the real world, but administrators say the benefits can be enormous...The value added for business schools is enormous: establishing a reputation for high innovative teaching methodology, developing an innovative new curriculum, promoting cutting edge research in key areas, increasing student admissions, job placements, alumni networking and industry involvement and contributions.” John Siam, Associate Professor of Finance, McMaster University
“If carefully organized and managed, a trading room provides many benefits that far outweigh the financial costs. The public relations value of the financial trading room is significant – it is a stop on the campus admissions tour, and has given our financial services majors a real shot in the arm in terms of exposure.” Bruce McLaren, Associate Dean, Indiana State
“The benefits we outlined have all come to fruition. The relatively easy access to financial data, and the activity of the financial markets, has improved the quality of our instruction and the level of learning. Further, the comprehensive nature of the data, has given the faculty some fresh ideas about research…. In summary, this was an expensive learning tool, but well worth it.” John Alexander, Professor of Finance, Clemson University
“Building a lab is an investment for a school that always pays off. When measured in terms of donor appreciation, prospective student interest, and general market signaling, the physical build-out costs are negligible compared to the implicit returns.” Kevin Mak, Director of RAIL, Stanford GSB
47
“The first lab “has exceeded every one of my expectations.” Nariman Farvardin, President, Stevens Institute of Technology
DECIDING ON MARKET DATA? ALWAYS SEEK OUT INDEPENDENT
PRODUCT REVIEWS; Baruch library review (8 pages), Ryan Phillips,
Newman library, April 2014 edition of “The Charleston Advisor”,
Google “Charleston Advisor Bloomberg Professional Services”
“Comprehensive, near complete availability of financial market information that sets the standard for the financial data providers.” “It’s a premium product with premium content and capabilities…Though expensive, the pricing is fair for the content contained therein.” “Despite the perception of having a high cost, Bloomberg proves to be a more cost-effective and convenient alternative to library resources. Bloomberg provides descriptive details and pricing for thousands of international securities and markets that is very difficult to find elsewhere.” Thomas S Coe, Quinnipiac 48