A Clear Advantage

by SCOTT CASON photography by BRECKEN PREITAUER

The power of experiential learning

The term “experiential learning” means learning by doing. Thanks to the faculty of the W.R. and Yvonne Robbins College of Business and Entrepreneurship, students at Fort Hays State University enjoy a wealth of opportunities to participate in hands-on and real-world relevant learning experiences outside the classroom.

The internship experience

The most easily recognizable form of experiential learning available to college students is an internship experience. Led by a strong faculty professional network, students in the Department of Applied Business Studies have long enjoyed access to a range of challenging and diverse internship experiences.

As a tourism and hospitality major, and after completing an industry internship in the summer of 2020, FHSU senior Haley Reiter spent the summer of 2021 in the mountains of northern New Mexico. She interned at the Vermejo Park Ranch, a luxury resort dedicated to sustainability and creating memorable nature-inspired experiences, including hiking, horseback riding, shooting sports, and mountain biking. Haley quickly became an instrumental member of the guest relations team, immersed in the continuous effort to create a superior guest experience. This past semester she served as an operations intern at a local day spa in Hays to further her knowledge of the industry.

Dr. Stacey Smith, associate professor of tourism and hospitality and chair of the department, said, “These experiential opportunities allow students to put the content they learn in the classroom into context within in their desired industry. It allows them to apply their learning, grow their professional network, and be career ready when they leave FHSU.”

Later this summer, Haley will head back to New Mexico and Vermejo Park Ranch, where she will begin her professional career, in a managerial role, as a ranch ambassador.

An entrepreneurship challenge

The Faulkner Challenge is a business plan competition designed to develop entrepreneurial imagination and fuel innovation among students, regardless of major or interests. The challenge is open to any new venture in the conceptual, seed, or startup stages. Teams are evaluated on their ability to identify a market opportunity, create a value proposition, and craft a sustainable competitive advantage.

FHSU alum Kevin Faulkner established an endowed fund for what was formerly the W.R. and Yvonne Robbins College of Business and Entrepreneurship Business Plan Challenge. The challenge now bears Faulkner’s name, and he supports it in many ways, including serving as a judge for the competition.

“When I was a student, there was no competition like this, but I did participate in Model United Nations, debate, and forensics,” Faulkner said. “As a result, I learned that hands-on experience bridges education to the real world.”

The Faulkner Challenge is executed in three stages: submission and evaluation of a written business plan, a 10-minute oral presentation semifinal round, and a “money” round comprised of the final three teams. Each team provides a more elaborate, 15-minute presentation for the finals and is subject to more detailed questions and answers from a panel of expert judges.

“Cow Fences,” an entrepreneurial business plan created by Ethan McPherson, won first place at the 2022 Faulkner Challenge.

McPherson, a freshman from Manhattan, took home the $6,000 first-place cash award for his presentation. His business was built on the concept of a virtual farmer’s meat market that would connect beef and pork producers directly to consumers. McPherson’s plans include expanding into the digital market to offer a full range of food products available at a traditional farmer’s market.

“There was a lot of work and sleepless nights,” McPherson said. “I think the thing I learned most was the importance of finding and working with experts. There was just so much I didn’t know, from finance to supply chain knowledge. Still, I think by working with the team I built, I not only put Cow Fences in a great position to win this challenge, but I also believe I am positioning myself to be the best founder and chief executive officer I can be.”

Real-world financial planning experiences

Thanks to two anonymous donations, accounting, finance, and economics students at FHSU have the tools and the capital to develop financial planning skills that most college graduates only gain after years on the job.

New this spring in the Investment Analytics Lab on the first floor of McCartney Hall are 10 state-of-the-art Bloomberg Terminals. Each computer terminal provides real-time and historical data, market-moving news, and analytics to help lead business and financial professionals worldwide make better-informed investment decisions. The desktop terminals also feature electronic trading or trade negotiation tools for every asset class, research, and a global network to communicate securely and reliably.

Dr. Tom Johansen, professor of finance, is working with an advisory board of FHSU alums to create a sequence of two investment fund management courses that will be offered during the 2022-23 academic year. Students will learn to manage a portfolio, including stocks, bonds, mutual funds, exchange-traded funds, and other investments. Using real-time information available through the Bloomberg Terminals, students will research and analyze investment opportunities and prepare investment proposals. Those proposals will be reviewed by Johansen, and members of the Tiger Investment Fund (TIF) Advisory Committee made up of FHSU faculty and successful alumni with experience in the field of financial management.

A financial planning competition dynasty

A student financial planning competition is held annually in conjunction with the Financial Planning Association’s annual conference. Teams of students from Fort Hays State have participated 14 times in the 21 years since the competition began, earned top-eight honors 13 times, and won three national competitions. The competition is comprised of three phases, and it usually takes close to a year for teams to complete all three steps.

“We hold our own against much larger programs in the nation; however, our program has unique benefits students cannot find anywhere else – affordable education, smaller class sizes, and more one-on-one faculty interaction,” Glenn said. “FHSU is a great place to earn a bachelor’s degree in finance while gaining the education and knowledge necessary to become a certified financial planner.”

In just her second year as coach of the financial planning team, Dr. Christina Glenn, assistant professor of finance, acknowledges the impressive record of FHSU teams. She credits the financial planning program for helping prepare these teams for this competition – and beyond.

We would like to hear what you think about the content in this issue of ROAR Magazine. Contact us at FHSUNews@fhsu.edu.