Prospectus Fall 2010

PROSPECTUS COLLEGE OF BUSINESS

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ALUMNI MAGAZINE

The New Normal?

Our Experts Assess the Economic Landscape

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Raisbeck Endowed Dean. . . . . . . . . . . . . . . . . . . . . . . . Labh Hira Editor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dan Ryan Photos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Katie Raymon Bob Elbert Writers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dennis Smith Dan Ryan Deborah Martinez

Design. . . . . . . . . . . . . . . . . . . . . . . . PUSH Branding and Design

Printing . . . . . . . . . . . . . . . . . . . . . . . . . Phillips Brothers Printing Contact College of Business Robert H. Cox Dean’s Suite 2200 Gerdin Business Building Ames, Iowa 50011-1350 515 294-7188 business@iastate.edu www.business.iastate.edu Prospectus is prepared twice per year by the College of Business at Iowa State University. It is sent without charge to alumni, friends, parents, faculty, and staff of the College of Business. Third-class bulk rate postage paid to Ames, Iowa, and at additional mailing offices.

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Features The New Economy

BACK to WORK!

Back to Work!

Redefining career success.

The Road We’ve Traveled The state of the economy.

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Where Iowa Works

Small business plays a key role.

A Privileged Place Central Iowa is holding its

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own in a tough economy.

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On the Hunt?

How to position yourself

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for your next move.

MBA Team Judged Big 12’s Best College of Business hosts conference case competition.

24 Floods Hit Iowa State, but the Show Must Go On An update on August’s flooding on campus.

ON THE COVER

Departments 2 27 28

Dean Labh Hira Alumni News Faculty and Staff News

COLLEGE OF BUSINESS CAREER AND SMALL BUSINESS EXPERTS FROM LEFT, MARK PETERSON,

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STEVE CARTER, KATHY WIELAND,

Development Dr. Charles Handy

AND JIM HECKMANN.

M ESSA GE FR O M THE DEA N

Reflections from a Privileged Place Pondering the stories in this issue of Prospectus, I was struck by the characterization of central Iowa as “a privileged place” for both business and workers.

An Iowa State education confers the tools to both survive and thrive in a challenging job market.

If privileged places exist, then surely America in general and Iowa in particular are among them. Whatever else you might say about our state and nation, we are indeed “privileged” to live and work in a society that affords us a degree of mobility—social and economic, as well as geographical—largely absent elsewhere in the world.

Yet the stories of the individual men and women recounted in this issue make it abundantly clear that, in Iowa, there are no privileged people.

Let me explain. America is about work—hard work, and lots of it. Hard work built this country over its first century, hard work sustained it over its second hundred years, and hard work will

bring it back from the brink of the latest economic crisis to confront the nation.

But in times like these, just getting and keeping a job can itself seem like hard work. From seasoned veterans like Harold Petersen to young and hungry grads like Amanda Kiel (both profiled in these pages), our people have felt the sting of rejection or the weight of heavier workloads bearing down on their careers these past three years of recession. Layoffs, reorganizations, downsizing, increased productivity demands, mandatory overtime: these are the new “terms” of employment few of our grads anticipated dealing with in their careers—let alone a mere year or two out of Iowa State.

Sure, times are tough for workers at all levels of our economy right now. And the job market probably isn’t going to return to “full employment” anytime soon. But while Iowa isn’t an island of prosperity unaffected by the extreme swings of the financial and labor markets on the coasts, the Midwest still enjoys social and economic stability unrivaled virtually anywhere in the world.

That stability is reflected in the kind of education our students leave Iowa State with, an education that doesn’t confer any sense of entitlement—“privilege,” if you will—but instead the tools to both survive and thrive in a challenging job market: knowledge, resilience, resourcefulness, and determination. Coupled with the advantages of a local economy based on genuine value and integrity, it’s hardly a wonder that our graduates bounce back from adversity stronger than before.

As I think the alumni featured in this issue would agree, those advantages represent true privilege. ■

Labh S. Hira, Raisbeck Endowed Dean 2

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BACK to WORK!

REDEFINING—AND ACHIEVING—CAREER SUCCESS IN TODAY’S TOUGH ECONOMY

YOU DID EVERYTHING RIGHT. Sure, you goofed off a bit in high school. And maybe you sowed a few wild oats your freshman year in college. But you hunkered down and got that 3.0 grade point by the time you graduated. Or maybe you came back for that MBA to pave your personal superhighway to the executive suite.

And best of all? You had the good sense to go to Iowa State for that business degree.

(After all, there’s hardly a better price-to-value proposition on the planet, and that kind of business savvy impresses prospective employers.)

So why, in 2010, does it seem so tough to hold onto that job— or even get one in the first place?

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It wasn’t supposed to be like this.

Certainly, there were occasional bumps in the road to prosperity in what seemed an endless journey of rising expectations in the Great American Job Market. But in today’s economy, those “bumps” seem more like axle-busting potholes that can put the vehicle of your upward mobility—we’re talking your career here—in the shop for weeks, months, even years.

Worse, for many older workers the wheels have come off their dream jobs altogether, and today they find their careers sitting up on cement blocks. Rusting in the back yard. With weeds licking at the wheel wells. (Cue crickets chirping.)

OK, most of us are still at work.

But too many us aren’t feeling as good about the future as our degrees and prospects seemed to promise just a couple years ago. Maybe it’s time for a little historical perspec-

tive. Where did we come from?

Where are we now in the broader context of America’s labor history?

And where do we go from here?

In the following pages, you’ll meet some people with answers: from college placement officers to HR pros to fellow alumni with stories to tell, together their experiences write an owner’s manual for keeping your career a nimble, well-oiled machine that can navigate the sharp curves of today’s treacherous economy. ■

WHY, IN 2010, DOES IT SEEM SO TOUGH TO HOLD ONTO THAT JOB—OR EVEN GET ONE IN THE FIRST PLACE?

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ROADWE’VE TRAVELED

The

ON A LATE SUMMER MORNING, Harold Petersen sits in his car in the parking lot of the Nebraska Furniture Mart in Omaha. It’s dry, breezy, and a bit cool for early September, but nice weather for a “road warrior” making client calls out of his home base in Des Moines.

A 1978 grad of the industrial administration program that preceded today’s College of Business, Petersen is nine months into an 18-month contract to get Wells Fargo and Bank of America on line with a proprietary automatic clearing house (ACH) system. The “new” system draws on expertise Petersen gained in the 1980s and ’90s developing ACH protocols, first for big mainframe systems, and then for the more “democratized” PC-based electronic funds transfer (EFT) practices of the modern internet.

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“This is where it pays to be old,” Petersen says with a chuckle. “Wells Fargo runs its ACH-EFT system on an IBM mainframe. So it’s back to looking at the old green screens from the 1980s—no Web, nothing like that.”

At age 55 in an America still threatened by recession—and after being laid off from a three-year detour working in investments— Petersen is grateful simply to be back in banking, a field he entered right out of Council Bluffs Abraham Lincoln High School before even setting foot in Ames.

Petersen’s a Baby Boomer, a child of American postwar prosperity who has seen and weathered it all. He’s worked for six different employers in a career punctuated—at times, it seems, punched—by cycles of boom and bust.

Recessions, technological revolutions, the farm crisis, the S&L scandals, the housing bubble: all have left their marks on Petersen’s résumé, at once a document of its owner’s resilience and a précis of America’s economic history over his working life.

FROM GUNS TO BUTTER Historians of the American economy like to use the Second World War as a dividing line between the agrarian and mercantile society we once fancied ourselves (more myth than reality) and the industrial behemoth we briefly became before our transformation into a “service” economy. And that’s a fair, if oversimplified, analysis.

True, factories and shipyards that overnight sprang up to manufacture

THIS ONE HAS BOTH A LARGE INCREASE IN UNEMPLOYMENT RATES AND A SHARP REDUCTION IN EMPLOYMENT— AND, SO FAR, A VERY SLOW TURNAROUND. Peter Orazem

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A BRIEF LOOK BACK ON THE ROUTE FROM “THERE” TO “HERE”

tanks, guns, and battleships to fight the Axis just as rapidly converted to producing civilian goods to feed the pent-up appetites of American consumers too long denied by depression and war. And millions of returning soldiers and sailors produced tens of millions of new consumers over the next 20 years as the Baby Boom pushed the American economy into overdrive.

Moreover, although the Axis had been defeated, antagonisms with the former Soviet Union further spurred

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a Cold War that put the American defense establishment at the center of the nation’s economic engine.

Gradually, our manufacturing base vanished as America became a “service” economy, exchanging blue collars for white. Then came OPEC, NAFTA, China, India, and soon, despite the collapse of the Soviet empire—indeed, perhaps because of it—the United States no longer stood alone at the center of the global economy. And then those “service” jobs began to migrate over-

seas as well. Yet we kept spending as if we were still manufacturing goods for export—or worse, as if we could manufacture wealth from the thin air of grossly overinflated home values.

AN ECONOMIST WEIGHS IN Younger alums may be relatively unfazed by the ferocity of the current recession—they’re getting hired, after all. But University Professor of Economics Peter Orazem isn’t telling guys like Harold Petersen anything they don’t know already when he says that this is the worst job market of the postwar period—and that it won’t get better anytime soon.

“Even in the ’82 recession with higher unemployment rates, the recovery was faster,” Orazem observes. “This is the sharpest reduction we’ve had. This one has both a large increase in unemployment rates and a sharp reduction in employment—and, so far, a very slow turnaround.”

Seven million jobs have vanished, Orazem notes. And even though the economy is fitfully adding more net jobs per month today than in 2009,

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BACK these aren’t nearly enough to offset previous losses or to keep up with the demand of new workers leaving school or those re-entering the workforce after extended periods of unemployment.

It’s a buyer’s market: surplus labor is today just one factor exerting downward pressure on wages overall and starting salaries for new grads in particular. Entry-level pay for college graduates, according to Orazem, averages 10 to 12 percent less in a recession relative to “normal” years. Further, he adds,

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those graduates are less likely to slot into trainee positions—the kinds of jobs that lead to faster promotion— but instead are brought on to fill immediate needs of their employers.

“So what happens is that cohorts that graduate in recessions tend to start off with lower wages,” Orazem says, “and that lower wage tends to persist. Even though they’re going to get raises, they’re not going to catch up to where they would have been in a normal year for as many as 10 years—a lower baseline.”

Still, wages overall have been lagging productivity for decades, Orazem notes, even during the boom of the 1990s.

“An increase in inequality began around the 1980s. Certainly the pattern shows that labor’s share of total output has decreased,” says Orazem. “That suggests more resources are going to other inputs—capital, energy, and management or profit.”

At first glance you might assume that divergence would aggravate

AMANDA KIEL

“ The Walls Were Closing in on Me”

for those who remained, and Kiel felt she could never satisfy her managers’ demands. “Everybody was doing at least two positions’ worth of duties,” she recalls. “The walls were closing

Markets were strong, housing was

in on me.”

soaring, and jobs were plentiful.

in an MBA program at St. Mary’s

“It was a great time to be graduat-

ing,” recalls Amanda Kiel, a double

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But Kiel pushed back. She enrolled

University in Minneapolis, and last

major in MIS and logistics and supply

chain. And what could beat a job

profit sharing for the first time in its

cide with her August graduation.

in housing, the driver of the day’s

history. And then the layoffs came.

Today, she’s managing logistics

economy? So in 2006, Kiel jumped

Production workers were pink-slipped,

for 3M’s strategic customers—

at the chance to start her career

followed by administrative support

with a 25 percent increase over

in Minnesota, signing on for a

staff and, eventually, leadership itself.

her former salary.

logistics leadership program with

a major player in the construction

support, and you’re not making half

pointing, but Kiel isn’t bitter. “It taught

supply industry.

as much as some of the people you’re

me a lot and helped me be a stronger

working with, and you see them get-

person and a stronger employee,”

dragging the economy—and Kiel’s

ting laid off—it’s cold,” says Kiel.

she reflects. “I know exactly what I

early career prospects—down with it.

want—and what I can offer.”

need for those remaining to assume

But by 2008, housing had flatlined,

“Hindsight being 20/20, even if

Bad it was: her firm suspended

“When you don’t have a family to

Further eroding morale was the

I would have dug deeper into the

even more responsibility. But it still

industries I was pursuing,” says Kiel,

wasn’t enough, says the West Des

“I doubt I would have noticed it was

Moines native. Increased pressure on

going to be that bad.”

the firm meant increased expectations

spring launched a job search to coin-

Her early experience was disap-

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unemployment. But that’s not— or at least shouldn’t be—the case.

“Actually, it would go in the opposite direction,” Orazem says. “If wages are falling relative to productivity, you should be making it cheaper to hire labor. Now, for a lot of that period we had a roaring labor market—unemployment rates were historically low between 1990 and 2001. So if anything, this should be increasing the number of jobs offered, though they’re not being compensated as well relative to productivity.”

Harold Petersen’s career experiences are helping him weather the economic downturn.

His background in banking led him to an 18-month contract.

DAVE JONES

A Better Way to Make the Grade

of Chicago, one of the world’s top management schools. But in the current recession, his prestigious MBA meant little more than that

Dave Jones had it all: president of

3.96 grade point had in the last one.

his business fraternity and the

Finance Club. A seat on the col-

beckoned, and Jones could have

lege’s Business Council. A double

stepped out of America’s economic

major in finance and economics.

storm by stepping back. But he

And sixth in his graduating class,

wasn’t the type to give up his

with a 3.96 GPA.

dreams so easily. So he worked as

But it was December 2001 and,

His health consulting networks

early 2008 landed with a small but

a contractor, kept in close contact

still traumatized by 9/11, Wall

prestigious Chicago-based manage-

with his firm—and earlier this year

Street wasn’t hiring. So for all his

ment consulting firm.

got the call to come back.

accomplishments, Jones got only

one job offer with a leading

than 2001—and by early 2009,

environment today than it was a

national health care consulting firm

Jones and several other junior

year ago,” Jones says. “A year ago

in Minneapolis.

consultants were furloughed.

it didn’t matter who you were, you

weren’t hired because nobody had

He took it, and over the next five

But 2008 would prove worse

“As markets began to freeze, it

“It’s a very different business

years achieved the same level of

was apparent that businesses were

the budget.”

success he’d always expected of

going to have a hard time spending

himself, and was recruited away by

non-essential cash,” Jones says.

Jones downplays his credentials:

a small health care concern that

“And consultants aren’t cheap.”

in an economy like this one, he

offered him a vice-president’s

knows, it’s not grade points, but

office. But after only months, Jones

that dream job through networks in

resilience and determination that

wanted a bigger challenge, and by

his MBA program at the University

make the grade.

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A further irony: Jones had landed

Reflecting on his experience,

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BACK TEN YEARS AFTER That conventional economic logic seems to have been turned on its head in the current recession is just one factor frustrating not only academic economists such as Orazem, but tens of millions of workers either out of a job or fearful they may soon be. This just doesn’t feel like anything that anyone in the current workforce has experienced before, and that makes optimism a rare commodity these days.

“It’s going to take a decade before things get back to normal,” Harold Petersen remarks—and he’s no longer certain just what “normal” might look like. For older workers like Petersen, the “new” normal may well mean a series of temporary contracts to see him through to retirement.

THIS JUST DOESN’T FEEL LIKE ANYTHING THAT ANYONE IN THE CURRENT WORKFORCE HAS EXPERIENCED BEFORE, AND THAT MAKES OPTIMISM A RARE COMMODITY THESE DAYS. “At my age,” he concedes, “the longer you’re off the job market, the less attractive you are to future employers. I was starting to panic in the six months I was out of work.”

Take Petersen’s own area. If, in 2008, you were to consult the Bureau of Labor Statistics, you might conclude that the financial sector

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would be a reasonably attractive proposition for a young person entering college, with the sector projected to grow five percent overall through 2018.

Maybe that’s the case in Des Moines (see “A Privileged Place,” page 14). But given the experience of Iowa State alumni over the past two years in even so resilient a region as the upper Midwest, those pre-recession figures are beginning to look deceptive as younger workers press for jobs while older workers delay retirement after their investments collapsed with the housing bubble.

Yet differences between this and past recessions notwithstanding, Orazem stresses the undeniable value of a college education as a common factor in all economic recoveries. “You have to assume at some point the economy is turning around,” he says. “And who is going to get the best out of that turnaround? It’s going to be the most educated.”

And not simply the most educated, but the best as well: while entry-level salaries may be down an average of 10 percent or more for entry-level workers fresh out of college, Business Career Services director Kathy Wieland says that starting salaries for Iowa State business grads have decreased only two to three percent from pre-recession levels.

RESILIENT AND RESOURCEFUL The reason for that discrepancy, Orazem suggests, may be that “Iowa State alumni are considered to be well trained.” And you’ll get no argument on that from college faculty, as they work overtime to deliver to

STARTING SALARIES FOR IOWA STATE BUSINESS GRADS HAVE DECREASED ONLY TWO TO THREE PERCENT FROM PRE-RECESSION LEVELS. undergraduates the same hands-on attention that is reserved largely for MBA students elsewhere.

Yet beyond their educations, Iowa State business grads—both MBA and undergraduate—get the sort of professional placement services that many other students must seek outside their institutions. What’s more, they know there are few places in America that offer the combination of opportunity, stability, and quality of life that can be found generally in the upper Midwest—particularly in the central Iowa area.

And, as the profiles of alumni in these pages bear witness, Iowa State grads are nothing if not resilient and resourceful in the face of economic adversity. From 25-year-old Amanda Boyer to Harold Petersen at 55, each has turned temporary setbacks into opportunities to prepare for greater success in the future.

Petersen surely reflects those attributes as, on that cool September morning, he hits the road to finish out the week before returning home to Des Moines.

“It’s funny,” he reflects. “The knowledge I got from the ’80s and ’90s, I’m able to bring over into 2010— and it’s keeping me employed.” ■

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WHERE

IOWA

WORKS SMALL BUSINESS IS A BIG DEAL IN IOWA AND THE UPPER MIDWEST. DOES WASHINGTON CARE?

HERE ARE SOME NUMBERS YOU CAN CHEW ON: According to U.S. Census Bureau statistics for 2004, 5.89 million businesses in the United States had a total of 115.07 million employees. Of these, 56.48 million—about 49 percent of the total—worked for firms with 500 or more employees.

In other words, about an even split between “big” and “small” businesses, as traditionally defined.

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That 50-50 split is pretty well reflected in these pages: of the nine alumni profiled, five now work for large firms—Wells Fargo, 3M, Oshkosh Corp., Sprint, and The Hartford—and four are with businesses that range from about a dozen employees to 150. With the exception of Harold Petersen, though, even those employed by big business today worked for one or more small businesses at other times in their careers.

But that 50-50 split is a national statistic. If you narrow your focus to rural and less-populated states, you’ll see a surprisingly different break in

the numbers—and Iowa is no exception: as recently as 2009, according to statistics from Iowa Workforce Development, fully 83 percent of Iowans were employed by companies with fewer than 500 employees; of these, more than half worked for firms employing fewer than 50.

Those are startling numbers.

And whether or not you agree with the conventional wisdom that “small business is the engine of job creation” in the United States, there’s no denying its importance to Iowa’s economy and workforce.

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BACK WHAT WASHINGTON GIVETH… But if small businesses are to thrive as engines of job growth— in Iowa as elsewhere—they need not only a fertile economic soil in which to grow, but also a regulatory environment at both the state and national levels that, if it doesn’t directly encourage business formation and growth, at least doesn’t frustrate it.

Jim Heckmann and Steve Carter are both seasoned pros in helping businesses get off the ground and navigate the complexities of governmental regulations. Heckmann is the state director for the Iowa Small Business Development Centers, a College of Business outreach program. Carter is the president of the ISU Research Park and director of the ISU Pappajohn Center for Entrepreneurship.

AS RECENTLY AS 2009, 83 PERCENT OF IOWANS WERE EMPLOYED BY COMPANIES WITH FEWER THAN 500 EMPLOYEES.

While both have seen encouraging signs at the state and local levels for small business development, they are less sanguine about the direction and impact of recent policy developments at the national level.

Take financial reform, for example.

Especially in technology, startups too new or too small to attract venture

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Steve Carter is the president of the ISU Research Park and director of the ISU Pappajohn Center for Entrepreneurship. He says bioenergy is a huge opportunity for Iowa.

capital often rely on smaller investors to get off the ground.

“We saw in some of the reform legislation a couple things that would have had a devastating impact on angel investors, who have to meet standards making them ‘qualified investors’ as defined by the SEC— typically a net worth of a million dollars, or income above a quarter million a year,” Carter notes. “They were looking at raising that to something like $4 or $5 million. Well, that would have eliminated a substantial number of current investors.”

Through heavy lobbying by organizations involved in angel investing, Carter says, that requirement was withdrawn. Yet other provisions of the financial reform bill that ultimately passed Congress were, in Heckmann’s view, virtually irrelevant to small businesses—or simply didn’t go far enough, given the devastation wrought by the recession.

“Main Street banks now have to raise capital reserves,” Heckmann observes. “They’ve got two ways to

do that: they can make money on loans or make money on investments. Making money on loans is what got them into trouble. So instead they’re going to take the income they’re getting and invest it in Treasuries and securities.”

That trend was partially offset in mid-September when Congress approved a $42 billion package of tax relief and loan funds targeting small business. Still, Heckmann says, reform did too little to restore the firewall between investment and commercial banking that was torn

FINANCIAL REFORM HAS NOTHING TO DO WITH SMALL BUSINESS, IN MY OPINION. Jim Heckmann

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BACK down by repeal of the Glass-Steagall Act in 1999. In fact, the nation’s biggest financial institutions—including some bailed out with taxpayers’ money—successfully beat back many restrictions on the kinds of speculative activities that got them in trouble in the first place.

That, says Heckmann, is more than a little frustrating. “We’re trying to regulate some really smart people who will figure out another way to do business as soon as the ink is dry on the new regulations,” he laments.

“Financial reform has nothing to do with small business, in my opinion.”

WASHINGTON TAKETH AWAY… Though conceding some positive aspects, Carter and Heckmann are equally skeptical about the effects of health reform on small business.

Heckmann—no friend of federal mandates, especially in health care— nonetheless gives the reform bill credit for at least two needed changes.

“Number one,” Heckmann offers, “insurance needed to get back to following the individual and not the job.

That was done right,” he acknowledges. “And the insurance companies—you have to be able to procure the insurance and keep the insurance as long as you pay the premium.

Those things were done right.”

But, Heckmann says, the one thing small businesses need to thrive is the one thing the 2010 health care reform act doesn’t give them: predictability. With narrower margins for error—a bootstrap tech startup seeking angel investors hardly has deep cash reserves to begin with— the last thing small businesses need is to be blindsided by unforeseen

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liabilities. And Heckmann sees danger ahead.

“I think there’s going to be enormous confusion and shifting in the health insurance markets over the next five years,” he says, “and that’s going to make it very difficult.”

Carter agrees that health care reform is rife with pitfalls for small business. Still, in a nod to the ingenuity of entrepreneurs, he is convinced that out of that potential chaos will come unprecedented opportunities for innovation.

“Certainly the health care legislation will add complexity to what is already perceived as a barrier to business formation,” Carter says. “But look at all the business opportunities that are going to be created by this: mandates for wellness programs, the massive amount of investment into IT solutions for patient records—it’s going to create enormous opportunities for companies that are positioned to take advantage of that. So it’s tough

IT’S TOUGH TO READ HOW HEALTH CARE LEGISLATION IS GOING TO SHAKE OUT FIVE YEARS FROM NOW. Steve Carter

to read how this is going to shake out five years from now.”

For Heckmann, though, it’s those very mandates that represent a threat. Government borrowing to support the program, he fears, will threaten to drive up interest rates when, due to a financial reform package that already does too little for small business, capital is difficult to come by.

“Borrowing for business,” Heckmann states flatly, “is going to be more expensive.”

Jim Heckmann has been the state director of the Iowa Small Business Development Centers since 2007. He sees a mixed bag in recent federal regulatory legislation.

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BACK THE LEADING EDGE OF PROSPERITY Both men, it is safe to say, put their trust in solutions to the nation’s economic woes that are much closer to home than Washington.

“I think our federal government is so entrenched with existing interests that people are coming to realize that change in Washington is not an easy thing at all; it’s incre-

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mental,” says Carter. “And I think you’re starting to see that states realize they have to lead in making these changes, in going new directions.”

While Iowa has not done all Carter feels it could to support small business formation, he is nonetheless optimistic for the future of the state. The move from carbon to bio-based energy and

products creates what he calls a “huge, huge wave of opportunity” for Iowa to exploit its unique natural and human resources—provided state government can do for local entrepreneurs what federal lawmakers cannot.

“Growing crops, growing plants, growing animals—those are all things we do better than anybody,” Carter emphasizes.

SARAH UCHYTIL

Audit Your Life, Find Riches

felt, had given her confidence to weather the battering her career had taken in the recession. Why not help others?

Think accountants are risk-averse

by nature? Meet 1996 grad Sarah

leading life- and career-coaching

Uchytil, who, after several years in

institute. And though she has since

Chicago, in 2000 found herself work-

returned to full-time employment at

ing as a financial analyst in Sprint’s

Sprint, she is currently coaching four

Kansas City headquarters.

clients on evenings and weekends,

Focused and determined, she rose

through the ranks at Sprint in pricing and contract analysis. But when the opportunity came to move to an entirely different work group as a consultant for large commercial accounts, Uchytil didn’t hesitate.

“I knew by moving out of my

comfort area in finance,” she acknowledges, “I could put myself at risk if a layoff were to occur.”

In 2008, it occurred. Still, Sprint

invited Uchytil to return to her finance comfort zone. Invitation declined: Uchytil picked herself up, engaged her networks, and soon found work with a small telecomm consulting company in Kansas City.

12

“Unfortunately, the recession was

still on, and companies just didn’t have the luxury of paying for consulting services,” Uchytil recalls. “Again, I was one of the newer people—so I was one of the first let go.”

It was time to take stock. “I was

good at what I did, but I wasn’t passionate about it,” Uchytil says. “I had the skills and education. But I always wanted to run my own business, and this was the perfect opportunity to jump on that.”

In 2004, a colleague had intro-

duced Uchytil to “life coaching,” a program in which she systematically audited and worked toward balance

Uchytil enrolled at Coach U, a

and this fall is leading 10 others enrolled in an eight-week online course titled “Back to Balance” (sarahucoach.com).

Her coaching is supported by her

Sprint colleagues, Uchytil says, and she’s been invited to make presentations at quarterly director meetings.

Still, as she continues her education and credentialing, her ultimate goal is to go into full-time private practice.

“I want to empower clients to live

their best personal and professional lives,” Uchytil says, “and work with people who have gone through a job loss or transition. I know what it’s like; I’ve been there.”

in her finances, physical environment, and professional life. The process, she

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BACK But the ultimate “local” solution lies with individuals. While some workers may go into business for themselves out of a sense of frustration with the institutional job market, both Carter and Heckmann feel that most who strike out on their own still do so more to seize opportunity than to escape occupational adversity.

“The reality is that most of these startups are mid-career people, people in their 40s,” Carter says. “They have experience. They see opportunities; they have some net worth they can put into it—that’s the majority.”

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Drawing those people to Iowa— or even keeping them here in the first place—is in large part the job of men such as Heckmann and Carter and the organizations they lead. Together with civic and business allies such as the Greater Des Moines Partnership, they are the leading edge of whatever advantage Iowa may have to preserve and advance its prosperity in a postrecession economy.

It remains to be seen whether Washington—or even Des Moines— will help or hinder that project. ■

PEOPLE ARE COMING TO REALIZE THAT CHANGE IN WASHINGTON IS NOT AN EASY THING AT ALL; IT’S INCREMENTAL. Steve Carter

NICK GOLDSBE RRY

Know What You’re Looking For (And Let the Right People Know You’re Looking!)

mation got to the right people.

In a way, it was as if he never left col-

lege. After getting his BS in manage-

played out,” Goldsberry remarks.

Don’t bother with established 50or 60-year-old executives, one of his MBA professors told him—they don’t have the time to bother with you.

Instead, get to know people several years ahead of you in their careers— they’re the ones with the inside line on your next job.

ment from Iowa State in 2004, Nick

office and strike out on his own in a

Goldsberry left the Delta Tau Delta

rotten economy.

house in Ames—and immediately

took a job with the national DTD office

ment,” Goldsberry says. “We’re look-

in Indianapolis, where he did sub-

ing for this kind of guy: 3.0, involved

stance abuse education and recruit-

in high school. That’s the same

“It’s a key piece in fraternity recruit-

ment and marketing, among other

approach I brought to the job search,”

assignments.

he continues. “I’m looking for a posi-

tion in account management, private

Forget “Animal House”: this

Delt’s experience at Iowa State gave

sector, small startup, with a tech-

him job-searching skills that served

driven marketing focus.”

him well when, four years later, he

was ready to leave the national

native, was to make sure that infor-

IOWA STATE UNIVERSITY

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Another key, says the Omaha

“Sure enough, that’s how it

“I got a call from a friend in early May who said one of his friends in downtown Indy had this account management position open up, and would I be interested?”

Goldsberry got the interview—

and he got the job with Right On Interactive, a small marketing software startup. “This organization is right up my alley,” he says. “It’s the challenge I wanted, a different skill for my résumé.”

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E C A L P a D E G E L I PfoRr IV

BUSINESS

AS DIRECTORS FOR UNDERGRADUATE AND GRADUATE CAREER SERVICES,

respectively, Kathy Wieland and Mark Peterson (see interview, page 19) might be excused for being more than a little defensive about their work. After all, when your job is to help find jobs for others in one of the worst job markets in history, it’s not just your clientele who worry about becoming—or staying—employed.

Not to worry: Iowa State business grads are finding work.

And they’re finding it in Iowa and its immediate neighbors.

Not that it’s easy in the current economy. Last year, Wieland concedes, undergraduate placement six months out from the degree slipped from 90 to 80 percent compared to the previous year. And only 50 percent of undergrads had a job offer in hand when they walked across the stage to pick up their diplomas.

14

“But if you look at the National Association of College Employers from last year,” Wieland reminds, “they said 20 percent had jobs at graduation. So our numbers were vastly different from that.”

How to explain results that radically different?

“The pipeline between here, the Twin Cities, Des Moines, Kansas City, Omaha, and Chicago—it’s been our impression that those markets have fared pretty well,” Wieland offers. “And we’ve had some big players in financial services that have weathered the crisis really well, so that helped us quite a bit.”

daily to dozens of new and prospective central Iowans as it extols the uncommon blend of dynamism and stability that characterize the business climate in Des Moines, as well as the amenities the city has to offer new and returning workers.

That’s not just garden-variety chamber of commerce boilerplate, says the Partnership’s Susan Ramsey.

The curious thing, she’ll tell you, is that the breathless pace of mergers and acquisitions in the financial industry over the 1980s and ’90s that ravaged many an urban economy in mid-sized cities elsewhere had the opposite effect in Des Moines.

KEEPING LEADERSHIP LOCAL Stability, affordability, opportunity, quality of life: for many of the same reasons they came here to study business, many Iowa State grads stay in Iowa and the upper Midwest to pursue their careers.

That message isn’t lost on the Greater Des Moines Partnership. In fact, it’s a message the community development organization delivers

IOWA STATE BUSINESS GRADS ARE FINDING WORK. AND THEY’RE FINDING IT IN IOWA AND ITS IMMEDIATE NEIGHBORS.

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& WORKERS “When those mergers came, and those buyouts of local banking and financial operations took place,” Ramsey reminds, “they continued to keep leadership here in Des Moines.

We didn’t see the huge pullout of management to Chicago or New York; we saw continued corporate engagement in our community. That would go against the pattern that you would see in other cities.”

“And they’ve grown the operations they have here,” adds Mary Bontrager, the Partnership’s Executive Vice President for Workforce Development.

“Nationwide [Insurance] is a prime example of that. And Aviva acquiring Amerus, and then relocating their U.S. headquarters from Boston to Des Moines.

“We can go back and talk about what they cite,” Bontrager continues.

“It’s always a highly educated, productive workforce. And again, the quality of life, the affordability of doing business here, the amenities for their workers.”

IOWA STATE UNIVERSITY

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Mary Bontrager and Susan Ramsey, of the Greater Des Moines Partnership.

A QUICK TURNAROUND Although it’s their job to promote Des Moines, Ramsey and Bontrager acknowledge that central Iowa is hardly an oasis in the American economic desert of the past two years, and elements of the local economy have certainly taken their lumps— as alums Harold Petersen and Steve Anderson (see profile following this story) can attest.

But Petersen and Anderson both worked in the investment arena, which, compared to Iowa’s traditional strengths in the more conservative banking and insurance fields,

took an especially vicious hit in the recession. Indeed, as late as July 2010, according to the Bureau of Labor Statistics, New York City’s workforce levels were down between 10 and 20 percent in investments and brokerages—a central employer in New York’s financial services sector. By contrast, Des Moines’ dominant insurance industry, which employs more than 50,000, had shed merely one percent of its workforce.

And even that relatively low figure, Susan Ramsey suggests, is somewhat of a lagging indicator compared to the national economy.

15

BACK “It wasn’t until June 2009 that we actually stopped having job growth here,” Ramsey points out. “We were last into this recession, and very likely projected to be first out, because we didn’t dip anywhere near as deeply.

“And,” she adds, “we’re already starting to see the job numbers turning around.”

That advantage is further supported, according to Bontrager, by a healthy mix of other economic actors in the central Iowa region— areas that have actually seen growth during the recession.

“One of the reasons we have been so stable is our diversification,” Bontrager observes. “Yes, we talk a

to

WORK! And we were an IT community long before people talked about IT communities, simply because financial services have a significant IT base.”

lot about financial services, and we have a great base here of financial services. But we still continue to have a great agricultural base sector here, whether in bioscience or manufacturing for agricultural products.

LONG-RANGE VISION THE KEY None of this happened by accident, Bontrager and Ramsey insist, but instead is the result of a confluence of factors. Certainly those include what the Partnership and others characterize as a “Midwestern work ethic” grounded in the region’s agrarian roots, along with a historical emphasis on education.

More than that, however, Des Moines has enjoyed extraordinary cooperation between its major corporate and public sectors that has

feet and find a job in no time,”

saw Minneapolis was doing pretty

Anderson says. “But as I got back into

well, especially in IT.”

the market, it actually got worse.”

2009, Anderson landed a short-term

Mark Peterson

STEVE ANDERSON

Toward the Best “Outcomes” When Steve Anderson of Carroll,

outplacement services. But

contract in the Twin Cities doing IT

Iowa, picked up his MIS degree in

Anderson’s fiancée had landed a cov-

work for Cargill. Still, he continued

2006, he had a short list of prospects

eted teaching position in the Des

working Iowa connections, and soon

he wanted to work for—with Principal

Moines area—no small feat in another

turned up a lead with Outcomes

Financial Group at the top. So when

tough job sector—so the couple was

Pharmaceutical Health Care, a small

he joined Principal’s investment divi-

reluctant to leave central Iowa.

Des Moines patient medication man-

sion, his future seemed assured.

agement firm where he works today.

It was—but it wasn’t the future

Determined to make it in Des

Moines, Anderson doubled down on

either he or Principal expected: by

his job search. He sent out résumé

Anderson reflects. “Laying people off

December 2008, Anderson found

after résumé. He attended job fairs

is never a personal decision; it’s a

himself on the street with hundreds

and worked his networks—but most

business decision. If I were in their

of others as Des Moines’ financial

of those were people themselves

position, I would do the same.”

sector downsized.

looking for jobs. “So I went off

on a tangent,” Anderson recalls.

“I’d never really seen a recession,

so I thought, yeah, I’ll get back on my

16

Principal helped with generous

Well enough that, by the end of

“I’ve learned a lot about business,”

“I looked at different markets and

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BACK created an environment in which businesses of all sizes have flourished. Coupled with strategic planning facilitated by the Partnership, these actors have created a model for sustainable growth joined to a high quality of life.

“We are fortunate that we have a corporate community and leaders that are engaged in the quality of our community,” Bontrager says. “They make tremendous investments into our United Way, into amenities—our arts and culture—and the things that make a desirable environment for smaller businesses.”

Through a series of strategic initiatives dating back to the

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1980s—not coincidentally, Bontrager notes, undertaken at the same time as the rise in mergers and acquisitions in Des Moines’ and the nation’s financial sectors—Des Moines’ civic and corporate leaders drew up plans to turn the city’s deteriorating core around, and to make it a mecca not only for corporate citizens, but also for the creative younger people— entrepreneurs in both business and the arts—who are the life force of flourishing cities.

“We started focusing on those key sectors we really wanted to grow here,” Bontrager stresses. “So you go into the late ’90s and the major projects task force—the Capital City

IT’S A HIGHLY EDUCATED, PRODUCTIVE WORKFORCE. THE QUALITY OF LIFE, THE AFFORDABILITY OF DOING BUSINESS HERE, THE AMENITIES FOR THEIR WORKERS. Mary Bontrager Vision Project—that really drove all of this.”

That initiative, Bontrager says, focused largely on revitalizing Des Moines’ downtown core. The result

BEN THURSTO N

If You Want to Move Up, Sometimes You Have to Move Out

ment, servicing a handful of small northern Illinois agencies with sales and underwriting services.

“Being a small company,”

Thurston remarks, “I had my hand in a lot more things.” And within a couple of years, that diverse experience

Though he left Iowa State in 2004

gave him the confidence to try once

as a finance major, Marshalltown,

again to carve out a larger role for

Iowa, native Ben Thurston had his

himself in a still tough job market.

eye on a career in the insurance

An underwriter for medium-sized

industry almost from the day his

cousin steered him to the commercial

ance industry,” Thurston says.

Denver, Thurston today finds himself

underwriting department at the

“Des Moines is probably OK

back in the big leagues of insurance—

large national firm she worked

compared to other areas. But it’s

and always with an eye to the

for in Des Moines.

definitely tough out there.”

next opportunity.

He got the job. After several years,

“Hiring is way down in the insur-

Undaunted, Thurston jumped ship

businesses with The Hartford in

“My father’s generation, you get

though, Thurston wanted into sales—

for a much smaller regional carrier:

into a company, you work there 30

that’s where he’d find opportunity for

where his old company employed

years before you retire,” Thurston

advancement. But by 2008, the reces-

tens of thousands across America, his

reflects. “My generation doesn’t feel

sion was forcing big carriers to down-

new, Iowa-based company boasted

as tied to one employer. We’re willing

size their sales staffs, and what few

all of 96 employees. Nonetheless,

to look a little bit more.”

jobs there were quickly got snapped

Thurston left Des Moines for Chicago,

up by more experienced people.

where he would work out of his apart-

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17

BACK

Kathy Wieland

was what she calls the “greening” of Des Moines, including a new arena and events center, Science Center, public library, a home for the World Food Prize, the River Walk project, and a downtown park that today contains one of the world’s greatest collections of outdoor sculpture, thanks to philanthropists John and Mary Pappajohn— in short, what Bontrager calls the “Gateway” for a resurgent downtown business community.

“We can go back and look at the projects on that list,” she adds, “and they all happened because everyone worked together.”

ENLISTING CRITICAL ALLIES Today that expansive vision applies not just to Des Moines, but also to the greater central Iowa region that falls within the economic orbit of the capital. The Greater Des Moines Partnership has enlarged its focus from the three-county metropolitan area to include what Bontrager and Ramsey refer to as an eight-county “laborshed,” the wider region whose economic vitality pivots around Des Moines.

Central to that broader vision, Bontrager notes, is the relationship between Des Moines’ economic clout and Ames’ education and research facilities—specifically, Iowa State

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University. “Ames is very critical to our attraction efforts, in terms of that amenity,” she stresses. “What many people don’t see is the collaboration we’re doing from an economic development standpoint.”

That collaboration includes joint marketing efforts between the Partnership, the city of Ames, and Iowa State. Indeed, ISU President Gregory Geoffroy is a member of the steering committee for the Partnership’s new vision planning efforts, and the Partnership works closely with the ISU Alumni Association on bringing grads back to central Iowa to work and raise their families.

And, Bontrager notes, to start the new small businesses that increasingly will hire a greater proportion of new and returning ISU graduates.

“That’s an area where we have really collaborated with Ames and Iowa State,” Bontrager says. “Three years ago we started what we call the Business Innovation Zone (“BIZ”) of Central Iowa, a collaboration among the Iowa State Research Park, Ames Economic Development, the Partnership, Des Moines Area Community College, and the state to an assistance center for startups and second-stage entrepreneurial ventures.

That’s been extremely successful.”

“They’re thinking, hey, maybe it’s a good time to come back,” says the college’s Kathy Wieland. Most of these inquiries, she says, are alumni in their late 20s and early 30s—the demographic Mary Bontrager and her Partnership colleagues are targeting. But whether new graduates or returning alumni, Wieland insists, the central Iowa area is second to none for opportunity.

“I don’t want to minimize the job market for those who have been negatively impacted,” Wieland says. “But for a College of Business graduate who can execute a job search? They can get a job within six months.”

She adds, “I believe that.” ■

DES MOINES #1 FOR “ BEST PLACE FOR BUSINESS AND CAREERS” Forbes’ 12th annual ranking of the Best Places for Business and Careers looks at the 200 largest metro areas, which range in size from the New York City metro with 11.7 million people to Merced, California, which is home to 245,000. Forbes ranks areas on 12 metrics including costs of business and living, job growth past and projected, income growth, educational attainment, and projected economic

SIX MONTHS TO SUCCESS As attractive as the central Iowa business climate may be in its own right, the struggles of workers to get and maintain good jobs in some of the larger markets has made the greater Des Moines area only more compelling. And a number of those people have been taking advantage of job postings through the Iowa State Career Services office.

growth. Forbes also factored in quality of life issues like crime, cultural and recreational opportunities, as well as net migration patterns. They also examined the percentage of subprime mortgages handed out over a three-year stretch and the number of highly ranked four-year colleges in the area.

Courtesy Greater Des Moines Partnership

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E, AS…

ORK BEGINS HER

YOUR NETW ON THE HUNT?

MARK & KATHY

N I A L P X E U O Y L L IT A FOR

WHILE NOTHING BEATS THE VOICE OF EXPERIENCE KATHY WIELAND

as reflected in the stories of our alumni in these pages, College of Business Career Services directors Kathy Wieland and Mark Peterson—she does undergraduate placement, he does graduate (MBA)—have more than a little experience themselves helping Iowa State alums find the jobs just right for them.

Prospectus asked them to share a few pointers for success in this challenging job market.

MARK PETERSON

IOWA STATE UNIVERSITY

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PROSPECTUS: OK. I’m on the street and

can’t get arrested—let alone a job.

What can you do for me?

KATHY: We can figure where your

search process is breaking down. We’re going to analyze what you’ve done, so I’d like you to bring in any records that you have. I’d like you to bring your marketing pieces in—we’ll look at those—and then we’re going to look at the quantity and quality of the sources you’re using to identify contacts.

PROSPECTUS: Contacts? I have a

Facebook page—lots of “friends” there. And then there are the job boards: Monster.com, CareerBuilder, some others. I’m online every day!

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MAKE CONTACTS WITH GOOD PEOPLE IN COMPANIES WHO CAN MAKE SOMETHING HAPPEN FOR YOU. YOU CAN’T JUST SIT AND APPLY TO JOBS ON WEB PAGES.

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MARK: Those kinds of systems

PROSPECTUS: So how do I make

make it easy to identify the people—you couldn’t do this even five years ago. But how you actually get a job or internship is by talking to people. You pick up the phone.

those inside contacts? Especially when there aren’t any openings in a given company in my field?

KATHY: You have to talk to people—

and that’s where we’ve seen some of the biggest challenges. Students say, ‘well, why should I go down to the Career Fair and talk with them when I can apply to their website?’ They need to understand the value of networking and connecting face to face. Employers are looking for both technical and communications skills, and you have to be the package deal.

KATHY: One thing you need to do

is to prospect for jobs even when you don’t know of any openings—make contacts with good people in companies who can make something happen for you.

You can’t just sit and apply to jobs on web pages. That’s not a comprehensive job search.

MARK: Many professional associa-

tions now have their own online system where there are discussion forums, job posting boards, chat rooms, and whatnot. I always encourage candidates, if they’re

AMANDA BOYER

Two Turning Points to Success

20

Council Bluffs native reached out to

an HR pro advised her to reformat

what limited network she had. In

her résumé from a chronological

Boyer’s case, though, it wasn’t so

to a function-based format.

much network connections as her

The job market still looked good in

own resourcefulness—and a little

days after that,” Boyer says. “I’d say

2007, so as a new marketing grad,

help from Iowa State—that got her

that was the biggest turning point in

Amanda Boyer could have been

back on her feet.

my search.”

excused for being a little complacent.

After all, she had two internships

aging their Google analytics, and that

manager with a product promotion

by the time she left Iowa State.

made a huge difference in my

company in the Minneapolis area

And though she wasn’t much for

search,” she says. “But I didn’t put it

last July—a firm, she says, that

networking, she soon found herself

on my résumé until I’d been there

found her résumé after she made

in a marketing job with a small

three to four months—it’s not really

the change. “I can’t explain what

publisher in Minneapolis.

valid until you’ve made some history

a difference it made in my career

And then she found herself on

“I volunteered at a nonprofit, man-

“I got an interview every 10 to 15

Boyer started as an account

with these people.”

search,” she says. “And the fact that

the street.

someone would do that for free is

“It was hard,” Boyer admits. “You

Getting that résumé noticed

was the next challenge. Boyer

amazing—it’s one of the things that

never thought you’d be laid off at 24.”

took advantage of a free college

makes Iowa State so great.”

service through LinkedIn where

Complacent no longer, the

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now because they want to protect individual privacy.

MARK: But it’s a discussion we have to

PROSPECTUS: OK, I agree: face time

with people who can help me is critical. But what about those “marketing materials” you mentioned? What about my résumé, my portfolio, or Facebook page?

have: clean up your Facebook page— some recruiters are still looking at it!

But we like to focus on LinkedIn, making sure what you have there is accurate and not embellished.

KATHY: You have to make sure those

KATHY: Two years ago when we asked

recruiters if they routinely looked at Facebook profiles as part of the recruiting process, a lot of them said yes. But a year ago, a lot of the big employers did an about-face and aren’t looking at Facebook

pages are completely clean and highly professional. A lot of people still want to do things about their ‘interests’— things potential recruiters and employers don’t want to see. So we have to help them temper that desire to put that kind of thing out there.

Mark Peterson advises grad student Akmal Mirsadikov.

ANDY HOUT Z

Networking Begins Early

undertake a single internship before leaving Iowa State.

“If I could give advice to anyone

in college right now,” Houtz Between graduating with his degree

acknowledges, “it would be to take a

in transportation and logistics in

semester off and go work. That’s the

1995 and landing a job with a major

best thing you can do for your

military contractor earlier this year,

career, and the only thing I wish I

Andy Houtz held no fewer than

had done.”

seven positions with seven different

companies, most of them smaller

While happy in his current job—

“It’s a joy to work there,” he says—

firms. His longest tenure was about

was the perception he was a

Houtz does not dismiss the possibility

four years. The shortest? Five

job-hopper. “That’s their opinion.

of a future move. But this time, he’ll

months before he was laid off in

I disagree,” he says, and the views

be ready.

July 2009.

of many younger grads seem to

support Houtz’s position.

other employment,” Houtz says. “But

an MBA from St. Thomas University

I’m making more of an effort to keep

in Minneapolis. But that was 2001,

native would tell you, over the

up my contacts and network than I

and job prospects then weren’t

years he neglected to establish a

have at any other point in my career.”

much better than they are today,

strong network of colleagues and

regardless of credentials.

contacts in his profession. And,

the road will seek me out.”

Houtz suggests, that pattern may

Along the way, Houtz picked up

Houtz says one thing that may

have frustrated his multiple searches

IOWA STATE UNIVERSITY

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Still, the Naperville, Illinois,

“I’m not going to actively seek

Houtz adds, “The job I get down

have started when he neglected to

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isn’t a real good time to be making a drastic career shift.

PROSPECTUS: And if that doesn’t work?

KATHY: Then you have to broaden

PROSPECTUS: OK, so I get a job. But

you’re right: the market seems frozen, with little opportunity to move into something new. Maybe I could enroll in a part-time MBA online?

MARK: We hear from recruiters and Kathy Wieland works with senior marketing major Brigitte Reinig.

PROSPECTUS: And those things I don’t

want potential employers to know?

MARK: I just tell people to disclose

everything when they’re filling out their employment application. If you’re dishonest about it and it comes up, that’s going to hurt you more than if you were honest about it and it comes up and you can still explain it.

PROSPECTUS: Maybe I should just sit

out the recession. What if I go to grad school? Pick up an MBA?

hiring managers that an MBA from a bricks-and-mortar school is, to put it diplomatically, far more preferred to one of the corporate online programs. The classroom experience, the debate, the live case analysis, presentations—a lot of those soft skills you develop in a hands-on MBA program you just can’t get sitting at your computer terminal.

PROSPECTUS: Say I’m an older worker

who just lost her job. Or maybe I’m some guy who just feels stuck, but hasn’t been on the market for so long that I don’t have a clue about stuff like Facebook, LinkedIn, networks, job boards, etc. Maybe I need to hire someone to help?

KATHY: Our message for business

graduates is to go to work. If you’re looking at grad programs related to business—that’s most likely the MBA— most require some experience.

MARK: And there’s really not much

demand for people who have an MBA and no work experience anyway. So we typically don’t accept those students. In this economy, most companies are recruiting candidates pretty close to their résumés. In other words, this

22

KATHY: Certainly, the methods are

really different, so older job seekers have to get up to speed with them.

They hear of all these things they should do, that sometimes I think they get misled as to what they should do to execute a job search— there are so many people trying to make a buck on this. So one of the first things I’ll say is that there is nothing you can pay someone to do for you that you can’t do for yourself.

your scope; you need to be more flexible. You have to go looking for companies you’re interested in. We have a certain sector of the student population that focuses just on large companies, but there are more job opportunities in small and mediumsized companies.

A LOT OF THOSE SOFT SKILLS YOU DEVELOP IN A HANDS-ON MBA PROGRAM YOU JUST CAN’T GET SITTING AT YOUR COMPUTER TERMINAL.

PROSPECTUS: Mark, you get the

last word.

MARK: Nearly 70 percent of last

year’s corporate hiring, as reported to the Bureau of Labor Statistics, was achieved by company referrals—networking.

PROSPECTUS: So the last word is—?

MARK: Networking. ■

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MBA TEAM JUDGED BIG 12’s BEST A TEAM OF COLLEGE OF BUSINESS MBA STUDENTS WON THE FOURTH ANNUAL BIG 12 MBA CASE COMPETITION, HOSTED BY IOWA STATE IN THE GERDIN BUSINESS BUILDING ON FRIDAY AND SATURDAY, APRIL 23 AND 24. A RECORD 11 OF THE BIG 12 CONFERENCE SCHOOLS COMPETED.

IOWA STATE’S WINNING TEAM FROM THE BIG 12 MBA CASE COMPETITION SHOWS OFF THE TROPHY. TEAM MEMBERS INCLUDE (FROM L TO R): SRIVANI HARISH, GAYATHRI SAMARASINGHA, SCOTT GROH, AND DAN HINZ.

THE COMPETITION WAS BLIND-JUDGED by a panel of corporate executives; the schools that each team represented were not revealed to ensure fairness.

Each four-person team had 24 hours to analyze an open-ended case involving the strategic management of an E-book reader, the Amazon Kindle, and present findings and recommendations to the panel of judges, who simulated Amazon.com’s board of directors. The Harvard-style case was not announced to teams prior to the start of the competition on Friday morning.

After a demanding day of deliberation, the preliminary competition began the next morning at 8:30 a.m. The 11 entrants were whittled down to three finalists who presented later that afternoon.

Iowa State team members included first-year students Dan Hinz and Gaya Samarasingha and secondyear students Scott Groh and Srivani Harish.

The Baylor University team took second place, followed by the Texas A&M University team.

“This is a great accomplishment for our students and a great source of pride for our college,” said Labh Hira, Raisbeck Endowed Dean. “We’ve always known our MBA students are of the highest caliber, and winning the Big 12 Case Competition validates it. It shows the value of an Iowa State business education in applying classroom learning to real-life business situations.”

“The case competition is truly a collaborative event among our conference schools,” said Ron Ackerman, director of graduate admissions and student services and one of the

competition’s organizers. “It gives some of our best students an opportunity to compete, not in athletics, but in academics.” Sam DeMarie and Brad Shrader, both members of the MBA core faculty, also helped plan the event.

Professor of Finance Roger Stover and Assistant Professor of Management Andreas Schwab advised the Iowa State team; Professor of Marketing Sanjeev Agarwal and Associate Professor of Supply Chain Management Frank Montabon helped the team with its practice sessions.

“All the teams in the final round had fantastic ideas, but the one thing that set Iowa State apart was numbers,” said Hinz. “Scott Groh did an amazing job putting together some risk and financial analysis. By defending his numbers, Scott was able to convince the judges that our idea was not only strategically sound, but profitable as well.”

“WE’VE ALWAYS KNOWN OUR MBA STUDENTS ARE OF THE HIGHEST CALIBER, AND WINNING THE BIG 12 CASE COMPETITION VALIDATES IT.”

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Groh, a graduate student in business administration from Waukee, also won the award for best question-and-answer session for his preliminary division.

“Having to theoretically save a company, or destroy a competitor, with only 14 pages of information and 24 hours is a daunting task. The competition style is intense, stressful, and demanding,” said Hinz. “It makes developing the same solutions over any period of longer time seem like a cake walk.” ■

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Floods Hit Iowa State, BUT THE SHOW MUST GO ON

The water came quickly— and just as quickly, it was gone.

In its wake was the usual mud and muck that follows a flood, to the tune of millions of dollars in damage and building closures that would last weeks, if not months.

And to make matters really interesting, classes

were due to start in less than two weeks.

Crews went to work immediately to make sure campus would be ready to welcome students and their families who would be arriving within days. Fortunately, most of campus came through relatively unscathed. Hardest hit were athletic facilities along Squaw Creek and University Boulevard and the Iowa State Center, including Hilton Coliseum and the Scheman Building.

SQUAW CREEK, LOOKING WEST ON LINCOLN WAY TOWARD CAMPUS.

After three consecutive nights of torrential rainfall in central Iowa, the Skunk River and Squaw Creek rose to record and near-record levels in Ames on Wednesday, August 11, closing off virtually every route through the city and forcing a boil order on tap water. The university closed down on Thursday, August 12, but was back open on Friday with instructions for employees to bring their own water.

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LARGE, CLIMATE-CONTROLLED TENTS WERE ERECTED SO THAT THE BUSINESS AND LIBERAL ARTS AND SCIENCES CAREER FAIR COULD GO ON AS SCHEDULED.

The solution was to import large, climate-controlled tents to the courtyard area on the south side of the Scheman Building. The tents had walls, floors, entrance and exit doors, and offered an environment as comfortable as being inside traditional convention space.

STANGE ROAD, LOOKING SOUTH JUST NORTH OF 13TH STREET.

The most recent estimates are that it will cost the university $40 to $50 million to clean up the damage.

The Gerdin Business Building was not in the flooded area and was not affected. However, the fall career fair, shared by the Colleges of Business and Liberal Arts and Sciences, was scheduled for Hilton Coliseum on September 22. The College of Engineering had its career fair scheduled for the day before. Hilton was no longer

ALTHOUGH THE SCENERY HAD CHANGED, THE CAREER FAIR PROCEEDED AS NORMAL WITH COMPARABLE NUMBERS OF EMPLOYERS AND STUDENTS ATTENDING.

an option, and there were no other available buildings

Attendance for both students and employers remained

that could accommodate an event of this size.

strong, which was not a surprise to Business Career

Services Director Kathy Wieland. “Our career fairs have

All three colleges were unanimous in agreeing that

career fairs were too important to the education and

always been trade-show quality events for both our stu-

career prospects of Iowa State students, and that

dents and our employers, and this fair was no different,”

cancellation was not a possibility.

Wieland said. “Only the venue had changed.” ■

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COLLEGE HOSTS TOMORROW’S

Women Business Leaders On Monday, September 27, the college welcomed 75 high school girls grades 9 through 12 to the Gerdin Business Building for Young Women In Business: Unleash Your Potential, a conference to help young women explore different fields in business, leadership opportunities, and learn more about the college experience.

THE CONFERENCE’S KEYNOTE speaker was Shazia Manus, president and CEO of Greater Iowa Credit Union. Manus is a dynamic Iowa State graduate who earned her position at a young age after holding it on an interim basis. Ann Coppernoll, director of undergraduate programs, addressed the group outlining Iowa State’s business majors and the differences between each.

From there, attendees had the opportunity to attend a session with a College of Business faculty member to learn indepth about the majors they were most

interested in or wished to explore.

Later in the day, there were two sessions with professionals in each discipline from prominent firms around the Midwest. The professionals offered practical examples of career options and engaged the attendees in discussion about their fields.

The day’s program closed with a session featuring current female College of Business students describing their experiences and taking questions from the girls. Attendees also had the opportunity to take tours of campus and the

Judi Eyles, assistant director of the ISU Pappajohn Center for Entrepreneurship, meets with attendees at the Young Women In Business conference.

Gerdin Business Building and learn about financial aid, study abroad, and the Iowa State experience. ■

Finance Team Takes Krause Challenge A TEAM of College of Business under-

From August 31

before implementing their plans to re-invest

graduate finance students won this year’s

through March 31, the

the Krause Challenge funds.

Krause Challenge, an investment challenge

Iowa State team saw a

among Iowa State, the University of Iowa,

22.34 percent return on

synchronized attempts to buy companies that

the University of Northern Iowa, and

investment, amounting

are temporarily undervalued, exhibit com-

Drake University.

to $30,450. Drake saw

parative advantages in their industries, and

the second-best return

do not deteriorate the diversification of our

at 17.54 percent.

portfolio,” said Yianni Floros, an assistant pro-

Up to 20 Iowa State

fessor of finance, who coaches the students.

students from the

Security Analysis

stocks operating in industries that are of

Kum & Go started the Krause Challenge

in 1998 by donating $400,000— $100,000 to each of the four schools—for finance students to invest in the stock market.

Each year, finance classes and clubs from

26

Ioannia (Yianni) Floros, assistant professor of finance, teaches the courses that compete in the Krause Challenge.

“This year’s win comes as a result of our

“We unloaded our portfolio by selling

each university re-invest the funds and

and Portfolio Management class (FIN 425)

higher risk, made our portfolio more

compete for the highest return. At least

participate every semester. The students are

manageable both for educational and

10 percent of investments must be made

coached on how to value equities, manage

trading purposes. It was fun coaching

in Iowa-based companies.

portfolios, and analyze financial statements

this dedicated group of students.” ■

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A LUM NI NEWS

College Honors Accomplished Alumni The College of Business honored four Iowa State alumni at the homecoming Honors and Awards Ceremony on October 29.

There were three recipients of the Citation of Achievement Award, which honors distinguished alumni who have demonstrated outstanding achievement. One received the John D. DeVries Service Award, recognizing an individual who has demonstrated outstanding service to the college.

One couple received the Russ and Ann Gerdin Award, honoring contributions to the college from non-business graduates.

C I TAT I O N O F A C H I E V E M E N T H O N O R E E S

Dan Houston (’84 Marketing) is the president–retirement, insurance, and financial services for Principal Financial Group, Inc. He is responsible for Principal’s U.S. asset accumulation businesses, including its full service accumulation, banking, mutual fund, and annuity business lines.

He also oversees the company’s life and health insurance segment and distribution channels supporting all units.

Frank Ross (’84 Accounting) received his award posthumously.

He suffered a heart attack shortly before being notified of his selection for the award and passed away on June 7, 2010. In April, Ross was promoted to vice president for global commercial business at Pioneer Hi-Bred. He managed plans and direction for North America, Europe, Latin America/Africa, and Asia Pacific. Ross spent 23 years with Pioneer.

J O H N D . D E V R I E S S E R V I C E AWA R D H O N O R E E

Denise Essman (’73 Industrial Administration) is the founder, president, and CEO of Essman/Associates and Essman/Research. She spent four years on the ISU Alumni Association board of directors. She is a member of the ISU Foundation’s Order of the Knoll and spent 11 years on its Board of Governors. She is also a member of the ISU Research Park board. She has served on the state advisory board for the Iowa Small Business Development Centers. She has judged College of Business MBA case competitions, moderated panel sessions, and taught marketing courses in the college for six years.

R U S S A N D A N N G E R D I N AWA R D H O N O R E E

Allan Landon (’70 Industrial Administration) recently retired after nearly six years as chairman and CEO of Bank of Hawaii, named “America’s Best Bank” by Forbes magazine in December 2009. With more than 2,400 employees, Bank of Hawaii is valued at more than $2 billion. Landon’s leadership kept it out of the headlines during one of the worst financial crises in United States history. He was named to U.S. Banker magazine’s All-Star Banking Team for 2008.

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The careers of Mark (’77 Agricultural Business) and Julie (’78 Physical Education) Blake have led them to become important College of Business supporters. Mark is a partner with Bank Financial Services Group, and Julie is the office’s marketing director. They have funded the Mark and Julie Blake Scholarship for deserving undergraduate students in need. To these students, they have also taken on unofficial roles as mentors, offering advice and making treasured connections with students. ■

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FA C ULTY A ND STA FF NEWS

Hiras Receive Prestigious Faculty Award Labh and Tahira Hira, Raisbeck Endowed Dean in the College of Business and executive assistant to the president, respectively, were awarded the Order of the Knoll Faculty and Staff Award in April.

This award is presented to an individual or couple employed by or retired from the university who has brought distinction to the university, its programs, or research significantly beyond the expectations of their positions. The Hiras have dedicated virtually their entire careers to ISU since their arrival in the early 1980s, first as faculty members and later as university administrators.

As dean, Labh Hira has led the College of Business through tremendous growth and transition, including the completion of the Gerdin Business Building and creation of a doctorate program. He worked to improve support for the college’s faculty, students, and programs. Prior to his appointment as dean in 2001, he served as department chair for accounting and finance and later as associate dean and senior associate dean of the college.

A professor of personal finance and consumer economics in human development and family

studies, Tahira Hira is internationally recognized for her research in consumer bankruptcy, consumer credit, the social and psychological aspects of borrowing behavior among Americans, the borrowing behavior of college students, and gambling. She is a member of the U.S. President’s Advisory Council on Financial Literacy. Since 2002, she has served as executive assistant to Iowa State President Gregory L. Geoffroy and was previously associate vice provost for ISU Extension. In her current position, she has provided leadership to ISU’s sesquicentennial celebration and Live Green!

Initiative, and the university’s Ombudsman Office.

The Hiras support numerous projects and programs including the Roger P. Murphy Professorship in Accounting, a named space in the Gerdin Business Building, women’s athletics, and numerous funds within the Colleges of Business and Human Sciences. They are members of the Order of the Knoll W.M. Beardshear Society. ■

J O H N S O N A P P O I N T E D I N T E R I M A S S O C I AT E D E A N

28

Danny Johnson has

been named interim

undergraduate programs and cares

“Danny is very passionate about our

on the College of Business faculty since 1998. Since then, he has been recog-

associate dean for

deeply about student learning,” said

nized by his students, fellow faculty, and

undergraduate pro-

Labh Hira, Raisbeck Endowed Dean of

the university for his excellent teaching.

grams in the College of

the College of Business. “He is a great

Business at Iowa State University. He

citizen who gets actively engaged

Business’ self-review report for its

has a two-year appointment that began

with students.”

recent maintenance of accreditation

July 1. An associate professor of supply

with AACSB International—The

chain management, he replaces Kay

degrees from the University of

Association to Advance Collegiate

Palan, who accepted a position as dean

Wisconsin-Madison and his bachelor’s

Schools of Business. ■

of the Haworth College of Business at

degree in business administration from

Western Michigan University.

Moorhead State University. He has been

Johnson earned his PhD and MBA

Johnson also wrote the College of

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FA C ULTY A ND STA FF NEWS

New Faculty and Staff Brent Brewer, systems

University of Oklahoma.

includes asset pricing,

support specialist II.

Expertise includes

delegated portfolio

Earned his BA in busi-

inter-organizational

management, and com-

ness administration

relationships, shipper-

putational statistics.

from Seattle Pacific

3PL relationships,

University. Previously employed by

logistics innovation, and retail logistics.

the Institute for Social and Behavioral Research at ISU.

Fred Hood, assistant professor of finance.

Jim Cannon, assistant professor of

Earned his PhD in

accounting. Earned his PhD in account-

finance from the

ing from The University of Utah. Expertise

University of Rochester.

includes the valuation of intangible oper-

Expertise includes capital market effi-

ational assets, associations between

ciency, capital structure choice, credit

operational efficiency and financial

default swaps, debt risk premia, default

performance, and use of non-financial

risk, and structured debt securities.

information in financial reporting.

Emily Kohnke, assistant Toyin Clottey, assistant

professor of supply

professor of supply

chain management.

chain management.

Earned her PhD in

Earned his MS in statis-

operations and man-

tics and PhD in business

agement science from the University of

administration, operations management

Minnesota. Expertise includes service

from The Ohio State University. Expertise

operations management, health services

includes sustainable operations, inven-

management, quality management, and

tory planning and production control

management of technology.

with product returns, closed loop supply chains, and service operations.

John Murphy, lecturer of accounting. Earned

Terry Grapentine,

his MBA from Drake

lecturer of marketing,

University and his BS

is a professional

in accounting from ISU.

marketing researcher with nearly 35 years’

Abhijit (Abhi) Rao, director of the

experience. Earned his master’s degree

Business Communications Center.

in economics from the University of

In the process of finishing his PhD

Oklahoma with post graduate work

in Rhetoric and Professional

in statistics at Iowa State University.

Communication at ISU.

Scott Grawe, assistant professor of sup-

Xiaolu Wang, assistant professor of

ply chain management. Earned his PhD

finance. Earned her PhD in finance

in supply chain management from the

at the University of Toronto. Expertise

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NEW PHD STUDENTS Yuanfeng Cai, management of information technology. Earned her bachelor of engineering in computer technology and science from Tongji University, China, in 2008 and her master of science in information systems from ISU in 2010.

Andrew Harrison, management of information technology.

Earned both his bachelor’s degree in management information systems in 2005 and his MBA in 2009 from ISU. Joonhwan In, consumer management.

Earned his BS in industrial engineering from KAIST and completed a master of science in industrial engineering at POSTECH in Korea.

Qazi Kabir, supply chain management. Earned his BS in mechanical engineering from Bangladesh University of Engineering and Technology in 1998 and two MBAs, one in management science from the University of Dhaka and the other in supply chain management from Syracuse University.

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FA C ULTY A ND STA FF NEWS

Jenny Lin, customer

economics and management from the

Akshaya Vijayalakshmi,

management. Received

University of London and his MBA from

customer management.

her BS in Veterinary

North Dakota State University.

Earned her bachelor’s degree from Birla

Medicine in 2005 from Chung-Hsing University,

Institute of Technology

Arunachalam

Taiwan. She holds two master’s degrees,

Swaminathan,

and Science in Pilani, India, and her

an MS in biomedical sciences and an

customer management.

master’s in media management

MBA, both obtained from ISU in 2010.

Earned his bachelor’s

and market research from Mudra

degree in computer

Institute of Communications in

Keembiyage

science engineering from PSG College

Theekshana

of Technology, India, and a master’s in

Somaratna, supply

business management from Great Lakes

chain management.

Institute of Management, India.

Ahmedabad, India. ■

Received his BSc in

F A C U LT Y A N D S TA F F H O N O R S Cynthia Campbell

Burt Porter is spending

received the 2009

the 2010–2011 year

Outstanding Service

at the Securities &

Award from the

Exchange Commission

Eastern Finance Association.

as a financial economist. He is working in the Department of Division of Risk,

Terry Childers was

Strategy, and Financial Innovation

selected as Area

as an economic analyst, providing

Editor of the Journal

litigation support.

of Consumer Psychology.

Howard Van Auken

Additionally, Childers was recognized

earned the Best Impact

DEBORAH NOLL, longtime

as a “2008–2010 Top 10 Reviewer” by

Paper Award

academic advisor in the College

the Journal of Consumer Psychology.

at the 2010 annual

of Business, passed away on

meeting of USABE.

November 28, 2009, in Ames. She

Qing Hu, chair of the

His paper was titled, “Women and Men

was born in Keosauqua, Iowa, and

Department of Supply

Entrepreneurs: Different Relationships

graduated from the University of

Chain and Information

to Bootstrap Finance.”

Northern Iowa. She served in the Peace Corps in Liberia for two

Systems, is ranked Doug Walker, assistant

years. She had been an academic

Research Rankings of Researchers

professor of marketing,

advisor at St. Edwards University in

Based on Research Contribution (2007–

received the 2010

Austin, Texas. She was a member

2009)” and 26th in the AIS eight top

Learning Communities

of the National Academic Advising

journals. He was also appointed to the

Collaborator award

Association, where she chaired the

28th in the “Top 100 IS

editorial board of the Journal of the

from the ISU Learning Communities

Advising Business Majors

Association for Information Systems.

Awards Committee. This award goes to

Committee from 2007 to 2009.

an individual who demonstrates the spirit of learning communities through collaboration. ■

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DEVELO PM ENT

So Much Done, So Much To Do It was just three short years ago, in the fall 2007 issue of Prospectus magazine, that Campaign Iowa State: With Pride and Purpose was publicly announced. As you can see from the back cover of this magazine, we’ve hit our $800 million goal, and then some—and we’re still going.

This seven-and-a-half-year comprehensive fundraising campaign was destined to make a tremendous impact on Iowa State University and the College of Business. And as we enter the final months of Campaign Iowa State, we can now see just how transformational this campaign has been for our faculty and students.

We are awarding 265 different scholarships totaling nearly $430,000 during the 2010–2011 academic year, up from 182 scholarships for $198,000 just three years ago. We also recently announced the 26 deserving faculty members who were awarded named positions for this academic year.

We’ve pursued program improvements, like adding a PhD program, a Communication Center for business students, and the Gerdin Citizenship and Leadership In Action programs to further engage students.

Many of these enhancements were created during Campaign Iowa State thanks to the philanthropic giving of our alumni and friends. We are very grateful for the impact they have made.

Even as the campaign winds down, the College of Business has unmet campaign priorities that we must work to fulfill. Student scholarship support is more important now than ever before. With tuition expenses continuing to rise, the need for financial need-based scholarships is critical.

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The college has a high demand for students wishing to study abroad, and one major barrier keeping more students from doing so is the financial obligation. With that in mind, we are looking to increase the number of study abroad scholarships we provide.

We continue to place a high priority on recruiting and retaining the very best professors who will impart their experiences and expertise on our students. More named faculty positions, such as endowed chairs and professorships, provide the college with additional resources and name recognition necessary to keep faculty from entertaining more lucrative opportunities at other universities or in the private sector.

You can help the College of Business achieve its unmet campaign priorities. In my past four Prospectus columns, I have shared information related to gift planning. These topics have included how to make gifts of real estate, charitable gift annuities, and charitable bequests through designations in your will.

Any of these gift planning vehicles are great options for providing support. And if you wish to make an immediate impact, a gift of cash can begin a scholarship or named faculty position immediately.

In closing, I encourage you to take a few moments reading over our list of donors from 2009–2010, beginning on the following page. We recognize these individuals and companies each fall for their annual support of our people and programs. The resources they provide are important to our success.

We in the College of Business are very fortunate to have the support we do.

We can now see just how transformational this campaign has been for our faculty and students.

Jeremy Galvin is the senior director of development for the College of Business.

He can be reached toll free at 866 419-6768 or by e-mail at jdgalvin@iastate.edu. ■

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DEVELO PM ENT

Annual Support for the College of Business The College of Business would like to thank our treasured alumni, friends, and corporate and foundation partners for their cash contributions during the academic year beginning July 1, 2009, and ending June 30, 2010. Their contributions demonstrate a commitment to ensuring that our students and faculty have the resources to grow in an increasingly competitive marketplace.

Many additional donors have supported the College of Business during 2009–2010 and requested confidentiality for their gifts. Those gifts are not listed here. If you prefer your name not be published, please contact the ISU Foundation Alumni Records department at 515 294-4656 or arecords@foundation.iastate.edu.

For more information on how you or your company can support the College of Business, contact Jeremy Galvin, senior director of development, at 866 419-6768 or jdgalvin@iastate.edu.

SUPPORT FROM ALUMNI AND FRIENDS $250,000–$999,999 Russell and Ann Gerdin John and Mary Pappajohn $100,000–$249,999 Robert Cox Edith Kooyumjian $50,000–$99,999 John and Connie Stafford Robert and Jane Sturgeon $25,000–$49,999 David and Margaret Drury John and Deborah Ganoe William and Elizabeth Goodwin Richard and Carol Jurgens David and Deb Kingland Gerald and Margaret Pint Stephen and Rebecca Smith Robert and Virginia Stafford William Varner

32

$10,000–$24,999 Ronald and Engra Banse Miles and Catherine Barker Jerald and Cindy Dittmer Ralph and Jean Eucher Mark and Pamela Fisher John and Rebecca Hsu William Kalm and Raedene Keeton-Kalm Timothy and Karen O’Donovan Frank and Marcia Parrish Neil Schraeder and Ruth Ward-Schraeder Smith Family Foundation Kenneth and Janet Thome Lynn and Jody Vorbrich $5,000–$9,999 Keith and Sheri Bandle Gregory and Terri Churchill Nancy Dittmer David and Kathleen Ecklund Paula and Brian Ehke

Joseph and Diana Elwell James and Ann Frein Kurt and Cara Heiden Dan and Joan Houston Madolyn Johnson J. Scott Johnson and Julia Lawler-Johnson Michael McBreen Roger Murphy Christopher and Sondra Paskach Suku and Mary Radia Susan and Al Ravenscroft Tom and Ann Rice Randy and Julie Richardson Steven and Rose Ann Schuler Troy Senter Karen Terpstra Donald and Patricia Wolfe Mary Yuska

$2,500–$4,999 James Auen Delores Boat Kenneth and Marsha Caratelli Jamie Constantine Arnold and Christine Cowan Michael and Sue Crum G. Steven and Phyllis Dapper William and Gloria Galloway Charles and Mary Kay Handy Lester Hoover Lorene Hoover Mark and Laurie Miller James and Virginia Owens Robert Probasco and Peggy Gitt David and Jean Reiff Dale and Kelly Renner Steve and Renee Schaaf Daniel and Jill Stevenson Mark and Terri Walker $1,000–$2,499 Belinda Bathie Kelley and Joan Bergstrom Michael Bootsma Marvin and Vicki Bouillon Michael and Mary Ann Carlson Joseph and Jane Cote John and Barbara Dalhoff Frederick and Veronica Dark

John and Ruth DeVries Jack and Wendy Duston Denise Essman Theresa Fleege Michael and Michelle Fliehe Beth Ford and Jill Schurtz Peter and Luann Gilman Alexandra Goddard Edward Gordon Kent and Joy Green George and Pauline Grovert David and Nancy Halfpap John and Joanna Hamilton Richard Hanna Jay and Kimberly Hardeman Dermot and Caroline Hayes Jeffrey and Cynthia Heemstra David Hoover Thomas and Ellen Howe Billie Humy and Ardyce-Jean Humy Calvin and Christine Johnson Timothy and Jolene Kneeland Kevin and Denise Kreb Daniel and Sharon Krieger Cheryl Krongard Bruce and Julie Lambert Robert and Karla Larsen Mark and Traci Leslie Michael and Connie Maloney Deepesh Marfatia and Smita Kinariwala Craig and Beth Marrs Robert and Judy McLaughlin John Mertes David and Ellen Raisbeck Joanne Latta Reeves and Lane Reeves Jason and Melissa Ringgenberg Todd and Kelley Robinson Raymond and Mary Scheve George Schnepf Larry and Sheryl Scott Javier Seymore Ned and Paula Skinner Susan and Mike Stocker Gary and Susan Streit John and Jennifer Streit Sheryl Sunderman and Tom Mueller Scott Taylor Janice Van Ekeren and Kevin Sypolt Roy and Mary Voorhees

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Stanley and Jean Warren Bruce and Karen Webb Greg and Amy Whittemore Scott and Judith Wilgenbusch George and SueAnn Williamson Kimberlee Wright Eric and Barbara Zarnikow $500–$999 Jonathan and Jill Ahnen Eric and Paula Almquist Rick and Sonia Arnold Keith and Larabeth Bader David and Susan Bolte Douglas and Joan Carlson Richard and Jennie Carlson Thomas and Jill Catus Jay Chapman and Karen Heldt-Chapman Jeffrey and Elizabeth Cosner Michael DeLio and Jill Witowski DeLio Howard and Dee Dicke David and Jane Dirks Sean and Kellyn Donnelly Nancy Dop DeeAnn Drew Kenneth and Laurie Eastman Lonnie and JoEllen Elliott Carl and Donna Gahwiler Winifred Guthrie Brian and Paige Hamilton Craig and Cheryl Hart Chris and Lori Harvey Quinn and Katy Hildman Fredrick and Carol Hoiberg Michael and Dee Hummel Douglas Irwin Cyndie and Frank Jeffrey David and Brenda Keith Lawrence and Carole Kerr Patrick and Lisa Kirchner Jody Knudsen Constance and Arthur Krelle Hubert and Judith Lattan Jon and Sharyl Leinen Joel and Karen Longtin Samuel and Conye Makinye Ken and Kimberly McCully Barbara Miller Michael and Beverly Moeller IOWA STATE UNIVERSITY

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Michael and Beth Mohar Thomas and Lane Mumford Michael and Carolyn Nickey Gary and Trudy Peterson Wayne and Heather Prescott David and Karen Safris Ralph and Carol Scott Michael Shepherd Stephen Shoemaker Mark and Rachel Siegel Kevin and Gabrielle Steffensmeier Jeffrey and Karen Steggerda Jonathan and Gail Ware William and Melinda Watt D. Michael and Sandra Wege Christopher and Catherine Weide Daniel and Carol Werner Andy and Christina Weyenberg Brian and Carol Worth Douglas and Susan Zingula $250–$499 William and Susan Adams Andy and Becky Anderson Theresa Beaumont and Richard Harms Jeffrey and Judith Brower Nathan Burk Teresa Carley-Brown and Kevin Brown Jason and Kelly Claus Charles Clayton Randy and Sandy Davidson Richard Deblieck Jason Decker and Christina Freese-Decker Dean Detar Antonio and Lisa Dias Bryan and Kathy Donaldson Michael Drake Martin and Betsy Draper Jeffrey and Jane Eagan Brian and Angie Finzen Christopher and Angela Fisher Daniel and Angela Flynn Pamela and Duncan Gallagher Seamus and Mia Gilchrist Louis and Lois Glover James and Linda Graham Christine Grisham John and Nancy Halleland Jeffrey and Susan Hand ■

PROSPECTUS

David and Kay Harpole Michael and Alison Helgeson Richard and Laura Holmes Richard and Denise Hucka Dean Jones and Larissa Holtmyer Jones Ryan and Pamela Jones Thomas and Mary Judge Gregory and Sharon Kaczmarek Roger and Donna Kezar Jeffery and Sheila Lara Paul and M. Ann Larson William Locke Dale and Linda Martin Jeffery and Lisa Merry Randal and Kerry Miller Diane and Robert Moore Troy and Tracey Mostaert Roy and Gayle Nelson Lyn and Robert Norman Charles and Darlene Nowack Gloria and Gary Ohlendorf Geral and Sara Pattison Michael and Michele Penake Carolyn Portner Kevin and Julie Quass Janet Quick Doug and Tina Ragaller Dave and Robyn Reuter Blake and Paige Rhodes Shawn and Christine Rourick Doug and Val Saltsgaver Jeffery and Malinda Schirm Douglas and Jodi Schmidt Sally and Jason Selby Roy and Karen Siple Bruce and Dana Snethen James and Julie Snyder Tongtong Song and Liangping Yu Scott Soth Ronald and Jennifer Spielman Larry Sporrer Steve and Marcia Stahly William and Deborah Stearns Samuel and Margaret Strotman Matthew and Andree Swanson Ronald and Karolyn Swanson Michael and Sandra Thome Kevin Toft Merwin Ullestad

Patrick and Carrie Van Wert Valerie Vasquez and Vincent Genet John and Janet Werbach James and Sarah Woerdeman James Zenk Douglas and Susan Zubradt $100–$249 Jeffery and Sherri Albracht Linda Armbruster Terry and Maureen Bachman Libby Balsiger Robert Balsiger Keith Barkley James and Betty Barney Scott and Paige Barney Patricia and Daniel Barrett Walter and Heidi Baskin Carl and Norma Beil Wayne and Merita Bergstrom Keith Bevan Gerald and Jerry Bibo Peggy and Craig Bieber Steven and Valerie Blough Bryan and Brenda Blum Roger Bower Kevin and Susan Boyce Allan and Joy Boyken Dennis Brehm James Breitenkamp Joel and Kari Brett Branigha Brewer Kevin and Sylvia Brinker Barbara Brooks Alan Brown Larry and Marcia Brown Matthew and Melinda Brown Richard and Mildred Brown Richard and Joan Brus Dale and Karen Buehler Jeff and Elizabeth Bunkers Gary and Susan Buresh Alfred and Jean Caine Jarrod and Jocelyn Carley Bradley Carlson Joseph and Susan Cartagena Keith Carter Ronald and Diana Carzoli Brian and Rebecca Casey Barry and Daria Chesnut 33

DEVELO PM ENT

Annual Support for the College of Business/continued Duane and Patricia Cink Sherri Coffelt Christian Colburn Timothy and Maureen Connolly James and Jane Corkery Judith Couture Thomas and Diana Crawford Bryan and Saralyn Crock Roger and Cathy Cusworth Michael and Betty Ann Dall Charles and Betty Dalton Gregory and Amy Davis Kimberly DeBaere Chad and Andrea Diaz Michael Dickson and Kelly Goffinet-Dickson Joseph and Kelly Dillavou Michael Dodd and Elizabeth Chandler Stephen and Laura Doerfler Thomas and Barbara Dougherty Dan and Susan Duve Michael and Lori Egan Allen and Julie Eilers Douglas and Sharon Ellington Edward Ellington Jim and Lisa Engstrom David and Mary Evans Patrick Fairfield John and Connie Fleig Michele and Todd Flynn Charles and Kathleen Foster Denny and Sharon Friday Gary Fridley An-Hung Fu and Jia-Jing Jien Jeremy Galvin and Jennifer Plagman-Galvin Chad and Lisa Gammon Michael and Mollie Gannon Brian Garoutte Michael and Eden Gens Brian and Elaine Gifford Elizabeth Gildea Matthew Giorgio Michael and Angela Glasgow Rhonda Golden Marvin and Crystal Gordon Larry and Mary Grant Jenele and Geoff Grassle Paul and Gina Greene Kevin Grozis 34

Jay and Joanna Grubb Donald and Pamela Grummer Loren and Linda Gustafson Randal and Mary Haase Jeffery and Tracy Hadden Norman and Barbara Halvorson Brian and Patricia Hannasch Rebecca Hansen Harlan and Marilyn Hanson Ryan and Linda Harnack Maurice and Mary Harrison Steven and Maryanna Hatting Richard and Karyl Hayes Tamara and Anthony Hegel Erik and Nicole Heggen Terry and Gwen Henricksen Stephanie Hilbert Terry and Patricia Hinton John W. D. Hofmeyer Ted and Eleanor Hollander Robert and Doris Holliday F. Martin Hollister Cindy Holst Chris and Beth Homeister Allen and Joyce Horn Douglas and Angela Houlahan Ryan Howard Stephen and Lisa Howes Paul and Nancy Jacobsen R. Edwin and Kathaline Jennings Craig and Natalie Jodan Lee and Deborah Johnson Joni and Brian Jones James and Susan Jorgensen Vernon and Julie Junker Steven and Barb Kaltenheuser Cody Kammeyer Stephen and Kelly Kenney Karen Kesl Scott and Jolene Kington Chad Klein Michael and Jean Klumpp Jean and James Koenck Robert and Suzanne Kossow Darryl and Annette Koudelka Douglas and Cynthia Krage Donald and Jenette Kragel Michael and Angela Krieger John and Christina Kronkaitis Mark and Dana Kuchel

Patrick and Deanna Kueter Michael and Michele Kuhl Casey and Nancy Kuhlmann Gerhard Lage Robert and Evonne Lavender Jon and Shirley Leinen Valdean and Lois Lembke Evan Leonard and Kristine Kanten Leonard Scott and Ann Leonard James and Theresa Liewer Robert and Mildred Long Paul and Mary Ann Lundy Tom and Nancy Macklin Kristin MacRae Walter Maehr F. Dennis and Jeannie Malatesta Rebecca Manella Sandra Marcus Lindgren and David Lindgren James and Jean Martin John and Betty Martinez Lawrence and Paulette Massa Todd May Alan and Patricia McDaniel Donald and Stacy McEntaffer Joe and Michelle McGovern John and Joyce McManus Collin McNamara Darren and Cheryl McNeill Brent and Monica McVay John and Candice Mees Edward and Mary Meissner John and Romona Meneough Brian and Diane Messer Jay and Sharon Messer Theodore Meyers Amy and Jeffrey Miller Cary and Crystal Miller Gary and Kathy Miller Richard and Carolyn Miller Jeffrey and Kimberly Moyers Christine Muldoon Jay and Margaret Munson Marc and Angela Nabbefeldt Gary and Rosemarie Nation Dennis and Linda Nebbe John and Mindy Nelson Mark and Catherine Nelson W. Dean and Vivian Nelson

Scott and Brenda Niblo Steve and Angela Nichol Marc and Sherry Nichols Douglas and Rebecca Obal James and Katherine O’Brien Robert and Billie Ogg Nancy and Jason O’Hallen David and Julie Olson Mark Olthoff and Melissa Kincheloe Jeff and Debra Oltmann Jane Onken Peter Orazem and Patti Cotter Sheila Parker Justin and Laura Parks Rodney and Erin Parsons Martin and Paula Passini Jeffrey and Cynthia Pattison Paul Pence and Gaye Gipson Dean and Diann Peyton Brent and Caprice Pickering Michael Plunkett Linda and Tim Pomeroy Robert and Christine Prell Nathaniel and Aminta Price D. Kraig and Laura Pyer Randall Rager Sidney Ramsey Burl and Terry Randolph Mark and Sharon Rasmussen Paul and Janet Rath Hobie and Bridget Reber Patrick and Sue Regan Robert and Elisabeth Reynoldson Alan and Miriam Rickert Christopher and Gina Rickert R. Michael Riddle and Denise Riddle Rodney and Brenda Riley Davin Roberts Lori and Doug Rockers Margot Rogers Timothy and Jan Romenesko Joseph and Linda Rorke Rodney and Alison Rosburg Jeffrey and Patricia Roskam Charles and Melinda Ruperto William Rusk and Dotti Johnson Carl and Bonita Russell Naomi Sage John and Carolyn Saladino Alisha and Daniel Satre

VOLUME 26 NUMBER 2

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Joseph and Carol Saviano Brent Schaub Karen Schipfmann and Jay Nielson Kent and Megan Schmidgall Joshua Schmidt Timothy and Shae Schneider Bruce and Betty Schuman Travis Schwenneker and Heather Henig-Schwenneker Theresa and Kenny Sharpless Warren and Susan Simons Robert and Shawn Simonsen Ryan and Nancy Skubis Clint and Deborah Smalley Al and Marvis Smith Daniel and Rose Marie Smith Nicholas and Marissa Smock Ryan Smyrk Mark Sorenson and Richard Davidson Clinton and Margaret Spangler Reed and Marlys Ann Spiegel Thomas Spooner Steve and Pamela Stark Richard Starr and Joanne Alt Doug and Jean Steffenson Neal and Karin Steffenson William and Marcia Steil Michael and Jamie Stenger

Byron Stephen Timothy and Donna Stoessel Thomas and Beth Stone Michele Stork Brian and Marcy Streich Douglas and Carol Struss Richard and Kathleen Stuck Michael and Lela Symonanis Lee and Linda Tank Martin and Susan Tendler Joel and Adrienne Tetreault William and Carol Thatcher Lawrence and Catherine Thompson Virginia Thompson Samara Thoreson Kimberly and Neal Thuente Steven and Susan Tollefson Tinh Tong Edward and Marcia Trainor Robert and Lisa Trimble Jason and Danielle Trumbauer Ming-Feng Tsai and Chao-Ying Hsieh Richard and Diana Van Allen Robert and Mary Ellen Vander Linden Gary and Patricia VanDyke Drew and Jean Vogel David and Lisa Waggoner Mick and Susan Wagoner

Bryan and Melissa Walworth Stephanie Watts Matthew and Jennifer Weber Connie Weems-Scott and Gordon Scott Richard and Sandy Wellman Joann Wells Robert and Cindy Wetherbee Jack and Pam Wharton Paul Whipple Lance and Carrie Whitacre Marty Wickman and Vicki Ficco Thomas and Michele Wilkerson Brad and Wendy Williams David and Barbara Williams Marshall and Kathy Wilson Steven and Vicki Wilson Tom Wilson Andrew and Whitney Winkels Larry and Christy Wirth Charles and Patricia Wise Brent and Cindy Wohlenhaus John and Martha Wolf Dean and Julie Wright Jiangang Wu and Yongjie Hu Christopher and Tara Wycoff Cameron and Sarah Zigtema

S U P P O R T F R O M C O R P O R AT I O N S A N D F O U N D AT I O N S $50,000–$100,000 AEGON Caterpillar Foundation Union Pacific $25,000–$49,999 Deere & Company Jacobson Companies John Deere Foundation Kingland Systems Principal Financial Group Foundation $10,000–$24,999 Boeing Greater Iowa Credit Union Rockwell Collins

IOWA STATE UNIVERSITY

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COLLEGE OF BUSINESS

$5,000–$9,999 Deloitte Foundation Murphy Properties Tyco Electronics Wells Fargo $2,500–$4,999 Accenture Foundation Boat Foundation Cargill Federated Insurance Company Pioneer Hi-Bred $1,000–$2,499 Alcoa Cerner Ernst & Young Foundation Essman Associates

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PROSPECTUS

ExxonMobil Foundation First National Bank, Ames General Mills Foundation HSBC-North America Macy’s Foundation Maverick Software Consulting Shell Oil Company Foundation Skinner Agri-Products Wal-Mart Foundation Xcel Energy $500–$999 Aon Corporation Bacon Funeral Homes Eli Lilly General Mills H & R Block Foundation Land Title Guarantee Company

MidAmerican Energy Oklahoma Gas & Electric Company Systems & Software U.S. BanCorp $250–$499 Alliant Energy Arch Insurance Group Inc. Keith Bader Farms Fred Hoiberg’s Clarion Auto Center General Electric Fund Hallmark Corporate Foundation Hershey Foods JKL Enterprises Judge Family Fund Meredith Corporation NCMIC Group Nelson Joint Trust Office Systems Professionals of Central Iowa Pepsico Foundation SC Johnson State Farm Companies Foundation Wellmark Blue Cross & Blue Shield $100–$249 ADP Foundation Anheuser Busch Foundation Armstrong Foundation Berkley Mid-Atlantic Group Birchwood Estates Bridgestone America Cardinal Health D & P Grummer Enterprises Fountainhead Ventures IBM Intel Johnson & Johnson Kaltenheuser Farms Kraft Foods Ladue Family Dental NRG Energy Peyton-Morgan RBC Capital Markets Sprint Foundation Verizon Walt Disney Company Foundation Woodmen of the World/Omaha Woodmen Life ■

35

DR . C HA R LES HA NDY

From the Desk of Founding Dean Charles Handy An old proverb tells us, “Great oaks from little acorns grow.” In a sense, that is the student services story in the hen I started W teaching at Iowa State in 1958, the “service” to students was limited compared to today.

36

College of Business. It is my pleasure to tell a bit about the service as it exists today.

When I started teaching at Iowa State in 1958, the “service” to students was limited compared to today. We taught classes, counseled the students concerning their job opportunities, and sent them off to a placement office operated by the College of Engineering.

There was frequent contact with prospective employers concerning the potential of an individual student, but that was about the extent of program involvement. The Department of Industrial Administration (IAd), as we were known at that time, had no personnel specifically assigned to manage placement activity. There was no activity officially known as “Student Services.”

Over the years, as IAd evolved to a school and then to a college, services to students have improved significantly. The College of Business now has a full-blown student services program of its own, one that offers students, graduates, faculty and employers ideal opportunity to complete their various missions in the business world.

Not only has the quality of career services offerings to students grown, but the sophistication has improved as well. While a capable staff is ready to work with any interested students, they can also take it upon themselves to gather career information on the internet at www.business. iastate.edu/careers, or www.business.iastate.edu/ masters/careers for graduate students. Kathy Wieland and Mark Peterson, directors of undergraduate and graduate career services, respectively, have assembled a wealth of information.

These websites offer detailed information about their available services.

Business Career Services, for example, has separate sections with information for the students themselves, employers, alumni, college faculty, and even the family of students who are interested in learning more about career issues their students are facing.

Employment statistics and graduate school information are posted, as is information about the value of internship/co-op programs, job search assistance services, and services to employers. Students can learn about résumé writing, effective job searching, and build a fouryear plan to work toward their chosen career.

A great service available to students is what is known as the ISU CMS, or the Iowa State University Career Management Service. This is a vehicle to help students and alumni meet prospective employers. Participants register, then learn of employment opportunities.

Likewise, employers have access to available talent. Six colleges on campus participate in the program.

Similar offerings are available at the graduate level, along with a host of professional organizations and networking opportunities.

The acorn has turned into a “full service” great oak—one that benefits students, employers, faculty, alumni, and all interested personnel. The services provided span a wide range of inquiry and will no doubt bring illumination and resolve to any seeker looking for guidance on the individual path he or she has chosen or will choose to follow. ■

VOLUME 26 NUMBER 2

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FALL 2010

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WWW.BUSINESS.IASTATE.EDU

COLLEGE OF BUSINESS

Administration Labh S. Hira

Ronald J. Ackerman

Mark S. Peterson

Raisbeck Endowed Dean

Director, Graduate Admissions

Director, Graduate Career Services

Michael R. Crum

Steven T. Carter

Sridhar Ramaswami

Associate Dean, Graduate Programs

Director, Pappajohn Center for Entrepreneurship

Director, PhD Program

Danny J. Johnson

Ann J. Coppernoll

Jennifer D. Reitano

Interim Associate Dean, Undergraduate Programs

Director, Undergraduate Programs

Director, MBA Recruitment and Marketing

Thomas I. Chacko

Mary F. Evanson

Daniel J. Ryan

Chair, Department of Management Chair, Department of Marketing

Director of Development

Director, Marketing and Alumni Relations

Frederick H. Dark

Jeremy D. Galvin

Kathryn K. Wieland

Senior Director of Development

Director, Business Career Services

Interim Chair, Department of Accounting Interim Chair, Department of Finance

Qing Hu Chair, Department of Supply Chain and Information Systems

James M. Heckmann Director, Small Business Development Center

Soma Mitra Academic Fiscal Officer

Dean’s Advisory Council David J. Kingland ’80, Chair

Mark C. Fisher ‘76

David W. Raisbeck ‘71

President and CEO Kingland Systems

President and CEO United Community Bank

Vice Chairman, Retired Cargill, Inc.

Ronald D. Banse ‘75

Beth E. Ford ‘86

Ann Madden Rice ‘79

Assistant General Auditor Union Pacific Corporation

Executive Vice President, Head of Supply Chain International Flavors and Fragrances Inc.

CEO University of California, Davis Medical Center

Kelley A. Bergstrom ‘65

Russell A. Gerdin

Randal J. Richardson ‘79

President Bergstrom Investment Management, LLC

Chairman and CEO Heartland Express, Inc.

President Vi Living

Steve W. Bergstrom ‘79

Peter H. Gilman ‘86

Steven T. Schuler ‘73

Chairman Arclight Energy Marketing

President and CEO Carbry Capital, Inc.

Executive Vice President and CFO Federal Home Loan Bank of Des Moines

Gregory S. Churchill ‘80

Craig E. Hansen ‘80

John H. Stafford ‘76

Executive Vice President, International and Service Solutions Rockwell Collins

Senior Vice President, Surety Practice Leader Holmes Murphy

Vice President, Financial Shared Services, Retired General Mills, Inc.

Brenda J. Cushing ‘86

Cara K. Heiden ‘78

Mark E. Stoering ‘84

Executive Vice President and CFO Aviva USA

Co-President Wells Fargo Home Mortgage

G. Steven Dapper ‘69

Daniel J. Houston ‘84

Vice President, Portfolio Strategy and Business Development Xcel Energy

Founder and Chairman hawkeye | GROUP

President, Retirement, Insurance, and Financial Services Principal Financial Group

John D. DeVries ‘59

Richard N. Jurgens ‘71

CEO, Retired Colorfx

Chairman, CEO, President Hy-Vee, Inc.

Jerald K. Dittmer ‘80

Cheryl G. Krongard ‘77

President and Executive Vice President The HON Company and HNI Corporation

Partner, Retired Apollo Management, LP

Nancy K. Dittmer ‘84

Michael F. McBreen

Managing Director RSM McGladrey, Inc.

President, Global Operations Group Wolverine World Wide, Inc.

David J. Drury ‘66

Craig A. Petermeier ’78

Chairman and CEO, Retired Principal Financial Group

President and CEO, Retired Jacobson Companies

Jane E. Sturgeon ‘85 CEO Barr-Nunn Transportation, Inc.

Jill A. Wagner ‘76 Regional Vice President Frontier Communications Solutions

Mark A. Walker ‘79 Senior Vice President C. H. Robinson Worldwide, Inc.

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2200 Gerdin Business Building Ames, IA 50011-1350

AMES, IA PERMIT NO. 200

More than 113,000 alumni, friends, corporations, and foundations have made a contribution toward the $800 million goal of Campaign Iowa State, including 34,000 first-time donors. The campaign officially concludes on June 30, 2011, but its impact will be felt for decades—from students who have more help in funding their Iowa State education, to current and prospective faculty who have the resources to lead their fields.