Alumni from the Smeal College of Business Administration who now work on Wall Street have formed a network to help Penn State business students earn internships and jobs.
The network, called the Wall Street Initiative, works to recruit students for major corporations, including Merrill Lynch & Co. Inc., Morgan Stanley, J.P. Morgan Chase & Co., Citibank, UBS and Bank of America.
Tim Murray, a 1975 graduate and senior managing director of investment banking at Bear, Stearns & Co., Inc., spoke to the Penn State Board of Trustees at their meeting in New York City last week about the purpose and success of the group.
Murray said the initiative was set up to create strong business ties between students and Penn State alumni in New York City and its tri-state area.
By providing internships and job offers, Murray said the Wall Street Initiative grants students the opportunity to "see what the real world is like."
The response from students has been "overwhelming," he added. Last year his company recruited eight interns from Penn State, and with the job market improving, students are being given even more opportunities to work.
"This year it's wide open; they are getting multiple offers," he said.
Andrew Krebs, senior manager of public relations and marketing communications for Smeal, said the network is "educational" for students.
He said it provides "real life experience" by allowing students to participate in mock interviews, an interactive trading room and summer internships.
"The first goal is to get them at a point when they can land an internship," he said. "Once they are given the opportunity, they perform just as well as any of the Ivy League schools."
Ian Katz (senior-finance) said the network has helped him find a permanent job at BlackRock Inc., an investment management firm. Katz said he was introduced to an alumnus from Morgan Stanley who counseled him on the interviewing process at Wall Street, which is conducted differently than in other business sectors. "Penn State helped through preparing," he said.
Krebs said as long as more students are recruited onto Wall Street, the network will continue to expand.
"It's always evolving; we're always trying to broaden the network," he said. "Alumni like being engaged in Penn State."
Students pursuing majors not allowing them to join the network had varying opinions about internships.
Ryan Mullen (junior-journalism) said he has not paid attention to internship opportunities within the College of Communications. "I'm focusing on my grades," he said. "I don't plan to get one."
