From Cedar Street to Wall Street
Posted by cservaes on March 12, 2013 in "Academic Programs", "Current Students", Faculty/Staff, "School of Business", "The College"
There’s nothing like a first-hand taste of Wall Street to get the business juices flowing. In early December, nine business students who are members of The College’s DECA (Distributive Education Clubs of America) chapter traveled to New York City with Business Division Chair Dr. Marylou DeWald to participate in two limited scope case studies and to assist with Superstorm Sandy clean-up. While the service side of the trip didn’t materialize due to the size of their group, the business aspect was a huge success. Students’ first stop was Yankee Stadium, where they took a tour before being given their first case study – to develop a marketing concept for maximizing the use of the stadium year-round. Inspired by being “inside” their case study project, and coached by OU’s DECA officers, three teams competed to develop the best proposal. The second case study also began with a tour, this time of Wall Street by a former Goldman Sachs investor who was able to give the students an inside perspective of the 2008 economic crisis, as well as details regarding floor trading at the New York Stock Exchange. Students saw Deutsche Bank, as well as the building where Lehman Brothers was once housed. They also learned that the street is now largely residential due to 80% of all trading being done online. The tour ended outside of the Federal Reserve, where students took part in a mock trading exercise with some other students from Mexico. Teams of three were given trading chips of varying values unknown to the other teams. Each team then developed a strategy to trade chips that would earn them the greatest value. Sophomore Robert Utter’s team finished the exercise with the highest chip value. “I was almost in awe when we were on the Wall Street tour,” said Utter, who is an accounting major. “I’ve always had a business mindset, so seeing Wall Street, talking with former investors, experiencing the trading game in front of the Federal Reserve, all served as extra inspiration for what I can do with my degree. This trip took my classroom education to a whole new level.” Utter’s participation in the trip was even more memorable due to the fact that his father, John, is an OU alumnus who was a student of Dr. Sherwin Snyder, a namesake of the Angell Snyder School of Business. During their five-day trip, the group stayed in a Hosteling International youth hostel on the upper west side.