Directors' Update

24 finance courses offered

Five sponsored competitions

Sophomore Mentor Program

15 Lunch & Learns

Corporate Valuation Seminar

Minorities on Wall Street Panel

Student-led mock interview

programs

Diversity Reading Group

Spring Networking Days

Duke in New York: Financial

Markets & Institutions

Duke in Chicago: Finance

Duke in London: Finance

2017-18 Corporate Sponsors

Bank of America

BlackRock

Credit Suisse

Deutsche Bank

General Motors

Goldman Sachs

Duke Financial

Economics Center 2017-18 Year in Review

June 2018

John Caccavale, Executive Director Emma Rasiel, Teaching Director

J.P. Morgan

Morgan Stanley

RBC

Rothschild

Wells Fargo

2017-18 Programming

www.econ.duke.edu/dfe

For the DFE, 2017-18 was another fast-paced year that requiredopen communication with finance recruiters and our campuspartners, in addition to hundreds of advising appointments to helpstudents adapt to accelerated recruiting timelines. Over 150 risingseniors are in finance internships this summer, while a number ofrising juniors have already secured internships for summer 2019. More alumni and parents participated in DFE programs in 2017-18than ever before, giving visiting lectures in our classes, hostingLunch & Learns, and mentoring students, among many otheractivities. Their enthusiastic engagement continues to be the keydriver of the DFE's success. 2018-19 promises to be a year of growth as we launch the DzialgaWomen in Finance Initiative and expand the DFE faculty. As part ofour new mission to broaden the DFE network beyond New York,Chicago, and London, we are identifying other regions that offerexciting opportunities in finance as well as interconnectedindustries. Think tech in the San Francisco Bay Area and energy inHouston, Texas. As we look back on the past year and plan the year ahead, we aredeeply grateful for the collaborations that sustain the DFE — withinthe university, with our corporate partners, and with individualsupporters. We look forward to our work together in 2018-19!

Educational Competitions Over 250 sophomores participated in the DFE's spring2018 competitions, representing a wide range of majors,from economics and public policy to philosophy andenvironmental science. Goldman Sachs Trade Pitch Competition - In teams ofthree, students developed trade ideas and presentedthem to sponsor representatives. Morgan Stanley Trading Game - Throughout thesemester, students traded a portfolio of global securitiesvia the virtual platform Stockfuse. Morgan Stanley Stock Pitch Competition - Pairs ofstudents presented a "long" or "short" investment thesison the stock of their choice. Deutsche Bank Finance Game Show - Twelve teams ofstudents answered quiz questions compiled from a rangeof business- and finance-related categories. BlackRock Asset Allocation Competition - Teams ofstudents constructed retirement portfolios forhypothetical clients, using BlackRock’s Aladdin FactorWorkbench platform to link their macro views toappropriate asset allocations. Visit the DFE website for listings of competition winners.

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 Lunch & Learn Program We warmly thank the following alumni and professionalsfor sharing their insights over lunch with students: Stefano Corsi, formerly of Morgan Stanley Louis-Vincent Gave, Gavekal Jim Grien, TM Capital Paul Hindsley, William Blair Rob Howard, Cogentrix Energy Power Management, LLC John Ladany, Citi Hoyt David Morgan, Neuro Motor Innovations

Corporation Nancy Orr, Fiduciary Counseling, Inc. Steve Potter, Northern Trust Andy Rabin, J.P. Morgan Kirk Roland, Citi Steve Slawson, Slawson Companies Jim Vanek, Apollo Todd Westhus, Olympic Peak Management Wayne Woodman, The Investment House, LLC

Get with DFE The DFE hosts a LinkedIn group for alumniin the financial markets who are 1+ yearspast graduation. Email Jennifer Valentyn atjennifer.valentyn@duke.edu to request aninvitation to the group, and start makingconnections with fellow alumni while stayingin the know about professional opportunities.

Mentor Program To facilitate mentoring relationships, the DFE paired 70sophomores with alumni volunteers from Bank of America,Deutsche Bank, Goldman Sachs, and Morgan Stanley in thespring. Mentors have a minimum of three conversations with theirstudents to provide guidance about career paths in thefinance industry and advice on preparing for summerinternship interviews. Many thanks to the 2018 mentors!

DFE Leadership Award 2018 Economics and political science double major Chinmay Pandit '18 (picturedright) was the recipient of the 2018 DFE Leadership Award. The DFEestablished this award in 2011 to recognize seniors who have demonstratedoutstanding initiative, intellectual and professional curiosity, and acommitment to mentoring in their involvement with the DFE. Among his many achievements at Duke, Pandit created a mock interviewprogram for students participating in finance internship recruiting. In fall2017, the program took place over a weekend with over 50 juniorsparticipating in mock interviews conducted by seniors with recruitingexperience.

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2017-18 Finance Course Offerings

Spring Networking Days

Global Capital Markets Financial Accounting Shakespeare and the Financial Markets Practical Financial Markets Emerging Markets International Finance Advanced Financial and Managerial Accounting History of International Financial & Monetary Crises Financial Institutions Behavioral Finance Private Equity Intermediate Finance Corporate Finance Understanding Financial Bubbles and Crises Financial Derivatives and Financial Engineering Inside Hedge Funds Goodner Equity Research Project Forecasting Financial Markets Financial Markets and Investments Empirical Asset Pricing Investment Strategies Fixed Income Markets and Quantitative Methods Mathematical Finance Derivatives

The annual Spring Networking Days event took place May7-9 and saw participation from 100 rising juniors and ninesponsoring investment banks. Over the course of the threedays, 40 firm representatives met one-on-one with thestudents for mock interviews and résumé reviews. Thestudents also had the opportunity to learn about the firmsand interact informally with the reps at group lunches andevening receptions. Many of the students had taken Emma Rasiel and JohnCaccavale's Practical Financial Markets course in the springsemester, which prepares students for finance internshipsand full-time positions.

DFE Teaching Director Emma Rasiel commented, “We feel Chinmay deserves this award for his outstanding creativity, leadership,

and administrative efficiency in creating and almost single-handedly managing the first student-to-student mock interview

program. We thank him for handing it on to next generation. This is the sort of mentorship activity that best exemplifies the values

that DFE faculty hope to instill in our students.”

Read the interview with Chinmay on the Duke Economics website.

Diversity Events

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Study-Away Programs

Faculty Updates

Dzialga Women in Finance Initiative

In the fall semester, John Caccavale hosted the biweekly

Diversity Discussion Group, encouraging spirited

discussion of current events affecting the global markets.

The DFE invited students of all majors, class years,

backgrounds, and levels of familiarity with finance and

economics to participate. Attendance was particularly

strong, with 15-25 students coming to each session.

In January, black fraternity Kappa Alpha Psi organized the

annual Minorities on Wall Street Panel event in

partnership with the DFE. The event was targeted at all

minority students interested in finance, including black,

Latino, LGBTQ, and female students. Representatives from

JP Morgan, Bank of America, Wells Fargo, Citigroup, and

McKinsey sat on the panel, and 90 students registered for

the event.

The DFE is excited to announce this new initiative beginning

in the 2018-19 academic year, made possible by the Kirsten

Alexander Dzialga ’93 Fund. The goal of the Dzialga Women

in Finance Initiative is to empower young women interested

in careers in the financial markets with mentoring, skills

training, faculty advising, and networking opportunities.

Directors Emma Rasiel and Linsey Hughes have selected 10

outstanding rising sophomore women to participate. The

women will enroll in Rasiel and John Caccavale's Practical

Financial Markets course in the fall, be mentored by Duke

alumnae Wall Street professionals, participate in workshops

and networking events, and take a group trip to New York

City to visit five financial firms.

The DFE welcomes two new faculty members in the coming academic year,Ron Leven (immediate right), W.R. Huff Professor of the Practice, and

Lawrence Kreicher (far right), Arthur Gosnell Visiting Professor.

Leven comes to Duke from a nearly four-decade career in finance as well asteaching and research appointments at Columbia University. He holds aPh.D. in economics from Rice University and a B.A. from WashingtonUniversity in St. Louis.

Kreicher has held teaching appointments at Dartmouth, NYU's Stern School of Business, Baruch College’s Zicklin School ofBusiness, and Pace University. He is a 20-year veteran of Wall Street and holds a Ph.D. in economics and an A.B. in appliedmathematics, both from Harvard University.

In the spring semester, the Duke in New York students had 25 guest lectures in class by financeprofessionals and went on 15 site visits to major finance firms.

This July and August, DFE Directors Emma Rasiel and John Caccavale will teach on the Duke in London program, which has beenrunning since 2013. In addition to a full schedule of guest lectures and firm visits, they have planned tours of the Houses ofParliament and Oxford.

From mid-May to mid-June this summer, the Duke in Chicago students enjoyed site visits to theChicago Board Options Exchange, McDonald's corporate headquarters, and the financedepartment of the Art Institute of Chicago.

The DFE's three study-away programs, Duke in New York: Financial Markets & Institutions, Duke inChicago: Finance, and Duke in London: Finance met full enrollments in 2018, with 46 studentsparticipating total.