By Gabby Carlson | Echo
Last spring, Taylor's business department received a Bloomberg Business Terminal, composed of two computer monitors and a specialized keyboard. According to Jody Hirschy, business department chair, the arrival of the terminal changed the way the department receives information.
"What the department did (previously) was our finance faculty, Dr. (Scott) Adams, would spend multiple hours aggregating this information so that students could use this information," Hirschy said.
Three portfolios or Student Managed Investment Funds (SMIF) hold $2.5 million that is part of Taylor's endowment. This money is run and managed by groups of students in the business department.
These students then choose what stocks and bonds Taylor buys and sells over the course of the semester. However, getting information on what to look for and the best prices are tedious without a means of getting that information quickly.
"Someone said . . . 'you wouldn't run your science program without microscopes right?'" Scott Adams, professor of finance, said. "I don't know that people really understand the investment area where I operate, but I think they understand that it's a tool you kind of need to operate."
Because of the department's success in recent years, including being named top Fixed-Income Manager at QGAME, a networking event and competition in New York City, Taylor's board found a donor to foot the bill for the expensive terminal.
The use of the Bloomberg Business Terminal is on a subscription basis, costing $24,000 annually. According to Adams, there is currently enough money for a one-year subscription in the fund. Beyond that, Adams was unsure.
"(The Bloomberg Business Terminal) sits on every major finance person's desk around the world," Adams said. "It just allows you to grab a significant amount of data, and really where its advantage is over about anything else is it's about the only place to quickly get data on bonds."
This program connects traders and financial professionals through instant messages. It is advantageous for students to understand how to use for two main reasons, according to Adams.
Although it is helpful for research concerning SMIF, it also has a training system that certifies students with the Bloomberg company. An additional test also gives students the capability to put their résumé on the terminal, which is accessible to any user. This gives potential employers using the system access to student résumés.
"So, obviously Bloomberg is where professionals go, saying, 'Okay, I need to hire a new portfolio manager or analyst,'" Adams said. "And they can go on there and look at résumés, and our students are able to put them there. They could potentially find jobs."
Not only is this a good way to connect with employers, but it has helped Adams stay connected to alumni working in the field. Instead of sending them an email, he is able to send them a direct message through the Bloomberg Terminal asking them what to buy, what they're looking at and what he should be telling his students.
The endoment teams are the only students currently working on the terminal independently. Occasionally, a student will need it for a project and Adams walks them through the process, but with only one terminal, resources are limited.
"One of the things I want (students) to say is, 'I know how to use a Bloomberg terminal,'" Adams said. "You want them to say, 'Look, I'm professionally ready, and I have experience with these things, and Bloomberg is one of those things.'"
Hirschy believes the business department is raising up the next generation of excellent Christian business professionals. In the financial world, the Bloomberg terminal is a vital tool that most finance professionals use.
Having a Bloomberg terminal is not unique, but it is unusual for a school as small as Taylor, according to Adams.
"If they (students) are able to get their foot in the door through a branded, professionally driven experience, such as Bloomberg, then they're better prepared and positioned to influence the market for Christ," Hirschy said.
