Financial Market Regulation Transitions to School of Business

“Employers, in particular the Financial Industry Regulatory Authority, and more recently the new United States Consumer Financial Protection Bureau, have singled out the University at Albany for recruitment of undergraduates into internships and entry level positions in regulatory compliance." -  Consumer Financial Protection Bureau

Five years ago, the School of Business collaborated with the College of Computing and Information and the Rockefeller College of Public Affairs and Policy to create an undergraduate major and minor in Financial Market Regulation. CCI handled the administrative duties. Effective this fall, the School of Business will take the reins.

According to David McCaffrey, Distinguished Teaching Professor and Collins Fellow at the Rockefeller College of Public Affairs and Policy, the School of Business is the best place for it. He said, “The FMR major and minor now will be located in the home envisioned originally by the faculty designing the program. This will take advantage of the very strong connections between the departments in the School of Business and the central topics in financial market regulation. Most students in the Financial Market Regulation major or minor already have academic connections with the School of Business through their major, with the FMR program being their second major or their academic minor.”

Many students go this route, coupling regulatory knowledge with a solid grounding in finance, accounting or information technology. This results in jobs. Since the inception of the program approximately 25 graduates have accepted positions with the Financial Industry Regulatory Authority. Dr. McCaffrey said, “Employers, in particular the Financial Industry Regulatory Authority, and more recently the new United States Consumer Financial Protection Bureau, have singled out the University at Albany for recruitment of undergraduates into internships and entry level positions in regulatory compliance. In the past four years about 25 UAlbany graduates have accepted professional positions at FINRA; some of these graduates joined FINRA via jobs in the field with other organizations such as the New York Stock Exchange.”

School of Business Associate Professor David Smith said, “Recent graduates have told us that an FMR major or minor provides the ideal complement to our finance dual concentrations and financial analyst honors program,” adding “Several of our top finance students have taken advantage of internship and employment opportunities in the regulatory sphere. UAlbany students have a distinct advantage over those from competing schools because of their depth of knowledge from the FMR program.”

Dr. Smith, who also serves as Director of the Center for Institutional Investment Management, notes that Albany School of Business faculty have seen an upsurge in student interest in financial market regulation. He said, “The faculty and students are pleased that FMR’s administration is coming to the School of Business. CCI has done a fine job as the program’s custodian during its initial years, and we look forward to building from that strong base.”

Don Boyce ’06, ’08, who spent time with the School of Business and Rockefeller College, earning a BS in Business with a concentration in finance and an MS in Public Administration in Public Finance and Financial Market Regulation, started at FINRA and is now Assistant Vice President at Deutsche Bank. He said, “The partnership between the Institute for Financial Market Regulation and the School of Business is exciting news. The business school, under the leadership of Dean Siegel, has continued to innovate and this new partnership is another great undergraduate option for UAlbany B-School students.” He added, “There is a huge need for regulatory and compliance minded professionals in the current job market and the professors at the B-School are uniquely qualified to provide quality academic training. It just makes sense.”

Boyce created and chairs the Institute for Financial Market Regulation Network for graduates of the FMR program, professionals with connections with UAlbany or Albany Law School, and those who have an interest in regulation. He said, “Alumni involvement is key. The success of the institution is based on the success of the alumni.” The IFMR network provides an annual intern lunch, mock interviews via phone and an opportunity for students to network with those working in the field. Their list serve extends past New York, with members in Los Angeles, Chicago and Seattle.