Michigan Tech College of Business Newsblog

Category: Finance

Scholarship Spotlight: Stephenson National Bank and Trust Annual Scholarship Award

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The Michigan Tech College of Business boasts more than 50 donor- and industry-sponsored scholarships reserved exclusively for new and returning business students. These awards are offered in addition to competitive, merit-, and need-based aid. For 2020-21, total scholarships and grants awarded to undergraduate students in the College of Business exceeded $4.6 million.

This month we highlight the Stephenson National Bank and Trust Annual Scholarship Award.

The Stephenson National Bank and Trust Annual Scholarship Award, valued at $2,000, is available to incoming first-year Michigan Tech College of Business students majoring in finance who have earned a minimum GPA of 3.0. Additional criteria include being a US citizen and having graduated from one of the following high schools of the Upper Peninsula or northeastern Wisconsin: Oconto, Marinette, Delta, Baraga, Houghton, Marquette, or Menominee.

Mike Kolasa

In this Q&A, we hear from Mike Kolasa, vice president and trust officer for the Marquette, Michigan, office of Stephenson National Bank and Trust, headquartered in Marinette, Wisconsin. Kolasa is also an instructor of personal finance planning in the College of Business.  

Q: How did the Stephenson National Bank and Trust (SNBT) Annual Scholarship Award come to be?

SNBT has several core values, one of which is supporting communities and institutions where we do business, including the Copper Country. We also believe in a strong work ethic, self-responsibility, and entrepreneurship. The College of Business is a natural fit for us to support, as we have overlapping geography and values.

Q: Why is supporting students through college scholarships important to Stephenson National Bank and Trust?

I wasn’t poor growing up, but we could see it from the back porch. Scholarships made a big difference for me. We want to encourage successful students who might not otherwise pursue business degrees. Besides, we want to hire some of the best students that I teach!

Q: By day you work in the financial services industry, and by night you teach the foundation of finance to the next generation of advisors. How does your work influence your teaching?

In my experience, academic texts are valid, but can be esoteric, and students may not learn as effectively. By mixing in stories from the industry, students can attach their new knowledge to applied and practical situations. As a result, I believe they retain that knowledge and have an advantage when embarking on their careers.

I tell my students they can be in the top 10 percent of their field, or the bottom 90 percent. Getting into the top bracket takes deliberate effort, but the rewards that go with it are theirs for the shaping.

I tell my students they can be in the top 10 percent of their field, or the bottom 90 percent.

Mike Kolasa, instructor, Michigan Tech College of Business


Q: The College of Business prides itself on preparing students for the technology needs of business. How is technology disrupting the world of finance?

Technology can be both wonderful and evil. It certainly lends itself to efficiency, but we need to remember we buy technology to serve us, not the other way around. I see too many advisors using technology as a crutch or substitute for old-fashioned common sense and in-person time with clients.

We need to remember we buy technology to serve us, not the other way around.

Mike Kolasa, instructor, Michigan Tech College of Business


Q: What are key takeaways college students should consider regarding their own personal finance?

Students and new graduates should consider their own finances first. Utilizing a budget and spending less than they make is a solid lifestyle that will give them flexibility in their future. It also sets them up as credible advisors; if you’re not practicing the basics yourself, no one is going to respect your advice. Beyond that, continuing education, which can look like advanced degrees, new professional designations, or simply reading a few business books a year, is a must. My goal is to have our students be in the top tier of whatever career they pursue, and staying fresh with knowledge is critical.

Prospective students who qualify for the Stephenson National Bank and Trust Annual Scholarship Award should connect with Shannon Rinkinen, director of outreach for the Michigan Tech College of Business, at smrinkin@mtu.edu.

About the College of Business

The Michigan Tech College of Business offers undergraduate majors in accounting, construction management, economics, engineering management, finance, management, management information systems, and marketing, as well as a general business option. Graduate degrees include the TechMBA®, a Master of Engineering Management, a Master of Science in Accounting, and a Master of Science in Applied Natural Resource Economics.

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Xin Li Joins College of Business Faculty

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Xin Li is an assistant professor of finance in the College of Business at Michigan Technological University. He earned his Ph.D. in finance from the University of Cincinnati and a Master of Economics from Texas A&M University. His Bachelor of Economics was obtained from the Central University of Finance and Economics.
Professor Xin Li
Dr. Li’s research interests are in empirical asset pricing, bond pricing, institutional investments, fintech, market microstructure, and risk management. He presents his research at national and international conferences including American Finance Association, Financial Management Association, European Financial Management Association, Eastern Finance Association, Southern Finance Association, and American Risk and Insurance Association. A paper based on his dissertation was invited to revise and resubmit for the publication of Management Science.  

He has served as an ad-hoc referee for journals such as the Pacific-Basin Finance Journal and the Journal of Financial Counselling and Planning. Li’s teaching areas include principles of finance, advanced financial management, risk management, and investment. In the past, he was the sole winner for the Outstanding Graduate Teaching Award of the College of Business at University of Cincinnati and also won the Finance Department Teaching Award as well as the Dean’s List of Teaching Excellence. Li was the winner of the Spencer Doctoral Candidate Scholarship. He also won university-wide awards including the GSG Research Fellowship and the Excellence Award for Exemplary Scholarship from the University of Cincinnati.

About the College of Business
The Michigan Tech College of Business offers undergraduate majors in accounting, construction management, economics, engineering management, finance, management, management information systems, and marketing, as well as a general business option. Graduate degrees include the TechMBA®, a Master of Engineering Management, a Master of Science in Accounting, and a Master of Science in Applied Natural Resource Economics.

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My First Year at MTU: Marco Marquez

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MTU student Marco Marquez stands at a podium
Having grown up in Detroit, Michigan, Marco Marquez felt ready for the natural, rugged beauty of the Keweenaw Peninsula. The unique location, along with Michigan Tech’s STEM focus, led him to enroll in engineering management.

Since starting at Michigan Tech in the fall of 2019, Marco has adjusted and loves his second home. At first, he wasn’t sure what to expect and found it difficult to leave behind access to shopping, family, and friends. However, he says that meeting new friends and exploring the Upper Peninsula made the transition to college easier than expected. 

Marco has enjoyed getting to know students from other cultures and connecting through language. As a bilingual student, Marco finds language to be a starting point in learning about other people. Of his new connections, meeting a fellow Husky from Spain in Intro to Finance has been one of the most rewarding. He finds that collaborating on homework in Spanish to be a helpful way to continue using his second language.

Joining student organizations has also helped Marco gain new perspectives. One impactful experience was visiting Chicago with the Society of Hispanic Professional Engineers to speak with pre-college students in primarily Hispanic schools. The group encouraged students to think about their lives after high school and the opportunities that are available to them in STEM and college. Marco also traveled to Minneapolis with the Accounting Club, which prompted his decision to switch majors to accounting and finance. He is also a member of the Society of African-American Men, which participates in community service activities on campus. 

In his first year at Michigan Tech, Marco’s vision for his future has evolved. Initially, his goal was to get a degree and a well-paying job to help support his family. Since then, he has learned to aim even higher. Marco now aspires to create his own company in the automotive industry, where he will work to make travel easier, faster, and more affordable. He would also love to use his passion for language to connect with others while undertaking this journey.

Marco credits his growth to the encouraging culture at MTU, and wants to let other students know that stepping outside their comfort zone just might change their perspective for life. 

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My Internship with Bank of America

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By Breanna Stohr

student stands in front of canal
Senior finance major Breanna Stohr’s summer internship shaped her career goals.

My summer internship with Bank of America in Grand Rapids, Michigan, was a memorable one. The opportunities I was given were unbelievable. I am proud to say I was able to find not only my dream job but my dream company as well!

I experienced both the retail and the wealth management side of the company. On the retail side, I worked closely with my market leader and the leader of the Student Rush program. Through this program, I traveled to Grand Rapids colleges and universities to engage them in the opportunity of Bank of America coming onto their campus to teach financial literacy to students. I connected with many student-life representatives within the Grand Rapids community area. It was great!

In the downtown wealth management office (previously branded as Merrill Lynch, the American investing and wealth management division of Bank of America), I networked with established financial advisors within the Grand Rapids area. There, I cemented my career plan to become a successful financial advisor after I graduate this spring. I worked closely with a financial advisor on research projects including bank rates, budgeting tips, digital apps, unique ways to change daily habits in your financial life, constructive criticism, and hospice and home health care.

Throughout my internship, I grew as a young professional by experiencing many different work environments. Being a student from Michigan Tech made me stand out for sure. I demonstrated to teammates at Bank of America what Michigan Tech School of Business and Economics students can do, and also how involved the University is with preparing its students for the professional world.

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Milligan and Wall are 2019-20 Ten Haken Faculty Fellows

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Exterior of Academic Office Building

The School of Business and Economics (SBE) at Michigan Technological University announces the appointments of Sheila Milligan, senior lecturer in accounting, as the Richard and Joyce Ten Haken Faculty Fellow in Accounting/Finance, and Jeff Wall, assistant professor of management information systems (MIS), as the Richard and Joyce Ten Haken Faculty Fellow in Business.

Photo of senior lecturer Sheila Milligan
Senior lecturer Sheila Milligan (center)

Dean Johnson, dean of SBE, says the fellowships shine a light on the important work Milligan and Wall do in the classroom and beyond: “Our faculty stand a part for being large enough to lead and small enough to care. They know our students’ strengths and goals, and they play integral roles in guiding them with hands-on learning and mentoring.” 

Milligan, a 17-year veteran at the University, says that Richard and Joyce’s giving inspire her every day. “I want to be my best for our hardworking students, who are very conscientious about their education,” she says. 

Photo of professor Jeff Wall with student
Jeff Wall (left). assistant professor of management information systems (MIS)

Fellowship funds will be used for student travel, experiential education, student scholarships and to provide teaching assistant positions and professional development for faculty. “Attending conferences in forensic accounting is critical to keeping my teaching agile and relevant to prepare students,” Milligan says. 

Wall intends to direct his fellowship funds toward undergraduate scholarships for students dual majoring in accounting or finance and MIS. “Using the funds–more than $8,000 in total–in this way can help support Michigan Tech’s enrollment goals for business students,” Wall says of the new initiative directed at growing the School of Business and Economics.

Trends in industry are placing a greater emphasis on the intersection of accounting and finance with MIS.  Wall anticipates seeing top-quality, interdisciplinary students through these scholarships.

The Ten Haken Faculty Fellowship positions were created in 2017 to attract and retain high-quality business faculty and to inspire teaching and research activity amongst business faculty. Both accounting majors with bachelor’s degrees in business administration, Richard and Joyce Ten Haken are pillars of support for SBE’s students and faculty. 

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