The Program Turning MSU Students Into Wall Street Analysts

Episode 45 | March 30, 2026

In this episode, Ben welcomes David Hawthorne, Director of the Financial Markets Institute (FMI) at Michigan State University. David shares how FMI has become a proven launching pad for students pursuing careers in investment banking, private equity, and other high-finance roles.

A lifelong Spartan, David transitioned from a career as a McDonald’s franchisee (where he managed valuation, debt, and real estate decisions) into leading FMI in 2019. Today, he works closely with about fifty students each year across the sophomore, junior, and senior cohorts.

FMI’s mission is clear: identify students with the interest, aptitude, and grit required for Wall Street. As David explains, “It’s a two-way street. We want to make sure the student is right for FMI, and that FMI is right for the student.” Much of that evaluation happens during a student’s freshman year through clubs, AP coursework, leadership engagement, and demonstrated investment in personal development.

One standout signal? Completing the Financial Modeling Certification® (FMC®) Program. David notes that pursuing the FMC® Program shows “hard work, grit, and determination,” adding that students willing to spend Sundays building real technical skills are often the ones who thrive.

Inside the program, selected students complete a rigorous 10-week Investment Banking Academy covering everything from resumes and elevator pitches to LBOs, DCFs, weekly quizzes, and mock interviews. “This industry is hard,” David emphasizes. “If we’re going to be successful in our interviews, we have to put in the work.”

FMI’s track record speaks for itself: a strong network, high placement rates, and a culture built around humility, dedication, and like-minded peers who genuinely enjoy the work.

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