Kelley's Investment Banking 'Secret Sauce'

It doesn't take much to figure out when a recipe is a success. People consume it, recommend it, and return for more. Some will attempt to copy it, while others ponder the secret ingredients. In the case of the Kelley School's Investment Banking & Capital Markets Workshop, the recipe is one-of-a-kind and alumnus David Haeberle (BS'83, JD/MBA'86), clinical assistant professor of finance and Peterson Faculty Fellow in Investment Banking, is the "secret sauce".

Haeberle's workshop, known simply as the "IBW", gets a lot of buzz among Kelley students, alumni and recruiters for good reason—record numbers of students are taking the fast-track from Bloomington to Wall Street, making Kelley a hot-spot for investment banking talent. This might seem unusual, considering Kelley's location in the heart of the Midwest, and Haeberle's resume—which doesn't include investment banking or working on Wall Street. However, a closer look reveals why his background is ideal and his process produces a perfect scorecard, year after year.

Experienced Entrepreneur and Finance Practitioner

"I'm an entrepreneur at heart and I believe investment banking is an entrepreneurial profession," says Haeberle, a savvy businessman who's experienced at starting, financing, managing and selling companies. He's an eighteen-year veteran entrepreneur and/or financier of entrepreneurial high growth companies. Haeberle has been a principal in venture capital partnerships and currently serves as principal and chief financial officer for two high potential growth companies: Envisage Technologies, a software development company, and Eco-Oxygen Technologies, a water quality management company.

Haeberle naturally gravitates toward opportunity and admits he enjoys a challenge—win or lose. He co-founded COMMAND Corporation, a financial consulting and corporate governance company with his father, Kelley professor emeritus William Haeberle. Like his father, David has taught many of the entrepreneurship courses on the undergraduate and graduate levels. "I teach from my experiences—most likely from last week," he adds.

Promoting ideas and people is one of many talents Haeberle has that serves him well. He says, "What investment bankers have to sell is their ideas and creativity and therefore, you have to be very entrepreneurially oriented to survive in the industry." When he took over leadership of the IBW in the fall of 2002, he immediately headed to Wall Street and started knocking on doors and talking to alumni and recruiters. He wanted to understand their needs as well as start promoting his students.

He began tailoring the IBW and creating his own unique process of grooming students to play like the pros in a highly competitive marketplace. In five years he's grown investment banking placements with Wall Street firms 1000%, and his programs have placed a total of 277 undergraduates with Wall Street firms. Even in the current economic slump, investment banking firms hired a record 47 Kelley students for summer internships this summer, 34 of which were investment banking internships.

Haeberle is committed to preparing his students for "a career that can take them anywhere they want to go". He says, "I teach kids how to play the game of investment banking and how to build a network that can last for a lifetime." His proven formula and non-traditional approach combines a solid investment banking and core finance and accounting curriculum with hands-on learning of the industry. Haeberle hand-picks students who are likely to excel, then teaches them how to become extraordinarily high performers. He looks for leaders with traits similar to his own: type A personality, bright, aggressive, confident, high energy, passionate, sociable, likeable, overachieving and "pathologically optimistic".

Exceptional Mentor and Dedicated Leader

Anyone associated with the IBW will profess: Haeberle is that special ingredient that makes the program truly unique—a perfect blend of practitioner, leader and mentor. Kelley alumnus and Dean's Council member, Todd Richter (MBA'81), who is Managing Director of Bank of America Securities explains, "There is no one at any school in the country like David Haeberle. No one works as hard at preparing students for Wall Street. Beyond his unique understanding of Wall Street, his personal involvement adds so much to the program."

Richter emphasizes the real-world learning Kelley students bring to the industry, and adds, "Kelley students are exceptionally trained in general, but the IBW gives students a special insight into what Wall Street is all about. There's no question that their skill set and knowledge of the business are head and shoulders above what other students offer."

Students consider Haeberle an exceptional mentor and dedicated leader, right there with them on the front line. Michael Goy, a May graduate and co-president of IBW's Class of 2008 explains, "Professor Haeberle understands it's not just about telling us what to do. He goes to New York with us; he attends all firm presentations, he e-mails us at 2 in the morning; he's in the trenches with us everyday. We know we can go to him for sound advice."

Andrew Lauck, co-president of IBW's Class of 2007 and now an analyst at Goldman Sachs says, "Professor Haeberle is a career counselor to the extreme. He spends hours in his office talking to students and answering questions." And he doesn't limit his time with students in the classroom. Lauck adds, "He literally opens his house to students, building personal relationships which go beyond the profession of investment banking."

Students and Alumni Proudly Give

IBW members are known to be exceptionally motivated individuals who are proud to give back to Kelley long before graduation. Seniors promote the program as "ambassadors to Wall Street", as well as teach, coach, and mentor younger students. Haeberle has built an "enduring model" where alumni remain lifetime IBW members. Alumni actively mentor younger members and help them network while learning the industry.

Michael Goy continues to demonstrate his dedication to the IBW legacy. He participated in a workshop planning session with several underclassmen the week after graduation. During the meeting Goy said he started donating to the Kelley School as a senior, helping provide for the next generation and a powerful Kelley legacy.

Demand For More

Although Haeberle's formula is well proven—with a perfect job placement scorecard—he continues to refine his recipe and build his menu, similar to a top chef, adding new creations where needed. In addition to his work with the IBW, Haeberle started the Investment Banking Seminar, providing more opportunities for talented seniors (including non-Kelley students) to learn to "play the game of investment banking". Additionally, he's created more opportunities for freshmen and sophomores to learn to play the game early on, adding an introductory investment banking course and the Investment Banking Club.

There's no doubt Haeberle loves his multi-faceted career as businessman, teacher and mentor—a role he's perfected given his unique background and talents—and he's always up for the next challenge. He recently signed on as co-director for Kelley's MBA Investment Banking Academy. And Haeberle, a devoted husband and father, finds plenty of time to spend with his family, which frequently includes his Kelley family.

Haeberle has clearly figured out his own recipe for life and appears to thrive on it. When asked why he keeps taking on more, he says (with a big smile), "I tell my students I get more out of the IBW than they do, and I practice what I preach." And when you see him interacting with students and in the workplace, you have no doubt he's sincere.