Against all odds: how CMU built a pathway to Wall Street

If you ask most people how a student from a regional public university ends up on Wall Street, the answers are often the same: elite schools, family connections or established networks.

Statistically, that perception holds weight since roughly seven out of every 1,000 college applicants receive offers for roles at top investment banks. This is why what is happening at Central Michigan University is so unusual.

Over the past decade, CMU has developed a growing pipeline into RBC Capital Markets, one of the most selective and respected investment banking platforms in the world. More than 20 students have secured internships and full-time roles in investment banking, trading, credit and municipal finance.

A challenge that changed the trajectory

The foundation of this effort traces back to 2005, when Jon, ’84, and Terri (Matson) Voigtman, ’85, established the Voigtman Family Scholarship to support Michigan students at CMU facing financial hardship.

The inspiration was personal. Years earlier, a loan from Terri’s parents allowed Jon to remain enrolled at CMU when continuing his education was uncertain.

The original focus of the scholarship changed in 2012 after a campus presentation, when a finance student named Alex Crosson shared a candid perspective on a widely held belief, presenting a clear challenge.

“I don’t think someone from CMU can get a job on Wall Street unless their parents already work there,” he said.

Crosson earned the Voigtman Family Scholarship, secured an interview opportunity and became the first CMU student to intern at RBC Capital Markets. His performance led to a full-time offer and demonstrated that access, not ability, was the primary barrier.

From opportunity to pipeline

Crosson’s success became a model for something larger.

Working closely with the College of Business Administration and RBC Capital Markets, the scholarship became a structured pathway focused on identifying, preparing and placing high-performing students into one of the most competitive segments of the financial industry.

Since then, nearly two dozen CMU students have advanced through the pipeline. Many have launched careers at RBC Capital Markets, while others have gone on to organizations such as Discover, Fidelity and KPMG.

The strength of the pipeline lies not only in access but in accountability and continuity.

“Each of us wants to keep the pipeline open for the next person,” said Ryan Heeke, ’16, an early scholarship recipient who worked at RBC for nearly a decade. “You don’t want to let yourself down, or those who may follow.”

Preparation at the highest level

A key driver of the pipeline’s success is preparation.

At CMU, that preparation is led by dedicated faculty like Bradley Taylor, who leads the Michigan Finance Scholars Program. The selective program challenges students with rigorous coursework and experiential learning that extend well beyond traditional classroom expectations.

Students participate in case studies, financial modeling, competitions and corporate engagement opportunities that mirror the expectations of top-tier business programs.

“Brad is a master in giving students an education on par with the most elite schools,” Jon Voigtman said.

This level of preparation ensures CMU students are not only competitive but ready to contribute from day one.

Creating a competitive edge

As the program continued to grow, it became clear that access and preparation must be supported by the right tools.

In collaboration with the College of Business Administration and former Dean Chuck Crespy, the Voigtmans supported the creation of the Voigtman Financial Trading Lab. The lab is equipped with Bloomberg Terminals — the same systems used on trading floors in major financial centers around the world.

In the lab, students analyze real-time global market data, build institutional-level financial models and gain experience across asset classes. They also earn Bloomberg certifications, a distinction not widely available at the undergraduate level.

The trading lab strengthened CMU’s ability to prepare students for technical industry demands and further elevated the university’s profile among financial institutions.

A network extending beyond graduation

One of the defining characteristics of the pipeline is the support network that has developed among its participants.

Students who complete internships and begin their careers remain actively involved in mentoring those who follow. They provide interview guidance, share workplace insights and help prepare the next group of candidates.

“We aren’t all in a position to give back financially, but we can give our time,” said Heeke, who recently became director at McBride Quality Care in Mount Pleasant, Mich. “Time and effort are just as valuable.”

For current students and recent graduates, that network is a critical resource.

“This support system makes the experience easier,” said Lucy Forlastro, ’25, an analyst at RBC Capital Markets. “It creates a network of people you can reach out to.”

Carolina Hernandez Ruiz, who will join RBC Capital Markets full-time after her graduation in May, emphasized the role of effort and mindset.

“It doesn’t matter where you are, but where you can be,” she said. “Your future is dependent on how much work you put into it.”

Expanding impact

What began as a scholarship has grown into a broader initiative that strengthens the College of Business Administration and enhances opportunities for students.

Financial institutions are increasingly recognizing CMU students’ preparation and professionalism. As a result, the university is gaining visibility in an industry where access has traditionally been limited.

“For decades, the Voigtmans have provided pathways and support to help CMU students achieve their highest potential, and their generosity has fueled great careers and amazing lives for hundreds of graduates,” CMU President Neil MacKinnon said. “Their support not only provides funding to drive student success, it is also an expression of their belief in our students — a message of encouragement to keep achieving great things.”

An opportunity for others to engage

The success of the pipeline highlights what is possible when alumni, faculty and industry partners work together to support student achievement. It also presents an opportunity.

Not all contributions require financial resources. Alumni can play a meaningful role through mentorship, professional guidance and connections that help students navigate competitive industries.

“CMU students are demonstrating the talent and determination needed to succeed at the highest levels,” Jon Voigtman said. “With continued support, the pipeline will grow stronger, opening doors for future generations and reinforcing CMU’s presence in the world of finance.”