FIL Spring 2026 Newsletter

NEWS FROM THE DEPARTMENT OF FINANCE, INSURANCE AND LAW

BUILDING A LEGACY

A Conversation on the History of the Department of Finance, Insurance and Law at Illinois State University.

When Joe Trefzger first came to Illinois State University in 1979 as an MBA student, he did not have an interest in entering academia and never expected to be working for the institution more than forty-six years later. After having the opportunity to try his hand at teaching during his time as a graduate assistant, however, he found his passion and made the decision to pursue the role of educator and mentor. His love for the Illinois State University community and the institution led him down a path toward a decades-long career teaching finance at the university.

In a recent interview, the longtime faculty member in the Finance, Insurance and Law (FIL) Department related how the department and broader institution have changed over time and what has remained constant. One of the most visible changes has been where classes take place. Prior to Dr. Trefzger’s arrival on campus, the College of Business was housed in Turner Hall. During his time as an MBA student, the business programs largely transitioned from Stevenson Hall to Williams Hall. Then, the College moved to its current home, the State Farm Hall of Business (SFHB), just before the Spring 2005 semester. Faculty felt some sadness in leaving the stately Williams Hall (the original Milner Library), and moving during winter break meant there were few signs of life around the new building. But then an open house was held the night before classes were to start. The building was fully lit, fresh snow covered the mud in the not-yet-landscaped courtyard, and people filled the hallways. And at that moment, Trefzger offered, “It was everything that had been promised. As (retired Accounting professor) Doug Love and I took it all in, I said, ‘This is our new home.’” And a

LETTER FROM THE CHAIR

Hello to our FIL family! We are excited to bring you this newsletter from the Department of Finance, Insurance and Law. While the newsletter has been dormant for a while, the work in the department continues at an ever-increasing pace. This issue arrives at a time when the number of students declaring a major in the FIL department has doubled in the last five years. The University recently implemented an updated strategic plan with the mission to prepare “diverse, engaged, and informed members of society through collaborative teaching, scholarship, and service.” We are reprising this newsletter with the goal of reaching more of our current and former students, faculty, board members, and other stakeholders so we can showcase and highlight the activities and accomplishments in the FIL department. We hope you enjoy reading through this issue and we look forward to bringing you future issues of this newsletter periodically throughout the year!

Sincerely,

Interim Chair, Department of Finance, Insurance and Law Illinois State University

LEGACY

great new home it has turned out to be. The move consolidated business programs under one roof, a key improvement from the prior arrangement in which the Accounting department was left behind in Stevenson when the rest of the College moved to the space-constrained Williams Hall. State Farm Hall of Business also provided modern classrooms, along with collaborative spaces that will always be available to students.

The collegial atmosphere at ISU and in the FIL department was another consistent theme Joe mentioned. He expressed gratitude for mentors like Roger Potter, Dixie Mills, and Mona Gardner. Nowretired colleagues and longtime friends like Tom Howe and Joe Solberg helped him grow professionally. Trefzger spent many years advising the student finance club now known as Illinois State Students in Finance (ISSF) after learning the ropes from another retired colleague, Erika Gilbert. He carries on the tradition of building the next generation of leaders by sharing ideas with current ISSF advisors, Chris Tamm and Eli Sherrill, while continuing to attend some of the ISSF events — particularly when a former student is speaking. He also noted with satisfaction the quality of ISU’s current leaders across campus and how the environment they create is a big part of why he continues to enjoy working at ISU long after he could have retired.

with the establishment of the Katie School of Insurance in late 1993 and the launch of Insurance (now Risk Management and Insurance) as a separate major, whereas previously Insurance was just a subdiscipline within the Finance major. The change to FIL therefore marked the acquisition of an enhanced identity, not just a change in name.

The 1990s also brought significant shifts in research expectations as the FIL department moved to strengthen its academic reputation. Publication requirements grew more rigorous,

instructors like knowing their students, and relationships often extend far beyond a single semester. At the same time, ISU provides the academic offerings, facilities, and program depth sometimes seen only at major institutions. This balance is a hallmark of ISU and a reason many students choose to become Redbirds.

aligning the department with national norms and elevating the faculty’s reputation for scholarship. Yet even as research standards rose, FIL never lost sight of the importance of teaching well. Foundational courses, such as the introductory finance course long taught by Trefzger, remained central to students’ success, grounding them in the core principles they carry throughout their studies and careers.

This sense of connection has shaped the university’s enduring alumni loyalty. Graduates remain engaged with the department, frequently speaking in classes, offering professional guidance, and supporting new generations of students. Trefzger has never asked a grad to talk with a student in need of career advice and been told no. Many families even send multiple generations through ISU programs. For example, he recounted recently teaching two brothers whose father and uncle had been his students in the 1990s. “It’s very much a family institution,” remarked the professor, who has a list of more than 300 graduates who are related to other College of Business grads. This continuity is more than sentimental; it demonstrates ISU’s longterm impact on families and careers, and it is a sign of trust and appreciation for the educational environment the university cultivates.

The scope of the department’s academic reach has also changed over time. Our modern academic role began forming in the early 1990s, when the Finance and Law (FAL) name was replaced with Finance, Insurance and Law. At the time, ISU’s Insurance program was gaining national recognition. Its reputation was further enhanced

While requirements and academic structures evolved, the culture of ISU remained a defining strength. Joe described the university as a place offering big-school opportunities with a smallschool feel, emphasizing that faculty accessibility and personal interactions continue to set ISU apart. Students can get to know their instructors,

The FIL department’s history is one of steady expansion, thoughtful adaptation, and a sustained focus on student success. Even as many things have changed and new programs have emerged, the department’s defining values — collegiality, mentorship, and a practical, student-focused approach to learning — have remained firmly in place. It is a legacy built over decades, one that continues to shape the experiences of students, faculty, and alumni today.

Each September, Illinois State Students in Finance hosts a Meet the Firms event. This is a great way for students and prospective employers to interact. This year, we had approximately 185 students attend the event! Below is a list of companies that attended in 2025:

ADVICE FOR STUDENTS

With decades of experience teaching and past students numbering just over 14,000 (large lecture enrollments add up over time), Trefzger offers some practical advice for current students. Above all, he encourages them to understand concepts, rather than memorizing steps.

INFORMATION FOR FALL 2026 MEET THE FIRMS

In addition to finance and financial planning firms, we plan to expand Meet the Firms to include insurance and actuarial science areas. The event is free for employers to attend and will be September 22, 2026. Scan the QR code to the left for more information and to sign-up for the event!

This philosophy was built on personal experience. Joe recalls his days as a college student, wishing now that someone had told him not to memorize just long enough to spit things out on tests and then forget them, but rather to learn the material and really understand it. “I thought school was largely a waste of time, so I said I’ll jump through their hoops to get the degree, then I’ll go out to the real world and do real things.” But then he got to the real world, working in banking, and realized how little he sometimes knew.

Wiser from that experience, he urges students to work practice problems carefully and explain ideas to themselves. “Work problems, and tell yourselves stories,” he advises. Repetition can seem like busy work at times, but it helps with reflecting and internalizing key concepts taught in the classroom. For instance, knowing that an investment project with a positive net present value increases the company owners’ wealth is important, but understanding the “why” can be an even more essential part of the learning and thinking process that simple memorization misses.

Trefzger encourages students to take their introductory courses especially seriously. Strong skills formed at the foundational level set the stage for success in upper-level coursework, internships, and job interviews. Finally, he reminds students to take advantage of ISU’s culture of access to professors and mentorship. Reaching out to faculty, alumni, and peers can transform a student’s academic journey.

Illinois State Students in Finance

Illinois State Students in Finance (ISSF) is a student organization that connects students to finance industry professionals. Students learn what it is like to work in finance and about the wide range of roles available in the industry. ISSF engages students with guest speaker meetings, field trips, resume reviews, mock interviews, and social events. Over 400 students attended ISSF events in 2025! ISSF officers include Luke Finn (President), Caitlyn Finfrock (Vice President), Kolton Mannin (Treasurer) and Caleb Terrell (Secretary).

Students and faculty gain valuable insights and knowledge regarding professional practice each time a practitioner visits campus. We thank the professionals listed below for coming to campus and sharing their knowledge and experience at recent ISSF events. If you are a financial professional who is interested in talking to students in ISSF, please let faculty advisors Eli Sherrill (desherr@ilstu.edu) or Chris Tamm (ctamm@ilstu.edu) know of your interest. Meetings are typically Tuesday nights from 6:30-7:30 p.m.

BRYAN CRABTREE, CFP

Financial Advisor

Crabtree Financial Group | Normal, IL

EDDIE DURHAM (’19)

Finance Manager

Rivian | Normal, IL

LAUREN GATES (’13)

Senior financial analyst

Ecolab | Channahon, IL

LESLIE GIROTE, CFP, CDFA

Wealth Advisor

Corient | Chicago, IL

LIZBETH MENJIVAR, ChFC

Financial Consultant

Fidelity | Chicago, IL

CHRIS MINTER (’07), CFA

Investment Professional

State Farm | Dallas, TX

CHELSIE MOORE (‘09), CFA, CFP

Director, Wealth Management Solutions

COUNTRY Financial | Bloomington, IL

MIKE PRICE (’86)

CCO & VP, Risk Management

David Vaughan Investments | Peoria, IL

and Over (Secretary). for

ELISE RAND (’21), CFP

Associate Financial Advisor

Crabtree Financial Group | Chicago, IL

BART ROSE

Commercial banking senior VP

Regions Bank | Decatur, IL

REECE SANFORD, CFA, CRC, CMAA, SVP Director, Government Guaranteed Lending

River City Bank | Ellijay, GA

JERRY WIRTH (’88) Partner

R.B. Management | Latvia

ST. LOUIS FEDERAL RESERVE BANK

FIELD TRIPS

ISSF had the opportunity to take students on two exciting field trips recently. In November 2024, students visited the St. Louis Federal Reserve. The trip included a tour of the museum and discussions with multiple Fed employees, including the CFO, an economist, and recruiter. In March 2025, ISSF students took a tour of the trading floor at Cboe, a museum tour at the Chicago Federal Reserve, and met alumni Kara Hagen, Mark Brodeur, and Shane Skinner. Special thanks to Shane for organizing the Cboe tour!

CBOE TRADING FLOOR & CHICAGO FED

DR. VLADIMIR KOTOMIN

was promoted from Associate Professor to Professor.

Since joining the faculty 15 years ago, Dr. Kotomin has taught a variety of classes in the areas of financial markets, institutions, and investments. He has published 12 papers in academic journals, with research interests including bank management and regulation, financial stability, small business lending, and behavioral finance.

New Faculty

Isarin Durongkadej joined the Department of Finance, Insurance and Law at Illinois State University in Fall 2025 as an Assistant Professor. He teaches finance classes, specifically in investments.

Dr. Durongkadej earned a bachelors degree in economics in Thailand. He then went to Oklahoma State University where he earned a MBA, MS in Quantitative Financial Economics, and a PhD in Finance. In addition to his academic degrees, Isarin has also earned the Chartered Financial Analyst Designation, the “gold standard of investments credentials”. Prior to joining the faculty at ISU, he was an Assistant Professor at San Jose State University. The Durongkadej family also welcomed their first child in December! From everyone in FIL, welcome aboard, Isarin.

DR. KEVIN AHLGRIM returned to the faculty after five years of service as the Chair of the FIL Department. During his time as Chair, he saw department enrollment grow from 600 to over 850. To keep up with the large growth in student demand, he also oversaw hiring six new tenure track and four new non-tenure track faculty within the FIL Department. Dr. Ahlgrim will take on a new leadership role in Redbirds FLI, a financial literacy initiative, and teach courses in personal risk management and personal investments. His research interests include actuarial disclosures in insurer financial statements and insurer investments in infrastructure.

DR. TAMRA CONNOR

recently completed six years as Associate Dean for Accreditation and Operations within the College of Business. She recently rejoined the faculty and will teach Financial Literacy for the College Student. As she enters her 14th year at ISU, Dr. Connor looks to build an undergraduate certificate in personal financial management. She recently published a high school textbook Managing Your Personal Finances. Outside of ISU, she enjoys traveling, photography, and spending time with her 8 grandchildren.

DR. TOM HOWE RETIRES

After the spring semester of 2025, Dr. Tom Howe retired. He began his career at ISU as an Assistant Professor in January 1985. He taught a variety of classes, including investments and financial statement analysis. Dr. Howe was also an integral part of the Educational Investment Fund class where students learn to manage an

department of finance, insurance and law AWARDS BANQUET

STUDENT RECOGNITION

In April 2025, the Finance, Insurance and Law Department and the Katie School of Insurance and Risk Management honored high-achieving students and faculty.

Over 70 students received awards, including the following top awards:

ISAAC SCHRECKENBERG

Charlie Norman Outstanding Senior in Finance ZACK MAZARIEGOS Outstanding Senior in Risk Management and Insurance

LUKE FINN

Charlie Norman Outstanding Junior in Finance

GRACE CITTADINO Outstanding Junior in Risk Management and Insurance

FACULTY AWARDS

Each year, the FIL Department recognizes three faculty members for their outstanding work.

This year’s winners were:

CHRIS TAMM Outstanding Teaching Award

VLADIMIR KOTOMIN Outstanding Research Award

TICE SIRMANS Outstanding Service Award FOR A FULL LIST OF ALL AWARD WINNERS AND STUDENT PROFILES, scan the QR code for the full program or visit TinyUrl.com/rbw9mfcx.

FOR CURRENT STUDENTS INTERESTED IN APPLYING for FIL department awards, applications are open each January and conclude January 31. The Katie School offers scholarships specific to students in the risk management and insurance (RMI) major and minor. The application typically opens in early December and closes in late January. Award applications can be found by scanning the QR code or by visiting TinyUrl.com/5n7wpsac.

EARL Y CAREER A CHIE VEMENT Awards BRIANA ALLEN

The College of Business Early Career Achievement Awards celebrate outstanding young alumni who have demonstrated innovative and responsible professional leadership and the potential for future distinction. They return to campus to receive their awards and share advice with current students through panel discussions during Homecoming celebrations. The Early Career Achievement Awards were presented at a public reception in the Caterpillar Auditorium on October 17, 2025. We are very proud of the winner from our department!

Bri currently works as a Broker Director at AIG, where she manages relationships with brokers for the Great Lakes Regions. She spent 6 years in Large and Complex Casualty Broking at WTW and McGill and Partners prior to this role. Bri is a graduate of the WTW Graduate Development Program, where she received expanded training opportunities across the industry. Prior to joining WTW, she spent time in the London market as well as the Excess and Surplus Lines market where she was able to learn about complex risks in North America and different geographies. Bri continues to contribute outside of her position at AIG, currently serving as the Emerging Leaders Chair for the Chicago National African American Insurance Association (NAAIA) chapter and sitting on the Emerging Leaders Council for NAAIA National, Co-Chair for the Chicago Chapter of Young Risk Professionals and sits on the Rising Insurance Star Executives strategic planning committee.

COLLEGE

2025

In spring 2025, in conjunction with Business Week activities, Dean Ajay Samant inducted three outstanding alumni into the College of Business Hall of Fame, two of whom are FIL department alumni.

MICHELLE HERMANN is a senior relationship manager for CIBC Private Wealth with more than 30 years of experience, focusing primarily on providing investment management services and advising high net worth individuals and business organizations. She is skilled in providing financial and estate planning services to clients, focusing on their intentions for future generations and philanthropy. She has led seminars and webinars nationwide on a variety of topics, the most recent of which addressed wealth management issues for women.

Prior to Team Geneva Advisors, she was a senior vice president and trust officer at Park National Bank (now US Bank). Previously, she was the president of Great Lakes Trust Company, focused on building the fiduciary and brokerage platform. Her career began at Boulevard Bank (now US Bank).

Michelle holds a Bachelor of Science degree from Illinois State University (’88) and a Master of Business Administration degree from Quinlan School of Business at Loyola University Chicago (’94). She is a past president of the Chicago Estate Planning Council and secretary of the South Suburban Estate Planning Council. She was also included in Barron’s Top 100 Women Financial Advisor Ranking in 2024.

Since graduating from Illinois State University Michelle has remained involved with ISU. She served as a board member of The Educational Investment Fund. She also began mentoring finance students in 2020 and now has an annual networking referral program of student mentees from the College of Business. She and her husband, Mike (ISU ‘87) have three children and live in Texas and northern Michigan.

TIFFANY HEMANN is currently Vice President - Financial Planning & Analysis at Symbotic located in Wilmington, Massachusetts. In this role, Tiffany supports the efforts of the Symbotic mission, changing the way consumer goods move through the supply chain by reinventing warehouse automation for increased efficiency, speed and flexibility.

Prior to joining Symbotic, Tiffany spent 20+ years at The Boeing Company in various roles supporting defense platforms, services and functions. In these roles, she partnered with business leaders to oversee program execution as well as the development of long-term strategies to support the production of the Apache Attack Helicopter, as well as in service support programs for the F-22 Raptor, C-17 Globemaster and large derivative platforms. She also oversaw the financial process controls to ensure compliance and adherence to capital investments and new business opportunities. In these roles, Tiffany also had the opportunity to live in various locations to include Ridley Park, PA; Arlington, VA; St. Louis MO; San Antonio, TX; and Mesa, AZ.

A native of Staunton, Illinois, Tiffany holds a bachelor’s degree in finance from Illinois State University and a master’s degree in business from Southern Illinois University – Edwardsville. She also participated on the Illinois State University Finance and Law advisory board.

Tiffany is a proud alum of ISU, she is honored and humbled to be inducted into the ISU College of Business Hall of Fame alongside the many respected alumni with remarkable backgrounds.

REDBIRDS FLI TAKES FLIGHT

At Illinois State University, student success is more than just earning a diploma − it is a holistic experience that includes not just the development of vocational skills, but also building life skills, emotional maturity, and a confident sense of direction for life after Normal. ISU’s Health and Wellness framework called “Eight at State” reinforces this holistic view by highlighting the eight interconnected dimensions of wellness, including not only academic achievement, but also emotional wellness, physical health, and social connections, which are all essential pieces of the student experience.

Personal finance is another dimension of wellness. Yet national surveys indicate that approximately three out of four adults feel anxious about their finances, and that stress can ripple outward − affecting mental health, impacting personal relationships, and undermining academic performance of students.

Recognizing this, the Department of Finance, Insurance and Law has launched Redbirds FLI (the Financial Literacy Initiative) to provide students with the tools and knowledge they need to strengthen their financial footing and build confidence for life after graduation. While Redbirds FLI is housed in FIL, its mission is to reach every Redbird across campus. The purpose is to empower students, promote practical money skills, and lay the groundwork for achieving a life of financial independence and well-being.

“Launched” in 2024, the program blends financial education with real-world application through interactive workshops, games, and outreach events designed to make learning about money both relevant and approachable. The first Redbirds FLI event was a Reality Fair co-sponsored with the Illinois State

Credit Union. Originally developed by the Federal Deposit Insurance Corporation (FDIC), the Reality Fair attempts to raise financial awareness by allowing students to step into the shoes of recent college graduates, making choices about expenses such as housing, transportation, and insurance to see if they can make ends meet on a given salary. Other workshops have focused on the critical period transitioning from full-time student to employee, including a session on negotiating with potential employers during a job search, optimizing employee benefits choices on the first day at work, and the importance of time when saving for retirement.

Redbirds FLI has been made possible through the generous financial support of the Dunaway Family. Mark Dunaway is a 1984 ISU grad who got interested in personal finance education as he witnessed couples with high paying jobs struggle with their finances. Mark saw the need to help young adults avoid financial pitfalls and develop everyday money competencies that can lead to a more rewarding life that escapes constant financial stress. Before starting Redbirds FLI, Mark visited campus for several years as a guest speaker to share his knowledge and set the foundation for expanding his vision across campus.

As Redbirds FLI grows, it reflects what Illinois State does best − transform learning into lasting impact. By equipping students with the financial skills and confidence to navigate life beyond campus, the initiative helps ensure that Redbirds do not just leave ISU with a degree − they leave ready to soar.

For more information about Redbirds FLI, or to explore ways to get involved, please contact Kevin Ahlgrim in the Department of Finance, Insurance and Law.

REDBIRDS FLI...

Because your future needs a flight plan.

Student Mentorship and Competitions

Students in the FIL Department have been involved in a variety of competitions to apply what they have learned in class and gain real-world experience.

In the spring of 2025, Dr. Vladimir Kotomin mentored a four-student team in the Community Bank Case Study Competition (CBCSC) for the first time. Mohammed Mrani Alaoui, Garrett Allar, Vince Baldassari, and Luke Biondi won 3rd place nationally! Our community bank partner, Heartland Bank & Trust Company, was fantastic. Each student received a $500 FIL scholarship (thanks to donor support!) and another $500 from the Conference of State Bank Supervisors for the bronze finish.

In prior years, Dr. Kotomin has mentored other student groups as well. In Fall 2021, a five-student team competed in the FDIC Academic Challenge, a research competition examining the effect of Covid on the banking industry. From 2022-2024, Dr. Kotomin mentored two student coauthors who jointly published a paper on the Paycheck Protection Program loan forgiveness in a prestigious journal. Both graduated in May 2023, one works for FDIC, another is a PhD student at UIC (the project profoundly affected their career directions). If you wish to support these hands-on learning experiences (student scholarships, faculty mentor stipends, serving as a community bank partner), please do not hesitate to contact Dr. Sirmans or Dr. Kotomin!

ISU FINANCIAL PLANNING STUDENTS EARN NATIONAL RECOGNITION!

Three Illinois State University Financial Planning minors − Caitlyn Finfrock, Nakul Patel, and Vishva Vashi − recently showcased their skills in the Financial Plan Challenge, hosted by the Financial Planning Association (FPA), Ameriprise, and the Certified Financial Planner (CFP) Board. Competing against leading programs from across the country, the ISU team was named one of eight national finalists and traveled to Las Vegas, Nevada in November to participate in the FPA Annual Meeting − a premier event bringing together financial planning professionals, educators, and students. The competition put students through three exciting rounds:

Phase 1: Teams developed a comprehensive financial plan in response to a detailed client case study. The top eight written plans advanced to the next rounds.

Phase 2: Finalists presented their plans to a panel of independent financial planners − just like advisors do with real clients − demonstrating their depth of knowledge, communication skills, and professionalism.

Phase 3: The competition concluded with “How Do You Know?”, a game show-style knowledge contest that challenged students on CFP exam topics, including investments, insurance, and estate planning.

Congratulations to our talented students for representing Illinois State University with excellence, enthusiasm, and Redbird determination!

Gamma Iota Sigma is an educational organization and is the only international business fraternity for students of insurance, risk management and actuarial science. The purpose of Gamma is to promote, encourage, and sustain student interest in insurance, risk management, and actuarial science as professions. GIS facilitates student interactions with industry through networking and by fostering research activities, scholarship, and improved public relations. You can see highlights of a selection of Gamma’s 90 events held in the fall semester of 2025.

GAMMA IOTA SIGMA PRESENTATIONS

Gamma extends invitations to various companies throughout the semester to engage in discussions with current GIS members about the industry. These presentations prove highly advantageous for students as they provide insights into the companies’ operations, identity, and offer valuable knowledge about diverse roles within the insurance sector. Additionally, these sessions foster connections with company representatives. The array of opportunities available allows individuals to continually develop professionally and deepen their understanding of the industry. We express gratitude for the numerous companies that willingly visit ISU to share their knowledge with our members.

Social events

• Gamma Picnic

• BloNo Pizza Golfing Event

• Ice Cream Social

• Radar Farms Social

• GIS x Actuarial Club Game Night

• ISU Women’s Soccer Game vs UIC

WORKSHOPS

• Resume Review presented by Javier Fialek

• Professional Development Event “Conference Etiquette” presented by Javier Fialek

• Meet the Firms Prep presented by Marek P.

• Professional Dinner Etiquette presented by Javier Fialek

RECRUITING

• SLAB-A-QUE

• Festival ISU

• Atrium Tabling

• Classroom Speeches

• COB Trick or Treat

CAREER FAIRS

• ISU Fall Internship Fair

• Finance: Meet the Firms

• ISU Fall Career Fair

FUNDRAISING

• Bake Sale

• DP Dough Fundraiser

• Yankee Candle Sale

• Popcorn Fundraiser

Over the course of the semester, our involvement in numerous volunteer events has allowed students to contribute to the community. Activities include sending cards to veterans and their families, tidying up the streets of Normal, helping pack meals for those in need at a State Farm Million Meal Pack, and making dog toys. Gamma is committed to community service and is enthusiastic about providing assistance in any way we can.

Luke Finn wins Bone Scholar Award

Each year, ISU selects 14 students to receive the highest university-wide honor given to undergraduate students, a Bone Scholarship. The selection process involves a rigorous campus-wide competition that considers academic achievements, leadership and involvement in activities in the university and community. The FIL Department is thrilled to announce that finance major Luke Finn won this top honor! In addition to excelling in the

Gamma

Iota Sigma CURRENT OFFICERS

classroom, Luke is very involved in student organizations. He serves as President of Illinois State Students in Finance, where he leads professional development events and networking opportunities for members. He is also the Treasurer of Redbird Barbell, an organization on campus devoted to promoting physical fitness and nutrition; a member of the Personal Finance Club; and actively involved in intramural sports. He has interned with Navistar as a Finance and Accounting Leadership Development Intern, further strengthening his professional skills. When asked to reflect on this recognition, Luke remarked: “I am beyond flattered to have received the Robert G. Bone Scholarship. I fully understand the standard of excellence that accompanies such a prestigious award, and I intend to uphold it as I finish my undergraduate degree here at Illinois State. I am forever grateful for the recognition and for the support that the faculty and community have provided throughout my journey.” On behalf of the FIL Department and ISU, congratulations, Luke!

Mason Loucks | Director of Recruiting

Marek Pedziwater | Actuarial Liaison

Nate Manthey | Director of Volunteer Efforts

Matthew Casella | Treasurer

Javier Fialek | Director of Professional Development

Andy Munn | Director of Alumni Relations

Sara Waller | Vice President, Internal Affairs

Mya Lewis | Director of Fundraising

Gracie Cittadino | President

Carly Pye | Secretary

Maddie Johnson | Director of DEI

Veronica Zieba Vice President | Student Affairs

Josie Fry | Director of Outreach

* Kenzie Stein | Director of Publicity and Historian (not pictured)

ARCH Broker Reception

“It was an absolutely great experience attending the Arch Broker Reception as someone who has been exploring options in commercial lines and brokerage. From the train in to town to the actual event, everything was very welcoming and never once felt intimidating. I had the opportunity to speak with representatives from their Middle Market and P&C teams, and everyone I came into contact with was open, honest, and seemed to truly care about helping students learn about the industry. It was also a great chance to see just how relationship-driven the world of brokerage really is. I left this event feeling much more confident about pursuing a career on this side of insurance and am grateful to Gamma Iota Sigma for connecting us with events like this one.”

“The Katie School Executive Forum in Chicago was my first real experience going to a conference through Gamma Iota Sigma, and it was also my first introduction to the professional world of insurance. I was really grateful for the opportunity because it showed me what the industry actually looks like beyond the classroom. I learned about new and emerging risks and how the insurance world is changing fast. I also learned how important networking is and how to talk with professionals in a confident way. Hearing about how AI is being used in insurance was really interesting and helped me understand where the industry is heading. Overall, it was an amazing first experience and made me even more excited about my future in insurance.”

~ Nick Galis

GIS 54 th Annual International CONFERENCE

Target Markets Conference

“During my time as a student attendee at the 2025 Target Markets Program Administrators Association in October, I had the opportunity to gain firsthand insight into the evolving landscape of program business and the specialty insurance market. I was able to learn directly from industry leaders, attend informative sessions, and engage in meaningful conversations that deepened my understanding of underwriting, distribution, and emerging market trends. The experience not only strengthened my passion for risk management and insurance but also expanded my professional network and gave me a clearer vision of the career paths within the program administrator space.” ~ Gracie Cittadino

GIS Leadership Symposium

~ Marek Pedziwater

“I had the opportunity to attend the 54th Annual Gamma Iota Sigma International Conference in Hartford, CT, and it was truly one of the highlights of our year. Our chapter was honored to be recognized as a Distinguished Chapter for 2024–2025, which allowed us to compete against six of the top chapters in the country for the Edison L. Bowers Award. We were proud to finish in 3rd place, one of the best results our chapter has ever achieved. The conference offered incredible networking opportunities, insightful educational sessions, and a career fair that connected us with industry professionals and students from across the nation. I’m genuinely grateful for the chance to attend and represent our chapter, and I’m excited to carry what I learned into both my academic and professional journey.”

NRRA Conference

“I enjoyed learning at NRRA! I greatly enjoyed all the sessions as well as the connections I made. My favorite aspect must be regulators being at the conference. About 10 years ago, there were no regulators at NRRA about RRG’s. However, currently, there was a plethora of regulators in attendance. I loved my experience at NRRA, and I would recommend other Katie School students and industry professionals to attend the conference.”

~Matthew

Casella

“In early August, three of our members had the exciting opportunity to attend the Grand Chapter’s Leadership Symposium in Columbus, Ohio. We had the chance to network at their career fair, gain valuable advice and insights from other GIS chapters, and attend thought-provoking sessions designed to strengthen our leadership skills. Sara and I trained for the Student Advisory Council, a Grand Chapter initiative designed to support communication and collaboration between students and professionals, while Maddie was able to host her own session about the synergy between Risk Management & Insurance and Actuarial Sciences!” ~ Carly Pye

RISK Manager ON CAMPUS

“At the beginning of November, we had the pleasure of hosting Victoria Dinh, the Director of Risk Management for AEG. AEG is the leading sports and entertainment presenter in the world. Victoria presented at our general meeting, two lunch-and-learns, and several classes within the Finance department. We also had dinner with her, where she connected with us students on a more personal level. It was very cool to hear about her experiences

CPCU In2Risk Annual Conference

“Attending the annual CPCU In2Risk conference in New Orleans was an amazing experience that connected my academics to real world of insurance. The trip gave a good dynamic of not only information about the current industry world but also a fun atmosphere. The breakout sessions were the main part of the trip that offered forward-looking information on current topics such as applications of AI in claims and the increase challenge of third-party litigation funding on the insurance industry. Besides knowledge gained, the event provided a lot of networking opportunities, allowing me to maintain and gain more meaningful connections with professionals and peers alike. These interactions have already changed the opportunities that I have had and also career aspirations. Furthermore, the all-expenses-paid nature of the journey was a privilege, allowing me to completely focus on the educational, professional, and social aspects without worry on money.”

~ Mitchell Mcanally

~ Maddie Johnson

because she was in Gamma during her time in school, and she was a broker and an underwriter before becoming the risk manager. Hearing about risk management is something that is always really interesting because we really do not get to hear from people like this during our regular events. During her visit, I was able to give her a personalized tour of our campus, where we even caught Pawsitively stress-free in the library and visited with all the dogs. It is so amazing that Spencer gives us the grant so we can have such a fantastic event on campus.”

ALUMNI & STUDENT Golf Outing

The 25th Annual Katie School Golf Outing took place on August 22, 2025 at the Weibring Golf Course. Current students and alumni gathered to compete in a scramble format for bragging rights. It was great to see current students connect with alumni and grow relationships on the golf course.

“The golf outing was a really good time and a great opportunity to network with active Gamma Iota Sigma members and chapter alumni, who gave great advice that I hope to use in the future.”

~ Jacob Matthews

PEORIA CHIEFS Baseball Game

“RLI generously hosted Gamma Iota Sigma students in their suite at the Peoria Chiefs game, giving us an incredible opportunity to connect with industry professionals in a fun and relaxed environment. I enjoyed learning more about RLI’s culture, asking questions about different career paths in insurance, and building relationships with members of their team. I truly appreciate RLI’s hospitality and their continued commitment to supporting GIS students. Overall, this event offered valuable insight into the insurance industry and was a memorable, enjoyable experience.”

~ Mya Lewis

RIMS ERM

Enterprise Risk Management

CONFERENCE

“At the RIMS ERM Conference in Seattle, Washington, I had the opportunity to deepen my understanding of enterprise risk management (ERM). The sessions I was able to attend provided insight into the thought processes, methodologies, and continuous monitoring practices risk managers utilize. I also learned how AI can be incorporated into each stage of the ERM framework and how to embrace emerging technologies. Additionally,

I expanded my knowledge of interconnected risks and explored ways to visually communicate these relationships to stakeholders, helping them understand how seemingly minor risks can act as catalysts for major risks. Overall, this conference was highly beneficial to my education in the insurance industry and has served as a valuable resource in preparing for the Spencer–RIMS Case Competition.”

~ Emma Ongman

Chicagoland RISK FORUM

“This September, I had the opportunity to attend the 10th Annual Chicagoland Risk Forum, hosted by RIMS. The event began with a dinner at Lou Malnati’s with UW–Madison students and mentors. The next morning, we kicked off the conference with a mentor breakfast, where each of us was paired with a dedicated mentor for the duration of the forum, a connection that added so much value to the experience. Throughout the conference, we engaged in meaningful networking with industry professionals and attended several insightful panels on insurance and emerging trends. Personally, I gained so much that will support my development in insurance and strengthen my networking skills. The event wrapped up with a rooftop reception, offering one final opportunity to connect and reflect on what we learned.”

STUDENT RECOGNITION CPCU

NextGen SCHOLARS

Gavin Serra and Emma Ongman honored as NextGen Scholars.

“I’m honored to have been selected as one of the recipients for the CPCU NextGen Scholarship. This support not only recognizes my commitment to the risk management and insurance field but also motivates me to continue growing and developing as a future industry leader.”

~ Emma Ongman

Inaugural

RISC Summit

“Aubry Dale, Ben Leese, and myself attended the inaugural RISC Summit in Iowa City hosted by University of Iowa this past November. We competed in the risk and innovation challenge where we were tasked with solving an insurance industry problem in an innovative way. Our solution was creating a parametric reinsurance product for hail targeted towards small mutual insurers. We placed third in the competition, winning a cash prize of $3000!” ~ Sadira Ali

Justin Waller, Class of 2020, and Sara Waller, Class of 2026, established The Waller Family Endowed Scholarship with the Katie School of Insurance and Risk Management, benefiting transfer students seeking a degree in Risk Management and Insurance and Actuarial Science at Illinois State University. As transfer students themselves, Justin and Sara saw a unique opportunity to encourage more transfer students to pursue a career in the insurance industry. The first scholarship will be awarded at the FIL Department Student Recognition Awards Ceremony this coming April.

“We have seen tremendous success of transfer students coming to ISU and quickly being embraced by the risk management and insurance program with support from The Katie School and the RSO Gamma Iota Sigma. Both provide tremendous co-curricular experiences that provide transfer students with a social and professional network allowing them to quickly integrate into the ISU community. This scholarship will give even more incentive for transfer students to consider a program in risk management and insurance.” ~ Jim Jones

Waller Family ENDOWED SCHOLARSHIP

If you would like to contribute to the scholarship fund, gifts can be made through the Foundation website by scanning the QR code to the right or by visiting TinyUrl.com/3rhezx48

Educational Investment Fund

The Educational Investment Fund (EIF) is a student-managed investment portfolio established in 1982 with an initial seed funding of $50,000. Currently, its assets are valued at $1.7 million. Students enrolled in this course (FIL 370) analyze equities, participate in research competitions, and make recommendations on security transactions. This is a hands-on experience that allows students to use data sources such as S&P Global NetAdvantage and Morningstar to conduct equity research. The EIF strategy is largely a valuation-based fundamental analysis with the money invested entirely in equities.

Educational Fixed Income Fund OVERVIEW

The Educational Fixed Income Fund (EFIF), a student-managed fixed income portfolio, was established in Spring 2011 with an initial investment of $1 million. The fund is managed on behalf of the Illinois State University Foundation (ISUF).

Students enrolled in FIL 346: Fixed-Income Analysis and Portfolio Management actively participate in the management process by recommending trades under the guidance of the course instructor and with oversight from the EFIF Governing Board, composed of faculty members from the Department of Finance, Insurance and Law (FIL).

EDUCATIONAL IMPACT AND SCHOLARSHIP

In addition to providing a valuable experiential learning opportunity, the EFIF generates a management fee paid to the FIL Department by ISUF. This fee supports the EFIF Scholarship, typically valued at $1,250, which is awarded each semester to a student enrolled in FIL 346.

INVESTMENT APPROACH

Given the large transaction sizes in fixed income markets and the importance of diversification, the EFIF primarily invests in fixed income mutual funds and exchange-traded funds (ETFs).

The investment agreement with ISUF includes strict guidelines designed to mitigate excessive risk-taking. At the conclusion of each semester (Fall and Spring), students develop portfolio recommendations aimed at positioning the EFIF advantageously over the next six to eight months.

These recommendations incorporate analysis of credit risk relative to expected return, domestic versus international exposure, average term-tomaturity, and overall risk–return trade-off.

FUND SNAPSHOT (as of October 30, 2025)

MARKET VALUE: Approximately $1.4 million

DURATION: 4.99 years

SEC Yield: 4.16%

BENCHMARK: Bloomberg U.S. Aggregate Bond Index

Although the fund’s duration is shorter than that of its benchmark, its SEC yield remains comparable. Entering the Fall semester, the portfolio was primarily concentrated in domestic securities and maintained a shorter duration to mitigate potential risks associated with a steepening yield curve.

The fund also remains overweight in the government sector, reflecting the current environment of unusually tight corporate credit spreads.

Despite volatility in fixed income markets, the EFIF has consistently outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, on both an absolute and risk-adjusted basis.

The Debbie Babcock IMPACT FUND

Do

For over 30 years, Debbie Babcock served as the Associate Director of the Katie School until her retirement in July 2025. A new scholarship has been created to honor her legacy and provide opportunities for students to travel to industry conferences for professional development and networking.

Please contact Dr. Eli Sherrill | desherr@ilstu.edu

Hire-A-Redbird

Illinois State University has a great resource to connect students searching for jobs with prospective companies called Hire-A-Redbird. For students and employers interested in using the service, scan the QR code for more information or visit TinyUrl.com/4ae7x6bh. Your perfect match is waiting for you!

Help a fellow redbird.

OPPORTUNITIES FOR GIVING

Alumni support of Illinois State University is tremendously important for many reasons. Gifts received from alumni provide the “margin of excellence” in our programs. Additionally, outside organizations view alumni giving as a measure of “customer satisfaction.” For example, the percentage of alumni who give to Illinois State University factors into the US News and World Report’s “Best Colleges” rankings. While the number is only a small factor in the overall ranking, Illinois State University stands well behind the institutions we strive to emulate. Your annual gift is extremely important. Your gift, no matter the size, can make a real difference to Illinois State University students. The students, faculty, and staff of the Department of Finance, Insurance and Law thank all those who have supported the department and the university. This significant support is testimony to the enhanced sense of mutual responsibility to ensure quality education in finance as well as risk management and insurance. Thank you to all of you for your support.

You can help the department reach its goal!

You can help the department reach its goal!

Please scan the QR code to the left or visit TinyUrl.com/9mh9vb4m, to make a donation online.

You can also make a gift over the phone by calling the ISU Foundation office at (309) 438-2294 between 8:00 a.m. and 4:30 p.m. Monday- Friday.

Once again, the students, faculty, and staff of the Department

THANK YOU for your past and future support.

Donations can also be made by mailing a check payable to: Illinois State University Foundation Office • Campus Box 8000 • Normal, Illinois 61790

Please write “5485270 FIL Dept ” on the memo line of your check, and your entire contribution will go to support the department.