It seems that you like to keep busy which appears to be a common denominator among our instructors at the Graham School. What drives you?

Teaching is a joy. I started teaching during graduate school. The best part is learning from students who bring their professional and personal experience to the classroom. The diverse background and experience of Graham School students has given me an opportunity to learn and grow from them, and this is what drives me. If I am not learning and growing, I think it would be time to do something else.

You have been involved with UChicago for a long time, first as a student at the Booth School, then as a board member of the Alumni Club, and since 2006 as an instructor at the Graham School. This is a serious, long lasting relationship. What is it about UChicago that keeps you coming back?

It is my way of giving back to UChicago and to show my appreciation for what the University has done for me. I went back to business school to change careers. Chicago took a chance on me as an older student and I haven’t lost my appreciation for the GSB giving me that chance and the opportunity to study finance with the best in the world. It made a big difference for me and I feel a strong obligation to give back, just as alumni before me gave back to my benefit. I remind my students of their good fortune to be at UChicago and hope they will also give back in the future, as they are able.

Why the Graham school?

The Graham School is an important part of UChicago because it emphasizes liberal arts and life-long learning. Those goals are integral to the University’s mission. With liberal arts, students are provided a broad framework to help them think critically throughout their careers and lives. This emphasis is also seen throughout the professional programs where critical thinking and practical skills are combined to give students a good base to help them deal with the changes they will see throughout their careers. The Graham School really keeps a special tradition of keeping learning alive within UChicago.

I understand you have a particular interest in working with foreign students and you had the opportunity to teach a course to a Chinese group through the Graham School last spring. How was that? What was particularly interesting about it?

When I first attended graduate school, I was the only student in my class from the US. All continents except Antarctica were represented and I found the exposure fascinating. I got to learn about different parts of the world and various cultures and traditions through my peers without ever leaving home. The experience enriched me and I carry what I learned with me. At Argonne, I work with a lot of scientists from other countries, and I still enjoy learning about where they grew up and their backgrounds. I have never been to China, so it was fun and interesting to work with the group of Chinese students. In addition to our classroom material, we talked about some of the differences in our respective countries. When we looked at cases in class, we were able to recognize some of the different frameworks and constraints in which we operate. We could then step beyond some of the constraints to learn and grow. The students also shared beautiful pictures of China, which was special.

Did you encounter any particular challenges working with foreign students that made you rethink your instructional approach?

To me the biggest challenge is always communication, especially with students who are not native English speakers. People like me who grew up in the US take the language for granted. We tend to forget that language is also cultural, especially slang. As an instructor, it is useful to remind myself of these challenges and adjust accordingly. I therefore try to assess students’ backgrounds by reading their resumes and evaluating their English skills. With the Chinese students, not all of them had the same English skills or technical backgrounds, which presented teaching/learning challenges. I realized that for many of these students tests were going to be more about their English skills and backgrounds than the course content so I changed my normal teaching approach. We used group case study assignments instead of tests. Groups were formed with the intent of balancing both professional knowledge/experience and English skills across groups in order to create strong groups. It worked fairly well.

For having taken a couple of Economics courses back in the day, I praise any instructors who can tackle this subject-matter and build an engaging classroom experience around it. I was told this is what you do. How do you manage that?

Certainly, student engagement helps students learn, so it is a useful goal to try to attain. As with any technique, there are times when I have been more successful and also less. I am fortunate that throughout my career I’ve been able to use fundamental economic concepts for analysis and decision-making. This provides a great framework for solving problems and explaining issues to students. As in most fields, the basic core concepts are not all that complicated and can be easily explained when shown in the context of everyday experiences and choices.

I find I have the most success teaching and working when I use ideas simply, and focus on logical and practical applications. For instance, “opportunity cost” may appear to be a difficult concept to students at first, but it is really just about the different options and choices with which we all must wrestle every day. The economic perspective gives you a structure to work with where you can apply concepts to practical applications. The students generally like to see how the concepts work in real life, so I tie them into my professional experiences. Students are then able to see how economics training can be incredibly useful from analyst to senior management to the boardroom.

What do you want your students to take away from your course?

The ability to apply structured thought to solving new problems is paramount. This is what UChicago and the breadth of liberal arts are all about.

In your opinion, what aspect(s) of your professional experience is/are the most valuable to our students?

Students tell me that they like to hear about how decisions are made by executive teams and boards and the dynamics of the decision-making process. They are surprised to learn that logic and data do not always win arguments. But to me, it is most valuable to help students explore new ways to think about and solve problems, as opposed to looking up answers in a cookbook fashion.

I have heard from many instructors that our students tend to stay in touch not only among themselves but also with their instructors. Now, this is something one may come to expect from adult learners within the continuing education context. However, I’d be interested in learning a little more about the evolution of your interactions with former students and alumni. Does it remain a student/instructor rapport or does it evolve into a peer relationship over time? Any trends there?

With the advent of social media, many students now ask to stay in touch via LinkedIn. Students seem to want to stay in touch for various reasons, primarily for advice (career, academic, new ventures, etc) or recommendations. But sometimes it is even social, like meeting at an alumni event or going golfing. Relationships that develop over time after the completion of coursework tend to become more peer-oriented, but there is always some grounding in the original classroom setting.

Can you tell us what has felt as one of your greatest achievements as an educator?

It is always special when students come back and tell me our class made a difference for them.

 And one of your toughest professional reality calls?

The death of co-workers were the toughest for me. One thing you never see in textbooks or hear about in classes is how to work through the death of a co-worker. Our culture and business in general just avoid the subject and there is no guidance. I was completely unprepared when one of our young bright stars in his mid-twenties was killed in a road rage accident on the way to work. We were all devastated. Trying to figure out how to deal with the pain as an organization while confronting my own personal grief was the toughest situation I’ve ever had to face. Nothing from school prepares you to deal with it either personally or institutionally. You are left to figure it out for yourself and try to do what you think is “right.”

Are there any industry-specific trends you are interested in exploring?

I am currently researching bitcoin, a virtual currency, and different ways of valuing scientific research.

In your opinion, what skills should people new to finance focus on to increase their marketability?

A good foundation and understanding of economics is critical to understanding and analyzing questions/issues in real world finance, and for making good financial decisions. It is most important to have a strong overall understanding of basic concepts and the ability to apply those concepts to new situations you haven’t studied in class. This way of thinking is a strength found at the University of Chicago, and it is the reason there are so many Nobel Laureates and top-notch alumni associated with the University. The application of basic concepts is not only valuable in finance, but also helps bring deeper understanding and better solutions in many areas, including accounting, marketing, logistics, management, quality, and even life.

Are there any misconceptions students seem to have about finance, and if so, what are they?

Students have many misconceptions, most of them arising from the media or biases prevalent in the everyday world around us. Concepts like opportunity cost, marginal analysis, behavioral economics, and quality management help students to better understand, analyze, and make decisions. We explore many of these concepts and misconceptions in class.

What is your next professional venture?

I don’t know yet what my next professional venture might be. I think that is good, because it means there is still a sense of adventure for me. I hope part of the adventure will be an opportunity to work with Bill St. John again. Bill is an alumnus of the Divinity School who also teaches at Graham. We met at a joint Graham School-University alumni event, and initially collaborated to talk about the economics of wine. Perhaps we will look at the economics of religion next. Whatever it is, I am thankful Graham School supports our attempts to connect diverse experiences across various groups.

Thank you, Ira!