From Classroom to Wall Street
How Professor Clay Miller helps college students succeed in finance
—By Colby O’Connor
“Nowadays it takes a lot to stand out in any profession. Finance is one of those you have to understand early and find your passion from a young age,” says Professor Clay Miller. A former University of Michigan and professional football player, Miller has pivoted a lot throughout his career; however, no shift has been as influential as his change to the field of finance.
Miller sees finance as the ideal career, offering a unique combination of problem-solving, creativity, and long-term impact. What makes finance stand out, he emphasizes, is its ability to intersect with nearly every industry. From his diverse career in professional sports, law, private equity, and teaching, Miller found that finance combined these various passions into one career outlet. The field offers countless ways to explore one’s passions and make a lasting contribution to business growth.
Is finance right for you?
“You don’t need to know right away if finance is your path, but the earlier you start understanding the industry and where your interests lie, the better you’ll position yourself for success,” Miller explains. Finance is a field that encompasses many career options. For most students coming out of college, investment banking, consulting, accounting, private equity, hedge fund, and corporate finance are some of the most popular.
When asked what career path within finance he believes offers the best foundation, Miller recommends investment banking, despite never having gone down that route himself. Investment banking is a career focused on advising companies on major transactions within their life cycles such as mergers, acquisitions, or restructurings. At the University of Michigan, investment banking is a highly sought-after career path for graduates, offering the opportunity to work in a high-pressure, fast-paced learning environment. But beware: most junior employees typically work 70-100 hours a week, a concept that is daunting for most.
Still, Miller is quick to point out that finance is not just about the long hours, crunching numbers into Microsoft Excel, or making transactions. The best finance professionals are those who can think strategically, build relationships, and understand markets. The key advice Miller offers is to gain technical experience, whether it is through internships or courses like FIN 438 that dive into projects. FIN 438 is a class that Miller teaches at U-M where students gain tangible experiences learning how to think critically about companies while collaborating with peers. As one of his students, Spencer Newton, stated, “The most valuable lesson I learned in FIN 438 wasn’t just about analyzing companies—it was how to approach problems strategically, work effectively with others, and dive into real-world decision-making.” Beyond the technical skills, Miller also stresses the importance of developing industry-specific knowledge early. Whether it’s healthcare, technology, or sports, having a deep understanding of a particular industry makes one stand.
Finance demands both technical and soft skills. A 2023 study published in Harvard Business Review titled, “The Power of Soft Skills: Our Favorite Reads,” observes that while technical proficiency is essential, soft skills like emotional intelligence, creativity, and communication are increasingly crucial in setting top finance professionals apart. Successful professionals must not only be quantitatively sharp and detail-oriented but also strong communicators capable of building relationships with clients and colleagues.
Common misconceptions about finance
Finance often has a negative stigma of attracting people who lack direction. Additionally, many say that finance is a purely transactional field. Miller is here to say that while for some this stigma may be true, but for those who are passionate and driven, finance is an outlet for those who genuinely care about our society. “Finance touches everything—from the media rights of sports teams to the way startups secure funding,” he says. In fact, his work with the Ross Arctos Sports Index Fund (RASFI) highlights how finance can extend beyond Wall Street, providing real-world examples for students to see the broad scope of the industry.
RASFI seeks to provide a real-time, data-driven gauge of aggregate franchise valuation growth for the largest North American leagues (NFL, NBA, MLB, and NHL) through the secondaries market. Miller’s involvement in RASFI has helped students at Michigan gain a firsthand look into how finance is reshaping the sports world. Bloomberg notes that the rise of streaming has dramatically increased the value of sports teams and media rights, creating new avenues for private equity and investment. Opportunities like RASFI allow students to get involved in a field that positively impacts the world.
Private equity’s attractive factors
Although finance can be highly technical at times, Miller believes its real appeal lies in the personal impact professionals can make, especially in private equity. Private equity is where a company buys out another company using a mix of both debt and equity and takes it private for 5-10 years, where they make operational and financial improvements to this company with the hope of seeing its value appreciate rapidly far into the future.
As someone who has seen immense success within private equity, founding two funds, Miller enjoys the field’s opportunity to spot inefficiencies within companies and capitalize on those inefficiencies by working with the companies directly to create a better entity. He compares private equity to discovering hidden gem restaurants: the thrill of searching for unknown destinations and the satisfaction of finding a place that exceeds expectations. In private equity, the process involves identifying companies with untapped potential and collaborating closely to transform their business. These companies are typically family or founder-led and have invested their entire lives into the business, which means they have the drive but often lack the resources or expertise to grow further.
Working with these companies provides not only a financial reward but a sense of personal satisfaction that few careers offer. “You’re making a tangible impact on the lives of people who have built their businesses from the ground up. It’s incredibly rewarding to see them succeed,” Miller explains. This sense of reward, combined with private equity’s technical nature, is a feeling that not many careers have the opportunity to provide.
Finance beyond the workforce
Miller’s overarching message is that finance is a field for those who are intellectually curious and want to make a lasting impact. He urges students to not shy away from the challenges finance presents but to embrace them.
Nonetheless, finance is a career that goes far beyond the workplace. There is no doubt that finance is critical for work, but it is also critical for your fiscal well-being outside the classroom and office. As Natalie Chladek from the Business Insights Blog states, “Whether it’s choosing to eat in or order out dinner, paying your gym fees in a lump sum or monthly installments, or turning your hobby into a side hustle, these choices require a basic knowledge of finance.” While it is not suggested that students pursue finance purely due to the fact that you have the opportunity to be financially free in your later years, it is more a sentiment that if your skills and interest do align with the field, then pursuing this industry has the ability to create ease in countless areas outside of work.
For those still uncertain about pursuing a career in finance, it is recommended to dive deeper into the field. Consider reading sources like the Wall Street Journal or New York Times, listening to podcasts such as All In, speaking with experienced professionals like Professor Miller to learn about their journeys, enrolling in foundational finance courses such as FIN 438 or Accounting, joining a campus investment organization like Wolverine Capital Investments or Banking at Michigan, or gaining hands-on experience through a low-stakes internship during the summer. These small steps can significantly influence not only the college experience but also the trajectory of one’s future.
Feature Photo, U-M Finance Club Presentation; Photo Credit, Colby O’Connor