John Carroll University has some good news for its students in the Boler School of Business. In addition to providing its students with an outstanding education, they are now providing them with a tool that many business majors will use in the business world. More specifically, the school has recently acquired a new Bloomberg Terminal.
The terminal is located in the Boler tech lab, room SB 235. Right now, there is only one terminal in the computer lab, but the school hopes to expand the number of machines that it owns to create a possible capital markets lab in the near future.
The Bloomberg Terminal provides financial data that provides access to the Bloomberg Professional service; from there, users can analyze current financial market data and trades on the Wall Street.
The quest to provide students with this data analysis system began in November 2016, when the school began looking into the cost of the system.
The terminal costs $2,090 per month, and is being funded by the Boler School of Business. The terminal was installed over John Carroll’s spring break, and is up and running for use now.
The system, however, is not exactly easy to use without training. There are short-cut keys that help one to navigate the dual-screen computing system. The Bloomberg Terminal analyzes 60 billion new pieces of information from the market each day. This analytical data is all in the hands of John Carroll students, faculty and staff, if they know how to use it.
There is an eight-hour training course, called Bloomberg Market Concepts, that teaches the user all of the ins and outs of the terminal, and how to utilize its functions most efficiently. It focuses on economics, currencies, and fixed incomes and equities. This instructional course costs $249 for professionals, for John Carroll students, it is free.
Some classes will be walking through this course and how to use the terminal this semester. Specifically, FN 342, Investments classes taken with William Elliott, professor in the Boler School of Business, will be using this device before the end of the year.
However, anyone associated with John Carroll University can receive free customized training if they wish. The Boler School of Business intends to incorporate the use of this terminal into the syllabi of various finance classes, and eventually into some political science classes, for the Fall 2016 semester. Using this machine in class will allow students to apply the theoretical concepts that they have learned in classes to real life data analytics.
Knowledge of how to use this technology will make John Carroll’s Economics and Finance students more competitive for jobs after graduation. Many other grads are unfamiliar with the machine. Also, it is a machine that they have a high chance of coming into contact with in the workplace.
Prior knowledge of its functions means that employer would not have to pay the $249 fee associated with the training of a new employee on how to use it. That being said, prior use with the machine looks very good on a resume.
Acquiring the new Bloomberg Terminal not only makes John Carroll’s grads look more competitive, it makes the entire business school more competitive. Not all colleges in the area have a piece of technology such as this. The terminal is the most frequently used data analytics machine in the workplace. Approximately 32 percent of market shares of financial data users on Wall Street use the Bloomberg Terminal.
The next most commonly used is the Thomson Reuters Terminal which is used by less than 26 percent of financial data users on wall street. This is because the Bloomberg Terminal has multiple features that its competitors are lacking.
The Bloomberg Terminal takes litigation and industry data and matches it with its corresponding corporation to help users make sense of some of the mass amounts of data that it can access. Also, the Bloomberg Terminal can access current information about how many bonds are currently being issued by any given company.
According the Bloomberg website, “[The terminal] is the most powerful and flexible platform for financial professionals who need real-time data.”
Finance and Economics students are not the only people that stand to benefit from the new terminal. Various finance and investing clubs can use this to their benefit. Also, the Portfolio Management class that uses the Dorman Fund to trade stocks can now analyze how well or poorly the sectors that they are interested in are doing.
To reserve a time slot to work with the Bloomberg Terminal, students and faculty may visit sites.jcu.edu/boler. Time slots are available from 6a.m.-12a.m.
Editor’s Note: Information from interviews with William Elliot and Kara D’Angelos, and Bloomberg was used in this report. For more information on how to receive free, customized training on the terminal, please contact the Economics Department which is located on the second floor of the Boler School of Business.