Looking to be a portfolio manager, but don't want to risk millions learning how to be one? Call Joe Morgan at the Alliance/Ibbotson Research Institute, New York, where $20,000 provides four weeks of intensive investment management training with investment pros from Ibbotson Associates, Chicago, and Alliance Capital Management L.P., New York.
Spread out among classroom lectures - conducted by the likes of Roger Ibbotson, president of Ibbotson - are field trips to Wall Street investment researchers and brokers, said Mr. Morgan, a senior consultant for Ibbotson.
Beyond the first four-week session, for an additional $75,000, the institute will give a participant a hypothetical $100 million - or a similar amount of a non-U.S. currency - to invest full time for six months.
The investing is done in Alliance's offices, using the firm's accounting system, and including standard commissions, Mr. Morgan said.
Participants also meet with fictional clients, often role-played by Mr. Morgan, to defend their strategies and relative returns.
The program initially was a partnership between BARRA, Berkeley, Calif., and Alliance, but Ibbotson took it over last May, Mr. Morgan said. Many participants are international money managers looking to increase their skills at U.S. management. Alliance on occasion sponsors "scholarships" for some of its clients.
"I couldn't sing its praises high enough," said a recent graduate, John Griffiths, marketing services officer for Advanced Asset Management, Sydney, Australia. Mr. Griffiths said the program allowed him to aggressively pursue his particular interests, asset allocation models and statistics.