Nolan Watson is a Class of 2026 student from Orchard Park, New York. In McCombs, Nolan majors in the Canfield Business Honors Program (Canfield BHP) and Accounting, and he minors in History in the College of Liberal Arts. This summer, Nolan is working in Austin, Texas at the University of Texas/Texas A&M Investment Management Company (UTIMCO), which oversees investments for The University of Texas and Texas A&M Systems. Specifically, he is an Operational Due Diligence (ODD) Intern, focusing on evaluating the risks and operational integrity of new investment deals.
Interested in corporate law, Nolan initially struggled to find an internship that fits his career aspirations. However, he realizes that ODD combines his interests in law and accounting. On the legal side, his work heavily involves regulations and compliance; in terms of accounting, ODD touches on financial risks and integrity. While he didn’t previously have much investment legal experience, this internship solidified Nolan’s interest in his future ambitions.
As an ODD Intern, Nolan supports his team in ensuring that all new deals that UTIMCO invests in are in good order by examining the partners’ personnel, operations, compliance, and technology. In addition to identifying potential risks with an investment, Nolan also provides operational suggestions to improve the partner firm. While having a hybrid schedule, Nolan chose to go into the office all five days of the week, as he gets energy by working with others. Additionally, being in-person fosters greater collaboration, which is essential considering that Nolan’s ODD team comprises only four people.
For his role, Nolan conducts due diligence on investment options across all asset classes that UTIMCO invests in, including private equity, public equities, real returns, and hedge funds. This wide exposure has allowed Nolan to learn about the nuances of various asset classes, even when he hasn’t officially taken a finance course. After the highly research-heavy due diligence process, he compiles a report detailing the partner’s operational framework and potential risks to the UTIMCO Investment Committee.
One highlight of Nolan’s internship is an onsite visit to an external investment manager. Before visiting, Nolan and his team conducted extensive research and a due diligence review, preparing to interview the senior management. Based on existing information, Nolan took charge of developing the visit agenda and ideating key questions. Ultimately, the opportunity allowed him to develop a more profound understanding of the investee partner and experience an interpersonal part of ODD.
In addition to his day-to-day duties, Nolan also engaged in various professional and social activities alongside his 15-person intern cohort. In addition to the two other Canfield BHP peers in the cohort, Nolan met and connected with all other interns through their weekly meetings. Allowing interns to learn about various career paths, UTIMCO hosted career development panels, where interns networked with professionals from all the asset classes that the endowment fund invests in. Field trips to Pacific Investment Management Company, LLC, and Dimensional Fund Advisors widened Nolan’s exposure to the investment management field. Outside work hours, the intern cohort deepened their bond through wake surfing with the CEO and volunteering at Austin Food Bank. Nolan also had two special data analytics projects with Microsoft PowerBI, offering recommendations for UTIMCO. At a meeting where everyone in the firm was invited, Nolan presented his projects along with his key takeaways from the internship.
His internship has been a great learning opportunity. In terms of hard skills, his role taught Nolan more about investment underwriting and finance fundamentals. As he interacts with colleagues of various seniority levels at his firm, Nolan has learned to prioritize clarity and conciseness in all his communications. He realizes the importance of eliminating any unnecessary details in his messaging, choosing instead to go straight to the key points. Another crucial lesson he learned is the importance of taking initiative and being resourceful in a corporate environment. As Nolan faced new challenges, he quickly learned to identify not only what questions to ask but also whom to seek answers from, which could include people from different departments across the firm. By learning where to get help, Nolan became more efficient in producing his work.
At UT, Nolan’s time in Canfield BHP played a crucial role in his success at UTIMCO. Many Canfield BHP classes, such as BA 324H and MIS 301H, have been highly practical. In BA 324H Business Communication, Nolan learned to ensure his communication was clear and concise across various mediums. In MIS 301H Introduction to Information Technology Management, Nolan was first exposed to many technical skills and conceptual frameworks that he later saw implemented throughout various processes at UTIMCO. Additionally, the networking events hosted by the program and the Honors Business Association have prepared Nolan for the UTIMCO culture, which encourages networking. Having prior experience, Nolan set up coffee chats with people in the UTIMCO legal department and other finance teams, and these conversations further enriched his internship experience.
Lastly, Nolan wants to give a shoutout to UTIMCO, believing that more students should know about this massive $70 billion endowment located just a 10-minute walk from the UT campus. UTIMCO provides critical financial support to the entire UT and Texas A&M systems, as well as the MD Anderson Cancer Center. Nolan thoroughly enjoyed his internship experience at UTIMCO, where he witnessed firsthand the high-impact work it does, and he appreciates its invaluable role in supporting the education of students like himself.
You can learn more about the Honors Business Association and how it works in collaboration with Canfield BHP at www.texashba.com.