The Equipment Leasing & Finance Foundation is reaching new heights in its mission to attract and develop the future talent of the equipment finance industry. With the addition of university partnerships, the Foundation’s Campus to Career academic outreach programs have expanded to address the lack of formal education and specialized training for the industry with academic courses and curriculum on equipment finance. The partnerships align with the Foundation’s Campus to Career programs of campus presentations, student scholarships, and internship resources.
The Foundation currently has university partnerships with the W.P. Carey School of Business at Arizona State University and the G. Brint Ryan College of Business at the University of North Texas (UNT). Through the partnership with the W.P. Carey School of Business, a new elective course focused on credit analysis and equipment leasing was launched in spring 2024. For the spring 2025 semester, the Foundation’s partnership with UNT supported the launch of a new course on commercial equipment finance.
The UNT partnership is a joint collaboration between the Foundation, UNT, the Certified Lease & Finance Professional (CLFP) Foundation, and several industry partners. The UNT program was created by Michael P. Gallo, Lecturer Professor at the Department of Finance, Insurance, Real Estate and Law (FIREL), and a 35-year veteran of the equipment finance industry.
The UNT course covers foundational concepts of equipment finance, origination, operations, and servicing areas. The Foundation, as well as other industry supporters, provides financial support and resources for these programs, a natural alignment with its mission of raising awareness for student talent development.
“This collaboration supports a comprehensive academic program in commercial equipment leasing and finance that bridges the gap between academia and industry, preparing the next generation of professionals. It creates a platform for students to gain real-world insights and hands-on experience, positioning them for successful careers. Additionally, upon completing the course, students will receive a newly established recognition: the “CLFP Student Certificate,” awarded by the CLFP Foundation. In the future, our hope is that this will establish a model that can be replicated at other universities, thereby increasing student awareness of the industry.”
—Michael P. Gallo, University of North Texas
Talent Innovator
The Foundation/ASU partnership was initiated by equipment finance industry veteran and distinguished ASU alumnus Fred Van Etten, who recently retired as President of Midland Equipment Finance after 47 years in the industry (see sidebar). Van Etten is a long-time, dedicated supporter of both the Foundation and ASU, and was inducted into the W. P. Carey School of Business 2023 Hall of Fame class.
Van Etten’s motivation to initiate the first equipment finance curriculum in higher education stemmed from a combination of passion, foresight, and frustration. Having experienced the difficult task of finding well trained new entrants in the equipment finance industry, and recognizing the critical role that equipment finance plays in the broader economic landscape, Van Etten recognized the significant gap between higher education sources and the industry.
“Businesses, both large and small, rely on equipment finance to support growth and innovation, yet there is a lack of formal education and specialized training in this field.,” Van Etten said. “My vision was to find an institution and help create a structured curriculum that not only imparted technical knowledge, but also provided a comprehensive understanding of the industry's intricacies.”
Van Etten added, “Thankfully, my alma mater, Arizona State University, has a terrific business school, and I approached them to consider this endeavor. The Dean of the Business School loved the idea, so the partnership between the Foundation and the ASU W.P. Carey Business School was formed and is now in bloom.”
By establishing this program, Van Etten aims to help empower the next generation of professionals with the skills and insights needed to navigate and excel in the equipment finance sector, ultimately contributing to the industry's growth and sophistication. “I want that to be a key part of my legacy that I leave for the equipment finance industry,” he said.
ASU intends to expand relevant curriculum, offering elective courses covering industry-specific topics such as lease accounting and professional sales. The ultimate goal is to develop a certificate of study that complements a degree in finance or other business discipline.
An Industry Veteran Reflects on Changes in Equipment Finance
Upon his retirement earlier this year, Fred Van Etten shared his thoughts on the significant transformations he’s seen since he started in equipment finance in 1978:
The most pivotal change over that time span has unquestionably been the advancement of technology. The integration of digital tools and platforms has streamlined processes, increased efficiency, and enhanced data analytics, allowing for more informed decisions and faster information delivery to customers.
Additionally, there has been a shift toward more flexible financing options, catering to the evolving needs of businesses in evolving equipment sectors. Regulatory changes have significantly impacted the industry as well. The introduction of new compliance requirements and standards has necessitated greater transparency and accountability, ensuring more robust risk management practices. In 1978, leasing was primarily driven by investment tax credits which inured to the owners of the equipment. Now, it’s the flexibility, structure, and the speed of delivery which drive the demand for our products.
Overall, the equipment finance industry has evolved from traditional financing models to a more dynamic and technology-driven sector, adapting to the changing economic and regulatory landscapes. I am very pleased and gratified to have been a key participant in this industry over my career.