As a bright, ambitious student from smalltown Emmetsburg, Iowa, Nicole Gunderson (BBA04) imagined her career unfolding outside her home state.

Gunderson was in one of the first cohorts of the Hawkinson Institute (Tippie’s investment banking program) and on the fast track after landing a job with BMO Capital Markets right out of college.

Despite the steady career progression in Chicago, New York, and San Francisco, something nagged at her.

“I’d grown up with small business owner parents, and experienced that work ethic,” Gunderson said. “Part of me still had an interest in being part of starting something smaller and newer, having to grow something where the playbook isn’t already written for you—making you figure it out yourself.”

Twenty years and an MBA later, Gunderson has brought her talents back to Iowa where she is now a principal at Des Moines-based ManchesterStory, a venture capital firm that helps startups in the areas of insurtech, fintech, and health care.

The seed for a Hawkeye state return was planted while in graduate school, when Gunderson worked for fintech start-up Dwolla, an electronic payment processing company in Des Moines that serves the insurance and other industries.

“I realized really interesting things are happening in Iowa,” Gunderson recalled. “Iowa has companies with cutting-edge mindsets. And you can absolutely build a life and career here. Des Moines has good restaurants, arts, and culture—just on a smaller scale.”

Amy Bartachek, the managing director of Tippie Graduate Career Services, says bigger is not always better. “Some Iowa firms are smaller and therefore have a high growth trajectory. It can result in more early career advancement opportunities.”

Robb Ullrich (BBA08/MAc09) recruits Tippie students for the EY office in Des Moines, among others. He says that although it’s a massive firm, here in Iowa, the feel is collegial. “It allows you to get a small team feel while working for a large global employer.”

Having Des Moines consistently ranked among the best metro areas for quality of life, for young professionals, and for places to raise a family helps as well. And of course, so does affordability.

“When I talk to recruits thinking about larger market cities, it’s worth mentioning that a starting salary in New York City is a lot different than that same salary in Des Moines.”

Getting more bang for your buck is something Ryan Brennan (BBA20) definitely felt when he moved back to Iowa after working in Los Angeles for Moelis & Company and Butterfly Equity. Brennan now works for Midwest Growth Partners, where he had an internship during college.

While he and his then-fiancée, now wife, Sarah, had a blast living the Southern California lifestyle as 20-somethings, there was always a pull to come back.

“We looked at what we really value, and for us, Des Moines offers everything we were looking for—a close-knit growing community of young professionals, better cost of living, and less traffic. We were really into beach volleyball and without the ocean, that’s been a little bit harder to enjoy, but other than that, we love it here.”

“I’ve seen more young Hawkinson alumni move back to Iowa in the last 18 months than I’ve seen in the previous 10 years combined. Opportunities seem to be growing. I generally think of people moving back to Iowa to start a family, but interestingly, some of them are single. It’s probably a bit early to say it’s the start of a trend for Hawkinson alumni, but we’ll continue to follow it.” —Brian Richman, Hawkinson Institute Director

Tim Carty is a partner at a boutique consulting agency that helps attract talent and employees to the Cedar Rapids-Iowa City corridor. He added that if you want to sit on a board or have your voice heard, you have the ability to do that here in a way you just can’t in big cities. You can be a big fish in a small pond.

“Among recent grads, quality of life and work-life balance are now non-negotiable. And this is a benefit for Iowa—we have good communities, shorter commutes, more affordable housing.”

Quality of life and work-life balance were both cited by Katie Smith (BBA17) as reasons she and husband, Elliott Smith (BBA16/MAc18), moved from the Dallas metroplex to the Okoboji region of Iowa in 2021.

She didn’t want to live in a homogeneous, gated suburb and she wasn’t enamored with either the private or public school options for her growing family—twin daughters and a son.

“It sounds glamorous to live in a big city and go to museums and fancy dinners and shows,” Smith said. “But that is only like 5 percent of your life. How you live the other 95 percent is what matters. What is realistic—and rewarding—with three kids is going on bike rides, getting out on the boat, grilling out, and eating ice cream. Being able to live like this while also having a great career is a blessing.”

A strategy manager for BMO, Smith said leaders at her company and others are learning that offering flexibility results in more engaged, productive, and happy employees.

“I appreciate the opportunity to be able to live and work somewhere that fits my lifestyle,” she said.

That Iowa lifestyle isn’t for every career-minded person, but it can be ideal for some, Carty agreed. “You are never going to convince every college kid to stay in their home state, but we absolutely can present reasons to come back and let them know they always have that invitation.”

This article appeared in the Fall 2024 issue of Tippie Magazine.