Brief history of the FORAD simulation

The FORAD simulation was originally created by Professor Lee Remmers. Its development began at INSEAD in the early 1970's stimulated by two related events – the need for more effective MBA education in corporate finance for multinational companies and the opportunities new technology provided. Although case studies were widely used in finance courses, Professor Remmers believed they were inadequate to teach the realities and complexities of managing currencies and financing a firm with operations in several countries. 

During its more than four decades of existence, the FORAD simulation has been used in a number of business schools and corporate seminars around the world; it accumulates enormous amount of knowledge and experience from its creators as well as feedback from its users to arrive to the current version developed by the Tower46 team - Bruce Edlund, Veselina Dinova and Professor Michael Moffett.

Not surprisingly, the program has always been more or less work in progress. The ever changing technology requires it. More importantly, the ever changing financial markets environment requires it. It is our ultimate goal to maintain the lessons learned from it relevant and help the users prepare for today’s and future real world challenges.

To read more about the history of the initial FORAD simulation as written by Prof. Remmers - click here


Professor Lee Remmers received his BS in Economics from the University of California (Berkeley), an MBA from INSEAD and a PhD from Manchester University (UK). He has been Emeritus Professor of Finance at INSEAD since 1998.

Professor Remmers has organized and participates in executive development programmes for multinational companies, banks and international organizations throughout Europe, China, Hong Kong, Singapore, Japan, the Philippines, Australia, Africa, Mexico, Canada and the USA. At INSEAD he launched, directed and taught in the Finance for Executives, and Corporate Financial Strategy in Global Markets programs as well as in various other executive development and MBA courses. Also at INSEAD, he has served in various administrative capacities, in particular as Associate Dean for the MBA program during the 1970's.

To learn more about Professor Remmers - click here

Tower46 TEAM

BruceBruce Edlund experienced the FORAD simulation for the first time as a student at Thunderbird. He believes the lessons learned from it helped him build a successful career as a corporate treasury professional. The current version of the FORAD simulation developed by the Tower46 team benefited from Bruce’s many years of professional experience, financial management knowledge and passion for technology.

Bruce is Director of Global Treasury at Walmart in Bentonville, Arkansas. He is a graduate from California State University – Sacramento and holds an MBA degree from Thunderbird.

To learn more about Bruce visit his profile on LinkedIn.

VeselinaVeselina Dinova also played the FORAD simulation game as a student at Thunderbird. She was so impressed by the quality of the learning experience that she remained involved with it since then. Veselina feels truly excited about her contribution in the development of the current version of the FORAD game and the opportunity to expand its educational benefits to others.  

Veselina has multiple years of professional experience in corporate treasury, most recently with Yahoo! in Sunnyvale, California. She is a graduate from the University for National and World Economy in Sofia, Bulgaria and holds an MBA degree from Thunderbird. She is a CFA charterholder and a member of the CFA Society of San Francisco.

To learn more about Veselina visit her profile on LinkedIn.

MoffettProfessor Michael H. Moffett is the Continental Grain Professor of Finance at the Thunderbird School of Global Management in Glendale, Arizona.

Professor Moffett received a B.A. from the University of Texas at Austin, an M.S. in Resource Economics from Colorado State University, an M.A. in Economics and a Ph.D. in International Economics from the University of Colorado, Boulder.

Professor Moffett’s primary areas of teaching and research expertise are in multinational financial management, corporate finance, and the financial and economic demands of the development of the global energy industry. He has used the FORAD simulation for 20 years in a capstone course at Thunderbird.

To learn more about Professor Moffett - click here


Professor A. Louis Calvet obtained his PhD from the Sloan School of Management at M.I.T. and an M.B.A. from Queen’s University. His teaching and consulting activities are worldwide and he has had a several-years association with the Institute of Canadian Bankers in the areas of foreign exchange dealing, and corporate risk and exposure management.

He has used the FORAD simulation for over 30 years in executive training as well as in degree-granting programs.