His alma mater is the University of Iowa, where he graduated with a BBA in Finance. He went on to complete the equivalent of a BS in accounting, an MBA from St. Ambrose University, and passed the Certified Management Accounting (CMA) exam. Frey has 24 years of accounting work experience in positions including Cost Accountant, Assistant Controller, Controller, and General Manager for divisions of Union Carbide, Beatrice Foods, Paccar, and American National Can, among others. He also spent seven years as Chief Financial Officer for a private college in Iowa. He and his wife also ran their own accounting and tax business for many years.