Krause attended the University of Iowa where he graduated with honors with a BS in finance in 1982. Upon graduation, he attended the University of Iowa College of Law where he received his juris doctorate in 1985. Krause has had a variety of roles since graduating from the University of Iowa. He has trained executives, been a prosecuting attorney, bank president, the senior marketing executive for two multi-billion dollar companies, and ran three minor league sports franchises. Krause currently manages a $100 million real estate company, teaches graduate and undergraduate classes at Iowa, and is a managing member of Krausewa, LC.