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Outstanding contributions to finance education, operational excellence, and inclusive growth recognised

Professor Lara Cathcart (left) and Afrey A Edes (right) receiving the 51�Թ�� Medal from Professor Hugh Brady | 51�Թ��

3 minute read

“Markets are really sociology with bond maths,” says London Stock Exchange CEO at 51�Թ�� Business School

Shamita Harsh — Mon, 14 Apr 2025 10:15:24 +0000

“Markets are really sociology with bond maths,” says London Stock Exchange CEO at 51�Թ�� Business School

Shamita Harsh Mon, 14/04/2025 - 10:15

17 March 2026 News

“Markets are really sociology with bond maths,” says London Stock Exchange CEO at 51�Թ�� Business School

16 March 2026 News

51�Թ��’s Global Online MBA ranks first in the world for alumni salaries

12 March 2026 News

What does it take to lead responsibly in an age shaped by AI?

17 March 2026

What does generosity look like in global finance? This question framed the conversation between Dame Julia Hoggett, CEO of the London Stock Exchange and Peter Todd, Dean of 51�Թ�� Business School, at this year’s Joan Woodward Memorial Lecture.

As part of this year’s theme “Give to Gain”, the event, which marked International Women’s Day, focused on how generosity in leadership, mentorship and opportunity can shape stronger institutions and more inclusive markets.

The event honoured Joan Woodward, one of 51�Թ��’s earliest female professors and a pioneering scholar, whose research showed that organisational structures must adapt to their social and technological context.

A sociologist in finance

Opening the discussion, the Dean noted that Woodward’s insight on organisations being fundamentally social systems remains highly relevant today.

“Joan Woodward brought a sociologist’s eye to questions of power, structure and technology – and demonstrated that management is, above all, a social practice.” he said. “It was therefore especially fitting that our speaker this year should be Dame Julia, someone who has carried that social and political science perspective into the heart of global finance. It was a great pleasure to have her with us.”

That perspective has shaped Hoggett’s own career. In 2024, she was awarded a Damehood for services to business and finance, recognising both her industry leadership and her work championing more inclusive workplaces.

“Markets are really sociology with money,” she told the audience. “They’re about how large groups of people think, behave and organise themselves.”

“It was... especially fitting that our speaker this year should be Dame Julia, someone who has carried... [a] social and political science perspective into the heart of global finance.”

Peter Todd

Dean, 51�Թ�� Business School

Trust and access to capital

Exchanges, Hoggett argued, act as essential conveners in the global financial system.

“Stock exchanges bring together those who have capital with those who need it,” she said. “Trust has been at the heart of every transaction in this city for 300 years, and it still is. Maintaining it requires institutions that prioritise trustworthiness.”

“What the world needs is not more trust,” Hoggett said, echoing philosopher Onora O'Neill. “The world needs more trustworthiness.”

That principle has also shaped her views on access to capital: “One of the reasons I care so passionately about public markets is that they are inherently democratising.” she said.

By contrast, she suggested that private markets can concentrate opportunity among already wealthy investors. Supporting companies as they move from private to public funding, she said, helps broaden wealth creation across the economy.

Leadership through generosity

For early-career professionals in the audience, Hoggett emphasised that leadership is about generosity – giving time, mentorship and opportunity to others.

Her advice: “You can lead from any seat in an organisation. Leadership starts when you understand your role in the wider system and take full ownership of it. Master your brief, understand the context and seek to shape outcomes, and you can do far more than you think.”

That spirit reflects the legacy of Woodward herself: a scholar whose work reshaped how organisations are understood and whose influence continues to inspire new generations of leaders to rethink how markets truly work.

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Speaking on the theme “Give to Gain” at the Business School's annual Joan Woodward memorial lecture, Dame Julia Hoggett, London Stock Exchange CEO, highlighted why trust and culture matter for markets – and why access to capital matters for the country

Main image: 51�Թ�� Business School

2 minute read

Alumni reflections: my experience as a woman in finance

Francesca Hoare — Tue, 04 Mar 2025 09:31:29 +0000

Alumni reflections: my experience as a woman in finance

Francesca Hoare Tue, 04/03/2025 - 09:31

4 March 2026 Alumni

Besnik Mustafa (Weekend MBA 2025)

After beginning his career at Finance Think, Besnik Mustafa went on to advise Members of Parliament in North Macedonia. He later joined Salience Consulting, gaining experience across multiple international markets.

27 February 2026 Alumni

Alumni Careers: Understanding imposter syndrome and career growth

Imposter syndrome is something our careers consultants encounter frequently when supporting professionals through moments of growth, transition, and increased responsibility.

13 February 2026 Alumni

Alumni Careers: Helping Alumni Stay Visible and Valuable in the Age of Remote Work and AI

As the world of work continues to shift through the rise of remote working and rapid advances in AI, our careers consultants are increasingly supporting professionals who want to stay visible, valued, and strategically positioned.

29 January 2024

Manushri Jain, MSc Finance (2022) offers an insight into her experience studying at 51�Թ�� Business School. She shares how this Master’s programme has transformed her global perspective and cross-cultural competencies, as well as opening doors for her career in finance. Manushri highlights what being a woman in finance means to her; she touches on the drive and talents of extraordinary women in her 51�Թ�� cohort, providing a strong sense of community.

As an ambitious young Indian woman, I aspired to have global impact in a future-oriented industry. The field combined my interests in mathematics, problem-solving, global affairs and strategic decision making.

Nationality: Indian

Undergraduate education: BSc Finance, NMIMS, Mumbai

Company and role: Ernst and Young LLP, Associate, Lead Advisory

Why I chose 51�Թ�� Business School

I was always fascinated by London and the global possibilities it held, which motivated me to apply for my Master's there. 51�Թ�� Business School is one of the most coveted choices offering not only a competitive start to my career but also the kind of multinational exposure I was looking for. Specifically, 51�Թ�� stood out to me for its excellence in finance education, its focus on responsible business practices, and its diverse student community.

Additionally, studying alongside classmates from over 20 countries created an enriching cross-cultural experience that has helped me succeed in an increasingly globalised financial sector. I was able to gain diverse perspectives and build a multinational professional network. The collaborative environment also prepared me well for teamwork in fast-paced London.

My post-graduate achievements

Professionally, my MSc Finance has opened doors to respected finance roles, like my previous position as a Quantitative Analyst at Tudor Investment Corporation as well as my current post in the Lead Advisory division at Ernst & Young. In both jobs, I have developed specialised technical skills and leadership abilities that have accelerated my career within quantitative analysis and advisory services in the London financial sector.

On a personal level, my degree truly transformed my global perspective and cross-cultural competencies. Studying alongside such an internationally diverse group of peers expanded my worldview. I learned to communicate, collaborate, and solve problems more effectively with individuals from varying backgrounds. This has served me well in succeeding within multinational corporations in London's diverse financial district.

Additionally, through 51�Թ��'s focus on ethical business practices, I deepened my commitment to using my finance skills responsibly. As I progress professionally, I strive to bring both technical excellence and steadfast integrity to my work. Overall, my Master’s from 51�Թ�� Business School has equipped me with the hard and soft skills to continue making positive impacts in global finance.

Witnessing the drive and talents of these extraordinary women gave me a strong sense of community and reaffirmed my commitment to female advancement in the field. Although barriers persist, I emerged from 51�Թ�� Business School feeling equipped, emboldened and responsible to champion women leadership in global finance.

What I valued the most

What I valued most was the immense breadth and depth of financial subjects I was able to study. From corporate finance, investment banking, and financial econometrics to specialised topics like PE, VC, and M&A—51�Թ�� offered an incredibly wide selection. I tailored my curriculum to pursue diverse facets of finance.

This wide range of electives gave me versatility and allowed me to discover my passions within the field. Ultimately, it equipped me with multi-dimensional finance skills that set me apart in securing coveted roles. The vast finance education was truly invaluable preparation for leadership positions in global financial firms in London. I emerged ready to add value across banking domains—and that flexible expertise is what I treasure most from 51�Թ��.

Why I chose a career in Finance

I chose finance as a career because I have always been fascinated by financial markets and excited by the fast-paced, challenging nature of the industry. During my undergraduate economics studies, I discovered I had an aptitude for numbers, modelling, and data analysis. Finance built upon those strengths perfectly while allowing me to remain closely connected to business operations.

Additionally, entering Finance opened doors to work internationally. As an ambitious young Indian woman, I aspired to have global impact in a future-oriented industry. The field combined my interests in mathematics, problem-solving, global affairs and strategic decision making. With possibilities to specialise across banking, investments, financial advisory and more—I knew finance could be dynamic and intellectually stimulating over the long run.

Most attractive, however, was finance’s potential for positive change on both micro and macro levels. Helping businesses grow sustainably, enabling trade across borders, designing inclusive financial products—the field facilitates economic prosperity. I felt called to be part of that. Finance empowers visionaries, uplifts communities, and transforms industries for the better. That ability to drive progress both locally and globally is what truly drew me in.

What it means to me to be a woman in finance

Being a woman in finance fills me with a sense of responsibility to forge paths for other women and represent our capabilities within a male-dominated industry. I recognise the unique challenges women face regarding career progression, work-life balance, compensation equity and more in banking. And I aim to lead by example in overcoming systemic barriers.

Seeing my classmates balance internships and family life while excelling academically motivated me to bring my best self as a woman forging new paths in the industry. Other peers went on to secure competitive banking and fintech roles, further widening the door for women in finance.

Witnessing the drive and talents of these extraordinary women gave me a strong sense of community and reaffirmed my commitment to female advancement in the field. Although barriers persist, I emerged from 51�Թ�� Business School feeling equipped, emboldened and responsible to champion women leadership in global finance. I strive to represent the capabilities of women in the industry and open even more opportunities for the next generation.

51�Թ��’s support for my career ambitions

51�Թ�� Business School supported my career ambitions in numerous impactful ways. Firstly, the rigorous finance curriculum and specialised concentrations prepared me with cutting-edge technical abilities that set me apart. Through electives in financial modelling, econometrics, risk management and more—I developed versatile skillsets tailored to thrive in London’s dynamic financial sector.

Additionally, the Business School’s ties to top global banks and firms opened pathways to coveted internships and jobs. From resume workshops to exclusive networking events, I gained access to firms I had dreamed of working for. The career coaching also helped me articulate my value powerfully. Leveraging those connections and learning how to effectively promote my expertise were instrumental in landing roles after graduation.

Furthermore, 51�Թ��’s focus on holistic development made me well-rounded. Presentation trainings, leadership workshops, ethics cases and group assignments not only boosted my hard skills but also communication abilities, emotional intelligence and moral compass—qualities vital for impactful finance leadership.

By fuelling me with multidimensional talents grounded in ethics, 51�Թ�� empowered me to bring technical excellence and compassion to advance responsible, inclusive finance globally. I emerged perfectly equipped to match the needs of leading corporations while staying true to my ambition of driving progress through finance. For nurturing that, I am tremendously grateful.

My advice for women

Firstly, have confidence in yourself and your capabilities. 51�Թ��'s programmes are rigorous, but if you have a strong quantitative background and interest in business, you have what it takes. Use the application to accentuate your unique passions within finance, whether in banking, sustainability, fintech or beyond.

Additionally, leverage all the support available if admitted. Seek out mentors like the incredible female finance faculty who can offer insights on thriving in this space as a woman. Attend 51�Թ��'s career fairs and resume workshops to land competitive internships that open doors. And get involved with clubs like the Women in Business Society which provide community and empower you further. These clubs also offer opportunities to connect with peers from all our programmes and attend events hosted by inspiring female leaders.

Finally, appreciate that you'll be forging new paths for other women. Finance needs more diverse perspectives and ethical leaders. Leverage this opportunity to find your voice and develop solutions to complex global issues. Let the women peers that inspire you motivate you to bring your best self. You'll face challenges but have an enormously powerful opportunity to turn them into triumphs.

Ultimately, have courage in your talents and know that 51�Թ�� will equip you with the hard and soft skills to shatter ceilings. You'll emerge ready to advance as a woman in global finance while lifting others.

51�Թ��’s support

To help towards closing the gender gap in business, 51�Թ�� offers a Women in Finance scholarship of £25,000 (for 2024 entry) to those demonstrating academic excellence and leadership potential. In addition to the financial reward, recipients gain access to networking events and can share their outstanding achievement with recruiters when applying for jobs.

Finance is traditionally seen as a ‘male-dominated' industry, and as a result some women may have reservations about working in this area. However, this shouldn’t be the case as steps are being made to make the industry inclusive for all, beginning at institutions like 51�Թ��.

This award is available for all five Finance Master’s programmes at 51�Թ��, which range from the broader to more specialised topics like fintech and risk management:

Careers

Programme

MSc Finance

7 minute read

Alumni blog: Ashar Yahya, Quantitative Trader at Nomura

Francesca Hoare — Tue, 04 Mar 2025 09:31:29 +0000

Alumni blog: Ashar Yahya, Quantitative Trader at Nomura

Francesca Hoare Tue, 04/03/2025 - 09:31

4 March 2026 Alumni

Besnik Mustafa (Weekend MBA 2025)

27 February 2026 Alumni

Alumni Careers: Understanding imposter syndrome and career growth

Imposter syndrome is something our careers consultants encounter frequently when supporting professionals through moments of growth, transition, and increased responsibility.

13 February 2026 Alumni

Alumni Careers: Helping Alumni Stay Visible and Valuable in the Age of Remote Work and AI

3 April 2023

Ashar Yahya completed his MSc Finance in 2021. He now holds a position in CLO trading at Nomura in New York, where he plays a vital role in bond pricing and liquidity provision. With plans to pursue an MBA at Harvard Business School and start his own business in the financial technology sector, Ashar's future looks promising.

Time at 51�Թ��

Ashar's experience at the Business School significantly enhanced his quantitative skills, which he had already developed during his undergraduate studies in Finance at McGill in Canada.

The courses at 51�Թ�� were particularly challenging, with demanding problem sets that pushed Ashar to expand his knowledge in the field. Beyond the classroom, Ashar served as the President of the North America Business Club, showcasing his leadership abilities and fostering connections with fellow students.

He found inspiration in all his professors, who demonstrated unwavering support during the COVID-19 pandemic, accommodating various time zones and providing flexibility in exams.

Career since leaving 51�Թ��

Since graduating from 51�Թ��, Ashar has embarked on a successful career in CLO trading at Nomura in New York. His primary responsibilities involve pricing bonds on the secondary market and facilitating liquidity for buyers and sellers. The skills he acquired during his time at 51�Թ�� have been instrumental in his career development. Ashar's ability to work under pressure and solve complex problems has proven invaluable in the fast-paced trading environment.

Don’t be afraid of failing - I think throughout my education, I’ve got a couple of bad exam grades, but its more important on how you rectify those mistakes next time

A typical day for Ashar involves arriving at work around 7 am, analyzing bond metrics, determining tentative price talk, submitting bids, and collecting bids from customers interested in purchasing the bonds. This routine requires a mix of analytical skills, decision-making, and effective communication.

Looking to the Future

Ashar's future holds exciting opportunities as he has been admitted to Harvard Business School's deferred MBA program. In two years' time, he plans to enroll at HBS to further enhance his business acumen. Beyond that, Ashar aspires to establish his own business in the financial technology space. His goal is to leverage his expertise and innovative thinking to make a significant impact in the industry.

With the combination of his educational background, professional experience, and entrepreneurial spirit, Ashar is well-positioned for a successful future.

Programme

MSc Finance

2 minute read

Alumni blog: Why Angel Invest?

Francesca Hoare — Tue, 04 Mar 2025 09:31:29 +0000

Alumni blog: Why Angel Invest?

Francesca Hoare Tue, 04/03/2025 - 09:31

4 March 2026 Alumni

Besnik Mustafa (Weekend MBA 2025)

27 February 2026 Alumni

Alumni Careers: Understanding imposter syndrome and career growth

Imposter syndrome is something our careers consultants encounter frequently when supporting professionals through moments of growth, transition, and increased responsibility.

13 February 2026 Alumni

Alumni Careers: Helping Alumni Stay Visible and Valuable in the Age of Remote Work and AI

28 July 2020

Written by Matthew Stafford (Executive MBA 2010), Co-founder of 9others, a network of over 4,000 entrepreneurs in 45 global cities. He is also the co-founded of the DMG Syndicate, which helps grow startups via syndicate investment, as well as writing his own blog.

Why Angel Invest? There's nothing else quite like it

Over the last few years I’ve built up a small investment portfolio and my aim is to have investments in 100 startups. In this post I’ll give some background about why I think being an Angel Investor in startups is a good idea, and a fascinating and exciting space to be in. And to help you make better decisions when it comes to investment.

What do we mean by the term ‘investing’?

Investing is a broad term and will be used more and more. I predict that, in a similar way to the last decade ending with everyone calling themselves an ‘entrepreneur’, the 2020s is going to end with everyone calling themselves an ‘investor’.

Venture Capital (VC) is a catch-all but a good catch-all for Angel Investing. It’s capital for the (ad)venture. The type of companies that the investment goes into are startups; newly formed businesses that are started with the aim of achieving massive success and impact. Think Facebook when Mark Zuckerberg was still at Harvard, Uber when it was one of Travis Kalanick’s side projects, or Airbnb when they were selling breakfast cereal.

As with many adventures though, Angel Investing is risky. Very risky. For every Uber there are thousands of startups that fail to get anywhere close. But the thing that people often forget when thinking about how risky investing in startups is, is that the maximum amount of money investors can typically lose is 1x whatever invest. And with the Seed Enterprise Investment Scheme and the Enterprise Investment Scheme tax breaks for UK Angel Investors it’s often less than that.

With risk comes reward and the upside for Angel Investing can be huge. For example one angel investor who put $25k into Uber in their 2010 seed round turned out to be worth over $124m at IPO (May 2019).

Why become an Angel Investor? And why now?

I first started learning properly about VC at 51�Թ�� Business School when studying for my MBA. I studied Software Engineering at Durham University during the early years of Facebook, Gmail and Twitter. I programmed enough code to know how websites like those worked and the incredible impact they could have. After Durham I moved to London and worked as an Analyst and Architect for some software companies. I worked at three different companies inside two years. I moved around a lot because I was hungry to work hard but wanted to have impact and get the rewards for that hard work. After a while I realised that it wasn’t going to happen.

So after joining the third software company in 2008 I started exploring the idea of gaining an MBA to give my career a boost. I was accepted at 51�Թ�� Business School and that changed everything. Studying Software Engineering at Durham meant a classroom of 32 other male undergraduates. No women. And no one really talked to each other that much, except online. Business school was thankfully more diverse. I met people from all sorts of different industries and stages in their careers and learnt a huge variety of subject matter. Durham was pretty much a maths degree with a bit of programming whereas 51�Թ�� was almost two years of strategy, accounting, marketing, economics, statistics, organisational behaviour, corporate finance, entrepreneurship, private equity and Venture Capital. VC was by far my favourite — the chance of having a small stake in a bunch of young, fast growing, virtually limitless potential companies was certainly appealing.

With risk comes reward and the upside for Angel Investing can be huge.

After graduating in 2010 I got a job with a small investment and advisory firm in London. I was taken on to work on London’s ‘Gateway2Investment’ programme, a GLA and EU backed programme to help London’s (mostly tech) startups become more investment-ready. In the next 18 months the team helped 52 companies raise over £23m in equity investment. This was right at the start of the latest wave of entrepreneurship. Now it’s common to be an entrepreneur, but back then it was a bit weird — why, just after the credit crunch, would anyone want to start a startup?

What I saw during 2010 and 2011 led to me co-founding 9others. What started over one meal for me and ‘9 others’ in December 2011 has grown into a global network of over 4,000 attendees in 47 cities around the world. At each meal entrepreneurs share a challenge and help each other out and it’s through these trusted relationships that drives everything I do. It’s because of 9others that I’ve met the founders of Uber, CityMapper, what3words, OneFineStay, Stripe and many more. No matter what happens (even a global pandemic) I will always be able to host a meal with 9others.

Throughout 2012 and 2013, I caught the bug for investment. In 2013 I left my job and struck out on my own, consulting with startups and some big companies that wanted to learn from them.

In 2016 I co-founded Dot Matrix Group (DMG). DMG is a syndicate of Angel Investors (68 at the time of writing) with a growing portfolio of startup investments. The investment opportunities typically come from the 9others network as that’s where I can get to know people, help out and learn how they operate and conduct themselves. We work hard to add value with the network and expertise of ourselves and DMG syndicate members.

So far so good?

Getting to this point has taken 10 years. A lot of it has been pretty gruelling but I’ve absolutely loved it too.

What I want to do now is help more people explore the possibility of becoming an Angel Investor by understanding the decision making process you need to go through.

There’s lots to consider: There’s deal flow (getting visibility of enough opportunities), there’s access (being able to invest in the hot deals) and being patient and having good judgement (balancing gut feel vs hard analysis).

So why do it? For me it’s the opportunity to contribute to and learn from some of the smartest people in the world. And with that there’s the chance to get a return unlike any other.

You can connect with Matthew via LinkedIn or on Twitter, or read more in his blog.

Programme

5 minute read

Alumni case study: Analysing ESG data for a new generation of investors

Francesca Hoare — Tue, 04 Mar 2025 09:31:29 +0000

Alumni case study: Analysing ESG data for a new generation of investors

Francesca Hoare Tue, 04/03/2025 - 09:31

4 March 2026 Alumni

Besnik Mustafa (Weekend MBA 2025)

27 February 2026 Alumni

Alumni Careers: Understanding imposter syndrome and career growth

Imposter syndrome is something our careers consultants encounter frequently when supporting professionals through moments of growth, transition, and increased responsibility.

13 February 2026 Alumni

Alumni Careers: Helping Alumni Stay Visible and Valuable in the Age of Remote Work and AI

27 July 2019

Olivier Khatib (MSc Management 2015, MSc Computer Science 2016), Co-founder and CTO of Sensefolio, talks to us about using big-data to analyse the ethical and environmental impact of businesses and why this is so important for the new generation of investors.

Tell us about Sensefolio

After working for a few years in the finance industry, I realised how important global Environmental, Social and Governance (ESG) and Sustainability topics were becoming to the sector. Every single investment bank, asset manager, and even hedge funds have started adopting ESG in various forms. In my experience however, many ESG data providers did not capture all of the material impacts companies can have and there was the potential for bias. I wanted to overcome this challenge by aggregating even more sources of information.

At Sensefolio we retrieve a lot of data – news, companies’ annual and ESG reports, company reviews from current or past employees, social media posts, and even NGO reports. The aim is to assess and monitor on a real-time basis companies’ involvement in ESG topics while having an unbiased and objective view. Even though ESG data can take some time to impact the actual underlying companies, it is important to have scores on a real-time basis as news can significantly influence the market, as well as the company’s near future. You cannot solely rely on what companies disclose in their quarterly reports. Sensefolio cover more than 20,000 global companies and more than 80 countries and analyse more than 100,000 different sources of information using trained Machine Learning and Natural Language Processing algorithms. We have also developed robust frameworks that allow us to standardize our ratings across companies and countries.

Why is ESG data so important to investors?

Investors are mostly adapting to clients’ needs and demands. With the new generation of investors such as millennials, they have to adapt to an audience that still want good returns of investment but are stricter in their investment decisions – which companies they are investing in, how ethical are they, how sustainable are there etc. The new generation is fully aware of risks coming from climate change or work ethics, and they are also aware that some companies are contributing to this more than others.

It is really important to first work in the industry you are interested in and see what is lacking and find a solution. It’s also good to build up relevant network and connections while working beforehand.

ESG data can provide a great tool kit for portfolio risk management. It allows managers to assess and monitor not only the risk of investing in a certain company, but also to position and locate it in the region it operate or deals in.

What was the greatest challenge you faced in launching your business?

The greatest challenge when starting out is always on how to develop your product or services. You know what your output will be, but you don’t necessarily know all the steps that will lead to it. In our case, it was the whole big-data framework and infrastructure as we are dealing with a lot of statistical information. It was also about understanding and developing all of the artificial intelligence algorithms that would lead to our final ESG scores. We always tend to underestimate how much time it takes to finalise a product. But if you believe in your product/service, nothing will stop you!

How is AI and fintech influencing business today?

Finance professionals are starting to realize how important A.I. is becoming and the impact it can have on the daily operations. They are aware that new algorithms will make their work more efficient, simpler and quicker. This allows them to do much more and be more productive. This is definitely something that would not have been possible without powerful computers and optimal algorithms and makes A.I. significant in an industry relying heavily on big-data. I strongly believe that ESG data based on A.I. will become extremely popular. There is so much information, that even if you hire a team of 200 people, you won’t get as much insight as sophisticated algorithms.

What have been the key lessons learned from the whole process?

Perseverance! You will see a few competitors in the market, and most of the time they are big institutions already with a lot of clients. But if you truly believe in your product/solution and you truly believe you are adding value, then persevere. Don’t be impressed by big players. Most of the time, they are too big, thus very slow at adapting to change. This is not the case for startups, which are very receptive and adaptive to innovation, and constant improvements.

Any advice to budding entrepreneurs?

Don’t get into the entrepreneurship space if you don’t have any experience in the specific product/service area. It is really important to first work in the industry you are interested in and see what is lacking and find a solution. It’s also good to build up relevant network and connections while working beforehand.

Keep believing in your dreams. If you really believe it is going to work, it should work. There will be more downs than ups, more challenges than good outcomes. But perseverance is key. Never give up.

How did your time at the Business School prepare you for setting up your own business?

I studied at the Business School when sustainability, CSR and ESG topics were becoming extremely popular. I even did my dissertation on “CSR: How does that affect consumer behaviour?” This allowed me to get deeper into these subjects and gain a greater understanding. The Business School prepared me for setting up my own business not only by learning more about ESG and sustainability, but also by developing the business and convincing clients to adopt our ESG data.

Where do you see yourself and the business in 5 years’ time?

I see the business growing and the demand for ESG data at its peak. The new generation of investors will be even more present in the investment market and they will be more focused on investing in ethical, sustainable and transparent companies. We will have to face this growing demand and respond to their expectations.

Entrepreneurship

Programme

MSc in Management (MiM)

5 minute read

How protectionism risks undermining the US economy

Jonathan Haskel — Tue, 25 Feb 2025 10:39:25 +0000

How protectionism risks undermining the US economy

Jonathan Haskel Tue, 25/02/2025 - 10:39

13 April 2026 Knowledge

Expert Q&A: Henry Dimbleby on the hidden ways ultra-processed foods harm our health and why the government must act now

20 March 2026 Knowledge

'Boomerasking': How to break the annoying habit hurting your workplace relationships

12 March 2026 Knowledge

Who decided what ambition looks like?

10 April 2025

Donald Trump’s announcement of wide-ranging tariffs has threatened to upend the rules of global trade that have been in place for decades, impacting supply chains and businesses across the world.

The US President’s plan has been designed, in his words, to be reciprocal. What could be fairer than this? The theory is that the US will charge its trading partners in response to what they charge them.

What this means in practice is that the US will charge a country based on it having a goods trade surplus with the US. Some countries that do not have a notable surplus will still be hit with a universal baseline tariff of 10 per cent. For example, countries in the European Union will be subject to a 20 per cent tariff, while the UK will face the baseline 10 per cent tariff.

As the consequences of these tariffs will have major consequences for the global economy, it is worth considering the logic that has informed this decision and whether it stands up to scrutiny from an economic perspective.

Let’s say a country, for example the UK, is running a goods trade deficit with Costa Rica of £100 worth for bananas. From an economics point of view such a deficit makes perfect sense: the UK does not grow very good bananas, but we are good at education and financial services, which we export by accepting Costa Rican students, and providing secure banking for Costa Rican residents. Therefore, we run a deficit on goods, balanced by a surplus on services.

President Trump's reciprocal tariff calculation asks: what would the British tariff have to be on Costa Rican bananas to rebalance trade in bananas? He appears to have done this by assuming the tariff would raise an import price by a certain percentage, which in turn would cause British consumers to switch away from imported bananas by another percentage, which would then reduce banana imports. Select those percentages and work out the tariff that would entirely wipe out all imports. Then take half of that number (for obscure reasons) and that is the alleged tariff rate which Costa Rica is charging the UK.

These bizarre counterfactual calculations have nothing to do with the actual tariffs which are imposed. True, our bananas trade is likely affected by tariffs and safety standards on agricultural products. But fundamentally the pattern of trade is determined by the patterns of comparative advantage across different countries. To repeat, if the UK is good at financial services and education and Costa Rica is better at bananas, both are better off with free trade.

What then follows from this?

Firstly, these numbers should not be taken as an estimate of the type of tariffs which the US or any other country faces. Average tariff rates which the UK imposes on the US are well below five per cent when calculated properly - that is, zero per cent on the vast majority of goods, and higher percentages on goods like agricultural products.

We should also not assume that the UK has been given special treatment by having a lower rate than other countries. The US has a slightly lower trade deficit with the UK than with Europe, so the simple maths of this calculation would lead to a smaller ‘reciprocal’ tariff.

Thirdly, we should remember that the US is a relatively closed economy. British imports are around 30 per cent of GDP, American imports are around 15 per cent, so we must not overstate the impact of unilateral American restrictions on trade on the world.

Unless we descend into a full trade war, the economy most hurt by these measures is the American economy.

The right response to these tariffs is to carry on trading and let the US sink under the weight of its own bad policies.

More narrowly, what does this mean for the UK? The effects of this policy will of course be concentrated in certain export sectors, such as the car industry, and I would expect policies to be forthcoming to mitigate that adverse shock. But more broadly, we should stay focused on what will get the UK economy growing: policy to encourage science, clusters and startups.

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Jonathan Haskel takes a closer look at why "reciprocal" tariffs misunderstand the real nature of global trade

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Why we need to change our view on money for emerging economies

Patrick Bolton — Tue, 25 Feb 2025 10:39:25 +0000

Why we need to change our view on money for emerging economies

Patrick Bolton Tue, 25/02/2025 - 10:39

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Conventional economics confines central banks’ role to setting interest rates in order to control inflation and economic activity. But are monetary authorities missing a vital tool – which emerges from a fundamental rethink of money supply - to use money issuance as a source of funding for new investment opportunities? What if nations could use fiat money as companies use equity?

Fiat money as equity capital

Money is a financial asset as well as a store of value, a means of exchange, and a unit of account. In our new book Money Capital – New Monetary Principles for a More Prosperous Society along with fellow economist Haizhou Huang, I suggest that we could treat fiat money the same way as a share in a company. Money, in effect, is a share in the output of a nation. Just as companies issue shares, countries could issue fiat money when they need to fund investments, and growth, or capitalise on demand. Well executed investments increase the value of a company, and this is reflected in the share price. Seen through this lens of corporate finance, investments at a national level improve the value of the stock or, in this case, the currency.

Many nations have chosen central bank independence over recent years, and with this comes the idea of monetary policies dictated by inflation targets of around two per cent. To achieve this goal, today central banks use mostly interest rates. By and large, a money supply policy doesn’t feature in their armoury, except when interest rates hit the zero lower bound. Mainstream monetary thinking has shut down the idea that money supply could change in response to external pressures, evolving circumstances, and different contexts. And when authorities face decisions about how to govern money supply, they lack any guiding principles or analytical framework.

This lack of a conceptual framework is astonishing. After the global financial crisis of 2008, inflation in developed economies dropped close to zero (or even went negative) and interest rates fell accordingly, reaching zero or even negative values in Japan and elsewhere. Central banks were flummoxed – they had little leeway on rates and scant guidance on how to respond, prompting a certain level of trial and error. Nobody had answers to vital questions such as how much money supply was enough, or when banks should grow or shrink supply.

How and when could countries issue more money? In our book we suggest that printing money should be approached in similar ways to equity issuance.

Central banks raise money supply by buying assets such as government bonds and other forms of debt. They can also channel money through the banking system. But the question of when is more complex. There are two striking examples that reveal our thinking.

Companies issue more stock for two main reasons – because they see investment opportunities or because the stock price is high and they want to take advantage of demand.

Nations leveraging money supply for investment

China offers a fine example. Had Beijing followed conventional economic wisdom, the nation would never have experienced the growth that it has enjoyed over the past two and a half decades - because printing money to fund investment in infrastructure would have been ruled out as beyond the central bank’s remit. But the People’s Bank of China chose to increase money supply by 10 to 20 per cent each year, and yet China did not experience inflationary pressures as a result. In fact, inflation remained close to zero. Funds were used to finance productive investments which contributed to economic growth.

Switzerland’s foreign reserves strategy during the global financial crisis is another striking example of adept use of money supply. During the eurozone crisis which followed the global financial crisis, investors flocked to the Swiss franc as a safe asset amid the turmoil. Subsequently the Swiss franc soared in value – leading the Swiss National Bank to print more Swiss francs and buy up dollars, euros, yen and more. Within four years Switzerland had acquired foreign currency assets worth 100 per cent of GDP. We see the soaring currency here as the equivalent of rising stock prices, which can prompt companies to issue shares to capitalise on higher prices. In Switzerland’s case, some 20 per cent of foreign currency assets have since been invested in stock markets, generating income that is ultimately redistributed back to the Swiss people through spending and tax breaks. The benefits of using money supply can be substantial indeed. But if the Swiss authorities had followed traditional economic wisdom – that money supply should remain constant – the nation would have missed a huge opportunity.

Compare this with the position of the US Treasury, which has no policy governing foreign exchange reserves. The Federal Reserve has no authority to take advantage of a strong dollar by buying foreign currencies – and this is a huge policy gap.

Unlocking opportunities for growth

While advanced economies might already benefit from many different sources of funding and investment thanks to sophisticated capital markets, emerging economies have a huge capacity for growth but suffer financial constraints. These are the economies that stand to benefit if they could print more money to invest in infrastructure and other growth opportunities.

Of course, there must always be good ‘corporate’ governance and a disciplined approach. Here the financial analogies are useful. Respected companies don’t issue shares randomly or use the proceeds recklessly. They raise funding when investment opportunities arise. New share issues don’t dilute the value of existing holdings because proceeds are used to add value to the company.

The analogy with corporate finance is not perfect, but recasting money as a nation’s equity capital does add a new dimension for policy makers. Central banks could play an important role in boosting the finance for investment, in stabilising financial markets, and taking advantage of a strong sovereign currency – can they afford not to?

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How could a corporate finance perspective improve nations’ abilities to invest, grow and manage the economy?

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51�Թ�� Women in Finance

Helen Richardson — Tue, 18 Feb 2025 09:13:30 +0000

51�Թ�� Women in Finance

Helen Richardson Tue, 18/02/2025 - 09:13

2 June 2023 Features

Celebrating 25 Years of Excellence in Finance

51�Թ�� Business School recently gathered to celebrate 25 years of excellence in finance.

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Meet the Finance Masters' class of 2022-23

Our Finance Master’s programmes are intellectually rigorous and quantitative, covering a broad range of relevant topics to prepare you for a successful career in finance. Meet the Class of our Finance Master's 2022-23

13 December 2023

Features

At 51�Թ�� Business School, we are committed to closing the gender gap in business and are passionate about supporting talented women pursuing a career in finance. What was once a traditionally ‘male dominated’ industry is now changing to ensure it is inclusive and accessible to both genders.

This award is available for all five Finance Master’s programmes at 51�Թ��, which range from the broader to more specialised topics like fintech and risk management:

Huge progress has been made to address the gender disbalance in the finance industry with the number of women the financial services workforce reaching 43% in 2019.

Despite this improvement, in the top levels of the industry, the disbalance prevails. In 2021, within financial services institutions, women held 21% of board seats, 19% of C-suite roles, and 5% of CEO positions in 2021.

Why are we pushing for more women in finance?

Supporting more women to study our Finance Master’s programmes is part of our wider efforts towards diversity and inclusion. 51�Թ�� Business School aims for diversity across all of our programmes, not just in terms of gender but in terms of nationality and academic backgrounds.

A diverse classroom creates a safe learning environment where all can feel encouraged to speak up, challenge and engage in interesting conversation with their peers.

How do we support women in finance?

Building your network while at business school is one of the best ways to get ahead in the industry. A wide network gives you a pool of like-minded professionals to take advice from, hear about job opportunities and learn more about the industry you're about to step into.

At 51�Թ��, you can develop connections at the School from the moment you accept your offer. The Women in Business Club and Finance Club offer excellent opportunities to connect with peers from all our programmes and attend insightful events hosted by inspiring leaders.

I was extremely honoured to receive the Women in Finance scholarship which enabled me to connect with some amazing people I would not have met otherwise. I was also part of the Student Investment Fund, which enabled me to observe how to apply all my learnings from the programme in a real life setting.

Yanina Opanasenko
MSc Financial Technology 2020

Expert career advice is also available from our outstanding Careers team. They provide support throughout your time at 51�Թ�� which includes one-to-one consultations, CV and cover letter workshops and mock interviews, to ensure that you are prepared from the moment you start applying for your first graduate job.

But your network doesn't just stop at those working alongside you. By tapping into the 51�Թ�� alumni network, you will be exposed to accomplished business leaders from around the world, who are happy to share their experience and open doors that lead to career opportunities.

There’s no one-size-fits-all in finance, so at 51�Թ��, we offer a broad range of Finance Master’s’ that allow you to tailor your expertise in a specific area. Our programmes teach you how to practically apply the theory you learn in class to real-life business scenarios. Preparing you for your first graduate job, and beyond.

We are proud to see the women on our Finance programmes committed to developing their knowledge in the industry and go on to exciting careers where they can have a real impact on the future of finance. These are the women who are defying stereotypes, breaking the bias, and helping change the industry.

Explore our Finance Masters'

Our MSc programmes will equip you with the knowledge and skills needed to pursue your ambitions and are an excellent investment in your future.

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Read more about MSc Masters' Programmes at 51�Թ�� Business School in our brochure.

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