MEM Insider June 2022

LETTER E from the

ditor

Dear Readers, While editing this year’s MEM Insider, I was struck by a phrase that appeared in Rijul Jain’s article about the new MADS Podcast project launched by KEMS. Interviewee Stephanie Figueiredo described her involvement in the project as “a chance to bring awareness . . . to students, by students.” That phrase captures the spirit of this year’s entire issue of the Insider.

This year, School of MEM students released their creativity and asserted ownership of their publication as they made decisions about content topics. This issue of the MEM Insider is awash with evidence of the extraordinary critical thinking skills of MEM students--from the connection writer Gabriel Fakhouri makes between Einstein’s theory of relativity and HFT, to the connection writer Christian Woelfig makes between climate change and the S&P 500.

MEM students’ abundant kindness and altruism are also evident: Jihun Yoon’s purpose in promoting the CFA Scholarship opportunity is to ensure that more students benefit from it, and Ismail El Sayed’s purpose in showcasing student Ibraheem Mouheyee is to provide an inspiring example of how to maximize involvement with the University community.

It was my pleasure to work with a combination of familiar and new student writers this year.

Congratulations, everyone, on an outstanding issue of the MEM Insider!

Sincerely, Josephine Bondi ’21 (Certificate in the Teaching and Practice of Writing)

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DEPARTMENT CHAIR REPORT

By Dr. Grigori Erenburg, Associate Professor and Director of the School of MEM

I

would like to congratulate everyone for their successful completion of the 2021-2022 academic year! We have finished the second full school year of the COVID-19 pandemic, and I strongly believe that the tough part is behind us. Over the past year we all – students, staff, faculty members – have been exhausted from the challenges of the previous pandemic-ridden year. It was extremely unfortunate that we could not go back to a full on-campus experience. This experience was especially hard for our second year (sophomore) students, who did their first university year all online. Despite some advantages and conveniences, online learning cannot replace on-campus learning and the overall educational experience.

I believe that the experience of the past year has made us stronger. We have learned new ways to communicate, to learn, to organize and to operate. We will incorporate the new knowledge and skills we acquired during these unprecedented times. They are not a

replacement to traditional ways, but they will enhance and extend our activity going forward.

I am extremely proud of our amazing community of MEM students, faculty and staff who made it possible, despite all the challenges, to have productive and fulsome year. Over the past year we held 26 workshops, events, and activities. Our students won prestigious awards, including a national SSHRC graduate fellowship in Economics; were appointed to prestigious positions in their home countries, such as “Public Policy Fellow” in India; were accepted in graduate programs in the world’s top universities: Cambridge, Michigan, John’s Hopkins, Barcelona, Toronto, UBC, Vienna School of Economics, LSE, University College London, and others. Our faculty published in 15 peer-reviewed journal articles; were interviewed as experts by television, radio, and newspapers; presented at international and national conferences. As always, you can read about some of our past events and achievements in this issue of the MEM Insider.

This year is the final year of my term as a Director of the School of MEM. I will return to my regular professor position, and I am very happy that we will be in very good hands with Dr. Jennifer Jeffrey as our new Director,

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supported by a very strong team of staff and faculty administrators. I am also happy to report that in the upcoming year, we plan to create a Professional Advisory Group to the Director of the School of MEM. The group will be formed of our alumni, potential employers, faculty, and other members of our community to provide additional channels of communication and ideas between the School of MEM and our broad family.

The School of MEM and King’s continue our commitment to high-quality university education within the community of a small liberal arts college. We believe that the challenges of the past year have made us stronger, more resilient, more innovative. We are looking forward to the 2022-2023 academic year!

Sincerely, Grigori

FACULTY INTERESTS Dr. Grigori Erenburg Grigori has wide-ranging artistic talents, from saxophone playing to salsa dancing. You can also catch him out bouldering when the weather is good--be sure to share your favourite climbing spots with him!

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FACULTY PROFILE PROFESSOR HINA KALYAL, A TRUE GEM OF KING’S SCHOOL OF MEM

By Stephanie Figueiredo

H

ina Kalyal is one of the School of MEM’s greatest assets. Kalyal joined as a lecturer in September 2019, bringing into the classroom not only a specialized skill set but also the qualities of empathy and intrinsic motivation, all shaped by her supportive familial environment.

It all began with a leap of faith in 2002 when, inspired by her mother-in-law, Kalyal applied to the prestigious National University of Sciences and Technology (NUST) in Islamabad, Pakistan, in pursuit of a PhD in Management Sciences. It was a challenging seven years. Due to reduced capacity for the program, Kalyal was obliged to search outside her network for supervisors. There, she met two strong mentors who have since become an extension of her family. In 2009,

Kalyal continuously strives to provide practical examples because they stimulate critical thinking. she was one of only two Management Sciences PhD graduates. Her determination to achieve her goal, despite all the challenges and naysayers, is a testament to her perseverance.

During her time at NUST, Kalyal began to dive into her future specialty of policing. She identified policing as an area where she found she could contribute to help improve the conditions for all stakeholders. Even though law enforcement in Pakistan is, unfortunately,

often perceived as untrustworthy, corrupt, and unsalvageable, her offer to train senior and mid-level police officers in the academy was well-received with open minds, and it fueled her interest to do more. She has a deep appreciation and respect for the men and women who risk their lives and work with the meager resources available in their communities.

After this pivotal moment, and upon graduation from NUST, Kalyal applied for the Fulbright Postdoctoral Scholarship. Of the 400 postdoc applicants from across Pakistan that year, she was one of ten selected to attend an American university. Kalyal selected George Mason University in Virginia, which is highly regarded for its Criminology department. Here, she studied the policing policies of the American system, took a few daring ride-alongs, and committed herself to moving forward “just a little bit more,” as her mother-in-law often says.

Kalyal’s insatiable hunger to learn and to continuously improve motivated her to challenge herself to complete a second PhD in a matter of 3.5 years, this time in Sociology at the University of Western Ontario. During her final months, she published a very insightful qualitative research article entitled “‘One person’s evidence is another person’s nonsense’: Why police organizations resist evidence-based practices.” This article is one of her many publications that sticks out in her mind as particularly impactful. In the fall of 2019, as Kalyal wrapped up her research, she joined the London Police Service where she fulfils the

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role of Research Planner Analyst.

As a lecturer at the School of MEM, when teaching theory in organizational behavior courses, Kalyal continuously strives to provide practical examples because they stimulate critical thinking. Combining the roles of lecturer and analyst enables Kalyal to cast a wide net and provide a well-rounded education when mentoring her students or, to quote Kalyal, “her children.” Referring to her students as her children reflects Kalyal’s commitment to them. As her favorite philosopher Maya Angelou once said, “I've learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

Kayal's reflection on her past leaves her smiling with gratitude for the lessons and the people in her life. As for advice, she encourages students to persevere and not to feel discouraged if one door closes, as another one will open that leads you to where you feel most at home and valued. During this interview, a very ‘Kalyal moment’ occurred when she was asked, “What’s next?” She jokingly referred to a third PhD at Harvard! Seriously, though, she hopes to one day give back to her country, Pakistan, through her extensive knowledge of police reform policies. Until then, Hina Kalyal will remain a true gem of King’s School of MEM.

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BRIDGING THE GAP BETWEEN EASTERN AND WESTERN ACADEMIC WRITING EXPECTATIONS: WHO IS RESPONSIBLE?

By Congrui Yin

Y

ear by year, the number of post-secondary international students in Canada has been increasing, and China and India are the two largest sources of international students in Western universities. But there is a gap between the academic writing expectations at Western universities and those at Eastern universities. Differences in academic identities cause this gap. Generally, the discrepancies between Eastern and Western academic identities influence international students’ approaches to study. These students strive to adapt to a new academic culture; they actively learn about and engage with their host culture to adapt to a target academic environment.

But the responsibility for bridging the academic writing expectation gap does not lie solely with international students. Instructors in target universities can also strive to similarly engage with their students’ cultures, and they can modify their expectations of international students.

A student’s academic writing, and their ability to think critically, is influenced by the values of their social and cultural backgrounds. Western cultures are individualist, and studying is based on independent learning and questioning according to the Ancient Greek tradition of debate which encourages argumentation.

Eastern cultures, such as China and India, are collectivist; they prioritize cohesion and harmony in their organizations and communities, and their approach to studying is based on memory and imitation according to Confucianism. Because collectivism highly values community and

harmony, some international students are not willing to criticize or even challenge their peers’ ideas. Consequently, they perform poorly in assignments such as peer reviews and critical essays.

A considerable number of Chinese students also have difficulty thinking critically because they do not know that it is acceptable to disagree with others until their professors tell them that this is actually required in order to earn marks. This lack of critical thinking capability is derived from

Eastern cultures, such as China and India, are collectivist; they prioritize cohesion and harmony in their organizations and communities. the students’ Eastern academic background.

Western students tend to be more active in class discussions, analyzing problems and being critical about the teaching materials, while Chinese students often maintain silence because they are used to Confucian culture in which learning is based on the acceptance of what instructors and textbooks say. They tend not to question others because they think doing so is not favorable to community unity and because it would make others lose face, namely, lose dignity. International students’ critical thinking is limited primarily by their ideological identity based on collectivism and Confucian culture.

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Obviously, international students can develop critical thinking skills. Students who were never taught to find imperfections and defects in others’ work can bridge the gap between Eastern and Western academic approaches by deeply learning purposes of the new academic writing strategies and by actively practicing in class to increase their capacity to think and write critically. Apart from that, they can explore the differences and similarities between their home and host academic cultures and learn the notions of critical thinking and individualism.

Eventually, they can overcome the obstacle of the academic gap by creating a new individualist and critical identity.

But the academic cultural gap is too huge for international students to eliminate in a short period of time, and aspects of the home academic culture are deep-seated.

Consequently, instructors need to take actions to bridge the gap to a certain degree.

FACULTY INTERESTS Dr. Renfang Tian Renfang loves to pick up handcrafting projects in her spare time. She also enjoys music and sports, as she plays piano and swims. As for winter sports, she was a skater in the past, and she looks forward to hitting Boler Mountain in the future for some skiing or snowboarding lessons.

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To facilitate international students’ academic culture adaptation process, instructors are encouraged to learn about sojourning students’ cultures instead of expecting them to be solely responsible for learning about the host culture.

For example, instructors in host countries can learn about collectivism and Confucianism to gain insight into the cultural reasons why the academic gap exists. This will lead them to facilitate students’ learning processes by finding better approaches to teaching and simultaneously adjusting their expectations. CultureWorks, a language institution at Western University, is staffed by teachers with years of experience of living in China who understand how the Confucian culture has been deeply rooted among Chinese students. These teachers excellently impart to their Chinese students the notion of critical thinking and the process of doing research because they apply their understanding of cultural diversity.

CHANGE YOUR GAME! TRY STUDENT EXCHANGE: THREE STUDENTS’ EXPERIENCES

By Christian Woelfig

C

anada is regularly ranked as one of the best countries for quality of life, and it also offers an impressive education system. This unique combination undoubtedly leads to Canada’s remarkable second place share of the international student population in higher education. So, it is no surprise that King’s attracts many international students to attend on an exchange basis. I probably don’t have to mention how an inclusive attitude and a

I could have never imagined how kind and respectful people would be to me, and I was surprised about how much I learned from people of different nationalities. diverse student body encourage a productive learning environment. They allow you to meet many people and enable King’s to tap into a seemingly infinite pool of forward-thinking minds.

You may still fondly remember the first day you set foot on King’s campus and stood there in awe, overwhelmed. But have you ever wondered what this experience is like for someone from a university in another country, someone who is basically just visiting and trying to get as many impressions as possible?

And have you ever questioned if a student exchange were something you would profit from?

I interviewed three exchange students. Ana attended King’s for the Fall 2021 term, while JiYoung and Malo spent the entire 2021-22 academic year here. I want to share with you their genuine impressions of their experiences at King’s.

Let’s start with quick introductions: who are you, where are you from, and what is your major?

Ana: Hi there! My name is Ana; I am enrolled in the Bachelor of Dental Surgery program in Southern Brazil.

JiYoung: Hey! My name is JiYoung; I am from Korea. I am a 4th-year Global Relationships student.

Malo: I am Malo; I am on exchange from the Catholic University of Lyon in France. I am in my 2nd year of a BMOS/Finance major.

What are your best memories of your King’s exchange?

Ana: I met colleagues from all over the world who turned into dear friends. To me, the educational experience at King’s was unique; I found the teaching method very accessible, and the university provides all the possible resources for students to thrive. The institution is very supportive and welcoming to students.

JiYoung: The memory that stuck with me was meeting the other exchange students for the first time, which was very exciting. Also, all the small occasions, like a Thanksgiving Party or a daytrip to Niagara Falls, were the absolute highlights of my experience.

Malo: Some of the best memories of my exchange were my trips to Montréal, Ottawa and Quebec City. Also, the reading week activities at King’s were unique because I got to know so many people at the organized events, and I made some friends with whom I am still in contact.

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What surprised you?

Ana: This is a tricky question for me because the whole experience was all that I expected, and even exceeded my expectations. But, I could have never imagined how kind and respectful people would be to me, and I was surprised about how much I learned from people of different nationalities.

JiYoung: What surprised me the most were the differences in Canada’s academic system. In Korea, we usually don’t have weekly assignments or readings; we only have one or two big assignments plus a final exam. Also, the importance of oral participation caught me off-guard, as participation in Korea usually means just being physically present in the classroom. So, it took me some time to get used to asking questions and debating.

Malo: What surprised me the most was the O-week events at UC Hill, including the concert; they were just fantastic introductions to Canada's student life. What caught me off guard was the size of King’s; I was genuinely surprised that the campus wasn't particularly huge. I never got lost, and the hominess of the campus enabled me to see a lot of my peers.

Did you have any concerns? What did you miss?

Ana: I just missed my boyfriend, family and some friends. Living in residence was terrific because I could use all of the infrastructures. I am very grateful for my home university, but there I do not have the same support, resources and tools to thrive. Also, having the opportunity to work on campus gave me so much autonomy, and being able to combine study and work was fulfilling.

JiYoung: I was surprised by how much I missed Korean food, and I could not find a suitable substitute for it. Unfortunately, I found Canadian food somewhat too salty, and I was regularly surprised by the big portion sizes. So, even though I tried to eat carefully, I ended up with three more kilograms on the scale!

Malo: I was primarily concerned about meeting people, especially Canadians. Fortunately, a French peer who visited King’s before me

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advised me to be open to every possible opportunity to connect with others, whether by eating at the cafeteria and chatting with acquaintances there or by enrolling in sports clubs at the Rec Center, which is how I met my best friend. Also, it helped to be active in the exchange student group because there was always something going on.

Did you have a secret, or most-visited, spot around King’s?

Ana: Probably the residence of my friends; I was always there even though I didn’t live there! It was such a great experience to see all my friends gathered while studying, eating, and having fun together.

JiYoung: I am unsure if it is a secret spot, but I loved the trails along the Thames that start behind Wemple. It was fantastic to have such excellent access to nature right around the corner.

Malo: My favourite spot, to be honest, was Jack's because the $2 beer was perfect for a student on a budget, and it was an excellent spot for a relaxing and responsible evening with my friends after a week of studying.

What was your favourite food at the cafeteria?

Ana: Udon noodle soup with chicken and vegetables-- my favourite; I must have ordered it a thousand times!

JiYoung: The sweet potato fries and the Korean BBQ rice bowl were my favourites.

Malo: My favourite, by far, was the Healthy Kitchen because when I lived on campus 24/7, I found my habits quickly starting to change. I had to stay on my toes to keep healthy, so the Healthy Kitchen was always a good choice.

Would you recommend a student exchange to others?

Ana: It was a huge, life-changing experience.

The friends I made, the moments I experienced in another country, learning of other systems,

cultures and ways of doing things--all of these made the exchange something precious and worthwhile. Living by myself, disconnected from my family, I experienced a freedom I’d never had before. The exchange helped me develop many abilities I wasn’t even aware I had.

JiYoung: Yes, I highly recommend going on an exchange, particularly visiting Canada as an exchange student. I had a fantastic experience; it ended up being even more impressive than I expected at the start. Additionally, I made friends from numerous countries, and I am sure these memories will stay with me for life. Improving my English skills was an additional bonus.

Malo: I would wholeheartedly, 100%, recommend a student exchange to anybody. It was probably the best decision I have made in my life because, previously, I had only ever lived in my hometown, with the same group of friends and people. My student exchange at King’s opened my mind; it enabled me to gather a new world perspective.

FACULTY INTERESTS Dr. Jason Dean Jason loves to garden, and he grows a wide range of basil and tomatoes in the summer which sounds like the perfect combination for a delicious bruschetta. Although, the ratio of tomatoes to basil could be off, as he has redgreen colour blindness. You can often catch Jason with some funky-coloured lecture notes, or interesting clothing colour combinations!

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CROSS-CULTURAL COLLEGE: VIRTUAL, BUT UNFORGETTABLE!

By Shuai Chen

My teamwork and communication skills improved through these opportunities to interact with students from different cultural backgrounds.

I

am honoured to have participated in the Cross-Cultural College’s (CCC’s) Global Career Seminar in Canada (GCSC). CCC is a collaborative education project between Japan and Canada. The purpose of the GCSC is to give students an opportunity to find practical solutions to actual business problems through the framework of contemporary, popular businesses. Due to the pandemic, I and the other participants attended this course remotely, but it was still an interesting and meaningful experience I want to share with you.

The course began with an introductory session, attended by all participating Canadian and Japanese students, where the professor offered us three companies to choose from--Ernst & Young LLP, Japan Foundation in Toronto, and Toyota Canada.

Each company had its own unique problems that students needed to solve. I was fortunate enough to be assigned to the Toyota Canada team. The professor hosted different icebreaker games in class in order to get students familiar with one another, as well as to build connections.

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The first section of the course consisted of online lectures through which I learned about various business tools: the value proposition canvas, the business model canvas, and SWOT. I found these tools to be insightful, and they broadened my perspective on how to investigate problems more scientifically. More interestingly, members of each team had an opportunity to interact directly with leaders of the company to which they had been assigned to ask them questions.

About one month into the course, we started the second section which consisted of online group work. My team members and I exchanged views on the problem that we h a d be e n a ss i gn e d, a n d l a t e r w e p res ented our work to the professor and to the other groups. At the end of the course, we demonstrated our finalized plan in the form of a presentation to the company's leaders. The last night was a very memorable one!

My teamwork and communication skills improved through these opportunities to interact with students from different cultural backgrounds and to work

diligently on a common project with them. The Japanese students were open-minded and respectful of others’ opinions. Although English is not their first language, they demonstrated a confidence in expressing themselves which has inspired me tremendously. I also learned a great deal about Japanese culture because everyone was willing to share their life stories and experiences in their country. This was an unforgettable experience for me, and I would definitely recommend the Cross-Cultural College’s Global Career Seminar in Canada to all students who are studying Business and are interested in Japanese culture!

FACULTY INTERESTS Professor Stacey Hann Stacey loves family fun activities, such as hiking to enjoy beautiful scenery, biking, and canoeing.

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FACULTY INTERVIEW: PROFESSOR TYLER PATTENDEN, “ADS IS A COOL, NEW NICHE!” Interview by Rijul Jain

The School of MEM now offers the Minor in Analytics and Decision Sciences (ADS), a minor which can be combined with any module.

How was the idea of introducing the Minor in ADS born?

Well, I was a new member in the MEM family, and they told me to teach this course, and I said, “Yeah! Okay.” All joking aside, it was Felipe [Rodrigues] and Joseph [Turnbull] who noticed that there was a niche that students at King’s could fill. King’s, as a liberal arts school, has this nice kind of melding of psychology, business, mathematics, arts, and statistics, so they thought, “Why don't we have this analytics idea?” Even after teaching for just one semester here, I recognized that students at King’s are amazing and can succeed in this realm. I think ADS is a cool niche that King’s now fills.

What does Analytics and Decision Sciences mean to you?

ADS means constructing or thinking about how to make the best decisions possible for business. Most of the applications we use in the courses are business focused, which is handy since many students are doing ADS along with business courses. But being skilled at making good and intelligent decisions easily, and stating what the definition of good is in each kind of decision, could really apply to anything.

What future goals has the School of MEM set in relation to the Minor in ADS? The goal is to make it a major by attracting as many interested students as possible and trying to get people to understand the need for this field not only in business but also in many different sectors. The field of ADS has a lot of knowledge to share, and it will be fun to see it evolve its path at King’s, fingers crossed, in the coming three years.

To foster its growth, we will continue to brainstorm about what courses to develop and add and, most importantly, how to transform it into THE PROGRAM that King’s might become known for!

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How has the response from students been in terms of admission to the Minor in ADS? At the beginning of first semester, the percentage of students signing up for the second year ADS course, ADS 2298, was higher than expected. But a major drawback, in terms of persuading new students to admit into the course, is a low level of word-of-mouth referrals. Students like talking to other students to get advice about which courses are good for their field; new students especially seek out help from senior students. Because ADS is a new set of courses offered at King’s, it is less likely to be recommended by senior students. But, as we keep on growing and making students more aware through more advertising, it is going to be an easy sell.

How is the Minor in ADS helpful to one’s career in the long term?

The biggest thing that we teach is how to be analytical. What you learn out of these courses is not to always trust your first instinct when you encounter a situation. Your focus should be on finding out the best possible way of dealing with it. Similarly, Lori Murray’s third year data visualization course looks at graphs and visuals to ask if those are the best ways to convey information. I think giving students this knowledge, and the ability to be critical and analytical about what they see in general, is really important, especially in the world of fake news and information.

What do you think about the role of ADS in the corporate world?

According to my understanding, the idea behind ADS is becoming so prominent in big corporations that I think we are setting our students up for complete success in all sorts of roles. Moving further into the future, as technology keeps growing, analytics will become even more important because there will be so much data and so much to figure out. I think King’s has timely identified the need for this knowledge to be imparted to its students.

What has it brought for you as a professor?

What I am really enjoying is how much ADS resembles what I did during my own undergraduate career. At that time, it was called ‘optimization’ instead of analytics or data science. So, I am having a lot of fun designing ADS 2298 and re-learning some of this stuff. I am also finding ways to apply this learning to my research to discover something new and cool. I am having the most fun in learning and seeing where ADS can be applied in real life.

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MADS PODCAST: TO STUDENTS, BY STUDENTS

By Rijul Jain

M

ondays for Analytics and Data Science (MADS) is a series of podcasts launched by King’s EconomicsMathematics Society (KEMS) to promote awareness among King’s students of the new Minor in Analytics and Decision Sciences (ADS).

MADS is supervised by Professor Turnbull and Professor Rodriguez, founding fathers of the Minor in ADS. The first episode of MADS Podcast was launched on Monday, September 27, 2021, and it got multiple views on KEMS’ YouTube channel. MADS is not just a vehicle for promoting the Minor in ADS; it is an innovative way to learn more about the field of data sciences and how it impacts our daily life. The co-hosts have used examples from our routines to teach listeners about important concepts related to the world of analytics.

MADS Podcast is a must-listen for all!

Many hardworking hands contribute to a successful episode, and I would like to thank all of them: the professors, Felipe Rodriguez, Joseph Turnbull, Peter Ibott, and Tyler Pattenden; and the members of KEMS’ ADS research team, Kristen Fang and Amer Ajjawi.

MADS Podcast co-hosts are Stephanie Figuiredo, President of KEMS; Chris Quadros, King’s Alumnus, and former president of KEMS; and myself, Rijul Jain, VP of ADS Relations Communications at KEMS. Here is what we

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have to say about our journey: What motivated you to join MADS Podcast as a co-host?

Steph: Even though it was too late for me to join the Minor in ADS, as I was already pursuing a double major, MADS presented me with an opportunity to pilot something great, with a great group of people. This was a way to bring awareness of the awesomeness of data analytics in the real world to students, by students. One of the core pillars of KEMS this year was to provide students with additional resources to explore all their choices. Knowing that this was the goal of MADS, I, as President of KEMS, was motivated to join.

Chris: I wanted to join this podcast to stay involved on campus post-graduation. My involvement with KEMS, King’s Students’ Council, and the Investment Club throughout my entire university career grew my own network among the School of MEM faculty.

MADS was another opportunity for me to keep that going, and I’m looking forward to what’s next.

Rijul: Being an ADS student myself, and VP of ADS relations at KEMS, I wanted to do something different to make the Minor in ADS shine, and the idea of launching monthly

podcast episodes was the best way to do that. From the moment our professors discussed this idea with us, we at KEMS knew that MADS was going to be a success, and I wanted to be a big part of making it possible.

Describe your journey with MADS Podcast.

Steph: It was certainly logistically challenging.

There are many curveballs to producing and recording a quality podcast. Trying to understand the best way to market, where to publish, and how to make the sound clear were struggles. It couldn’t have been done without the team.

There have been lots of learning curves along the way in finding an effective way to communicate with students, but every new podcast gets easier and more engaging.

Chris: The journey with MADS Podcast so far has been great! Since it’s in its early stages, there have been lots of learning curves along the way in finding an effective way to communicate with students, but every new podcast gets easier and more engaging.

Rijul: The journey has been like a roller coaster, from deciding the topics to finalizing the scripts. All tasks have demanded a lot of effort and time but, thanks to the entire team, we have launched a marvelous product.

What did you learn from it?

Steph: I learned there is a lot I don’t know, but that is the exciting part--being curious and willing to put in the challenging work. It is rewarding! It has also helped me outside of school; when I am looking for prospective careers, I can pull in my analytical interest and capabilities.

Chris: Doing the podcast and being involved in the expansion of King's ADS program introduced me to the full impact that data and AI will have in our future. We are witnessing the beginning of this story right now.

Rijul: While working on the scripts and recording the podcasts, there were many concepts that I came across for the first time. Most of these are really important for a person to learn about, from gender inequality in the field of STEM to privacy issues over the internet. I now think twice before giving access to random websites on my browser.

How was the audience’s review of MADS Podcast?

Steph: MADS is still in its growth stage. It is gaining momentum, and we are hearing feedback, both positive and on ways we can improve. The next step is to bring in more guest speakers and leave the reins to a new set of hosts--it will be amazing to see what the next couple of years make of MADS. Chris: So far, listeners have found the information we have shared pretty interesting, and we are using their feedback to improve every episode. We are looking to expand MADS as much as we can by taking baby steps, and I believe we will get there in due time.

Rijul: Students have responded positively, and they have really liked our way of imparting knowledge. They love the idea of MADS Podcast and our informal tone of conversation in it. The traffic attracted to our YouTube and Spotify after the launch of the first episode says it all! Check it out here: https://www.youtube.com/watch?v=HnSJ4Jll3ow&t=301s 19 • MEM INSIDER • June 2022

STUDENT PROFILE: IBRAHEEM MOUHYEE, MAKING THE MOST OF HIS TIME AT KING’S Interview by Ismail El Sayed

Hey, Ibraheem, please introduce yourself for the readers.

My name is Ibraheem Mouhyee, and I am a third-year student at King’s University College. I am studying BMOS with an Honours Specialization in Finance and Administration, as well as a Minor in Analytics and Decision Sciences. I am fortunate to have been involved in both King’s and Western’s communities in many ways: I’ve been an orientation leader for Western’s O-Week for the past two years; I’ve been involved with student government here at King’s and at Western through University Students’ Council (USC), and I have been a member of a few of our student clubs at King’s. Although I was hesitant and nervous to get involved when I began my university career, once I did get involved, I was able to

These [networking] events were helpful because I got to talk to people who used to be in the same shoes as me. connect with the community, the people, and the campus through all of these experiences.

Describe your time as a student in the School of MEM. It has definitely been a wild ride! In first year, my first class was Business 1220. You know how challenging this class can be! Even though I was never the student that would voluntarily speak up in class, participation was a mandatory element of Professor Eberhard’s class, so I challenged myself to speak up. I started off with small steps, speaking up maybe once or twice a week,

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little by little, and I was able to gain confidence with Professor Eberhard’s support. Also, thanks to the many resources offered by the School of MEM, I have been able to keep up with my academics and develop myself personally the entire time.

Tell me about the resources at King’s that you found most helpful.

As a first-year student, I didn’t really know what I wanted to do in the future. So, I went to many networking events facilitated by KEMS, BMOS Association, as well as by the School of MEM itself. These events were helpful because I got to talk to people who used to be in the same shoes as me. I signed up for a couple of career workshops where I learned about the Industry Internship Program (IIP) offered by the MOS program.

And, as I was interested in both the Finance and the Accounting streams, I attended a few CPA and CFA information sessions that helped me get a clearer vision of my future.

These are some of the ways King’s supports its students to thrive upon graduation.

You mentioned your internship hunt and the Industry Internship Program (IIP) offered by the MOS program. Can you say more about that?

At the start of my third year, the information session for the IIP made me realize the importance of gaining real world experience before graduating. To enroll in the IIP, I completed the three career readiness certifications required. These helped me to write an effective cover letter and resume, and to hone my interviewing skills. Upon being accepted into the IIP, I began searching through Western Connect where I was able to access a variety of exclusive job

opportunities available to students in the program.

There was a wealth of openings for MOS students! It was very exciting to be a part of the IIP; I am really grateful to the School of MEM for making it available, and to Ms. Lydia Li for her help in guiding me throughout the process.

What was the most memorable project that you worked on at King’s?

I was fortunate to partake in the Global Career Seminar in Canada (GCSC). I was part of a select group of students who took a Business course at Kwansei Gakuin University in Nishinomiya, Japan. I had the pleasure of working with students from all over the world and witnessing how education looks across the globe. Along with representatives from Toyota, I worked on a real-world project that tackled how Toyota Canada could increase diversity and inclusion within its workforce. Due to the pandemic’s restrictions, my GCSC experience was not in-person; however, it was very memorable, nonetheless.

As a BMOS student, what has been your favourite course so far?

Even though I am in the Finance stream, Operations Management with Professor Felipe Rodrigues, MOS3330, was the most enjoyable class I have taken at King’s. I loved playing the operations management game, solving cases with my group, learning how to use Simul8, and improving my Microsoft Excel skills. It was a very difficult course,

but Professor Rodrigues’ enthusiasm, passion for operations, and energetic teaching style helped tremendously. It was a highly interactive course; being a part of this engaging learning environment took my mind off any concerns I might have had at the time.

How has the Analytics and Decision Sciences (ADS) program been for you so far?

The ADS program has been really great!

It’s brand new at King’s, and I am happy that it is being promoted so well. So far, I’ve taken only a few courses that are part of the ADS module, but those courses have been some of my favourite ones.

In Analytics and Decision Sciences 2298, taught by Professor Tyler Pattenden, we’ve been learning all the basics of analytics and data. The lab component, where we try out everything on our own, has been very motivating.

If you could give advice to the Ibraheem that walked onto King’s campus for the first time, what would you say?

When I walked onto King’s campus for the first time, I didn’t know how important it was to get involved with the community and to talk to people. Now that I know how rewarding it can be, I would advise myself to get involved even earlier, and I would tell my friends to get involved as well. We only have these four years at university and, don’t get me wrong, there can be some stressful times during these years, but that shouldn’t stop us from enjoying them, having fun, and making the most of our time at university, both inside and outside the classroom.

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FACULTY PROFILE: PROFESSOR AMANJOT SINGH, “TEST YOUR LIMITS.”

By Stephanie Figueiredo

When you are aware of the pressure, you can attain balance.

Amanjot Singh joined King’s School of MEM quietly during the Summer of 2021, but he soon made waves across campus with his interactive teaching methods and enthusiasm for corporate finance.

At King’s, Singh enjoys the academic freedom that comes with teaching in a community where one-on-one interactions with students from all walks of life are encouraged and easy. Singh welcomes learning opportunities with his students, and hearing about their different experiences revitalizes him. The current affairs topics his students bring to class open new conversations.

Like many of us, Singh started his academic career pursuing a Bachelor of Commerce, although he walked the campus of Panjab University in Chandigarh, India. In 2011, he graduated with an Honours Specialization in Business Finance and Accounting, and a gold medal. He continued studying at Panjab University, pursuing a master’s degree and preparing for the Certified Financial Planning Certificate. Then, thinking he would continue his path in asset pricing, he enjoyed four years as a senior researcher at Punjabi University in Patiala, India. During this time, he took on challenging concepts of the volatile financial markets across the globe.

Singh believes that if you have the chance to explore an out-of-the-ordinary opportunity, you should take it and test your limits. One day, while he was attending a corporate

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finance conference, opportunity came knocking and he did not shy away. He met his lifelong mentor who shaped his perspective and expanded his interests. This influential encounter led him to pursue a PhD in Shareholder Activism at Deakin University in Australia.

When questioned about his choice of Shareholder Activism, Singh’s eyes widen as he speaks about the importance of this topic and the copious opportunities it offers. He hopes to see more sustainability initiatives in financial markets where shareholders’ voices are heard within corporate finance. He explained, “It is about gaining momentum, and many countries are open to this idea.” Exploring the conditions of shareholders in North America

has led him to his next mission in Canada, and to King’s.

Singh presented his thesis paper at the prestigious American Finance Association Conference in January 2020, representing Australia. As of June 2022, he has over 30 publications; he is also an Associate Editor for Vision - The Journal of Business Perspective. Soon, Singh plans to visit European countries to study family business ecosystems and the European Union’s centralized bank structure. But, among all his responsibilities, he cherishes highly the one that comes with teaching young, malleable minds.

You may be asking, “Who is Amanjot Singh outside of academia?” Well, he enjoys a good round of badminton, if you are up for a challenge. And he has a couple of Netflix recommendations: the docuseries Dirty Money and the classic movie The Big Short. His book

recommendation for all students, regardless of their financial backgrounds, is Fault Lines: How Hidden Fractures Still Hinder the World Economy

by Raghuram Rajan.

Singh admits that balancing research, leisure, and teaching is the most challenging aspect of being a professor. “When you are aware of the pressure,” he reflects, “you can attain balance. Fridays are research days, Saturday is a day off, and Sundays are for my students.”

Throughout his first year at King’s, the lasting, positive impacts Singh has made upon his students attest to his deep commitment to them.

FACULTY INTERESTS Dr. Lara Liboni Lara’s curiosity takes her exploring--she often finds herself gravitating to nature in search of a new trail to follow. Her heart takes her dancing, and she enjoys a good movie too. But sometimes, it all winds down to a good day at home, relaxing with her family.

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INFINITE GROWTH: IS IT POSSIBLE IN AN ECONOMY IMPACTED BY CLIMATE CHANGE?

By Christian Woelfig

T

he commonly accepted understanding of economic growth in a capitalist system is simple: we require infinite growth, which will lead to a better life for all of humanity. But is this fundamental assumption of infinite growth feasible while we continue to deplete every last resource available? Will we need to moderate our deeply-rooted urge to continually consume?

We are obliged to acknowledge that environmental change will inevitably impact our lives, our personal finances, and our economy.

Without getting lost in the sometimes-convoluted disarray filled with fears, I want to take you on a journey showing my interpretation of how climate change will affect our future. I want to enable you to proactively recognize the changes and intelligently navigate them as an informed, modern student.

Climate change is presently a topic we cannot bypass in our everyday lives, and we are obliged to acknowledge that environmental change will inevitably impact our lives, our personal finances, and our economy. So, we cannot avoid questioning our fundamental comprehension of long-term growth and how it will be impacted. Can we be sure that the economy and stock market can rise in the long-term? Even if it is tempting for us to look at historical data and past returns to infer that we can confidently trust in the status quo, we are obliged, as students in the MEM fields, to take our understanding one step further--you may have already stumbled upon the phrase ‘past performance is no guarantee of future results.’

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Like all things in life that are emotionally charged, it can be hard to find the balance between giving up and preparing for the apocalypse or completely ignoring any concerns because of our belief that it will all work out somehow. What we can acknowledge is that something must change; therefore, we must take a step back and analyze how to navigate in an ever-changing economic environment that will be more and more influenced by environmentally-conscious considerations.

Our lifestyle and handling of resources in industrialized nations is not sustainable, and the cure, to put it bluntly, is less and less instead of more and more. Solutions might include becoming aware of and moderating our consumption, using resources more efficiently, and transitioning from a throw-away society to better repairability and some collaborative consumption. However, if we continue this thought experiment into the future when not only individuals and companies but also countries and humanity shift towards moderation, what does this mean for the economy we know today? If companies cannot continue to produce more products for higher prices, does this indicate a ceiling to growth? Does it inevitably lead to an implosion?

Cries from within traditional industries, warning of steep declines in their sectors if shifts towards moderation were to come into effect, regularly cause uproar and dampen promising prospects.

Coal power plants and automotive producers have announced the loss of hundreds of specialized workplaces in the upcoming decades, which will cause massive rises in poverty. But an often-overlooked fact is that,

thanks to innovative technology with updated procedures, new companies will emerge to fill the gaps and to lead the sectors to new heights. Even if one has an opposing stance to electric mobility or green energy, the intentions of numerous emerging companies are not solely charitable; they project profits. Consequently, we should focus not on the risks of established companies’ failure to adapt quickly enough but on the vast growth potentials in yet-to-be-realized sectors.

One solution to the question of how to use fewer resources may be a shared economy in which goods can be shared between different consumers. I am sure that eager entrepreneurs are just waiting for the opportunity to facilitate an easy process for this, which will, in turn, open new sectors. We ought not to forget that the more significant share of GDP consists of services, which account for much of the extreme increase in wealth in our so-called service economy. There is no ceiling to offered services and, therefore, no formal limit to growth.

Over the last 50 years, the composition of stock indices like the S&P 500 have seen significant changes in the distribution of sectors, from the dominance of the industrial sector in the 1980s to communication, information, and financial services today. Flexibility and adaptability are strengths of capital markets, so why should this suddenly come to a halt? We have gained first-hand experience of how quickly the world can adapt to technological changes; distance learning and remote work are now the norms, even if they were deemed impossible just a few years ago, so I do not doubt that we can change the way we work once again, and for the better. I will not try to sugarcoat the situation--we still have a rocky road ahead, and there will be dark days. In the meantime, we should never stop assessing risks critically and investing in the future, in ourselves, and in responsible companies.

STAFF INTERESTS Estelle Van Winckle School Administrator

Cross-stitching is a relaxing hobby for Estelle, and she has mastered her technique!

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THE CHARTERED FINANCIAL ANALYST (CFA) CERTIFICATE: VALUED BY MULTINATIONAL FINANCIAL INSTITUTIONS

By Jihun Yoon, with inspiration from Professor Grigori

King's students interested in finance, regardless of their programs, can consider acquiring a CFA certificate. Multinational financial institutions acknowledge the value of the CFA certificate because it is an internationally recognized certificate that is administered to financial professionals; it is official proof that CFA certificate holders possess expertise in finance and are qualified to begin high-level financial careers in world-wide positions.

By sharing my experience of winning the CFA scholarship, I hope to encourage more King’s students to take advantage of this opportunity to ease the financial burden.

Structurally, the CFA exam is divided into three levels. Candidates must pass each level linearly from I to III in order to earn a CFA certificate. Of the three levels, the level I exam is easiest; still, passing it requires one to have an adequate comprehension of intermediate finance-economics, and 80% of the content is covered in finance and economics courses at King’s. In contrast, levels II and III present more difficulty as they concentrate further on a narrower spectrum of quantitative/qualitative finance-economics study. The details of each level of the CFA exam are illustrated below:

individual’s purposes and goals. Other considerations are cost, recognition, area of study, studying tool, etc. A summary of the pros and cons of a CFA and an MBA appears below: CFA Pros • • •

Cons •

•

CFA vs MBA: Which one is more valuable?

Even though the value of a CFA certificate is comparable to that of an MBA degree, the question of which one is more worth pursuing is controversial. The answer depends on an

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The cost to obtain a CFA begins at $3450 USD, so it is more affordable than an MBA tuition fee Internationally recognized Finance-focused specialization

•

Requires self-studying, which some may find challenging; online learning requires managing time according to the virtual learning environment, staying motivated, accessing technical support, etc.

Study groups exist to assist self-studying; however, study groups can be ineffective because of variation in the amount of input each member commits to Number of CFA exam trials is limited to twice yearly

MBA Pros • •

• •

Provides ample opportunity to establish and expand business networks Not limited only to finance topics, but also open to all advanced business topics: marketing, finance, operations, human resources, customer relationships, etc.

In-class learning, direct interaction with professors and classmates A Master’s degree from a reputable university is prestigious

Cons • • •

While a master’s degree is a valuable asset, earning one has become the common standard Expensive tuition fee (begins at $14500 USD) Difficult entry requirements: high undergraduate GPA, work experiences, interview processes, etc.

King’s CFA Scholarship Because of an affiliation King’s has established with the CFA Institute, King’s students are now eligible to win a CFA scholarship award. All full-time, fourth year students are eligible to apply for a CFA scholarship award, regardless of what programs they are enrolled in.

Currently, six scholarships per year are available; however, King’s intends to gradually increase this number. The CFA scholarship reimburses a one-time program enrollment fee ($450 USD) in addition to discounting an exam registration fee. More information can be found here: https://www.kings.uwo.ca/academics/school-of-management-economics-and-mathematics/management-bmos/ mos-resources/chartered-financial-analyst-cfa-designation/ King’s CFA Scholarship Testimonial Figuring out my future career and networking to build connections during my last year of

university placed me under massive pressure, as they do to any other fourth-year student. I knew my passion was leading me toward finance; however, beyond knowing my passion and setting goals, the next step was to take specific actions to achieve my career dream. As I was wondering about where to start, I came across a CFA workshop held

by King's School of MEM. I learned about it through the School of MEM's social media platform and OWL page. For a person like me who wanted to learn more about the finance field, the workshop was an amazing opportunity to research the 'action steps' of career hunting. In the first half of the workshop, Professor Grigori introduced and explained the CFA program.

He described, in detail, the steps involved in applying for the CFA scholarship. The rest of the workshop consisted of a Q & A with attending King’s alumni who had already experienced the CFA exam. Attending the workshop literally blew my mind, not only because the scholarship provided by King's partnership with the CFA Institute is a huge benefit for students planning on finance careers, but also because I was able to hear the vivid experiences and insights of the alumni. The professor and the alumni were all so welcoming and approachable that I felt encouraged to apply for the scholarship.

After the workshop, I precisely followed the application instructions given on uploaded slides, and I submitted my application for the CFA scholarship in mid-October. After approximately two months, a much shorter period of waiting time than I had anticipated, I received the scholarship. First, the CFA Institute emailed me with details of the scholarship, and then Professor Grigori followed up with a confirmation email. I had held back my exam registration and payment until my scholarship was confirmed by the CFA Institute, as Professor Grigori had strongly emphasized the importance of doing so during the workshop.

Purchasing the exam before receiving the scholarship will exclude you from the beneficial discounts that the scholarship provides.

To be honest, I was not expecting to receive

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the scholarship at all because, typically, scholarships are highly competitive and the odds of winning one are not high. The confirmation email hit me like a lightning bolt!

Later, I heard from Professor Grigori that only two students, including myself, had applied for the CFA scholarship, therefore we both received one. Since only a few students were aware of this opportunity, the remaining four scholarships went unclaimed. It is heartbreaking to realize that four King’s students who were looking for career paths similar to mine missed out on an opportunity to upgrade their finance knowledge. By sharing my experience of winning the CFA scholarship, I hope to encourage more King’s students to take advantage of this opportunity to ease the financial burden laid on their shoulders. To conclude my testimonial, I want to express how sincerely I appreciate King’s for supporting students and establishing this valuable partnership with the CFA Institute.

FACULTY INTERESTS Dr. Lori Murray Lori has a passion for piano; she even has an associate degree from Toronto’s Royal Conservatory of Music. She enjoys spending her time performing live, and in her home, on her big black piano.

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EINSTEIN AND THE CHALLENGE OF REGULATING HIGH FREQUENCY TRADING (HFT) MEM INSIDER CHATS WITH KING’S ECONOMICS STUDENT GABRIEL FAKHOURi

By Gabriel Fakhouri

Insider trading is highly illegal because the insider is able to act upon the information to their own advantage and to the disadvantage of others.

Gabriel, what comparison do you draw between insider trading and HFT?

How do HFT investors achieve such extraordinarily high trading speeds?

Insider trading happens when a private party has key information prior to the information becoming public. Insider trading is highly illegal because the insider is able to act upon the information to their own advantage and to the disadvantage of others. This is clearly a case of an unlevel, unfair playing field. This situation extends to HFT which systematically advantages certain individuals and displaces others. High-frequency Traders use extraordinarily high speed and sophisticated computer programs for generating, routing, and executing orders. These traders can transact a high number of orders in milliseconds or even nanoseconds.

Banks have dumped countless amounts of money into building infrastructure to increase speed or gain an advantage in speed. So much so, that they had initially introduced a trans-Atlantic fibre optic which ran them more than $800 million. But fibre optics slow information down by 30-31% compared to the speed at which it travels through a vacuum – theoretically, at the speed of light! So, financial institutions and intermediaries have invested in microwave towers to transmit information through the air, theoretically, at the speed of light. This race against time has led to issues with trying to regulate their activity.

What advantage does speed give to HFT investors?

Let us consider the practices of HFT. There are multiple ways of practicing adverse selection, and the one I would like to point out is ‘layering,’ a manipulative scheme wherein limit orders that are not intended for execution are sent and quickly cancelled after submission.

The goal of the scheme is to distort other traders' beliefs regarding the value of an asset. HFT investors profit from such distortions because they gain an advantage in terms of speed. In cancelling the order, they beat the exchange, and other investors, to the chase.

Is there anything that can be done to regulate HFT investing?

Regulation is a formidable challenge, and it may even be an impossibility. To regulate the market, we need to regulate the flow of information movement. Brad Katsuyam, co-founder of IEX, the Investors Exchange, has proposed increasing the length of cables so that information has to travel a longer distance. Increasing the length of cables would increase the latency of the informational speed, making the exchange receive the information before the investor. This would solve the problem of how HFT is getting the best price before the exchanges themselves.

If an increase in trading speed can raise 29 • MEM INSIDER • June 2022

adverse selection costs, then the inverse can be concluded: a reduction in trading speed can decrease adverse selection costs. In other words, by increasing latency, we can reduce trading speed, thereby reducing adverse selection costs.

That sounds plausible; are there any other ideas about how to regulate HFT investing?

To regulate speed to ensure that there is a simultaneous delivery of information, one can send signals at different times, in sequences that make it so that the signal that takes longer is sent first and the signal that takes less time is sent last. In theory, this would ensure that the delivery of information is simultaneous.

Again, this sounds like a plausible solution. So, what challenge remains?

The remaining challenge is that time dilation is a reality which Einstein has discovered. Time is a relative concept; it is not universal. Time dilates due to the presence of a gravitational field and with accelerated motion. In the presence of a gravitational field, time flows at different rates. Gravity can be measured differently at different altitudes, as gravity is dependant on altitude and time depends on gravity. Therefore, time depends on altitude.

In higher altitudes relative to the center of the Earth, lower gravity makes time move faster, and vice versa. These effects occur at fractions of seconds which are enough to differentiate winners and losers for market participants. If there is lower gravity at higher altitudes and time moves faster as a result, then we need to consider the edifice of a bank. A bank is a tall building where the higher altitude makes time move faster, thereby giving the institution in question an advantage of possible nanoseconds.

The sequencing of signals is impossible to verify because simultaneity is relative. Two different observers can disagree about the sequencing of events based on their respective temporal variance, spatial variance and orientation in space and time relative to the said event. In other words, your orientation in space and time relative to the event can determine simultaneity. According to Einstein’s theory of time dilation, as an object moves faster, time slows down. The problem of altitudinal and accelerated time dilation would need to be considered when discussing regulation of information speed.

The laws of physics need to be reconsidered in different terms when considering

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accelerated motion, matter approaching or reaching the speed of light, and the different behavior of matter at the quantum level.

With the speed of financial markets today, it would be wise to consider physics as a heuristic when discussing regulating today's financial market. Therefore, introducing physics to the equation of regulation may be beneficial.

Gabriel would like to thank Dr. Jason Dean, Assistant Professor of Economics, for inspiring his thinking through conversations they shared on this topic.

For more information on Gabriel Fakhouri, and on this topic, check out his profile on LinkedIn: https://www.linkedin.com/in/gabriel-fakhouri-2a98641b9

FACULTY INTERESTS Dr. Jennifer Jeffreys Jenn loves to spend time at the cottage with her little girls; aren’t they the absolute cutest?

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IS PORTFOLIO MANAGEMENT THE CAREER FOR YOU?

By Jihun Yoon, with inspiration from Professor Grigori

The term ‘portfolio management’ is based upon the idea of organizing objects in a portfolio.

In an investment sense, the objects are funds. To better understand the definition of portfolio management, let us look into the meanings of high-risk/high-return and low-risk/low-return.

High-risk/high-return: the stock potentially brings high profit in the short run; however, it entails high risk.

Low-risk/low-return: the stock generates only a low to mild profit overall; however, it guarantees a safe and stable profit in the long run.

Portfolio management: managing funds through diversification Diversification Many beginner investors commit a common, serious mistake: they invest all of their funds in highrisk/high-return stocks. The stock market is volatile according to circumstances of the economy, politics, and many other factors; therefore, the values of stocks draw fluctuating lines over time.

Due to this trend, investing all of one's funds in high-risk/high-return stocks could become a doubleedged sword; either a jackpot or a serious debt. Expert stock investors warn against the jackpot strategy; they note that it is like betting all your money on the lottery or at the casino. Instead, experts advise that an investor should not ‘put all of their eggs in one basket.’

Portfolio Management as a Potential Career Path for King's Students What does a portfolio manager do?

The principal duty of a portfolio manager is to ‘forecast,’ that is, to analyze investment products and the market in relation to expected return and risk, and then to categorize funds to build a profitable portfolio based on the forecasting result. Generally, portfolio managers manage larger- sized and more diverse types of securities; in order to effectively manage the large scale of securities, portfolio managers mainly strategize in pursuit of maximizing profit while minimizing risk. Consequently, portfolio managers often engage collaboratively in financial research using a professional level of analysis, and they help top management to make final investment decisions.

Rising popularity of portfolio managers Since the establishment of investment trading systems, portfolio managers have adopted diversification as the optimal strategy for shareholders. However, despite the discovery of this strategy, stock investment has become more complicated today due to market volatility, easy accessibility to information, and computerization. Still, selecting the right types and quantities of securities and balancing the risks involved require time-consuming inputs and thorough research

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of the products as well as of the economy flow. It is absolutely not a simple task! Considering the level of complexity and the significance of finance management, portfolio managers are becoming more sought-after by many corporations, and portfolio management is becoming one of the fastest-growing career choices in the field of finance.

Portfolio managers vs. brokers and dealers The position of portfolio manger is often confused with two other financial positions: broker and dealer. A broker, the so-called middle person, executes stock orders on behalf of clients and, in return, receives a certain percentage of commission through the number of trades. Major investors depend on the connections of a broker because, firstly, investors may not be capable of obtaining full information on stocks nor of responding to changes in investment market trends; secondly, investors may not be capable of spending enough time analyzing the internal and external markets.

Unlike a broker, a dealer is an individual or a firm that buys and sells stocks for their own account, not for clients nor for third parties. Dealers play a significant role in impacting markets with respect to price and liquidity of securities; the bid-ask quote set up by dealers affects the changes in price and liquidity of securities.

Bid-ask essentially refers to a price quotation at which dealers are willing to buy and sell securities. Dealers buy stocks at ‘bid price,’ usually the cheapest price possible, and sell stocks at ‘ask price,’ higher than the buying price.

Portfolio managers are different: they are not agents who receive a commission fee as brokers do, and they do not trade for their own account as dealers do.

FACULTY INTERESTS Dr. Hina Kalyal In her available spare time, Hina enjoys a good jigsaw puzzle, as well as those addicting HGTV home renovation shows where you can never watch just one.

Combine both, and you have her idea of a perfect day!

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FACULTY PROFILE: PROFESSOR JEANNETTE EBERHARD, KEEPING A LOT OF BALLS IN THE AIR Interview by Shuai Chen What did it mean for you to go back to school to earn a PhD after years of working?

I first thought of pursuing a PhD when I was in my 30s, and someone talked me out of it.

They asked me if I really wanted to take five years out of my life to do that. At first, I thought five years was such a long time and I couldn't possibly stop my career for that long. But when I got a little older, I realized that five years goes by really quickly, and I might as well go back to school. Even though it was worthwhile and exciting, it was also pretty scary, especially when I hadn't been in school for such a long time.

The reading requirements were overwhelming-someone described them as ‘drinking from a fire hose.’ Having that experience gives me some sympathy for students when they're feeling overwhelmed with so many things coming at them.

What motivates you in your professional life?

Development and ongoing learning are the two major components of my professional life. I learned something new from each job I had in the past. When I first started my own business, it was challenging to be out there trying to sell myself and the products and services I was providing. But that experience of selling myself and taking on practical challenges taught me even more than I learned through case studies during my MBA years.

What is your definition of success?

While a lot of people talk about work-life

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balance, what’s important to me is life-work balance. I have a big family with six children, so how do I manage to have a stimulating and exciting career while also being able to enjoy family and friends? Personal health and fitness mean a lot to me; that’s why I'm always wagging my finger at my students and asking them to get outside, to inhale some fresh air and to do some exercise that keeps them in good physical and mental health. Family, work, my own personal mental health--if I can keep all those balls in the air, that's success to me.

Can you talk about your love of water sports?

I was very lucky that my family shared a cottage in Muskoka, north of Toronto. There, I grew up swimming, canoeing, and kayaking.

Those activities are peaceful and lovely. Once my children grew older, I went back to a competitive swimming program. I was part of an encouraging and fun group of women who were also interested in fitness, and we trained to qualify to go to a World Masters swimming competition in Sweden in 2010. The motto of my swim team was ‘fun and fast.’ At some point in life, it's not about winning medals, it’s about the enjoyment of setting personal bests. Could I swim faster? Or could I do different kinds of things for myself? Setting those goals helped me to keep up my fitness.

If you could change one thing about your personality what would it be?

I like to make plans for things and stick to my plans because I value efficiency. However, my

children always want me to just be ‘chill’ and relaxed. So, the question is, how do I force myself to just ‘chill’ and not worry about always getting something accomplished? It just doesn’t feel right if I close my computer and finish things up later. That's one of the biggest challenges for me. The chances of changing this trait are pretty slim at my age. I think the important thing is to try to recognize our personal strengths and weaknesses, and cope with them a little bit.

Describe a stressful situation you have been in at work. How did you handle it?

When I was the Chair of the Police Services Board here in London, I was often interviewed by the press, and we had controversial issues at the time. It's really difficult when the decisions you're making are subject to the scrutiny of the press. Reporters would ask me to defend my choices and give explanations. That was a huge learning experience for me. I learned to make decisions with confidence and to deal with people whose opinions were different from mine and who were critical of whatever decisions I made. It was stressful at times, but putting myself out there and doing things that were difficult was challenging in a good way. There is a saying: ‘what doesn't kill you will make you stronger.’ So, sometimes I put students on the spot by asking them what they think about something because I believe that they learn and grow more by pushing themselves beyond what they think they’re capable of.

Do you have any book recommendations for students?

I recently read Grit by Angela Duckworth. Grit means perseverance, and this word describes someone who is trying to reach their goal and gets up again after they fail. Why do some people, who might not be defined as ‘smart,’ rise to success while others don’t? It’s because they have the perseverance and willingness to get up and keep going. Although this book is based on academic research, it also includes plenty of useful, practical applications about how we can develop more grit in our lives, and it’s easy to read.

What career-related advice do you have for students?

First of all, I highly recommend that students gain internship experience as soon as possible, especially in the field you are hoping to work in. Pursue any learning experiences that can help you discover what you like and dislike. I had one student who did an accounting internship, and he learned that it did not align with his interests. Also, any summer jobs or volunteer experiences on- or off-campus are beneficial because your motivation, leadership, responsibility, and growth are demonstrated through those extra-curricular activities. Taking initiative and leadership in volunteer roles is wise, especially for those who don’t have internships. The other thing I want to address here is that students should not just consider working for big companies upon graduation. Working for a small company gives you many more responsibilities, sooner.

What final words do you have for students?

Enjoy your time while you are studying at King’s. Try to get involved in volunteering and any other work opportunities. Learn to balance your personal health and wellness. Keep in mind that we have smaller classes at King’s and professors are approachable for questions and conversations, so get to know your professors and talk to them during office hours.

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FACULTY INTERESTS Dr. Jeanette Eberhard Jeanette practices what she preaches by getting outside as much as possible every day to get her cardio in. She takes walks through Forest City, skis when the snow is glistening, and runs marathons too! Cardio exercise helps her maintain her mental and physical health, which are both so important.

FACULTY INTERESTS Tyler Pattenden “It is my honour to share my most amazing hobby with the MEM community: board games. Yes, that’s right. But none of that Monopoly or Game of Life stuff. I currently have a collection of 125 board games, ranging from party games to heavy ‘euro’ strategy games. I will admit that Catan is not included in my collection--for those in the know--as I don’t think it’s a true strategy game (I’m ready for the shade coming my way). My favourite game at the moment is Wingspan, and my most-played game is Aeon’s End. If you need any recommendations, I’m always ready to give them!”

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KING’S ECONOMICS-MATHEMATICS SOCIETY (KEMS) CASE COMPETITION

By Stephanie Figueiredo & Shreya Sharma

Inspired by shareholder activism, and by the ongoing discussions around CEO pay disparity, KEMS hosted a case competition that took place on February 22, 2022, and lasted for 12 hours. King’s students Stephanie Figueiredo, Shreya Sharma, Samantha Matti, and Muhammad Salaar Durrani developed the case based on the repercussions of corporate greed that were exposed over the last two years.

The professionalism of all the presentations ensured that the competition resembled a real-life SEC meeting.

The group wrote, and rewrote, draft after draft to develop the case. It used the example of Hilton Worldwide, a company the S&P 500 has identified as paying one of the lowest median wages, which fired 32,000 employees while its CEO collected one of the highestever compensation packages. Students were asked to assume the role of an Officer from the Securities and Exchange Commission (SEC) tasked with finding potential solutions to such pay disparities as well as to the problematic business operation decisions made by CEOs during the pandemic. Other real-world examples were provided, and the case encouraged students to conduct additional research and think outside the box. The main aim of the case competition was to provide students with insight into real-life business issues and an opportunity to apply their course learnings to tackle them.

King’s Assistant Professor Dr. Amanjot Singh acted as supervisor, bringing his unique perspective with his PhD background in Shareholder Activism. He helped the writers of this case make it more polished and feasible.

King’s Alumnus Matthew Pepe kicked off the event, discussing his experiences with the Sarbanes-Oxley Act and Foreign Corrupt Practices Act at 3M, which inspired students and provided greater overall understanding and value for the rest of the day.

Four competing teams dedicated their time and efforts over Reading Week and presented their solutions. The professionalism of all the presentations ensured that the competition resembled a real-life SEC meeting. The contest was judged by Professors Lara Liboni, John Siambanopolous, and Amanjot Singh. The contestants were analyzed on the quality of their research, the justification of their proposed solutions, and their presentation skills. First place was won by Vansh Chhabra, Kashish Verma, and Piyush Rajeshbhai Sachdev. King’s University College Students’ Council sponsored funds so that prizes could be awarded to the winning students.

Students of all year levels at King’s School of MEM were encouraged to participate in the KEMS Case Competition. Participating students described their experience as intrinsically rewarding; it fueled creativity, especially after a period of stressful midterms. This event, the first of its kind to be hosted by KEMS, will certainly not be the last. The new KEMS executive team for 2022/23 will work closely with professors to provide a new case for next year. Students, alumni, or professors who are interested in knowing more details should feel free to reach out to KEMS via email at kems@kucsc.com.

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ONLINE CLASSES FROM THE PERSPECTIVE OF PROFESSORS

By Shreya Sharma

Increasing students’ engagement in online learning has been King’s instructors’ biggest objective.

For the past two years, online teaching and learning have become the norm at King’s School of MEM. We have had many discussions around students’ experiences of remote learning, but it would be interesting to see what our professors think about teaching at King’s from their homes.

When the pandemic officially hit the world, we saw a surge in the popularity of video communication software. Platforms like Zoom, Google Meet, and Microsoft Teams have become household names throughout the education and corporate worlds. Each service brings its own features which have made remote teaching just as convenient for instructors as remote learning has been for students. The Zoom platform is preferred by many professors because of its compatibility with OWL, Western’s learning management system, and because polls can be taken through it in a hassle-free manner. On the other hand, Microsoft Teams accommodates collaborative online learning, as students can easily participate in discussions and professors can easily upload lecture content.

King’s School of MEM faculty members note that the traditional classroom learning experience offers one big advantage that Zoom does not--the social aspect of education.

Learning in a physical classroom provides opportunities for students to make acquaintances

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and learn from one another. Professors believe that first-year students need to meet peers who can help them navigate their way through university and eventually assist them in learning about how to find jobs. However, online classes are more convenient for students who may struggle to attend classes because they are already working. Online asynchronous teaching and learning give professors and students the privilege of managing their own time and working when they feel most productive. It also allows students doing full-time internships to take one or two classes during their internship semester to avoid delaying their graduation.

Increasing students’ engagement in online learning has been King’s instructors’ biggest objective. To do so, they have made special efforts to provide timely feedback and ensure accessibility for all students--especially international students who often must attend classes at odd times of the day because of time zone conflicts. Many King’s professors have redesigned their courses and added more active learning elements such as group discussions in the breakout rooms, project-based learning, and participation in forums to compensate for the lost social aspect of learning. Some course instructors have created a perfect balance by assigning students course readings to be completed on their own and afterwards holding interactive discussions. This has helped in combating the

problem of the Zoom fatigue caused by being on camera for long periods of time during online lectures.

A lot of the world’s education leaders have been emphasizing the benefits of online education for many years. However, most King’s professors were hesitant to rely on the Internet as the primary way of teaching because of the lost interpersonal connection. When online teaching became inevitable, many professors realized its unutilized advantages.

Most professors now feel much more at competent teaching with technology than they did a few years ago, and they credit King’s for helping to prepare them.

Fitting coursework in with home responsibilities, managing student mental health and wellness, and ensuring equitable resources to international students are some of the biggest challenges King’s faculty has faced in light of COVID-19. We can surely hope to resume in-person classes soon, but for the time being, students and professors are doing their best to accommodate each other’s needs and to make the best use of online learning.

FACULTY INTERESTS Dr. Sergio Janczak Last year, Sergio became a certified Master Systemic Leadership Coach, and he has helped students, entrepreneurs, and managers to excel in their lives and careers. For Sergio, coaching leaders is not only a hobby; he considers it his personal calling to help people perform their best possible version of themselves every single day. One of Sergio’s MOS 3000 level courses offered at King’s is founded upon his passion for leadership coaching.

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SCHOOL OF MEM CAREER READINESS EVENTS: A LOOK AT THE FUTURE

By Lydia Li Program Manager for the School of MEM

At this time last year, I optimistically believed that we would return to campus to study and work by September 2021, if not even earlier that year during the summer. Unfortunately, we have had to work from home for most of this academic year. Based upon all of the experience we developed and gained from hosting online events throughout the 202021 academic year, this year we adopted a format that blended in-person (especially in the winter term) and virtual delivery of events.

Under the special circumstances, students attended events either in person or virtually, and they learned to interact effectively with speakers.

For the upcoming 2022-23 academic year, the School of MEM is planning to introduce an interactive Education and Career Planning Tool in order to have students actively engage with school activities. This tool will support students in developing learning portfolios, identifying and preparing for professional designations, learning and practicing career-related soft and technical skills, exploring career options, managing post-graduate pathways, and preparing for professional endeavors.

We will have a series of specific workshops designed from basic to advanced levels corresponding to students’ four years of study. Students will need to complete the basic workshop of the series in their first year in order to progress to the higher-level ones in their subsequent years of study. For instance,

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we will have a series of Excel workshops: firstyear students will attend Basic and Intermediate Excel workshops; we will introduce Advanced Excel skills in a workshop for second-year students; we will bring an R workshop to thirdyear students, and students will get to know Python in their fourth year. In this way, students will be exposed to data analytical and management skills along a systematic path during their undergraduate career.

The same systematic workshop style will be applied to ‘soft skills’ training. For example, in their first year, students will get to know what support Career Services offers them; in second year they will learn how to write effective resumes, be interviewed for summer jobs, or prepare graduate school applications. Junior students will be able to set up professional social media platforms, such as LinkedIn, and learn to network effectively with industry leaders.

Equipped with all these soft skills, senior students will be expected to actively attend job fairs.

Along each year’s study path, we will also implement workshops related to the professional designations (CPA, CFA, CHRP, FITT, CFP, CORS) so students are aware of

Employers have begun recruiting candidates with an entrepreneur mind.

them and take relevant courses towards them. In the long term, we plan to implement all of these events in one specific academic course as part of the required four-year curriculum to maximize the benefits of the workshops for students.

In the upcoming academic year, we are facing a new landscape of student needs. On one hand, the academic one, returning to in-person classes invites many different and difficult conversations. Professors and students will need to readapt to in-class settings from virtual teaching and learning environments. Many students who are currently in their third year have not had opportunities to sit in classrooms interacting with classmates nor to attend professors’ in-person office hours for the past two years. What specific services can we provide to support these students who went through virtual learning throughout 2020-21 and 2021-22?

On the other hand, for educators in Career Services, questions such as these arise: Aside from the above-mentioned ‘traditional’ career readiness workshops, how do we prepare students for the transformed job market of the post-COVID era? How different do these career readiness workshops need to look than they did two years ago? Due to economic disruption, will students need to seek different types of job opportunities? Will students need to demonstrate the ability to work remotely post-COVID? Do job market changes caused by COVID require institutional approaches to guide, assist and support students?

and Security, and computation. Employers also focus on candidates’ abilities to think creatively when designing with the end user in mind, and to collaborate in teams while keeping members engaged.

In order to help students succeed in a rapidlyreshaped job market, we need to add new elements to the Career Readiness Workshops, such as basic training in digital skills (managing data, graphic design, social media, digital security and privacy), business project management skills (research skills, digital marketing, business process, operational management, supply chain management), and human soft skills (critical thinking, creativity, and communication, especially writing, skills).

The internship supervisors also emphasized that the human skills play an important role when employees advance on their career path.

Keeping all this in mind, in June we will begin organizing and streamlining MEM Career Readiness Workshops for the 2022-23 academic year. There is a lot for us to consider.

With modesty and honesty, we welcome your ideas and opinions about new workshops we need to add to the current lineups, and about strategies for engaging students actively in the events. We are willing to try news ideas and solutions, as long as it takes us towards the goals of better preparing our graduates for the job market and of helping them land their very first jobs.

According to recent conversations I had with MOS internship supervisors about what skills employers are prioritizing when hiring new graduates in the post-COVID era, employers have begun recruiting candidates with an entrepreneur mind and at least a working knowledge of AI, Cloud, Data Management

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ALUMNA MESSAGE: PROFESSORS WANT THE BEST FOR YOUR FUTURE

By Carolina Guzman

My name is Carolina Guzman, and I graduated from King’s University College in 2019 with an Honours Specialization in Global Commerce. Presently, I work at BOS Innovations in Dorchester, Ontario, an industrial automation solutions firm. One of my roles at BOS is International Business Development Analyst. In this role, I research, support internal coordination for program pursuits in regions of interest, and present new geographical areas of opportunity in the USA and Mexico. In addition, as Service & Support Coordinator at BOS, I ensure that team activities are planned and prioritized.

My degree in Global Commerce provided me with the courses necessary to understand how to manage global business and global expansion, and it has been a key element in my career success at BOS. Professor Hunter’s course in the Global Business Environment helped me to develop my critical thinking skills and professionalism. I gratefully followed Professor Hunter’s advice about the benefits of doing a student exchange and obtaining the Forum for International Trade Training (FITT) Diploma. My exchange in Barcelona, Spain, in my third year at King’s, was one of the best experiences I have ever had! It gave me a new perspective on the world and made me appreciate the value of international collaboration, understanding, and empathy. I obtained the FITT Diploma for completing a program that provides courses for import-export professionals, or for people who want to pursue an international trade position.

Your professors want the best for your future, so I encourage each of you to talk with them about your career goals and listen to their advice. They can give you tips on how to prepare yourself for the workplace before you complete your degree. It is also beneficial to participate in the events the University offers, as this gives you the opportunity to network and explore the job market. I was hired by BOS Innovations thanks to having attended the Western Job Fair. However, I first researched which companies I was interested in and prepared an elevator speech to introduce myself. I ensured that my elevator speech was unique and that it differentiated me from other students.

Here is my advice: If you want to write your own journey and succeed in your career, you must create your own path. Don’t compare yourself to other students and feel compelled to follow the same career path that everyone else is pursuing. Instead, try to research what programs you can pursue after completing your degree, and build the soft and hard skills you need for your dream job. Hard work and dedication will always pay off; however, it is also important to remember to have fun and explore the world!

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FACULTY INTERESTS Dr. Lisa Macklem “I've been riding most of my life, competing in hunter/jumper, three-day eventing, and, most recently, dressage. My current horse, Samba, is mostly retired. I'm also an avid runner, and I try to get in about ten miles a day. In my ‘spare’ time, I write reviews for an entertainment site.

My most significant accomplishment to date is being cited by the Supreme Court of Canada in a recent copyright decision.”

Here is a photo of Lisa riding by the Irish sea in Cumbria, pre-COVID!

If you have any career or personal announcements, please contact us at MEMinsider@kings.uwo.ca.

BMOS Association Facebook: BMOS Association at King’s Email: kings.bmos@kucsc.com KAC Facebook: King's Accounting Club Email: kac@kucsc.com KEMS Instagram: KEMSclub Facebook: King’s EconoMath Society Email: kems@kucsc.com

Credits Editor: Josephine Bondi Professional photography: Steve Grimes.

Layout and design by Nikki Sasso Mitchell, King's Communications.

Project management: Estelle Van Winckle, School of MEM.

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