FROM ANN ARBOR TO LONDON
The Global Nature of Ross Fintech Education
L
earning about the rapidly growing and evolving financial technology industry is taken to another level when your “classroom” is in the shadow of Big Ben in London, one of the world’s fintech hubs.
Ross team was able to create a roadmap and look at various aspects for consideration such as costs, customer acquisition strategy, and retroactive implementation plans to ensure a smooth transition as Smart Pension set sights on their goals.
Connor Clemmensen, BBA ’21, was among the two dozen students to have this immersive learning experience during spring break in March as part of the University of Michigan Ross School of Business’ Global FinTech Projects in London. For the past two academic years, this course covering technologies such as cryptofinance, blockchain, ICOs, Connor Clemmensen crowdfunding, and mobile payments has been a unique part of the school’s Global Experiences curriculum.
Dittmar, a Professor of Finance, said the Global FinTech Projects program serves as an eye-opener for students.
The 3-credit course for both undergraduate and graduate students combines classroom instruction with fieldwork in the UK during U-M’s spring break the first week of March. Taught by Professors Robert Dittmar and Andy Wu, the class allows students to develop their fintech knowledge through action-based work with employees of international companies. Thanks to a multitude of gracious donors, this course exemplifies the Ross objective to provide students with impactful, action-based learning experiences – ones in which students learn to help solve real-world problems with fintech solutions. This year’s educational experience occurred just before to the COVID-19 pandemic effectively shut down international travel. “I think what’s so beneficial about the FinTech Global Initiatives Program is that because everyone is not coming in on an equal setting, it allows people to use their strengths for the overall benefit of the group, versus a traditional classroom setting where everyone is coming in at ground zero. I think that really accelerated the learning for everyone.” While in London with two dozen other students, Connor and a team of five other BBA and MBA students worked with Smart Pension, a retirement benefits company based in London. The team worked alongside company employees to develop a holistic strategic rollout plan as the company looks to expand its core business to other regions. By working with key stakeholders, the
“I think the biggest takeaway from this course, particularly for undergraduate students, is how messy real-world business problems are,” he said. “The students start from a problem statement, but then have to refine the definition of the problem and propose a solution in an environment where the company’s needs and interests are changing and the information needed to reach a conclusion is incomplete. This is very difficult to replicate in a classroom setting, where we present fairly well-defined problems that can be attacked with toolkits that we provide for them.” Although they were 3,700 miles from Ann Arbor, students were able to see the impact Ross alums are having on a global level. Students met Chris Adelsbach, BBA ’95, a venture partner for Techstars, a venture capital and private equity firm. The company hosted an event one night during the trip, with Adelsbach showing Ross students the company’s labs and work stations. “All of the students saw a lot of value in that and you could see how the Michigan brand is really strong overseas as well,” Connor said. Dittmar said the personalized nature of the project helps the instructor, students, and company. “I am advising students in smaller groups, which helps me to get to know the students better and really shape my teaching and advice to individual needs. This is much harder to do when you are presenting a set of material to a group of 60 students. I also find it stimulating to engage with businesses on problems that they are interested in solving. It’s a welcome opportunity to re-engage with the business community and partner with them to provide value not only to their businesses, but also to the education of the students.” The course was made possible with support from PEAK6, an entrepreneurial, Chicago-based investment firm founded in 1997 by Jenny Just (BBA ’90) and Matt Hulsizer.