Commencement is coming up soon and three of our student bloggers — Tatsuo, McKenzie, and Adnan — will soon be moving on. Today, let’s look at how McKenzie pieced together her MIB curriculum.
Senior Associate, PricewaterhouseCoopers, LLP
Managing Impact: How Impact Funds Can Go Beyond Measuring to Manage Impact Performance Throughout the Fund Lifecycle
Post-Fletcher Professional Goals
Help build the impact investing field and channel more capital to investments that provide both financial and positive social or environmental returns
Semester One: 5 credits
Strategic Management (½ credit, Summer pre-session)
Foundations in Financial Accounting and Corporate Finance
Financial Statement Management
Managerial Economics (½ credit)
Global Investment Management
Emerging Africa in the World Economy
- FSIG advisory project
- CFA Challenge
The first semester of the MIB program is dominated by core courses that really build the foundational finance, accounting, and strategy skills of a typical business program. This also means that, as a cohort, we take nearly all our classes together, which is a key driver behind the really strong bonds among MIB students. Of our core courses, I really enjoyed the economic theories underlying business decisions discussed in our Managerial Economics course. My favorite course of the semester, however, was Global Investment Management. I wasn’t sure it was a good decision to take it in my first year, given my business experience to date had focused on strategy, management, and operational efficiency — in short, nothing related to investing or portfolio management. Perhaps as a result, it is probably the course in which I learned the most at Fletcher in such a short period of time, and it helped me build a strong relationship with Professor Patrick Schena, whose support and mentorship has been an invaluable part of my Fletcher experience.
Finally, I’m a strong believer that the Fletcher “curriculum” is incomplete without mention of the extracurricular activities that abound at this school. The activities we pursue are more than likely the talking points we use in interviews for summer internships and jobs. I knew early on that the Fletcher Social Investment Group (FSIG) was one student club that I wanted to be actively involved in, so I joined an FSIG advisory project while also competing in the CFA challenge. Last, these activities wouldn’t be complete without mention of the periodic MIB “family dinners” and other social events like Culture Nights and Los Fletcheros concerts that make Fletcher the unique community that it is.
Semester Two: 4 credits
- FSIG advisory project and transition onto FSIG management team for 2016-2017 school year
- Two-week off-campus certificate program in impact investing and social enterprise management, through the Middlebury Institute for International Studies
In my second semester, I nearly completed my core MIB requirements, with the exception of International Business Transactions. My favorite courses of the semester were Global Private Equity and International Financial Management. The first, because much of the coursework involved practical applications of private equity concepts. For example, we had to develop and pitch an investment thesis as though we were raising a fund. And later in the semester, we conducted due diligence on real companies whose management we were able to interview to develop our investment recommendation. International Financial Management surprised me in the extent to which our conversations went beyond finance to the strategic imperatives at the foundation of corporate financing decisions, which help companies manage many types of risk exposure. I really got a lot out of the course.
On the student activities front, besides transitioning into the CEO position of FSIG, I also took two weeks “off” during the semester to attend a training in impact investing. I’m not sure that I’d recommend swapping 10 hours in Fletcher classes for 40 hours a week of training — plus catch-up work for Fletcher in the evenings — but by strategically taking only four credits this semester and choosing project teams that were willing to work around my schedule, I was able to make it work. Plus, the network I built through the certificate program helped me score an exciting summer internship with Edge Growth in South Africa.
Edge Growth (Johannesburg, South Africa)
As I wrote in a prior post, my time with Edge Growth was a great learning experience. My boss, Jason, really pushed my thinking about how companies need to evolve on multiple levels when transitioning from their startup phases to more targeted growth and scale phases. As mentioned, I used my internship as an opportunity to confirm my interest in impact investing and in working with emerging market companies, which definitely colored how I think about the firms I targeted in my job search.
Semester Three: 5 credits
- FSIG management
- MIINT team lead (part of FSIG)
By far one of my favorite courses at Fletcher, and one I recommend everyone take, is our new professor Alnoor Ebrahim’s course on leadership, teambuilding, and organizations. I had managed small teams working as a consultant, and Professor Ebrahim’s course provided the perfect time and space for me to reflect on my own leadership style, while learning from the experiences of others in this 100% case-based course. Professor Ebrahim has an uncanny knack for facilitating discussion and connecting insights from across cases to bring a classroom and content to life. I also took Econometrics, which allowed me to hone my technical skills and prepare for a spring course on Econometric Impact Evaluation.
Outside of classes, most of my spare time was spent working with Fletcher’s MIINT team to source and screen potential impact investments. I really enjoyed this portion of the MIINT competition in particular, as it exposed me to a multitude of innovative business models and entrepreneurs who are using market-based solutions to profitably improve the lives of people in emerging markets.
This semester was also the point at which all my activities, coursework, and summer internship experiences converged. I reached out to connections I’d made in South Africa who turned into resources for the MIINT competition. I found myself having business development calls for MIINT that led to partnership opportunities for FSIG advisory projects, or drawing on concepts from my International Business Transactions course to think through the risks associated with a potential MIINT investment.
Finally, at some point in this semester, I realized just how far I’d come since my first day in the August pre-session. I had taken a leap of faith from a comfortable job and had bet on a non-traditional business program, and I felt it was all worth it. All I had to do was land a job that fit my long-term career goals and enjoy the rest of my time in school, and I could consider grad school at Fletcher a complete success.
Semester Four: 4 credits (that felt like 8…)
- Received funding for January capstone travel and research from the Dean’s Research Fund and the Institute for Business in the Global Context
- FSIG management (transitioned to new leadership)
- MIINT team lead (continued from fall)
- TA, International Financial Management
- Finished capstone!
- Found a job!
In retrospect, my fourth semester at Fletcher is about twice as loaded as I had intended it to be. Business at the Base of the Pyramid at HBS is my favorite class, but I would argue that responsibilities outside of class have dominated my time. I’ve pretty much been running full speed ahead since January, when I received funding to conduct interviews in Nairobi, Kenya to support my capstone. February flew by, and included a trip to California on a career trek offered by the organizers of the MIINT competition. In March, I entered multiple rounds of interviews for a few dream jobs, juggling them with multiple Skype sessions and another trip to the west coast, along with my TA responsibilities, coursework, and futile attempts to create time to finish my capstone. And then I traveled to Philadelphia with Fletcher’s MIINT team for the official competition. While the hectic hustle has been well worth the chaos, I’m excited to have officially ended my job search (!), passed FSIG off to an amazing new leadership team after spring break, and wrapped up the MIINT. This has left some down time to spend with the amazing friends I’ve made, before we graduate and move off to all corners of the globe.
I never quite knew what to expect from grad school, especially given the diversity of paths that Fletcher students take. As I sit here, with only two weeks until I graduate, I cannot believe how quickly the time has flown by or how much I’ve managed to squeeze into just two short years.