MiFFT2006 diary entry

A personal account of life during MiFFT 2006

Rashna Minwalla gives you an insight into what it is like to study on the full-time Masters in Finance. Her diary entries cover five key points during the programme:

Name Rashna Minwalla MiFFT2006 Nationality Pakistan Job before London Business School Vice President - Equity Sales, Elixir Securities

Arriving in London
After a stressful interminably long 5 weeks, it was official – I finally had my student visa for the UK, and could embark on the next stage of my life. Simple, straightforward, and easy – well, not exactly! Somehow the next few weeks were unbelievably chaotic. I suppose I never realized just how difficult, not to mention time consuming it would be to sever ties (albeit temporarily?) with the past. Resignations, handing over clients, credit card and bank instructions, getting family relocated, London housing searches online, medical checkups……the list just got longer and longer. But as all things do, even that period of insanity passed and I found myself in London one night, arriving at London Business School's short stay accommodation.

Having done my homework before hand, (like any organized go getter), I kicked off the "Apartment Search" the next day. And immediately had a reality check! Used to large rooms, and lots of them, my first encounter with the "London studio" was less than pleasant. My requirements soon underwent a dramatic transformation, and I found myself signing off on my lease, and preparing to visit family in the UK before classes started. Along the way, I managed to explore quite a bit of London, which in itself is worth the move! The city is a fascinating blend of the ancient and the modern, and everything is exciting.

Preparatory modules and classes begin
Refreshed and revved up I started the preparatory modules in early September. The pace was slow, and the instructors made sure that all the basic concepts were refreshed, which was great, considering how long it had been since I'd encountered a lot of the material. Soon, it was time for Introduction Day which was a great experience! The trading game generated a lot of laughs, and it was really interesting to see my new classmates, many of whom I was meeting for the first time in action. I think it was at that point that the sheer diversity of our class registered properly, and I found myself getting very excited about the amount I was going to learn just interacting with such a talented multifaceted group.

Starting classes the following week was a little like free falling – there was just so much happening that I felt I was temporarily at the mercy of external forces. Lectures, readings, assignments and case studies to be handed in almost immediately, career services events, student clubs, company presentations, job applications – I've done so much in the last few weeks it feels like I've been here much longer than I have. But while it's been an incredibly hectic experience so far, it's also been immensely energizing and challenging.
There is so much that I'm learning – time management (although I'd love an extra day in the week), group dynamics, the basics of networking, and of course the actual course material!

New opportunities
The last few weeks have been a time of new experiences, of introspective moments, and of frenzied attempts to meet deadlines. The most memorable moment however, was having the privilege of being in the audience when Jack Welch visited London Business School. That for me is the essence of my reason for being here – to open up new opportunities, to grow both professionally and personally, and to learn from a world class community both on campus and off it.

I thought that the first few weeks at school were exciting, stimulating and a race against time. In retrospect, that was just a prelude to the real action. It seemed that classes had barely started, but before I knew it, one course, (Corporate Finance and Valuation) was already over. My first big project - the valuation assignment that was done in our pre-assigned groups had been submitted, the mid term break had started and finished, and a new course (Capital Markets and Financing) was underway. Running alongside all the regular academic and other school related activity, in almost a parallel universe was the Milkround. It was an entirely novel experience for me, so I take the opportunity to discuss it in detail.

Milkround 101: The Inside Story for the Uninitiated!
To start with, the mystery behind why the fall associate level recruitment process at business schools is called, rather innocuously, "The Milkround" remains unsolved. Various explanations and theories have been proposed by people over the last month and a half, yet nothing convincing has emerged. Although I can't tell you exactly why it's called the Milkround, at the very least I can try to demystify the process.

What is the Milkround?
The Milkround is basically a 2 month scramble, starting in the first week of October, by students graduating the following year to get offers from companies that are looking to hire for their associate programmes starting in summer. For the MBA classes, it's a less bewildering process because they have been through a mini Milkround in January to secure summer internships, which they can then hopefully convert into job offers. For the MiF students however, it's a bit like being thrown into the deep end of the swimming pool the second day of swimming classes. Since the process starts just 2 weeks after classes begin, the career changers don't normally have a strategy in place, or even enough knowledge about their prospective careers to be fully prepared.

How does the Milkround work?
Companies looking to recruit for their fulltime associate programmes come to campus to make presentations to the graduating classes. Depending on what company it is, there could be anywhere from 3 to 25+ people representing the organization at the presentation. The presentation is then followed by a networking session, where students can ask questions, and decide if they want to apply for the jobs the company has available. The application process is followed by shortlists for interviews (the number of which depend on the company's individual recruitment processes).

That sounds fairly straightforward. The catch here is that last year the majority of the offers for the MIF class came from the lateral hiring process that starts next calendar year, and although this is made very clear to us at the beginning of the process, the degree of hope understandably is high. For many, the process has been incredibly frustrating, depending on the expectation level – some have not made it onto any shortlists, while some have made it to final round interviews before being unsuccessful. In the process, given the time consuming nature of the Milkround, the academic side of the programme naturally suffers. For those who have received one or more offers, obviously it's been a worthwhile investment, while the others are faced with the prospect of juggling academics and the job search for the rest of the year. But I think everyone who participated in the process will agree that as with everything here, it's been a fast learning curve! 

The focus has shifted yet again, and it's time now to get a grip on the assignments, readings and exam preparation that a lot of us have been postponing.

Of course, a lot of my state of enhanced stress has to do with my choice of electives! No one said that taking Options & Futures and Fixed Income in the same term would be easy. And add the MiF project to the mix, and we are talking about a potentially explosive situation!

We just finished the first phase of the MiF project: the detailed project proposals and the project presentations. Segmented by project coordinator (and hence areas of interest), the presentations were a good way to gain exposure to different finance related issues. Although the project isn't due until end May there's a lot of work involved and I know I will need to follow a fairly strict schedule if I am to be able to do my best!

Group meetings
At the very least, my time management skills are being constantly upgraded. The greatest challenge is juggling my schedule to accommodate group meetings, which are the crux of most of the term since all assignments and cases are group based. Although I was initially extremely skeptical of the value added by doing everything in a group, I now truly appreciate this method of working. The insights that can be gained from working with people from diverse backgrounds are invaluable, and in the process I've picked up some very good techniques on how to get organized and stay focused.

The social scene this term has been quite active, with a number of events ranging from the Winter Ball to the Salsa and Sangria party, with a smattering of smaller activities. Unfortunately the work load has meant that I haven't been able to do everything that I wanted to.

And since I have assignment deadlines to meet, that will have to suffice as an update until next time; which will hopefully be in less frenzied circumstances.

I can't quite believe it is over
The 10 month duration of the Masters in Finance is one of the reasons it is so attractive to those who choose to pursue it. However, I don't think anyone really realizes just how short 10 months is until we actually graduate. I was standing in queue, waiting to go up on stage, just a few days ago at Congregation when it began to register – it's over!

The program is so intense, with so many things happening all at once that at no point during the year did I really pause to think about life after the MiF. Even the Easter break, which could have been a chance to stop and catch my breath, was full of activity. Travel, working on the MiF project, sightseeing in London – the break was anything but relaxing.

Benefits of the project
Speaking of the project – I have to admit I was skeptical of the idea at first. It didn't seem as if it would add much value, but I was wrong. Working independently on an idea conceived entirely alone, and finding the best possible way to prove a point has been a huge learning experience. Work ethic, analytical skills, computing skills, speed reading and data collection are all attributes that I already had, but working on the project has not just strengthened each individually but also allowed me to bring them all together effectively – something which will be invaluable to me professionally.

The intensity and pace of the program has been tough but immensely rewarding. As someone who thrives in a pressured work environment, the program has constantly pushed me beyond my own personal comfort levels, and in the process has equipped me with far more confidence and knowledge than I had coming in.

A wonderful opportunity to meet people
It hasn't been just about working hard, though. There have been lots of opportunities to interact socially with classmates. The MiF International party – a brilliant opportunity to sample food and wine from across the globe was tons of fun. With almost everyone dressed in their national dress it was an evening that highlighted just how multicultural the program is. And with the Football World Cup on, everyone had an opportunity to get really passionate about their home teams!

In a way, it almost seems like a pity that it has to end. I've had such a great time, learned so much, and met so many great people along the way that it feels odd to be leaving. It's been a privilege to have been a part of the MiF Class of 2006, and I'm sure that no matter where we all end up, we will achieve success and look back on this year with happiness and pride.

A big thank you to Sabine, Janet, Nathalie, Julie, Alison, Peter and Shubhra who have been so helpful and supportive right through the year, and have helped make this a very enjoyable experience.

The entire Masters in Finance is such an intense experience, with so much crammed into the 10 month period, that it takes a while after the program actually ends to be able to start internalizing it. I finally had time to actually reflect on the past year, having had a couple of months between finishing and starting work. The thing that amazes me is how much I've learned - and I'm not just referring to the academics, which was tremendous on its own. The people, the environment, and the constant challenge to keep improving are all elements of the program which will not be forgotten.
 
As I go back into the real world, I take with me a sense of achievement, as well as a renewed desire to excel. Its been a great year, and I feel privileged to have been part of the London Business School community.