Oh 2020!

As the clock chimed midnight on January 01, 2020 the United Nations ushered in the start of the ‘Decade of Action’ calling for accelerating sustainable solutions to the world’s biggest challenges ranging from climate change to inequality to closing the finance gap.  However, as the saying goes ‘fate, it seems, is not without a sense of irony’. The year 2020 has surreally manifested its fair share of challenges and historic events. Perhaps one of the most indelible moments of 2020 was the 8 minutes the world watched as George Floyd lost his life on the streets of Powderhorn Park. With his last breath the words uttered by Mr. Floyd – “I can’t breathe” echoed across the hemispheres. Whist the phrase is used worldwide to protest against police brutality, especially in the United States; symbolically, as women of colour we can attest to moments in our professional lives and careers when we felt stifled, stagnated, overlooked – unable to breathe. 

As a practicing civil engineer and certified programme manager for more than 17 years I am a strong believer in Newton’s Third Law of Motion – “for every action, there is an equal and opposite re-action”. In the world of business, we conduct SWOT analyses, identifying a strength for every weakness and an opportunity for every threat. It is therefore not surprising and quite encouraging that emerging from the flames of 2020 is an abundance of discussions on Diversity and Inclusion (D&I). D&I means something different to everyone. In honour of Black History Month this blog focuses on what it means to me as a Black woman in the workplace.

The Hard Truth

The hard truth is that despite current and past efforts of D&I women of colour remain underrepresented in the workplace. Being a woman in the workplace comes with its fair share of challenges, such as gender discrimination and bias. For black women there is a double barrier as gender ceiling biases are compounded by other obstacles such as racism as we aspire and navigate our way up the corporate ladder, even when it’s not overt. For example, have you ever been told that you are “not like others” of your race?   Additionally Black women are less likely to get the support and access needed to advance and less likely to interact with senior leaders according to the 2020 State of Black Women in Corporate America report by Lean In.

The hard truth is that despite current and past efforts of D&I women of colour remain underrepresented in the workplace.

Currently there are 37 women leading Fortune 500 companies, an increase from 33 women in 2019. As a women this upward trend is certainly a win, however there are no Black women among them. In reality there have only ever been two Black women to serve as CEO of a Fortune 500 company – Ursula Burns who served as CEO for Xerox and Mary Watson who briefly served as the interim CEO of Bed, Bath and Beyond. The underrepresentation of Black women is not limited to the C-suite level but occurs across the corporate pipeline. In the 2020 Women in the Workplace report by McKinsey & Company and Lean In, women of colour comprised 18% of the workforce at the entry level, 12% at the manager level, 9% at the Senior Manager/Director level, 6% at the VP level and 5% at the SVP level in corporate America. Research in the United Kingdom indicates that only 3.5% of Black people have made it up the corporate ladder, with less than 1% being Black women. The Gender and Race Benchmark 2014 found that in the UK Black women are the least likely group to hold executive or non-executive directorship positions, although they are more likely to be leaders within their communities. Currently there is one CEO of a FTSE 100 company who is Black, Arnold Wayne Donald, CEO of Carnival PLC.

Embracing Opportunities

The good news is that despite the obstacles and specific challenges on the corporate ladder there are dynamic Black women like Ursula Burns, Carla Harris of Morgan Stanley and Tonya Hallett of General Motors who have made it to the top. We also have trailblazers in women like Oprah Winfrey. Further whilst women continue to be under represented in large publicly traded companies, we are stepping up the game when it comes to entrepreneurship. In the 2019 State of Women-Owned Business Report over the past 5 years in the US the number of women-owned businesses grew by 21% with Black women leading the charge.

I am a strong believer in the power of the lesson learned. Over the years I have collected a treasure trove of inspiration from the documented journeys of women who have navigated these waters; as well as from my own experiences moving from an entry level engineer to a senior manager. It is my hope that by sharing some of these treasures you will be encouraged along your own journey.

Loans

Loans are an essential consideration for many students looking to fund their Executive MBA, whether they have received partial sponsorship or are looking to self-fund, a loan can help cover anything from 1% to 100% of the cost. In addition to standard loans from banks, building societies and other lenders, there are other financing options available which you may not have considered:

Lendwise - a specialist loan provider dedicated to education finance for UK residents who are looking to fund their postgraduate studies at top universities. For Imperial College London, North American and EU nationals will also be considered for a Lendwise loan. To apply you must have received an offer of admission to a postgraduate degree programme at Imperial College Business School. The application process is entirely online. Contact Lendwise directly to apply.

Postgraduate Master’s Loan – UK and EU students who meet specific criteria can apply for a government-funded loan to help with course fees and living costs while studying a postgraduate master’s course. You then begin repaying this loan when your income is over a certain amount (the ‘threshold’ amount).

When deciding which of the above options is right for you, it’s useful to remember that choosing to pursue an MBA is one of the most important decisions you will ever make and is a substantial investment in yourself and your future. By carefully considering how you finance the programme, you can ensure that your studies remain sustainable for the duration of the programme and beyond.

Both MSc International Management and MSc Management form part of Imperial College Business School’s Management Master’s portfolio, offering authentic and dynamic study experiences ahead of exciting business careers. Both programmes are pre-experience (that is to say, applicants should have no more than two years’ post-graduate professional work experience from the start date of the course); however, the offering, make-up and target profile of each programme has some key differences which are important to understand before applying. 

MSc Management  

MSc Management is a conversion programme designed for those with no or very little previous business study, who are looking for a good foundation in management to effectively kick-start a career in business. 

From an admissions perspective, we will be checking that any previous degree study does not have too much overlap with the MSc Management programme content. Our exact requirement is that ‘if your degree includes modules similar to more than one-third of the MSc Management programme you would not be eligible.’  

While we are unable to assess individual eligibility before receiving a complete application, we strongly encourage you to compare your degree transcripts to the core modules and Entrepreneurship (which makes nine in total), and use your discretion to judge if there would be any substantial overlap in programme content (more than one third). If you think you have studied too many similar modules, it is likely that our MSc International Management programme is better suited to you.  

While diverse degree backgrounds are encouraged, a GMAT or GRE result is highly recommended for candidates from non-quantitative degree backgrounds. 

Although you should check you meet the entry requirements before applying, we recognise that there will be some instances where it will be difficult for a candidate to identify which Management programme best suits their profile. Rest assured that should the Selection Committee feel that your profile is more closely aligned with that of another programme, you will be considered for the alternate programme (or perhaps one within our Management Master’s portfolio) to ensure that you are considered for the programme that is the best fit for you.  

We recognise that there will be some instances where it will be difficult for a candidate to identify which Management programme best suits their profile. Rest assured that should the Selection Committee feel that your profile is more closely aligned with that of another programme, you will be considered for the alternate programme (or perhaps one within our Management Master’s portfolio) to ensure that you are considered for the programme that is the best fit for you. The Selection Committee is the same for both programmes, meaning there is a fluid approach when it comes to assessing your application.

Next Steps: 

We understand that choosing the right programme takes time and can be a daunting prospect so to help, we want to make you aware of some useful resources that can help with your decision: 

• Chat with our MSc Student Ambassadors -  our Ambassadors will be more than happy to help with any questions you have and can offer some great insight into life at the Business School. 

• Attend a recruitment event – our recruitment events are often a great way to speak with faculty, current students and alumni. 

We hope the information provided in this blog has helped you to identify which Management programme best aligns with your profile, and we very much look forward to receiving your application! 

I have always been fascinated by the impact of science and business innovation on the invention and adoption of new technologies, and ultimately, human progress. Fortunately, I have had a first-hand experience of both, through STEM education and a career in the UK’s tech sector. I have noticed, however, in the history of technology and innovation, the contributions of Black women are conveniently ‘written out’. Thus preventing the opportunity of young Black girls to have visible role models and heroes.

Representation matters  

According to PwC, 78% of students can’t name a famous female working in tech. According to a report by the Inclusive Tech Alliance Report, women from BAME ethnic backgrounds account for just 1.8% of female board members and 2.1% of senior executives.

The lack of visibility of Black women in technology can discourage others from starting a career within the industry, after all, you can’t be what you can’t see and this makes it harder to level the playing field.

As Black History Month is a reflection of the incredible diversity that exists within the Black community and the celebration of Black excellence, I want to shine a well-deserved spotlight on some Black female pioneers and innovators in the field of science and technology:

Annie Easley: the woman you have to thank for hybrid car batteries

She was a computer scientist and mathematician. Annie held simulations at a 'Reactor Lab', and is known for her work in developing and implementing code that led to the development of the battery used in the first hybrid cars.

Katherine G. Johnson: one of NASA’s human ‘computers’

She performed the complex flight path calculations for the first NASA mission to space. Her calculations helped synch Project Apollo’s Lunar Lander with the moon-orbiting Command and Service Module, which landed the first three men on the Moon.

Dr Nneka Abulokwe: one of the most influential UK tech leaders

Dr Nneka is the founder of MicroMax Consulting and Chair of ISACA London Board Nominations Committee. With an extensive career of over 25 years driving innovative technology and business transformation, she is one of the first Black female professionals to sit on the board of a multinational tech company in the UK.

Benefits of diversity

According to BCG, organisations with the greatest gender diversity generated 34% more financial returns. 90% of employees of underrepresented groups are willing to leave their jobs for a more inclusive and diverse organisation, estimating the cost of replacing workers to be more than $25 billion a year. Therefore society should recognise that Black women and other ethnic minorities have a lot to contribute if they are given the opportunity.

Cultural psychology is important for companies to understand the diverse needs of customers. An inclusive culture in companies, increases creativity, innovation and openness by 59.1% and the ability to better assess consumer interest and demand by 37.9%. An HBR study showed a 150% increase in customer acquisition in teams with a member group related to the market segment they are targeting.

Creating opportunities, shifting mindsets

It’s a pipeline problem'. That's the common assumption as to why the ratio of Black women in the tech scene is low but this argument does not hold.

At the earliest stages of education, Black girls need role models, mentors and teachers that make a conscious effort to deconstruct misconceptions they may have about their capabilities. In 2018, there were just 26 Black British female Professors in UK universities. Academic institutions can showcase more visible role models such as alumni and professors as well as preparing Black women and ethnic minorities for the technology workforce.

Companies can be more intentional in creating strategies to diversify their corporate boards. Black women should be given roles that allow them to do far more than tackle diversity within a company. Another issue is the assumption by recruiters that underrepresented talent does not exist and the bias in the recruitment process. This needs to change and companies need a diverse hiring team.

42% of net new women-owned businesses are by Black women. Between 2014-2019, businesses owned by Black women increased by 50%. More than 37% of Black women tech founders are in high growth sectors like financial services, healthcare, AI, sustainable energy and machine learning. The sobering reality is that there is a lack of access to finance and support and this is the largest obstacle to entrepreneurship. My advice to investors, policymakers, and support organisations: do not rely on the typical profile for a founder. Step outside your network and invest in venture funds and financing programmes focused on ethnic minorities.

Several initiatives such as Coding Black Females, Stemettes, Black in AI and UK Black Tech recognise the need to create networks for members of the BAME community and have designed solutions to help them get better access to the technology sector.

My advice to Black women trying to enter the technology sector is to not let imposter syndrome, fear of failure, or self-sabotage prevent them from going for what they want.

Join STEM communities, learn to code, find mentors in STEM and when the time comes, apply for those opportunities/jobs you want regardless of not meeting 100% of the requirements.

The future looks bright

In conclusion, role models currently working in technology are more likely to influence Black girls to consider a career in tech and society can do more by taking advantage of the talent that exists within the Black and ethnic minority communities and more support is needed to change future ratios. In recent years and following the recent Black Lives Matter movement, companies are investing more in diversity and inclusion programmes and there is more influx of investments in Black businesses. We still have a long way to go, but the future looks exciting.

With five programmes to choose from our Finance Master's programmes, it’s not surprising that this is one of the most frequently asked questions we hear from prospective applicants. Unfortunately, we are unable to advise on individual eligibility without seeing a complete application. However, we can recommend some of the tools available to help you acquire a strong understanding of the entry requirements for the programme you wish to apply to.

We’ve put together this post to help you ensure your profile aligns to the entry requirements for your chosen Finance programme(s):

• MSc Finance
• MSc Finance & Accounting
• MSc Financial Technology
• MSc Investment & Wealth Management
• MSc Risk Management & Financial Engineering

Academic entry requirements

Each Finance programme has slightly different academic entry requirements and this is due to the level of quantitative knowledge required for each programme. For a more detailed comparison of these programmes please see our comparison table.

Our Finance Masters’ are not conversion programmes. Therefore, if you have any doubts about your quantitative background we recommend taking our online self-assessment maths test to determine your eligibility (this test does not apply to MSc Finance & Accounting, our least quantitative Finance programme).

The academic requirement is an integral requirement to our programmes and is in place to ensure the success of future students on our Finance Masters’. We receive a lot of international applications to these programmes and so the listed recommended academic degree titles are general – it will depend on the individual degree you have studied and number of quantitative modules you have taken as to whether you will ultimately be suitable for the programme you have applied for.

All applicants must meet the minimum academic requirements in full in order to be considered and we do not consider anyone who falls below these requirements, regardless of their GMAT scores, CFA, work experience or anything additional to their application.

Career planning questions

As part of our assessment for all Finance programmes, your career planning questions and internships/work experience will be considered.

On applications for Finance programmes we would expect to see that you are committed to a career in the finance sector. Your CV and career planning questions are where you can evidence to the Academic Selection Committee that you’ve been building relevant professional experience and knowledge throughout your undergraduate degree. The Finance programmes are highly competitive, and this is the area where you can really make yourself stand out!

Unlike some other MSc programmes, we do not have a limited internship/work experience time frame requirement and we will consider applicants with years of work experience. However, most students on Finance programmes are recent graduates (mostly under three years since graduation). If you are interested in studying at Imperial College Business School and have over three years of work experience, you may like to consider our MBA programmes.

We hope you have found the above information insightful and are feeling more comfortable identifying which Finance programme is right for you. We look forward to receiving your applications!

Alternative Data Ecosystem

With the growth of alternative datasets as an asset class and increased number of available datasets, a number of companies have sprung up offering a wide range of alternative data services, ranging from selling data and analysing it to helping with the challenges of running a successful alternative data function. Here are the main participants in the ever-evolving alt-data ecosystem (some participants might take multiple roles/services): 

• Data Originators are entities that sell their own proprietary data to clients directly or sell it indirectly using data aggregators or data marketplaces. The datasets could either be a by-product of companies’ main functions (i.e. sales figures) or specifically sourced/collected by the companies (i.e. web-scraped data, enriched datasets, etc.). The biggest players in this category are Bloomberg, Refinitiv and S&P among others.
• Data Aggregators (or data marketplaces), as the name suggests, these collect and aggregate data from external sources. Some aggregators provide pre-processing of data, which make their use more appealing. Another advantage is having all the required data streamed through a single API. From an onboarding perspective, it is much simpler getting internal approval for a single aggregator rather than trying to bring on and implement data from several data vendors separately. Examples would be Bloomberg, Amazon and Quandl.
• Data Research firms help customers to understand what datasets are available, and assess potential uses and applications. They advise on which datasets might be the most appropriate given the problem the clients are trying to address. Usually this is done through giving clients access to web portals that contain research reports and additional information on a wide range of datasets. The leading players here are NeuData, BattleFin and EagleAlpha.
• Data Consultants provide similar services to data research entities where they act as bespoke advisors to clients on specific data questions they might have. For example, providing a general overview of alt data within specific industry, datasets used by competitors, implementing alt data infrastructure within organisations, etc. They also help companies identify, package and market in-house data that could be monetised including navigating privacy regulations.

Implementation Challenges

While there is certainly much to be gained from effective use of alternative data, it is also important to consider the sizeable challenges organisations might face and will need to address:

• Abundance of data might not sound like a problem (the more the better, right?!), however taking into account the cost and time it takes to analyse and find the suitable datasets means that it is extremely challenging to analyse more than a handful of datasets
• To fully benefit from new datasets, organisations have to have an agile in-house infrastructure in place. First of all, the dataset has to be efficiently sourced and the data provider on-boarded. Secondly, the majority of datasets come in an unstructured format and have to be pre-processed to be available for analysis. Finally, the organisation has to be able to store the data securely and in such a way as to ensure ease of experimentation and capability to plug the data into live models.
• Internal skills and resources that companies possess might not be appropriate to benefit fully from the use of alternative data. A recent survey by Lowenstein Sandler showed that a third of respondents highlighted the lack of required skills to analyse alternative datasets. 
• Value assessment is also a huge barrier. In theory, you could plug the dataset (hopefully pre-processed by then) in your current models and do a back-test to see the impact of the new features. However, in practice, it’s not that easy. The majority of datasets do not have sufficient data history and/or current back-testing models are not set up to use the new types of data. Distribution shift is another big issue, where datasets could prove useful for certain economic regimes and not others.
• The lengthy search, on-boarding and analysis stages might also negatively impact potential usefulness of data. This is mainly as a result of short use-life of some datasets as once a dataset is proven to be useful, more and more market participants would implement the data in their processes and by doing that eroding overall competitive advantage the data brought in the first place.
• Finally, and perhaps the most significant barrier, is the cost of datasets. I know we have spoken about the abundance of datasets out there and in fact a large number of them are free (yes, free!). However, if you are after a dataset that has proven to generate alpha or/and you know that these datasets are successfully implemented by your competitors, in many cases you do not have a choice but to purchase the premium datasets. For these datasets, the prices could easily run in hundreds of thousand dollars, particularly in the area of equity or fixed income trading.

Conclusion

Despite the sizeable challenges outlined above, the alternative data still offers great potential, especially given the pace of current business environment. Therefore, I would strongly encourage companies to start exploring potential introduction of alternative data to their businesses process sooner rather than later.

In celebration of Black History Month alumnus Tola Makanjuola (MSc Innovation Entrepreneurship & Management 2014) interviewed his grandfather, one of the engineers who was responsible for the structural design of the expansion of Imperial College London, South Kensington campus in the 1950s.

So he did the high level design?

That’s right. He would check my work, and if he was happy with it, he would approve it for union construction. The intricacies of the building required supervision. Unfortunately, most of our boys (Nigerians) didn’t like to go out on site because of the cold weather. Since I was studying building, my belief was you can only be a good builder if you see how it’s done in practice, not just in theory.  When the building was about to commence, engineer Vivian Anderson was asked to go to site as the supervising structural engineer, and as the person who helped to detail the drawings, I volunteered to go with him. 

We began construction, which started from the basement.

Like the very foundation essentially?

Yes.

Wow. Ok

So, we started. Sometimes I would stand at the site and watch the workmen. I never interfered, but I always watched. Once, however, I did interfere when they were working on a certain section, and it was time for a break. I expected them to finish the section before they went off on their break, and when I asked, they looked at me and responded, “Don’t you know it’s our break time?” Next thing I knew, they called on the union leader, and they all walked out.

*BOTH LAUGH*

Really?

Anderson was in the office (which they both shared on-site), and I went off and informed him of what happened. That was my first experience of the trade union

*BOTH LAUGH AGAIN*

When I learnt that worker’s rights must be respected, I didn’t interfere again. 

After we finished the foundation, they used asphalt. I asked what it was for, and they said it was to prevent water from coming into the building from the base. The process is called Asphalt tanking. This was carried out by another team, and I observed this process as well. Asphalt tanking can only be done when the concrete is cured, in other words, dry. Therefore, concreting can’t done when it is raining or snowing. As they began this process, the idea on which my company, DryDec and Asphalt, would be based on, was born.

Incredible

When the structure came up to the ground floor level, we were confident that job was done, because the foundation was made good, and so we left the site.

How did it feel to watch your designs come to life?

The fact that I did that? And that building stands till today? It is a huge source of pride.

So, have you been to Imperial College since you left in the late 50s? 

I haven’t.

My grandfather’s achievements in the British climate of the 50s and 60s seem remarkable considering that, it wasn’t uncommon for a local bed and breakfast in Britain to have a sign that read, “No Dogs, No Irish, No Blacks”. Which makes me wonder, perhaps key attributes such as self confidence, integrity, intelligence, grit, determination, all contributed to this. Just as critical in my assessment, was the grace to never let issues of race cloud his judgement. 

As I stroke my obscure beard, I reflect on Britain in 2020 and realise that in every respect, Britain is at a new juncture in its long history, and we are the structural engineers at the site of the construction of a new nation.

Like Michael Oladosu Alabi, who looked past the frivolous issues of his time, and did his part to ensure that the very foundation of Imperial College London “was made good”, we need to look past trivial differences, such as race and cultural differences, and build a society together that can be a collective  “source of pride”. 

In celebration of Black History Month alumnus Tola Makanjuola (MSc Innovation Entrepreneurship & Management 2014) interviewed his grandfather, one of the engineers who was responsible for the structural design of the expansion of Imperial College London, South Kensington campus in the 1950s. Michael Oladosu Alabi is pictured above, third from right (standing) with Nigerian staff of Ove Arup Partners 1959.

Setting the scene

My grandfather is one of those rare souls with the capacity to sustain the same level of optimal energy for decades. Literally. For as long as I can remember, he has extended the same greeting towards me with the same humorous and energetic delivery, “ATOOLA! Man about the house, how are you?” Why did he place an ‘a’ in front of my name and stress the ‘o’? That’s a good question, one that’s never really crossed my mind till now. I tend not read too much into certain things, especially my grandparents’ idiosyncrasies. Why question an obvious outpouring of love?

Fast forward to COVID in 2020, and I’m trying to gauge the extent to which my grandfather’s irritation with my beard would manifest itself. I’d spoken to him on video call on a number of occasions, and he never failed to point out that I needed to shave my face. A couple of months prior to our meeting on the 30 September, he had refused to chat with me because I showed up on screen with a face yet unshaven. Why is the 30 of September so significant? Well, Imperial College London had approached me to write a contributing article for Black History Month. It didn’t take me too long to figure out I could write a feature on my grandfather, Michael Oladosu Alabi, who was on the structural engineering team that constructed the Imperial College London building in South Kensington in the mid to late 50s. 

I’m grocery shopping, and I get a call from my mum, and she happened to be with my granddad. As good luck would have it, I had a face mask on, a societally mandatory requirement when in a supermarket. This not only offered protection from COVID, but protection for my still unshaven face from the ire of my grandad. My mum handed the phone to my grandfather, who picked up on my good fortune right away, but didn’t dwell on it. I put forth my request, from behind my  mask, and secured the date of the 30 September for the interview.   

It didn’t take me too long to figure out I could write a feature on my grandfather, Michael Oladosu Alabi, who was on the structural engineering team that constructed the Imperial College London building in South Kensington in the mid to late 50s. 

Time for the big reveal

It’s the day of the interview. I had thought sporadically over the course of the week about what my grandfather’s reaction would be when he would inevitably ask me to remove my mask. Culturally, it was incomprehensible that I would engage with him if he took issue to my evergreen facial hair, except with a smile. Nigerians heritage and all that it pertains, respect for older people is paramount. But I wasn’t going to shave. 

I’m at his door at 13:30.  He opens, and the eternal greeting rings loud, “ATOOLA, how are you?” We chat for a bit, and I help him with a few things (he’s 87). Then it was time for the big unveiling. “Oh Tola, you can take your mask off, you don’t need that”. I take off my mask...and he doesn’t assess my burning bush of a face for a fraction of a second. I don’t question his non-reaction, but between us, I was mildly relieved.