Financing Your Way into the Real World with IMPACT

Written by Natasha Fernandes 

@natasha_xxcc

Thumbnail Photo by Natasha Fernandes

Have you ever wondered what it would feel like to manage a collection of financial investments like stocks, bonds, commodities, cash, closed-end funds, and exchange-end funds while still being in university? What about the opportunity to gain real-world experience with the comfort of being guided by your peers and faculty members to make decisions that impact the funds generated by big organizations? If this sort of scenario makes you curious, then this article is for you. 

I had the chance to interview the Fund Managers of the IMPACT Investment Fund at SMU to learn more about the significance of their program and their daily routines as Fund Managers. IMPACT stands for Investment Management of Portfolios in the Atlantic Canada Training program and is essentially student-driven with some guidance from faculty members. It is a two-year program; hence students must have two years until graduation before they apply. Although IMPACT is labelled as one of the societies under the Sobey School of Business website, IMPACT does not function as a traditional SMU society - it has a more prominent academic component. 

Photo by Natasha Fernandes. Zoom call with the IMPACT team. From the top left going clockwise: Matthew Sabean, Natasha Fernandes (Journal contributor), Ujwal Singh, and Samuel Amirault.

The members that joined me for the interview were Fund Managers: Matthew Sabean, Ujwal Singh, and Samuel Amirault. The Fund Managers are the second-year students (of IMPACT) that lead the Research Assistants and mentor them whenever necessary. They are the ones that make the final call and have the influence to make real-world decisions that will have actual implications concerning the IMPACT funds. The application process to join IMPACT requires a motivation letter, unofficial transcript, resume and cover letter sent to the director’s email, followed up with a short series of interviews. 

The students receive training to handle SMU’s funds that go as high as 600,000 Canadian dollars. This is a colossal responsibility and something not everyone can manage. When asked about taking on the leadership role in a program that depends a lot on an individual’s capabilities, Matthew said:

“Not to scare anybody, but we are guided by professional mentors who have 25 to 30 years of experience managing other’s finances. So it is not just a student free-falling, and there are rules in place to make sure nothing catastrophic happens. But for me, this program is the best way to learn because you get to do work like how it is done in the real world rather than in the classroom, which is more theoretical than practical.”

IMPACT is the ideal form of hands-on learning for students who desire to go beyond their textbooks; it is a two-year program designed for passionate students excited about finance and branching out into the real world. Admission to the IMPACT program is quite competitive, and only a few students are accepted each year. Upon acceptance, students are enrolled in an official course with assigned grades according to performance posted on SMU banner. 

I am sure this sounds like a dream come true for many SMU students who long to practice their skills beyond the classroom. However, I had never heard of IMPACT before, and I was curious to know if the team has planned or will be planning to host promotional events in the future, to which Ujwal said,

“We receive a lot of attention from the significant positions our Alumni have now reached in their fields. We receive many RA (Research Assistant) position applications, primarily through word of mouth. Much like how I approached you for this interview, I think this is a great way to let students know about IMPACT. We are planning on running some boot camps over the summer to let people know about IMPACT and how they can enroll in the program.”

Before the pandemic, IMPACT would organize informational sessions in classes, but with in-person classes on hold, the sessions stopped as well. Thus, Ujwal promised to have boot camps in the summer months to make up for the absence. 

According to Matthew, IMPACT does not focus much on promotions because it spreads its influence through word of mouth. Hence, despite not spending a lot of time advertising, IMPACT still receives multiple student applications once the academic term begins in September. However, Matthew also mentioned that IMPACT is an excellent addition to a student’s resume and gives them practical training by providing them with a “formal class in an informal setting” that goes beyond the pages of a textbook. 

I asked the team if they could name one person who has done exceptionally well in the program and has contributed the most to IMPACT’s growth, to which Samuel deftly replied, 

“I do not want to sound cliché here, but everyone has to be exceptional here, right? I think there are higher stakes here since you are dealing with real money. There was a time where I was doing an assignment for IMPACT, and I thought, do I want to spend the extra time on this? Because if it were a regular class, I would have thought, oh well, I’ll just lose 3 percent; who cares? But here, it is a whole different case. If you do not know what you’re talking about, they (faculty mentors) will know that you don’t know. There is a lot of constructive pressure to be the best, and that in itself makes every member exceptional.”

I was impressed with the amount of dedication and passion the students had for this program. Knowing that it is so competitive to get in, I was curious about the application process and any tips and tricks that the Fund Managers could give to the aspiring Research Assistants who wish to partake in this adventure. Ujwal said, 

“The most important thing when formulating your application is just being yourself. Try to bring who you are to the table. I think that is the best thing you can do for the program and yourself. It is important to show your passion. Have that vision clear of why you want to make IMPACT: is it going to help you in your career? Is it for helping you find better connections? The reason you want to do IMPACT is the facet that [you] should be most focused on.” 

The team stated that acceptance is based more on one’s passion and excitement for the program than one’s finance educational background. Both Samuel and Matthew said they barely managed to have the minimum finance courses completed when they applied, but that did not stop them as the program prioritizes motivation over academic course requirements. 

Since Ujwal, Samuel, and Matthew started their term as Fund Managers in a virtual setting, they missed meeting the other members face to face. I was curious to know how they felt working remotely and not having their fellow members close by, to which Ujwal replied,

“I have heard from previous Alumni about their IMPACT experience, and they said they were all cramped up in this small room where it is so hot, but the core essence was this sense of camaraderie. I think achieving this same sense of camaraderie itself gets tougher in a virtual setting. But in terms of learning, I think we have done quite okay, and a virtual setting did not affect that aspect in any way.”

Photo by the IMPACT Fund

Besides practical learning, IMPACT allows students to foster better connections and expand their networking skills beyond campus doors. The experience cultivated will follow and influence members throughout their careers. IMPACT currently has 7 Fund Managers, and they are looking to select about 12 to 15 Research Assistants this coming academic term.

From an outsider’s perspective, I felt this was quite a task for students to participate actively. Given this, I asked the team what they would like to say to the students interested in enrolling but feel intimidated by the responsibility. To which Samuel said, 

“I do not think I am very intimidating. But back in the day, when I joined IMPACT, I felt intimidated as well. The thing I would say to interested students is to keep in mind that it is an extracurricular activity. The world is not going to end if you do not get accepted. That is the thing I remembered when I was applying. Being intimidated and still going out and doing it nonetheless is an exceptional skill to have and learn. I could tell you the first presentation I gave for IMPACT; I was terrified but still succeeded in finishing it. That was the most satisfying task I have ever achieved in my life. So I would say there is no need to feel intimidated, but if you still do, I think conquering that feeling is the most satisfying.”

IMPACT crosses limits and pushes students to strive for better and higher ground beyond their comfort zone and into the world of immense possibilities. Unfortunately, IMPACT does not have any social media. Still, if you are interested in joining the force, you can check them out here, or you can send an email to IMPACT.Fund@smu.ca, and the director will assist you with your questions and concerns. I wish the IMPACT team all the very best and hope that I just became friends with future CEOs and business moguls. Here’s to a great fiscal year!