Finance and Business in London

Going to the Duke in London-Finance Program was eye-opening. As a Political Science and Economics double major who was more familiar with economic policy and international relations, I wanted to venture into the unfamiliar world of business and finance. The program was the perfect opportunity to do so as it placed us in the charge of two teachers who have decades of industry experience, Professor Emma Raisel and John Caccavale. Together, they helped us navigate the industry through two classes in, with all of its dizzying jargon (e.g. EBITDA, and Mortgage-Backed Securities).

A typical day would begin with grabbing a quick breakfast from Sainsbury’s, a local supermarket chain, before heading for our morning class at 9am. Our first three weeks were spent with Professor Caccavale, who gave us a masterclass in the history and anatomy of financial crises, identifying their key stages, causes, and policy responses. Along the way, he helpfully explained the inner workings of financial instruments like Collateralized Debt Obligations (CDOs), which played a decisive role in the Great Financial Crisis of 2008. Professor Raisel’s class was a fascinating complement to this, highlighting the psychological underpinnings that explained our investment decisions throughout different stages of the bubble. Personally, I was shocked by how accurately the behavioral errors Professor Raisel highlighted described my own decision-making. These insights will shape the choices I make within or beyond finance for years to come.

But make no mistake; our program was not merely confined to classroom learning. Professor Caccavale and Raisel regularly brought in speakers from different sectors in economics and finance ranging from hedge funds to multilateral development banks (MDBs) to share industry insights and practical career advice in class. We also got an exclusive look into the inner workings of finance through our afternoon firm visits to companies like Marshall Wallace, TDR Capital, and even a green non-profit, Energy Garden. I was particularly intrigued by our visit to Castleton Commodities. Their investment analysts shared that they went as far as to surveil every oil tanker they could find across the globe in order to determine where oil supply and price were moving.

While the program was rigorous, it also gave us enough space to have fun and explore London. I’ll always remember the nights I spent with my newfound friends as we went for quintessentially British activities like catching the European Football Championship Finals at the pub and watching London’s world-famous musicals in our free time. In fact, the program sponsored some fun events, including a trip to the hallowed halls of Oxford University, a walking tour of London’s iconic streets, and multiple meals at English restaurants.

Looking back at my Duke In London experience, I have become more comfortable analyzing the implications different world events have on the financial outlook of different companies, and a better awareness of my own cognitive biases. I recommend this program to anyone who wishes to deepen their understanding of finance, even if you’re not planning to have a career in the industry, as you get a front-row seat in one of the world’s most eminent finance hubs. I suggest that students who go for this program to not coop themselves in their dorms. Take full advantage of London’s status as a big cosmopolitan city to try the diverse activities that it has to offer.