David Booth, MBA ’22, Investment Banking Associate at TD Securities, on leveraging experience from transaction audits to transaction advisory, with a stop to craft a case study in between
David Booth has spent a lot of time surrounded by financially savvy people. Family members, including both parents, his brother, a cousin and an uncle are Chartered Professional Accountants (CPA). When it came time to go to university, he followed in his brother’s footsteps pursuing an undergraduate degree in accounting and finance, with the objective of obtaining his CPA designation.
“I have always embodied an entrepreneurial spirit and a natural curiosity towards understanding how businesses worked, which had led me to develop a strong affinity for investment analysis and a fascination with the capital markets,” says Booth.
After a working in public accounting with PwC where he performed audit and assurance engagements for some of Canada's largest private equity platforms, Booth’s interests came into sharper focus.
Mergers and acquisitions, capital raises, IPOs, and carve-outs – this is the deep analytical and technical work he wanted to do. As an auditor, he had gained intimate sector knowledge through his clients, but what really excited him was the opportunity to advise clients on these complex transactions and strategies.
“I became interested in pursuing an MBA as a result of a conversation with a mentor who is an established capital markets professional and alumni of the Ivey MBA program, who emphasized the long-term benefits,” recalls Booth.
Like any good auditor, he didn’t just take someone’s word for it. The more he researched MBA programs, the more he was sold on Ivey: “The case method learning, distinguished faculty, and alumni network aligned with my professional aspirations.”
Once he started, he especially enjoyed the dynamics of the case method learning. Because his classmates came from such diverse backgrounds, he found himself working through business cases alongside a variety of professions including engineers, consultants, marketing professionals, investment bankers, marine biologists, and entrepreneurs from across the globe, each individual bringing their own unique perspectives to solve intricate, real-world business issues
“Many classmates had direct industry or situational experiences relevant to the case in discussion which significantly supported learning by osmosis as they lent their expertise,” says Booth. “In some unique instances, some had even worked for the company or been a part of the project in discussion.”
He enjoyed the case learning methodology so much that he decided to write a case on the athletic apparel company Under Armour and their settlement with the U.S. Securities and Exchange Commission as it pertained to concerns over their financial reporting practices and governance.
With the oversight of two Ivey professors, Booth examined Under Armour’s revenue and financial reporting practices in combination with the company's corporate governance policies. He co-published with his professors during his time in the MBA and the case is now a used as part of the Ivey MBA curriculum.
“It was a really rewarding process and I really appreciated my professors’ advocacy to publish a case. Once I found a worthy topic and was told it was a great idea, they let me run with it,” he says.
The case study wasn’t the only extra-curricular he got involved in. The list includes serving as Co-President of the Ivey MBA Finance Club, being engaged as a Fund Fellow for the Ivey Value Fund, co-founding and co-organizing the school’s inaugural charity golf tournament, and working as an accounting and finance teaching assistant to other Ivey master's programs. To top it off, he was also awarded the Robert Johnson Gold Medal, earning the highest academic average in his cohort.
“The Ivey program is all about saying ‘yes,’” says Booth. “I think it’s important to recognize that there are certain opportunities that only exist within the confines of a great academic institution such as Ivey, and with that you should take every opportunity to explore and immerse yourself in the things you are passionate about to get the most out of the program."
MBA '22
Ivey Business School
David Booth
Investment Banking Associate, TD Securities