Amvi Patel is a Rotman Commerce student who participated in Ivey’s Women in Asset Management (WAM) program and recently interned at Mackenzie Investments over the summer. She is one of the 18 non-Western University students in the 2024 cohort after the WAM program expanded to undergraduate women across Canada. In her blog below, she writes about her experience in the program, including how the acronym for the famous Capital Asset Pricing Model, CAPM, is a fitting metaphor for her journey.
C is for community
One of the most unexpected, yet rewarding, aspects of my spring and summer was the profound sense of community I developed through participating in Ivey’s Women in Asset Management (WAM) program. For one month in the spring, I lived at Brescia University College with 50 other remarkable women. Those women started out as mere acquaintances, but quickly transformed into lifelong friends. I didn’t know what to expect with moving to another school, but everyone’s openness quickly made me feel at home. The biggest takeaway I have from this experience is how important a community is in any field. This was emphasized by Kanina Blanchard, an assistant professor of management communications and general management. Blanchard taught us the importance of having a supportive community as it can fuel personal and professional confidence. She told us to take a moment to stop and look around the room. She taught us to recognize that there is at least one other person in the room experiencing the same nerves as you are. She also taught us to take up space and recognize that the support system we are developing during our time together will be invaluable. And she was right! I have been my most confident self since taking the program and I know that I can always rely on the relationships I’ve developed at Ivey.
A is for accounting
The second takeaway was the importance of accounting, which was reinforced through the one month in class in the spring as well as through my summer internship. Most students don’t realize that accounting and finance are not independent and I gained an appreciation for the complexity of the three financial statements. For example, in our class with Mary Gillett, HBA ’82, MBA ’02, a professor of managerial accounting and control, we dived into Toromont’s 10-K, a comprehensive report on the company's activities. Gillett helped us to understand what the most important sections are in a 100-page document. This academic foundation was complemented by my internship, where I read four different 10-K reports. These experiences highlighted the importance of understanding the accounting language in navigating the asset management industry and making investment decisions.
P is for portfolio management, Python, and pitch
During the one-month class portion, I had the opportunity to dive into a variety of topics. From optimal portfolios to discounted cash flow models to sustainable investing, the program offered an expansive curriculum. Never have I been in a classroom where we had so much material to cover, but the lecturer ensured each and every question was answered. One of the highlights was the opportunity to speak with renowned economist William F. Sharpe who developed the capital asset pricing model (CAPM), a financial model used to calculate the expected return on an investment based on its risk level.
Moreover, despite having a minor in computer science, I never had the opportunity to explore Python (programming language) through a finance lens. Therefore, learning Python with Tiffany Bayley, assistant professor of management science, was invaluable and provided an avenue for me to explore the applications of Python further.
Lastly, I will never forget the time I spoke to the CEO and CFO of Toromont, a company within the Canadian industry machinery and equipment wholesale/rental sector. Toward the end of my classes at Ivey, I worked with seven other females on a project that challenged us to value Toromont. We had the opportunity to step into an investment analyst role and share our pitch with Toromont executives and the WAM advisory board. This project was both challenging and rewarding and I appreciated the opportunity to explore a complex industry within a supportive environment.
M is for markets
Lastly, the morning debriefs on market trends from finance professor Stephen Foerster, HBA ’81, became a cherished part of my daily routine. These sessions not only kept us informed about current events, but provided us with resources that would allow us to see theory in a real-world context. This emphasis on keeping up with the markets was reinforced through my internship as an Investment Intern on the Cundill team at Mackenzie Investments. I covered the media and entertainment industry, analyzed key companies, and delivered my recommendations to the team. I also built a financial model and forecasted all three financial statements using my learnings from my time at Ivey. Mackenzie Investments’ commitment to its interns was truly exceptional, making my internship an unforgettable experience.
Professor Foerster had told us the WAM program would be transformational, and I can proudly say that it’s true. As I look back, I know the lessons learned and relationships formed will undoubtedly shape my professional path.
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