Departmental news

Warwick Economics alumnus Andy Haldane has been made a Commander of the Order of the British Empire (CBE) in the King’s Birthday Honours 2023.

Andy Haldane graduated from Warwick with an MA in Economics in 1989 and joined the Bank of England the same year, where he went on to become Chief Economist. He stepped down from his role at the Bank of England in July 2021 to become Chief Executive of the Royal Society of Arts (RSA).

Haldane co-founded Pro Bono Economics in 2009 following the global financial crisis, with the aim of using economics to help charities and social enterprises improve the impact of their work. In 2014 he was named one of the 100 most influential people in the world by TIME magazine.

Haldane has returned to the University to speak at events hosted by the Department of Economics and CAGE Research Centre throughout recent years, including the Warwick Economics Alumni Event in October 2022 and CAGE’s public policy event 'Bold Policies for Uncertain Times' in February 2023.

He was awarded an Honorary Doctorate by the University of Warwick in 2019.

Meet Elisabeth Prager, Warwick Economics alumna and co-founder of money advice company Aila. Elisabeth graduated from Warwick in 2009 with a first-class degree in Economics and Economic History and worked in a variety of roles in the financial services industry before establishing her own management consultancy in 2019. She has worked with multinational for-profit and non-profit organisations to help them solve strategic challenges.

Elisabeth (pictured above left) recently launched Aila Money with her close friend Nitika Vyas (above right), a Warwick alumna from the class of 2008. Here she tells us about the aims of Aila and how she has used learning from her economics degree throughout her career.

Why did you establish Aila?

Nitika and I met after university and bonded because we both worked in finance, as well as both being Warwick graduates! Working in the finance sector, it struck us how much financial advice was available to people who had money.

But at the same time, our friends were coming to us for guidance on investing. Questions like ‘How does investing work and what kind of product or fund might be right for me?’ or ‘What is ESG (Environmental Social and Governance) investing and how do I know my money is doing good?’ kept cropping up.

We became increasingly dissatisfied with how the financial services industry is exacerbating wealth inequalities. There is a huge money advice gap, especially with the younger generation and women. A Royal London report estimated that approximately 75% of the UK population don’t receive independent financial advice, and without this, individuals stand to lose an estimated £48k on average every ten years. In addition, the gender investment gap is substantial, with high-earning women losing out on almost £800k over their careers by not investing (Ellevest 2018).

At the same time, we realised there was a huge inter-generational wealth transfer taking place. In the UK alone, between 2020-2050, £5.5tn is due to be transferred into the Millennials’ and Gen Z’s hands (FT Advisor, 2020). In addition, by 2025, 60% of the UK’s wealth is projected to belong to women (WealthiHer, 2019). For these groups, having access to high-quality independent financial advice is essential.

With the current cost of living crisis, rising interest rates and high inflation, financial stress is also on the rise. These gaps and inequalities seemed worthy issues to tackle.

So, what is Aila Money?

Aila Money is a personal finance coaching solution for people embarking on or in the middle of successful careers, who are looking to be more financially effective and efficient.

Aila comprises three core capabilities:

Aila Assistant is a digital financial assistant that provides users with a complete overview of their finances and gives them personalised prompts and information to help them better plan and manage their money, in line with their life goals and financial situation. The prompts leverage behavioural science principles to nudge people into action. Financial learning modules are also embedded into Aila Assistant.

An example of a prompt might be something along the lines of ‘I notice you don’t have a Lifetime ISA, did you know as a first-time buyer if you save £4,000 a year, the Government will add an additional £1,000?’.

Aila Coach gives users access to an accredited financial coach - a human - to guide their financial journey and hold them to account. When interviewing people about money, we realised that their financial behaviours were often intertwined with emotion. From lacking confidence to invest to feeling a heightened sense of financial responsibility when becoming a parent; emotions and money are inextricably linked. Aila’s accredited financial coaches help users address the emotions and the money side of things.

Aila Advisor connects users to a network of experts and vetted advisors to help with more complex money situations. For example, you might need to speak to a mortgage advisor or lawyer if you want to buy a house - or a pension advisor if you are looking to plan for retirement.

What does the word Aila mean?

In Scottish Gaelic Aila stands for ’bearer of light’ and in Finnish, Aila means ‘from the strong place’. We felt this was fitting, given we are looking to shed a light on people’s financial situation and empower them to better manage their money, so they can find the financial freedom they are seeking. 

Turning more to you, what was your career journey from graduation to setting up Aila?

My career has been an interesting one, so far! After Warwick, I started on a graduate scheme in the life and pensions industry and then moved into private banking. These two jobs provided me with a solid understanding of the financial services industry and good insights into how people manage their money.

Thereafter, I joined a boutique strategy and innovation consulting firm and worked on multiple financial services projects across Europe, America and Africa. These experiences allowed me to see how different countries solve similar customer needs in different ways, especially through leveraging innovative technology solutions. I then moved into the philanthropic, non-governmental and impact investing arena, where I enjoyed exploring how investments and technology can contribute to solving some of the world’s biggest challenges.

This was also the time when I started to think more seriously about my own finances, as I moved countries multiple times, bought a flat, set up as a freelancer and became a mother of two.

Starting Aila seemed like the natural progression; bringing together so many of the things I learned so far and tapping into a personal passion - to shrink some of the gaps I highlighted earlier.

How has learning from your economics degree helped you in your career and in your current role as an entrepreneur?

Warwick was a great springboard to starting my career and continues to be so as an entrepreneur. The learnings from my degree have shaped the way I think and how I approach problems. I’m also grateful that the professors held us to a high bar when it came to using solid sources and data and taught us to think critically and independently.

What were the highlights of your time at Warwick?

What a question! There are so many highlights. To name a few: meeting some of my closest friends in halls, to dressing up for Union evenings, to learning to climb and playing squash, lacrosse and rugby, to debating that econometrics is fundamentally flawed because it assumes that humans are rational with the professor… these were all great and very memorable moments at Warwick!

Elisabeth Prager, BSc Economics and Economic History with study abroad, 2009

View Elisabeth's LinkedIn profile

Artificial intelligence is rarely out of the headlines. This week Microsoft founder Bill Gates declared the development of AI “as fundamental as the creation of the microprocessor, the personal computer, the Internet, and the mobile phone.”

You may not be using ChatGPT to help with exam answers, or creating art with Midjourney – but you are very likely to be already interacting with aspects of AI in your everyday life – maybe through the algorithms that select which show to recommend you view next on your streaming media; or which of your friends’ posts you will see on social media; or through applying to a firm which uses AI to assist in hiring decisions. Or perhaps you have had a medical diagnosis backed by AI-assisted computer screening.

Like Bill Gates, many researchers think we are on the horizon of an AI revolution. As well as benefits, there are challenges – are there unethical uses of AI? A machine intelligence could predict whether a person is likely to commit a crime before they do so, tempting authorities to imprison them in advance. Among others, the systems can unintentionally learn to replicate unhelpful stereotypes and bias.

One of the researchers working on ways to ensure the next stage of AI development is helpful, not harmful, is Warwick Economics alumna Charlotte Siegmann (PPE 2021).

Taking recent concerns over inappropriate responses by ChatGPT to users as a starting point, Charlotte explains the challenges:

“ChatGPT was not unexpected - similar base models have existed for a few years now.

“‘Sydney’ was likely a poorly fine-tuned model that never posed a real danger to anyone. However, something very important can be gleaned from observing Sydney and other models: over the next 1, 3, or 10 years, models will become increasingly capable but remain likely unsafe.

“This is because we still do not fully understand current models, and we have not solved the bigger problem of how to ensure that AIs do not do things we do not want them to do. This problem is challenging for several reasons:

• The complexity and difficulty of interpretability.
• AIs can learn incorrect goals unnoticed by humans during the training process - this is called Goal Misgeneralization.
• Humans can’t fully specify what they find desirable - this is known as Reward Misspecification,

“There are many open questions in AI safety and AI governance that researchers and policymakers need to address. What is happening within big models? How can we guide them to elicit latent knowledge that they don’t necessarily reveal through simply prompting? How can we avoid deceptive models?

“Similarly, in AI governance, we need to understand how this technology will develop, how to evaluate its safety, how to incentivize labs to invest in safety and how to mitigate disrupting effects on the epistemic environment, job market or national security.”

Charlotte is about to take up a PhD position at MIT focusing on the safety of transformative AI systems, as well as governance, working together with scholars in both fields. But she has already contributed to the public debate, as co-author (with Markus Anderljung) of The Brussels Effect and Artificial Intelligence: How EU regulation will impact the global AI market.

The report takes a deep dive into the EU’s ambition to set the global standard on AI regulation, following its success in setting the global benchmark for data protection with the GDPR, and explores whether such a “Brussels Effect” is likely.

Charlotte and Markus argue that the EU’s proposed regulations are especially significant in offering the first and most influential operationalisation of what it means to develop and deploy trustworthy or human-centred AI.

“If the EU’s plans are likely to see significant global diffusion, ensuring the regulations are well-designed becomes a matter of global importance,” Charlotte explains.

Reflecting on her time as an undergraduate and how her interest in AI research was sparked, Charlotte says:

“I started thinking about transformative AI in my first year of University and enjoyed discussing the issues with fellow Warwick students. I also attended a summer school on the topic. The economics perspective came later - I first became interested in microtheory in the Game theory course with Costas Cavounidis in my second year.

“During the first wave of the Covid pandemic, I interned with the Future of Life Institute. Together with a policy expert at the institute, I worked on a consultation response to the EU AI Whitepaper, a roadmap laying out the EU’s response to AI technology. Back then, the work on transformative AI or even human-level AI was more speculative - ChatGPT or GPT-4 did not yet exist.

“Since graduating I have been working as an economics predoc at the Global Priorities Institute at the University of Oxford. The Institute combines a philosophy and economic research group and we focus on research that can inform prioritisation efforts of actors wanting to do the most good.

“I did research on the longtermism paradigm, ways of influencing the far future from existential risk reduction to population growth. As a predoc, I organised research workshops, collaborated with others on research projects and shared my research with colleagues both within and outside the institute, among others in Canada and Japan.

“It’s very exciting to work at a young research institute at which we support each other’s work and a lot of collaboration is happening.”

We wish Charlotte every success as she begins her PhD research later this year.

The Department congratulates recent PhD graduate Ozge Demirci, who has won the CESifo Distinguished Affiliate Award for her research in the economics of digitisation.

 Ozge Demirci has been awarded the Distinguished CESifo Affiliate AwardLink opens in a new window in the area of the economics of digitisation by the CESifo Research Network. The award is intended for promising young economists and is granted for the best paper presented at the CESifo Area Conferences. An award committee gives the award to a young economist on the basis of the scientific originality, policy relevance, and quality of exposition in their research. 

Ozge's research is in applied microeconomics with a focus on the economics of digitisation and discrimination. Some of her recent research investigates the impacts of regulations targeting algorithmic bias. She analyzes if anti-discriminatory policies that ban using sensitive information such as race or gender in algorithmic processes are effective or whether algorithms adjust to circumvent the regulations.

In her award-winning paper "Can Gender-Blind Algorithmic Pricing Eliminate the Gender Gap?" Dr Demirci uses a natural experiment to investigate the impact of gender-blind algorithmic pricing on consumers and firms. She focuses on a recent policy regulation that prohibits using gender information in pricing algorithms for automobile insurance in the US. Her research investigates how this policy affects the insurance premiums paid by male and female consumers and the pricing algorithms companies use. 

Ozge's findings show that after the policy was implemented, algorithms started to price features correlated with the riskiest gender group, young males, significantly more. For instance, drivers using specific car models associated with young males started paying more after the ban.

Dr Demirci's findings illustrate the limitations of anti-discrimination policies that impose group-blind pricing and have implications for the design of fairer regulations for algorithms.

Dr Demirci's winning paper will appear in the CESifo Working Paper SeriesLink opens in a new window.

---

Ozge Demirci is a PhD graduate in Economics at the University of Warwick. She has received several awards during her graduate studies, including Outstanding Paper Award at Discrimination and Diversity Workshop and the Emerging Scholar Award from the Diversity in Organizations, Communities, and Nations Research Network. Additionally, her research has received several grants, including a research grant from the Royal Economics Society and the Dissertation Fellowship from the University of Warwick.

Find more about Ozge's researchLink opens in a new window

Ten exciting and original dissertations have been published today in the bi-annual Warwick Monash Economics Student Papers (WM-ESP) series.

The online portal showcases the best undergraduate and masters economics research at the two partner universities. The ten papers published today bring the total in the series to 42.

The WM-ESP portal was launched just over 12 months ago with 17 carefully selected papers. A further 15 were added in February 2022. The series aims to provide an insight into the issues which young economists are using their skills to understand and solve. Issues tackled so far include income inequality, obesity, climate change, human capital, boardroom diversity, and livestock vaccination rates in Vietnam.

Member of the WM-ESP Editorial Board Dr Cecilia Lanata-Briones said:

“The Warwick Editorial Board of the WM-ESP is delighted to publish this third collection of original and innovative student research papers.

“Research is at the heart of the Monash Warwick Alliance’s mission and we believe that the work of our undergraduate and masters students fully deserves to be showcased alongside their more experienced research colleagues.

“We hope these dissertations inspire future students at Warwick, Monash and elsewhere with the breadth of topics tackled and the high quality of the work.”

Five of the students who were invited to submit their dissertations to the portal are studying at the University of Warwick.

Harry Beaven looked at the economics of the music industry, with a paper titled “Do songs become more popular after being sampled?” He said:

“It’s a real honour to have been selected for publication, especially considering that my research regards the largely overlooked field of cultural economics. I believe that the study of economics is not, and should not be, limited to just growth and game theory; in this regard I am so grateful to have received recognition for my efforts in proving the limitless potential of economics. I hope that my paper inspires more research outside of the bounds of traditional applications of theory, and that it can act as a step towards free creative expression within the market for recorded music.

Matthew Darke investigated how the risk of job automation in the UK has changed over time. He said:

“I am very grateful and proud to have had my project recognised and published as part of this paper series. The final year Research in Applied Economics project for me was an enjoyable and extremely rewarding experience. I greatly valued the opportunity to apply my econometric toolkit to the field of technology and AI in particular, which I am really interested in.”

Jack Kemp’s dissertation looks at the educational impact of weakening teachers’ unions using evidence from Wisconsin. He said:

“I am very proud to be selected for the Warwick Monash Economics Student Paper Series. I worked hard on my project and it is rewarding to have my work noticed. I think that it is important to disseminate student research and I hope people find my project interesting.”

Patricio Hernandez Senosiain’s paper is “Why do men keep swiping right? Two-sided search in swipe-based dating platorms.” The fifth Warwick paper selected for publication is by Anya Dobson and is titled “Impacts of ECB unconventional monetary policy on Eurozone sovereign risk: A cross-country analysis.”

Formed 10 years ago in 2012, the Warwick Monash AllianceLink opens in a new window brings together two research-focused universities in an ambitious and collaborative partnership dedicated to developing international leaders and expertise for the future.

Related Links

Read our first article on this initiative from 30 September 2021. Top Economics Student Research Showcased on Warwick Monash Portal.

Read the February 2022 update: MSc Economics student research featured on Warwick Monash portalLink opens in a new window

Visit the portal here: Warwick Monash Economics Student PapersLink opens in a new window

Our Economics Alumni community is a large global network with over 15,000 former students of the Department scattered around the world.

We are lucky to have amazing alumni who are eager to remain connected with us after they graduate. We are keen to hear from them to find out more about the career paths they have taken and how they reflect on the skills and knowledge they acquired on that journey.

In this article we introduce Lynda Whitney (BSc Economics, 1997), who is Partner at Aon where she is a Scheme Actuary and actively involved with making complex topics easier for pension scheme trustees. We caught up with Lynda earlier this year when she joined us as part of our virtual ‘Coffee with Economists’ event to celebrate inspirational women economists as part of the International Women's Day 2021.

Following this successful event we decided to ask Lynda a few more questions about the career choices she made since graduation. In particular, we asked her to comment about what it’s like to be a female economist in a male dominated field and what can be done to achieve a better gender balance.

How did you decide upon your chosen career path?

I followed my interests and what I was good at. I enjoyed economic statistics and that then led me towards actuarial work. I then tested that idea through a summer internship which was pivotal in making my career choice. It made me realise that I liked actuarial work and pensions and that’s why I went in that direction.

What was your experience as a woman choosing a career in Economics?

At sixth form college I had already been in the relatively male dominated areas when doing double maths and economics (and the female dominated A level history set). For many years I didn't really reflect on being a woman choosing this career but more that I was choosing a career that I enjoyed.

What does the work of a Scheme Actuary involve?

I work as a consultant mainly with the Trustees of company pension schemes. My role is to help them to make decisions and provide technical guidance. This can involve explaining complex models of life expectancy or future views of inflation or it can be helping them with a negotiation strategy when arguing for more contributions from the company sponsor.

What was your motivation for joining Aon?

I joined a predecessor firm that became part of Aon because of their strong record in supporting actuarial training and because I felt comfortable when I visited that office. I am still there today because the job has kept changing and providing new challenges.

Could you give specific examples of projects you have worked on?

I have helped trustees negotiate multi-million pound contributions from their sponsoring companies. I have designed new forms of security that are not cash. I have helped negotiate the insurance of pension schemes' longevity risk. I have helped trustees to think about how diversity, equity and inclusion applies to their pension structures and decisions.

What is the most fulfilling aspect of your current job?

The best part of my job is helping someone to understand a new concept whether that is a Trustee, a pensions manager, a colleague or a journalist.

What has been the highlight of your career to date?

The 15 minutes of fame was talking about the impact of the changes from RPI to CPI* and getting to explain that technical corner about inflation and pensions on Radio 4 Moneybox and Radio 2 drivetime, to completely non-technical audiences. But the personal highlights have often been the small things, like when I help mentor someone to find the next opportunity and their right niche.

Has the pandemic changed your work in any significant way?

All meetings immediately went virtual and my spare room became my office. But the biggest change was working with company sponsors some of whom were badly impacted by the pandemic and looking to renegotiate the contributions they would make to the pension scheme very quickly. We also had to figure out how furlough worked for pensions, what the employees were entitled to, and the member contributions due. And that is all before then reflecting on how the pandemic has changed long term life expectancy – which is probably a lot less than you might expect as a lay person listening to the news.

Do you get a good work-life balance in your field of work?

I would say that consulting is both intense but also flexible. You have the pressure of client demands but you also have the ability to work part-time and during the pandemic many colleagues have flexed their hours to allow for home schooling or other commitments.

Which skills were of particular importance throughout your career?

The ability to take something complex and explain it simply has been a key skill. This can involve teaching one individual, a small group or presenting to a large room; each scenario needing different presentation styles.

What advice would you give to female students who are considering Economics as a degree but are a bit hesitant?

Economics is built up from people, and thinking about how individuals, businesses or whole countries respond to different economic pressures. Male or female, you want to enjoy analysing problems and thinking about what the most important aspects are.

How would you advise our finalists who are looking for jobs in the current economic climate?

I am aware that recruitment is pressing on as usual. Selection is likely to be through virtual selection centres, but otherwise it isn't very different. If you are researching a company either before a selection centre or especially when trying to decide if you should accept the role, don't be afraid to reach out to someone on social media (like LinkedIn) and ask for a chat. Also, be willing to stand out. Recognise where your strengths are and articulate them.

We thank Lynda for sharing with us her career journey and for her tips to our current and future students.

7 June 2021

*The Retail Prices Index and the Consumer Prices Index.

Warwick Economics alumna and former undergraduate blogger, Isabel Higginson shares her experience as a Mental Health First Aider as part of Mental Health Awareness month.

Isabel graduated from Warwick Economics in 2019 with a BSc in Economics and successfully secured a place at Kraft Heinz on their Management Trainee Scheme. Since then she has gone on to work in their sales division, where she had the opportunity to become a Mental Health First Aider. As part of this role, Isabel was involved in a two day training course which focused on spotting warning signs of mental ill health and learning how to support and listen to those struggling.

In the following extract, Isabel tells us how thankful she is for this opportunity and what it has taught her over the past year as a Mental Health First Aider. She also provides some useful resources and advice for students during difficult times:

"I’m so grateful for how much this opportunity taught me about looking after my own mental health and supporting others with theirs (especially considering the difficulties the pandemic has brought). Mental health really is as important as physical health. It’s also emphasised to me the importance of having conversations around mental health to continue to break the stigmas attached.

As part of Mental Health Awareness Month, I’ve been reflecting on my own mental well-being and how it’s changed during the past few years. Although I absolutely loved my time at university & my current job, it’s common to have difficult moments. I found exam season during university a very difficult time as I would feel very anxious before exams. This past year at work, I’ve felt very drained at times, which has been made worse with having to work from home. When working from home, my personal and working time can easily merge, making it hard for my brain to switch off; I can imagine it’s very difficult studying for exams during the pandemic.

The past year, routines helped me a lot in a world where I couldn’t have routines as we were going in and out of lockdown. For example, going to the gym before work but also more fun traditions such as fun food Friday where I get a takeaway for lunch & payday doughnuts where I have doughnuts for breakfast on the last Friday of every month. These little routines motivate me throughout the day and ensure I’m getting out of the house during the daytime.

I’ve also dealt better with the ups & downs of life knowing that it’s ok not to feel ok. There’ll be days where I won’t be 100% productive and that’s okay. I hope everyone is doing well during this time and if not, please reach out to friends, tutors or mental health resources."

Here is a link that includes some useful resources for university students.

Related links:

• Mental Health Foundation - Awareness Week 2021
• Wellbeing Support Services

We are delighted to announce that Makhtar Diop, a graduate of the University of Warwick’s Department of Economics, has been appointed as the Managing Director and Executive Vice President to head the International Finance Corporation (IFC), an arm of the World Bank Group, with effect from 1 March 2021. The IFC advances economic development and improves the lives of people by encouraging growth of the private sector in developing countries.

Makhtar studied for an MSc in Quantitative Development Economics at the University of Warwick, graduating in 1995. He is a recognised opinion leader in development and has been named one of the 100 most influential Africans in the world.

A Senegalese national and former Minister of Economy and Finance, Makhtar Diop recently served as the World Bank’s Vice President for Infrastructure, where he led the Bank’s global efforts to build effective infrastructure in developing and emerging markets that supports inclusive and sustainable growth. In this role, Makhtar oversaw the Bank’s critical work across energy and transport sectors, digital development, bringing more quality infrastructure services to communities through public-private partnerships.

Prior to that, Makhtar served for six years as the World Bank’s Vice President for the Africa Region, where he oversaw a major expansion of work in Africa and the delivery of a record-breaking $70 billion in commitments. A passionate advocate for Africa and sustainable development globally, Makhtar led efforts aimed at increasing access to affordable and sustainable energy and promoting an enabling environment for innovation and technology adoption.

Makhtar served twice as a World Bank Country Director - for Brazil and for Kenya, Eritrea, and Somalia. He has a strong grasp of the public/private sector interface, started his career in the banking sector, and has first-hand experience in leading structural reforms in support of the private sector, including in his position as the Minister of Economy and Finance of Senegal. He worked as an economist in the International Monetary Fund and he served as the World Bank Director for Finance, Private Sector & Infrastructure in the Latin America and Caribbean region.

Professor Jeremy Smith, Head of Department of Economics said:

“Makhtar is remembered as one of the brightest students on the MSc Quantitative Development Economics programme who was passionate about development economics and wished to pursue it further in his professional career. He kept in close touch with his MSc course tutors (Tony Addison, Alan Roe) who visited Makhtar at the World Bank in 2018 when he was the World Bank’s President for Infrastructure. As one of the most distinguished graduates from Warwick Economics in recent decades, I’d like to congratulate Makhtar on this achievement and wish him success in a new and important role.”

Jeff Round, who was the MSc Quantitative Development Economics Director at the time commented:

“I recall that Makhtar Diop came to us in 1993 with very strong recommendations. To further his career development, Makhtar wanted to gain rigorous training in economics and quantitative methods which Warwick was able to offer. But he also benefited by studying alongside a strong cohort of fellow students. He fulfilled all our expectations and it is not the slightest surprise to me that he has done so well in his chosen career at the World Bank.”

Based on the World Bank press release - see here.

We caught up with Aneesah Sarwar (BSc Economics, 2019), who currently works as a graduate analyst at Barclays UK. We heard that Aneesah had started, with five other graduates, a new podcast and we wanted to ask her a few questions about this enterprise and about her life and work since graduating.

Can you tell us what you have been up to since graduating from Warwick?

I graduated from Warwick in 2019 with a BSc degree in economics. After completing an internship at Barclays at the end of my second year, I was offered a place on their graduate programme and have been working there ever since graduating. Whilst at Barclays I took part in a social intrapreneurship challenge which was all about being an entrepreneur within a large organisation to tackle a social problem in a way that benefits the consumer, the company and society at large. Through this challenge, I met five other recent graduates that were also passionate about solving the problem identified by The Alison Rose Review of Female Entrepreneurship. One in three entrepreneurs in the UK are female, which represents £250 billion of new value that could be added to the UK economy if women started and scaled new businesses at the same rate as men. The review has identified ways of unlocking this untapped talent and the team and I took it upon ourselves to help close this gap and in doing so, the podcast and online community Her Own Boss was born.

How is Her Own Boss helping young professional women?

In order to bridge the early careers confidence gap, Her Own Boss is a podcast and online community designed to help young women find their inner entrepreneur, by exposing them to inspirational role models and providing practical advice for personal and professional development. The episodes explore the stories and experiences of female entrepreneurs from a wide range of industries, covering aspects of entrepreneurship like side hustles, venture capital and start-ups. Listeners can also hear useful tips and tricks in the minisodes where the expert mentors share advice in a bite-sized format. You can listen to the podcast on Anchor, Spotify and Apple Podcasts and all other major podcast platforms. Be sure to subscribe and follow Her Own Boss on Instagram and LinkedIn to hear the latest episodes as soon as they come out.

Explain to us the process of creating and publishing new episodes?

As the team’s Content Lead, I plan the main episodes and minisodes for the podcast. One of my key roles is researching different topics and industries and putting together the plans for each episode to ensure we have a wide variety of content across each season. In order to add value to our audience, it’s important for me to understand listeners’ interests and habits, as well as the early-careers and entrepreneurship space. This helps me identify topics and potential guests that would be perfect for the podcast. Then it’s all about reaching out and inviting people onto the podcast, followed by engaging in content discussions with them. As a team, we then record, edit and distribute the episodes across all our channels for our listeners to enjoy.

What are your favourite episodes?

It’s incredibly hard to choose my favourite episodes because I enjoy every single one. However, one of my favourites is definitely ‘Feminism, fast fashion & sustainable entrepreneurship with Josephine Philips’, which covered the green agenda and environmental sustainability – a topic I’m personally very interested in and passionate about. Having recently graduated university, Josephine has recently launched her green start-up and explained how the fast fashion industry impacts sustainability, feminism and human rights, as well as discussing her own journey to make both her business and personal life more sustainable. I personally love hearing from all the amazing women like Josephine that join the podcast; it leaves me feeling inspired and ready to grasp every opportunity life throws my way. Other episodes have covered entrepreneurship within academia, women in gaming and STEM. These are such interesting industries that I might not otherwise have exposure to, so I find it fascinating to learn more about them by listening to the guests’ experiences and insights.

What have you learnt personally?

I’ve personally found the minisodes so useful for my development. In particular, Vanessa Vallely OBE, founder and CEO of WeAreTheCity, joined us for an episode on how to kickstart your network, which highlighted how to identify who you need to network with, how to approach them and how to keep those relationships thriving. I started using her tips in my professional career and I can see the difference it’s making already! The minisodes have also covered topics like how to overcome imposter syndrome, how to present yourself with confidence, how to create your own career path and much more. Our feedback has shown that our minisodes are not only useful for both students and recent graduates, but also for people wanting to develop in their careers.

How did your experiences at Warwick help you in your career?

Whilst at Warwick I was involved in the Warwick Economics Summit and joined the team in my very first month of starting at Warwick. From starting as a Social Events team member to then leading the Social Events team as a Coordinator in the exec team, I then decided to step it up a notch and take on the role as overall Summit Coordinator. It was a vast amount of responsibility and commitment that challenged me to develop skills such as strategic thinking, communication, time management and leadership, all of which are vital skills in the workplace and beyond. The experience meant that I had both the confidence and ability to seek out and successfully take on additional responsibilities on my graduate programme, which is allowing me to develop further professionally and excel in my career.

What advice would you share with current students and early career professionals?

Focus on yourself and your own goals. You may feel the pressure to conform to what everyone around you is doing but remember that everyone is unique and can create their own path so don’t worry too much about what other people are doing, whether it’s related to studying, societies, socialising or careers. Figure out what works for you and what you want in life and just focus on that.

Her Own Boss - Selection of Episodes and Minisodes

• How to set goals with Niamh Crawford-Walker, 21 December 2020 – Listen now.
• How to succeed in job interviews with Sophie Miller, 14 December 2020 – Listen now.
• How to build your personal brand with Mary Agbesanwa, 30 November 2020 - Listen now.
• Women in gaming: representing the other 50% with Jay & Poornima, 13 November 2020 - Listen now.
• How to overcome imposter syndrome with Sonya Barlow, 9 November 2020 - Listen now.
• How to speak up against micro-aggressions with Hannah Awonuga, 19 October - Listen now.
• How to kickstart your network with Vanessa Vallely OBE, 11 September 2020 - Listen now
• Finding confidence throughout your career with Kate Bache, 3 July 2020 - Listen now.

If you would like to take part in the podcasts, please contact Aneesah via her LinkedIn profile or the Her Own Boss Instagram page.

About Aneesah Sarwar

Aneesah Sarwar is a graduate analyst at Barclays UK. During her time at Warwick, Aneesah volunteered as a WES Summit Coordinator and helped to organise their 18th edition of the Warwick Economics Summit. Aneesah studied BSc Economics between 2016-2019.

We are delighted to report that Warwick Economics alumna (BSc Economics, Politics and International Studies, 2006) has been selected as one of Financial News’s 2020 ‘Top 25 Rising Stars of Asset Management in Europe’.

Caroline Escott, Senior Investment Manager at RPMI Railpen, was picked by Financial News 2020 as one of the 25 brightest and up-and coming talent in the investment section in Europe. This was Caroline’s second success in the last twelve months as she also won Investment Week’s ‘Investment Woman of the Year 2019’ award – reported by us in January 2020.

Her profile, published in Financial News – Meet the 25 Rising Stars of Asset Management in Europe describes her impressive career to date, from her internship for David Willetts MP to her work in research and public policy roles connected to sustainability and fund management. Her most recent position was at the Pensions and Lifetime Savings Association, one of the UK’s largest investor groups, where she led its public policy work on investment and stewardship. She also led the organisation’s work on diversity and inclusion.

We asked Caroline about her success and she said:

“It was a real privilege to make this list – particularly alongside so many incredible and inspirational industry colleagues. I think the list showcases the growing diversity within asset management and I was also particularly pleased to note a strong showing from fellow responsible investment practitioners; our sector is becoming increasingly important as policymakers and companies consider how the flows of private capital can influence corporate behaviour on issues like climate change, human rights and workforce wellbeing.”

In September Caroline joined RPMI Railpen as Senior Investment Manager to lead the £30bn scheme’s active ownership, corporate governance and engagement strategy. She also sits on the board of trustees of the Standard Life Master Trust and is one of the youngest pension trustees in the UK.

We also asked Caroline to tell us about her new role and she commented:

“I’m now 8 weeks into my role leading the Active Ownership work at RPMI Railpen which, with £30bn of assets under management, is one of the UK’s largest pension schemes. I am responsible for ensuring we act as a responsible steward of this £30bn, working with portfolio firms to improve their corporate governance, fully take account of all material financial risks and opportunities – including environmental and social challenges – and thereby protecting and enhancing the value of our members’ savings.”

It was an unusual start to a new job because of the pandemic and Caroline started to work remotely from day one:

“I have onboarded “virtually” which has gone smoothly but it still feels a little strange not having yet gone into the office, or shaken hands with my team! Happily, my colleagues have been extremely welcoming and the culture and attitude is exactly how I had hoped it would be: talented and committed experts who have a real sense of mission and want to do the right thing for our members.”

Caroline has this message to the current students of the Department:

“You can do so many different things with a Warwick Economics degree, there is a world of possible choices out there and I know that even my undergraduate class alone has gone on to do some fascinating things!”

We have invited Caroline to speak to our students as part of the new Careers in Economics Webinar Series 2020-21. Details of the event to be published shortly.