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Modern Integrity and Impact

By Impact, Integrity, Principles No Comments

“Something came up.” This is perhaps the most common requiem sung on behalf of failed commitments and unfulfilled responsibilities. And, perhaps relatedly, it is often one of the least heart-felt. Sure, it’s unfortunate that we had to abnegate our duties — but we had no choice. Unforeseen circumstances required us to take extraordinary measures in order to be present in some other space. While the failure is unfortunate, it does not reflect on our integrity or moral character. We did the best we could.

 

Perhaps. I want to argue that the sense of integrity which is not injured by such a decision is running on an antiquated operating system, and desperately needs to be upgraded to reflect our modern world. Such an upgrade to a fully modern interpretation of integrity will not only allow us to better keep our commitments, but will also feed into our ability to impact the world around us more generally. This modern integrity will ask much of us—I’ll leave it to you to decide whether it’s worth the while.

 

So what is “something came up” integrity? Well, to use the framework of human development pioneered by Harvard psychologist Robert Kegan, often it is a sort of integrity which presupposes a stage-3 communal self. This version of the self identifies as a set of relationships, all of which impose potentially unlimited obligations on us at all times. According to the communal mindset, integrity comprises in meeting whichever one of these infinite obligations presents itself in the moment. If multiple obligations happen to present simultaneously, we break the tie between infinities by following our emotions; i.e. we planned to give a talk, but then our friend’s goldfish died, and, well—something came up. Because we’re always under these infinite obligations, any commitment we make comes with a laundry list of asterisks attached—it becomes provisional.

 

This might sound reasonable—after all, even the most cold-hearted would probably agree that there are some unpredictable events in life that do indeed impose obligations that overwhelm the ones we formed in previous commitments. We probably should not walk over someone dying on the street in order to make it to our meeting on time. But, it can be overused, with dire consequences. How many marriages failed because “work came up” on one too many date nights? How many companies failed because personal matters came up for one too many mission-critical workers at the wrong place and in the wrong time? How many careers sputtered because “something came up” and impeded one too many crucial actions? Many of the best things in life depend on commitment, and I challenge you to think of one which hasn’t been jeopardized for someone you know by something that “came up” which wasn’t truly enough of an emergency to warrant it. Once you look for it, you’ll hear its somber tune all around you. We sing it every day.

 

Fortunately, there is an alternative. According to Kegan, the next stage in human development is the stage-4 institutional self. Here, obligations depend on context, which for all but a few is non-global. We might be a parent, child, boss, subordinate, friend, partner — but we are not subject to unlimited obligations coterminous with each role at all times. We can leave our work phones on silent while bonding with loved ones and tell our bereft goldfish-keeping friends that we will console them after our mission-critical work meeting. It might seem cold to draw boundaries like this, and perhaps even uncaring. But is the best way to communicate care to someone really the extent to which we’re willing to neglect duties that third parties are relying upon? As long as we keep boundaries firm all-around, no one should get shortchanged, and everyone will be able to count on us. Our voice will be one fewer added to the morbid chorus of something-came-up dirges.

 

Life will become more predictable, which is a prize of its own. The communal model of self is perfect for a small hyper-egalitarian community whose time constraints on work do not bind — exactly the kind that dominated before the invention of projectile weapons and agriculture. But in a world characterized by complexity where time constraints bind tightly, it’s simply not a viable way to make an impact. If we follow Professor of Neuroscience Karl Friston’s model of intelligent agent action and consider cognition to be guided by a process which seeks to minimize surprisal (free energy), we can get a clearer picture of why this might be.

 

Under a Fristonian model, there are two main sources of surprisal: goal-related and means-related. We can think of goals as expectations; we expect to eat every day, and if we didn’t, we would, at some level, be surprised. To ensure we don’t encounter this surprise, we take actions; we might go to a restaurant with some friends. Of course, this introduces potential surprisal as well — what if the restaurant turns out to have a pest problem, or a fight breaks out at a nearby table? As long as the expected surprisal penalty you incur by the means is less than the surprisal you’d suffer from not eating, you’ll take the trade. If it’s not, you’ll probably find yourself skipping lunch — and perhaps minimizing surprisal some other way, maybe by scrolling through social media.

 

What does this all have to do with impact and integrity? To the extent that actions are downstream of obligations, a sense of self guided by obligations which are clear, pre-determined, and context-dependent will pre-potentiate predictable actions. When we are able to fully commit to future actions, the amount of variance — expected surprisal — that those actions will “cost” is drastically reduced. Eventually, it might become so low that we take the actions almost unthinkingly; habits are the epitome of non-provisional commitment. While most of us can’t live a life constituted 100% of unthinking habits, we can extend the fundamental principle they depend on: that the derivative of success with respect to expected action surprisal cost is negative. 

 

This is a principle we all intuitively know: when we want to finish a big project, we might write down all the necessary tasks into a list, or maybe even vividly imagine ourselves completing them. We set clear expectations and align on goals and strategy. Computationally, it’s (not-so-simple) arithmetic. Predictability means less action cost means more goals met over the long run. If we wish to make an impact, the answer is clear: ditch stage-3, and embrace stage-4. If our goal is to change the world for the better, we can’t accept a life whose soundtrack is that oh-so-familiar song on repeat, whose commitments are provisional and wherein we pay out the nose in terms of expected surprisal for the actions we need to take to achieve our goals.

When we have a second to reflect, let’s ask ourselves: Do I show that I care for others by carving out and defending quality time with them, or by reneging on my commitments to third parties when something comes up for them? Do I let myself off the hook a little too easily when I don’t follow through? Do I minimize the expected surprisal cost of the actions I need to take to get things done, or do I vainly blaze a new trail through the jungle of chaos and unpredictability every day? Do I ever fail to reach my potential because I’m unsure, uncertain, or uncommitted? These are tough questions, but all we have to lose is our expected action surprisal cost — and an old earworm.

Impact and Decision-Making: Analyzing the Economic Impact of the American Rescue Plan Act of 2021

By Financial Leadership, Humility, Impact No Comments

As an active member of Scholars of Finance, I have learned about the importance of having core values in decision-making and everyday life. One of our core values at Scholars of Finance and our Value of the Month for February was Impact. As the COVID-19 pandemic drags on, Congress recently passed a $1.9 trillion stimulus known as the American Rescue Plan Act of 2021. President Biden signed the bill on March 11th and it acts as another COVID-related stimulus that will impact the lives of American citizens and influence our economic trajectory.

On the surface, a bill intended to help others during a time of need sounds like it would receive bipartisan support after a year-long crisis. However, for the American Rescue Plan Act of 2021, that is not the case.

Primary Provisions

The American Rescue Plan Act of 2021 aims to address many issues ranging from unemployment, small business assistance, vaccine rollout, education, and a range of others including:

  • $1,400 direct payments for individuals making up to $75,000/year and couples making up to $150,000/year (being phased out at $80,000/year and $160,000/year)
  • An extension of $300/week in unemployment benefits up until September 6th
  • Household relief of up to $3,600 per child for families with children
  • $350B in state and local aid
  • $15B to assist small businesses through the Emergency Injury Disaster Loan Program
  • $125B in aid to K-12 schools to reopen
  • Tens of billions in funding for a nationwide COVID-19 vaccination program
  • And many more

However, the bill sparked debate in Congress over the enacted shortcuts and its $1.9 trillion price tag.

Political Opposition

The road to legislation for the American Rescue Plan Act of 2021 was far from smooth. The bill faced opposition from Republicans and some Democrats citing their disapproval of Democrats’ use of the budget reconciliation process bypassing the Senate filibuster to pass the bill and its expensive nature. Senate Minority Leader Mitch McConnell (R-Ky.) has stated that the proposed stimulus is “wildly expensive” and “largely unrelated to the problem”. Jared Golden, a House Democrat from Maine, voted against the bill, defending his vote stating, “I won’t support trillions more in funding that is poorly targeted or in many cases not necessary at this moment in time”. The high cost of the bill has been the main issue Democrats faced in getting it passed, however, the bill received a lot of support from the Democratic party.

Democratic Support

Despite Republican opposition, most Democratic leaders voiced their support for the bill. Senator Bernie Sanders (I-Vt.) has described the bill as “The most significant piece of legislation to benefit working families in the modern history of this country.” House Speaker Nancy Pelosi (D-Ca.) also stated that the bill “Goes a very long way to crushing the virus and solving our economic crisis.” Democrats who supported the bill cited its significance after a year-long crisis and as a preventative measure for the future.

Next Steps

On March 6th, the Senate passed its version of the bill – which did not include the initial $15/hr minimum wage proposal after it was struck down by the Senate Parliamentarian – in a party-line vote. Democrats then successfully passed the bill in the House with another primarily party-line vote on March 10th, and President Biden signed the bill into law on Thursday, March 11th. With the current round of unemployment benefits from December’s stimulus running out in the next couple of weeks, President Biden aims to “Get checks out the door starting this month to the Americans that so desperately need the help” in what will be the third round of stimulus checks since the pandemic started. 

The Effects on the Economy and Markets

With the economy still recovering from the COVID-19 pandemic that caused an economic shutdown about a year ago, the purpose of a stimulus such as this one is to accelerate economic and GDP growth to get the economy back on track. In addition to the stimulus bill, Chairman of the Fed, Jerome Powell, stated that the Central Bank does not plan to raise interest rates (currently at a record low 0.25%) any time soon. However, the proposed stimulus coupled with a relaxed monetary policy from the Fed has raised some concern about inflation and its spillover effects into the bond and stock market. 

One voice of concern comes from Former Treasury Secretary Lawrence Summers. Summers recently stated in an Op-Ed article that “The proposed Biden stimulus is three times as large as the projected shortfall. Relative to the size of the gap being addressed, it is six times as large”. His article raises a cautionary warning of inflation which has been reflected in the rising yields of treasury bonds in recent weeks and a decline in tech stocks. However, Nobel Laureate, Paul Krugman, responded by stating that the recession caused by the COVID-19 pandemic should be considered “A natural disaster than a normal recession,” and that any fiscal stimulus should be viewed as necessary “Disaster relief”. Krugman additionally argues that concerns over inflation are exaggerated, as stimulus checks are likely to be saved and not immediately spent, therefore providing consumers with stability and expanding their capabilities for future spending. 

On Wednesday, March 10th, the Dow Jones Index reached new highs breaking 32,000 showing signs of delight at the bill’s passage in the House, and continued to reach record-highs on Thursday. However, the effects of the stimulus on the economy will not be immediately observable. In the coming months, economists will be on the lookout for several indicators such as unemployment, treasury yields, inflation, vaccine rollout, and many others. Monitoring these trends will influence whether or not the Fed will have to take action and raise interest rates earlier than anticipated if inflation gets out of control.

Conclusion

Is a $1.9 trillion bill a necessary relief needed to provide citizens and the economy with the support they need, or should the inflationary concerns take precedence? As we have seen, it is up for debate. 

Nonetheless, as a member of Scholars of Finance, I know that my decisions impact those around me. Although they may not be as large-scale as those of politicians and financial leaders, having a values-based approach has undoubtedly helped guide my decision-making. Learning how to implement the values of Integrity, Compassion, Humility, Curiosity, and Courage into my decision-making has enabled me to achieve another core value — Impact. For politicians deciding on the American Rescue Plan Act of 2021, reflecting on their values and their responsibilities as public servants to citizens hopefully helped guide them in their decisions and best serve the country. By upholding the values of Curiosity and Compassion, politicians can seek to understand society’s needs and act accordingly. With Humility, they will be able to reflect upon the responsibilities they accepted and their role to serve on behalf of the greater good of all people. Through Courage and Integrity, they can build trust through honesty and speak up for what is right. Altogether, enabling them to have a positive Impact on the people they serve. As the world and society continue to evolve, I urge everyone to reflect on the impact they have had, wish to make, and the legacy they want to leave behind.

 

“I believe I have a personal responsibility to make a positive impact on society.”

— Dr. Anthony Fauci

 

Sources: 

 

Impact: How Excellence Unlocks Change

By Impact No Comments

At Scholars of Finance, we have six core values that are at the center of what we teach and strive to lead with: Integrity, Compassion, Humility, Curiosity, Impact, and Courage. Each month, our members vote on the “Value of the Month”, which has increasingly been at the center of discussions we have at both undergraduate chapters and among our national team.

For the month of February, our Value of the Month is Impact. Some of our members asked me to share a brief background on why Impact was selected as one of our core values and how it helps us achieve our mission at SOF. So, I am going to walk through the value, its “epithet”, and the 4 principles we believe reflect this value. I hope to explain the rationale behind them and provide you with some examples and questions to help you consider how these may apply to you personally. Here they are:

Impact

Do excellent work

  • Accept nothing less than your best
  • Develop credibility through consistency
  • Operate patiently and think long term
  • Live a healthy and balanced life

We use the term “Impact” interchangeably at the organization to mean two things. Most commonly, we use  “making an impact” to mean doing excellent work that advances our mission. Secondly, we “make an impact” on others, our organization, and the world by doing good, making a difference, or making lasting, positive contributions to society. The latter has become incredibly common today. We believe our mission of inspiring character and integrity in the finance leaders of tomorrow will make an enormous impact on the world in this sense. Ultimately, It will change how billions of dollars are invested and allocated – toward solving problems, improving communities, and helping people thrive.

Do excellent work

We define Impact as “doing excellent work” because we believe that is integral to making an impact (the “doing good” kind). Our vision is a future where all finance leaders steward the world’s capital to serve the greater good. This requires several components. First, we need ALL finance leaders on board. Yes, they need to view themselves as stewards – as fiduciaries who are entrusted with capital on behalf of others in a role of service. They do need to be motivated by improving the world around them, rather than self-gain, greed, or power. Accordingly, at Scholars of Finance, we often emphasize developing “highly principled” future leaders as the means of achieving this vision. But a clear reality is that we also must be the “highest performing” future leaders as well if our members are to enter finance, succeed, and ascend the ranks of leadership and reach a level of seniority where they can make a significant impact. They need to do excellent work to get in the door and then climb the ladder.

So, with that in mind, let’s break down our four principles for Impact, which we believe define the behaviors that reflect this in action – and also discuss why they are so important.

Accept nothing less than your best

Finance demands this from us. The gravity of our future decisions demands it. We believe members of Scholars of Finance will one day allocate millions or even billions of dollars. That’s an enormous responsibility and deserves our very best effort because those decisions can influence thousands of lives – and many more. I sometimes reflect on the precision that engineers at NASA or SpaceX have to employ in their work, and I genuinely believe investors should apply the same level of rigor in trying to allocate capital to its highest purposes – where it can do the most good. Practically, today, this looks like being detail-oriented, doing thorough research, and thinking critically. It’s putting in the extra effort.

Develop credibility through consistency

Finance is largely a relationship business. Our ability to bring projects to fruition or deals to close requires that others trust and respect us. Large and complex projects also require the collaboration of many people, so we need to consistently build credibility, across teams, companies, and contexts. We need to be consistent so people know they can count on both our word and our work. They need to know we will deliver. Many of our speakers and mentors share that they only want to work with people they trust, and in Wall Street, expectations of excellence are incredibly high – trust has to be earned constantly. Ralph Acampora, one of our Advisors, who is renowned on Wall Street, often says “it took me 50 years to build my reputation, and it could take me less than 5 minutes to destroy it”.

Operate patiently and think long term

Short-termism has been argued to be one of the largest hindrances to advancing society as quickly as we are capable of through investment in innovation and moving capital toward businesses and products that are in our collective, long-term best interest. For example, many have argued that short-term profit pressure has slowed our transition to renewable energy sources, leaving us with the prolonged effect of pollution and carbonization of our atmosphere – all of which are creating growing costs we will have to pay for years from now. In addition to the need to be patient with our investing to unlock progress for society, we need to be patient to advance deals, as they are often complex and take time. For example, I spoke to the former CEO of a top investment bank that had once acquired another sizable firm, and the CEO said that they had been building the relationships needed to close that acquisition for more than a decade.

Live a healthy and balanced life

This may seem counterintuitive, and to some, almost tone-deaf considering what we hear about the lifestyle and workload of investors. Our members pursuing roles in investment banking dread the 80-100 hour work weeks they’ve heard horror stories about. Rightfully so, because that kind of lifestyle drives burnout and sleep deprivation, which can lower our moral awareness and, not surprisingly, dramatically reduce our cognitive performance. In finance, the stakes are often high, with millions of dollars on the line. Tending to our mental, emotional, physical, and spiritual health is critical for our decision-making under those intense circumstances. Excellence requires us to operate at our highest levels, so sleep, nutrition, exercise, relationships, and every aspect of our lives need to be in order. Becoming an executive is also a multi-decade journey, which burnout would halt before we even get close to the “finish line”. We need to operate sustainably.

Conclusion

Hopefully, this begins to paint a picture of what Impact means to us at Scholars of Finance and why it’s important. Like most, we think it guides us toward making a difference in the world and people’s lives. And we also believe it entails holding ourselves to a high standard of excellence in the process. 

In the months ahead, with members, mentors, and speakers, we will dive deeply into each of these principles. We hope that, as February winds to a close and you reflect on your impact, you can identify a few ways to do even better work – excellent work – that advances a mission that’s important to you. 

Ask yourself: Are you doing your best work or spread so thin everything you produce is just “good enough?” Are you building credibility through consistency or creating for yourself a reputation for underdelivering? Are you thinking long-term or only thinking about this quarter, this month, or even this week? Are you living a healthy and balanced life or are you stressed, anxious, eating poorly, and barely sleeping? 

Taking a bit of time to pause and soberly face these questions will almost always yield actionable insights. I hope that you’ll set aside even just 15-20 minutes sometime after reading this to ponder these questions, and ideally identify 1-2 things you can change in the week ahead to make more impact. 

As I do the same, I am raising a virtual toast to you and to all of the long-term impact you’ll unlock as a result. 

Six Questions with Jenny Han

By Curiosity, Impact, Values No Comments

Six Questions with Scholars of Finance is a series intended to highlight the thoughts and lives of our students at Scholars of Finance. In the series, the students are simply asked six questions which we think embody the SOF experience and their answers are shared right here on the Scholars of Finance blog. In this second edition, we had the pleasure of sitting down with Jenny Han, a rising Sophomore at UC – Berkeley. If you are a student and would like to be featured in a segment of Six Questions with Scholars of Finance, please reach out to Jake Kranz via email.

What school do you go to?

University of California at Berkeley Class of 2023

Do you have any employment plans in the near future?

I am interning at a company called Kaali that is part of UC-Berkeley’s SkyDeck accelerator program.

Could you tell me a little bit about your experience with Scholars of Finance so far?

I joined Scholars of Finance in the spring of 2020 and gravitated towards it because of how differentiated of a business club it was, and still is. I was drawn in by the focus on morals and values and my strong belief in the mission. I’m a part of the associate team for the LDP out here and I’ve really enjoyed building deep, meaningful relationships with members through this program.

What is your favorite memory from Scholars of Finance so far?

My favorite memory so far is definitely the LDP. It’s given me the opportunity to learn about myself and others much more than I have in any of my other clubs or classes at college.

What’s the most valuable lesson you’ve learned from Scholars of Finance?

The most important thing that I’ve learned to do in my time at SOF is the ability to implement my values and morals into everything that I do. Instead of thinking of success in the traditional way, I now think of success as sticking true to my values and living life in accordance with them.

If you could tell the next generation of SOF students anything – what would you tell them?

Take this time to truly reflect on who you want to be and what you really want out of life.

Six Questions with Noah Haverlock

By Curiosity, Impact No Comments

Six Questions with Scholars of Finance is a series intended to highlight the thoughts and lives of our students at Scholars of Finance. In the series the students are simply asked six questions which we think embody the SOF experience and their answers are shared right here on the Scholars of Finance blog. In the first edition of Scholars of Finance we had the pleasure of sitting down with Noah Haverlock, a graduating senior at the University of St. Thomas in St. Paul, MN. If you are a student and would like to be featured in a segment of Six Questions with Scholars of Finance, please reach out to Jake Kranz via email.

What school do you go to?

University of St. Thomas Class of 2020

Do you have any employment plans in the near future?

I will be joining Chartwell full-time as an ESOP(Employee Stock Ownership Plan) Analyst.

Could you tell me a little bit about your experience with Scholars of Finance so far?

It’s been a long leadership journey for me so far. I’ve been involved with SOF for three years and started as a member of the symposium team in a minor role. From there I wanted to take on more of a leadership role and slowly worked my way up the ranks until I became the president of the chapter this last year. As a part of my role this year I had the opportunity to facilitate the LDP and it was very fulfilling seeing the participants grow. 

What is your favorite memory from Scholars of Finance so far?

My first symposium was a big memory especially since I was able to help out behind the scenes. That was the 2018 Symposium back when I was a sophomore. I didn’t know what it would feel like being a part of the leadership team pulling the event together, but it was really cool being a part of something that big.

What’s the most valuable lesson you’ve learned from Scholars of Finance?

It’s important to think about your values and bring them top of mind before you enter your career. Even if we don’t encounter ethical issues now, we will encounter them in the future. Knowing your values and having a line in the sand to guide you is huge.

If you could tell the next generation of SOF students anything – what would you tell them?

DIVE IN! You’ll get out of SoF what you put in and if there’s anything you’d like to learn about, or any skills you’d like to develop – you can – just ask around. Also, be sure to take advantage of the Speaker Series events and stay in contact with your mentor(s).

Enduring the COVID-19 Quarantine

By Courage, Curiosity, Humility, Impact, Integrity No Comments

Lately, I’ve been thinking a lot about the world as a singular, integrated entity—one free of borders, restrictions, or individual nations. Rather, a massive unit of free-flowing thought, boundless inspiration, and limitless ideas. With our current circumstances, how could I not? No matter which corner of the Earth you hail from, you are likely to be one of billions stuck at home, battling similar feelings of concern, angst, or frustration toward the COVID-19 quarantine. However, looking past its overtly devastating impact and a tragic impediment to society, COVID-19 has left one particularly remarkable effect on the world—solidarity

A new degree of global awareness, one that is far too often lost in the hectic pace of everyday life, has been garnered by so many of us. For example, never have I found myself so engaged in the daily lives and feelings of those from Italy or China, who were initially afflicted the most dramatically. Never have I been so inspired by the collective voices of citizens singing from balconies, or videos of healthcare workers stripping their masks off in celebration of success. Never have I felt so in sync with the world or understood so clearly the nature of humanity—to suffer, and heal, as one.

Still, even with a firm grasp of the nature and severity of the situation, how are we going to get through this? As Scholars of Finance members, business students, and analytical enthusiasts, we are certainly accustomed to a level of unpredictability, but never before on this scale. How can we make the most of our time during the COVID-19 quarantine? In what ways can we harness growth and continue to build our personal and professional skillsets? While I am no expert, I am happy to share the number of ways I have been sustaining my productivity and sanity, plus a few more that might help you do the same.

First and foremost, while I have continued maintaining relationships that I have formed with professionals during my first semester at NYU Stern, I have also continued maintaining personal relationships. It is equally as important to check in on those who care about you and to be responsive. Allow your academic and professional roles to be principal in your life, but prioritize your friends and family just as carefully. From personal experience, when you have trouble balancing all of these different sectors of life, consider revisiting the Scholars of Finance core values—integrity, humility, curiosity, courage, and impact—to help guide your decisions.

Furthermore, it is very possible to excel in your academics. Following a relatively strict time schedule to complete your coursework, possibly one identical to your pre-quarantine schedule, deems itself a promising plan. Give yourself a structure. Consistency is key. Still, it wouldn’t hurt to change out of those pajamas you’ve worn for three days!

On a more professional note, it is unfortunate to hear that many summer internships have been canceled. However, there are a number of firms that are willing to accommodate internships digitally. In fact, just last week I interviewed for a firm that told me to expect the possibility of an online transition. Additionally, there is a multitude of online resources aimed at providing alternatives to those whose internships have been canceled: I’d recommend simply opening up your LinkedIn account, and I can guarantee that a number of these resources will pop up on your feed. If you’re having trouble, be sure to reach out to your established connections or create a post—you never know who might be able to help you. Luckily, interview prep, resume workshops, and career panels are still in abundance. Many companies are hosting live and interactive webinars, such as Wells Fargo’s 2020 Beyond College Webinar Series, and are committed to your success now more than ever.

With that, I hope a weight is lifted off your shoulders and you are able to find clarity in the transition to a digital academic/professional experience if it comes down to it. Again, it can be extremely beneficial to stay busy. Keep up with your coursework, continue advancing your professional skills, and maybe even pick up a new hobby—personally, I’m trying to learn Spanish!

To the extent that you can, try to mirror or slightly modify activities that helped you find success, and peace, before the days of the COVID-19 quarantine. In the midst of enormous chaos, it is vital that you keep stillness inside of you. Here at Scholars of Finance, there is a tremendous amount of support and guidance through all of this, so do not hesitate to reach out to a member or an executive should you feel lost or defeated—maybe even consider joining our organization in the future. Lean on your family, friends, and mentors as you see fit. It is difficult to overstate the tragedy and disturbance that COVID-19 has brought us, so please know that any fears or concerns you may have are valid, understood, and empathized with. Above all, stay positive and hopeful for the future—your own future, the future of the sick or less fortunate, the future of the economy, and the future of the cities you might call home. As not just a member of Scholars of Finance but a student at NYU Stern, I am incredibly hopeful and optimistic for the greatest city in the world (and others) to beat COVID-19 and to return just a little bit greater.

 

— 

Tony Ferrara is a member of Scholars of Finance and one of the original Co-Founders at New York University. Tony is currently a freshmen at New York University and is majoring in finance and sustainable business with a minor in public policy at the Stern School of Business.