By Pedro Barroso Varela Fernandes, MFA2025
As I wrap up my Masters in Financial Analysis at London Business School, I find myself reflecting on a year that felt like it flew by and yet left behind a lasting impact. It was more than a learning experience; it was a constant transformation.
A Year of Intensity and Growth
Coming from a double bachelor’s in Law and Management, I arrived at LBS knowing I had a steep learning curve ahead. I was excited, but also slightly apprehensive about how I would hold up in an environment where financial modelling and quantitative rigour were the norm. Looking back now, I leave not just more comfortable, but confident in areas I once found daunting.
Corporate Finance in Term 1 was a perfect introduction. Professor Alex Edmans stood out by showing us the bridge (and at times, the gap) between academic theory and industry practice. His course made it clear which frameworks truly shape decision-making in the real world and which are best left in textbooks.
Then came Term 2 and the Securities Valuation and Financial Modelling course, which, for me, was where everything clicked. It wasn’t just about building a complete 3-statement model (though we did that too); it was about understanding valuation from the ground up, rooted in company strategy, industry trends, and rigorous scenario and sensitivity analysis. This was hands down the course where I learned the most.
In Term 3, Private Equity, taught by Joe Topley (who brought a wealth of experience from both the GP and LP sides), was a different kind of eye-opener. It wasn’t academic, it was real. We tackled everything from basic concepts to the nuanced mechanics of buyout transactions. His practical, insider approach made the entire field come alive.
Beyond the Classroom
Some of the most intense and rewarding learning happened outside the classroom. A clear highlight was our week-long sprint (London Business Challenge Week) preparing an investment pitch for KKR’s infrastructure climate tech fund. It pushed all of us to the limit, especially given we had to work with MFA students we hadn’t collaborated with before and deliver something client-ready in a matter of days. Learning from Sloan mentors and interacting with KKR professionals made the experience even more valuable. We walked away exhausted, but with new skills and a deeper appreciation of what excellence under pressure looks like.
Of course, not everything was about spreadsheets and pitch decks. Sundowners became a ritual, a chance to decompress, to reconnect with friends from other programmes, and to remind ourselves that we were part of something bigger than our own cohort. Even when the London weather and the MFA’s assignments tried to test us, the LBS spirit held strong.
The People Who Made a Mark
Some professors left a lasting mark on how I think about finance. Joe Topley, for his unmatched ability to make Private Equity real but intuitive. Kostis Christodoulou, for his pragmatic approach to teaching and the way he engaged with students. And Christopher Hennessy, whose Capital Structure class made us all realize that sometimes, a differential equation is less scary than a broken Excel model (and definitely more elegant).
Looking Ahead
I’m heading back to Lisbon to return to my role in Private Equity, but I’m returning with a very different toolkit. I now feel prepared to add value in a way I couldn’t have straight out of my undergrad studies. I bring with me everything I’ve learned: from theory to technical skills to the hundreds of insightful conversations with peers and professors that challenged me to rethink what I thought I knew.
More than that, I carry a new mindset: that I’ll never know enough to be satisfied, and that’s a good thing. This year has instilled in me a drive for continuous learning that I know will shape the rest of my career.
Global Insights, Local Roots
The Stockholm Global Experience gave me a glimpse into how sustainability and profitability are not mutually exclusive unless you lack innovation or fail to anticipate future trends. I’m taking those insights back with me, aiming to make them part of how I evaluate investments and how I operate as a professional.
Portugal will always be home (with its sun, food, and community) but I know I’m part of a global network now. I’ll carry LBS and its people with me, and I’m certain our paths will cross again: whether in Lisbon, London, or somewhere entirely unexpected.
