By Marcella Thompson, MiFFT2024
Before graduating from the Masters in Finance programme at London Business School, I had the privilege of participating in an exchange programme at Columbia Business School (CBS). In November 2024, I attended the block week course titled “Value Investing Across the Capital Structure”.
As an ambitious finance professional, I have always dreamed of visiting New York City, and this was the perfect opportunity to experience the Big Apple for the first time. I was curious to form my own impressions of the endless comparisons between London and New York. This was an unparalleled chance to immerse myself in one of the world’s leading financial hubs and deepen my knowledge of value investing at CBS, the business school that pioneered this investment philosophy, initially taught by Benjamin Graham and David L. Dodd, and later popularised by Warren Buffett.
“Value Investing Across the Capital Structure” at CBS
The block week was part of the Executive MBA (EMBA) programme at CBS, with 7 seats reserved exclusively for Masters in Finance candidates from LBS. Over an intensive 5-day elective course, active participation was required in a small class of approximately 35 students, enriched by frequent guest speakers.
The course provided a buy-side approach to securities analysis, emphasising real-world application through case studies. We explored special situations where value could be unlocked, preserved, or transferred due to corporate events. The focus on catalyst-driven evaluation processes and understanding liquidation preferences in the capital structure added depth to our discussions that ranged from M&A arbitrage to distressed debt investing. Advanced topics in financial statement analysis and valuation were applied to event-based scenarios to evaluate opportunities on both the long and short sides, effectively rounding out the programme.
The academic standards matched the best electives in finance at LBS, offering great insights into the complexities of capital structures and the nuances of risk-reward for securities analysis.
During the block week, the EMBA programme provided the perfect opportunity to interact with colleagues in a more informal setting outside the classroom over breakfast, lunch, and coffee breaks.
Modernity meets Tradition at Columbia University
A few blocks away from the historic campus of Columbia University at 116th Street in New York City, Columbia Business School has operated in magnificent facilities at 130th Street since 2022. The two brand-new buildings — Henry R. Kravis Hall and David Geffen Hall — stand across from each other in an area known as The Square. The modern architecture is everything you’d expect from a top business school: highly functional and technological, featuring neutral tones and expansive glass windows that maximise natural light.
As an exchange student for the week, I had access to Columbia University’s main campus by requesting access through a QR code. Among the highlights is the iconic “The Steps” which leads up to Columbia University’s Low Library (despite the name, it is no longer a functioning library) and serves as a social point that I couldn’t fully experience during my rainy days in New York. The main campus also has iconic library buildings, such as Butler Library and Avery Library, restricted to exterior views for visitors like me, but still well worth admiring from the outside. Finally, though by no means least, I feel compelled to mention the replica of Rodin’s The Thinker. With all due respect to the Musée Rodin in Paris, the masterpiece perfectly translates the intellectual atmosphere of Columbia University, representing the generations of brilliant minds who have once walked those grounds.
Building global connections
One of the key highlights of my time at CBS was the opportunity to network with participants of the EMBA programme, most of whom bring over a decade of professional experience in finance careers across the globe. Most attendees were at VP or director level, working in leading banks and asset management firms such as JP Morgan, BlackRock, and Nuveen — much aligned with CBS’s strong tradition in finance.
The diversity of nationalities within the classroom mirrored that of LBS, with participants coming from all over the world. In addition to Americans, there were many participants from the Middle East and Latin America, and the EMBA Global programme, jointly offered by LBS and CBS, brought several Europeans into the classroom.
Before the programme started, the faculty conducted a survey to better understand the participants’ backgrounds, which added a tailored dimension to the programme. I am particularly thankful to Prof. Keith Luh, who went above and beyond to personally introduce me to another investment professional from the renewable energy sector. Certainly, this connection made my experience at CBS even more insightful by engaging with a like-minded peer.
Exploring New York City like a local
My time in New York City had a local flavour, as I stayed in the heart of the financial district with an old friend who grew up with me back in Brazil. Staying in Wall Street, a few steps away from the Charging Bull and the New York Stock Exchange, brought a different point of view over the course of my visit. Each day, I commuted to CBS crossing nearly the entire length of Manhattan — from the very south of the island to the Harlem — in about 40 minutes. In between classes, exploring every corner of the financial district gave me some of the best memories of my 10-day trip to the city.
New York City has an endless cultural agenda to offer, from its vibrant fashion scene to unique shopping opportunities, museums, and great restaurants. If I had to share one recommendation, it would be to visit one of the city’s observation decks. Experiencing Manhattan from above is a perspective like no other, especially at the sunset, when the city transitions from day to night. I visited The Summit at One Vanderbilt, a rooftop attraction in Midtown Manhattan that innovates by blending art and design to create an extraordinary experience. It lived up to its social media hype, offering spectacular views that made my visit unforgettable — not to mention all the photo opportunities, of course.
New York, New Ideas, New Opportunities
The block week at CBS proved to be an incredible experience, and I would enthusiastically encourage every Masters in Finance candidate at LBS to consider it.
The application process might be competitive, requiring strong academic performance, a clear motivation, and evidence of your contributions to the LBS community. Yet the rewards are immense. Embracing such an international opportunity during your time at LBS not only adds immense value to your degree but also shapes you as a global finance professional, providing insights into the dynamics of one of the financial capitals of the world.
From London to New York, this was a journey of learning, growth, and discovery — one I highly recommend to anyone who takes the chance to embark on it.