Welcome back to Girl Economics! In this issue we have an interview with Charlotte Hemming and a closer look at The Economist Anna Schwarz

An Interview With… Charlotte Hemming

Why did you decide to do a degree in economics?

I actually didn’t originally pick economics as an A Level subject: I started Y12 doing art! I then bumped into my school’s economics teacher and I told him that I wasn’t really enjoying art all that much and he invited me to try an economics class. I went and I really enjoyed it so I ende up swapping art for economics. I loved the subject so much that I then decided to take it forwards as a degree!

I think the main reasons that I chose it are firstly that I found it very academically interesting and secondly because when I was watching the news I could see the real-world implications of what I was learning.

Now that I’m studying the subject at university, I love how the course reflects the most topical issues in the world; I studied the impact of the Covid pandemic at university last year and I do think that, with so much going on in the world, now really is such a brilliant time to be studying the subject!

Why have you decided to take a placement year?

I’d originally thought I’d just do the conventional three years, but in second year I had the opportunity to go and speak to some of the companies that it would be possible to take a placement year at. Because I’d never had any work experience due to being in sixth form over COVID, I thought that I might as well apply.

I thought a year of work experience would be so valuable because you’d be so integrated within the firm. The job I have now with BNY Mellon is great because I can still live with my friends and I can extend my university experience and also gain some invaluable experience.

What are you doing on a day to day basis in your job?

I do data and risk analytics. I have done a few big projects on the refactoring of models (we have lots of different models that we use to predict people’s loans based on lots of different categories). So I have done some working on that, and I also deal with complaints.

With doing risk and data, all the other teams at the company do delegate tasks to you, for example finding information about certain accounts. So it is quite a good job in that it has exposed me to lots of different areas of the business and has given me the opportunity to develop my skill set very broadly.

What do you see yourself doing after your degree?

I think I will stay in the finance sector, perhaps in insurance or consultancy! I don’t really see myself in the high-paced banking environment but would prefer to expose myself to as many different careers and opportunities as possible so I can focus on what I really like in the future.

Do you have any tips for acing placement year applications?

It can be difficult with many recruitment processes now being based online. This means you don’t get the opportunity to meet someone face to face and actually get to know them. But I would just say that you need to keep going, even in the face of rejection. Every company is looking for something different and instead of looking at rejection as a negative, frame it as being an opportunity to have learned something new that you can then take forward and use to construct successes in the future.

How do you find working at BNP?

I have been able to network with and meet lots of really incredible people across many different departments within the firm. In working there I also get 3 development hours per month which essentially allow me to work in another department. This has allowed me to go and have a chat and see a bit about what other people do in their roles.

Do you think that taking a placement year still allows you to make the most of the university experience?

I think that I have been able to have a balance. You need to appreciate that Monday to Friday 9-5 you are working but I don’t think it has taken away from the university experience. I still see my friends and go out and attend societies. If anything, I have found that being in work has made me value my weekends even more. While doing uni work I would work as much on a Saturday as a Monday but being in work means that my weekends really are mine!

What advice would you give to people who are wanting to get more involved in economics?

I am subscribed to the Financial Times and I do think that has been a brilliant resource to stay up to date with economic affairs. I would also recommend not being afraid to have conversations with people who can help you get to where you want to go. Speaking to people at societies and career advisors at university can really help you gain work experience and internships. Never be afraid to go out and ask for help!

Who was Anna Schwarz?

Chances are, you’ve heard of the book A Monetary History of the United States. If so, you’ll be familiar with one of its authors: Milton Friedman. Regarded as one of the most influential economists of the last century, he earned many academic distinctions including a Nobel Prize for his work, particular on monetary policy. However, much of his work was aided by a lesser-known economist: Anna Schwarz.

Born in 1915 in New York, Anna’s research focused on the role of monetary policy in shaping economic outcomes. She thought that discretionary intervention in money markets by Central Banks came at the detriment of economic growth, and advocated for a rules-based approach to monetary policy (meaning that, rather than Central Banks intervening when and how they wish, they would have to follow pre-determined conventions)

You can learn more about Anna and her economic ideas in this video:

Thanks for reading! See you in the next issue - Erin McGurk