Welcome back to another issue of Girl Economics! Today we have an interview with Nanaki Singh, a first year Economics student who has, after securing Spring Weeks with firms including mazars, RBC, and EY, given us some brilliant advice on applications, networking, and more! We also have a deep dive into the wealth of Gen-Z.

An Interview with…

Nanaki Singh

Let’s start with the big one: Spring Weeks. You had lots of offers this year so what advice would you give to students applying to programs within the financial sector over the next couple of years?

I was lucky enough to know exactly what spring weeks were and how to apply to them prior to going to university because I already knew that I wanted to go into investment banking. In sixth form I did work experiences and extra curricular activities with the aim of gaining experience in the sector, I also went to a summer school at Harvard which solidified the fact that I wanted to go into this sphere. I was on it from September in terms of applications.

But I do find that at Warwick, and at other target universities, even if you arrive with no idea what investment banking is, there are clubs and societies that will really help you.

In terms of actually applying, I did bulk apply to lots of different programs and I also used the Bristol tracker which tells you when the firms open their applications so that was particularly helpful. You also realise that the application processes for lots of these programs are pretty similar so you are able to learn from your earlier applications to inform those later ones.

Tell us a bit more about why you are interested in a career in the financial sector.

For me, I went to a young investment banker program in y11 and that really opened my eyes to the range of careers in the sector and showed me that it is something I can very much see myself doing in the future. I actually became super good friends with the lady who runs the program and she has just moved to become head of recruitment at Blackstone! So, having that contact with her is excellent because she was able to really help me. This is so reflective of the biggest piece of advice that I have which is to simply network with anyone that you can because you never know who is going to help you when.

You’re clearly very good at networking! What advice would you give to people nervous about starting to build their network?

LinkedIn is my favourite tool - just this morning I had a call with someone doing an MPhil at Cambridge who had done a summer internship at KKR! At the end of the day, people are going to be willing to help you and you should never be scared to connect with people, especially on a platform like LinkedIn where connections is the whole point of the app! Connections are what will get you far in life.

Is there anything you are involved in that you think is particularly useful in terms of building up your network?

I sit on the board of the largest female alliance in the UK - the WSA - and the people I have met there and the connections I have formed are going to be immensely helpful to me in the future! I honestly think that connections aren’t just for getting towards your future career, they are also so incredible for your personal development.

Tell us about your involvement in the Warwick Economics Society!

I was a first year freshers rep for the Warwick Economics Society this year and a real highlight is that I hosted EconPlusDal! It was a phenomenal event and I have hosted other people like Johnathan Haskel (who sits on the MPC), Daron Acemoglu, and one of the people who wrote Freakonomics! While the Warwick society might not be as big as LSE and some others, we very much compete with them! We host around 4 talks per week so it is the perfect opportunity to really grow your network and meet other people who are interested in similar careers.

In my position as head of careers I will be working closely with the sponsors of the economics society: these are firms like Fidelity, Lazard, Goldman Sachs, JP Morgan, Morgan Stanley etc.

How have you balanced societies, spring weeks, and studying?

I think I have always been the type of person to take on lots of different things at once. At times I did prioritise Spring Week applications over going to lectures in person because of the small application window. Sometimes you’ll over exert yourself but you’ll learn what works for you. I really don’t think I compromised on anything, maybe just sleep!

I really enjoyed speaking to Nanaki for this issue of Girl Economics because she had so many insightful tips that I think are really applicable no matter what you want to go on to do in the future.

The Deep Dive: Gen-Z is Strikingly Rich

If you’re reading this, the chances are that you are a member of Gen-Z, the generation born between 1997 and 2012. About half of Gen-Zers are currently in the labour market, and in America the number of Gen-Zers in full time employment is about to surpass the number of Baby Boomers. With this in mind, it is important that economists understand Gen-Z and the differences between this generation and those that came before.

Knowing about the habits and trends of a generation is not just interesting for its impacts on public life, but is also hugely impactful for the operation of the economy at large. The experiences that a generation has in youth will shape its interaction with the economy: Americans who lives through the Great Depression were disproportionately likely to avoid investing in the Stock Market, for example.

So, what about Gen-Z? Unlike millennials, who entered the labour market in the aftermath of the 2007/08 financial crisis, Gen Z broadly faces more favourable economic conditions. The average worker in the developed world is slightly higher paid and faces better job prospects. In developing nations, increased free trade and inwards flows of skills and capital has also furthered the prospects of those currently entering the labour force.

The growth of ‘Swiftonomics’ - which, for those less inclined to keep up with the affairs of Taylor Swift, refers to the immense spending power that ‘Swifties’ have, especially when descending upon towns for large gigs - is emblematic of the financial power of Gen Z. Buying concert tickets, expensive merchandise, and other luxury goods shows that Gen-Zers have a greater disposable income than almost any previous generation, according to analysis by The Economist.

Some would, quite rightly, take the time to point out that more extravagant purchases in the short-term are made to compensate for the fact that Gen-Zers face rising educational costs (especially in the United States) and rocketing house prices that make long-term personal debts almost an inevitability. But even then, data shows that, in the US, the 43% of post-tax income that those under 25 spent on housing and education is below the average for those of the same age from 1989 to 2019. With higher incomes, the home ownership rate for Gen-Zers is also higher than it was for millennials at the same age!

However, this prosperity might not translate into significant economic improvements given that Gen-Zers are less likely to pursue entrepreneurship or produce innovations than previous generations. The trend of “quiet quitting” and prioritising a work-life balance over traditional career ambitions (though certainly not a bad thing!) also looks to be hindering potential growth rates.

🔔 Opportunity of the Day 🔔 

That is all for today! If you know others who would find this newsletter interesting, be sure to share it with them 🙂 

See you tomorrow, Erin McGurk