Cambridge MFin alumni on making change happen

Finance careers rarely follow a straight line. For 3 Cambridge Master of Finance (MFin) alumni, the programme provided the skills, confidence and network to move into new roles, sectors and geographies while staying anchored in finance.

In this article, Natalie Kovalchuk, Pablo López and Sebastian Padilla reflect on how they used the MFin to progress their careers.

From trading floors to tech and venture capital: Natalie’s story

Natalie Kovalchuk arrived at Cambridge with a classic markets background. After studying in Western Ontario, she joined HSBC in Toronto on a rotational graduate scheme, then moved into an investment banking origination role in London. She loved the buzz of the trading floor, but she could see the landscape shifting. Trading roles were being automated, margins were shrinking and, as a woman watching colleagues struggle with rigid hours and limited flexibility, she began to question whether it was a sustainable long‑term path.

The MFin became her path to a new career direction. Natalie wanted to transition to venture capital and growth equity, but felt she lacked the deep technical toolkit and confidence to compete for those roles. Intensive courses in financial modelling, private equity and venture capital gave her the grounding she needed. Working through multiple models and case studies in a safe classroom environment meant that by the time she interviewed for a VC internship, she could speak the language of investors and back herself technically.

She credits the programme with transforming how she saw her own capabilities. As she puts it, “The MFin was perfect for expanding my skill set and really key in allowing me to ultimately make that shift into VC, which was my goal.”

Equally important was the mindset she refined at Cambridge. Natalie talks about two things that have carried her through every role: a strong work ethic and an intentionally positive attitude. Her favourite word at work is ‘absolutely’: saying yes with enthusiasm when opportunities arise, then doing what it takes to deliver. That approach helped her distinguish herself during a demanding growth-equity internship, earned her a standout reference and has continued to open doors in growth equity, fintech and now a Series C technology company in business operations and strategy.

It’s about showing up prepared, being enthusiastic and saying ‘absolutely’ when an opportunity comes your way – that attitude has really helped me at every step.

Natalie Kovalchuk, MFin 2022

The MFin year was challenging at times. Looking back, she wishes she had had more time for rowing, student leadership and entrepreneurship activities, but she is also clear that prioritising wellbeing was essential. Her advice to future students is to take care of yourself, then say yes to as much of Cambridge as you realistically can – from formals at different colleges to conversations with professors over coffee. Those moments, she says, are where much of the magic happens.

Restructuring, resilience and a new life in London: Pablo’s journey 

For Pablo López Navarro, the MFin marked both a professional promotion and a personal relocation. He began his career in Mexico with Alvarez & Marsal, working on distressed restructurings, liquidations and insolvencies. By the time he applied to Cambridge he was an associate, with no guarantee his firm would take him back after a year away. Pablo chose to take the risk. During the MFin he doubled down on his niche in restructuring, using his statement of purpose and interview to show how the programme’s technical content would deepen his expertise. That clarity paid off. After graduating, Alvarez & Marsal rehired him into the London office, this time as a senior associate in corporate transformation rather than pure restructuring – a step up in seniority and a shift into a slightly less pressured, more balanced area of consulting. “For me it was a geographical move, but also a promotion,” he says. “The MFin really helped me transition to London, get a promotion on top of that and change teams.”

The move from Mexico to the UK demanded more than technical skill. Pablo highlights resilience and adaptability as the capabilities he underestimated early in his career but now sees as critical. Consulting brings constant change: new industries, new clients, new problems. Adding a new geography and language on top of that forced him to adapt quickly to different cultural expectations, communication styles and ways of working.

He also came to appreciate the “soft” side of finance. As a junior, he had focused on building models and crunching data. Through the MFin and his subsequent role, he realised that success in consulting depends just as much on stakeholder management, persuasion and the ability to present a compelling story. The Cambridge environment – where you debate cases, defend your views in class and learn alongside peers from all over the world – gave him a safe place to practise those skills.

As you grow in consulting, it becomes less about the spreadsheet and more about how you build relationships, manage stakeholders and convince clients to act.

Pablo López Navarro, MFin 2021

Outside the classroom, Pablo embraced Cambridge life to the full, from rowing and football to poetry and college formals. If he could do the year again, he says he would spend a little more time in the library and with professors, to tap even more into their experience and networks. His advice to future international students is to be deliberate about building a support network in the country where you hope to work after graduation. Many of his friends moved on after the MFin, so investing early in relationships in the UK would, he believes, have made his post‑programme transition smoother.

From development finance to renewable energy equity: Sebastian Padilla

Sebastian Padilla’s career has been shaped by a commitment to development and infrastructure financing in Latin America. Born and raised in Ecuador, he spent several years in Washington DC at the Inter‑American Development Bank, moving from intern to associate in the private brand of the Inter-American Development Bank (IDB). His work focused on structuring and mobilising funds for energy and infrastructure projects, but he wanted to move from the lender side to the equity side of transactions.

The Cambridge MFin gave him the platform to make that switch. Courses in investment management and financing entrepreneurial acquisitions were particularly influential. One case‑based elective, where laptops and phones were banned and everyone had to be ready to discuss the day’s case, forced him to engage deeply and think like an investor rather than a banker.

Just as important were the people around him. Sebastian speaks warmly about the Careers team, who checked in regularly on his internship search, connected him with practitioners and helped him prepare for interviews at British International Investment in London. “They were asking me about things, providing resources – they wanted me to succeed,” he recalls. “I take that as an important milestone from Cambridge Judge.”

A professor’s advice also proved pivotal. In class, Dr Alejandro Reynoso encouraged students from emerging markets to consider returning home to build businesses and institutions where they are most needed. That message stayed with Sebastian. When regulatory changes in Ecuador opened the door for private investment in renewable energy, he was approached by his now employer to return and help structure new projects. The opportunity allowed him to move onto the equity side of deals, work on solar plants and power purchase agreements, and play a part in building his country’s energy infrastructure.

Sebastian notes that the MFin helped him shift his mindset from risk‑focused lender to opportunity‑seeking equity investor. On the developer side, you need to be optimistic, creative and persuasive: selling a project to banks and investors rather than simply assessing risk. Cambridge’s diverse, international environment also highlighted the importance of cultural awareness and language skills. Moving between Ecuador, the US, the UK and back again, he realised how much effort it takes to communicate complex ideas fluently in a second language and to read cultural nuances: skills he now sees as central to his effectiveness.

On the lender side you are always asking what could go wrong; on the equity side you have to stay optimistic, find creative solutions and make the case for why a project deserves to be financed.

Sebastian Padilla, MFin 2022

Mindset, community and making the most of Cambridge

Across three very different paths, a few common threads run through Natalie, Pablo and Sebastian’s reflections. First is the technical depth of the MFin. Whether it was Natalie building confidence in modelling for VC roles, Pablo sharpening his restructuring expertise or Sebastian learning to think like an equity investor, each used the curriculum to reposition themselves for the next step.

Second is the power of community. All three emphasise the value of networks built at Cambridge Judge and across the wider University: classmates who become lifelong friends, head‑hunters and alumni who open doors in new geographies, professors who challenge and champion you and a Careers team that stays closely involved in your job search.

Finally, they stress the importance of attitude. Resilience, adaptability, cultural sensitivity and a positive, proactive approach to work and networking were just as important as any technical skill they gained. As Natalie sums it up, “Those two mindsets – bringing enthusiasm and positivity to the workplace and putting in the time when it matters – have really helped me throughout my career.” Finance careers may not follow a straight line, but with the right mindset and the right support, the Cambridge MFin can be a powerful way to change direction without losing momentum.