Natalie Kovalchuk: from Investment Banking to VC

Tell us about your background before the MFin

Before Cambridge, I spent several years at HSBC. I started on the trading floor in their Global Graduate Analyst Program, rotating across desks in fixed income trading, FX sales, institutional sales, and debt capital markets. From there, I moved into an investment banking origination role as a Senior Associate, a generalist position where I was working across the full suite of IB products (M&A, leveraged acquisition finance, DCM, ECM) to originate deals. I was also pricing and structuring large loans, sitting at the intersection of a lot of banking teams and learning an enormous amount from some really talented people. My role on the trading floor was based in Toronto, and my investment banking origination role was based in London.

Tell us why you chose the MFin and what stood out for you

Venture capital had been on my radar for a long time. Banking was always a deliberate stepping stone, a way to build a stronger foundation before making the move. The Master of Finance (MFin) was the next piece of that plan, a way to round out my skillset and make the pivot feel less like a leap of faith.

Cambridge wasn’t my only option, but it was the one I kept coming back to. The MFin is one of the few programmes that doesn’t ask you to start from scratch. It respects that you’ve already worked and it builds on that. What stood out was the calibre of people it attracts: not just academically sharp, but professionally seasoned and genuinely curious. The Cambridge Judge network also has real reach internationally, which mattered to me.

What was your favourite memory from your time on the programme?

I have so many amazing memories! The cohort was so internationally diverse that every conversation had the potential to go somewhere unexpected: geopolitics, unconventional career paths or incredible and inspiring life stories. Study sessions across the College libraries were always fun and formals with classmates or College friends were genuinely inspiring in a way I didn’t expect (I once sat next to a PhD student who was literally discovering new galaxies).

Overall, my most grounding moment every day was the walk from St Edmund’s College to Cambridge Judge. Cambridge feels like a fairy tale village that somehow turned out to be real, the history, the architecture, the streets are all incredible.

How did the MFin impact you professionally?

It gave me exactly the space and learning I was hoping for. I came in with VC as my target and the programme let me not only stress-test that but also explore more. My VC and PE classes were taught by professors who gave us a real taste of what the work actually involves, which was invaluable. I also found myself digging into private credit, private equity and infrastructure investments, paths I might never have looked at seriously otherwise. I’m glad I had that room to explore, even if I ended up pursuing VC anyway.

After graduating, I joined Inovia Capital, one of Canada’s leading VC firms, in their London office as an intern on their Growth Equity team. From there, I decided to pursue an operational role and became the Product Lead at TreasurySpring, a Series B fintech in the cash management space. The through-line across all of it traces back to my learnings from the MFin.

What advice would you give to someone who is thinking about applying to the MFin?

Go in knowing that the degree absolutely opens doors, but you’re the one who has to walk through them. I networked constantly to land my roles, had countless conversations and put in real effort beyond the classroom. What Cambridge gave me was the credibility to get those conversations started. The rest flows from there, but it does require you to show up for it.

Don’t underestimate the adjustment curve either. It’s an intense and academically rigorous year. It moves fast and your cohort will be full of people who are very good at what they do. That’s energising, but it can also be humbling. Lean into it. You’ll love it.