Oyu Bayarsaikhan: From a ‘Big 4’ firm to the development sector

Tell us about your journey to business school.

I was accepted onto the Cambridge MFin programme after my second application. My first application was in 2015, but unfortunately, I didn’t pass the interview stage. Looking back, I realise that I was still fresh at work and needed to build up my professional experience. However, the Admissions Committee encouraged me to re-apply. Having learnt from my first application, I reapplied in 2017 while I was doing a Fulbright Programme in the USA. I attended the interview in person, which gave me a great opportunity to explore not only the Business School, but also the city of Cambridge.

What was your pre-MFin background? Tell us about your pre-MFin career.

I started my career as an Assurance Consultant at PwC Mongolia. I led a large team and conducted financial statement audits within the banking, petroleum, engineering, and construction sectors, in accordance with IFRS and GAAP. The learning curve at a ‘Big 4’ company is steep, and I quickly found myself coaching junior team members and newly joined interns, alongside developing audit plans for clients and performing in-depth financial statement analysis.

Why was the Cambridge MFin an attractive programme for you?

As a speaker of a second language, I have always strived to improve my English. Having achieved the IELTS score I wanted, I thought to myself “I can study at a top school now”. So, I started to research business schools and preparing my applications. The MFin programme stood out because of its reputation. Also, having worked at a ‘Big 4’ company, and thinking about my future career progression, it looked like a good fit. I also imagined how it would feel like living in historic place like Cambridge as a student.

What was the highlight of your MFin year?

The highlights of my MFin year were the networking events. Before the Cambridge MFin, I expected networking to be very formal. However, networking with my classmates at the ‘formals’ (traditional College dinners) or over drinks with my fellow Darwinians (the informal name given to members of Darwin College) were amazing and left me with long-lasting memories – and connections – that will last a lifetime. I was a member of Darwin College, and during my time there I met some amazing individuals pursuing their postgraduate degrees. I was truly inspired by the different backgrounds and diverse community that Cambridge offers.

What stood out about the academic learning experience for you?

The learning process is demanding, but it pushes you to your full potential through a varied mixture of lectures, study sessions, group discussions, networking events with alumni, plus the social activities at different Colleges. Looking back, the course that left a strong impression was Econometrics which was taught by Professor Paul Kattuman. During the Group Consulting Project (GCP), our team also had a great chance to be mentored by him and apply our theoretical knowledge into practice. At the end of the project, our group presented a new affordability model incorporating open banking data to the senior management.

Please tell us about the standout elements of the Cambridge experience or extra-curricular activities that you took part in during your MFin.

Spending a year in Cambridge gave me the opportunity to decide where my focus would be. In terms of academics, it was intellectually challenging year for me, but at the same time, living with a diverse group of people allowed me to explore and get to know different perspectives.

I was also able to join 180 Degrees Consulting (a student-led consultancy service for non-profits and social enterprises). Through a group project with Alzheimer’s Research UK (ARUK), I had the chance to work with a diverse team of masters and PhD students from St John’s and Trinity Colleges. Our team researched the fundraising practices of 66 universities and recommended potential partnerships with ARUK. The team dynamic was great, and we all became close friends – going to formal dinners at each other’s colleges, and to the May Balls together – living our best lives in Cambridge! So, I would say the project experience and overall Cambridge experience was phenomenal.

How would you describe the cohort of people in your class and what value did they bring to your MFin?

The diversity of my classmates and their perspectives on certain topics in the classroom were at the heart of the MFin programme. You get to experience the MFin together while living close to each other in College. During the first few weeks, I remember networking with more experienced professionals from my cohort, which gave me new ideas about potential career paths in finance – this was when I first considered a career in consulting. It is a process of personal development and understanding more about the skillsets you want to develop during your time in Cambridge.

How did the MFin impact you professionally?

The skillsets I developed during my MFin year set a strong foundation for my future career. The programme is designed to help candidates meet their full potential. During the Michaelmas term, the courses are more focused on core courses and exams. The Lent and Easter terms are more focused on elective courses, teamwork and reporting. The course structure prepared me for the next career challenges to come. For the past decade, my focus has been on improving my technical skills. But as I have progressed through my career, my focus has also shifted to the soft skills. The MFin helped me to improve in both of these areas. It was an exciting roller coaster ride – with ups and downs – that allowed me to explore Cambridge, but more importantly myself.

What aspect of the MFin learning experience would you say you find most useful now in your professional life?

As part of the summer activities offered on the MFin programme, I was a part of the ‘Financial Leaders of Tomorrow’ programme at Tsinghua University. Even though it was a short programme, it was a great opportunity to explore China with the best crew I could ask for. The programme was filled with lectures by highly respected professors, group discussions with international participants, and activities to get to know more about Chinese culture, including visits to the financial centre and the Great Wall of China. Coming from Mongolia, which borders Russia and China, it was important for me to have connections in China. I am very optimistic that those connections will turn into ‘Friendship of Tomorrow’!

Did you switch any of the following after your MFin – function, sector or country?

After the MFin, I made a career transition from audit to the development sector. After completing the programme, I started working as a Public Financial Management and Results-Based Budgeting Expert at UNDP Mongolia. My public sector experience as a State Auditor at the National Audit Office played an important part in getting this offer, but it was the combination of my experience, and the knowledge and skills that I gained from the MFin programme, that enabled me to secure this offer. In this role, I provided advisory services to the Ministry of Finance for results-based budgeting related changes for budget circulars. I also conducted training to support the implementation of integrated results-based management over two pilot sectors, including agriculture and social protection. I recently moved to the new role of Programme Manager at the FCDO British Embassy Ulaanbaatar.

Would you recommend the Cambridge MFin and why?

Yes! And I would advise future MFin students not to be discouraged by one rejection email. Apply again and let the Admissions Committee know about your personal and professional growth. Relying on your peer community is another way to help you through the school and job application processes – networking with people who have had a similar path as you always helps.

What would you say to others considering applying to the MFin and Cambridge?

Your MFin is a year of self-reflection to find what you are really passionate about. I would say focus on your strengths while working on your weaknesses throughout the year. Having strategies and being familiar with the sector and country you want to work in plays a huge part in landing a job – and continually re-evaluate and re-strategize your career choices along the way.

What were the most useful lessons you learned from your MFin experience?

Your time in Cambridge is limited, so always be open to network! I made some great connections while preparing for case interviews and networking events in London where I could meet professionals with impressive backgrounds. Also, it is always good to have a mentor/peer who has experience in the sector you want to work in. And lastly, I would say take care of your physical and mental health during your studies.