This personal statement was part of this student’s successful application in Accounting and Finance to London School of Economics, University of Warwick, University of Edinburgh, Kings College London, University of Manchester.
My mother’s persistent mantra ,”Never get into stocks” has been a constant refrain since I first showed an interest in investing. She witnessed my late grandfather, a retired school teacher, lose his life savings when he was persuaded by a remisier to take up an overdraft to leverage on margin financing. He never understood the essence of the deal as he was just a teacher, trusting the remisier enormously with all his money, and eventually brought about a heavy debt burden when the 1997 Asian Financial Crisis struck in addition to the losses. This presented to me the core significance of financial literacy and intricacy in adults of all ages, prompting me to explore the complexities of Accounting and Finance.
Studying The Private Equity Playbook by Adam Coffey familiarised me with the highly unregulated and growing market of Private Equity(PE) that controls a substantial proportion of global businesses. I noted from the book that PE firms heavily rely on Leveraged Buyouts(LBOs) and harsh cost-cutting measures to optimise profits, usually at the expense of employees, primarily for short-term gains. According to a paper by NYU Stern, companies embroiled in LBOs are 10% more likely to experience significant workforce reductions within three years while the chances of bankruptcy post-acquisition increased by nearly tenfold. It dawned upon me that the repercussions of LBOs, driven by an aggressive pursuit of profit maximisation, often disproportionately affect the livelihoods of employees and the long-term health of the business.
Yet, while the immediate outcomes paint a grim picture, I realised it would be remiss to draw conclusions solely from a consumer perspective. A session I had with the founder of a leading PE firm in Malaysia gave me an alternate view. He quoted that the success of PE investments should be valued in the long run, not just based on the initial impact. Through research, I found the acquisition of Burger King by 3G Capital to be a prime example. Despite the initial layoffs needed to stabilise the struggling brand, the long term proved to be transformative as the company expanded across regions, creating many more jobs than it had initially let go. My passion in navigating financial complexities and assessing the broader impact of business decisions makes me eager to study it at university.
The 2020 PwC accounting and consulting scandal really shed light into the perfidious work that the firm has been doing for years. PwC were found to leak confidential tax plans that they helped write into law to their corporate clients, allowing their clients to find loopholes in the tax system, essentially to enrich their clients and themselves. This led me to read Ian D. Gow and Stuart Kells’, “The Big Four: The Curious Past and Perilous Future of the Global Accounting Monopoly”, which gave me insight on the dilemmas in ensuring that these firms abide by the laws, particularly the influence that they have in global politics and legislation. Witnessing how small fines or settlements become merely “the cost of doing business” and failing to deter fraudulent activities made me realise the urgent need for more robust regulations and cultural reform. As President of Financial Literacy Club, I organised a case study investment competition with emphasis on corporate ethics and accountability, ensuring that I play my part in preventing future corporate malfeasances and unethical practices.
In the same capacity in the Financial Literacy Club, organising an educational trip to PwC Malaysia exposed me to the industry, learning the inner workings of the firm through the lens of its professionals. Moreover, executing the event required organisational synergy to liaise between various groups concurrently.
I aspire to provide innovative solutions and drive ethical change in the field, upholding my values closely. At university, I seek to maximise my intellectual potential, yearning for a world-class education to excel in the future.
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