In 2017, University Impact, an impact investing firm opened its doors in Provo, Utah. Although the impact investing industry (providing monetary support to companies that generate both social impact and financial return) is relatively new, University Impact is doing something unique in the space—nearly all of its associates are college students. In an investing world where internships and jobs are highly competitive, this niche, impact investing firm gives students a chance to hone their skills and gain experience before they’ve even started their full-time career.
What’s it like to be a student associate at University Impact? See student responses below.
What does the typical workday of a student associate look like?
Students at the firm are quite involved. They get to be part of every step of the vetting and investment process, including performing due diligence, screening deals, consulting, and deal sourcing. This experience stands in stark contrast to big-name impact investing firms where entry-level employees can be mainly limited to finding clients.
As a team, students typically review ten to twelve businesses every week that are looking to secure an investment. Only about 10 to 20 percent of businesses receive investment funds, and available funds range from $50,000 to $500,000. University Impact also offers consulting services to help businesses that are not yet investment ready.
Sam Woodbury, a sophomore at BYU studying computer science and a senior associate at University Impact, started with the firm in January 2018. “I’m in charge of maintaining a fund and speaking with the CEO frequently,” he says. “I helped put together a fundraising thesis to raise $15 million. As associates, we are involved top to bottom in every single thing. That’s what is unique about University Impact.”
What challenges do new associates commonly face?
When students first start working at University Impact, they typically learn to deal with ambiguity, new financial terminology, diverse client backgrounds, and a project-based working system that may be different from what they do in school.
“Students in school have a different mind-set because we go from semester to semester where we finish assignments, then never think about that paper or project again,” Woodbury says. “In the real world—and in this job—it doesn’t work that way. If an associate is working on a due diligence memo, he or she will finish the project and receive revisions. We build from project to project. Things don’t get finished and then put away, never to be seen again.”
What are common myths about interning for University Impact?
Myth #1: University Impact only recruits business students.
Dan Blake, current director of University Impact, oversees the work of sixteen student associates. “The most rewarding part of my job is working with students,” Blake says. “About half of our associates are not studying a business-related major in school.”
Having an interdisciplinary team adds to the strength of the associate team. The more diverse the minds are that are working together, the more likely team members are to come up with different solutions and perspectives.
Myth #2: Students need to take the impact investing or business classes before applying to work at University Impact.
While enrolling in the impact investing class is recommended, not all student associates have followed this traditional path. Marianna Giordano graduated from BYU with a degree in English. She had previously been heavily involved with the Ballard Center as a teaching assistant for Do Good Better, a Y-Prize contestant, and a two-time participatant in Social Innovation Projects. However, Giordano had not taken the BYU impact investing class before starting work at University Impact.
“At first, I didn’t think I was qualified to apply for the job because I discounted all of my previous work experience,” Giordano says. “I wasn’t as familiar with business concepts, and I felt different because of my major and also because there weren’t a lot of women working at University Impact.” Now one of three women working at the firm, Giordano feels like she has been empowered to be a fully contributing member of the team.
Why become a student associate?
While students learn similar skills, each associate works with different clients and projects. The learning curve can be steep, but many students have loved their experience working at University Impact and have walked away with crucial life skills.
“It’s been the best working experience of my life,” says Jonathan Engle, a current associate at University Impact and a philosophy student at BYU. “The work is fresh and interesting. The companies that we work with are located all over the world, and they are approaching impact from every angle imaginable. We’re addressing a broad variety of social problems—we’re helping companies address addiction recovery rates, education in Tanzania, or housing in the slums of Kenya.”
If this description piques your interest in working at University Impact, take the advice of director Dan Blake: “Take the impact investing class (491R, section 5) offered by BYU. Even though it’s not required, it will help prepare you to work at the firm.”
_
Writer: Heidi Phelon