How one student makes the most of his 24 hours a day

Samuel Harris, second year BSc Financial Economics student, discusses how combining work with study is furthering his aspirations as part of National Work-Life Week.

Time. It is perhaps the most valuable commodity an individual owns yet we all have 24 hours a day to spend as we see fit. That’s 1440 minutes or 86,400 seconds where we all make individual choices that may or may not have consequences that shape our future with most choices made in the hope it will create a better future. Getting my work-life balance is vital, in my opinion, to avoid burnout in my future career path and aspirations, and will help me be the best I can be as a person, socially and academically.

So, what are my future career aspirations? I’m writing as a member of the Birkbeck Economics and Finance Society and I aspire to, one day, own my own financial investment firm. Financial services and especially investment banking makes the news consistently on the topic of work-life balance for the wrong reasons. You hear the stories of graduates spending 80+ hours a week in the office but to me, I see people chasing a dream – a dream to be the best and to be affluent. To me, work-life balance is about always enjoying what you do, whether at the office or wherever your workspace might be, as well as when you’re out with friends or doing a hobby. If you enjoy what you do, you won’t burn out!

I am starting my second year on the BSc (Hons) Financial Economics course this October and I currently work full-time doing either 7am-5pm, 9am-5pm or during the university summer break, occasionally 9am-9pm. I am always described by my friends who are at traditional universities as crazy and the most frequent comment I get is “how do you do it?”

The answer? Very simply. Whilst they are partying away, I’m studying here in a 6pm-9pm lecture. Whilst they are being lectured to, I’m working gaining practical experience. No amount of reading or memorising will make you successful in life because it is the understanding and application of wise thought that counts – and that is what Birkbeck is all about. I will be job-market-ready. I still have the time to see my friends in London at the weekend after I finish my university work and I make visits to my friends further afield at other universities 3-4 times a year. Whilst sacrifices must be made, and don’t underestimate the sacrifice needed to work full-time and study full-time, I don’t overestimate it either as it is very feasible with a strong work ethic. It’s not for the faint-hearted and I must stress the necessity of a strong work ethic! Working part-time is also an option.

The most important piece of advice I would give to fellow students is not to lose focus on why you do what you do. Whether it is that you are academically inquisitive, or you are hoping to change career, or to become better at your current one, commitment is key. There will be challenges along the way. Being glued to my desk and the library during exam season and using every available term holiday to prepare is just the beginning. You’ll find time goes very quickly and your external commitments will need to be tapered. I manage my time by using a diary on my phone and I put everything in, no matter how small or insignificant.

Life as a Birkbeck student is tough and unforgiving but it could possibly be the best decision you ever make. Everyone who studies here has unique life experiences and you can use one another as a sounding board for great ideas and experiences. Make the most of your time here and you won’t regret it.

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World Bank watch out, the BRICS Bank is a game-changer

Ali Burak GuvenThis post was written by Dr Ali Burak Güven, Lecturer in International Relations & International Political Economy in Birkbeck’s Department of Politics. It was originally published on The Conversation.

The top news from this year’s BRICS summit was the announcement of a New Development Bank. Headquartered in Shanghai, the bank will become operational in 2016 with an initial capital of US$50 billion. Its core mandate is to finance infrastructure projects in the developing world.

The bank, announced at the summit in Fortaleza, Brazil, will also have a monetary twin to provide short-term emergency loans, the Contingency Reserve Arrangement. While the bank will be open to all UN members, the reserve will lend only to the contributing BRICS countries in times of crisis.

This combination of timing, actors, and institutions is noteworthy. It was in July 1944 that the Allied nations gathered at Bretton Woods to form two of the most vital institutions of the post-war era: the International Monetary Fund and what would become the World Bank. Now, 70 years later and only a few years on from the global financial crisis, the leading developing nations of our time have joined forces to forge new institutions of international economic cooperation with mandates identical to the World Bank and the IMF.

This move is born out of a belief that the Bretton Woods twins, despite numerous governance reform initiatives over the past decade, remain set to reflect the policy preferences of their original creators. In creating complementary institutions, the BRICS will be hoping to use these alternative platforms of international economic governance and as leverage to accelerate the reform of existing arrangements.

Game-changing potential

The New Development Bank is currently the more interesting of the “Fortaleza twins”, for it is designed as a freestanding organisation that’s open to all. Yet it has not received a warm welcome in business columns. While the political symbolism of the new institution is widely acknowledged, its immediate economic utility has been challenged – why do the BRICS need a development bank of their own when infrastructure projects are already easily financed through private as well as official channels, especially through the World Bank?

This is a narrow criticism. In the long run, the New Development Bank has the potential to become a game-changer in development financing. In fact, if its evolution even remotely parallels that of the World Bank, it might end up having a formative impact on economic policy-making and overall development strategy in the Global South.

To begin, while there is no shortage of national and regional development banks as well as private financiers of infrastructure projects, there is still a massive gap in development finance, estimated to be as high as US$1 trillion per year. Many developing countries encountered significant financing problems during the global crisis of the late 2000s. This shortfall necessitated a surge in World Bank commitments, from an annual US$25 billion in 2007 to about US$60 billion in 2010.

But commitments declined just as swiftly over the past few years, and as of 2013 stood at about $30 billion. Given these figures, the New Development Bank’s readily available $10 billion in paid-up capital and the extra $40 billion available upon request are not exactly pocket money for development financing.

Yet just as the World Bank was never simply a money lender, so too will the new bank represent far more than a mere pool of funds. The existing geostrategic and policy inclinations of its founding stakeholders imply a bigger role to play for the institution. In the process, it is bound to offer a formidable challenge to the World Bank’s financial prominence and so influence policy in the developing world.

Client-side

The new bank has been long in the making. It is the culmination of nearly two decades of intense South-South cooperation and engagement. In recent years especially, the BRICS and other emerging nations have become donors and investors in both their immediate regions and in less developed areas of the world – with Chinese and Brazilian involvement in sub-Saharan Africa and parts of Latin America representing the prime examples.

They have made an effort to establish more equal relationships with their lower-income developing peers and emphasised an attractive narrative of partnership, non-intervention and knowledge transfer, instead of smug, superior Western notions of top-down aid and restrictive conditionality. To the extent that it could keep its rates competitive, the New Development Bank is unlikely to suffer from a dearth of clients from among its fellow developing nations.

Paradoxically, BRICS and other large middle-income countries still remain the most valuable clients of the World Bank. Since the financial crisis, India has been the largest borrower of the World Bank, and has been closely followed by Brazil, China and a few other near-BRICS such as Indonesia, Turkey and Mexico. But, once the new bank fully kicks off, it is possible the World Bank will lose a lot more business from this traditionally lucrative market of large middle-income borrowers who now have a serious alternative.

Political implications

A reduced loan portfolio will ultimately translate into declining policy influence for the World Bank, which has held near-monopoly of development wisdom over the past 70 years. Perhaps in recognition of their waning power, there has already been a slight but steady decline in World Bank loans that emphasise policy and institutional reforms.

Also, a larger portion of the Bank’s resources have been allocated to conventional development projects, such as environment and natural resource management, private sector development, human development, and social protection. These are precisely the types of projects the Bank will encounter fierce competition from the new BRICS-led bank.

Knowledge and power

Consider also that the World Bank has labelled itself as a “knowledge bank” in recent years. Employing thousands of policy specialists, it doubles as one of the biggest think tanks in the world. Yet if it loses considerable financial ground to initiatives such as the New Development Bank, this threatens a decline in the power it has through knowledge.

Crucially, none of the BRICS adhere to the Bank’s standard policy prescriptions, nor do they advocate a different common strategy either. Brazil’s social democratic neo-developmentalism is quite different from China’s state neoliberalism, which in turn differs from established policy paths in others in the group. The only common denominator is a substantially broader role given to the state. But beyond this there is much flexibility and experimentation and little in the way of templates and blueprints like there is with the Western institutions. This policy diversity itself dismisses any idea of superiority of knowledge and expertise.

None of this suggests that the World Bank, as the dominant, Northern-led development agency, is now on an ineluctable path of decline. Cumbersome as they may appear, large organisations often accumulate considerable resilience and adaptive capacity over generations. Yet the World Bank does have a serious contender in the New Development Bank.

While it may not overtake the World Bank in financial prowess and policy influence any time soon, at a minimum it should be able to exert significant pressure over the World Bank to respond more sincerely and effectively to the new balance of power in the global economy.

The Conversation

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