Making The Most Out Of A Networking Event at University

If you are going to university, it is likely that you will attend a corporate networking event at some point. Whether you want to form connections with your dream employer, find out about a specific company or industry, or simply go because that’s what all of your friends seem to be doing, these events can be useful, but also somewhat overwhelming. What do people actually do at these events? Who should I talk to and what should I talk about? In this article, I will provide you with some practical advice based on my personal experience attending and organising countless corporate recruitment events at Oxford University.

There are different types of corporate events that involve networking, such as company presentations, workshops, and dinner or drinks events. While some events may have a formal part in the beginning or in between, the networking more or less always looks the same – you grab a drink or a bite to eat, gather around some employees, and try to engage in a conversation. After a while you move on and try to get to know another person. Some people despise this sort of event – after all, it’s only meaningless small talk, isn’t it? Actually, it doesn’t have to be. If you know what you are doing, you can benefit from attending such events and may even find them enjoyable.

First of all, you need to decide what you want to get out of the event. For specific questions concerning your application, it is often useful to talk to the recruitment team. They will not only answer your questions, but may even give you exclusive tips on how to stand out as an applicant. However, often the answers you receive may not be any different from the material presented on the company’s website – so why waste your time at the networking event if you can read through the FAQ much faster?

If you have already browsed the careers website and think that you know most basic facts about the firm as well as the recruitment process, I would advise you to talk to some of the employees in the area you are interested in. They can give you what no amount of research can: a personal narrative. Find out what they personally value about the company’s culture. That way, you can understand the work atmosphere better and simultaneously get a perfect guideline for your cover letter – after all, identifying with the corporate culture as presented by employees is a great reason to choose this firm over any other. Ask company representatives about their day-to-day work and their favourite (or least favourite) projects. Getting an impression of what the work at this firm is like will help you decide whether you want to work there, but it also makes for a good conversation starter if you would like to dig deeper. The more in-depth the conversation becomes, the more memorable it will be for the employee – which only has advantages for you. Sending a follow-up email asking another question about your conversation is also a good idea to make yourself noticed.

You have to keep in mind though: quality is better than quantity. Contrary to popular belief, a networking event is not a competition to see who can collect the most business cards. Having an interesting conversation with one employee followed by an email or LinkedIn exchange is worth much more than a brief chat with ten employees, consisting only of standard questions. Personally, I have stayed in touch with several people I met at university networking events and received useful advice on my applications as well as personal recommendations that got me to the interview stage.

Likewise, networking events can also help you meet fellow students with similar interests. Don’t forget about this aspect – these people may well help you prepare for interviews or tell you about their experience with recruitment processes that you have not gone through yet. After all, a networking event is supposed to be useful for everyone attending. So don’t be nervous – as long as you know what you want to get out of it, it will definitely help you progress your career in one way or another.

Max Kulaga is a finalist reading Economics and Management at the University of Oxford. As a former intern at L.E.K. Consulting in London and President of one of Oxford’s largest business societies, the German-born is keen on sharing his experiences and knowledge about the consulting industry.

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Facebook Censors Free Speech?

On Friday, 22 September at 11.25pm, I shared the article below on Facebook.  It attracted one like and a comment, to which I replied. I thought nothing further of it.

The next day, I happened to glance at my Facebook page. The post had vanished! How strange.

On closer enquiry, I found that the post still existed on Facebook, but it had just disappeared from my Facebook page, which meant any visitors to my page would not be able to see it. Why might this have happened?

Well, take a look at the title of the article: “Artificial Intelligence Pioneer Calls for the Breakup of Big Tech”.

Had Facebook just censored a post which was critical to its own interests?

Facebook, along with Amazon, Apple, Google, Microsoft, and Netflix, are Big Tech. They have extensive power to shape and control the information that we share and consume. And Facebook appears to have used this power to hide a post it didn’t like. 

My blog has a limited following, so the impact of this one incident is small. But is the same thing happening elsewhere to bigger media outlets? How are the biases and priorities at Facebook shaping the way we think about the world? How authentic is the information we find on Facebook? And who may have paid to place it there?

In the context of Facebook allowing Russian fake news to influence the course of the American election, these are not hypothetical questions.

The free market usually works best, but what happens when it fails due to excessive concentration of power?

Has the same thing ever happened to you?  Please share your thoughts in the comments below.

Bitcoin Remains Resilient Despite Establishment Backlash

Just this week, JP Morgan Chase CEO Jamie Dimon came out strongly against Bitcoin.  Calling it a “fraud“, claiming that “it is worse than tulip mania”, and declaring that he will fire any employee who trades the cryptocurrency for being “stupid”. (While somewhat amusingly admitting that his daughter invests in Bitcoin.)

Also this week, several China-based Bitcoin exchanges including BTCC, ViaBTC, Yunbi, OKCoin and Huobi have been ordered to stop trading by the end of September. This news follows a decision by Chinese authorities earlier in the month to ban fundraising through Initial Coin Offerings (ICOs).

The price of Bitcoin dropped by around 32% during September, before rocketing 27% in a single day on Friday.

What’s going on here?

At least three things.

Firstly, Bitcoin can function without a trusted financial intermediary, which means it may take business away from established financial institutions like JP Morgan. Bitcoin is a cryptocurrency; that is, a digital currency which records transactions in the blockchain, a decentralised shared public ledger stored on computers connected to the Bitcoin network, and secured using cryptography. As a result, transactions can take place between any users on the network without needing to pass through a trusted financial intermediary. As it happens, JP Morgan Chase often plays the role of a financial intermediary, from which it earns substantial revenues [pdf]. This may help to explain why Jamie Dimon, the firm’s CEO, has been so critical of Bitcoin. It is a technology which could disrupt his bank’s business model, which makes it a potentially serious threat that needs to be squashed.

Secondly, Bitcoin allows anonymous transactions worldwide, which makes it difficult for governments to monitor and control. Jamie Dimon is skeptical that authorities will ever allow a currency to exist without state oversight, and this may explain China’s crackdown. China is likely concerned that people are using Bitcoin to shift money out of the country in violation of its capital controls.  China is also likely worried, and legitimately so, that Bitcoin and ICOs could be used for things like terrorism financing, money laundering, and organised crime. As cryptocurrencies like Bitcoin become more mainstream, we should expect increasing levels of government oversight and regulation. America’s SEC, Australia’s AustracJapan’s Financial Services Agency, and others have already started to do this. My feeling is that the crackdown in China may be a temporary measure, which could be followed by the People’s Bank of China issuing a brand new government backed cryptocurrency that the government is able to control.

Thirdly, unlike fiat currency, Bitcoin is designed to have a strictly limited supply. No more than 21 million Bitcoins are ever expected to be issued. Assuming people continue to have confidence in Bitcoin, this artificial scarcity will help to guarantee its value. This may explain why Bitcoin’s price increased by 27% on Friday, even though there has been a lot of negative news coming from China and Jamie Dimon.

In response to Jamie Dimon’s comments, John McAfee, CEO of MGT Capital Investments, responded by saying, “you called Bitcoin a fraud? … I’m a Bitcoin miner. We create Bitcoins. It costs over $1,000 per coin to create a Bitcoin. What does it cost to create a U.S. dollar? Which one is the fraud? Because it costs whatever the paper costs, but it costs me and other miners over $1,000 per coin. It’s called proof of work.”

Bitcoin’s artificial scarcity could encourage investors to buy Bitcoin as a hedge against inflation rather than buying dollar denominated assets like government bonds. If the market for Bitcoin becomes big enough, this could make it more costly for some governments to borrow. Traditional currencies usually experience inflation because central banks tend to print more money than is required to facilitate economic activity, leading to higher prices. Inflation allows governments to borrow money today, and repay debts in future with money that is worth a little bit less. If Bitcoin becomes a global reserve currency, some governments may face pressure to issue debt denominated in Bitcoin. As a result, they would no longer be able to print money to repay their debts. For a country like America, which controls the world’s reserve currency and runs consistent budget deficits, this would represent a significant change from the status quo.

Bitcoin remains resilient despite this week’s establishment backlash.  However, the biggest risk for Bitcoin in the short to medium term would appear to be regulatory risk. Will other governments follow China’s lead by banning Bitcoin exchanges and seeking to establish their own state backed cryptocurrencies?

My feeling is that in Western countries, the free market will prevail. However, even if this is the case, we should anticipate much more government scrutiny, supervision, and regulation going forwards.

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Mythbusters: The Management Consultant Edition

So you’re interested in being a management consultant? Great! But what is it that they actually do? If you’re still not sure of the answer then read on, as I bust the myths and reveal the realities of what it truly means to be a “management consultant”.

1. Consulting only pertains to the business sector- MYTH

Consultants can be utilised among a broad range of industries and sectors. After all, no business runs smoothly 100% of the time! You can find consultants working with a broad range of sectors from manufacturing and financial services to charities and government. However, the work that consultants do for each sector is not the same; for instance, consultants may work with banks to implement new technologies whilst adhering to financial regulations but work with the manufacturing sector to streamline its supply chain.

2. Consultants can specialise in a certain type of consulting- REAL

Being a “consultant” may sound like a vague term but it is possible to specialise in a certain type of consulting, either with experience or by working for a smaller, niche firm. At a senior consultant or manager level in a large firm, you can specialise in a certain industry and become an expert in that area. Alternatively, there are specialist firms that provide specific types of services like strategy, human resources, IT, finance and outsourcing. If you’re looking for something different still, there are niche firms that focus on a particular sector, and with enough experience and knowledge you can become a freelancer and offer your services to whomever you wish. With all this choice, you’ll easily be able to find an area of consulting that you’re truly interested in and enjoy!

3. It involves a lot of teamwork – REAL

Identifying and offering solutions to large companies would be a mammoth task if you had to do it all by yourself, so thankfully there will always be a team of people to support you. Teamwork is an essential skill for consultants as they typically find themselves working within a team on projects. That is not to say that the work you do won’t be your own, but the whole team will be working closely with the client to identify problems and analyse the issue thoroughly to ensure the recommendations given are accurate and effective.

4. The work is not varied – MYTH

A consultant’s work is never done, as they jump from project to project, and with each business comes a different set of needs and thus a different set of tasks. As a result, consultants can find themselves doing a variety of work on a day-to-day basis, and it is often the wide range of experiences that most attracts people to the profession. Tasks can range from meeting with clients and carrying out research, to preparing presentations and creating computer models. A lot of the work is centred on collecting and analysing data, so you can expect to be conducting interviews, running focus groups and facilitating workshops to get the information you need. But don’t expect to be bored – many consultants cite the varied work as the reason why their job remains interesting and challenging.

5. Consulting is a degree specific industry – MYTH

This is pretty self-evident since there isn’t really a “consulting” degree, but many people assume you must have a business/economics background to be a consultant. Sure, it may help if you already have some basic business knowledge and some firms do favour candidates with numerical/analytical degrees, but that’s not to say you are barred from the profession if you don’t have this knowledge. Many consultants learn on the job through graduate training schemes and firms welcome a wide range of backgrounds and skills to suit their wide range of specialisms. However, as with any corporate job, commercial experience is helpful and commercial awareness (everyone’s favourite graduate recruitment buzzword) is essential. So although you don’t need to have studied business to be a consultant, you will need to show some understanding of how the business world works.

6. It can be a stressful job – REAL

Sadly, this is a reality that you will have to get used to as a consultant. Depending on the project, the hours can be long (a working week of 50 or more hours is common) and the deadlines tight (a project can run anywhere from one day to several months). There can also be a huge amount of pressure and responsibility put on you to hit deadlines so that the project is completed on time. Therefore, being able to deal with stress is a vital skill if you want to succeed in the profession. However, many consultants actively thrive under the pressure, so don’t be completely put off just because you may have to pull some long nights every now and again.

7. There are opportunities to work abroad – REAL

Consultants go to where the clients are, which means you may have to travel abroad. This will be more likely in bigger firms where the work is more international, as bigger clients may have offices overseas. However, even if the work you do isn’t international, consultants tend to travel a lot in general (since they are often based in clients’ offices), so expect to be moving between client sites all around the country if the client site isn’t local.

8. Career progression is structured – REAL

In most consulting firms, there is a structured ladder for career progression. As a graduate, you’ll start off as an analyst, which mainly involves research, data collection and analysis, before moving on to a full consultancy role after gaining some experience. You can progress to a senior consultant or manager level within about three years (depending on how good you are), at which point you will lead the teams and design and develop solutions and projects. From here, you can become a partner or a director of the firm, where you will be responsible for generating new business, developing client relationships and overseeing the growth of the firm. The progression doesn’t have to stop here: many move on to set up their own consulting firms or go freelance. The great thing about consulting is that there is no set time limit on when you can progress to the next level – you can move up when you’re ready. So if you work hard and are good at your job, you’ll reach the top in no time!

Vivien Zhu is a student studying History at the University of Oxford and is considering a career in Management Consultancy. She currently resides in Hertfordshire, England and is a regular contributor to student publications such as Spoon University and the Cherwell.

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Battle of The Central Banks: China Declares ICOs Illegal

As I have been writing in this space of late, the days of the Wild West for cryptocurrency are absolutely at an end. The writing has been on the wall all summer.

The latest news to hammer the point home? As September dawned last week, six more major banks joined a UBS-led effort to create the Utility Settlement Coin (USC).  This looks set to be a new form of digital cash for clearing and settling financial transactions using blockchain, the technology behind bitcoin.  Unlike bitcoin, however, the USC will not be a new standalone digital currency. It will instead be the digital cash equivalent of major real world currencies backed by central banks.  It is unclear whether the USC project is intended to compete or cojoin with Ripple. However, UBS is in discussions with central banks and regulators. They are aiming to release an initial version of the USC by the end of 2018.

What does all this mean?

The big western banks have formally conceded that cyber currency is here to stay and they are now taking active steps to stake their claim within the quickly evolving cyber currency landscape.

Less than a week later, however, came another piece of news.

The Central Bank of China has now banned all Initial Coin Offerings (ICOs) – including ones that are in the process of raising money. ICOs are essentially a way of fundraising using cryptocurrency.  They are a financial digital hybrid, a cross between crowdfunding and an initial public offering that involve the sale of virtual coins mostly based on the ethereum blockchain.  Interest in ICOs and funds invested in them have exploded in 2017, and so has the price of bitcoin.  There are many who believe that these events are not unrelated. In fact, the gains bitcoin made earlier in the year when the new fork in its code was announced might well be wiped out by the new Chinese decision to ban ICOs. Beyond bitcoin specifically, China’s decision to ban ICOs has negatively affected the value of all cryptocurrencies.

Given the huge amounts of money at stake, it is no surprise that ICOs have attracted cyber criminals and attention from regulators.  According to Chainanalysis, cyber criminals have stolen as much as 10% of the money intended for ICOs in 2017 (more than $100 million). Governments are keen to put a stop to this kind of activity.  And so, the Chinese ban is not wholly unexpected.  Jehan Chu, managing partner at Kenetic Capital, believes China will allow ICOs in future on approved platforms.  Perhaps future ICOs in China will also need to use an officially sanctioned cryptocurrency issued or controlled by the Chinese government.

It is unclear whether the Chinese government will create their own cryptocurrency. If it does, this will raise new questions that have to date been much posed but never definitively answered. In fact, Chinese dominance of the bitcoin market has been one of the biggest boogeymen in the vertical since its inception.

What further developments can we expect in the fourth quarter of 2017?

Regulations Are Coming Fast

Cybercurrency is not at risk of disappearing, and it is becoming increasingly clear that it will play a pivotal role in the transformation of finance over the coming decade.  However, the key institutions responsible for steering development of the technology, and the laws, regulations and policies that govern the space are in the process of changing.  As a result, cyber currency will not be able to replace central banks, nor sidestep regulations. And that is an important milestone to reach.  Especially as the conventional wisdom in the world of cyber currency has long predicted that this would never happen. Or that if it did, it would be the “end of bitcoin”.

The world of cyber currency has entered a new phase. It’s not the end of the world. And its future will be much more regulated.

Marguerite Arnold is the founder of MedPayRx, a blockchain healthcare startup in Frankfurt. She is also an author, journalist and has just obtained her EMBA from the Frankfurt School of Finance and Management.

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How to win an argument every time (according to science)

Ever feel you’re fighting a losing battle at work?

Compromise and empathy are valuable assets, but sometimes you need to outright get your point across if progress is to be made. Laboring on under a false understanding can just create more trouble down the line – and nobody learns anything if their misconceptions are never challenged.

Sometimes, however, even if you do make a stand for the truth – be it a better technique, a business insight, or an interpersonal issue – you can walk away from the encounter feeling crushed and defeated. Losing an argument when you know that you’re right feels even worse than not speaking up at all.

So how can you make sure that your voice is heard, your points are understood, and your case is won? Well, like so many aspects of workplace life, you can go by instinct – or you can learn some proven techniques.

There are three stages to winning an argument the smart way:

  1. engagement,
  2. expression, and
  3. agreement.

You need to engage your opponent, because coming at them in an all-out attack will just raise their defenses before you’ve even made your point. Don’t frame the argument as an conflict, but rather a discussion. Quite aside from the fact that you might actually be wrong and/or learn something from listening, asking your opponent to explain their side first can foster a rapport, so they are more likely to trust you when it’s time to make your own points. Instead of countering their arguments, begin by asking open questions – especially if you spot a loose thread in their logic. Often their argument will fall apart in their own hands.

Back up this period of listening by repeating back what you’ve understood. This proves you weren’t just pretending to listen – and can also help loosen those threads a little further. And maintain friendly eye contact, but don’t force a smile. False smiles betray themselves, jeopardizing the trust you’ve built.

So now you’re leading the discussion on your terms, it’s time to express your side of things. But first, let’s skip back in time for a moment: you need to make sure you’ve researched your argument! Just as you can easily expose the flaws in your opponent’s poorly-thought-out logic, it is likely that you think you know your own logic better than you do (this is known as ‘illusion of explanatory depth’). Everybody is right until they are proved wrong.

Illustrate your points with visuals and back them up with evidence and supporting arguments from other people – particularly those who are noted in the relevant field. Unless your opponent is a troll or a contrarian, this will strengthen your argument by demonstrating that your mutual peers agree with you. Speak quietly, and soften potential aggression by using ‘could it be’ and ‘might we say’-type phrases, and little cues for agreement such as ‘isn’t it?’ and ‘wouldn’t you say…’. This reduces the impression that you are an opponent to be defeated, and instead promotes an atmosphere of doubt, discussion, and rational progress.

Just as you flattered your opponent into engaging with you, you can finish them off – er, secure their agreement, that is – by working with their point of view rather than getting hung up on your own case. One way to do this is to find a particularly silly area of their logic and to develop it to an absurd extreme. This is a great strategy when your opponent is clearly trapped in their own logic, and hasn’t considered the real world implications of their claims. You probably already know this technique: when your kindergarten teacher asked you, ‘if Billy told you to jump off a cliff, would you do that, too?’, your ‘Billy told me to snap the pencil’ argument dissolved in an instant.

And if total destruction of your opponent is not your over-arching intention, you can swing them over to your way of thinking by entertaining the common ground between your arguments. In a business scenario, chances are you want the same results – but are divided over the best way of getting there. Highlighting the elements that you are agreed upon can help pave the way from their high castle to yours.

Indisputable victory in an argument is not always the healthiest way forward, but if you want to sway things in your favor or to correct dangerous misconceptions, it can help to have a few debating tools on hand to do so. Check out this infographic for some additional tips – and don’t be afraid to be wrong, because it’s only by acknowledging our flaws that we can move past them.

G. John Cole is a digital nomad and freelance writer. Specialising in leadership, digital media and personal growth, his passions include world cinema and biscuits. A native Englishman, he is always on the move, but can most commonly be spotted in Norway, the UK and the Balkans. 

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How Can The SEC Suspend A Currency? Bitcoin Goes Through New Woes

The regulation of the Bitcoin industry is getting even stranger. Not only are Initial Coin Offerings (ICOs) and token sales now subject to federal securities laws, in late August the SEC announced the temporary suspension of trading of First Bitcoin Capital Corp (BITCF). The trading ban on the Canadian company will be in effect until September 7 at 11:59.

According to the SEC, “The Commission temporarily suspended trading in the securities of BITCF because of concerns regarding the accuracy and adequacy of publicly available information about the company including, among other things, the value of BITCF’s assets and its capital structure.”

The company’s goal is to not only acquire and invest in Bitcoin start-ups but also to invest in mining equipment and bitcoin only online stores. It also has its own digital currency exchange and plans to offer its own cryptocurrency exchange called Coinqx.com.

So far, so good. What is the SEC’s beef with BITCF?

The price of BITCF on the OTC (over the counter) markets jumped 7,000% this year. At the beginning of 2017, shares were trading at $0.045, rising to a high of $3.15 in early August, before falling to a price of $1.79 at the time of suspension.

Because BITCF is an OTC security, it is not required to file information with the SEC. However, the OTC Market’s inter-dealer quotation system called OTC Link is registered as a broker-dealer. OTC Link is also a member of the U.S. Financial Industry Regulatory Authority (FINRA).

There are not a lot of ways, in other words, to completely avoid the regulated banking and securities system. Even for companies dealing in cryptocurrency.

In the meantime, since the suspension, at least three law firms are looking into class action liability issues.  Specifically, losses suffered by investors who might have been misled by the company’s claims.

The Rosen Law Firm announced its investigation on August 24. A second law firm, Gewirtz & Grossman, announced that they are investigating whether the company broke the Securities Exchange Act of 1934. A third firm, Faruqi and Faruqi is now investigating claims of those who lost more than $100,000 as a result of the large price fluctuations.

In other words, Bitcoin is becoming regulated just like any other security and for reasons that have nothing to do with the “decentralized” authority of Bitcoin, but rather the larger financial system into which it is becoming integrated.

For this reason, Bitcoin and other cryptocurrencies are well on the path towards regulation. In terms of exchange. And in terms of price. Not to mention price manipulation.

What Will This Mean Down The Road?

While cryptocurrency will continue to develop, the idea of a freewheeling, unregulated monetary or securities exchange is likely to go the way of the Dodo. As cyber currencies of all kinds as well as tokens become integrated into not only daily life but machine-to-machine operations, they will inevitably be more controlled and regulated. They will have to be. For example, in the case of token exchanges between inanimate objects, the stability of the value of these tokens will have to remain relatively stable. Otherwise, running the dishwasher or the electric car will become an almost impossible value arbitrage.

Where is this going in the land of currency? The value volatility that is a hallmark so far of all cyber currency exchanges and currencies may continue for some time. It may be that the token and currency markets will diverge. Or it may mean that all will eventually settle down into a world that is far more like the traditional securities and currency markets that exist today.

That appears to be the direction in which we are now heading. And that, despite the dreaded “R” word (regulations) may be exactly the thing that investors really want.