Careers in Finance: Combining Academic and Corporate

Careers in finance don’t have to follow just one pathway, as Sergey Sanzhar, a vice president at Citigroup, proves. Before joining the financial services multinational in 2010, Sanzhar developed a successful academic career, teaching at leading business schools in the UK, US and Russia. In fact even now he still combines his corporate career with some teaching, saying he believes the challenges of each role are distinct but complementary.

Entering an academic career in finance

Originally from Donetsk, Ukraine, Sanzhar chose to stay local for his first degree, completing a Masters in Economics and Industrial Management at Donetsk National University. This was not for want of other options, he explains. “Having a gold medal from high school, I had a choice of universities to think about, including in Moscow and Kiev. But in the end I decided to stay in my home city. The faculty I joined had a great reputation, the specialty was newly established (only the second year) and the previous year’s class was exceptionally strong.”

It’s a choice he’s never regretted, saying: “DonNU has given me all opportunities one could hope for.” That included the opportunity to take some courses in English, taught by visiting academics from the US, which inspired him to look further afield for the next stage of his education. He went on to an MBA at the University of Oregon, US, winning several prestigious awards, followed by a PhD in Finance at London Business School.

This research degree led naturally enough into an academic career, and Sanzhar spent time teaching at the US’s University of North Carolina, Chapel Hill, Russia’s New Economic School and the UK’s London Business School – with these last two roles both continuing on after he launched his corporate career at Citi. Even today, he still fits in some teaching – though admits this is quite demanding. “I fly out to Moscow Friday night, teach the whole day Saturday and fly back to London Saturday night or Sunday morning. I sometimes take a week off, if it’s an intensive executive course.”

There’s a degree of personal attachment underlying this demanding double life, Sanzhar explains. “I’ve been teaching at the New Economic School since the start of the Masters in Finance program in 2007. My course always went extremely well, students liked it, and I’ve taught every single student on the program – it has a sort of sentimental importance, which is why I keep doing it in my free time.”

Making the switch to a corporate career in finance

While still very much attracted to the rewards of teaching, and the “rigor and elegance” of the academic world, Sanzhar explains that he was also keen to get first-hand experience of a corporate career. In 2010 he joined Citigroup as Vice President, Financial Strategy Group, Investment Banking – a role which brings a very different set of challenges, characterized by “all the imperfections of the real world.”

“Issues may be similar but each client is different, and every client meeting is unique,” Sanzhar says. “It’s a very different perspective. In academia you have a ‘right’ and ‘wrong’ answer; here it’s not as clear cut, and I think that makes it more interesting.”

The benefits of spending time in both the academic and corporate spheres are “obvious”, he adds. “In teaching, I can use real life examples, as well as bringing an understanding of what is considered most relevant and is used by companies and senior management. At the same time, having a thorough understanding of issues in corporate finance from a theoretical perspective allows me to challenge accepted wisdom sometimes, and bring more advanced and rigorous tools and methods to client projects.”

The benefits of multi-strand careers in finance

He’d certainly encourage others to consider careers in finance that include both academic and corporate roles. While having been generally impressed by the level of continuity between business schools and financial organizations, he points out that it’s still relatively rare to find individuals with experience in both fields.

In addition, he’s in no doubt that spending time studying and working in different countries has been “invaluable”, in all kinds of ways. “I would not have had done what I have done without getting so many different perspectives, both business and cultural, and learning from so many different people. I want to believe it also made me a better person.”

As for the future, Sanzhar has no fixed plan. “I always envy people who can answer this question! Five years from now, I don’t know. I’ll definitely be doing something utilising my knowledge of finance – be it consulting, teaching, banking.” For now, he’s more than happy to remain in London, which offers scope for many different types of careers in finance, though is also open to the idea of one day returning to the US, or perhaps to Canada, where he has family.