WOMEN IN ASSET MANAGEMENT PROGRAM
Applications Open: September 15th 2025
Applications Close: January 9 th 2026
The WAM program was established in 2022 in response to the underrepresentation of women in the asset management industry 1.​ The program runs from May –
August, combining in-class learning from industry professional and Ivey faculty members with real world application. This consists of:
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A Pre-Programming weekend in March 2026 so you can meet your classmates and some faculty through introductory class sessions.​
In-class learning from May 1- May 29 2026 using the case-study method in combination with lectures, discussions, simulations and capstone project.​
Networking events during May and throughout the summer​
A 10-12 week paid internship with one of our sponsors*
The program is Free! Tuition, in-class materials, meals and accommodations for the month of May are provided**
As internships are paid internships, participants are responsible for securing their own accommodations outside of the May programming.
In-class sessions are designed to equip you with:
Technical Skills: i.e., Excel, Coding, Accounting Fundamentals, Portfolio Theory and Construction, Discounted Cash Flows, Relative Valuation
Industry Knowledge: i.e., Asset Management Industry Overview, Capital Markets, Size-Up Processes, ESG, Alternative Investments, Ethics
Career Success Tools: i.e., Effective Communication, Presentation and Networking Skills, Teamwork, Negotiation, Industry Expert Panels
Internships:
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Internships will occur between June 1st - August 7th 2026*, with the majority in Toronto and a few in Victoria, BC, Calgary, AB and
Montreal, QC
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Internships are assigned by the program based on best fit for both participants and our sponsors***
Eligibility:
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Self-Identify as a Woman, are a Canadian Citizen or PR, set to complete their 2nd year by May 2026.
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Interested in learning more about the asset management industry
Questions? Contact Sarah Rooth, Senior Program Officer Women in Asset Management: srooth@ivey.ca
*Sponsors are subject to change.
** Some weekends, ie May long weekend meals may not be provided.
*** Some sponsors may choose to extend this.
For more information, please visit our website
Register for an
Information Session!
INTRODUCTION TO
MOS 2310
FINANCE
September 9, 2025
Nicholas Kahnert
WHY ARE WE HERE?
• With the advent of AI, this question is
becoming more important than ever!
o Will discuss philosophy later…
WHY ARE WE HERE?
• Why take MOS 2310?
• Learn the text book, write some exams, get a
grade...
ACADEMIC GOAL OF THIS COURSE?
ACADEMIC GOAL OF THIS COURSE?
• Learn to THINK like a financial manager
• Why?
FRAMEWORK FOR THINKING
LIKE A FINANCIAL MANAGER
• Financial managers are concerned with many different
questions
• 3 Major Questions that we consider:
o What long-term investments should the firm take on?
o Where will we get the long-term financing to pay for these
investments?
o How will we manage the everyday financial activities of the
firm?
FRAMEWORK FOR THINKING
LIKE A FINANCIAL MANAGER
• We can consider these decisions using a balance
sheet approach…
• What long-term investments should the
firm take on?
Assets
Liabilities & Equity
Current Assets (CA)
Current Liabilities (CL)
1 Long-Term Assets (LTA)
Debt
Equity
Total Assets = Total Liabilities & Equity
FRAMEWORK FOR THINKING
LIKE A FINANCIAL MANAGER
• We can consider these decisions using a balance
sheet approach…
• What long-term investments should the
firm take on?
o Opportunities that add value to the asset side of the
balance sheet
FRAMEWORK FOR THINKING
LIKE A FINANCIAL MANAGER
• We can consider these decisions using a balance
sheet approach…
• Where will we get the long-term financing
to pay for the investment?
Assets
Liabilities & Equity
Current Assets (CA)
Current Liabilities (CL)
1 Long-Term Assets (LTA)
Debt
2 Equity
Total Assets = Total Liabilities & Equity
FRAMEWORK FOR THINKING
LIKE A FINANCIAL MANAGER
• We can consider these decisions using a balance
sheet approach…
• Where will we get the long-term financing
to pay for the investment?
FRAMEWORK FOR THINKING
LIKE A FINANCIAL MANAGER
• We can consider these decisions using a balance
sheet approach…
• How will we manage the everyday financial
activities of the firm?
Assets
3 Current Assets (CA)
1 Long-Term Assets (LTA)
Liabilities & Equity
Current Liabilities (CL)
Debt
2 Equity
Total Assets = Total Liabilities & Equity
FRAMEWORK FOR THINKING
LIKE A FINANCIAL MANAGER
• We can consider these decisions using a balance
sheet approach…
• How will we manage the everyday financial
activities of the firm?
Who is the Financial Manager?
Figure 1.1, page 3
WHAT IS THE PRIMARY GOAL OF A
FINANCIAL MANAGER?
WHAT IS THE PRIMARY GOAL OF A
FINANCIAL MANAGER?
• Financial Managers Should Maximize _____!
• Equivalent ways of expressing goals of financial
management:
WHAT IS THE PRIMARY GOAL OF A
FINANCIAL MANAGER?
• Financial Managers Should Maximize ______!
o Maximize shareholder value or owners’ equity
• Why?
FINANCIAL MANAGEMENT DECISIONS
• Introduction, Financial Statements & Analysis, Longterm planning & growth (Chapters 1-4)
• Capital budgeting (Ch. 5- 14)
• Capital structure (Ch. 14, 15, 16, 17)
• Working capital management (Ch.18, 19, 20)
RECAP…
• Who is the financial manager?
• What are the most important questions that a
financial manager thinks about?
• What is the primary goal of a financial manager?
NEXT TOPIC:
Chapter 1
 Introduction to Corporate Finance
(continued)
FORMS OF BUSINESS
ORGANIZATION
Three major forms in Canada
 Sole proprietorship
 Partnership
 General
 Limited
 Corporation
1-23
SOLE PROPRIETORSHIP
A business owned by a single individual.
Advantages
Disadvantages
1-24
PARTNERSHIP
A business formed by two or more co-owners.
Advantages
Disadvantages
1-25
CORPORATION
• Business created as a distinct legal entity
owned by one or more individuals or entities.
Advantages
Disadvantages
1-26
THE AGENCY PROBLEM
Agency relationship
Agency problem
Agency costs
1-27
THE AGENCY PROBLEM
Agency relationship
Agency problem
Agency costs
1-28
MANAGING MANAGERS
Monitoring

Managerial compensation
Corporate control
1-29
WHAT IS THE ROLE OF FINANCIAL
MARKETS IN CORPORATE FINANCE?
Cash flows to and from the firm
Money vs. capital markets
Primary vs. secondary markets
1-30
CASH FLOWS TO AND FROM
THE FIRM
1-31
Financial Markets
Capital Markets
Money Markets
Bond Markets
Financial Markets
Stock Markets
FINANCIAL MARKETS
Money Markets
Bond Markets
Stock Markets
1-33
FINANCIAL INSTITUTIONS
Financial institutions act as intermediaries
between suppliers and users of funds
Institutions earn income on services
provided:
1-34
FINANCIAL MARKETS &
INSTITUTIONS
When thinking about Financial Markets:
 Indirect finance – accessing money/capital from a financial
intermediary (i.e. chartered bank)
 Direct finance – raising money/capital directly from the
Money or Capital Markets
1-35
SUMMARY
You should think about:
 3 main questions asked by a financial manager
 The primary goal of the firm
 The advantages and disadvantages between a sole
proprietorship, partnership and corporation
 Principle-Agent problem: Agency relationship and agency
costs
 The general form & function of financial markets
1-36
NEXT TOPIC:
Chapter 2
 Financial Statements, Taxes, & Cash Flow
SUMMARY
You should think about:
 What are the components balance sheets and income
statements?
 How are the balance sheet and income statement
connected?
 What’s the difference between income and cash flow?
 Role of depreciation and other non-cash items
 What is Operating Cash Flow (OCF)?
1-38
COURSE PLAN & CHALLENGES
QUESTIONS & DISCUSSION!
Nicholas Kahnert
September 9, 2025
University Policy on Cheating and Academic
Misconduct
• you are responsible for understanding and adhering to all
department and university policies!
40
Course Grade Policy
• Students must achieve a passing grade on the final exam
in order to achieve an overall passing grade in the course.
• Students must achieve a grade of at least 55% on at least
one of the exam components of the course in order to
achieve an overall grade of 60% or higher.
Department Grade Policy
The DAN Program has a grade policy which states that for courses
in the 2000 range, the class average must fall between 65% and
72% for all sections of a course taught by the same instructor. In
very exceptional circumstances only, class averages outside this
range may be approved by the Assistant Director or Director. Class
averages are not grounds for appeal.
41
Email Policies
• UWO Email Addresses Only
• Subject Line MUST include Course and Section number
• Body of your email MUST contain your name and student
number
• All general questions pertaining to course policy, course
content, lecture content, textbook content, problem set
solutions (after submission deadline), etc., should be asked
on Brightspace Discussions- not by email
• All other typical email policies (found in course syllabus
and course expectations document)
42
General discussion on
professionalism and course
challenges
Nicholas Kahnert
September 9, 2025
WHY ARE WE HERE?
• Why take MOS 2310?
o Want to…
o Have to…
o Not sure…
• Learn the text book, write some exams, get a
grade...
o Yes, we will use the text book (ROADMAP)
o Yes, you will write a couple of exams
o Other stuff
• “…the whole point of the dancing is the dance.”
- Alan Watts
o Are you here just to “get” a grade? If so, why?
o What will that grade get you? What’s next?
o What comes after that? When will you know that you’ve
reached the goal that you’re looking for?
o What will inspire you after that?
Nicholas Kahnert
September 9, 2025
• When a measure becomes a target, it ceases to be a
good measure.
- Goodhart’s law
Nicholas Kahnert
September 9, 2025
• “Success is nothing more than a few simple
disciplines practiced every day.”
- Jim Rohn
o What actions will you commit to today, to held you achieve
success in this course?
o How will you track your progress?
Nicholas Kahnert
September 9, 2025