Social Finance: can (should) impact accounting be used to verify impact investors making a difference?

Moderator: Kate Ruff, Sprott School of Business, Carleton University

Panelists:
Diane-Laure Arjales, Ivey School of Business, Western University
Kelly Gauthier, Rally Assets
Laurie Mook, Arizona State University
James Tansey, University of British Columbia

Description: This panel will discuss the possibility (and desirability) of measuring impact for the purpose of verifying the claims of impact investing funds.  Impact investing is investing with the intent to affect positive change in society and the environment.  Impact accounting includes both the impact measurement practices within the investees and how those measures are reported to investors. The panel will explore three questions. 1) Are impact measures reliable enough and comparable enough to meet impact investors’ reporting expectations?  2) Given the known tensions between measurement for verification (measure to prove) and learning (measure to improve), what risk does demanding an impact accounting pose to the investees ability to improve impact? 3) What benefits to impact accounting, in its current form, offer to the impact investing industry?

• Students require completion of BUSI 1995 to be eligible for registration in BUSI 3309, and completion of BUSI 3995 must be completed as part of the degree requirements prior to graduation from the Bachelor of Commerce.
• For BIB students, Students require completion of BUSI 1995 to be eligible for the year abroad and completion of BUSI 3995 as part of the degree requirements prior to graduation from the Bachelor of Commerce. .

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To learn more, visit the Graduate Professional Development website at carleton.ca/gradpd.

Performance (4-years)

Annualized Return

Information Ratio

To be considered for a position at SSIF, applicants must be enrolled as a student at Carleton University, in the Sprott School of Business, and be able to commit to SSIF for a minimum of two semesters. Most applicants are typically in the Finance concentration of the Bachelor of Commerce or Bachelor of International Business, but the Finance concentration is not a requirement.

Round 1: Basic Interview

Upon receipt of your application, if qualified, you will be invited for a short interview with some members of the present team. You will be asked macro-focused questions, in an attempt to determine your ability to synthesize relevant information, and to demonstrate an understanding of the forces that move markets.

Round 2: Research Report

If you are successful through the interview process, you will then be invited to join the team for a probationary semester. During this semester, you are required to complete your first written report and presentation.

Upon completion of the report and presentation, a final recruitment decision will be made.

There are three key elements we look for when recruiting:

• Knowledge: While we do have a training program to bring new recruits up to speed, we expect new members to have an exceptional interest in, and a solid fundamental understanding of financial markets and the forces that move them. This must be demonstrated in both the  interview and follow-up report.
• Commitment: SSIF meets once per week from September through April and it is expected that members attend all meetings. We traditionally meet once a week for about two hours, and members must be able to make a full time commitment to SSIF for at least two semesters, but the longer you can contribute the better.
• Interpersonal Skills: SSIF is a team environment and it is imperative that members can work efficiently and effectively in this type of setting; the panel will strive to put together a cohesive team. It is also expected that members act as ambassadors of SSIF while on campus as well as at competitions and at industry social events.

Analysts are required to contribute at least one research report per semester, and stay current on financial events. Some members in the past have had difficulty juggling this extra commitment with a full course load, so you must be able to manage your time efficiently and effectively.

It is important to stay on top of current financial events and to spend time learning aspects of the industry that you are currently not familiar with. There are many different media available to accomplish this and some of the resources we recommend are: Bloomberg.com, The Economist, The Wall Street Journal, The Globe and Mail, Financial Times, CNBC, and BNN, amongst others.

Yes, you can. Co-op does not disqualify you from being able to join. However, it is still a requirement that members attend the weekly meetings and that must be worked out between you and your employer. Similarly, BIB students who are going abroad in the Winter semester are also eligible.