The Centre for Social Impact at Smith School of Business, Queen’s University in Canada educates students and fosters research and advocacy on issues of social impact. The Certificate in Social Impact programme is one of its sought-after programs. The Certificate allows over 500 Smith graduate and undergraduate students to earn a designation alongside their degree. Enabling business students to gain foresight into how social issues are affecting business and society while gaining relevant skills needed across today’s changing landscape is one of the focuses of the Centre and its newest programme, the Social Finance Academy narrows in specifically on the topic of impact investing.
I spoke with Joanna Reynolds, Associate Director of the Centre for Social Impact at Smith School of Business, Queen’s University Canada about this programme.
Why is impact investing important?
Increasingly, people in their professional and personal life want to be part of social and environmental solutions. Whether through our purchasing power as customers or in how we make investments. The appetite for social finance is growing across Canada and globally. Examples, such as impact funds and green bonds are two of the many new and innovative ideas gaining momentum in the marketplace, and inspiring organizations and consumers to think differently about our investments. An example of the growth of impact investing globally is the 2017 Global Impact Investing Network’s annual survey which continues to report increases in the size of the global marketplace at USD 114 billion in managed impact assets across geographies and sectors. Professionals today want to know how to gain the skills that open opportunities for themselves and their organizations in this area.
What is the Social Finance Academy?
The Social Finance Academy is a unique opportunity for professionals to gain insights into a growing global field that now includes Social Responsible Investing, Impact Investing, and Venture Philanthropy. The Academy came about to meet this rising demand for professionals within finance, capital management, public and the not-for-profit sectors to understand emerging opportunities in this space. Investors involved with foundations, endowment boards, or who manage assets for individual private wealth are increasingly seeking to align their investments with purpose and need advisors who can work with them to create customized solutions; while, not-for-profit organizations are seeing that social finance can enable their public benefit mission to thrive; and, governments recognize that social finance and social enterprise can meet multiple public policy objectives. Professionals across these sectors are seeking to enhance their skills sets and distinguish how they add can value.
Why offer a programme specifically focused on social finance?
Currently, programs like the Social Finance Academy are rare opportunities to learn from the trailblazers who have shaped the landscape and marketplace in Canada and globally. As the appetite for social finance and impact investing continues to grow, the professional skill set requires more technical knowledge. Such as skills found in traditional finance and capital management now need to be combined with a rigor of impact measurement. Additionally, social finance often brings together people from across the public, private, and community sectors. Therefore, understanding public policy levers, community missions, and diverse investor values are essential contexts to creating a social finance solution. Educational programs such as these aimed at cross-sector collaboration with a focus on social outcomes are exceptional opportunities.
What is the content of the Social Finance Academy?
The Academy is a two-day program offered this November in downtown Toronto. Participants gain practical knowledge to apply social finance tools within their organizations to transform outcomes and investment models while achieving measurable financial returns and valuable social impacts. Sessions are led by professionals from the MaRS Centre for Impact Investing, BCorp Canada, City of Toronto, Ministry of Economic Development and Growth, Purpose Capital, Centre for Social Innovation, CoPower and top faculty from the Smith School of Business. Smith faculty and session leaders use a combination of insightful teaching, breakout sessions, and tutorials to examine case examples that provide participants with a local and global understanding of the marketplace. Session topics include outcomes finance, impact measurement, social procurement, solutions finance, community bonds, insights into public policy levers, and designing decision frameworks that guide social finance strategy.
What has been the response?
The response has been excellent. The 2016 inaugural session had a wait list of over 50 people. A great example of how institutions are taking advantage by sending their teams to engage and learn is our continued partnership with the Ontario Government who has sponsored ten Social Finance Fellows across departments to earn a full Certificate in Social Impact. By earning a Certificate, participants take a second program call Leading with Impact that help them gain the skills to affect change from within an organization. Participants then work individually or in teams on an applied project. The two in-class programs combined with the applied project has been well received as a way for professionals to bring value into their organization. Bmeaningful, Canada’s leading go to platform for career’s with impact is our promotional partner.
What’s next for the Social Finance Academy?
The Social Finance Academy is part of the Certificate in Social Impact for Professionals. We expect to continue to partner with leading organizations to offer the Academy in subsequent years as the field continues to evolve.
Any tips for other schools looking to engage in this topic.
Impact investing and social finance present exciting opportunities for business school students to learn about an emerging field that crosses geographies and sectors. From mainstream capital markets through to development and community finance, this field is active, and demand is growing. A tip for other schools is to articulate the demand for social impact education across sectors and to identify the unique skill sets required by professionals to succeed in their areas of expertise. No longer are social impact considerations on the fringe for business success. It is now imperative for the resiliency of business and society as a whole to be part of the solutions that our world is grappling with. Therefore, business education that is offered at the Smith School of Business is critical to developing outstanding leaders in business and society.