Quantum training future economics and technology leaders

Quantum – a specially designed, stock exchange-like space at Hanken – gives students access to databases such as Bloomberg, Reuters, Eikon, FactSet and Capital-IQ. Various types of information such as financial data and corporate data are processed here. To stay abreast of the major digitalization trend, Quantum has increased its focus on alternative data, i.e. all the information that is not found in databases. 

"Of all the big data on the web, 95 percent of it is unstructured and requires a great deal of expertise in programming. Previously, we were able to settle for quantitative methods using the databases," says Benjamin Maury, Director of Quantum and Professor of Finance at Hanken.

Massive volume of data

Making data-based decisions has always been important, but it plays an even greater role now that we are continuously obtaining massive amounts of data, including online and from satellites and sensors. Each of us generates data, and Maury highlights examples of how to use that information.

"You can track sales at a shop by following satellite images in the parking lot to gauge customer numbers, if there is a change in the trend showing more cars parked in the parking lot. On social media, you can for instance gather data about a company's brand by analyzing what current and former employees are writing about the company.

To follow Hanken's strategic objectives of corporate-world relevance, Quantum has recruited two Professors of Practice, Daniel Pasternack and Peter Sarlin.

"We should not be keeping our activities to ourselves, but cooperating with the business community and with industry. The contribution made by Professors of Practice, both in sharing their networks and actively participating in our activities, is invaluable," says Maury.

Quantum Hackathon provides hands-on experience

So that Quantum does not just remain a data lab, its concept includes hosting events. One of them is the Hanken Quantum Hackathon, which for two consecutive years has involved a large number of participants ranging from private companies, students and mentors to Hanken lecturers and professors.

One of those who competed in 2021, and won, is Hanken student Riina Räikkönen. The aim was to develop a data-based decision-making tool using ESG data (ESG stands for Environmental, Social and corporate Governance sustainability).

"My team approached it from the corporate social responsibility perspective, because we know that a poor company culture comes at a high cost, both to companies and to society. We wanted to create a natural-language processing tool that, if used properly, would take data from Glassdoor and the company's own corporate strategy documents. Using the data aggregated, investors and job seekers would then automatically be able to tell if it was a good company and how it ranked in relation to other companies," says Räikkönen.

New career options

Räikkönen, who is majoring in financing and is currently working on her master's thesis on the net asset value of Nordic funds, greatly benefits from Quantum's Bloomberg terminal whenever she collects data.

"My goal is to have a career in the financial world, and Quantum will hopefully give me an advantage on the labour market, since I already know how to use these data terminals."

Benjamin Maury agrees that Quantum opens up new, and better, career opportunities for students. 

"We want to give them skills, and an understanding that they can do something with the information out there, that they can start building their own careers while pursuing their studies."

Text: Jessica Gustafsson
Photos: Pia Pettersson and Jessica Gustafsson