Georgetown Partners with IFC and the Milken Institute to Strengthen Local Capital Markets
Georgetown University’s McDonough School of Business has partnered with the International Finance Corporation (IFC) and the Milken Institute to support the economic development of emerging markets across the world through the Capital Markets Program.
The program was launched in 2016 through a strategic partnership between IFC and the Milken Institute after identifying a financial markets capacity gap among capital markets regulators and professionals in developing countries. Over the course of eight months, participants engage in a series of graduate-level courses, hands-on workshops, and mandatory internships. The experiences equip them with the knowledge, advanced skills, and expertise necessary to address pressing economic challenges and drive meaningful market-development efforts in their home countries.
“The development of domestic capital markets is critical for meeting the needs of long-term local currency financing, reducing dependency on foreign debt, and protecting economies from volatile capital flows,” said Tom Ceusters, director of treasury market operations at IFC. “Demand for this program has grown tremendously. Participants leave the program with a greater knowledge and expertise in capital markets that they can then use to explore financial solutions to pressing social and economic challenges in their own countries.”
Since its launch, the program has trained 224 alumni across 56 countries, representing over 90 different government institutions.
“There were always three key components to the program: rigorous academic coursework, an internship to provide real-world experience in the field, and the development of a global alumni network,” said John Hunter, chief operating officer and chief financial officer at the Milken Institute. “After eight years of partnership with IFC, we decided to take a moment to reset and determine how we can take this program to the next level.”
In 2023, as they evaluated the next phase of the program, IFC and the Milken Institute identified Georgetown McDonough as the new academic partner to expand the program’s curriculum and leverage the school’s interdisciplinary expertise.
The program is co-designed with IFC and the Milken Institute through Georgetown McDonough’s Office of Custom Executive Education. The academic portion of the Capital Markets Program spans four months and covers a variety of financial markets and policy topics.
“Georgetown McDonough’s curriculum expands the program beyond traditional financial concepts and also provides exposure to experiential learning and capstone projects,” said Ceusters. “We believe these opportunities will best prepare participants to respond to the challenges of accessing capital in their home countries.”
Program participants are taught by Georgetown’s top-ranked faculty and have access to interdisciplinary centers such as the Psaros Center for Financial Markets and Policy for research insights and events. This year’s coursework includes an invitation to attend the Psaros Center’s highly anticipated Financial Markets Quality Conference, where participants will hear from leading financial policymakers, market participants, and government officials about the state of global financial markets.
Following the completion of their core courses, participants spend four months applying the curriculum in private and public sector companies across the United States. These exclusive internship opportunities are offered in a range of institutions in the financial industry, including private equity and venture capital firms, hedge funds and asset management firms, banks, credit rating agencies, and development finance institutions, among many others.
Participants also gain exposure to prominent practitioners in the public and private sectors through the IFC-Milken Institute Speaker Series, regulatory workshops at the U.S. Securities and Exchange Commission, case studies at IFC, and a week-long Financial Policy Trek to locations in Washington, D.C., and New York City.
“There is a shared passion between IFC, Milken Institute, and now Georgetown McDonough in what we’re trying to accomplish through this program,” said Hunter. “Through a combination of academics and real-world experience, we are instilling a belief in these professionals that they can go back and make positive changes in their countries. We’re also creating a network of tight-knit alumni that understand they’re a part of something bigger.”
Graduates join a worldwide community of capital market regulators and financial policymakers who remain connected through ongoing events and roundtable discussions, alumni committees, and chat rooms. The program intends to foster a spirit of lifelong learning and collaboration among alumni as they implement effective policies and advance professionally throughout their careers.
Looking ahead, the program welcomed its 12th cohort to Georgetown McDonough in September as they begin their transformative journey of growth and development.
“Here at Georgetown McDonough, we believe people have the greatest potential to lead economic and social change, and this vision has been realized for over eight years through the IFC-Milken Institute Capital Markets Program,” said Paul Almeida, dean and William R. Berkely Chair of Georgetown’s McDonough School of Business. “We are proud to join this legacy of impact and offer our interdisciplinary expertise and connections as we prepare rising professionals for meaningful careers in emerging economies across the world.”
To learn more about the IFC-Milken Institute Capital Markets Program, visit the website at ifcmilkencmp.org. To sponsor an intern for the Capital Markets Program, please contact Elisabete Urrea Cuena, at eurreacuena@ifc.org, for IFC, and Shannon Stroud, at sstroud@milkeninstitute.org, for the Milken Institute. Plus, you can download and view intern bios for the Capital Markets Program.