When Professor Elizabeth Sheedy from the Master of Applied Finance program first joined Macquarie in 1993 as a lecturer and PhD student fresh from the youthful cohort at Macquarie Bank, little did she know she would still be here 30 years later. Nor could she have foreseen that her father, husband and daughter would also study at Macquarie. But, talking to her, it all makes perfect sense. You could say, it all adds up. 

“It seems like a long time, 30 years,” laughs Professor Elizabeth Sheedy. 

“It’s funny having been in the one workplace for so long,” she continues. “There have been different deans, different ways of doing things. In fact, I don’t think there are many people in the business school who’ve been here longer than me – I’ve outlasted them all.” 

Then, more thoughtfully: “Teaching in the Master of Applied Finance for 30 years has been a privilege; it’s been great.” In speaking to her, you quickly get the sense she’s grounded in the real world, much like her teaching and research. So, is that what has kept her at Macquarie for so long? 

“Absolutely, it’s the applied focus at Macquarie,” says Professor Sheedy.  

“The way finance is taught at a lot of other unis and the style of research undertaken, it’s just really theoretical, which is strange because we’re not teaching philosophy. Finance is a very practical discipline, yet it’s often completely disconnected from the industry.” 

Maintaining industry connections is something Professor Sheedy has worked hard at and given high priority over the years. As she explains, “We only teach professionals in the Master of Applied Finance, so the program has always had to reflect the rapidly changing industry – it has given me a unique, industry-focused approach to research.” 

For example, between 2012 and 2022, her research centred on the culture and remuneration practices of financial institutions as she and her co-authors worked to understand, and find solutions to, some of the terrible customer experiences that came to light during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

“This research has given me many opportunities to present findings to industry audiences and appear in the media, helping to change industry practices,” she says. 

She continues, “Macquarie has been an environment where my approach has generally been supported. Many other universities, with a more theoretical focus, wouldn’t have given me that support. I hope  Macquarie Business School  can continue to have this applied focus, despite the pressure for A* journal papers.”  

It was also this industry focus that drew Professor Sheedy to Macquarie in the first place. She remembers, “The 1980s and 90s were a time of tremendous growth and change in the financial services industry with the deregulation of markets. Hundreds of people with accounting and economics degrees wanted to learn about finance and join this exciting industry. 

“Macquarie started the Master of Applied Finance in the 80s to meet this demand. It rapidly became the postgraduate degree of choice because it was taught by people with industry experience rather than career academics.” 

With more than 10 years’ experience, and as one of the first to have formally studied finance as part of her undergraduate degree, Professor Sheedy was invited to join the Macquarie team in 1993. She left behind a rewarding role at Macquarie Bank to pursue her passion for teaching and research. “I wanted the intellectual stimulation and freedom to do things that are interesting or important, rather than making a bank a lot of money,” she says. 

It was a busy time for her, as she was also studying part-time for her PhD at Macquarie while lecturing full-time. “People thought I was taking a break from the intensity of a bank to work in a university, but the opposite was true; it was a very busy time.” 

In fact, the Master of Applied Finance program became so successful it was offered in Melbourne, Brisbane, Perth, Singapore, Hong Kong, Tokyo, Beijing and Shanghai (as well as Sydney) at various times.  

“With over 5000 alumni, my colleagues and I have educated a whole generation of finance professionals who have gone on to become leaders of the industry,” she notes. “It has been tremendously exciting to be part of this experience, and to this day, we remain the No.1-ranked program of this type in the Asia-Pacific region.” 

Still, you get the sense it’s not the accolades Professor Sheedy is after. “I just love teaching and research; the academic life is for me,” she says. “I can’t think of any other job I’d prefer. The great thing about university life is my research topics keep changing, which allows me to grow and learn about something completely new.” 

Currently co-leading a significant project sponsored by a major Australian bank to investigate the financial decision-making of young adults, Professor Sheedy explains, “The overall theme is financial wellbeing. It’s just so interesting looking at the challenges this generation is facing, such as home ownership and the cost of living. 

“Macquarie puts a strong emphasis on a multidisciplinary approach, so we have psychologists and anthropologists, for example, bringing in different perspectives. We’re still in the early stage of the project, but it’s really worthwhile and very important to society as a whole.” 

Not convinced young adults have given up on the Australian dream just yet, Professor Sheedy says, “It may just happen further in the future for this generation – a home is a massive investment, but it also gives people a lot of safety and security.” 

She also suggests the cost-of-living challenge reflects people’s ability to adapt. “It’s part of life that you’ll get a financial shock from time to time; we can’t eliminate that,” she acknowledges. “But people with financial resilience are good at adapting to that shock – they’re good at cutting back on discretionary expenses by making changes to their lifestyle, for example. We want to understand why some people can adapt better than others.” 

It’s a topic Professor Sheedy was invited to speak on at the recent Young Alumni Network event, where she captivated the audience with her insights. “Financial literacy is closely linked to numeracy, educational attainment and familial experiences,” she explains. Coming from a family where money and investments were openly talked about, it’s something she knows firsthand. 

“I enjoyed maths and economics at school, and we talked about money and investments at home. My dad and uncle made some interesting investments, which were not exactly mainstream; I thought it was really interesting.” 

Still, it’s not just an interest in finance she and her family have in common. “My father was also an academic, and after he retired, he decided to do an arts degree at Macquarie. He did it slowly, one subject a semester, but managed to finish it before his 80th birthday.” 

Her husband also completed his MBA at Macquarie, graduating in 2016, and her daughter has recently finished her Bachelor of Psychology. “Between the four of us, we have lots of Macquarie experience,” she laughs, noting her daughter also went to Banksia Cottage when she was small, and often visited the campus as she was growing up. 

So, what would be her financial advice to her daughter and, by extension, other young adults? “Start putting money away as soon as you can for longer-term goals; try not to live in the moment. There’s a lot of enjoyment in life that doesn’t require money, and the thing with living in Sydney is you can go to the beach, go bushwalking, there’s a lot that’s free – you’ll be healthier and have the advantage of saving money.” 

And that’s advice we can all take on board. 

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First published in Macquarie Matters