Haig Simitian

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Haig Simitian

 

Biography: Haig Simitian is a fourth-year student at the University of California, Los Angeles, majoring in Business Economics with a minor in Accounting. Born and raised in Glendale, California, Haig enjoys spending his time playing pickleball, going to the gym, and trying new restaurants. His coursework has provided him with a well-rounded breadth of econ knowledge from a variety of subtopics, while each accounting class continued to add additional complexity and intuition to his understanding of fundamental accounting principles and their application in the business world as a whole. During his time at UCLA, he served on the executive boards of the Business-Law and Investing Society, Beta Alpha Psi Accounting Honor Society, the Bruin Stock Group, and the Armenian Pre-Law Student Association.

 

Future Plans: After graduating from UCLA, Haig will start his full-time job at Deloitte in their Business Tax Services practice as a Tax Consultant. He intends to pursue a CPA license within his first year working there. Haig also plans to attend law school in the near future to further his education and enhance his career opportunities.

 

What this scholarship means to me? I am profoundly grateful for the honor of being selected as a recipient of the Gumbiner Savett Inc. Endowed Undergraduate Prize. As I reflect on my journey, I am reminded of the transformative impact education has had on my career goals and aspirations. The generosity of this award will allow me to make further use of the endless learning opportunities at UCLA and is an inspiration to keep working hard to make my career goals come to fruition.

Jacob Banuelos

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Jacob Banuelos

 

Biography: Jacob Banuelos is a driven fourth-year Business Economics major. He was raised in Calabasas, California, and is pursuing a career in the Financial Services industry as a Wealth Manager and Analyst. Currently, Jacob has been involved on campus by volunteering with Volunteer Income Tax Assistance at UCLA and working at University Credit Union as a Member Service Specialist. In his spare time, Jacob loves to go to the gym, play chess, and partake in creative writing.

 

Future Plans: Upon graduation, Jacob plans to join a Wealth Management firm as a Wealth Advisor, and plans on specializing in alternative investments such as private equity and venture capital. In the long run, he wants to eventually garner the skillset and knowledge to establish his own Wealth Management firm dedicated to serving members of the lower-income community. Through his future experience, he aims to develop a holistic financial philosophy that he can utilize for the benefit of individuals from all walks of life.

 

What this scholarship means to me? It is a great honor and privilege to be accepted for the Donald Edward Bragg & Diane Sims Bragg Scholarship. I come from a single-parent household, and as the oldest of three brothers, I know that financing our higher-level education will prove challenging. This award goes a long way towards not just my own goals, but my younger brothers’, goals of being able to graduate with the weight of student loan debt being as minimized as possible. I am dedicated to using this award to help continue my academic success, and to set as high of a standard for my younger brothers as they enter university and the real world as a whole. Thank you so much to the UCLA Economics Department for granting me this prestigious award and for making all of this possible!

Lydia Sun

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Lydia Sun

 

Biography: Lydia Sun was born in China to a family of local farmers. She grew up in a small village and learned the value of hard work and kindness. She left her village in order to get higher education. In 2018 Lydia moved to America, and she attended community college as well as worked full time. Lydia was accepted to UCLA for the 2022 academic year. Lydia Sun, an enthusiastic and dedicated individual, embarked on her academic journey at UCLA with an unwavering passion to excel in the fields of business and accounting. Her diverse work experiences in both domestic and international e-commerce reflect her leadership prowess and her ability to implement efficient business strategies. Beyond her academic pursuits, Lydia’s proactive stance, complemented by her versatile skill set, positions her as an invaluable asset in any professional setting. Rooted in a dedication to perpetual advancement, Lydia’s aspiration to achieve CPA licensure underscores her unwavering commitment to pursuing excellence and embracing ongoing growth.

 

Future Plans: Lydia Sun, a dedicated student, envisions a future that marries her passion for accounting and her drive to excel. As she progresses through her studies at UCLA, Lydia’s determination is evident in her decision to postpone graduation from after the completion of the 2023 winter quarter to spring 2024 in order to undertake additional accounting coursework in preparation for her CPA licensure. After completing her studies, Lydia aims to secure internships in prestigious firms like one of the big 4 companies and to gain practical experience and expand her skill set. With a keen interest in data analysis, marketing, and customer service, Lydia aspires to bring a holistic approach to her career, focusing on optimizing business strategies and financial practices. Her commitment to professional growth is evident in her dedication to achieving CPA certification 225 units and courses by September 2024.

 

What this scholarship means to you? Receiving the Prof. Harry Simons Endowed Undergrad. Scholarship for the Study of Accounting is an incredible honor and privilege for me. This scholarship means not only financial assistance but also a recognition of my dedication to pursuing a career in accounting. As a Business Economics major student with a minor in Accounting at UCLA, this scholarship will alleviate some of the financial burden associated with pursuing higher education. It will enable me to focus more on my studies and extracurricular activities that contribute to my professional growth. I am truly grateful for this opportunity, and it motivates me to excel in my studies and future career as a CPA.

 

Yohann Byun

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Yohann Byun

 

Biography: Yohann Byun is a 4th-year Economics major and Accounting minor student at UCLA. He’s passionate about pursuing a career in accounting/finance as he accrued experience both in finance and accounting through internships at Citi and EY. Through the internship experience, he found interest in public accounting and financial statement analysis which he seeks to continue his career in. Academically, he will be part of the Fed Challenge and represent the UCLA team as one of the presenters in the upcoming Fall. He also works as a student staff at the UCLA Anderson School of Management and aids various MBA programs under the Strategic Research Program.

 

Future Plans: After interning at EY during the summer of 2023, Yohann is seeking to work full-time at EY upon graduation. He’s currently on track to be eligible for the CPA exams by graduation, and in the long run, he wants to work more with M&A advisory work and explore the buy side of the finance world.

 

What this scholarship means to me? I am truly grateful to be the recipient of the Professor Harry Simons Endowed Undergraduate Scholarship for the Study of Accounting, and this scholarship inspires me to continue working towards graduation and finish my last academic year at UCLA strong. Moreover, my goal to build a professional career in accounting/finance is more achievable with the financial support provided by this scholarship. I thank the donors and the department for awarding this scholarship.

 

Sasha Zhang

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Sasha Zhang

 

Biography: Sasha Zhang is a rising third-year majoring in Business Economics with a minor in Data Science Engineering. On campus, she is a member of 180 Degrees Consulting, the world’s largest volunteer consultancy for nonprofits and social enterprises, where she currently serves as the Director of Consulting Connect. Consulting Connect is a subgroup of 180DC dedicated to improving the accessibility and visibility of consulting within the UCLA student body through skill-building workshops, disseminating professional development resources, and in the coming Fall 2023 quarter, launching a client-facing consulting project initiative open to all UCLA students.

 

Future Plans: In the future, Sasha plans to pursue consulting which will expose her to a wide range of industries and expertise, and allow her to continue building her business acumen and technical skills. She believes consulting is the prime learning ground for her to gain a multifaceted worldview, where she will ultimately discover her niche purpose and be able to create a broader
impact. In the past summer, she was a Private Equity Intern at a real estate investment firm where she worked on underwriting a multifamily property deal, as well as working on the asset
management side conducting financial analysis on existing portfolio properties. She was also a UCLA Economics Teaching Assistant teaching two summer courses on economics, finance, and
data science concepts to high school and college students.

 

What this scholarship means to me? I want to sincerely thank Mr. and Mrs. Lawrence and Joan E. Anderson for the incredible honor of choosing me as the recipient of the Lawrence and Joan E. Anderson Fund Scholarship. Your generosity has immensely eased my financial burden with tuition and educational expenses, and your extraordinary kindness and support towards my academic goals truly means so much. This award will forever serve as a reminder to always approach learning with intellectual curiosity and integrity, to continue working hard and striving to use my skills to make a tangible impact, and to pay forward to the UCLA community all the privileges, lessons, and advice I’ve been fortunate enough to receive. I’ll continue striving for excellence in all facets of my life. With the deepest gratitude, thank you.

Lawrence Tooley

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Lawrence Tooley

 

Biography: Lawrence is a rising senior majoring in Business Economics with a minor in Accounting. He participated in chess club and Greek life on campus. He was born in Kingston upon Thames, a smaller town about 10 miles from London. After three years in England, his family moved to Bordeaux in the south west area of France. He spent nine years in France before moving to Fairfield, California where he lives now. He grew up playing Tennis and Soccer and also had interests in surfing, chess, video games, and golf. In high school, Lawrence became interested in economics and accounting and wanted to pursue a career in the Bay Area. This is also when his admiration of UCLA began and it became his goal to attend the university. After spending a summer as a finance intern for a wine company, Lawrence spent the following summer working as an audit intern for KPMG in Sacramento. Next fall he will be returning with KPMG in the audit practice in San Francisco.

 

Future Plans: After graduating in Spring quarter, Lawrence hopes to spend some time in Europe visiting family and exploring the southern countries. In the Fall, Lawrence will be working for KPMG as an Audit Associate in the San Francisco office. He will plan to pursue a career in public accounting but hopes one day to be the CFO of a large corporation. Having spent much of his childhood in Europe, Lawrence would also like to spend some time working in London or Paris. He has also really enjoyed his time traveling in south east Asia and would love to return for work if the opportunity arises.

 

What this scholarship means to me? Receiving this scholarship will help me focus on furthering my education by lowering the stress involved in paying for college. Studying economics at UCLA had been a dream of mine throughout high school so I am very grateful and thankful for this opportunity. This acknowledgement will only motivate me more in my last undergraduate year at UCLA and will hopefully propel me into my career after graduation. I am honored to be this year’s recipient and hope to further the values that Harold Mortenson held throughout his time spent at UCLA. In my three years here, I have been exceptionally pleased with the time and effort the professors of the Econ department put into their students as well as the passion they teach with. They have always motivated me to give it my best in class. Receiving this scholarship means a lot to me as I feel my hard work has been rewarded as I look forward to completing my degree this upcoming year.

Iris Shi

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Iris Shi

 

Biography: Iris is an uprising third-year Economics major also pursuing a second major in Linguistics & Computer Science. She has held a wide variety of policy and legal writing experiences, from writing for the Daily Bruin and BLIS law review, holding board positions on two pre-law societies, to interning at a law firm. She is currently involved in a multitude of research projects and labs, both independent and professor-led, where she explores the economic and social impact of communication and language technologies. Much of her research projects involve social data collection and database creation, and she is grateful for the guidance of the involved professors and mentors. In addition, Iris is an active member of student government (USAC), serving on the Finance Committee, CSC, and chairing funds, where she is passionate about allocating funds to support students’ academic ambitions and service efforts. Outside of her school activities, Iris is a singer, enjoys reading/collecting classical Western literature, goes on late-night runs, and loves baking with her mother.

 

Future Plans: As she has a deep love for school and learning, following her graduation from UCLA, Iris plans to attend grad school or law school and further pursue her educational interests. She hopes to research and further develop her knowledge about the intersection of behavioral economics, language policies, and law. She also strives to develop her communication and technical skills so that she can one day educate policymakers on emerging technologies that lack regulations and develop applications that improve technology-human intercommunication, labor conditions, immigrant education/welfare, and economic productivity. Iris sees herself traveling often and living in many places in the future, where she looks forward to immersing herself in new cultures, learning new languages, and expanding her global and political perspective.

 

What this scholarship means to me? I am eternally grateful for the generosity of the Wark Family, and no words can truly express how honored I am to be a recipient of the Robert D. & Margaret A. Wark Memorial Scholarship. Not only will this scholarship provide financial support so I may dedicate more of my time towards my academic endeavors, but this scholarship also provides great motivation for such academic endeavors. I am happy that the UCLA Economics Department and the Wark Family have awarded me and recognized my professional ambitions, and I will do all I can to honor their recognition, strive for success, and serve my community.

 

 

 

 

Anmol Arora

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Anmol Arora

 

Biography: Anmol Arora is a rising senior majoring in Business Economics and minoring in Accounting at UCLA. In 2022, he was selected to be a William F. Sharpe Fellow. During his time at UCLA, Anmol has gained internship experience in Strategy and Finance roles at both large multinational firms like EY and small startups. Moreover, he has been actively involved with multiple Business student organizations at UCLA like International Bruins in Business (IBB) and Bruin Reserve Bank (BRB), currently serving as the Vice President at both. His experience with consulting local businesses through IBB has driven him to pursue a career in strategy consulting.

 

Future plans: Post graduation, Anmol will be working in strategy consulting at L.E.K. Consulting in their Los Angeles office. In his initial couple of years, he aims to work with clients from a variety of industries before specializing and finding his niche within strategy consulting. In the long run, he aspires to follow in his parents’ footsteps and get an MBA from a top-ranked school like UCLA to further develop his business acumen while fostering a global network.

 

What this scholarship means to me? It is an incredible honor to have received the Donald Lipschutz Scholarship. I am sincerely grateful to the donors and the Department of Economics Awards Committee. This recognition of my efforts will serve as yet another motivator for me to continue striving toward excellence in all my future endeavors at UCLA and beyond.

Why does wage inequality change over time?

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By Daniel Haanwinckel

Daniel Haanwinckel

Daniel Haanwinckel

A recent article by The Brookings Institution argues that income inequality is “a major issue of our time” and cautions that “an increasingly unequal society can weaken trust in public institutions and undermine democratic governance.” That concern is widely shared. According to a recent survey by the PEW Research Center, six in ten U.S. adults say there is too much economic inequality in the country. Social scientists are also concerned: searching for “rising wage inequality” on the JSTOR academic platform yields 877 journal articles published since 1990.

But why does income inequality change over time, and what can societies do about it? Focusing on wages—the primary source of income for most households—Professor Daniel Haanwinckel tackles this question in the paper “Supply, Demand, Institutions, and Firms: A Theory of Labor Market Sorting and the Wage Distribution.” He develops a new theoretical framework to describe how wages evolve depending on trends in educational achievement, changes in demand for skills in the workplace, and minimum wage regulation. Then, he uses the framework to study a curious case where inequality has been falling instead of rising: Brazil between 1998 and 2012.

The novelty of the proposed framework is combining two perspectives about why wage differentials between workers change over time. The first is based on productivity differentials. For example, the computer revolution may have boosted labor productivity, but only for those skilled enough to use them. That should increase their wages relative to less skilled workers. The second perspective is that wage inequality comes in part from the fact that different firms may pay different wages for equally productive workers. Within that perspective, if the labor market becomes more “assortative”—that is, the highly skilled workers become more likely to be employed at high-wage firms—then inequality also rises.

Combining both perspectives into a single model yields novel insights into the effectiveness of education in the fight against inequality. In the PEW survey, most respondents—Republicans and Democrats alike—believe that improving workers’ skills would “do a great deal to reduce economic inequality in the U.S.” This is true in standard economic models that ignore firm wage premiums. But in Professor Haanwinckel’s model, it may not be the case. That’s because the increased supply of skills may change sorting patterns in a way that benefits workers with the highest wages.

A key message of the paper is that, while wage inequality is an important matter, it should not be the only goal for policymakers. Investing in education may be worthwhile even if such investments do not reduce inequality because they may still increase wages for the less educated, reducing poverty rates. And raising the federal minimum wage may sometimes not be desirable, even if it successfully combats wage inequality among employed workers. That’s because falling inequality may come at the cost of reduced employment opportunities for the most vulnerable workers. The best policies to tackle poverty and wage inequality must be chosen case-by-case, using high-quality data and sound economic theory.