Meet the MBA Class of 2023: Tiffany Leung, University of Toronto (Rotman)

Man Wai (Tiffany) Leung

Rotman School of Management, University of Toronto

“I strive to make an impact by pursuing excellence in Finance and advocating Diversity & Inclusions.”

Hometown: Hong Kong, China

Fun Fact About Yourself: I am an aviation enthusiast! When I was a kid, I dreamt of becoming a pilot. I joined Cathay Pacific Airway’s I Can Fly Programme to visit Airbus A320 Assembly Line in Shanghai, China. I also flew to Seattle for Boeing Factory Tour during my semester exchange in my undergraduate program. In Rotman, I am happy to reunite many industry professionals in my class who previously worked for airlines and aircraft OEMs.

Undergraduate School and Major: The Hong Kong School of Science and Technology, Bachelor of Business Administration (Global Business and Finance)

Most Recent Employer and Job Title: Assistant Vice President, Global Aviation, Citi Banking, Capital Markets and Advisory

Integrative thinking is one of the cornerstones of the Rotman MBA experience. What does integrative thinking mean to you and how have you been able to apply it thus far? Integrative thinking emphasizes the use of models to analyze business problems, structure our thinking and propose evidence-based recommendations. This idea transcends across different courses and transforms traditional business-school concepts. For example, in Foundations of Strategic Management, we use a Value Creation model to quantify a company’s competitive advantages and evaluate its sustainability. It provides a more objective analysis of a company’s strategy. I look forward to practicing these concepts in my future career.

What has been your favorite part of Toronto so far? What has made it such a great place to earn an MBA? St Lawrence Market. There are over 120 vendors, merchants, and artisans which you never cease to be amazed. Toronto is a melting pot and I enjoy meeting and making friends from all around the world. My Rotman friends and I have made plans to try different cuisine for our gatherings. I can’t wait to try Peruvian and Nigerian restaurants!

Aside from your classmates and location, what was the key part of the Rotman MBA programming that led you to choose this business school and why was it so important to you? Diversity and Inclusion. I am a strong advocate of gender equality and LGBTQ+ inclusion. Throughout my career, I participated in many D&I initiatives in Hong Kong. I am glad that Rotman has vast resources to champion the voice of underrepresented groups. We have student clubs, such as Women in Management Association, the Letter, and various fellowships. It is a safe, open, and supportive environment for you to grow and thrive.

What course, club or activity have you enjoyed the most so far at Rotman? The first in-person Investment Night was held by Rotman Real Estate Association (“RREA”) at the Silver Dollar Room, a landmark rock, jazz, and blues palace with official heritage designation in Toronto. We are fortunate to have panelists from various sub-sectors in Real Estate, including investments, asset management, and development. We also had the opportunity to mingle with panelists and other industry professionals. Personally, I have an interest in real assets because of their unique asset characteristics and cash flow profile. Coming from Hong Kong, it is helpful for me to learn market dynamics and local demand for Real Estate investments.

Describe your biggest accomplishment in your career so far: As the only Aviation Finance Associate at Citi in Asia Pacific, I facilitated the origination of $128M aircraft secured term loan for Juneyao Airlines. This transaction won the Aviation 100 Asia-Pacific Debt Deal of the Year and it is also the first non-Export Credit Agency syndicated financing in China. Not only did I partner with in-country bankers, product specialists, and risk managers across Citi’s global footprint, but I also managed the financial modelling to support deal structuring and internal approvals. This cross-border transaction uniquely capitalized the airline’s international operation and the bank syndicate’s global network. This is a milestone for me and my former employers: Citi, Standard Chartered, and HSBC (as I did work for all three lead arrangers before Rotman).

Describe your biggest accomplishment as an MBA student so far: My biggest accomplishment is my team won TD Client Case Competition. We proudly presented an IPO solution for Plusgrade, a Canadian software-as-a-service company that provides travel upgrade solutions for airlines and rail operators. This case competition resonated with my specialization at Citi Global Aviation. I am glad to leverage my Aviation Finance background to analyze market potential and derive IPO positioning. Together with my talented Rotman teammates, we conducted peer analysis, and proposed an IPO structure with targeted pricing and timeline. I genuinely appreciate direct feedback from the panel, comprised of CFO, Plusgrade and representatives from Investment Banking, TD Securities.

What advice would you give to help potential applicants gain admission into the Rotman MBA program? Feel free to reach out to existing Rotman MBA, ask meaningful questions, and start building connections. At Rotman, I am grateful that I have received many advice from alumni and upper-year students. It is common to have “coffee chats” in North America – a way to learn and network. I would highly encourage potential applicants to do research and connect with us.


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