How the GCBQ supported my career

MSc in Global Central Banking and Financial Regulation alumna, Merina Phiri Ndumba, shares how the programme has impacted her career. 

Hello, my name is Merina Phiri Ndumba, and I graduated from the MSc in Global Central Banking and Financial Regulation at Warwick Business School in July 2023. I work as a Senior Analyst – Macroprudential Statistics and Data Support in the Financial Stability Department at the Bank of Zambia. Looking back, choosing to pursue this MSc was not just a step in my development - it was a transformational milestone in my career.

Why I chose to pursue the MSc

My career began in accounting, where I spent 15 years building skills, discipline, and professional identity. That trajectory shifted significantly in April 2019 when I moved into the Financial Stability Department. Although my accounting background provided a strong analytical foundation, it became clear that I needed a deeper understanding of economics, policy, systemic risk, and the broader architecture of central banking.

When I discovered the MSc in Global Central Banking and Financial Regulation, it felt like the perfect opportunity. The programme offered a comprehensive and practical curriculum tailored to the demands of modern central banking. The structure, content, and learning approach spoke directly to the challenges I was facing as I navigated this career transition.

As I progressed through the MSc, I found that every module was highly relevant and immediately applicable, each one adding depth and clarity to my understanding of central banking, financial regulation, and systemic risk. The programme built a cohesive foundation that has continued to support and elevate my work long after graduation.

How the bursary supported my journey

Receiving the bursary was instrumental. It eased the financial burden of undertaking postgraduate study while working full‑time and gave me the freedom to focus on learning and engagement. It was more than financial assistance - it was a vote of confidence in my professional potential and motivation to excel.

Impact on my career since graduating in 2023

Completing the MSc has had a profound impact on my work and professional identity.

Strengthened approach to financial stability

The programme deepened my understanding of systemic risk, macroprudential frameworks, and the interaction between monetary policy and the financial system. This has transformed how I analyse and interpret macroprudential indicators, strengthening my contributions to financial stability assessments and risk discussions within the bank.

Broader understanding of financial regulation and supervision

One of the most significant impacts of the programme has been on my understanding of financial regulation and supervision. Before the MSc, my knowledge of regulatory frameworks was functional but narrow. The course expanded this substantially by:

• Explaining the rationale behind regulatory tools such as capital requirements, liquidity buffers, and stress testing frameworks
• Highlighting how prudential regulation supports systemic resilience
• Showing how supervisory approaches differ across jurisdictions and why those differences matter
• Grounding regulatory decisions within broader financial stability and macroeconomic objectives.

This deeper understanding now helps me connect data work to regulatory outcomes more clearly, anticipate emerging risk channels more effectively, and support supervisory colleagues with greater context and insight. It has also improved my ability to read and interpret regulatory frameworks with confidence.

A more global perspective

The diverse cohort was one of the greatest strengths of the programme. Engaging with central banking and regulatory professionals from around the world enriched discussions and exposed me to a variety of policy approaches and challenges. These global perspectives continue to shape the way I analyse issues and contribute to policy work.

Stronger professional confidence

Beyond technical learning, the MSc gave me confidence. I now approach issues with a broader perspective, contribute to discussions with greater clarity, and apply a more integrated understanding of policy, data, supervision, and financial stability.

The honor of being a WBS alumna

One of the lasting benefits of completing this MSc is the privilege of being a Warwick Business School alumna. WBS has a strong global reputation, and being part of its alumni community is a genuine honour. It connects me to a worldwide network of central bankers, regulators, economists, and financial professionals who continue to share insights, opportunities, and learning long after graduation.

This alumni network embodies the spirit of continuous growth and global collaboration—core values that have shaped my own professional journey. Being a WBS alumna is not just a credential; it is a community, a platform, and a source of ongoing inspiration.

Why I would recommend the programme

I wholeheartedly recommend this programme to central banking professionals working in financial stability, regulation, supervision, and monetary policy. For me, the MSc did far more than expand my knowledge. It reshaped my perspective, strengthened my analytical confidence, and aligned me more deeply with the mission of financial stability and effective regulation. It was - and continues to be - a truly transformational journey.