Alumna Nora Nahornick, graduate from the Department of Mathematical and Statistical Sciences and now an analyst at the Office of the Parliamentary Budget Officer. Photo supplied.
Faculty of Science alumna Nora Nahornick is used to running the numbers.
As an analyst at the Office of the Parliamentary Budget Officer, her job focuses on providing independent and non-partisan financial and economic analysis to the federal government. Yet when she began her journey at the University of Alberta as a first-year student, it was a spark of inspiration in a course in the Department of Mathematical and Statistical Sciences that led her to discover her passion for mathematics and finance, inspiring her to learn more.
“Studying at the University of Alberta provided many opportunities beyond my degree that led me to build a strong well-rounded base of skills,” said Nahornick, who was the Faculty of Science Gold Medalist in 2017. “The demand for technical skills has experienced tremendous growth over the past 20 years, and a degree in mathematics and statistical sciences provides ample career opportunities and professional advancement and is a field of study I would highly recommend for incoming students.”
Hear from Nora in her own words on finding her path, her experience with undergraduate research, and turning mathematics into a career.
What led you to select the University of Alberta for your studies? What inspired you to focus on Mathematical & Statistical Sciences?
When I first entered university, I wasn’t entirely sure what I wanted to do. My original goal—like many first-year students—was to become a doctor, but this dream was swiftly brought to an end when I was sitting in an introductory biology course and realized that my passion to continue down this path was not there. I then met Chris Frei, professor in the Department of Mathematical and Statistical Sciences, who was the instructor of my MATH 214 Intermediate Calculus course. During one of his early lectures, he spoke passionately about his research in the field of mathematics and finance and I was inspired to learn more. I went to his office hours that week and began speaking with him about the field and the industry and realized that this was precisely what I wanted to do.
“Participating in research during my undergraduate degree was instrumental in reinforcing my passion for mathematical modelling and it enriched my experience at the University of Alberta.”
Your undergraduate degree included participating in a summer research project. Tell us about your project.
In the summer of 2015, I received a Natural Sciences and Engineering Research Council of Canada (NSERC) undergraduate research grant under the supervision of Chris Frei where I researched the 2008 financial crisis. The 2008 financial crisis showed that the default of one company may affect other companies such that default risk is spread among companies, like an infectious disease. We analyzed default intensities to determine systemic risk between companies. This allowed us to examine which companies were key influencers and which companies were highly susceptible to being influenced, allowing an investor to alter their trading strategy. Participating in research during my undergraduate degree was instrumental in reinforcing my passion for mathematical modelling and it enriched my experience at the University of Alberta. It was extremely empowering and provided a foundation of critical thinking and analysis that continues to serve me today.
Tell us about your career as a financial analyst for the Office of the Parliamentary Budget Officer.
Currently, I am an analyst at the Office of the Parliamentary Budget Officer (OPBO). The OPBO provides independent and non-partisan financial and economic analysis to support parliamentarians in carrying out their role of scrutinizing the raising and spending of public monies and government’s activities. As an analyst, I am constantly examining current and proposed government programs and the financial risks to the federal government.
A typical day includes reading through academic papers and writing code to build models that closely represents the current economic scenario. My main area of expertise in the office is the corporate income tax system, however I have been responsible for a variety of reports from analyzing infrastructure spending to employment insurance. It is a very rewarding environment to work in, as I am constantly being challenged to come up with new methods for modelling and provide the most accurate analysis with the information available.
In what ways do you see your career connecting back to your studies at UAlberta?
My current position requires independent and analytical thinking to develop economic and fiscal models. On a typical day, I am writing code and analyzing complex issues which directly use the skill sets I acquired in my studies. In addition to the technical background gained from my classes, I had the opportunity to participate in multiple research projects, case competitions, and be a teaching assistant. Studying at the University of Alberta provided many opportunities beyond my degree that led me to build a strong well-rounded base and was indispensable in enabling me to communicate effectively across different disciplines and backgrounds.
From your perspective, why is it important to study mathematical & statistical sciences?
The demand for technical skills has experienced tremendous growth over the past 20 years. The need for mathematics in a variety of industries and roles is ever increasing given the technology boom. Before my current position in economic modelling, I worked at an investment management corporation analyzing investment opportunities in public equities. I also had the opportunity to explore a range of research topics during my master’s degree, given my background in mathematics and statistics. A degree in mathematics and statistical sciences provides ample career opportunities and professional advancement and is a field of study I would highly recommend for incoming students!