An Inside Look at Paul Scanlon, Director of the Finance Lab
Paul Scanlon’s affinity for finance goes back decades.
Scanlon, then a recent graduate of Colgate University, had just entered the professional world, taking a job with National Westminster Bank and entering a bank training program.
“I liked the finance part of it [and] the energy,” he recalls. “I think at that time I was interested in finance broadly [and] kind of played around … with the idea of going to a corporation.”
Thus began a 30-year journey in finance for Scanlon, now the director of the finance lab at the Providence College School of Business. After obtaining his MBA from the University of Chicago and completing an internship with Hertz Europe in London, Scanlon became an analyst for Fidelity Investments’ bond group for the next five years. After two years at a healthcare startup, Scanlon joined Putnam Investments and eventually became co-head of fixed income.
Scanlon’s career at Putnam ended in 2022 after 23 years. He didn’t start working for the business school until August, but his relationship with PC business students and faculty began a number of years ago.
“I think it was about 10 years ago, and Providence was doing a trip to different investment managers, and someone said, ‘Hey, will you go speak to the Providence contingent that’s coming in?’”
After talking with Sylvia Maxfield, Ph.D, a connection was formed, and Scanlon began guest lecturing at the college periodically, holding a bond lecture for Liu Wang, Ph.D., professor of finance, and participating in the annual Wall Street Superday Bootcamp, “I’ve always had an interest in school,” he notes.
Scanlon’s involvement opened the door for him to join the business school full-time.
“When I was approaching retirement, there was a position to be [an adjunct professor] teaching a credentialing class for seniors. That was last spring. And then there was an opening for director of the finance lab, which is [my current position]. So, I interviewed for that and liked the people, liked [the position], and that’s kind of how I got here.”
Scanlon’s duties as finance lab director vary. He continues to teach classes; he taught a course on portfolio management in the fall and one on getting credentialed for the Securities Industry Essentials (SIE) Exam during the spring 2022 semester. He collaborates with finance faculty members on co-curricular endeavors, such as the Superday Bootcamp and PCBiz Basics. He also works with the student-led asset management group, advises a group of freshmen and helps with career development for students aspiring to enter the finance industry.
Few duties, however, receive as much attention as the weekly market watch. Every Monday, Scanlon holds a 30-minute briefing in the finance lab about the previous week’s market news. The update has become so popular that the lab is regularly standing room only.
“We talk a lot about what’s going on with the economy. We talk a lot about economic indicators. We talk about [the] kind of things that are impacted by that. And then we do go into what’s happened in the stock market and a little bit of the ‘why,’” he said.
“People say we [review the market] in the classroom, but you’ve got a syllabus you’ve got to get through, and sometimes it’s a less open environment because it does have an evaluate component to it.”
Scanlon has enjoyed seeing students increase their financial literacy over time.
“As I work with [students, I] see the difference in them. And I’ve only been here seven or eight months, so I haven’t seen freshmen go to seniors. But you do see the level of sophistication grow, the level of knowledge.”
Scanlon has even helped students apply their financial skills outside of Providence College. Last semester, Scanlon coached the team of students representing PC at the Bloomberg Global Trading Challenge. Teams participating in the contest were allocated virtual cash to invest in thousands of stocks. Although PC’s team finished in the middle of the pack, Scanlon found it paramount that students learn from the experience.
“I think the temperament of this team was much more as investors, and they did fine. And it was a really good group of students. Eddie [Amodeo ‘23] and Ryan [Fodero ‘23] are awesome. Charlie Sullivan [‘23] is great. And Eileen Cooney [‘23], who’s … a quantitative economics major, is a really good, robust thinker.”
In his brief time at the business school, Scanlon has made his mark. It hasn’t gone unnoticed by students.
“Before Professor Scanlon joined Providence College, the Finance Society was a bit unorganized and students were not as active as they are now,” said Sid Lauredant ’24, a finance major and member of PC Finance Society. “With the help of Professor Scanlon, the club has been able to expand on different industries, whether it’s real estate, private equity, investment banking, or asset management.
“[He] has improved leadership as a whole by acting as a mentor,” and “is proactively helping the executive board make critical decisions.”
Through the various programs which he helps, Scanlon’s accomplishments have been undeniable. As year two approaches, he’s committed to building on that work, such as augmenting classroom activities.
“I don’t like the term ‘what’s going on in the real world?’ because people are getting exposed to that in the classroom as well,” he says. “[I’m] trying to help people process what’s going on outside the Providence campus and … link that to what’s going on inside the classroom.”
Scanlon sees several opportunities to help students. He wishes to expand student perspectives through classroom and co-curricular activities. He has met with colleagues about expanding access to resources, such as Wall Street Prep, an online asynchronous program, and Bloomberg certifications. For Scanlon, it’s all about preparing students to succeed after their Providence business education.
“We can create really thoughtful students [who are] forward-looking about stuff. That’s pretty fun.”
