Jian Cai
Washington University in St. Louis, Olin Business School
“Jian Cai has been a stellar teacher in the undergraduate program for many years. Not only have her ratings across a remarkably wide range of courses been extremely high – students a mean above 9 (out of 10) in virtually all of the sections she taught – but she also won a number of teaching awards. In November 2021 she received the Emerson Excellence in Teaching Award, a recognition bestowed yearly upon exceptional educators in the entire Saint Louis region.
“Her support and contribution to her students’ education does not stop at the preparation and delivery of her classes. It is particularly notable, in this regard, that every year she writes at least a dozen recommendation letters for current or former students who are applying either to Masters’ or PhD programs or to WashU programs, such as study-abroads.” – Olin Business School
Jian Cai, 52, is a Senior Lecturer in Finance at Olin Business School of Washington University in St. Louis. She also serves as the Academic Director of the MSFC, MSFWAM, and online MSF programs.
She has taught a wide variety of finance courses in corporate finance, investments, derivative securities, risk management, and financial intermediation. She also advises students on research papers, practicum projects, independent studies, and dissertations. Due to her dedication to students and quality instructions, she received the Reid Teaching Award five times at WashU. In 2021 she was named an honoree of the Emerson Excellence in Teaching Award, a recognition for educators in the St. Louis region.
She was previously a Research Economist at Federal Reserve Bank of Cleveland and an Assistant Professor of Finance at Fordham University. At Fordham she won both the Gladys and Hency Crown Award for Faculty Excellence and the Stanley Fuchs Award (for teaching excellence) in 2013. Prior to her PhD study, she worked in the private sector for seven years as a marketing researcher and data scientist.
BACKGROUND
At current institution since what year? 2015
Education: BS, Economics, Fudan University; PhD, Finance, Washington University in St. Louis
List of Undergraduate courses you teach: Options, Futures and Derivative Securities, Advanced Derivative Securities, Advanced Financial Management, Investments
TELL US ABOUT LIFE AS A BUSINESS SCHOOL PROFESSOR
I knew I wanted to be a business school professor when … in a warm, pleasant afternoon during my third year in the PhD program, my advisor, Anjan Thakor, met with me after his class and shared with me for the first time his thoughts about the finance academic job market. While listening to his inspiring words and thinking of the amazing professors I had met, I set my career goal to join them as a finance professor to learn, to collaborate, and to give back.
What are you currently researching and what is the most significant discovery you’ve made from it? I have done a series of research studies on how banks compete and collaborate in the financial markets. The most interesting finding is that banks build reciprocity among themselves, and when choosing partners, they collaborate with “close” competitors but compete with “distant” competitors. It has significant implications on pricing, loan default, bank interconnectedness, and systemic risk. Outside banking, I have worked in the intersection of corporate finance and empirical asset pricing, that is, to understand how corporate financial decisions can influence market perceptions about the firm and ultimately its stock return.
If I weren’t a business school professor, I’d be … probably a writer, to tell stories, share thoughts, and express feelings. I’d also like to study more math and Chinese literature.
What do you think makes you stand out as a professor? I care deeply about students’ learning and well-being. In the classroom, I aim to deliver lectures that are clear, structured, and engaging with both intuitive explanations and rigorous derivations supported by lots of examples. Outside class, I am very accessible, constantly offer help, and answer students’ questions promptly with good details. In every class I teach, I encourage students to strive for a balanced combination of theories, computations, and applications so they are directed to focus on understanding fundamental issues and developing problem-solving skills. My diverse teaching portfolio, ranging from corporate finance, investments, banking, to derivative securities, allows me to connect seemingly “irrelevant” topics in finance and help students gain a big picture of finance. It also makes the classroom more fun and interesting.
One word that describes my first time teaching: Unsure
Here’s what I wish someone would’ve told me about being a business school professor: Being a professor goes far beyond classroom. As you care what difference your research makes and what impact your teaching brings, the job becomes utterly joyful and fulfilling.
Professor I most admire and why: I have met many incredible professors, especially Kerry Back, Todd Milbourn, Guofu Zhou, Todd Gormley, and Radha Gopalan who have taught me, guided me, and helped me as teachers, mentors, and role models. Among them, the one I admire most is Anjan Thakor, my PhD advisor, for his brilliant mind, inspiring ideas, unmatchable productivity, passion for research and teaching, and devotion to his family, students, and life pursuits. His full support during the past 20 years has constantly motivated me to do better and to pass on what I have learned from him and other amazing scholars in the profession.
TEACHING BUSINESS SCHOOL STUDENTS
What do you enjoy most about teaching business students? I am often touched by my students’ enthusiasm about their dream careers, curiosity in understanding puzzles in the real world, and tireless effort in studying, recruiting, and reaching goals. What I enjoy most about teaching is interacting with the students and watching them grow up with more self-understanding and glow in confidence, especially at the moments when they pop in my office or send a surprise email to share their successes and happiness.
What is most challenging? I find it most challenging to help students balance studies, recruiting effort, social activities, and other important parts of their college life.
In one word, describe your favorite type of student: Motivated
In one word, describe your least favorite type of student: Disengaged
When it comes to grading, I think students would describe me as … fair and thoughtful. My exam is rigorous reflecting a comprehensive coverage of my lectures, but the goal is to objectively and accurately assess each student’s understanding of the course material. If a student shows a different approach than what is taught in class, I will review it carefully to make sure that I don’t miss a valid point.
LIFE OUTSIDE THE CLASSROOM
What are your hobbies? Reading novels, listening to music, watching movies, traveling to places I have been fascinated by since childhood… There are many things I enjoy doing, just not enough time.
How will you spend your summer? Visit my parents, family, and friends in Shanghai, travel to places on my “to-go” list, complete household chores I have not got time to work on, and enjoy little things in everyday life.
Favorite place(s) to vacation: Disney World in Orlando, Hawaii, Paris, Italy, and more to be discovered.
Favorite book(s): Jane Austin books since high school, especially Pride and Prejudice, Sense and Sensibility. Also, Dreams of the Red Chamber, one of the greatest Chinese classic novels, since sixth grade.
What is currently your favorite movie and/or show and what is it about the film or program that you enjoy so much? The Harry Potter series. Not only do the eight films bring one of the most loved stories to life, but also I enjoy the 10-year journey from the first film to the last with the characters, actors, and people around me.
What is your favorite type of music or artist(s) and why? My favorite singers are the pop music stars in the late 1980s and early 1990s in Hong Kong and Taiwan, for example, Alan Tam, Danny Chan, and Wakin Chau. Call me old (or classic), but their songs remind me of my youth and always touch my heart whenever played.
THOUGHTS AND REFLECTIONS
If I had my way, the business school of the future would have much more of this … preparing students for the real world with an open mindset and healthy mentality. While we help them build strong technical skills, they need to have the maturity, resilience, and positive attitude when facing stress and unexpected situations. Also, don’t forget to emphasize the human input in the increasing presence of AI.
In my opinion, companies and organizations today need to do a better job at … recruiting young talents. Internships, especially the most popular and best paid ones, do incentivize students to think about their career choices and work on career development early. However, as the recruiting season has moved earlier and the competition has become increasingly more intense every year, a student who has not thought about recruiting in the first year of college would be considered late. I have seen many times that students who care a lot about studies have to choose between attending class and preparing for interviews. Students commonly express a high level of stress, frustration, and disappointment until they secure an internship. Can our young generation have a college time that is more nurturing and sparks their true interests before they rush into the recruiting process? Given a bit more time, they can figure out their future with a better balance between school and things in real life.
I’m grateful for … my family who gives me unconditional love, support, trust, and freedom for pursuing my dreams. I truly and greatly appreciate being able to work for my own school and with my own professors while being surrounded by so many talented, hardworking students.
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