As one of the world’s great cities - economically, culturally and in terms of sheer scale - Tokyo should always be on the list of candidates for international business and finance postgrads.
Tokyo’s Waseda University attracts more students from overseas than any other university in Japan, with more than 5,500 currently enrolled. And the Waseda Business School (WBS) is a key part of that. Its flexible Master of Science in Finance (MSc in Finance) program prepares graduates to exceed in the field.
In terms of attractiveness to students, Tokyo again ranked second globally in the QS World University Rankings 2026, logging a near-perfect score of 99.9. It topped the rankings for employer activity, home as it is to more Fortune Global 500 companies than New York, London, Shanghai or Seoul.
Sonja Jalali, 30, reflects on her MSc in Finance at WBS and how it has impacted her career.
Can you start by briefly introducing yourself and your background?
Jalali: I'm originally from Germany, born and raised there. I spent most of my school life, including undergrad studies, in Germany, except for two exchange programs. One was in high school when I was 15, I went to Fukuoka, Japan, for half a year and lived with a host family. The second was during my undergrad, when I spent half a year in Beijing. Professionally, I’ve worked in finance and investment banking. Before Waseda, I worked in Frankfurt, and after graduating from Waseda, I moved to London, then transferred within my firm to Tokyo two and a half years ago. I've been working in Japan ever since.
What initially interested you in Japan?
Jalali: For my high school exchange, my purpose was to experience a new country, a new culture. Initially, I considered English-speaking countries like the US or Australia, but some programs offered Japan. My hometown, Dusseldorf, has a large Japanese population, so the country intrigued me. I saw it as a once-in-a-lifetime opportunity to dive deep into culture and language that were completely different. I decided that whatever happens, good or bad, I would just experience it and not judge.
What drew you to investment banking?
Jalali: Living abroad at a young age gave me a strong desire to work internationally. I considered law and taxation, but those are often tied to one jurisdiction. Finance, especially investment banking, seemed like the most international career path. That global aspect really appealed to me.
How did you find the MSc in Finance course at Waseda?
Jalali: It was great. I chose Waseda for its brand and the program structure. I appreciated the mix of academic professors and industry practitioners, plus the specialized courses by guest lecturers. The program was in English, but I also took MBA classes taught in Japanese. Those were tough but incredibly valuable for improving my language skills, especially having a safe environment where making mistakes had no serious consequences. It prepared me for working in Japan, where misunderstandings can have real impact.
What were the challenges within the course?
Jalali: The Japanese language was the biggest challenge. I also learned the importance of balancing listening and speaking up, especially in a diverse, international classroom. That skill has been essential in my job, where I’m the only foreigner and nearly all clients are Japanese. Understanding when to speak up while respecting the culture has been a major learning curve.
You mentioned the student body was quite international?
Jalali: Yes, I especially liked that the programs were interlinked so you had plenty of opportunities to engage with fellow students from around the globe. I took classes from the IMBA and Japanese MBA programs and joined a student-led seminar in the MBA program for a year. I didn’t get credits for the seminar, but the process of deciding and discussing the seminar content together with my fellow students under the direction of our professor was a great learning experience.
I understand Professor Suzuki was your thesis supervisor. What was your experience with him and how did you choose your thesis area?
Jalali: Since I specialize in M&A at work, I took Professor Suzuki’s course in corporate finance early on and later joined his zemi [a seminar on a topic led by a professor] to further deepen my knowledge in this field. Given Professor Suzuki’s background in banking and particularly M&A, I was lucky to have him supervise my master’s thesis and learn from both his practical skills and vast experience in academic research in the field of corporate finance.
Even after graduation, we stayed in touch and met in London once when he visited for research. These kinds of ongoing connections with professors as well as fellow students have made Waseda very special.
What was your impression of the zemi system?
Jalali: It’s very different and, as I later learned, quite significant in Japan. The zemi gave me a small group to connect with. Otherwise, it can feel like you’re just drifting through the program. The zemi added structure and a sense of community.
What was your thesis? What was your conclusion?
Jalali: I focused on the exchange rate effect on Japanese outbound M&A. Interestingly, there wasn’t much of an effect overall. In specific sectors like IT and industrials, there was some impact when the yen was strong. But generally, the correlation was weak. Sometimes in academic research, you hope for clear results, but the absence of a strong effect is also a finding.
Did your time in Japan influence your career path?
Jalali: Absolutely. I always tried to link my career or studies to Japan, but I didn’t know how that would take shape until I studied at Waseda. That experience solidified my ambition to work here. I deliberately chose a company with a Japanese angle so I could keep that connection, and eventually, I was able to work in Japan.
I imagine speaking Japanese and having studied at Waseda helped?
Jalali: Definitely. When I was in London and applied internally to transfer to Tokyo, the senior management were impressed that I spoke Japanese and had studied at Waseda. It really is a strong brand.
How well did Waseda prepare you for working in Japan?
Jalali: Surprisingly very well. Beyond theory, the professors shared real insights about how business works in Japan compared to other countries. Many lessons were between the lines, things not found in textbooks but crucial in real-world Japanese business culture.
What advice would you give future MSc Finance students?
Jalali: Everyone comes with goals, and that’s important. But I’d encourage students to look beyond their immediate agenda. Waseda and Japan offer so much: IMBA programs, Japanese classes, international intensives. The people and experiences I encountered during those two years have had a lasting impact. Be open to exploring.
