From EDHEC to Goldman Sachs: How alumnus Federico Lugli brings investment banking expertise into the classroom

From EDHEC student to Executive Director at Goldman Sachs

You graduated from EDHEC in 2018. Can you tell us about your career journey and how EDHEC helped prepare you for investment banking?

Federico Lugli: After graduating from EDHEC with a Double Degree Master in Management – Finance track and MSc in Corporate Finance & Banking, I began building my career in investment banking, specialising in the Financial Institutions Group (FIG), particularly payments and FinTech.
My career has taken me from UBS to Morgan Stanley and, most recently, Goldman Sachs, where I joined as Executive Director in July 2026.
EDHEC gave me the right foundations to start my career. The combination of strong theoretical knowledge and its application to real-life business scenarios helped me develop the problem-solving skills and structured thinking required in investment banking.

What motivated you to return to EDHEC as a lecturer?

Federico Lugli: Returning to EDHEC as a lecturer is a genuinely special experience. Beyond the personal connection, my main motivation was to give something back to the institution that played an important role in my professional development. I wanted to help students prepare for the transition from business school to the professional world by sharing the knowledge and experience I have gained throughout my career. Investment banking can be demanding, and I believe students benefit enormously from understanding what the job involves before they enter the industry.
 

Bringing real-world investment banking experience into the classroom

You teach Equity Research and Financial Modelling as part of the MSc in Corporate Finance & Banking's Investment Banking concentration. How do you incorporate your professional experience into your teaching?

Federico Lugli: My objective is to make the course as close as possible to the realities of working in investment banking.
I want students to understand how financial analysis and modelling are used in practice to assess businesses and support investment decisions.
I also try to recreate the working environment they will encounter in the industry, where analytical rigour must go hand in hand with efficiency, prioritisation and the ability to deliver high-quality work under demanding deadlines.

Can you share an example of a practical assignment that helps students develop these skills?

Federico Lugli: As part of the course, students prepare a concise investment memo based on a real company. They must analyse the company's financial performance, identify its key business drivers and develop a clear, evidence-based view supported by their financial analysis. The exercise combines technical skills with commercial judgement and requires students to communicate their conclusions in a structured and concise manner. The ultimate objective is to help students move beyond the mechanics of financial modelling and understand what the numbers actually tell them about a business.
 

A student's perspective: Preparing for the realities of investment banking

To understand how this approach translates into the student experience, we spoke with Felix Matwijow, a current MSc in Corporate Finance & Banking student who attended Federico's course.

How would you describe your experience of Federico Lugli's Equity Research and Financial Modelling course?

Felix: My experience with the course was excellent. It was exactly the kind of teaching I had missed at my previous university: real insights from a professional who works in a fast-paced environment. I had already learned a lot during my internships, and this course helped me build on that. Learning from Federico showed me how things are actually done on the job, from how to approach a problem to how to present the results.

What practical skills or experiences from the course do you think will be particularly valuable in your future career?

Felix: One skill I took away was how to properly structure a financial model and really understand the logic behind it. Another was learning how to handle short-notice tasks. At one point, we were given an unexpected assignment at 5pm that had to be ready by the next morning. That's a very real situation, and one we'll definitely face in our careers.

What is the added value of learning directly from industry professionals like Federico Lugli?

Felix: We get to learn from alumni who are experts in their field. They show us how to tackle real challenges and how to pitch and present ideas the way the industry expects. Thanks to lecturers like Federico Lugli, the academic experience at EDHEC is backed up by real on-the-job insight, which makes us much better prepared for what the finance world will ask of us.
 

Developing the skills to succeed in investment banking

Beyond technical expertise, what skills and qualities do you believe are essential for aspiring investment bankers?

Federico Lugli: Strong technical skills are essential, particularly financial modelling, valuation and a solid understanding of financial statements. Attention to detail, intellectual curiosity, analytical rigour and the ability to work effectively as part of a team are equally important. Junior professionals must also be able to take ownership of their work, respond constructively to feedback and explain their analysis clearly. My teaching aims to develop these qualities alongside technical expertise through practical exercises that encourage students to challenge assumptions, check the consistency of their models and communicate their conclusions effectively.

Finally, what advice would you give to prospective students considering EDHEC's Investment Banking concentration?

Federico Lugli: My advice would be to build strong technical foundations while remaining curious about businesses and the broader financial markets. Financial modelling, accounting and valuation are essential starting points, but it is equally important to understand the commercial rationale behind a transaction and the factors that drive a company's performance. I would also encourage students to take full advantage of the opportunities available at EDHEC, engage with industry professionals and make the most of practical exercises and networking opportunities. The strongest candidates are those who can combine technical knowledge with an ability to think critically and communicate their reasoning clearly.