Alumni Story: Dr. Anja Guthoff
Most graduates from the School of Business & Economics pursue careers in the private sector after their studies. However, some remain at the faculty as junior researchers, deepening their knowledge through a doctorate. This was the case for Dr. Anja Guthoff, who completed her doctorate at the Chair of Banking/ Finance Center Münster after successfully finishing her studies, and was awarded the Doctoral Prize for her dissertation. Today, she works as an expert in credit risk controlling at DZ BANK AG. Volunteering, Anja Guthoff served on the board of the now-liquidated DZ BANK Mikrofinanzfonds eG. This fund, which originated from an employee initiative, supported the economic activities of micro-entrepreneurs — especially female micro-entrepreneurs — in poorer African countries. In this interview, we speak with Dr. Anja Guthoff about her time at the University of Münster, her doctoral studies, and her commitment to the DZ BANK Mikrofinanzfonds:
Dr. Guthoff, after your studies, you didn’t immediately enter the business world but instead pursued your own research project, for which you received the Doctoral Prize. What fascinated you most about academic research?
Long before I chose my field of study, I had already decided I wanted to spend part of my studies in the USA. Similarly, early in my studies, it was clear to me that a doctorate would be part of my educational path—even before deciding whether my career would lead me into academia or the private sector. What fascinated me most about research was the opportunity to deeply immerse myself in a field of knowledge and make a small personal contribution to expanding and developing that field. Working concurrently as a research assistant at the Chair of Banking, I enjoyed the luxury of continuing to learn in a paid position even after school and university. Through this role, I also discovered that teaching brought me just as much joy as learning and researching did. My dissertation followed the then-common monographic model—a comprehensive bound volume on a topic that looks good on a bookshelf but rarely finds readers. I am all the more grateful to my doctoral advisor, Prof. Pfingsten, for encouraging us to participate in the academic discourse through conferences and publishing articles alongside our dissertations.
How did your studies and doctorate prepare you for your later career?
Despite the rapid changes in factual and institutional knowledge, economics still rests on a broad foundation of core knowledge and skills that remain valid. This foundation is essential for acquiring new facts, structuring new problems, and developing solutions. During my business studies at the School of Business and Economics at the University of Münster, I gained this foundation across a wide range of subjects—from accounting (without prior banking training and with little economic content in school, the concept of depreciation in the first semester was a fascinating mystery to me), through mathematical and statistical basics, micro- and macroeconomics, behavioral economics, the fundamental principle of cost-benefit analysis, financial and capital market theory, production control, controlling, marketing and management processes, to the basics of programming and database construction. I continue to benefit from this toolkit in my current role in credit risk controlling at DZ BANK. In the courses at the School of Business and Economics, there was a strong focus on understanding the underlying “why.” For example, the banking supervisory law, which is very important for my work, has significantly evolved since then (literally, in terms of scope), but the basic principles of regulation remain the same. Finally, the skills often referred to as soft skills, which I developed during my studies and time at the institute, have proven invaluable in my daily work: conveying knowledge to others, working on topics in teams, presenting results, and convincingly advocating positions.
What was your first professional position after graduating?
During my doctoral studies, a connection was established through a collaboration with the chair, leading to contact with a management consulting firm. There, I was able to combine my interest in strategy consulting with a focus on risk management in the financial services industry. As a consultant and later as a project manager, I gained exciting experiences on credit risk projects, particularly in developing rating procedures. This included not only dealing with various technical aspects of the projects but also getting to know the different corporate cultures of various clients and working with an inspiring international team composed of colleagues from diverse disciplines. I could particularly apply the quick comprehension and structuring of content and tasks, problem-solving techniques, and communication and presentation skills from my studies and doctorate in practice there.
Before the DZ BANK Mikrofinanzfonds was dissolved in 2023, you served on its board from 2016. What made the DZ BANK Mikrofinanzfonds special for you? What challenges did you face with this project?
The DZ BANK Mikrofinanzfonds was established in 2001 as an employee initiative aimed at financially supporting microfinance organizations in poorer countries, particularly in Africa. The fund provided guarantees for refinancing lines for small local microfinance organizations. From these funds, microloans of typically 50 to 100 EUR were issued locally to help individuals establish their own economic livelihoods as micro-entrepreneurs, usually women. By 2016, the microfinance sector had significantly evolved. At that time, our existing projects had ended, and we were searching for new projects and partners. Given the increasingly large microfinance funds, with volumes of one billion EUR or more, there were no new projects suitable for our small fund and voluntary approach. Thus, the members collectively decided to dissolve the cooperative operating the fund. Leading and eventually liquidating a cooperative allowed me to experience the diverse aspects of corporate governance in a microcosm. The collaboration with a highly committed group of colleagues was immensely enriching. Above all, I am left with a good feeling, knowing I contributed, even in a small way, to improving living conditions in less privileged parts of the world.