Egyptian-American economist vying to be next Chancellor of Cambridge

Dr Mohamed El-Erian describes the University of Cambridge as his “happy place”.

The Egyptian-American economist, known to millions as a globe-trotting economist who has shaped thinking about historic twists in the world’s fortunes, graduated from Queens’ College in 1980. After a successful career – working at the International Monetary Fund, as a bond trader, adviser to US President Barack Obama, author and columnist – he returned to his alma mater as president in 2020.

He now hopes to be elected chancellor of the university, an 800-year-old role that has been held by princes and prime ministers.

In a ballot of alumni, he is pitted against two lords, a TV presenter, an anti-Brexit campaigner and several academics and business leaders, with the result due to announced by July 23.

Dr El-Erian, who was named in the Top 100 Global Thinkers by Foreign Policy magazine and made Worth magazine’s list of 100 Most Powerful People in Finance, he has endorsements from former UK prime minister Gordon Brown, Google DeepMind co-founder Demis Hassabis and businesswoman Arianna Huffington.

He was born in New York to Egyptian parents, and his father worked as an ambassador, judge and at the United Nations. He grew up in the US and Egypt, as well as being educated at boarding school in England. He won the economics category of the Great Arab Minds awards in 2023.

He has run a vigourous social media campaign, mixing his serious message about the transformation he believes is needed at Cambridge with light-hearted interviews gently ribbing rival university Oxford. Dr El-Erian has been seen wearing a Queens football shirt and also gave a tour of his home office which features a giant poster of Cambridge. “I am happiest here, just ask my daughters,” he says in that video.

He sets out his proposals for how the chancellor's role should change: making it less ceremonial and more practical, ensuring the university is on a sound financial footing and open to the international community.

As co-chairman of the Cambridge Capital Campaign he has helped bring in £2.2 billion of investment to Queens.

“Cambridge must redouble its efforts to attract funding and donations,” he said in his campaign statement. “I've seen first-hand how innovation and philanthropy help to support vital research, expand opportunities, and better secure our future.

“If elected chancellor, I'll intensify these efforts by helping to tap into global philanthropic opportunities and to attract the investment Cambridge needs.”

He has also spoken about the need to understand how Cambridge can give students a foundation for life.

“Throughout my time here it’s been about identifying what the problem is and fix[ing] it,” he said in a video discussing the need for flexible scholarships.

In footage filmed on the grassy bank of the River Cam as punts glide past, Georgia Box, an associate at Deutsche Bank, was interviewed about why she was supporting Dr El-Erian. He explained how she was under pressure to start earning, using her new degree, but not continue her studies at a higher level.

He helped to design a scholarship that would not just pay for fees and living accommodation, but also “something extra”. Ms Box said: “He cares a lot about each and every student. He’s genuinely one of the kindest people that I’ve ever met. I think he’s just an excellent leader and I can’t think of anyone else that’s better for the job.”

In her submission to be chancellor, broadcaster Sandi Toksvig points out: “The first known chancellor of Cambridge was Richard of Wetheringsett who served sometime between 1215 and 1232. After that we have had a plethora of other Richards, many Johns and an awful lot of Stephens.

“After 800 years I wonder if it isn’t time for a change,” she asks.

Dr El-Erian will be hoping to add the name Mohamed to that list.