Balancing her responsibilities as an Assistant Director at Bank Indonesia (BI), a mother of two, and a master’s student was no easy feat. Yet Rieska Indah Astuti successfully managed all three roles and was named the best graduate of the Faculty of Economics and Business (FEB), Universitas Gadjah Mada (UGM), at the UGM Graduate Program Commencement Ceremony, Period IV.
A student in the Master of Science in Economics (MSIE) program, Rieska graduated with a perfect Grade Point Average (GPA) of 4.00 after completing her studies in 1 year, 9 months, and 27 days. For her, this achievement reflects her willingness to step outside her comfort zone after years of professional experience. It demonstrates that neither age nor multiple responsibilities should become barriers to lifelong learning.
Before pursuing her master’s degree, Rieska had spent 13 years working at Bank Indonesia, contributing to policy analysis and formulation. Interestingly, her undergraduate degree was not in economics but in mathematics—a background that has shaped the way she approaches economic issues today.
“I had accumulated 13 years of professional experience, but I realized that experience alone was not enough. I needed a strong academic foundation so that the decisions I make are based not only on experience but also on theory, methodology, and empirical evidence,” she said.
Rieska’s decision to return to university was far from straightforward. She considered pursuing graduate studies abroad and had even been accepted to Nanyang Technological University (NTU) while reaching the final interview stage for the National University of Singapore (NUS), two of Asia’s leading universities.
Ultimately, however, she chose FEB UGM not because she lacked alternatives, but because she believed it offered the learning environment she truly needed. It provided the right balance between integrating professional experience with rigorous academic training while allowing her to keep her family as a top priority.
“I wanted this new chapter to bridge my professional experience with academic knowledge, so I would not only understand what is happening but also why it happens and how we should respond,” she explained.
Rieska’s interest in her thesis topic emerged even before she officially began her master’s studies. Her research examined the role of Indonesia’s state-owned banks (BUMN banks) in maintaining credit distribution to micro, small, and medium enterprises (MSMEs) during periods of economic distress.
The study focused on the role of Allowance for Impairment Losses (CKPN) in enabling state-owned banks to continue fulfilling their intermediary function during crises. The topic was inspired by her observations during the COVID-19 pandemic, when MSMEs the backbone of Indonesia’s economy were among the sectors most severely affected.
“MSMEs are the backbone of Indonesia’s economy, but during the crisis they were hit the hardest. Banks became much more cautious in extending loans to MSMEs to limit risk, even though these businesses desperately needed financing,” she said.
According to Rieska, state-owned banks differ from private and foreign banks in that they pursue not only commercial objectives but also developmental and social mandates, including support for vulnerable sectors such as MSMEs.
“I wanted to see whether state-owned banks could truly fulfill their social mandate during a crisis while still maintaining prudent banking practices. Continuing to lend to vulnerable sectors like MSMEs during difficult times certainly comes with risks, including higher non-performing loans,” she explained.
Her findings revealed that state-owned banks continued to fulfill their social mandate by maintaining lending to MSMEs throughout the COVID-19 crisis, unlike private banks, which tended to tighten credit distribution during the same period.
The research also found that the availability of adequate impairment loss reserves (CKPN) increased banks’ confidence in extending loans during times of economic uncertainty. However, the impact of CKPN varied across banks depending on factors such as capital strength, liquidity, funding capacity, and credit risk. Rieska believes this finding is particularly important for policymakers, emphasizing that regulatory approaches should not treat all banks identically.
Rieska completed her thesis under the supervision of Eny Sulistiyaningrum, S.E., M.A., Ph.D. Initially, she assumed writing her thesis would be relatively easy because research had long been part of her professional responsibilities at Bank Indonesia. However, her perspective changed throughout the supervision process.
“My supervisor taught me something invaluable. Research is not about defending personal opinions. I learned the importance of humility to continuously refine my arguments based on evidence and constructive feedback,” she reflected.
Looking back on her time at FEB UGM, Rieska believes she found three things that are difficult to find elsewhere: family, balance, and happiness. The supportive environment created by lecturers, academic staff, and fellow students made her educational journey especially meaningful.
“The lecturers are inspiring and open to discussion. The academic staff is responsive and genuinely helpful. My classmates supported one another despite our age differences. I never felt any distance between us,” she said.
Throughout her journey balancing career, family, and graduate studies, one guiding principle kept Rieska moving forward especially during moments of self-doubt as she studied alongside classmates much younger than she was.
“Dream big, learn forever, and grow beyond limits. We must dare to dream bigger, continue learning throughout our lives, and grow beyond the limits we once believed we had.”
For Rieska, this philosophy ultimately addressed the doubts she had at the beginning of her journey: returning to the classroom after years of professional experience was not a setback but rather a courageous commitment to lifelong growth.
Reporter: Dwi Zhafirah Meiliani
Editor: Kurnia Ekaptiningrum
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