The talent equation: Building careers in a capital-driven world
By Sarah Maynard, Global Senior Head, Inclusion, at CFA Institute
The global asset management industry now manages some USD128 trillion in assets. But to manage capital effectively, we must also manage talent effectively. To find and retain the best talent, employers are placing greater focus on inclusion. By understanding how employers are thinking about inclusion in their hiring and promotion practices, you too can prepare to be part of the industry’s exciting future.
It’s no secret that the investment sector has often tended to recruit people who mirror the profile of those already in the organization. Many of us have heard stories of hiring managers looking for copies of themselves, thinking it’s better to go with what they know best.
These days employers recognize the benefits of inclusive talent management strategies. They know that hiring more of the same leads to a lack of imagination. As a result, many are drawing on best-practice inclusion frameworks to help hiring managers find the right talent at the right time.
Employers are now asking: “What am I missing?” They are looking at how transparent their recruitment process is, and whether the kind of language or background stipulated in job descriptions is shutting out highly suitable candidates. They are also placing more value on what the individual can do over what degree they hold.
A move to a skills-based approach to hiring and promotions widens the talent pool - and gives individuals more power to demonstrate what they can bring to the role. A candidate with a liberal arts degree who brings curiosity, communication skills, and a capacity for analysis might be just as valuable as someone with a technical background.
Whether you are thinking of entering the investment industry or looking to be promoted within it, think imaginatively about what skills and experience you can bring to the team or business. Ask yourself “how am I different?”, “what can I do?” Complementarity is really important, and that’s the case at every level.
Need to know:
- Employers want more varied experience – say a liberal arts major
- Don’t assume your background works against you
- You may be more relevant than you think
Ask yourself:
- What life experience do I bring with me?
- How do I explain its relevance to an employer?
- What might employers need today and in the future?
Getting on the ladder
It’s easy to focus on “getting a job”—but the real opportunity is to build a career. Beyond being a portfolio manager or analyst, you might thrive in marketing, risk, operations, client relations, or HR. Some firms encourage internal moves so you can explore different roles. Think broadly about where your strengths could take you—and stay open to careers you didn’t know existed.
Many people’s career paths are defined by the opportunities they were given to show what they are capable of. Often called “stretch assignments”, such projects and opportunities have not always been distributed equally through the workforce and employers are trying to change that.
Stretch assignments take you out of your comfort zone or familiar territory and allow you to show that you can develop new skills and be trusted with new responsibilities. Part of getting a stretch opportunity involves making sure you are offering reasons why you might be appropriate – and part of it is about not giving reasons to be turned down.
Don’t forget that many roles above entry-level might involve some sort of regulatory approval. And even when regulatory ‘fit and proper’ tests are not required for a role, companies will still have these things in mind.
Employers are using software that checks candidates’ social media posts for red flags and even how often they appear in photos with a drink. What you share—or don’t—can influence first impressions. Equally, a well-curated online profile can be beneficial.
The interest that employers now have in the broader individual means you can leverage other life experiences for examples of leadership and responsibility. A post about an internship, a photo from a volunteering experience, or simply a shared article with a thoughtful comment can all signal maturity and interest.
Need to know:
- You need to help employers see what you can offer
- Expect that your social media activity will be screened
- Employers value career-minded applicants who understand how their skills could grow with the business—not just fit one role.
Ask yourself:
- Is there anything unhelpful on my social media?
- What examples of responsibility can I demonstrate?
- Am I prepared to put myself forward?
Remember the basics
Employers aren’t looking for perfection, but they do look for awareness and a willingness to grow. If your high school or university experience was disrupted by the COVID-19 pandemic, and you learned via Zoom or fast-forwarded lectures, it’s worth asking: “what did I miss?”, “what do I need to catch up on?”.
Think about how you come across: if you are doing an online interview, know what you are going to say so you’re not tempted to read from another part of the screen. Preparing your key messages will help you to present with confidence – especially in a virtual interview where the opportunity for in-person rapport is lost.
Listening goes a long way too. I was once in a team that was screening for a junior investment role with about 1,000 applicants. We had asked applicants to attach a research paper to their application. You would be amazed how many didn’t – they got rejected straight away.
The investment industry still has a disciplined and formal ethos relative to other industries. It also operates across borders and workplaces are often global. Knowing how to navigate professional expectations in different regions can be a real advantage. In some cultures, speaking assertively signals leadership. In others a more formal tone could be expected. Wherever you are, it helps to understand the cultural norms for all your colleagues.
Need to know:
- COVID-19 may have put you at a disadvantage
- Employers will be understanding, but the onus is on you to self-develop
- Recruitment is highly competitive: simple mistakes can lead to rejection
Ask yourself:
- What did I miss out on?
- How can I fill in my gaps in knowledge or skills?
- Am I thinking about how I come across to the interviewer?
To AI or not to AI
Most companies are still exploring how best to deploy AI. It’s important to play to your strengths in terms of your familiarity with artificial intelligence, but also to be alert to the risks. While AI can be your ally, it’s no substitute for deep thinking: judgment, context, and analysis are still uniquely human skills—and they’re more valuable than ever.
If you spent a big portion of your study years online – watching presentations at “chipmunk” speed and using AI to summarize them, for instance – you may have developed habits that don’t sit well with deep focus. Yet your ability to concentrate is scrutinized in the recruitment process more carefully than you might think.
I know of companies that test candidates by checking their knowledge of a complete research article, including the footnotes. They are not looking for a superhuman feat of memory, but for evidence that the candidate has applied themselves and made the effort to not simply skim an AI-generated summary and thereby risk missing critical details.
The investment industry is full of complex ideas and the quick fix of a ChatGPT explanation can be tempting, but oversimplification will leave you underprepared.
Need to know:
- AI is a great tool, but employers also want critical thinking
- They will test your attention to detail
- You may be more aware of AI’s abilities than many already in work
Ask yourself:
- Do I understand how the industry is exploring the use of AI?
- How can I leverage my familiarity with AI?
- How do I show that I also understand its risks?
Invest in yourself
One of the most empowering things you can do is to invest in yourself. Whether it’s earning a credential, building a portfolio project, or learning to speak confidently about your strengths and gaps—these are all signals to employers that you are serious and worthy of their investment in you.
Local professional societies often offer mentorship, as well as volunteering, networking, and year-round learning opportunities. These are all fantastic ways to build your confidence, expand your network, and try out skills in a supportive environment.
For example, making new contacts in the investment industry through your local CFA Society® network can be career-changing, offering lessons and insights into opportunities that may otherwise be hard to find.
The most interesting careers are forged in times of change. There has never been a better time to make the leap. It may seem daunting to contemplate the first step in your career, but this is a terrifically exciting time to be part of an industry that is evolving fast – and which knows that it needs a more diverse skillset than ever before.
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