![Global&Career&&
Development&Opportuni3es&
!
India!Fall!2014!!
Marguerita!M.!Cheng,!CFP®!
Sameer!S.!Somal,!CFA,!CFP®!
!
“Not% everything% that% can% be% counted% counts,%
and% not% everything% that% counts% can% be%
counted.”%%
%
%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%–Albert%Einstein%[1879%–%1955]](https://image.slidesharecdn.com/careerdevelopmentguestlectureindiafall2014-150107091333-conversion-gate02/85/Career-development-guestlecture_india-fall_2014-1-320.jpg)
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- 1. Global&Career&& Development&Opportuni3es& ! India!Fall!2014!! Marguerita!M.!Cheng,!CFP®! Sameer!S.!Somal,!CFA,!CFP®! ! “Not% everything% that% can% be% counted% counts,% and% not% everything% that% counts% can% be% counted.”%% % %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%–Albert%Einstein%[1879%–%1955]
- 2. Blue&Ocean&Global&Wealth • The! supply! and! demand! imbalance! of! quality! financial! planning!advice.! • Lack! of! global! professional! and! intellectual! development!!!!!!! opportuniIes! for! today’s! graduates! and! tomorrow’s!!!!!!!! industry!leaders.! • A! maturing! financial! advisor! demographic! that! merits! an!!!!!!!! innovaIve!partnership!soluIon.!! • Interdependence! of! our! global! supply! chain! with! respect!!!!!!!! to!technology,!communicaIon,!and!human!capital.!
- 4. Our&Purpose • Time! • EducaIon! • Contextual!Intelligence! • Informed!Decisions
- 5. The&Brave&New&World& The&recent&financial&crisis&con3nues&to&reshape&the&investment&industry& The!global!financial!crisis!and!the!recession!and!legislaIon!it!spawned!placed! an! exclamaIon! mark! on! Wall! Street’s! characterisIcally! tumultuous! hiring! cycles.! ! During! the! financial! bull! market! that! ended! in! 2008,! the! world’s! leading! financial!insItuIons!combed!U.S.!campuses!to!recruit!hundreds!of!students! each!into!summer!internships!and!permanent!entryRlevel!jobs.!Global!banks! courted!top!students!with!lavish!dinners,!gave!them!weeks!to!respond!to!a! job!offer,!and!might!even!hire!a!soughtRaVer!candidate’s!spouse!to!help!ease! the!stress!of!relocaIng.!Students!who!possessed!top!grades,!extracurricular! leadership! roles! or! Wall! Street! internship! experience! could! expect! offers! from!as!many!as!seven!or!eight!banks.! ! The! crisis! upended! that! happy! situaIon.! Beyond! sweeping! away! topRIer! names!like!Lehman!Brothers!and!Bear!Stearns,!it!also!wiped!out!hundreds!of! thousands!of!bankers’!jobs!as!every!insItuIon!on!the!Street!slashed!payrolls! to!avoid!the!same!fate.!For!awhile,!major!banks!gave!the!cold!shoulder! to!campus!applicants!too.! ! Now!that!the!industry!is!regaining!financial!strength,!career!opportuniIes! face! fresh! challenges! (along! with! some! fresh! opportuniIes! in! sectors! including! compliance,! law! and! public! service)! stemming! from! the! crisis’s! poliIcal!aVershocks!–!primarily,!the!farRreaching!congressional!overhaul!of! bank!regulaIon!known!as!the!DoddRFrank!Act!of!2010. All!of!this!translates!into!fewer!job!and!internship!opportuniIes!within!Wall! Street’s! most! avidly! pursued! niches,! investment! banking! and! trading.! For! one!thing,!the!number!of!large!employers!has!shrunk.!The!disappearance!of! Lehman!Brothers!and!Bear!Stearns!during!2008!leaves!just!five!U.S.!“bulgeR bracket”! banks,! where! there! had! been! seven.! A! third! bulgeRbracket! insItuIon,!Merrill!Lynch,!was!acquired!by!Bank!of!America.!
- 6. Key&Takeaways 1. Invest!In!Your!Professional!Self!! 2. AcIvely!Contribute:!Your!Community!! 3. Become!A!Mentor!&!Mentee! 4. Invest!In!Your!Personal!Self! 5. Develop!RelaIonship!Capital!! “We%make%a%living%by%what%we%get,%we% make%a%life%by%what%we%give.”% % %%%%%%%%–Winston%Churchill%[1874%–%1965]%
- 7. Disciplines&In&Finance • Investment!Banking! • Private!Equity! • Corporate!Finance! • Asset!Management! !! • Financial!Planning! • UnderwriIng! ! • Sales!&!Trading!
- 9. CFA&Program The! CFA! Program! is! a! globally! recognized,! graduate! level! curriculum! that! provides! a! strong!foundaIon!of!realRworld!investment! analysis! and! poreolio! management! skills! along!with!the!pracIcal!knowledge!needed! in! today’s! investment! industry.! It! also! emphasizes! the! highest! ethical! and! professional!standards.
- 11. CFA&Code&of&Ethics •!Act!with!integrity,!competence,!diligence,!respect,!and! in!an!ethical!manner!with!the!public,!clients,!prospecIve! clients,! employers,! employees,! colleagues! in! the! investment! profession,! ! and! other! parIcipants! in! the! global!capital!markets.! ! •!Place!the!integrity!of!the!investment!profession!and!the! interests!of!clients!above!their!own!personal!interests.! ! •! Use! reasonable! care! and! exercise! independent! professional! judgment! when! conducIng! investment! analysis,! making! investment! recommendaIons,! taking! investment! acIons,! and! engaging! in! other! professional! acIviIes.! ! •! PracIce! and! encourage! others! to! pracIce! in! a! professional!and!ethical!manner!that!will!reflect!credit!on! themselves!and!the!profession.! ! •! Promote! the! integrity! of! and! uphold! the! rules! governing!capital!markets.! ! •! Maintain! and! improve! their! professional! competence! and!strive!to!maintain!and!improve!the!competence!of! other!investment!professionals.! "Honesty%is%the%first%chapter%in%the%book%of%wisdom.“% % %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%–Thomas%Jefferson%[1743%–%1826]%%
- 12. CFA&Statement&of&Investor&Rights 1.!Honest,!competent,!and!ethical!conduct!that!complies!with!applicable!law! 2.!Independent!and!objecIve!advice!and!assistance!based!on!informed!analysis,!prudent!judgment,!and!diligent!effort! ! 3.!My!financial!interests!taking!precedence!over!those!of!the!professional!and!the!organizaIon! ! 4.!Fair!treatment!with!respect!to!other!clients! ! 5.!Disclosure!of!any!exisIng!or!potenIal!conflicts!of!interest!in!providing!products!or!services!to!me! ! 6.!Understanding!of!my!circumstances,!so!that!any!advice!provided!is!suitable!and!based!on!my!financial!objecIves! and!constraints! ! 7.!Clear,!accurate,!complete!and!Imely!communicaIons!that!use!plain!language!and!are!presented!in!a!format!that! conveys!the!informaIon!effecIvely! ! 8.! An! explanaIon! of! all! fees! and! costs! charged! to! me,! and! informaIon! showing! these! expenses! to! be! fair! and! reasonable! ! 9.!ConfidenIality!of!my!informaIon! ! 10.!Appropriate!and!complete!records!to!support!the!work!done!on!my!behalf! When&engaging&the&services&of&financial&professionals&and&organiza3ons,&I&have&the&right&to:&
- 13. CFA&Background • 90,000! CFA! charterholders! working! in! over!135!countries.! • Regulatory! bodies! in! 19! countries! recognize!the!CFA!charter!as!a!proxy!for! meeIng!certain!licensing!requirements.! • First!introduced!in!1963,!the!Chartered! Financial! Analyst®! designaIon,! or! CFA! charter,! has! become! the! most! respected! and! recognized! investment! credenIal!in!the!world.!
- 14. CFA&Curriculum&Partnership More!than!125!disInguished!colleges!and!universiIes!around!the!world!have!incorporated! a!majority!of!the!CFA!Program!curriculum!into!their!own!courses,!including:!! ! • University!of!Oxford’s!Saïd!Business!School! • New!York!University! • INSEAD! • Peking!University! • Nanyang!Technological!University!
- 15. CFA&Candidate&Exams • Earning! the! CFA! charter! demonstrates! mastery! of! the! skills! most! needed! for! investment!analysis!and!decisionRmaking! in! today’s! fastRevolving! global! financial! industry.! • Program!organized!into!three!levels,!each! culminaIng!in!a!sixRhour!exam.! • Most!successful!candidates!between!2!to! 5!years.! • Hundreds!of!hours!of!study.!
- 16. CFA&Topic&Weights Topic&Area Level&I Level&II Level&III Ethical(and(Professional(Standards((total) 15 10 10 Investment(Tools((total) 50 30U60 0 %%%%%%%%%%%Corporate%Finance 8 5R15 0 %%%%%%%%%%%Economics 10 5R10 0 %%%%%%%%%%%Financial%ReporMng%and%Analysis 20 15R25 0 %%%%%%%%%%%QuanMtaMve%Methods 12 5R10 0 Asset(Classes((total) 30 35U75 35U45 %%%%%%%%%%%AlternaMve%Investments 3 5R15 5R15 %%%%%%%%%%%DerivaMves 5 5R15 5R15 %%%%%%%%%%%Equity%Investments 10 20R30 5R15 %%%%%%%%%%%Fixed%Income 12 5R15 10R20 Por:olio(Management(and(Wealth(Planning((total) 5 5U15 45U55 Total 100 100 100&
- 17. CFA&Pass&Rates Year Total& %&Pass 1963R2013 1,833,021 46%
- 18. The&CFP®&Program The!rigorous!competency,!ethics!and!pracIce!standards!established!and!enforced!by!CFP! Board!have!allowed!the!CFP®!cerIficaIon!marks!to!become!recognized!as!the!standard!of! excellence! in! personal! financial! planning.! Earning! and! displaying! the! CFP®! marks! demonstrates!a!commitment!to!a!career!in!financial!planning.!CFP®!Professionals!pledge!to! uphold!the!fiduciary!standard!when!delivering!financial!planning!services.!
- 19. CFP®&History • In!1973,!the!first!class!of!the!InsItute!of! CerIfied! Financial! Planners! (ICFP)! graduated!35!members.!! • With! approximately! 140,000! CFP®! professionals!around!the!globe!dedicated! to! providing! quality! financial! planning! advice,! today,! more! than! ever,! CFP®! professionals!are!in!demand.!
- 20. CFP®&Cer3fica3on CFP®!professionals!have!saIsfied!the!following:! ! • 1000!hours!of!extensive!study! • Passed!a!comprehensive!2Rday!exam! • Subject!to!ConInuing!EducaIon!(CE)!requirements! !!!!!!]30%Credits%every%2%years% • Held!to!highest!ethical!standards!
- 21. CFP®&Cer3fica3on Educa3on:& CFP®! professionals! must! develop! their! theoreIcal! and! pracIcal! financial! planning! knowledge! by! compleIng! a! comprehensive! course! of! study! at! a! college! or! university! that! offers! a! financial! planning! curriculum! approved! by! CFP! Board.! CFP®! professionals!are!required!to!complete!30!hours!of!conInuing!educaIon!(CE)!every!two! years.!! ! Experience:&CerIfied!Financial!Planner™!professionals!must!have!a!minimum!of!3!years! experience! in! financial! planning! prior! to! earning! the! right! to! use! the! CFP®! cerIficaIon! marks.! This! handsRon! experience! guarantees! that! CFP®! professionals! have! pracIcal! financial!planning!knowledge,!so!you!can!depend!on!them!to!help!you!develop!a!realisIc! financial!plan.!! ! Examina3on:! CFP®! professionals! must! pass! the! comprehensive! twoRday! CFP®! CerIficaIon!Exam.!It!tests!their!ability!to!apply!financial!planning!knowledge!to!realRlife! situaIons.!The!exam!covers!the!financial!planning!process,!tax!planning,!employee!benefits! and! reIrement! planning,! estate! planning,! investment! management,! and! insurance.! The! average!pass!rate!for!this!difficult!exam!is!only!56%.! ! Ethics:& &When!it!comes!to!ethics!and!professional!responsibility,!CFP®!professionals!are! held!to!the!highest!of!standards.!CFP!Board’s!Code!of!Ethics!outlines!CFP®!professionals’! obligaIons! to! principles! of! integrity,! objecIvity,! competence,! fairness,! confidenIality,! professionalism,!and!diligence.!The!Rules!of!Conduct!require!CFP®!professionals!to!put!your! interests!above!their!own!and!to!deliver!their!financial!planning!services!as!a!“fiduciary,”! acIng!in!the!best!interest!of!their!financial!planning!clients.!!
- 22. CFP®&Curriculum One!of!the!main!advantages!that!the!CFP!designaIon!offers!is!the!ability!for!a!financial! professional!to!focus!and!understand!how!what!he!or!she!does!fits!into!a!client's!overall! financial! situaIon.! Stockbrokers,! financial! advisors,! insurance! agents,! tax! professionals,! mortgage! loan! officers,! and! bank! &! trust! officers! all! benefit! from! araining! the! CFP! designaIon.! ! The!exam!covers!five!main!components:! ! !1.!General!Principles! !2.!Insurance! !3.!Investments! !4.!Income!Tax! !5.!ReIrement! !6.!Estate!Planning!
- 23. CFP®&Professional&Focus • Financial! planning! is! about! controlling! spending,! managing! credit,! reducing! taxes,! increasing!savings,!protecIng!family!wealth,! and!building!assets!for!the!future.!! • This! process! entails! gathering! financial! informaIon,! evaluaIng! your! current! financial! status,! establishing! life! goals,! and! developing!a!strategy!to!help!you!achieve.!!
- 24. The&Process
- 28. Challenges&in&Search&of&a&& Meaningful&Opportunity • The!War!for!Talent! • Inadequate!Development!Programs! • PercepIon!of!top!finance!grads! • Lack!of!Mentorship! • Economics!of!Human!Capital!
- 29. Climbing&the&Ladder:&Career&Challenges&in&Finance& By&Kathleen&Brill&&&&&&&& Beyond!rockRsolid!quanItaIve!and!analyIcal!skills,!moving!up!the!ladder!in!finance!takes!excellent! communicaIon!skills,!selfRconfidence!and!overall!management!abiliIes.! ! Understanding!the!enIre!organizaIon's!acIviIes!and!goals!is!the!first!step,!before!focusing!on! future! strategies,! shareholder! value,! and! performance! benchmark.! "Finance! is! only! one! voice! among!many,"!says!Gary!Perlin,!CFO!of!the!World!Bank.!He!recommends!that!jobseekers!talk!to! people!outside!of!the!finance!division!and!to!be!enthusiasIc!about!the!business!going!on!around! you.! ! Moving!up!also!means!taking!a!few!career!risks!by!working!in!areas!that!will!provide!a!broader! perspecIve!on!the!role!of!finance.!Gaining!exposure!to!the!kinds!of!decisions!made!in!a!variety!of! departments! or! organizaIons! helps! to! pave! the! way! for! more! challenging! leadership! roles! in! finance.! ! Professor!Rohan!Williamson,!a!business!and!finance!professor!at!Georgetown!University,!says!the! importance!of!wellRrounded!thinking!is!something!he!tries!to!insIll!in!his!finance!students.!"!I!think! about!them!as!business!students,!not!the!finance!guy!that!you!can!lock!in!the!back!room!with!a! calculator,"!Williamson!says.!"The!ones!that!end!up!being!in!upper!management!are!the!ones!that! can!do!a!bit!of!everything." hrp://www.nyImes.com/2008/06/23/educaIon/23careers.html?_r=0
- 30. Develop&Rela3onships Establish! credibility,! forge! friendships,! and! collaborate! with! an! expansive! group! of! community!leaders,!industry!professionals,!and!professors.!
- 33. hrp://www.forbes.com/sites/halahtouryalai/2012/08/08/oneRofRtheRfastestRgrowingRcareersRisRinRdesperateRneedRofRyoungRtalent/? utm_campaign=forbestwirersf&utm_source=twirer&utm_medium=social!!!!!!!!!!! One&Of&The&FastestUGrowing&Careers&Is&In&Desperate&Need&Of&Young&Talent By&Halah&Touryalai The! job! market! is! an! ugly! place! right! now! but! there’s! a! segment! of! the! financial!industry!in!desperate!need!of!young!talent.! ! Finance!jobs!are!typically!associated!with!whiteRshoe!investment!banks!or! the! opaque! world! of! hedge! funds.! Everywhere! you! turn! though! there’s! another! report! about! job! cuts! on! Wall! Street! or! yet! another! hedge! fund! struggling! to! beat! the! market.! However,! there’s! one! financial! job! that’s! remained!secure!and!increasingly!relevant!in!today’s!market:!the!financial! advisor.! ! “From!the!heights!of!the!most!frenzied!bull!markets,!to!the!depths!of!the! worst!bear!markets!even!as!other!professionals!within!the!same!industry!are! laid!off,!financial!advisors!today!who!are!compliance!clean,!who!generate!a! substanIve!amount!of!revenue,!have!the!most!secure!job!in!the!world,”!says! Danny!Sarch,!a!Wall!Street!recruiter!and!Forbes!contributor.!
- 34. The&Opportunity
- 35. Expand&Your&Network Seeking!mentors!and!mentoring!other!young!people!is!a!criIcal!aspect!of!career! management!in!the!financial!services!industry:! ! • Mentoring! • Career!opportuniIes!! • Industry!trends! • Firm!developments!and!current!events! • Sources!of!technical!experIse!! ! • CollaboraIon!to!help!others! !
- 37. Create&Your&Own&Luck “Success% depends% upon% previous% preparaMon,% and% without% such% preparaMon% there%is%sure%to%be%failure.”% %%%%%%%%%%%%%%%%%%%%%%%%%%%–Confucius%[550%BC%–%479%BC]%
- 38. Employers&Value Tangible& ! • A! track! record! of! academic! and! professional!accomplishment!! • A! related! major! such! as! financial! planning,! finance,! accounIng,! financial! engineering!or!economics! • An! understanding! of! the! financial! planning!industry! • Extracurricular! leadership! in! your! community!and!the!FPA! Intangible& ! • Likeability!and!charisma! • Energy,!effort,!and!work!ethic! • OrganizaIonal!skills! • EmoIonal!intelligence! • A!quiet!brand!of!confidence! • Advanced!communicaIon!skills! ! • A! realisIc! aytude! about! success! and! adversity!
- 39. 5.&Develop&Rela3onship&Capital& & “A!recent!Harvard!Business!Review!arIcle!reports! that!the!quality!that!most!senior!execuIves!lack!is! empathy.!For!this!reason,!it!is!essenIal!that!all!of! us!understand!emoIonal!intelligence.!Simply!put,! emoIonal!intelligence!deepens!our!empathy,!our! ability!to!sense!the!feelings!of!others.!Our!ability! to! uIlize! soV! skills! is! our! level! of! emoIonal! intelligence.”! ! !%]EmoMonal%Intelligence%Is%Key%To%Our%Success%% % % %By%John%Keyser% % % %Founder,%Common%Sense%Leadership% ! ! ! ! !! hrp://commonsenseleadership.com!
- 40. The&4&Main&Skills&of& Emo3onal&Intelligence& & • SelfUawareness! –! our! ability! to! perceive! our! emoIons!and!understand!our!tendencies!to!act!in! certain!ways!in!given!situaIons! • Social&awareness!–!our!ability!to!understand!the! emoIons!of!other!people,!what!they!are!thinking! and!feeling! • SelfUmanagement!–!our!ability!to!use!awareness! of! our! emoIons! to! stay! flexible! and! direct! our! behavior!posiIvely!and!construcIvely! • Rela3onship&management!–!our!ability!to!use!our! awareness! of! our! own! emoIons! and! those! of! others!to!manage!interacIons!successfully! hrp://commonsenseleadership.com!
- 41. How&Do&I&Develop&Rela3onship&Capital?& & Sameer’s!Personal!RelaIonship!Capital!Rules:! 1.! Prepare! your! 30! second! to! 2! minute! elevator! speech.!! 2.! Prepare! relevant! and! thougheul! quesIons! that! relate!to!the!event!you!are!arending,!current!events,! or!industry!trends.!! 3.!Focus!on!quality!rather!than!quanIty.!It!isn't!about! gathering! 20! business! cards,! rather! engaging! in! meaningful!conversaIon!with!a!select!few.!! ! 4.!Focus!on!quality!wriIng!rather!than!quanIty!email.!!
- 42. Partnership Blue! Ocean! Global! Wealth! built! credibility,! forged! friendships,! and! collaborated! with! an! expansive! group! of! professors.! Sameer! then! conducted! phone! interviews,! scheduled! meeIngs,!and!worked!as!resource.!!
- 44. Residency&Program Investment&Strategy&Cer3ficate The!Investment!Strategy!Program!is!a!6R12!month!projectRbased!program! with! a! focus! on! poreolio! construcIon,! investment! due! diligence,! risk! management! consulIng,! and! intellectual! capital! to! educate! retail! and! insItuIonal!investors!in!our!target!markets.!! ! Financial&Planning&Cer3ficate& The! Financial! Planning! Program! is! a! 6R12! month! projectRbased! program! with! a! focus! on! the! financial! planning! process,! differenIaIng! financial! planning! from! investment! management,! risk! management,! financial! literacy,!and!intellectual!capital!to!educate!retail!and!insItuIonal!investors! in!our!target!markets.!! ! Global&Leadership&Cer3ficate& Please% Note:% The% Financial% Planning% &% Investment% Strategy% CerMficates% are% required% prerequisites%% The!Global!Leadership!Program!is!a!12R18!month!leadership!program!and! the!capstone!of!the!Blue!Ocean!Global!Wealth!Residency.!The!program!is! designed! to! mentor! and! empower! tomorrow’s! industry! leaders,! people! who! embrace! and! understand! the! global! economy! in! terms! of! social,! poliIcal,! and! industrial! trends.! AddiIonally,! the! program! affords! our! ExecuIve!Team!an!opportunity!to!evaluate!idenIfy!residents!we!feel!may! be!a!strong!longRterm!fit!within!the!Blue!Ocean!Global!Wealth!family.!
- 46. The&Future "We% cannot% always% build% the% future% of% our% youth,% but% we% can% build% our% youth% for% the% future.“% %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% %%%%%%%%%%%%%–Franklin%D.%Roosevelt%[1882%–%1945]% As! tomorrow’s! industry! leaders,! we! must! consciously!culIvate!the!next!generaIon!of! financial! planning! talent.! Our! career! development! programs! must! provide! a! plaeorm!for!us!to!grow!and!mentor!today’s! talented!students.!!
- 47. The&Future "We% cannot% always% build% the% future% of% our% youth,% but% we% can% build% our% youth% for% the% future.“% %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% %%%%%%%%%%%%%–Franklin%D.%Roosevelt%[1882%–%1945]% As! industry! leaders,! we! must! consciously! culIvate! the! next! generaIon! of! financial! planning! talent.! Our! career! development! programs! must! provide! a! plaeorm! to! help! today’s! talented! students! become! tomorrow’s!global!leaders.!!