Change the new norm for investment professionals
Nearly 60 per cent of Australian investment professionals think their jobs will radically change in the next decade, with some fearing they may disappear altogether, compared to 40 per cent globally and 50 per cent in the Asia Pacific region.
The CFA Institute study that discovered this also suggested, however, that such worries may be unfounded as the Asia Pacific region would be the world’s largest growth market for investment professionals over the next 10 years.
It reported that the highest growth rates would come from India, with 33 per cent, followed by Indonesia (29 per cent), China (26 per cent), and Australia (19 per cent).
These opportunities would likely present to those who had continued to upskill and embrace change, with 90 per cent of industry leaders agreeing that the amount of transformation professional roles would undergo in individuals’ careers made adaptability and lifelong learning essential skills.
In this regard, the most common skills being pursued today were soft skills, alternative investments, and portfolio risk optimisation. T-shaped skills, meaning domain-specific specialist knowledge in addition to wider professional connections and understanding, was rated as 3.5 times more important than technical skills in the survey.
Local investment professionals also had demands of their employers. A total of 86 per cent of those surveyed said the most important aspect of a workplace was the ability for personal growth, with 67 per cent wanting an inclusive culture and only five per cent rating agile spaces as important. Pay was also a factor, with 67 per cent saying the key reason for leaving jobs was related to remuneration and benefits.
CFA Societies Australia chief executive, Lisa Carroll, said that while the investment sector was clearly undergoing change for those who worked within it, largely driven by the rapid growth of technology, the disruption offered opportunity to those who upskilled and improved their value offering.
Further, she said that the employers who thrived would be those “who meet the challenges head on, providing continuing professional training and embracing change.
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