leaders in asset management why gen x and gen y should care about asset management wednesday, july...
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Leaders in Asset Management
Why Gen X and Gen Y Should Care About Asset Management
Wednesday, July 27, 2011
Leaders in Asset Management
Overview
• Generations in Transition• The Effect on Asset Management• Why Should Gen X and Y Choose a Career in
Asset Management?• What Might the Future Hold?• What Can Gen X and Y do to Prepare?
Leaders in Asset Management
Generations in Transition
Gen Y (1982-2001)
Gen X(1961-1981)
Boomers(1946-1964)
Silent (1925-1945)
Early Career
Mid-Career
Retirement
Leaders in Asset Management
The Exodus Begins…
•The first Baby Boomers reached 62 in 2008•The retirement of this generation will cause a significant workforce transition•Boomers represent the leaders and subject matter experts in many fields•Their departure from the workforce presents the possibility of a “brain drain”
Former NPMA members enjoying retirement
• The departure of Baby Boomers presents an opportunity for Gen X and Y to move into leadership roles
Leaders in Asset Management
Where are All the Young People?
• Early career employees have more career choices than ever• More degree options• Expanded career opportunities for women
• Younger employees have a reputation for being job-hoppers• Difficult to attract and retain younger employees• Benefits reduced, layoffs common• Increased competition for top positions
Leaders in Asset Management
Why Choose Asset Management?
1. It’s a wide-open field
2. It’s a great place to start a career
3. It’s not going away
Leaders in Asset Management
A Wide Open Field
• As Boomers vacate leadership positions, mid-career employees move up, creating vacancies for entry-level employees
• Relatively low barriers to entry• Many entry level positions do not require a degree• NPMA certification relatively accessible• Opportunities to get a “foot in the door” and
acquire education and skills for advancement• Those with education and certification will have a
competitive advantage
Leaders in Asset Management
Great Place to Start a Career
• Many younger professionals aren’t firmly committed to a single career field
• Today’s entry-level worker will hold a wider variety of positions than their parents did
• Asset management professionals are exposed to virtually every aspect of an organization’s operations
• Even if a worker doesn’t stay in asset management he/she has opportunities to gain valuable career skills
Leaders in Asset Management
It’s Not Going Away• Two main concerns for the future
• Lack of visibility or value from management• We get the visibility we create-and deserve• We must drive awareness of the value we bring
• Technology will eliminate asset management• Organizations will always need knowledgeable
people to deploy technology effectively and use information to make operational decisions
• Manual tracking jobs may become obsolete• We will become analysts instead of
administrators
Leaders in Asset Management
What Might the Future Hold?
•There will be fewer of us, but expectations will rise•Post-Boomer employees will need to be more versatile•Technology will enable a smaller staff to meet needs•Education, training and skill expectations will increase•College degrees and NPMA certification will become the price of admission into the profession
Leaders in Asset Management
What Might the Future Hold?
•The quantity of assets to manage will decrease, but their value will rise•The stakes will go up- the consequences of loss will result in loss of information•Gen X and Y will be well positioned to understand and manage information-based assets
Leaders in Asset Management
How Can We Prepare for the Changes?
1. Boost your skills
2. Embrace your profession
3. Learn from those who’ve blazed the trail
Leaders in Asset Management
Boost Your Skills
• Versatility will be key- be able to perform a variety of roles
• Those who can only perform a single function will be most at risk
• Earn a college degree- business administration• Pursue NPMA Certification opportunities• Those with education and certification will have an
advantage
Leaders in Asset Management
Embrace Your Profession• Learn about all aspects of asset management
• ASTM Standards• Industry-Leading Practices• SOX Requirements• FAR Regulations
• A well-rounded knowledge base may open career doors
• Develop a strong network with other asset management professionals• You’ll be able to reach out for help and support
throughout your career
Leaders in Asset Management
Learn from Mentors
• Take advantage of the experience and knowledge of late-career colleagues
• Find mentors that can help guide you on what worked- and what didn’t work
• Many Baby Boomers have done great things to advance asset management- it will be up to Gen X and Gen Y to take the profession to the next level
Leaders in Asset Management
Continue the Discussion
Brandon Kriner, CPPM CF
Harris Corporation
(321) 327-7284