3 answers
Dominick
Student
Schaumburg, Illinois
1
Question
Updated
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For someone pursuing a career in finance, what are the biggest lessons you’ve learned about yourself and the industry that helped you decide which sector to work in—especially when factoring in personal work ethic, natural strengths, and the realities of being a Black man in corporate America? As well as how do you see the sustainability of finance careers evolving with the rise of AI?
I am currently committed to attend Middlebury College in Vermont, and am looking to pursue a career in finance with a major of Economics.
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3 answers
Kate Lovejoy
Consulting - Finance & Technology
2
Answers
Charlotte, North Carolina
Updated
Kate’s Answer
Hi Dominick, great question and I really connect to it personally as well because my career in Finance has spanned multiple sectors and that has made me better at my job. I also studied economics and found it to be a great field to teach me how to think about the world.
My first advice is to consider what's important to you in your career and be flexible as that evolves over time.
--> At first, my goal was to learn and experience as much as possible, that took me down a non-traditional path of Finance in non-profits where I had the great opportunity to experience and learn a lot very quickly. It provided natural mentorship opportunities with Finance leaders in fields who were volunteering on the Boards, and gave me a great stepping stone into Consulting as there weren't a lot of people with my specific experience.
--> I used the book "what color is your parachute" as a resource when I knew it was time for me to pivot into for-profit and consider what I liked about my previous jobs and what changes I was looking for. I learned from this exercise that even though I highly valued independence and learning experience, I also valued financial stability which I didn't have at that time. Still, I wouldn't change anything, because those experiences made me who I am today.
Second, I completely understand the question about AI - and its good that you are thinking about AI because yes, it is going to continue to change careers going forward. However, Finance will always be a field with human talent, it is just evolving to allow financiers to be more strategic in their work. As someone wanting to enter the finance world there are two key skills I would focus on:
1. AI literacy: People in Finance will be expected to leverage AI and advanced technologies. Taking time in school to learn the broad landscape, and digging into any that particularly interest you will give you the breadth and depth of skills that will make you stand out. You don't need to be a coder but developing an expertise in Financial AI tools will give you a highly transferable skillset even if you don't use that particular tool in your career.
2. Communication / People management: One thing that will never go away is human-to-human connection. Learning to develop and nurture relationships and communicate with people in person, will always be an asset. Invest time in peer-to-peer relationships and those more advanced in their careers as relationships are even more critical in career advancement as your resume; the learnings you get from people, investing in sharing your learnings with others, and championing one another is the best way to learn and grow. A handful of meaningful relationships will advance you further than knowing everyone as a surface level. But with technology as prevalent as it is today, flexing this muscle of putting your phones and computers away and connecting is paramount.
My first advice is to consider what's important to you in your career and be flexible as that evolves over time.
--> At first, my goal was to learn and experience as much as possible, that took me down a non-traditional path of Finance in non-profits where I had the great opportunity to experience and learn a lot very quickly. It provided natural mentorship opportunities with Finance leaders in fields who were volunteering on the Boards, and gave me a great stepping stone into Consulting as there weren't a lot of people with my specific experience.
--> I used the book "what color is your parachute" as a resource when I knew it was time for me to pivot into for-profit and consider what I liked about my previous jobs and what changes I was looking for. I learned from this exercise that even though I highly valued independence and learning experience, I also valued financial stability which I didn't have at that time. Still, I wouldn't change anything, because those experiences made me who I am today.
Second, I completely understand the question about AI - and its good that you are thinking about AI because yes, it is going to continue to change careers going forward. However, Finance will always be a field with human talent, it is just evolving to allow financiers to be more strategic in their work. As someone wanting to enter the finance world there are two key skills I would focus on:
1. AI literacy: People in Finance will be expected to leverage AI and advanced technologies. Taking time in school to learn the broad landscape, and digging into any that particularly interest you will give you the breadth and depth of skills that will make you stand out. You don't need to be a coder but developing an expertise in Financial AI tools will give you a highly transferable skillset even if you don't use that particular tool in your career.
2. Communication / People management: One thing that will never go away is human-to-human connection. Learning to develop and nurture relationships and communicate with people in person, will always be an asset. Invest time in peer-to-peer relationships and those more advanced in their careers as relationships are even more critical in career advancement as your resume; the learnings you get from people, investing in sharing your learnings with others, and championing one another is the best way to learn and grow. A handful of meaningful relationships will advance you further than knowing everyone as a surface level. But with technology as prevalent as it is today, flexing this muscle of putting your phones and computers away and connecting is paramount.
Kevin Yang
Impact Investing
15
Answers
San Francisco, California
Updated
Kevin’s Answer
Hi Dominick,
Great question! I can't speak at all to being a Black man in corporate America (I'm Asian), but I'll touch on the other things:
Sustainability of finance careers with the rise of AI -- finance, like all knowledge work jobs, are definitely at risk of replacement with AI. I think there's no doubt about it, especially in say ~4 years when you've graduated and are looking for full-time roles. With that said, finance roles and finance knowledge work isn't going anywhere. While AI might get really good at crunching the numbers and analysis, there's still going to be the need for someone to make the actual decision about what to do with that context. And, it's still incredibly helpful to be able to understand how that analysis works and what type of analysis should be done. In short -- augmented and potentially diminished in terms of number of roles as companies/tech outsource to AI, but not going anywhere.
Lessons learned about oneself and industry -- I suspect this is what you're alluding to -- finance is an incredibly broad umbrella term, with many different fields underneath it. Investment banking (helping companies with mergers and acquisitions) vs. wealth management (managing other people's portfolio's) vs. corporate financial planning and analysis (strategy for a business via the lens of finance) all have extremely different day-to-days and skillsets. Even different investment roles from say venture capital and private equity require different skillsets (VC leans heavily on strong interpersonal people skills, whereas PE leans heavily on modeling and analysis).
For me, I started in investment banking, then private equity, then venture capital, and now am working in impact investing. What I've learned about myself -- (1) I am mostly interested in leveraging finance to create 'good' outcomes for people and the planet, and (2) although I had a very strong work ethic, the 75 hour work week (as is the case in investment banking and private equity) was not going to be sustainable for me in the long-run as I balanced how much time I wanted to have with family in the future. These are just my data points though.
If you're about to get to campus in the Fall, my biggest recommendation would be to try and find a finance or investment related group with people who share a similar professional interest. Those classmates and upperclassmen will have a lot of different finance experiences as well that they'll be able to relay to you and that you'll be able to learn from.
Cheers to your professional journey ahead! Just shout for any follow-up questions.
Best,
Kevin
Great question! I can't speak at all to being a Black man in corporate America (I'm Asian), but I'll touch on the other things:
Sustainability of finance careers with the rise of AI -- finance, like all knowledge work jobs, are definitely at risk of replacement with AI. I think there's no doubt about it, especially in say ~4 years when you've graduated and are looking for full-time roles. With that said, finance roles and finance knowledge work isn't going anywhere. While AI might get really good at crunching the numbers and analysis, there's still going to be the need for someone to make the actual decision about what to do with that context. And, it's still incredibly helpful to be able to understand how that analysis works and what type of analysis should be done. In short -- augmented and potentially diminished in terms of number of roles as companies/tech outsource to AI, but not going anywhere.
Lessons learned about oneself and industry -- I suspect this is what you're alluding to -- finance is an incredibly broad umbrella term, with many different fields underneath it. Investment banking (helping companies with mergers and acquisitions) vs. wealth management (managing other people's portfolio's) vs. corporate financial planning and analysis (strategy for a business via the lens of finance) all have extremely different day-to-days and skillsets. Even different investment roles from say venture capital and private equity require different skillsets (VC leans heavily on strong interpersonal people skills, whereas PE leans heavily on modeling and analysis).
For me, I started in investment banking, then private equity, then venture capital, and now am working in impact investing. What I've learned about myself -- (1) I am mostly interested in leveraging finance to create 'good' outcomes for people and the planet, and (2) although I had a very strong work ethic, the 75 hour work week (as is the case in investment banking and private equity) was not going to be sustainable for me in the long-run as I balanced how much time I wanted to have with family in the future. These are just my data points though.
If you're about to get to campus in the Fall, my biggest recommendation would be to try and find a finance or investment related group with people who share a similar professional interest. Those classmates and upperclassmen will have a lot of different finance experiences as well that they'll be able to relay to you and that you'll be able to learn from.
Cheers to your professional journey ahead! Just shout for any follow-up questions.
Best,
Kevin
Stuart Phair
Consultant
3
Answers
New York, New York
Updated
Stuart’s Answer
Great question!
Finance is a huge area with so many different opportunities. I would encourage you to try and explore as many areas of finance while at college. You can do this by taking electives that interest you and joining or creating a finance club. College professors always enjoy it when students are interested in different areas of finance so they are a great resource to discuss with when at college.
In regards to AI I believe it will play a large part in the finance sector for many years to come. It will reduce time for some tasks that we do now but will also open up more opportunities. The more you can learn and understand AI the better. It will definitely differentiate you when applying to jobs.
I hope you are able to find the area of finance you enjoy and thrive the most in!
Finance is a huge area with so many different opportunities. I would encourage you to try and explore as many areas of finance while at college. You can do this by taking electives that interest you and joining or creating a finance club. College professors always enjoy it when students are interested in different areas of finance so they are a great resource to discuss with when at college.
In regards to AI I believe it will play a large part in the finance sector for many years to come. It will reduce time for some tasks that we do now but will also open up more opportunities. The more you can learn and understand AI the better. It will definitely differentiate you when applying to jobs.
I hope you are able to find the area of finance you enjoy and thrive the most in!