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India’s booming economy needs a talent-base of financially proficient professionals. With the evolving geopolitical landscape in an increasingly connected world, the financial industry today has become even more intricate. In this age and time, it has become crucial for individuals to evaluate their career options, upskill or re-skill so that they can stay relevant and future-ready for the job market. Through professional certifications and courses such as the coveted CFA® Program offered by CFA Institute, aspiring individuals can develop a strong financial acumen and prepare for roles that are not just relevant today but will continue to evolve in the future.
To further explore what this rigorous course entails and how it contributes to both employees and potential employers, Hindustan Times and CFA Institute hosted a webinar titled “Building a Future-Ready Finance Career” featuring insights from industry leaders, including Rob LangrickCFA, CIPM, Chief Product Advocate – CFA Institute, Vaibhav JainCFA, CMT, and Head of Business for Equities and Content – SharedotMarket by PhonePeand Lokesh MrigCFA, FRM, Managing Director of Quantitative Research & Solutions – State Street Global Advisors India. They shared their expertise on navigating the complex world of finance and the skills needed to thrive in the industry.
Evolution of the Financial Sector and Key Trends in Recent Years
The industry has been undergoing a significant transformation with the constant regulatory changes, geopolitical challenges, advent of AI, automation and big data in financial services.
Vaibhav Jain addressed how India’s capital markets regulator, SEBI, has become increasingly active and why finance professionals need to be flexible. “SEBI has been trying to keep pace with the changing dynamics by incorporating new regulations. While this benefits investors, as finance professionals, we need to be agile to these changes in the market,” Jain said. Furthermore, he emphasised on the evolving investor landscape, where demand for a wide range of diverse asset classes are on the rise.
The profound impact of geopolitics on the financial sector is another factor that cannot be ignored. Citing the recent global conflicts as a catalyst for significant changes, Lokesh Mrig said, “The influence of geopolitics over the last couple of years has redefined how financial firms operate, make investment and hiring decisions”. Echoing Vaibhav’s observations on technological adoption, Lokesh highlighted the pivotal role of AI and ML in areas such as algorithmic trading, fraud detection, and risk assessment.
Lokesh further discussed the emerging trends and potential disruptors from an investor management perspective, including, the rise of low-cost passive and ETF (Exchange-traded funds) products and the growth of private markets in India, which poses a competitive challenge to traditional high-cost active strategies. He added that the growing interest in alternative private markets and assets like private equity and private credit in India and globally, is because they offer investors higher returns and reduced volatility risks. While technology is crucial, human interaction remains essential, especially during market downturns. “It’s very important to have a trustworthy financial advisor or professional rather than relying on market rumours and social media,” he said.
Rob Langrick provided an academic lens on the rapid integration of AI and ML in financial education. He said, “When ESG principles gained traction, they were swiftly integrated across the CFA Program curriculum. Now, a similar transformation is happening with AI and ML, but at an accelerated pace”. He stressed that professionals must move beyond the hype to focus on specific use cases of AI in various job roles.
Continuous Learning: The Key to Staying Relevant
Given the rapid pace of innovation in the financial sector, it is essential for professionals to continuously adapt and stay ahead. Upskilling is a non-negotiable, to thrive in this dynamic field. Vaibhav emphasised the importance of ongoing learning for even seasoned practitioners, as the next generation is poised to disrupt the status quo with innovative, out of the box, and technology-first approach. He also pointed out the growing importance of soft skills particularly in wealth management, when dealing with customers in both B2B and B2C contexts.
Adding to the conversation, Lokesh mentioned that finance professionals must embrace technology and continuously enhance their technical skills. “Programming will continue to be very relevant if you want to innovate and introduce new custom products,” he advised. He also highlighted the importance of networking with peers, mentors, and industry leaders to stay informed about the latest developments.
Rob further added, “We also make sure our CFA Program is continually updated, and that they’re reflecting the current knowledge, skills and abilities required for the job roles that candidates are focusing on. I’d say in terms of AI or data science, the CFA Program is not trying to coach candidates on how to be a coder, but rather teaching them what they need to know about AI/ML to be an effective investment professional to communicate with data scientists or their clients.
How does CFA Institute Equip Professionals to Adapt to Industry Changes?
Discussing the role of CFA Institute in equipping students and financial professionals to thrive in today’s dynamic competitive financial industry, Rob highlighted that CFA Institute provides professional Certificates that prepare students and professionals to navigate the changing industry landscape. CFA Institute annually updates (10-15%) its CFA Program curriculum to align with evolving industry trends such as supply chain analytics and ESG scores, reflecting investor demand for these tools. With investors’ increasing focus on factors such as sustainability and ethical investing, it is critical for upcoming finance leaders to be well-versed with the role of ESG in today’s financial market.
Rob noted that, to bridge the gap between academia and the industry expectations, CFA Institute is prioritizing ESG, data science in its curriculum, recognizing its growing importance in the financial industry.
From an industry perspective, Lokesh commented, “As a recruiter and an industry practitioner, I find CFA Program to be highly rigorous, equipping individuals with the valuable tools that are essential in finance”. He also highlighted the robust networking opportunities that the CFA® Charter provides.
Vaibhav advised finance professionals to choose certifications that align with their career goals and offer the best education in their chosen field. “I’d encourage individuals to pursue the CFA Program not just for the credentials, but also for the comprehensive knowledge and skills it imparts,” he emphasised.
Continuous learning and growing is essential for professionals at all levels – young, mid-level and senior-level. Vaibhav stressed the critical need for mid and senior-level professionals to be abreast of latest technological advancements to maintain relevance and effectively lead their teams towards success.
Lokesh reinforced this point, noting a positive shift in mindsets among mid and senior-level professionals towards upskilling. “I believe in the LAN framework – Learn, Adapt, and Network for mid and senior management to stay relevant and effectively guide their teams. CFA Institute offers all three components – a relevant and updated curriculum to Learn, flexible courses and certification options to Adapt as per your requirements, and ample Networking opportunities through conferences and events.”
The trend of upskilling and gaining professional certifications will only gain more traction, as job markets become increasingly competitive, and industries evolve. Professionals at all levels – from young graduates to seasoned executives, must commit to lifelong learning and skill enhancements, for an onward and successful career trajectory.
Key takeaways from the webinar:
- Finance remains one of the most lucrative career options today, but a significant skill gap still exists in the industry.
- The industry is changing rapidly, shaped by geopolitical influences and technological advancements. Finance professionals need to adapt and constantly upskill to stay ahead in the ever-evolving industry.
- The rigorous CFA Program aims to prepare young professionals and industry leaders with the skills and comprehensive knowledge needed to manage unforeseen challenges and thrive in a complex financial ecosystem.
- It is important to keep pace with industry changes and gain relevant knowledge, to address the evolving industry trends. CFA Institute regularly updates its course materials and offers Certificates in areas such as ESG, supply chain & operations, data science, AI-ML and more.
- A CFA Charter is a globally recognized credential that positions individuals to bring to table, valuable skills and perspectives, allowing them to take up leadership roles in progressive organisations around the world.
- A strong emphasis on establishing a culture of continuous learning is required in order to build a resilient talent-base that can contribute to the national as well as global economy.
Check out the Webinar here: https://x.com/htTweets/status/1821140637011284403