A well-remunerated career in the financial services industry, especially at an investment bank, is always much sought after by young graduates. It is viewed as a synonym for high social status, but inevitably, means excess overtime.
At a forum entitled “Careers in Financial Services,” jointly held by the HKUST Business School and the Financial Services Development Council (FSDC), Mr Andrew Butcher, Senior Country Officer for Hong Kong at J. P. Morgan, told students some key attributes and tips that are important for those who are interested in the sector. The forum is the fifth event under the “Practitioner Speakers Series” – FSDC’s collaborated initiative with local universities to help young graduates plan their careers in the financial industry.
Career Security and Potential for Longevity
Mr Butcher set foot in the industry as a graduate in music. Started off in a more operational position in a securities firm, he has been appointed to positions of increased responsibility, including Managing Director and Head of Technology & Operations for Asia Pacific, Head of Operations & Technology for the Corporate and Investment Bank in Asia Pacific. He is now the Hong Kong Senior Country Officer for J. P. Morgan, responsible for regulatory compliance, management of reputational exposures, government relations and business strategies development and implementation. With nearly three decades in the banking industry, he urged students to think in terms of career security and potential for longevity when they consider what kind of places to use in a bank as an entry point.
“They can be fantastic careers and well remunerated.” Mr Butcher commented, “However, it can be very tough to build a long-term sustainable career working entirely in somebody else’s agenda. You have to be mindful of what you think about your choices.”
Technology to Drive Industry
Mr Butcher stressed the importance of some components of a successful business plan, namely product capabilities, efficiency and execution, digital, client experience, risk, regulatory and security trial and data analysis. Digital technology, in particular, is believed to be a major driving force in the industry, be it a channel to interact with clients, the system to manage finance products or the automation and integration of a number of platforms.
As such, Mr Butcher recommended students to consider positions in technology, infrastructure and risk management, where demand for talent is by far the highest. For example, an infrastructure manager in the finance services industry plays a vital role.
“Do’s and Don’ts” for a Successful Career
Don’t Over Plan: It’s common for people to think about their career plan earlier in life. However, life is way too uncertain to be able to plan out an entire career. “My personal philosophy has always been to focus on the job that I am doing today and to do my very best at it. In general, if you do a great job, people will come to you and ask you to solve a bigger problem.” Mr Butcher said.
Don’t Get Blocked Down by Hierarchy: The matrix, the regions, the products and the coverage of an organization can be complicated. One should not get blocked down or be afraid of hierarchy or reporting lines, rather to concern about if they are adding value and being relevant to the organization.
“I measure how well I am doing not by what my title is, not by how many people I have reporting to me or how big the budget is I’m responsible for, it’s how many people at my door waiting to come in and ask me to help solve a problem. It doesn’t matter if they work for me or not, but I am in demand and people coming to me and ask me to fix things. Then it’s adding value and being relevant to the organization. People who become too focus on their status or the hierarchy stand out as such and they are never going to attribute in these plays.”
Work Hard and Smart: Working hard is one of the first ways to establish your reputation and differentiate yourself. To do so, one must be more effective during the time they spend at the office. “It does not get better,” said Mr Butcher. “You have to accept that things inevitably link to each other.”
Network: Mr Butcher advised students not to confine networking into whichever bank he or she will join, but to cast the net as wide as possible and be proactive. A network is one of the most important things that you will have to draw on, when you reach the bumps in the road or the turning points in your career.
Run Towards the Fire: Mr Butcher encouraged students to run towards a problem and volunteer themselves to be part of the solution. “It makes you known as a problem fixer, somebody who is not afraid of getting into difficult situations. People will recognize and appreciate that. A tremendous number of people run away when things go wrong. It is a very powerful thing to do - to run towards the fire.”
Soft Skills Count: Good presentation and writing skills will help students impress senior executives or clients. One may have to work with senior executives and clients from around the globe, and a poorly written presentation, proposal or even an email may put a client off.
A Balanced Life
Mr Butcher concluded his talk by encouraging the younger generation to maintain a balanced life. He recalled that he had managed a lot of people in banks who did nothing but work. Not surprisingly, those people are usually incredibly talented and dedicated, and are very effective in handling their daily duties. Yet, they never seem to be very happy and they lack the ability to deal with adverse situations at work.
“My advice is,” said Mr Butcher, “have something that you care about or show passion. It could be voluntary work in church, playing music, sports or yoga. It should be something that is important to you personally that you should commit to investing time in, no matter how busy you are. It will go a long way to help deal with the pressure that will inevitably come with these very high pressure jobs.”
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