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Practice Management May 31, 2024
Recent College Graduates See Finance as Top Career Prospect
Young adults are also more optimistic in career prospects compared to prior years; separately, CFP marked a milestone of 100,000 people reaching certification as financial professionals.
Reported by Natalie Lin
University students and recent graduates believe that finance offers the best career prospects in the current economic climate, according to the 2024 Global Graduate Outlook Survey released on Thursday by the CFA Institute.
The survey was conducted online from March 19 to April 8, targeting 9,916 respondents aged 18 to 25 who are either currently pursuing a bachelor’s degree or higher, or have graduated with such a degree within the past three years. Participants were from the U.K., U.S., Canada, India, Australia, Singapore, Hong Kong, United Arab Emirates, Germany, Spain, France, Brazil, Mexico and China.
Thirty percent of respondents identified finance as the sector in which they felt most confident, marking a six-percentage point rise from the 2023 survey. It ranked as the top career choice in both years. Considering which industries respondents felt most confident about their career prospects, the top five were finance (30%), STEM (20%), IT & Telecoms (19%), sales, media and marketing (18%) and education (17%).
The CFA also found a rise in graduates’ overall confidence in their career prospects in recent years. After the volatility experienced during the pandemic, 78% of those surveyed are now confident about their post-graduate futures, a significant jump from 58% in 2021 when the survey was first conducted.
Graduates are generally looking for careers that offer stability while still allowing them to make a difference. In fact, 91% percent expressed a desire to contribute positively to society or the environment through their professional work.
“As graduates today seek professions that not only promise stability but also resonate with their desires to make a tangible difference, finance emerges as an industry of opportunity,” Margaret Franklin, president and CEO of the CFA Institute, said in a statement. “With a new focus on sustainable investment strategies, and the possibilities for AI to enhance investment workflows, graduates have an opportunity to help shape a more innovative industry through a career in finance.”
Financial Professional Certifications Hit 100K
Meanwhile, the CFP Board, a separate organization that provides financial professional training and certification, announced a milestone of 100,000 CFPs in the U.S.
Simone Lee of Merrill Wealth Management was identified as the 100,000th CFP professional.
A 31-year-old financial adviser based in Bedminster, New Jersey, Lee is a first-generation American who originally worked in IT before making the transition to financial planning.
She was inspired by her mother, Judith Lee, an adviser who leads a Merrill financial planning practice focused on comprehensive wealth management. Lee joined her mother’s practice as a financial adviser in 2019.
“I am thrilled to be the 100,000th CFP professional in the United States,” Lee said in a statement. “I can’t wait to share my story and show others that there are many paths to starting a rewarding career as a financial adviser and earning CFP certification.”
