The adage ‘no man is an island’ holds in every aspect of our lives. It resonates loudly when you are racing into a career. It’s not always a one-person show. CFA charter holders and candidates are no different. As you delve deep into the industry, you realise how important it is to have a strong network.
Popular professional relationship strategist Andy Lopata says: “It's about who knows you”.
Networking is essential to building professional development for CFA candidates and charter holders. Knowing the right person and the right person knowing, you can open many new doors of opportunities.
Networking for a CFA holder can mean knowing other CFA holders and aspirants. It can also mean being part of CFA societies in the region. It can mean a lot of different things if the result is a new opportunity to advance their career. You may find relevant CFA societies to be part of here.
In this article, we will explore the importance of networking for CFA candidates and charterholders. We will discuss how it can help individuals achieve their career goals.
Employee referrals account for 40% of all hires. That's why.
Networking with personal and professional connections can lead to most job fulfillment. This is because most job openings are not even posted online. It is through referrals that these are filled. And it's not just a few. It is a staggering 70%. Although applications with referrals in them make up only about 7%, they make up 40% of the hires.
More than advantages, humans have an innate urge to reach out to like-minded fellows. This was particularly evident during the pandemic and lockdown. A study showed that in 2020, 6.3 million people attended virtual events on LinkedIn.
When you think you know people, you are more likely to stay positive about your future. 76% of people think that you need to know the right people to get ahead in your career.
Another interesting thing to note is that a study showed the quality of the job also depended upon certain networking capabilities. Those with higher-quality jobs have early internships and mentoring as key ingredients to their success.
Networking is an essential skill for anyone in the world. Wherever you are, whatever you do. It is what sets us apart from every other creature.
A CFA aspirant or charter holder requires as much networking as any other. If not, a little more. It is that which helps overcome the different challenges in a career.
In this section, let us look at some of the different strategies for networking.
Meeting Other Professionals
CFA is not a course like an MBA. You don't have many people around you like in B-school. So meeting other professionals in the same area would not be as common. When the opportunity does present itself, make use of it.
Meeting other professionals means that you get to share ideas and experiences and build a relationship. This interaction can increase your domain knowledge. Finance is a dynamic area. Keeping in touch with people of similar backgrounds means that you can stay updated on the latest trends.
The most important aspect of meeting other professionals would be the sense of community it creates. It can often act as an emotional and social support. It also opens up opportunities to collaborate.
Gaining Various Perspectives
Networking means you will have access to different kinds of people. It comes with a wealth of practical knowledge and wisdom. You can also hone your skills by learning from others.
Why do it alone when you can make it a tad bit easier with a network to cover you?
Networking can help you broaden your perspective.
Learn New Ways of Looking at Finance
The world of finance is dynamic. It is a challenge to keep up with the changes. A widened perspective of the industry also lets CFA holders adapt easily to different market conditions. A holistic understanding of the financial landscape means that the world is your oyster.
Staying Informed about Market Trends
Being aware of market trends allows CFA candidates and charter holders in India in huge ways. They can track shifts in stock prices, interest rates, and economic indicators. They can also monitor emerging sectors and industries that present potential growth opportunities.
By staying updated on market trends, they can adjust their investment strategies and portfolios accordingly. This way, they can maximize returns and minimize risks.
This knowledge empowers them to make informed decisions and navigate the dynamic financial landscape with confidence.
Exploring New Business Models
India is a hot pot for new business models. Networking opens up the opportunity to explore this. They can investigate fintech startups, robo-advisory services, and blockchain-based solutions.
Networking can show them what's the latest business models when it comes to embracing innovation. This way, they can adopt modern business models. This will help them remain competitive and relevant in the ever-evolving financial industry.
Networking is indispensable. But how do you do it? Here are some go-to tips from our experts.
Join Industry-Specific Events
There are a lot of things happening in the world of finance. Look up local events that are happening. They may be finance-related events, seminars, or conferences. These are great opportunities to meet new people and build a network. These are charged environments for exchanging knowledge, ideas, and, most of all - contacts.
Utilizing Social Media Platforms
Just like any other professional, social media is a potent tool in the hands of a CFA. It can help them build an online presence, showcase their expertise, and build a network. It can also help them engage in conversations happening in their field. It is a great way to find new people and build new collaborations.
Participate in Mentorship Programs
If there is a sure-shot way to learn and gain networking advantages, it is through mentorship. Finding a mentorship initiative that helps you connect to veterans in the field is a massive opportunity.
They can offer immense wisdom and career advice. The best bit is that they can introduce their mentees to their network.
Volunteering for Professional Organizations
Taking up the chance to volunteer for finance-related associations is a way to find opportunities to expand the network. CFA holders can learn from the organization while also meeting new people and maybe even getting recommendation letters from the organization.
Keep your social skills sharp. Improve your body language to strike an impression on others.
It pays to engage with people confidently, as it can lead to valuable connections and networking opportunities.
Meeting new people and creating a new network is crucial. If anything is as crucial, it is nurturing the network. These contacts have to be maintained over time.
Sending personalized messages, sharing relevant content, and attending follow-up meetings can help solidify these professional relationships. Offering help and support and remembering personal details is a way to show that you value and care about the relationship.
Expressing gratitude for opportunities you get via a network is also important. Make sure you keep the network alive with interactions.
Nurturing the network is crucial for maintaining long-term relationships. Only then can one continue to benefit from the connections made.
Embrace Networking as an Integral Part of Your Professional Journey
Networking is a powerful tool that offers numerous benefits to CFA candidates and charter holders in India. If you’re an aspiring CFA, it’s a skill worth learning.
It’s not just about who you know. It’s about cultivating meaningful relationships and leveraging them to achieve success and growth. Sure, it can open doors to new prospects for you. But more importantly, it gives you a chance to interact and learn from the best minds in the industry.
By learning the right ways to network, you can unlock a world of possibilities and thrive in your career. And your learning can start right now.
Practicing the tips and strategies we discussed above will give a positive start to your networking skills.
At IndigoLearn, you can meet CFA aspirants just like you. By enrolling in our CFA courses, you can find others who are like-minded and similarly motivated. You also get to interact with seasoned CFAs who can guide you.
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