The finance industry has become increasingly popular among recent graduates as a highly desirable career path, as evidenced by the results of the 2024 Global Graduate Outlook Survey carried out by the CFA Institute. The survey revealed a substantial 30% of respondents expressing confidence in pursuing careers in finance, marking a significant six percentage point increase from the previous year and firmly establishing finance as the top choice for graduates for the second consecutive year.
Additionally, the study found that 78% of participants are optimistic about their prospects after graduation. However, concerns about low remuneration, a lack of job opportunities, and disillusionment with potential future roles emerged as the top three worries among respondents. These findings underscore graduates’ aspirations for stability and their desire to make a positive impact on society and the environment through their professional endeavours.
Margaret Franklin, CFA, President and CEO of the CFA Institute, highlighted the appeal of the finance sector by stating, “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. Our research shows that careers in finance offer the assurance of stability and provide a platform for graduates to contemplate a more impactful future.”
Furthermore, the survey shed light on graduates’ positive outlook towards the integration of artificial intelligence (AI) and automation in the finance industry. Approximately two-thirds of the respondents acknowledged the significance of AI and automation in their career advancement, with an overwhelming 92% expressing the belief that familiarity with emerging technologies will enhance their prospects. Within the finance discipline specifically, 76% of those surveyed emphasized the importance of AI and automation in their intended career paths. Moreover, 97% of finance graduates agreed that adeptness with these tools will benefit them significantly.
In light of these findings, it is evident that graduates are eager to embrace the transformative potential of AI and automation within the finance industry. Margaret Franklin further noted, “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.”
The research findings also highlight the crucial role of real-world experience, such as internships, in conjunction with continuous upskilling and professional certification, in driving career progression for graduates. Peter Watkins, Senior Director of University Programs at the CFA Institute, emphasized the growing trend of graduates seeking practical experience to distinguish themselves in a competitive job market. He also stressed that organizations offering opportunities for upskilling and career advancement will be particularly appealing to the next generation of professionals who are eager to foster their professional growth.
In conclusion, the CFA Institute’s study illuminates the unprecedented appeal of the finance industry as a career choice for graduates. The industry’s alignment with graduates’ yearning for stability and meaningful impact, coupled with their enthusiasm for integrating AI and automation, underscores the immense appeal of pursuing a career in finance. As the industry continues to evolve, graduates stand poised to contribute significantly to its innovative transformation, shaping a future that is both impactful and rewarding.