| |9 JULY 2025HIGHERReviewOver the last few years, this industry has grown multi-fold, leading to the creation of many opportunities that are challenging and interesting for talented professionals. Certifications are another route professionals can take - by obtaining certifications such as CFA or CPA, individuals can demonstrate their expertise and commitment to their career in finance. It equips professionals with a comprehensive skill set, which includes areas such as financial planning, investment strategies, retirement planning, and risk management. Also, while layoffs have been impacting thousands, the job cuts in the wealth management space, are much smaller in number, which has built a trust factor among many young professionals.The industry is also transforming, with cutting-edge technologies being adapted in every area, making it more efficient and dynamic. As technology continues to advance, the finance sector is also evolving, creating a need for individuals who can adapt and learn new skills. By staying current with industry trends and continuously seeking professional development, individuals can position themselves for long-term success in this competitive field.The Role of Technology in Asset & Wealth ManagementThe asset and wealth management industry is on a path of transformation with the emergence of AI, resulting in a digital transformation journey that many firms have embarked upon. Needless to say, the proliferation of AI in various aspects of the industry will have a long-lasting impact.With global companies setting up in India and the industry adapting technology in a big way, we see increased demand for skills in the fields of data science, artificial intelligence, large language models and many more.A recent survey conducted by PWC signifies that more than 90 percent of asset managers are already using disruptive tech like AI, big data and blockchain. Further to that, interestingly, it also states that assets managed by "robo-advisers" will reach US$5.9 trillion by 2027, more than double the figure of US$2.5 trillion in 2022.While AI looks poised to be a gamechanger, it's important to add that at the very heart of it, the industry is driven by four postulates ­ a deep understanding of the domain, customer centricity, maintaining transparency, and more importantly empathy. It is important that new entrants seeking job opportunities in this industry don't lose track of the core setup of skills that make the industry to be what it is today while enhancing their technical skills. Equally, mid-senior professionals should also adapt to these new technologies to keep growing and stay relevant in a dynamic industry.How organizations can help employees meet the skill requirements?The emergence of exciting tools and smart technology has meant that firms that use such tools have been able to improve the overall job experience and in return, have helped increase the collective efficiency of employees. This focus on modern tech solutions also signal a forward-thinking and adaptive workplace culture that appeals to top talent in this space.By investing in continuous learning and development initiatives, organizations can ensure that employees have access to the tools and support needed to enhance their skill sets. Furthermore, creating a culture that values and encourages skill development can motivate employees to proactively seek out opportunities for growth within the organization. This can result in a more skilled and engaged workforce that is better equipped to drive innovation and productivity.In today's fiercely competitive environment, where it is important to go beyond conventional monetary rewards, firms are broadening their retention strategies to include a wider array of incentives aimed at nurturing a culture of excellence, innovation, and collaboration amongst employees. Among the most prevalent strategies are equity ownership and partnership opportunities, as well as performance-linked incentives. By implementing these strategies, companies not only attract high-calibre talent but also foster a sense of ownership and motivation, leading to mutual success for both the employees and the organization.Despite facing macroeconomic challenges, the financial sector in India is thriving, boasting an impressive annual growth rate of approximately 8.5 percent. The global finance shared services (FSS) market size was valued at USD 46.54 billion in 2022 and is expected to reach USD 75.69 billion by 2028. This robust performance underscores the sector's resilience and sets the stage for substantial expansion in the years to come. As the industry continues to flourish, it presents a wealth of opportunities for aspiring professionals looking to establish themselves in the dynamic world of finance.
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