PENSIONS: OVERVIEW
which do not face the same regulatory
constraints, have for the most part
PAUL JEFFRIES, CFA
demonstrated a much greater appetite
for risk.
Title: Investment Analyst
As pension funds increase in
Current employer: Railpen
sophistication, so do their needs to
Investments
harness a wide variety of talent. Roles Previous employer: RMB
within actuarial work, fi nancing,
MultiManagers
investment, administration, and
Professional qualifi cations:
governance are all available,
CFA; IMC: Securities and
Investment Institute Diploma, FSI
depending on the size and demands
– Fellow of the SII
on the scheme. “Pension funds are
more heavily regulated than they were
in the past, and they are a lot more
What attracted you to this career path?
complicated. Th ere is a requirement
The dynamic and challenging environment attracted me to this profession.
and need for good people. Pensions
have generally not been that high
What are the major challenges you face in your position?
profi le in terms of a career, and not
Dealing with the fl ow of information can be diffi cult. Our industry generates
very well understood in the graduate
so much information it is often a challenge sorting though the volume to fi nd
world. Graduates don’t realise there
what is most useful and relevant to the task in hand.
are actually some good and rewarding
Are there certain skills you would consider useful for your job?
careers you could go into,” argues
You need to be inquisitive and persistent in nature, with a desire to perform
Steve Delo, president of the Pensions
in-depth analysis. Decisiveness, a willingness to form opinions and the
Management Institute and chief
confi dence to exercise judgement are also important. Fundamental skills
executive of PAN governance.
include strong numeracy and report writing as well as the ability to
Unlike many areas of investment at
communicate on different levels and convey complex ideas in a clear and
the moment, the pensions industry is
concise manner.
still undersupplied in terms of human
capital. “At the moment, if you’re a
How do you think the role you’re in now will change over time?
good person operating in the pension
There will be an increased focus on responsible investment; being measured
world you are probably unemployment
not just on the result but by how we got there - assessing the investment
proof. Th ere aren’t enough good people
strategies used to outperform.
to do the jobs needed by this industry,”
he says. Do you have advice for someone intending to pursue the same
In 2006, Cass Business School career path?
launched its Masters degree in Get on the CFA program. The syllabus is broad and challenging. As
Pensions, for students who wanted professionals strive to become experts in their fi eld, it can often lead to
broad pension management experience. individuals operating in silos. This isn’t good for the industry as a whole. A
“I don’t know how many people have
rigorous course of study for a professional qualifi cation such as the CFA
actually taken up the course, but it’s
gives the individual a greater appreciation of the activities in the wider
certainly a step in the right direction,”
industry around them.
says the pension fund manager.
Cg
“Pension funds are more heavily regulated than they were in
the past, and they are a lot more complicated. There is a
requirement and need for good people” Steve Delo, Pensions Management Institute
WWW.CFAUK.ORG CAREERS GUIDE 2009 81
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