77% of CFA charterholders report no change to their job, while firms in the financial space adopt a wait-and-see attitude for hiring
CFA Institute, the global association of investment management professionals, surveyed its global membership to analyze the effects of the current economic crisis caused by the coronavirus pandemic on the economy, the financial markets, and the investment management industry. The survey found that while 77% of CFA charterholders reported no change to their roles, nearly half of the respondents reported that their firms had either frozen hiring (36%) or had commenced downsizing (9%).
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“While it is too early to see the long-term impact this crisis may have on employment in the financial space, our CFA Institute member survey showed that a large number of respondents stated that the crisis could accelerate the drive towards automation and a reduction in fixed costs, which could have structural implications for the workforce,” said Margaret Franklin, CFA, President and CEO of CFA Institute. “We believe that well-trained, credentialed professionals will be well placed to succeed in the workforce and deliver for their clients.”
Overall, 45% of the respondents to the global survey said their firms had either frozen hiring or had reduced the workforce. 54% did not report any changes as of the mid-April survey period. Although a large majority of respondents report that the crisis is not affecting their job situation, 12% showed some degree of concern for their employment security and 1% reported that they had lost their jobs.
“The results of our member survey show that firms in the financial space in general are adopting a wait-and-see attitude in the face of the current crisis,” said Olivier Fines, CFA, Head of Advocacy EMEA for CFA Institute. “This situation could of course change over the following weeks and months as the details of the relief programs become clearer and as we observe the actual nature of any economic recovery.”
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