Thinking of a career in investment performance measurement? Here’s my story
Stacy Luchin, CIPM, is Managing Director of Information and Business Solutions at Diamond Hill Capital Management in Ohio, U.S.
Luchin participated in the CFA® Program Career Webinar Series, where investment professionals discussed their career paths, the opportunities and challenges they encounter in their roles, and the essential skills and strategies for success. Register for the next event in the career series here.
Investment performance measurement is a specialized role, but one that deals with the important numbers in asset management, which is the performance of a fund. The role is a really good way to start in finance.
This article expands on Luchin’s answers in the webinar, highlighting her career journey and the skills and attributes that she believes are vital for a successful career in performance measurement.
A role with impact
I oversee the performance measurement function at my firm, where my team ensures the accuracy of performance data across our portfolio. Although I'm in a supervisory role, I have the opportunity to go deep into the story behind the numbers, which I've always liked. There's a predictable unpredictability to a performance role. You'll have the ebb and flow of month and quarter ends, but then you'll get ad hoc requests for custom analysis. Being in a supervisor role is great but I do like to get in the weeds when I have an opportunity.
Embarking on the path
Performance measurement involves more than just analysis – it’s about turning numbers into stories. This blend of mathematics and storytelling is what attracted me to the role.
After college, I joined a small firm and was assigned to the trading desk. While helping the wealth management team on some research tasks, our chief compliance officer came over and asked for help verifying returns. This prompted lots of questions – what are the returns? What is this for? How do you know? I found it really interesting and wanted to learn more. This led to roles where I was involved in verifying returns and running performance attribution.
Completing the Certificate in Investment Performance Measurement (CIPM®) in 2016 equipped me with the confidence and credibility needed to enhance our performance capabilities at Diamond Hill. The structured knowledge and skills gained from the program empowered me to streamline processes, consolidate activities, and elevate our team's performance analysis capabilities.
Embracing change
he field of performance measurement continually evolves, influenced by emerging technologies such as artificial intelligence (AI) and trends like outsourcing. I see AI freeing up performance teams to focus more on value-add activities and allowing for increased integration between product and marketing (such as assisting with product development and positioning). AI can be very nebulous, but I think it could be a really good thing to help performance. Professionals can get out of the perfunctory tasks and become more integrated with the organization.
Skills and pathways
A career in performance measurement offers numerous opportunities for growth and specialization. To succeed, you need a balance of technical expertise and strong communication skills that enable you to interpret complex data and present it succinctly and clearly to a variety of audiences.
There are various pathways into performance measurement. Whether you start in portfolio accounting, operations, or data analytics, each route brings unique insights and skills. However, the key to success lies in maintaining a curiosity-driven approach. Continuously asking questions and seeking to understand the “why” behind the numbers propels growth in the role.
In my experience, people can successfully transition into performance measurement from areas of the business, for example, those working in operations because they understand the lifecycle of trades and the potential data issues. The ability to connect the dots, understand data flows, and ask critical questions are keys to success in this field.
Furthering your understanding and expertise
For those with a passion for data and financial markets, performance measurement offers a dynamic and rewarding career. The CIPM credential is highly valued, providing in-depth knowledge and signaling a commitment to excellence.
A common question is whether to pursue the CIPM designation without completing the CFA® Program. While both certifications offer distinct benefits, focusing solely on CIPM is viable for those inclined towards performance measurement roles. It’s important candidates understand the nuances of each certification and align them with their career aspirations to make an informed decision.
Final thoughts
Investment performance measurement brings together numbers and storytelling. It requires curiosity and a willingness to continuously learn. Embrace the journey and let your passion for precision and analysis guide you towards a fulfilling and impactful career in performance measurement.
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