Upskilling at 50: How experienced investment professionals can adapt to change
With careers getting longer, even the most experienced professionals need to keep up with changes in the investment industry. Coaches and senior executives offer tips on how and why to embrace new skills after the age of 50.
The pace of change in investment management means that upskilling matters more than ever today. Whether that change comes in the form of client expectations of personalized and holistic advice, the demand for alternative assets, or the rise of artificial intelligence (AI), the skills executives need in order to thrive are constantly evolving.
Continuous learning is integral to roles in sustainable finance. “This field evolves every day - and that’s what makes it so energizing,” said Eleonore Dachicourt, CFA, Managing Director, Head of Sustainable Investments, Wealth Management, Asia, at BNP Paribas, and a certified executive coach. “With the complexity of science, regulation, client expectations and innovation constantly shifting, there is always something new to learn. Continuous learning isn’t just a requirement, it’s a privilege that keeps me curious, relevant and able to drive impact.”
At the same time, careers are getting longer — out of choice or necessity, as lifespans and healthspans increase. Working through your 60s and into your 70s is becoming more common. The average employment rate for people aged 65-69 in OECD countries rose from 15.9% in 2000 to 28.9% in 2023. For those aged 70-74, it rose from 8.7% to 16.7%.
Older workers should take confidence from the experience they have gained over a long career, which could give them a competitive edge over less experienced staff. According to Ivy Exec, an online platform that offers careers advice to senior professionals, it is often after the age of 50 that people discover the best opportunities to use their experience.
Applying that experience in investment management, however, is becoming harder as the industry evolves and traditional skillsets become less relevant. Portfolio managers, for example, are transitioning from sole decision-makers to stewards of models as AI adoption gains traction, according to a recent study by CFA Institute’s Research & Policy Center.
While reskilling is the obvious answer, it is easier said than done – especially for senior practitioners who already have a lot on their plate.
Common barriers faced after 50
Mid-career professionals can face barriers to new ideas and skills. They may have built up wealth and rewarding family and social lives away from work that provide competing priorities. A concern that the effort may not be worth the investment is another risk.
“People worry that they will never be able to learn something that seems so new and so different to what they have done before,” said Dan Whitehead, Founder and Career Coach, City Career LAB. “But there’s also a bit of stubbornness, a sense of ‘I’ve come this far without having to do that, so why should I change now?’”
The temptation might be to put this reluctance down to not having enough time to learn, but this can be a convenient excuse rather than a justifiable one.
“The inertia comes from a fear of change, not a lack of hours in the day,” said Berry Schrijen, CFA, Group Chief Financial Officer, Alliance Nutrition Group. “People prefer to stick with what they know, but that also means not being able to let go of the old to make space for something new.”
The good news is that humans are adaptable. “There are few skills so difficult to acquire that people cannot pick them up later in life,” said Lucy Standing, an occupational psychologist and Founder of Brave Starts, an online community and structured coaching platform for experienced professionals.
“The thing that stops most people is their own internal barriers. They may tell themselves that they have a particular status to maintain, or school fees to pay, and they cannot see themselves retraining.”
Strategies for successful upskilling
Even if not actively seeking a new job, reviewing advertised roles in your areas of interest can provide a rich source of information about how employers are viewing the evolution of roles.
“If you are a research analyst or portfolio manager or whatever it might be, what you’ll tend to find is that over the years the language being used in job descriptions starts to change,” said Whitehead. “Different skills and responsibilities will creep in. You may have been with the same employer for a number of years, which is very honorable but also makes it easy to miss what’s going on elsewhere.”
LinkedIn can be invaluable. Not only can you study the profiles of those working in similar jobs to yours, but you can also note the new skills and qualifications that they acquire as they move through their own careers.
Research like this is a vital part of staying current. “There are many things in the public domain that allow you not to fall behind and allow you to keep up with the pace of change,” said Whitehead. “But the problem is that most people are heads-down with their job and not paying too much attention until it’s too late.”
Success also means challenging yourself and asking uncomfortable questions. Life-long habits are deeply engrained; wrenching yourself out of them can be unsettling — but ultimately rewarding, when greater efficiency is the result.
“Review the jobs and duties that you are doing day to day, and see whether those are still relevant or you can do them in a smarter way, either by delegating them or automating them with AI,” said Schrijen. “That can leave more room for you to either think strategically about the job you are doing or think strategically about yourself.”
AI provides an excellent pathway for mid-career upskilling, since its use is still at an early stage, meaning there is little disadvantage in being among the cohort of older workers. But it’s important to identify how it will be of practical use to you and to employers.
“For people in their mid-career, I think the priority is, how do you use GenAI tools efficiently?” said Jim Pyke, CFA, Managing Director, TCB Advisors. “For instance, you can take a course on prompt engineering. Your goal isn’t to become the person who’s going to push the frontier forward — your goal is to be someone who can make sure they are using the tools to be more productive.”
The growing importance of data analytics in the investment industry also increases the appeal of data manipulation and visualization skills, including familiarity with tools such as Tableau and Python. At the same time, you should not neglect improving human skills like communication and problem-solving.
The importance of pragmatic vulnerability
Successful mid-career upskilling calls for a pragmatic acceptance that your existing skills and qualities may no longer be as vital as you thought. Staying relevant means challenging your assumptions.
“The people I can’t help are the ones who refuse to question the uniqueness of their skills or how easy they are to replicate,” said Standing.
A mindset change may also be necessary to overcome the fear of change. The mid-point of a career often brings with it a level of comfortable seniority that can be difficult to give up. Learning new things requires you to swallow your pride.
“You have to be willing to go back to being a novice, and putting up with the discomfort of making novice mistakes and not really knowing what you’re doing — and being OK with that,” said Pyke.
Curious about the latest mid-career trends, challenges, and opportunities? Explore more in our series designed for finance professionals navigating their mid-career journey.
The 70-year career: How to prepare for a longer, more fulfilling working life
Balancing work and study as a mid-career investment professional
Staying relevant in the AI era: A guide for mid-career investment professionals
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