The investment industry needs to do more to encourage a more diverse range of candidates into the sector if asset management is to keep up with the evolution of millennial wealth, according to HSBC Global Asset Management.
These stereotypes are often compounded by concerns that recruiters may be unlikely to consider applicants from minority backgrounds, or those that have not attended private school or university for example - even though this is unlikely to be the case.
In addition, with the industry known to be significantly male-dominated, young women may be concerned about fitting-in with what are perceived to be long-standing norms.
Shruti Khandekar, a credit analyst at HSBC Global Asset Management and member of the Diversity Project is involved in efforts to educate and assist individuals in the earlier stages of their financial careers.
She argues such stereotypes are beginning to be challenged, but more can be done: "There is a misconception that to challenge a typical stereotype, such as that of a man in a suit for example, we have to go to the other extreme and prove that nobody like that works in asset management - I do not believe that is the answer to challenging stereotypes in our industry.
"Instead, we should be educating people at a much earlier age about what the asset management industry really does, showcase the breadth of who really works here, and why it is so important overall."
In particular, Khandekar believes there is a need for the industry to work together to build awareness of the different types of roles in asset management. This type of education is particularly needed in state schools (both primary and secondary) and at institutions outside of the Russell Group of universities, for example.
Rudd agrees, noting: "I couldn't hazard a guess as to how many different functions we have within asset management today: from compliance and risk, to distribution, client services, marketing and communication and many more and not to forget of course, research and analysis and portfolio and fund management.
"There are so many areas for young people to succeed in in asset management. Many of these roles are not necessarily focused on managing money or following the well-trodden path of graduating from Oxbridge and then completing your CFA.
"In fact, the skill-set needed for a portfolio management role is completely different to a distribution role, but many young people may not be aware of this, and why would they?"
Diverse recruitment
Rudd and Khandekar argue that it is important to recognise recruitment processes have changed significantly in recent years.
While many roles may still require a degree, the rise of financial apprenticeships that encourage non-university graduates into the industry are helping to broaden the workforce.
Investment2020 is one body that works with asset managers to offer traineeships in the industry to school leavers for example.
"Apprenticeships, when I started my career, were the main avenue for young people to join the industry and we are almost coming back full circle to that today.
"That is not to say we should sacrifice university graduates in favour of school leavers; but it is important to recognise it as another route into the industry that helps build an excellent workforce."
