Secrets of the Top-Performing Individuals of the Finance Industry

The Forbes Most Powerful People in the World 2016 list was a revelation. Whilst you would expect to see Bill Gates, Mark Zuckerberg, Vladimir Putin and Donald Trump on there, it was not a total politics and tech industry whitewash. In fact, far from it. Quite a few financial stalwarts were on there too. Number six was Janet Yellen, Head of the US Federal Reserve, who is, arguably, the most powerful woman in the world. This is quite some feat given the enormity of her job. Just outside the top ten, at number 11 we have Mario Draghi, head of the European Central Bank. It was his job to lift the EU out of recession – and he did a great job. Number 15 is Warren Buffet, CEO of Berkshire Hathaway. Not surprising given he has a net worth of $87 billion. Most Powerful People in Finance Jiang Jianqing is the man at the top of the Industrial and Commercial Bank of China. Under Jiang’s leadership, the ICBC now generates an impressive $45 billion in profit each year – twice as much as JPMorgan Chase. Abigail Johnson, CEO of Fidelity, a $5.2 trillion US mutual fund, is no slouch when it comes to cutting out the dead wood. Larry Fink, the founder of BlackRock, a hugely successful asset management firm, has an uncanny ability to sort out toxic assets. Jamie Dimon, chairman and CEO of JPMorgan Chase was able to make a profit during the financial crisis when other banks were failing left, right, and centre. So, what makes these stalwarts so successful in the world of finance and beyond? Like many others in finance, they all have traits in common. None of these people owe their success to luck. Of course not. That would be insane. No, they all attribute their success to hard work, supreme focus, a lack of ego, and a long-term vision. They also have a deep understanding of how the finance industry works. Some of them, notably Warren Buffet, started early. Start Early and Learn the Ropes Like many successful investors who learn the ropes on a forex trading platform, such as OANDA, or in the stock markets, Buffet was planning his life in finance at 10-years-old and picking stocks at age 11. The fact Buffet started early and stuck to his policy of thinking ahead, is partly why he has been so successful. Many investors are short-sighted and can’t see beyond what’s happening today or tomorrow. Buffet’s trading strategies are five, ten, or 20 years in the future. Cold and Calculating To be successful in finance, you must eliminate emotion from the equation. Once you allow your emotions to get the better of you, it’s game over. This doesn’t mean you need to be a certified sociopath to be successful, but it does mean you need to keep your eye on the ball. If Janet Yellen had had a few wobbles when she took over the Fed Reserve in 2014, the US economy might not be in such great shape right now, with unemployment at 4.1% and inflation at 2.1%. Do you share any of these traits with the world’s finest financiers? If so, you are all set for a successful career ahead.