1. Military Service and the Financial Culture
VETERANS’ SKILLS AND DISCIPLINE CAN SERVE THE MISSION TO CHANGE WALL STREET
By Lance Widner, CFA (USNR), and Matt Noll, CFA (former USN)
The Code of Ethics and Standards of Professional Conduct
of CFA Institute underpin the CFA charter as the globally
recognized gold standard of investment professionalism.
Military personnel the world over embrace similar codes of
conduct, swearing to “be faithful and bear true allegiance”
and “protect and defend” their homelands. With an appre-
ciation for these distinguished codes of conduct—and in
recognition that many highly qualified military personnel
transition to civilian careers in finance—three members of
the New York Society of Security Analysts (NYSSA) who
have military backgrounds formed the Veterans Commit-
tee of NYSSA.
This past November, the 2015 Annual Veterans on Wall
Street (VOWS) Symposium and Hiring Fair was held in
New York City. Speaking at the event, John Bowman, CFA,
managing director of the Americas for CFA Institute, drew
parallels between CFA Institute values and those of mili-
tary service. “As men and women of service, we need you
to help write the next chapter for the investment indus-
try, one that returns us to where we started: the pursuit
of a profession serving the public good,” said Bowman. He
expressed the strong interest of CFA Institute in support-
ing transitioning veterans through its education, workshop,
and networking platforms.
In conjunction with the VOWS Symposium, NYSSA’s Vet-
erans Committee hosted its first veterans roundtable panel.
Topics discussed included how a military background gives
transitioning veterans advantages, the challenges of tran-
sitioning to jobs in finance, and possible career paths. The
panel weighed the merits of the CFA Program and other pro-
grams sponsored by CFA Institute as well as the advantages
and disadvantages of graduate finance programs (such as
an MBA) when preparing for careers in financial services.
The Veterans Committee believes the shared ethos of
CFA Institute programs and military service can add great
value to the broader financial community. The skills and
discipline veterans bring to financial services are a good fit
with Wall Street’s effort (and arguably its need) to rebrand
itself as an industry that values service before self.
Many top Wall Street firms have taken action on hiring
veterans because they see the value offered by military ser-
vice. Although regulators strive to regulate financial firms
against wrongdoing from the outside in, employing those
with military experience may enhance the ability to improve
the finance culture from the inside out.
As with all career choices, there are pros and cons to serv-
ing in the military, and there are many ways to capitalize
on military experience during one’s post-military life. Yet
the realities for veterans seeking careers in finance can be
disconcerting. A dozen years of successful work in a single
role at a top firm can earn one tremendous responsibili-
ties. For veterans who spent several years or even decades
in the military, such forgone advancement in finance may
feel like a missed opportunity. But veterans have advan-
tages in experience, maturity, and character that may help
them find rewarding jobs in finance and also help them
advance rapidly.
Penetrating the finance culture and winning a solid job
can feel like a challenge for any individual. Engaging in
honest interaction with an inviting community of fellow
veterans is a key step toward overcoming the unique chal-
lenges for transitioning veterans. The Veterans Commit-
tee believes that CFA Institute programs should be better
recognized by transitioning veterans as a powerful way of
making the commitment to establishing a new career, even
well after most financial professionals have already done so.
Thankfully, NYSSA and CFA Institute are committed to
seeking opportunities for providing the technical develop-
ment and networking opportunities to create a “transition
portal” from a military career to finance. NYSSA’s Veterans
Committee proudly stands at the core of this commitment.
Lance Widner, CFA (USNR), is senior director of the Private Equity Group
at Oppenheimer & Co. and co-founder of the NYSSA Veterans Committee.
Matt Noll, CFA (former USN), is a senior director at Fitch Ratings and co-
founder of the NYSSA Veterans Committee.
CFA INSTITUTE NEWS
Volunteers Sought for Standards
of Practice Council
The Standards of Practice Council (SPC) Nominating Com-
mittee is accepting nominations for appointments to a
term beginning 1 September 2016. The SPC is responsible
for maintaining the CFA Institute Code of Ethics and
Standards of Professional Conduct as well as for assisting
in promoting high ethical conduct throughout the invest-
ment industry.
Please review the SPC role description (available at
http://cfa.is/1Q5pSav) to learn more about serving on the
SPC. If you are interested in being considered for an
appointment, please complete the SPC application. For
further information, please contact ethics@cfainstitute.org.
The SPC Nominating Committee will review all applica-
tions and recommend its final selections to the Board of
Governors for appointment by August.
The deadline to submit your completed SPC application
is 15 March 2016.
18 CFA Institute Magazine March 2016