There are two aspects, however, to keep in mind where competition issues indeed play a role in the political discussion on financial regulation: First of all, the crisis has reduced tolerance vis-à-vis financial centers where regulatory and supervisory standards are sub-par. This kind of race-to-the bottom is no longer tolerated in light of the fragility of the global financial system revealed during the crisis. Dark corners counteract transparency and effective supervision, which are the prerequisites for stable financial markets. Secondly, financial market participants and legislators are keenly aware that the risk of market fragmentation and regulatory arbitrage is real, if we do not manage to harmonize rules and coordinate their implementation and enforcement. You don’t need a global regulator for this, but we have to
Being able to work as a member of a team is also crucial, in my opinion. In a leadership position, you have to demonstrate passion for your job. You have to really want to help the people who work for you and provide the conditions they need to do their job effectively, to motivate them to carry out their tasks well, irrespective of age. In today’s world, what talents - aside from analytical skills and academic knowledge – should graduating students from business schools like the Wharton School have in order to be successful in the Ànancial industry? To be successful in the financial services sector today, students must have a passion for this industry, in addition to the relevant academic credentials and analytical skills, as well as a genuine desire to
“FINDING AN APPROPRIATE WORK LIFE-BALANCE IS KEY TO SUSTAINING A PASSION FOR YOUR WORK. MAINTAIN A HEALTHY FOCUS ON YOUR PERSONAL LIFE AND THE WELLBEING OF YOUR FAMILY... ” take the steps necessary to align our efforts within the regulatory bodies, such as the Financial Stability Board and Basel Committee – as indeed the G20 leaders have committed themselves to do. At a very young age, you were in a position of leadership, managing many of your fellow employees. How did you reach this position of authority at such a young age? How did you deal with being in charge of people that were much older than you were? It is extremely important to always be open to new developments and to take advantage of life’s opportunities when they arise, even if they entail risks. One should also always aim to do things one really enjoys doing, because if you like what you do, there is a good chance that you will be successful at it. You have to be motivated in the sense that wherever you are, you should be dedicated to your work and committed to being as successful as possible. Everything else follows from there. The most important thing to me was that I always strived to do my best, whatever I did.
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constantly learn and grow. You must be intellectually curious with a capacity to absorb new knowledge and skills quickly. Given the dynamic, multicultural and global marketplace, students must also be able to appreciate the importance of teamwork and to communicate effectively. Self-starters usually do well in this industry, as do those who are willing to take “measured” risks, take the lead and be creative. As of today, where do you see chances for young people to attract attention to themselves, once they have entered the workforce? Be prepared to take risks, and dare to be different. It’s obvious that you will have to work hard and consistently deliver excellent results, demonstrating that you are reliable. Not only will this build your personal brand, but it will also enhance your professional reputation. Show courage in presenting your viewpoints and ideas. Be hungry and f lexible by demonstrating that you are prepared to say “yes” to taking on additional responsibilities and tasks that
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11/27/2010 3:13:07 PM
Fall edition of the IBR magazine at the Wharton School.