Few things are as important as having the right mentor, when you start your first job. A good mentor doesn’t just shield you from potential pitfalls – they help you to find your own way forward, and actualise your potential. The success you could find in a decade, you might find in your first three to five years with the right mentor. The trick is to spot who’s the right one. Here’s what to look for:
The most common mistake is to assume that every teacher is a mentor. While there’s some overlap, the two roles are not the same.
It’s possible for almost anyone to give you information, show you charts, or break into long lectures. But however much information they give you, they may not actually be helping you to internalise it. Here’s an example:
A is a young Financial Advisor, who has just started her career. Her first manager gives her a long lecture on how to make appointments, how to make presentations, the rules and regulations, etc.
Beyond that, A is left to her own devices.
On the other hand, her second manager doesn’t speak too often. He does, however, take the time to accompany her on appointments, advise her on changes, and gets her to try out different ideas.
While the second manager may seem more “quiet”, he may be more effective in the mentorship role. It’s easier to just deliver lectures and show slides, than it is to take the time to accompany someone, track their progress, and suggest changes. This is closer to true mentorship: it’s not just telling you what to do (or what not to do) – it’s a process of letting you figure things out, in a way that improves your chances of success.
Remember that, even if someone is more senior or accomplished than you, they may not match your definition of success. For example, you may define success as a sufficient income to live on, while having a good work-life balance. However, someone else in your industry may define success as being the firm’s top earner, and they may define merit as being willing to sacrifice family time to “be the best”.
Due to the different alignment of goals, it would be very difficult for such a person to be your mentor. What they call “laid back” you may think of as being “family oriented”, and what they consider “being the best” may seem overly competitive to you.
Even if such a person has a lot to teach you may not find their lessons are valuable to you. The lack of common ground can even cause friction later, so it may be best to find a mentor in someone else.
It wouldn’t be reasonable, for example, to expect a Math tutor to improve a students’ grades in every single subject from English to Science. In the same way, we need to be realistic about what our mentors can teach us.
Most industries are so wide-ranging, it’s improbable that any one person knows everything (e.g., in the finance industry, a veteran in banking is not necessarily an expert in commodities or international finance).
For that reason, it’s unlikely that you can find a single mentor who can teach you every single thing. You may want to look for different mentors, sometimes with very specific goals. Even a colleague at the same level of experience could be a mentor, if it’s for something highly specific like giving presentations.
Don’t assume that, because your mentor is great at one particular industry aspect, they’re also masters of everything else.
While your goals should be aligned, that doesn’t mean your mentor should be a clone of you.
For most of us, the impulse is to look for someone of the same age, same educational background, same hobbies and social circles, etc. While this is undoubtedly comfortable, be aware that you’re not expanding your views. One of the main reasons to have a mentor is to see things in a different light.
For example, a mentor who comes from a poorer socioeconomic background could better explain the financial habits of struggling people; and they could explain them in a way you hadn’t considered. This is vital in developing empathy with clients, and being sensitive to their objections and fears.
This is also true of age. Someone who is in their 40’s or 60’s, for example, has very different needs from someone in their early 20’s. A mentor in a different age group can highlight these differences, and point out any gaps in your understanding. A younger Singaporean, for instance, may not grasp that someone in their 40’s has to look after both children and aging parents, and will hence spend differently.
A mentor will open your eyes to these key differences.
A common fallacy is to look for pure cunning in a mentor. That is, someone who knows how to duck and dodge, and find shortcuts.
While it’s tempting to learn such tricks, you must be careful to ensure it’s coupled with integrity. A mentor should be teaching you the proper way to get ahead – not just how to “cover your behind”, or avoid responsibility. When you’re learning from such people, you run the risk of also picking up their bad habits, or normalising their behaviour.
In general, you should avoid picking mentors who encourage you to lie (even lies of omission, in which you selectively “leave out” details), mislead, or use “gray areas” of regulations for shortcuts. This poses the risk of being seen – or even outright used – as an accomplice.
At Exodus Capital, we consider mentorship a key element of career development. We ensure that you’re prepared to join the finance industry in the right way, with mentors emphasizing the value of long term relationships. If you’re looking for a right start in finance, contact us today for help.
