30 October 2024
Securing a competitive role in finance is a significant achievement, yet many new professionals still struggle with feelings of self-doubt, often referred to as “imposter syndrome.” This sense of inadequacy—worrying that one’s success is undeserved or that they will be exposed as a “fraud”—is surprisingly common, particularly among high achievers. According to CFA Institute’s 2024 Graduate Outlook Survey, nearly one in ten students and recent graduates feel unqualified for their dream job, underscoring the relevance of these experiences in finance.
Despite the challenges, graduates report that imposter syndrome can also be a motivator, pushing individuals to work harder and hone the interpersonal skills that help them succeed. However, left unchecked, these feelings can become overwhelming, impacting both performance and well-being. Here, recent graduates share practical advice on overcoming imposter syndrome and thriving in finance.
Building Confidence in Your Abilities
Hugo Heanly, an Australian National University graduate and former Goldman Sachs intern, believes many new hires overestimate what’s expected of them. “The expectations for interns and new analysts aren’t as high as people think,” he shared. For Heanly, the best advice came from mentors who emphasized approaching each new role with a “sponge mentality”—assuming you know little and embracing a mindset geared toward learning. “What ultimately matters,” he noted, “is your attitude, your openness to learning, and the way you approach tasks.”
Embracing Growth over Perfection
Acknowledging imposter syndrome is important, as is learning to tackle it with confidence. “A lot of us feel imposter syndrome in this competitive field,” says Alex Pates, a business administration and accounting student at the University of the Philippines Diliman. Her approach? “Fake it to make it” and embrace both successes and setbacks. “If the results aren’t ideal, it’s a lesson; if they’re good, that’s a win for you.”
University of Waterloo student Coco Dai agrees, finding comfort in “being comfortable with not knowing and with asking questions.” For Dai, identifying specific areas to improve on and maintaining a learning-oriented mindset are key to managing self-doubt. Similarly, her classmate Ronis Goel advises letting go of perfectionism. “Just try your best,” he suggests, reminding peers that skills and confidence can grow quickly with experience.
Turning to Others for Support
Seeking advice from more experienced colleagues can be a valuable strategy for navigating imposter syndrome. Arnav Sheth, also from the University of Waterloo, highlights the importance of connecting with others in the field. “It’s very helpful to assume everyone knows more than you,” he shared, “so you can learn from them.” A strong network and a willingness to ask for help can reinforce self-assurance while building invaluable industry relationships.
Keeping sight of the larger picture is another strategy that helps curb self-doubt. “A vital skill in finance is understanding the big picture,” Sheth explained. “It’s easy to get lost in details, but knowing why tasks matter can make all the difference.”
Putting Things in Perspective
One effective way to address imposter syndrome is by reflecting on past achievements. Taking a moment to acknowledge how far you’ve come, whether over the past year or even five, can provide the perspective needed to manage feelings of inadequacy. Often, it’s this perspective that can reveal the cognitive distortions behind self-doubt, allowing new professionals to feel more grounded and confident in their progress.
For new finance graduates, imposter syndrome is a common hurdle, but it doesn’t have to hinder career growth. With these insights from recent graduates, young professionals can better understand and manage their self-doubt, enabling them to embrace both the challenges and rewards of a finance career.