Leadership refers to the art of motivating people so that they can reach common goal. A leader directs his workers along with colleagues by taking recourse to a strategy that can help in meeting the needs of the company. Leadership Development Plan can act as an invaluable tool that can provide an individual with guidance in his professional path and help him in achieving career satisfaction (Schnackenberg and Tomlinson 2016). The leadership development plan can help an individual in realizing interesting opportunities and rise over the challenges that can help an individual in having an impactful career. A hedge fund manager should be able to maintain the financial models, perform the valuation techniques, mine data, generate idea and help in the process of portfolio management. The needs for the profession of hedge fund manager are that the individual should be able to analyse the financial market along with institutional investor. He should possess the skill of writing the diligence report in a timely manner. The strengths of my personality lie in the fact that I have deep knowledge pertaining to hedge fund, I am responsible and I possess superior skills in relation to writing that can come of great use in the profession of hedge fund manager. The areas where I have to improve upon are my communication skills and the ability of analysing that can act as a hindrance in relation to my professional career (Ellinger and Gregory 2018).This report discusses the future leadership goals and how the development plan can help me in reaching the goals. It discusses about theoretical views in relation to leadership and the current leadership development trend. It also states the recommendations in relationship to future leadership development opportunities.
My future leadership goal is to improve on my communication and analytical skills that can come to be of great use in the profession of hedge fund manager that I want to accomplish within a time frame of 5 years in Archer Capital. The communication skill will be able to help me in the making of on-site calls to that of the investment managers. It will be able to help me in leading the investment team that can help in improving the sector performance. This skill will enable me to actively participate in the senior team meeting that can help me in accomplishing outcome in the role of hedge fund manager. It can help me in keeping the people under me updated regarding the stocks that can have an impact on that of the investment fund (Carnall 2018). Another weakness in my character is in relation to my analytic ability and this can come to be of great use in the profession of hedge fund manager. The analytical ability can help me in the aspect of data mining along with generation of idea that are of great importance for the position of hedge fund manager. It can help in the process of portfolio management process that is of central importance in the profession of portfolio manager.
I think that the process of leadership development can take place with the help of my career progression. I will like to see myself in the position of hedge fund analyst within a span of 2 years in my organisation called Archer Capital. The primary job of hedge fund analyst is to determine the best method that can help the hedge fund in making profit by taking recourse to investments. Spending a lot of time on investigating the investment opportunity can help me in sharpening my analytical skills that is of primary importance for becoming successful in the professional position of Hedge fund manager. A hedge fund analyst has to review the business data along with profit reports that can help in improving my analytical skills. The hedge fund analyst has to recommend the investment options that can help me in reaching my professional goal in life (Rahim 2017). The communication skills can also be sharpened in the event of the hedge fund analyst communicating to the portfolio manager important facts relating to the investments. In the role of senior hedge fund analyst in Archer Capital, I have to assist the members of hedge fund research team in the preparation of materials that can greatly help me in evolving as a successful hedge fund manager at the later stage of my professional life. The senior hedge fund analyst has to support investment managers in the process of screening and researching of external investment manager which can sharpen my communication skills that is a domain that needs to be developed (Ward 2016).
The emerging leadership theories focus on the fact that employees should have more voice pertaining to the solving of problems. The new leadership focuses on the aspect of fostering shared leadership kind of work culture in an organization. Transformational leadership is indicative of a leadership theory in which the leader works along with the teams so that they can identify the needed change and create vision that can help in guiding change by taking recourse to inspiration. The leaders execute the change along with committed members of the group. The emerging form of transformational leadership can help in enhancing motivation, morale along with job performance of followers by the utilisation of various kinds of mechanisms (Cao et al., 2016). The transformational leader acts as a role model for the followers that can help in inspiring them and raise interest of the subordinates towards the project. A transformational leader can help in inspiring positive changes for the followers with the help of good communication skills. I think that it is important to improve my communication skills that can help me in evolving as a successful transformational leader. Good communication skills can help me in helping other members of group so that they can succeed. A transformational leader can inspire the followers by changing expectation, perception along with motivation that can help the leader and his subordinates in working towards a common goal (Lim, Sensoy and Weisbach 2016). A transformational leader by taking recourse to new manner of doing things can encourage the aspect of creativity among the followers. A transformational leader can offer support to the subordinates with the help of open communication that can make the followers feel free for sharing their ideas. I shall try to integrate diversity in all the processes of Archer Capital with the help of my communication techniques. Diversity can help in the process of identification and developing of talent that can come to be of great use for the profile of hedge fund manager in Archer Capital (Cao and Velthuis 2017). It will help me in working with diverse people that can increase my professional proficiency.
A transformational leader should have analytical skills that can help them in challenging the status quo. A transformation al leader should have analytical ability that can help him in personalizing the management style that can help a leader in adapting to different needs in relation to his team. A leader has to delegate the work on the basis of talent and they have to challenge comfort zone of the people who are working under him. A transformational leader has to support the career development of the people working under him and he should have analytical ability that can help him in challenging assumptions regarding what can be achieved and what cannot be achieved ten (ten Brinke, Kish and Keltner 2018). The hedge fund manager would be able to attend the industry conferences and attend the management meeting and emerge successful in the event of having analytical skills. The hedge fund manager has to take part in field research and he would evolve as a successful manager in the event of being successful in analysing the state of events. The hedge fund manager would be able to develop the proprietary tools pertaining to research and create the sector surveys in the proper manner in the event of developing analytical skills (Kacperczyk, Nieuwerburgh and Veldkamp 2014).
Good communication skill is imperative for a manger that can help him in achieving success in his professional domain. An effective manager should be able to persuade, associate and provide support to the team with the help of his superior communication skill. The current leadership development trend lays great amount of emphasis on the aspect of inspiring the team mates so that they can work hard that can help them in realizing the organizational goal. A transformational leader can convince other people with the help of his unique personality and he can make his followers follow his goals. A hedge fund manager should act like a transformational leader as he has to make crucial decisions within the stock market that is rapidly changing (Cao et al. 2017). My leadership develop plan will help me in improving my communication skill that can help me in articulating the performance of my fund to the shareholders. A leader has to build accountability within the system by taking the responsibility for the creation of a diverse work environment (Chen et al. 2018). The professional positions of hedge fund analyst along with senior hedge fund analyst in Archer Capital will be able to teach me regarding how to identify relevant dimensions in relation to diversity in the organization.
A leader in the modern age should have analytic skills that will be able to help him in the aspect of critical thinking that is of vital importance in the present age. A hedge fund manager has to do a lot of research and make scenario analysis and hence the career roles of hedge fund analyst along with senior hedge analyst will be able to sharpen his skill set that can successfully help him in performing better in the position of hedge fund manager that he will be able to attain after a period of 5 years (Anthony et al. 2014). A hedge fund manager has to look at trajectories and make connection pertaining to the events that can have an effect on his market activities. The leadership development plan will be able to help me in becoming more decisive pertaining to the investment recommendation. A hedge fund manager has to do the work autonomously and the analyzing ability will help him in the identification of new ideas that can provide one with edge in relation to investing (Krell 2015).
The evaluation pertaining to my professional position of hedge fund analyst can be carried out with the help of performance appraisal along with the compiling of supervisor evaluation. Performance appraisal will be able to help me in judging the effectiveness of my performance as hedge fund analyst. With the help of supervisor evaluation, the superior can assess the production of the employee. The evaluation of the position of senior hedge fund analyst can be done with the help of self appraisal that can help the employee in looking at their own strength and that of weakness. The feedback from the peer can also act as a useful measure that can help in ascertaining the dedication that an individual has towards his job. Getting the appraisal from the subordinates can help me in understanding my success in the position of hedge fund manager that can judge my ability of leading within Archer Capital.
Globalization will bring about revolutionary changes pertaining to world financial market. The regulatory structure in a large number of industrial countries has undergone evolution in isolation from that of the external development. A hedge fund career mentor will be able to help me in my career development in Archer Capital and the experience of the mentor can help in throwing open a gamut of opportunities that will help me in flourishing in the competitive age of globalisation. It can act like a networking tool that can immensely help me in improving my abilities that can be of great worth for my professional position. The hedge fund manager will be able to introduce me to important people that can help me to survive within the global environment.
Conclusion
The leadership development plan can improve my communication along with analytical skills that can be useful for my professional position of hedge fund manager that I want to achieve within a time frame of 5 years. The communication skill can facilitate the making of calls to investment managers. It can help me in the aspect of leading my investment team. The position of hedge fund analyst will be able to improve the analytical skills that are core for the profile of that of hedge fund manager. The analyzing skills will help me in recommendation of investment options. A hedge fund manager has to act like a transformational leader so that other people will be willing to follow him. Hedge fund manager should act like a transformational leader that can inspire other people. A hedge fund manager should be able to personalize the management style that can help him in dealing with diverse kind of people. A hedge fund mentor can help me in further developing my career and sharpening my skills in the age of globalisation.
References:
Anthony, R.N., Govindarajan, V., Hartmann, F.G., Kraus, K. and Nilsson, G., 2014. Management control systems: European edition. Berkshire: McGraw-Hill Education.
Cao, C. and Velthuis, R., 2017. Are Hedge Fund Capacity Constraints Binding? Evidence on Scale and Competition.
Cao, C., Goldie, B.A., Liang, B. and Petrasek, L., 2016. What is the nature of hedge fund manager skills? Evidence from the risk-arbitrage strategy. Journal of Financial and Quantitative Analysis, 51(3), pp.929-957.
Cao, C., Liang, B., Lo, A.W. and Petrasek, L., 2017. Hedge fund holdings and stock market efficiency. The Review of Asset Pricing Studies, 8(1), pp.77-116.
Carnall, C., 2018. Managing change. Routledge.
Chen, H., Kumar, A., Lu, Y. and Singh, A., 2018. Are Politically Sensitive Hedge Fund Managers Better?.
Ellinger, E.W. and Gregory, R.W., 2018, July. Owning Without Ownership: How Self-Managing Organizations Reshape Internal Corporate Governance. In Academy of Management Proceedings (Vol. 2018, No. 1, p. 16363). Briarcliff Manor, NY 10510: Academy of Management.
Kacperczyk, M., Nieuwerburgh, S.V. and Veldkamp, L., 2014. Time?varying fund manager skill. The Journal of Finance, 69(4), pp.1455-1484.
Krell, M., 2015. Leadership Development Plan.
Lim, J., Sensoy, B.A. and Weisbach, M.S., 2016. Indirect incentives of hedge fund managers. The Journal of Finance, 71(2), pp.871-918.
Rahim, M.A., 2017. Managing conflict in organizations. Routledge.
Schnackenberg, A.K. and Tomlinson, E.C., 2016. Organizational transparency: A new perspective on managing trust in organization-stakeholder relationships. Journal of Management, 42(7), pp.1784-1810.
ten Brinke, L., Kish, A. and Keltner, D., 2018. Hedge fund managers with psychopathic tendencies make for worse investors. Personality and Social Psychology Bulletin, 44(2), pp.214-223.
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer.
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