New AAAIM Study: AAPIs see 50% Career Attrition From Entry level to Senior level positions in Asset Management
Like other diverse communities, Asian Americans and Pacific Islanders (AAPI) face structural barriers in career advancement, resulting in exclusion when moving up into leadership positions at asset management firms. Simultaneously, AAPIs deal with the ‘model minority myth’ and unconscious bias which leads the industry to group AAPIs with Caucasians rather than with other minority communities.
AAPIs face barriers to progression in the upper echelons of asset management, where the non-diverse population prevails. Key findings included:
- There is a 50% attrition rate from entry-level to senior-level positions among AAPIs
- Mutual funds firms show the highest level of overall AAPI attrition between entry-level and senior-level positions. While nearly a fifth of junior positions are held by AAPIs, less than 8% of senior executives are AAPIs—an attrition rate of over 55%.