I met Clare Murray through our common Columbia Business School connectionroots over ayear ago. Like many business school colleagues, she was looking for a way to use her finance background and skills to contribute to social change. She was already involved with BlackRock's Sustainable Investing work, but looking for a more direct connection to investments that would make life better inpoor communities around the world. Now, Clare hassuccessfully landed a great impact investing role - here are her tips for others looking to make a similar transition.
Nell Derick Debevoise: What’s your current role?
Clare Murray: I’m aDirector of Strategy at LeapFrog Investments, which is a global private equity firm dedicated to impact investing. I’m based between New York and Sydney, Australia. LeapFrog is a “Profit with Purpose” investor in businesses that provide critical financial tools, such as insurance, and healthcare services and products to a low income or financially excluded consumer class across Africa and Asia.
To date, LeapFrog has reached over 111 million people, the majority being women and children, across 33 countries in Africa and Asia. Over 93.8 million of those individuals are emerging consumers, living on less than $10 a day, often accessing quality financial tools and healthcare for the first time. 114,626 jobs and livelihoods are supported by the investments LeapFrog has made in Asia and Africa.
MONEY SHARMA/AFP/Getty Images
Debevoise: Tell us about your transition. It was a big one, right?
Murray: Prior to joining LeapFrog I worked at BlackRock in New York within institutional sales, advising US college endowments, foundations and family offices. At BlackRock, I became very involved in building out their sustainable investing platform and educating clients about this space. I also completed an executive MBA at Columbia University in May of this year. When I started my job search, I knew I wanted to work at a financial firm focused on impact investing.
Over time, I was able to hone my search to a dedicated impact investing firm in either private equity or real estate that focused on generating non-concessionary returns. The non-concessionary returns are critical because I want to develop investment products for traditional investors. If traditional investors, such as sovereign wealth funds, endowments and pension funds, are able to make impact investments that meet their fiduciary obligations, they can deploy substantial capital to make a positive difference. $3-4 trillion (USD) flow through the capital markets daily.
I wanted a role that included product development to be part of building financial products that allow investors to meet their fiduciary obligations while also achieve positive societal outcomes. This is the path to unlocking those trillions of dollars in the capital markets to fund the businesses that are helping poor communities around the world.
Finally, I grew up in New York and worked at BlackRock and Goldman Sachs. I knew that I wanted to work internationally at some point. While global exposure wasn’t a requirement for me in this job search, I was open to the idea of an international placement or significant international travel.
Debevoise: What was scary to you about that big shift?
Murray: For me there was a lot of change all at once. I changed location (NYC to Sydney). I changed roles (sales to strategy). I changed firms (BlackRock to LeapFrog). I’ve heard that you’re only supposed to change one major thing at a time – location, job, or personal life. I was worried that this would be too much change to handle all at once.
Fortunately, so far it has all worked out. That being said, I have certainly learned that I can’t control everything. It has made me prioritize what I need to deal with at this moment and what can I tackle later, or even completely let go of controlling and trust that it will sort itself out.
Debevoise: What was the hardest thing once you made the transition?
Murray: For me it was the size of the firm. This is the first time I’ve worked at a small company. There are certainly pros and cons but all of it made for a very different working environment. LeapFrog employs 80 people globally; while GS and BlackRock have over 10,000 employees.
I’ve never missed a global, in-house tech help team as much as I currently do. I got a bit spoiled being able to call a tech support team at any hour of any day with any question, and getting answers immediately. That being said, I certainly recognize the value now in learning how to roll up my sleeves and figure things out myself. Though you’re not going to find me working at Apple’s Genius Bar anytime soon!
Debevoise: What was the most fun?
Murray: The most fun part of the new job is the learning curve. When you’ve been at the same company for 5 years, even with increasing responsibilities, you have a good sense of the day-to-day work, internal operations and how things get done. At LeapFrog, I’m working with people and organizational dynamics that have different strengths and weaknesses than I had dealt with before. Every day is different and I love that I’m constantly learning something new.
A new job can feel like a steep climb. Remember to enjoy the learning!
Debevoise: Who was most helpful during your transition process?
Murray: I reached out to a lot of people in my network and appreciate everyone I knew or blindly reached out to who offered me advice. There were a few professors and other connections through Columbia Business School who offered input and made introductions for me that were incredibly valuable.
Debevoise: How will you know when it’s time to make the next transition?
Murray: Transitioning takes a lot of time,and I’ve only been in my current job for four months, so I can’t even imagine thinking about my next transition. I imagine I’d think about it when I’ve plateaued and there is nothing else I can learn. I am so far from that moment it is laughable!
Debevoise: What will you do better next time?
Murray: The most important lesson I learned when switching from Goldman Sachs to BlackRock was to hold off on interviewing until I had given a lot of thought to what I wanted to do next. At first, I skipped this step, and so I got pulled in 100 different directions. I accepted invitations to interview for roles that weren’t in line with my career goals. And I’m competitive enough that once I start applying for something, I want to get the offer.
When I started thinking about my next step after BlackRock, I focused my search on a small number of firms with a specific profile. To identify those target firms, I asked a wide array of people for advice. Despite my learning from my last career transition, I started those conversations before I had fully understood out what I wanted to accomplish with this move. Once I honed in on what it is I wanted to do, I found those conversations much more useful because I could articulate what I wanted and had a specific ask.
My career switch got easier when I got SPECIFIC. @goldmansachs @blackrock to @LeapFrogInvest #ImpInv @WomenatForbes
Debevoise: Any other advice for folks looking at a career transition?
Murray: Two things… First, people want to help but it is on you to go into these interactions with a clear ask, so people know how to help. And second, keep people you meet with updated on your progress. If I agree to give someone career advice, I want know what happens. A simple email with an update every few months is all that is needed.
Debevoise: Is there a novel that you recommend to people considering a big switch?
Murray: Absolutely – I found Man's Search for Meaning by Viktor Frankl to be a great, thought-provoking read during my reflection and transition.
"Those who have a 'why' to live, can bear with almost any 'how'." #ViktorFrankl via @columbia_biz @LeapFrogInvest
