Young professionals wanting to break into the development sector are constrained by limited stable opportunities available, said Asma Shaikh, director general of the human resources department at the Asian Infrastructure Investment Bank. For someone in their early 20s, they may find that most of the opportunities open to them are temporary positions or internships, which doesn’t help in attracting top talent to the space, she added.
“Those committed to global good also seek stability and a thriving career path,” said Shaikh.
Aiming to remedy that, AIIB launched a new graduate program in 2022 within its suite of young talent programs. The idea, Shaikh said, is to attract young, passionate, and talented individuals from a multitude of disciplines; something she said the bank has already been able to do with 48 successful applicants, representing 31 economies, across two cohorts for the graduate program and three cohorts for the legal associate program.
This is a two-year rotational program seeking candidates in six thematic areas: investment, finance, risk management, strategy, corporate, and environmental and social. For lawyers, there is a parallel legal associate program.
Applicants are required to have the following:
• A master’s degree with one or two years of relevant experience or a bachelor’s degree with two to three years of relevant experience.
• Fluent in oral and written English.
• Meets the criteria of the specific positions in each department.
The deadline to apply for the 2024 cohort is Feb. 16, 2024.
AIIB’s young talent program’s entry requirements and expectations are tailored to the corresponding experience that young graduates, only a few years out of school, can bring. It is also designed to provide AIIB's graduate analysts and legal associates with the necessary mentorship and intensive training that they need to succeed in the professional sphere. Shaikh believes that this will not only ensure that the associates develop stronger staff skills, it will also help the multilateral development bank evolve and adapt for the next generation of development.
AIIB was established in 2016 by 57 founding members and has since doubled its global membership, making it the second-largest bank after the World Bank. Headquartered in Beijing, China, the bank aims to finance green and sustainable infrastructure projects in Asia with a focus on innovation and connectivity.
Sitting down with Devex, Shaikh shared more about the role early career professionals play in development as a whole, how to ensure they have pathways to enter the sector, and what AIIB is doing to attract young talent that will also support its own evolution.
This conversation has been edited for length and clarity.
Why is it important to encourage young people and early career professionals to enter the development sector?
Being part of the AIIB graduate program has allowed me to immerse in multi-million dollar development financing deals to help address specific infrastructure challenges in Asia and beyond.
For example, I have been working on a project involving a financial institution in Bangladesh, and have recently completed a major digital infrastructure project in the Philippines.
Seeing how each project can benefit millions of people made me realize that this program is more than just a job — it is an opportunity to make a positive and long-lasting impact to society.
— Jica Morales, an investment analyst. She started her career with commercial banks before joining AIIB as part of the 2022 graduate program cohort.
They are the next generation of specialists and experts that will infuse fresh perspectives, energy, and innovative solutions to the important work that the development sector is doing, whether it be in climate change, renewable energy, health care, or infrastructure development.
Our platform has been clear from the very beginning: the infrastructure gap in Asia is so big that even if we combine the existing resources of all multilateral financing entities — including the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, European Investment Bank, African Development Bank — they would not be able to sufficiently finance the world’s infrastructure needs. Yet, infrastructure is critical to realize the development of any economy because it facilitates trade, attracts investments, enhances productivity, stimulates regional development, fosters innovation, and improves the overall quality of life.
AIIB was established to help finance infrastructure for tomorrow, and it's very important to have early career professionals involved and be a part of this young institution, which is agile and experiencing rapid growth.
How is AIIB actively encouraging young people to enter the space?
Unlike other opportunities in the international development space that require applicants to have many years of professional experience, young lawyers with just two years of full-time professional experience can be part of AIIB’s legal associates program.
It is a fantastic opportunity for young lawyers to be exposed to different areas of law and grow professionally under the mentorship of experienced seniors. The work also allows work-life balance. Away from work or on weekends, I often meet up with legal associates in my cohort and we try different cuisines.
— Joyce Maina, a legal associate within the legal department, and part of the 2022 cohort of the legal associates program.
Within our organization, we provide a front-row seat to development work. We have almost 250 projects and are continually growing. Our portfolio has reached $50 billion within the last seven years. Depending on their assignment — our graduate program has six streams: investment, finance, risk management, strategy, corporate, and environmental and social; and there is also our legal associate program — as well as on their interests, skills, and training, our graduate analysts get to participate in all aspects of the business, from project inception to implementation.
Usually, one needs to be at a certain level before one is granted access to crucial project activities, but members of our graduate program and legal associates program have the opportunity to be given meaningful assignments, work directly with clients, support multiple infrastructure projects, and take part in missions while working under close mentorship with experts in their fields. Their hands-on experience not only allows them to learn how to identify issues and communicate solutions, but it also provides them with many opportunities to be accountable for their output and contribute to their team’s success. This is a unique opportunity that is not present in larger organizations with more hierarchal organizational structures.
Even more important, AIIB’s young talent programs are centered on rotational assignments: each individual is assigned to one department or unit and after their training, they are assigned to another, allied department or unit to enhance their skills and exposure, before returning to their home unit. This allows them to learn the business from various perspectives. The level of exposure they get is unparalleled. It gives them hands-on opportunities to find out for themselves what fields they would like to explore further after their two-year tenure.
How is AIIB providing accessible pathways for people around the world to enter development?
We have a full suite of young talent programs. There is the legal associate program for young lawyers with at least two years of legal experience. Then there’s the graduate program, which is for different backgrounds across the AIIB, ranging from investment operations to finance, risk, IT, and strategy and policy. We cater to both those with financial and nonfinancial backgrounds.
Applications for both programs will run from December 2023 to Feb. 16, and then we will assess candidates and conduct interviews between February and March. Those who are successful will be notified and given offers by early April, and then start on Sept. 1.
Technical skills can be learned and young professionals who are new to work will have opportunities to learn them at AIIB.
But high-quality candidates are those who show initiative, problem-solving skills, a willingness to learn, and work hard, an ability to communicate well, and a desire to help.
These young associates may only be in entry-level positions now, but there will definitely be more opportunities with the organization in the future.
— Brian Hipolito, senior HR officer for talent acquisition, AIIB
The positions are all full-time and based at our headquarters in Beijing with very competitive remuneration paid in USD [tax-free in China] and benefits such as a diplomatic visa, global medical insurance, location premium allowance [on top of base salary], and financial relocation support [in addition to airfare] amongst others. If individuals are coming to Beijing with dependents, the relocation support is increased with extra support of real estate agents, visas, and global medical insurance. Additionally, we offer staff a competitive retirement package, as well as 85% education coverage for employees with children.
AIIB gives great importance to flexibility and work-life balance, thus, we offer 26 days of leave with an additional 15 days of sick leave. There is also an option of work-from-home two days a week in Beijing and 30 days of remote work from anywhere.
I don’t think there are many platforms that can match the combination of stability, support, competitive compensation, and meaningful work that our young MDB can offer at such an early career stage.
How does the program or AIIB’s approach differ from other opportunities in the sector?
We’re the newest multilateral development bank and a highly productive organization. What it means for early career professionals is that they’re going to be engaged and exposed, getting what they need as a young person to be able to excel in a specific area. And because of the rotational nature of the graduate program and legal associates program, they will have a 360-view of the project: from inception to negotiations and implementation. They also get to be part of the bank’s culture-building and institution-building.
We also pride ourselves on our culturally diverse staff and inclusivity practices. We believe our strength comes from having a team with the right diverse skills, experiences, and abilities selected through a merit-based competitive process. We actively encourage applications from people from both within and outside AIIB members, regardless of nationality, religion, gender, race, disability, or sexual orientation. Since we have a global footprint, with projects in 36 economies and counting, our stakeholders benefit from this multicultural perspective.
For early career professionals who have the appetite and ambition, AIIB is the most logical place in the development space right now. Here, they’ll undergo comprehensive training, given challenges that push their limits, and gain exposure to projects unfolding across various countries globally.
For more information about AIIB’s graduate program and legal associate program, visit the AIIB career site.
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