Work in finance? Here's how you could land a job with a foundation

Foundations play an increasingly important role in global development, contributing billions of dollars in funding each year to tackle issues such as health care, education, and strengthening governance around the world. The sector has grown considerably in the past two decades. Nearly three-quarters of existing foundations were set up in the past 25 years. The combined expenditure of these organizations exceeds $150 billion each year, which is spent on a range of issues, including overseas development. “I’m a big believer in transferable skills.” --— Kathy Poole, director of people, Wellcome Trust In addition to program staff, foundations are in need of professionals with finance experience, to manage and invest the endowments that allow them to continue their work and help with grant-making. Looking to use your finance skills to work with a mission-driven organization? Devex finds out what skill sets and experience could help you land a job with a foundation. Financial and grant-making skills are in demand The Wellcome Trust, a U.K-based organization that funds scientific research and projects around global health issues, hires for a diverse range of skills, said Kathy Poole, director of people at Wellcome. Development experience isn’t critical for all roles and there are a lot of opportunities for professionals from other sectors to work in the foundation’s supporting functions, such as in finance, legal or information technology departments. Financial literacy and an understanding of how the organization manages its considerable endowment is really important though, Poole said. “We particularly look for asset experience, asset management experience and typically they would come from the City,” she explained, referring to the U.K.’s financial district. Similarly, those working on the investment team at the Ford Foundation, a philanthropic organization focused on reducing poverty and injustice and strengthening democracies, are typically professionals who have come from Wall Street or fund management backgrounds, explained William Kelley, talent acquisition director at Ford. As a self-financed organization, the foundation does not accept donations or have a fundraising component but does continue to grow through the investment team and the use of financial managers, he explained. There are also opportunities for people who have worked in grant-making with other organizations and have experience in convening different partners and resources, or who have taken classes on grant-making through a philanthropic training program, Kelley said. Highlight transferable skills from the private sector People coming from the private sector often get quite a shock as they expect foundations to be sleepy and less fast-paced, Kelley said. But things move quickly and, due to increasing partnerships with the private sector, this experience can be very valuable. Transferable skills from private sector work such as collaboration, communication, and critical thinking are also important. These types of soft skills can be difficult for an interviewer to assess and for a candidate to convey, Poole said, but they can make a big difference in how an individual succeeds in their role. “I’m a big believer in transferable skills,” Poole said. Identify what yours are and ensure that you really put them forward in an interview by giving examples of how you have applied those skills in previous roles, she advised. Demonstrate a mission-driven mindset For most roles, development-specific or overseas experience is not critical but candidates should still be able to demonstrate a “global mindset,” Poole said. They don’t have to have worked in other geographies but it’s about being able to “think broadly and appreciate different perspectives.” Even those coming from the finance sector should be aligned with the organization’s mission and values, she continued. In some ways, that is especially important for those on the investment team who could be earning a lot more money doing a similar job elsewhere. Kelley agreed that mindset is important and that those looking to make a career transition need to be able to talk about experiences that show their commitment to mission-driven work. While candidates may express an interest in transitioning to the development sector, they often have nothing to back it up. “I look for people who have, through their private sector experience or career, had an interest or done something substantive in that space,” Kelley said. “Whether somebody was on a board or worked with a human rights organization … as long as they have had some connection to the work and can articulate how that work has influenced them to move to a non-profit environment.”