A Question of Degree: Adam Conn

Adam Conn

Like many kids born in the 60s, my cousin and I were sent by our mothers for an IQ test. I remember my aunt telling me I had scored particularly high. This revelation only came twenty years later, the night before I was heading to Hong Kong. Please excuse the pun, but whether this might have changed any of my life decisions is purely academic.

This is not an argument against undergraduate studies but my story of how I managed without, along with some of the tips and skills I learned along the way. I live in awe of my two children, who achieved Firsts in their respective degrees and are, to date, doing well. My son, admittedly, got started with Finito‘s help. Do I wish I had studied the classics? Yes, I do. Am I qualified to take on the role of a barrister? Definitely not. What I can do is provide them with the benefit of my experience and expert knowledge to help them uncover the truth.

By this time, I had made my decision to pursue a vocational education rather than study for a degree. In my case, it was the right decision. At the time, the avuncular advice I got was that university would help me think differently. With the benefit of hindsight, continued learning throughout my career has given me so many opportunities to improve myself. I am now mentoring graduates and non-graduates alike as they navigate their careers.

Fast-forward to August 2024. I have just turned sixty and celebrated the first forty years of my financial services career. My career has so far given me the privilege to work in London, Hong Kong, New York, and, more recently, Edinburgh. Most importantly, as a Head of Trading, I continue to enjoy taking on the challenges of enhancing what we do, at both a company and an industry level, for the benefit of the end investor.

I started my career as an assistant to partners on the private client side of a pre-Big Bang stockbroker. I was fortunate to benefit early on from on-the-job training and coaching. As part of this training, I went to spend two weeks sitting with the firm’s trading team on the floor of the London Stock Exchange and never came back.

The “floor” was a tough apprenticeship. It toughened me both physically and mentally. I am not sure it would necessarily stand the test of time, but it undoubtedly shaped who I am today. The motto of the London Stock Exchange, ‘Dictum Meum Pactum” (which roughly translates as ‘My word is my bond’), taught me respect, trust and the importance of best practice. Billions of pounds a day of transactions were executed by voice – and honoured. There was the LSE Code of Conduct, a collective desire to live by it, and, in instances where there was doubt, a disciplinary committee on the 23rd floor. To avoid doubt, this was something I had never had reason to attend!

As an unauthorised dealing clerk (“Blue Button”), my daily tasks ranged from collating prices as a service to our sales desk, to getting the teas and doughnuts (and woe betides anyone who got that order wrong). There was no sense of entitlement. I knew everyone had started that way. Some years later, I remember being scoffed at on a busy day by a graduate trainee when I asked if he could get me a sandwich. I maintain that I am the better educated. “Nous” (Ancient Greek) can be learned, but not from a book.

My career has progressed, and my horizons have broadened. I lead a diverse team of investment professionals, and since 2020, we have set up trading desks in Asia and the US. Imagine my surprise when I realised I needed to take more exams in my fifties! Within the firm, I chair our Regulatory Engagement Group, and externally, I am the chair of the Investment Association’s Equity Trading Committee.

I often speak with regulators, politicians, and market authorities globally. I enjoy being a freethinker with a pet theme of challenging processes and procedures, especially when ‘they have always been done that way’. I am proud to be a chartered fellow of the Chartered Institute of Securities and Investment. And recently, I was delighted to be granted membership in the US-based National Organization of Investment Professionals (NOIP).

The secret sauce of my career is the desire for continued learning. This continues to the current day. I enjoy reading this column in previous editions of the magazine, to understand different points of view. It is so important to move forward and keep building one’s knowledge – asking questions, acknowledging mistakes, learning from them and persevering. It is as much about developing networks and maintaining them, broadening one’s mindset and developing wisdom as it is about having knowledge. Philosophising certainly has its place, but a strategic leader also needs the ability to be practical and come to conclusions, not just to theorise.

A cynic might dismiss truisms as cheesy, but who wants to be a miserable cynic, devoid of their own ideas and left to knock others? Certain phrases stick with me, such as “People want to live in a world they help build”, and two of Wayne Gretzky’s famous quotes, “Skate to where the puck is going to be, not where it has been” and “You miss 100% of the shots you don’t take”. Others keep me grounded. The cruellest, simply because it is so true, is probably, “If you want to make God laugh, show him your plans”. All we really know is that things will change. A more recent addition to my repertoire is “While AI may not take your job, someone who knows how to leverage it might”.

Even though I started work as a school leaver, it has in no way stopped me from enjoying the wisdom of some of our finest academic institutions. Cambridge Judge Business School gave me some great opportunities (and the scarf I wear to prove it). Oddly, for someone with a trading background, its “Negotiations Lab” taught me some excellent new skills. A classic ‘you are never too old to learn’ scenario. A growth mindset, empathy, and other forms of EQ, as well as networking and influencing skills, can all be developed on the job without being influenced by so-called progressive campus politics.

Although my story is from a different era, I still have a lot to offer. I am sure I’m not the only person who wonders if they set out today, would they even be considered for the job they do? That said, it is exciting to see more options for school leavers who, for one reason or another, do not go to university. My employer has opened its doors to “Modern Apprenticeships”, and I enjoy their enthusiasm, grounded ambition, and hard graft.

There is much written about it, but my take on leadership is not about trying to make everybody happy. It’s about when you see something that you don’t feel is right, and then stand up against it because it’s the best thing for the group. My philosophy is to lead by intent rather than instruction. There is a great YouTube link titled “Leadership on a Submarine,” adapted from a talk by Captain David Marquet, that I wholeheartedly recommend watching.

There are always ways to improve and expand one’s knowledge and wisdom. I believe in the value of our personal brand. Everything we say and do either enhances or negates it, and this drives me to stay at the top of my game. Undoubtedly, I will stumble, but I will always learn and carry on. I will continue with my on-the-job training, mentoring, and coaching. I enjoy leading our team and watching them flourish.

So, what comes next for me? Looking further ahead, I want to continue using my experience and industry knowledge to ensure the industry continues to adhere to best practices. With sound experience of good market practice coupled with my global technical knowledge, I see the role of an expert witness as an ideal way for me to continue to protect the end investor.