cover letter for training manager sample

Training Manager Cover Letter Examples (Template & 20+ Tips)

Create a standout training manager cover letter with our online platform. browse professional templates for all levels and specialties. land your dream role today.

Are you looking for advice on how to write a training manager cover letter that lands you an interview? Our comprehensive guide provides all the information you need to write an impressive and persuasive cover letter. We'll show you how to highlight your relevant skills and experiences, while also showcasing your enthusiasm and knowledge. With our guidance, you'll be well on your way to scoring that all-important interview.

We will cover:

• How to write a cover letter, no matter your industry or job title.
• What to put on a cover letter to stand out.
• The top skills employers from every industry want to see.
• How to build a cover letter fast with our professional Cover Letter Builder .
• What a cover letter template is, and why you should use it.

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Training Manager Cover Letter Sample

Dear Hiring Manager,

I am writing to apply for the position of Training Manager at your organization. With over 10 years of experience in the training industry, I believe that I am a perfect fit for the role. My qualifications include a Bachelor’s degree in Education, extensive knowledge of training principles and practices, and the ability to deliver engaging and effective learning experiences.

In my current role as a Training Manager, I am responsible for developing and delivering engaging training programs that meet the specific needs of the organization. I have a proven track record of success in creating, implementing, and managing comprehensive training programs that have led to increased employee motivation and productivity. I am highly organized and have a knack for creating innovative training solutions that are tailored to the organization’s goals and objectives.

In addition to my experience in training, I also have a strong background in project management and have successfully managed multiple projects from conception to completion. I have a strong understanding of the importance of working with stakeholders and partners to successfully deliver projects. I have a keen eye for detail and strive to ensure that all projects meet the highest standards.

I am highly motivated and have a passion for helping others learn and develop. I am looking for an opportunity to use my skills and experience in a role that will challenge and reward me. I believe I can be an asset to your organization and I am eager to discuss my qualifications with you in greater detail.

Thank you for your time and consideration. I look forward to hearing from you.

Sincerely, [Your Name]

Why Do you Need a Training Manager Cover Letter?

• A training manager cover letter is a great way to show your enthusiasm and interest in the position.
• It allows you to demonstrate your knowledge of the company and the training manager role.
• By writing a cover letter, you can show your personality and highlight your strengths that are relevant to the position.
• The cover letter is also a chance to explain why you are the best fit for the role and how you can help the company.
• The cover letter can also provide additional information that may not be included in your resume, such as your passion for training and development.
• Finally, the cover letter is an opportunity to demonstrate your writing and communication skills, which are important for a training manager.

A Few Important Rules To Keep In Mind

• Start your cover letter by addressing the hiring manager by name.
• Use a professional and confident tone throughout the letter.
• Express your interest in the Training Manager position and why you are the best fit for the role.
• Highlight your qualifications, such as experience in training, teaching, and curriculum development.
• Show that you understand the job requirements and can meet them.
• Demonstrate your knowledge of the company and what it stands for.
• Make sure to include any relevant accomplishments or awards.
• Provide contact information in case the employer wishes to follow up.
• Close the letter by thanking the hiring manager for their consideration.

What's The Best Structure For Training Manager Cover Letters?

After creating an impressive Training Manager resume , the next step is crafting a compelling cover letter to accompany your job applications. It's essential to remember that your cover letter should maintain a formal tone and follow a recommended structure. But what exactly does this structure entail, and what key elements should be included in a Training Manager cover letter? Let's explore the guidelines and components that will make your cover letter stand out.

Key Components For Training Manager Cover Letters:

• Your contact information, including the date of writing
• The recipient's details, such as the company's name and the name of the addressee
• A professional greeting or salutation, like "Dear Mr. Levi,"
• An attention-grabbing opening statement to captivate the reader's interest
• A concise paragraph explaining why you are an excellent fit for the role
• Another paragraph highlighting why the position aligns with your career goals and aspirations
• A closing statement that reinforces your enthusiasm and suitability for the role
• A complimentary closing, such as "Regards" or "Sincerely," followed by your name
• An optional postscript (P.S.) to add a brief, impactful note or mention any additional relevant information.

Cover Letter Header

A header in a cover letter should typically include the following information:

• Your Full Name: Begin with your first and last name, written in a clear and legible format.
• Contact Information: Include your phone number, email address, and optionally, your mailing address. Providing multiple methods of contact ensures that the hiring manager can reach you easily.
• Date: Add the date on which you are writing the cover letter. This helps establish the timeline of your application.

It's important to place the header at the top of the cover letter, aligning it to the left or center of the page. This ensures that the reader can quickly identify your contact details and know when the cover letter was written.

Cover Letter Greeting / Salutation

A greeting in a cover letter should contain the following elements:

• Personalized Salutation: Address the hiring manager or the specific recipient of the cover letter by their name. If the name is not mentioned in the job posting or you are unsure about the recipient's name, it's acceptable to use a general salutation such as "Dear Hiring Manager" or "Dear [Company Name] Recruiting Team."
• Professional Tone: Maintain a formal and respectful tone throughout the greeting. Avoid using overly casual language or informal expressions.
• Correct Spelling and Title: Double-check the spelling of the recipient's name and ensure that you use the appropriate title (e.g., Mr., Ms., Dr., or Professor) if applicable. This shows attention to detail and professionalism.

For example, a suitable greeting could be "Dear Ms. Johnson," or "Dear Hiring Manager," depending on the information available. It's important to tailor the greeting to the specific recipient to create a personalized and professional tone for your cover letter.

Cover Letter Introduction

An introduction for a cover letter should capture the reader's attention and provide a brief overview of your background and interest in the position. Here's how an effective introduction should look:

• Opening Statement: Start with a strong opening sentence that immediately grabs the reader's attention. Consider mentioning your enthusiasm for the job opportunity or any specific aspect of the company or organization that sparked your interest.
• Brief Introduction: Provide a concise introduction of yourself and mention the specific position you are applying for. Include any relevant background information, such as your current role, educational background, or notable achievements that are directly related to the position.
• Connection to the Company: Demonstrate your knowledge of the company or organization and establish a connection between your skills and experiences with their mission, values, or industry. Showcasing your understanding and alignment with their goals helps to emphasize your fit for the role.
• Engaging Hook: Consider including a compelling sentence or two that highlights your unique selling points or key qualifications that make you stand out from other candidates. This can be a specific accomplishment, a relevant skill, or an experience that demonstrates your value as a potential employee.
• Transition to the Body: Conclude the introduction by smoothly transitioning to the main body of the cover letter, where you will provide more detailed information about your qualifications, experiences, and how they align with the requirements of the position.

By following these guidelines, your cover letter introduction will make a strong first impression and set the stage for the rest of your application.

Cover Letter Body

Dear [Hiring Manager],

I am writing to apply for the Training Manager position you recently posted. With my experience in developing and managing training programs, I am confident that I can effectively meet the needs of your organization.

I have over 10 years of experience in training and development, and have held various positions in the field. During my career, I have successfully managed a range of training initiatives, from large-scale corporate initiatives to small team-based projects. I am highly organized and experienced in leading projects from start to finish, and I have a proven track record of consistently achieving positive results.

I am also experienced in developing and delivering innovative training programs that are tailored to the needs of learners. I possess excellent communication and interpersonal skills, and I have a deep understanding of the importance of creating a positive and inspiring learning environment. In addition, I am highly proficient in the use of various learning management systems and related software.

I am confident that I possess the necessary experience and skills to be a successful Training Manager. I am excited by the prospect of contributing to [Company Name]’s success and I believe my qualifications make me an ideal candidate for this position.

Thank you for your time and consideration. I look forward to discussing my qualifications in further detail.

Complimentary Close

The conclusion and signature of a cover letter provide a final opportunity to leave a positive impression and invite further action. Here's how the conclusion and signature of a cover letter should look:

• Summary of Interest: In the conclusion paragraph, summarize your interest in the position and reiterate your enthusiasm for the opportunity to contribute to the organization or school. Emphasize the value you can bring to the role and briefly mention your key qualifications or unique selling points.
• Appreciation and Gratitude: Express appreciation for the reader's time and consideration in reviewing your application. Thank them for the opportunity to be considered for the position and acknowledge any additional materials or documents you have included, such as references or a portfolio.
• Call to Action: Conclude the cover letter with a clear call to action. Indicate your availability for an interview or express your interest in discussing the opportunity further. Encourage the reader to contact you to schedule a meeting or provide any additional information they may require.
• Complimentary Closing: Choose a professional and appropriate complimentary closing to end your cover letter, such as "Sincerely," "Best Regards," or "Thank you." Ensure the closing reflects the overall tone and formality of the letter.
• Signature: Below the complimentary closing, leave space for your handwritten signature. Sign your name in ink using a legible and professional style. If you are submitting a digital or typed cover letter, you can simply type your full name.
• Typed Name: Beneath your signature, type your full name in a clear and readable font. This allows for easy identification and ensures clarity in case the handwritten signature is not clear.

Common Mistakes to Avoid When Writing a Training Manager Cover Letter

When crafting a cover letter, it's essential to present yourself in the best possible light to potential employers. However, there are common mistakes that can hinder your chances of making a strong impression. By being aware of these pitfalls and avoiding them, you can ensure that your cover letter effectively highlights your qualifications and stands out from the competition. In this article, we will explore some of the most common mistakes to avoid when writing a cover letter, providing you with valuable insights and practical tips to help you create a compelling and impactful introduction that captures the attention of hiring managers. Whether you're a seasoned professional or just starting your career journey, understanding these mistakes will greatly enhance your chances of success in the job application process. So, let's dive in and discover how to steer clear of these common missteps and create a standout cover letter that gets you noticed by potential employers.

• Failing to address the letter to a specific individual.
• Using a generic, one-size-fits-all cover letter.
• Failing to research the company and position.
• Including irrelevant information.
• Not highlighting relevant skills and experience.
• Writing in a passive voice.
• Using overly formal or informal language.
• Including typos and other errors.
• Making unsupported claims.
• Neglecting to follow up.

Key Takeaways For a Training Manager Cover Letter

• Highlight your experience in the field of training management.
• Demonstrate your ability to create and implement successful training programs.
• Mention your organizational and communication skills.
• Explain why you are the best fit for the position.
• Emphasize the technical and soft skills you possess that can add value to the organization.
• Mention any awards or recognition you have received for your training management efforts.
• Include examples of successful training initiatives you have developed.
• Demonstrate your knowledge and understanding of current training trends.
• Explain how you plan to use your training expertise to help the organization reach its goals.

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Training Manager

Training Manager Cover Letter

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How to create a good cover letter for a training manager: free tips and tricks

A cover letter is a great opportunity to introduce yourself. Usually, candidates who send it to their employer have a higher chance of gaining a position than those who neglect it. A good CL for the resume should be short, and no more than one page. Follow the simple tips below, and you will write the perfect training manager cover letter example and get a dream job.

This role involves guiding the entire learning strategy and the whole training department. Therefore, a suitable candidate must have developed leadership skills. So be sure to write how good you are at it.

A bad idea is not to write about your education. The employer should instantly see that you are a qualified specialist. It would also be nice to describe any additional certificates in this field or write about the completion of the corresponding programs.

You will have to develop specific training programs to achieve business needs. Thus, a correct expert is a person who has strong analytical thinking. Be sure to focus on this in your paper.

Any training manager must be familiar with the software that is used in the company. For example, if you are joining a logistic group, you need to know how the corresponding equipment works. A big mistake not to write about these qualifications.

Besides, a desirable candidate must have excellent written and oral English skills. In addition to the methodological work, your duties will include communication with employees and an explanation of the material. Therefore, you must be a wonderful orator.

This position is not for an entry-level person. To become a training manager, you must at least work as a training specialist for several years. So don’t forget to write about your hands-on experience.

Sample cover letter for a training manager position

The most effective way to digest the tips is to see their practical application. We have used all the important tips of the above units into a single training manager cover letter sample to demonstrate a winning document that can be created in GetCoverLetter builder.

Evan Baker Human Resource Generalist 5437 West Hill 5465-678-456 / [email protected]

Julian Thompson Recruiter “NCT Technologies”

Dear Julian, I'm writing to be considered for the position of training manager at NCT Technologies as posted on your LinkedIn profile. I am confident that my knowledge and qualifications are exactly what you are looking for in candidates.

For the last 5 years, I have been working as a training manager at Oceanside Inc. where I developed various effective educational programs. My responsibilities also included the management of the training department, assessing the skills and talents of employees, monitoring the education process at all stages. Due to my outstanding analytical skills, I have developed effective training programs that correspond with the business goals of Oceanside Inc. Once the financial department has completed my educational plans, it was possible to increase the company's profit by 40%. Additionally, I was able to build an excellent team of professionals who purposefully worked on the introduction of the curriculum in the structure of the enterprise.

I want to draw attention to the fact that I have vivid communication skills, which allows me to easily speak to the public and establish excellent relations with employees. I have a bachelor's degree in Science. Besides, having worked in a company whose business is built on storage facilities, I am well acquainted with the software providing all warehouse operations.

NCT Technologies is a large and respected company, and I would be delighted to become a part of your team. Thank you for your time and consideration. I look forward to hearing from you.

Best regards, Evan.

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Why the Get Cover Letter is the best solution

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Our cover letter sample will help you avoid many mistakes. Aside from that, you will get an understanding of how to best describe yourself.

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Templates of the best a training manager cover letter designs

Any example of the document for a training manager has a precise design per the requirements of the company or the general rules of business correspondence. In any case, the selection of templates in our editor will meet any expectations.

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Frequently Asked Questions

The more unique the knowledge you get, the more space for new questions. Do not be affraid to miss some aspects of creating your excellent cover letter. Here we took into account the most popular doubts to save your time and arm you with basic information.

• What should my a training manager cover letter contain? The main purpose of a cover letter is to introduce yourself, mention the job you’re applying for, show that your skills and experience match the needed skills and experience for the job.
• How to properly introduce yourself in a cover letter? Greet the correct person to which your cover is intended for. Introduce yourself with enthusiasm.
• How many pages should my cover letter be? Your cover letter should only be a half a page to one full page. Your cover letter should be divided into three or four short paragraphs.
• Don't focus on yourself too much
• Don't share all the details of every job you've had
• Don't write a novel

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Training Manager & Development Manager Cover Letter

15 training manager & development manager cover letter templates.

How to Write the Training Manager & Development Manager Cover Letter

I would like to submit my application for the training manager & development manager opening. Please accept this letter and the attached resume.

Previously, I was responsible for consultative services with business partners about overall approach to learning, using practices that include: instructional design, delivery approach, rollout, implementation and integration of learning solutions.

I reviewed the requirements of the job opening and I believe my candidacy is an excellent fit for this position. Some of the key requirements that I have extensive experience with include:

• Intimate knowledge of defence requirements within the Maritime & Joint domain
• Training and/or Quality Management experience
• Motivated, with the active approach to generating new business
• Fluent English language skills with excellent written and verbal presentation skills
• Experience performing training needs assessments
• Experience leading performance management process and driving performance improvement
• Strategic thinking and capacity to conceptualize
• Proficient using MS Word, PowerPoint, Excel, and Adobe Acrobat

Thank you for your time and consideration.

Reese Oberbrunner

• Microsoft Word (.docx) .DOCX
• PDF Document (.pdf) .PDF
• Image File (.png) .PNG

Responsibilities for Training Manager & Development Manager Cover Letter

Training manager & development manager responsible for an aligned vision, development, design strategy and delivery of training programs for various functions by integrating adult learning principles, current applicable research, leadership competencies, and core job functions.

Training Manager & Development Manager Examples

Example of training manager & development manager cover letter.

I am excited to be applying for the position of training manager & development manager. Please accept this letter and the attached resume as my interest in this position.

In the previous role, I was responsible for input and support to the learning team in the development and review of AML learning material.

My experience is an excellent fit for the list of requirements in this job:

• Experience with common authoring applications ex
• Experience with LMS platforms and learning technologies
• Creative and can translate vision into solid, instructionally sound training solutions
• Proven knowledge of Learning Management System (LMS) and Content Management Systems (CMS)
• Proven knowledge of courseware authoring tools (Storyline, Captivate, Lectora)
• Proven knowledge of multimedia development skills (graphics, video, audio)
• Proven knowledge with MS office tools (PowerPoint, Excel, Word)
• Proven knowledge of SharePoint use and design

Thank you in advance for reviewing my candidacy for this position.

Blake Kulas

I submit this application to express my sincere interest in the training manager & development manager position.

In my previous role, I was responsible for effective training experiences (selects appropriate teaching methods to meet learning styles given available resources; knowledge of instructional planning and design).

Please consider my qualifications and experience:

• Computer savvy in Microsoft Office Suite (Word, Excel, Access and PowerPoint)
• Capable to organize group activity
• Understanding of adult learning theory and how to apply in a 24/7 manufacturing operations environment
• Understand how to apply performance improvement technologies to manufacturing situations
• Solid knowledge of the Training and Development trends and innovations, the market of training vendors and solutions with experience testing and/or implementing those solutions
• Experience working in an IT/Software/consulting organization strongly preferred
• Experience managing complex or multiple projects/areas through setting priorities, executing resources
• Experience being in charge of project team hiring/staffing & development

Thank you in advance for taking the time to read my cover letter and to review my resume.

Baylor Quitzon

In my previous role, I was responsible for guidance and direction to the talent & learning team leads to manage execution of talent & learning policies and procedures.

• Training experience with large accounts in online information, software or business-to-business solutions preferred
• Passion for professional development of self and others
• Experience with our understanding of industry marketing and training solutions
• Outstanding presentation and facilitation skills with both small groups or a large audience
• Solid knowledge of Engines, transmissions, electrical, air systems, air conditioning, chassis, electronics controls to develop training content in these areas
• Excellent knowledge of the repair and maintenance of CNG powered equipment
• Motivated, with an active approach to generating new business
• Fluent English language speaker with excellent written and verbal presentation skills

Emerson Stiedemann

In response to your job posting for training manager & development manager, I am including this letter and my resume for your review.

Previously, I was responsible for company-wide consulting and facilitation services on all matters related to learning and development and related initiatives.

• Oracle Learn and Articulate experience
• Knowledge of Talent Management Strategies
• Versatility and strength in both written and verbal communications
• Professional and political acumen, diplomacy, and tact
• Highly proficient in the use of Microsoft Office programs (PowerPoint, Word, Excel, Publisher)
• Experience with Learning Management Systems (LMS) and Learning Content Management Systems (LCMS) strongly preferred
• Review all SOPs and make recommendations for modifications
• Finalize a training plan for Leasing Agents and Property Managers

Story Schumm

Please consider me for the training manager & development manager opportunity. I am including my resume that lists my qualifications and experience.

In my previous role, I was responsible for technical assistance to the design and implementation of the project’s virtual learning platforms, online learning sessions and regional courses.

• Fluent English and French with excellent written and verbal presentation skills
• Strategic experience innovating and individualizing training
• Superior verbal, written communication and video development/production/directing/on camera skills
• Models initiative/drive and holds self and others accountable for leveraging training tools to deliver unparalleled customer experiences
• Strong customer service with professional integrity
• English/French bilingualism both written & oral is preferred
• In-depth knowledge of Employment law and HR best practices
• Industry certifications in instructional design

Haven Bechtelar

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Manager In Training Cover Letter Example

Writing a cover letter for a manager in training position can be an exciting opportunity to showcase your skills and experience. With the right approach, you can create an effective cover letter that provides a valuable addition to any job application. In this guide, we will cover the details you need to include in your cover letter, how to write and format it, and offer an example of a manager in training cover letter to help you get started. With these tips, you can create a standout cover letter that effectively conveys your qualifications and enthusiasm for the role.

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Manager In Training Cover Letter Sample

[Today’s Date]

[Hiring Manager’s Name] Manager In Training [Company Name] [Company Address]

Dear [Hiring Manager’s Name],

I am writing to apply for the Manager In Training position at [Company Name] that I recently heard about. After researching your company, I am confident that I have the necessary qualifications and experience to excel in this role.

I have a bachelor’s degree in Business Administration from [Name of University]. During my coursework I developed strong organizational, communication and problem- solving skills through projects and assignments. I also have three years of experience in a customer service setting, which has allowed me to hone my customer service and conflict resolution skills.

I am confident that I possess the skills and experience necessary to become a successful Manager in Training. I am passionate about learning and mastering new tasks quickly, and I am eager to contribute to the success of the company. I thrive in collaborative and team- oriented environments, and I am committed to leading and supporting my team.

I am excited to learn more about this opportunity and would like to discuss my candidacy further. Thank you for your time and consideration.

[Your Name]

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What should a Manager In Training cover letter include?

A Manager In Training (MIT) cover letter should include key information that emphasizes your skills, qualifications, and experience in managing teams, motivating staff, and developing operational processes and procedures. It should also showcase your abilities to create an environment that encourages productivity, while meeting and exceeding goals set by the organization.

When crafting your cover letter, the main focus should be on the specific requirements of the job and how you meet them. Start by briefly introducing yourself, emphasizing your experience as a manager in training and providing examples to demonstrate your success in the role. Additionally, include information about any relevant qualifications such as certifications, relevant education, and any other qualifications that make you a strong candidate.

Finally, you should include an explanation of why you are the best candidate for the job. Demonstrate your enthusiasm for the position and express your commitment to the organization. End by thanking the employer for their time and expressing your eagerness to discuss the application further.

Manager In Training Cover Letter Writing Tips

Writing a cover letter for a manager in training position can be a tricky task. After all, this is a role in which you are expected to show your potential to lead and manage, as well as your knowledge of the company. Here are some tips to help you write a compelling cover letter for a manager in training role:

• Research the company: Before you start writing your cover letter, make sure you do your research on the company. This will help you get an understanding of what the company does, its values and culture, and the skills and qualities it looks for in potential employees.
• Highlight your relevant experience: In your cover letter, be sure to highlight any relevant experience or skills that would make you an ideal candidate for the role. This could be any past managerial experience, project management skills, or customer service experience.
• Showcase your leadership skills: As a manager in training, it’s important to show that you have the necessary leadership skills. Discuss any successes you have had in leading a team, or any challenges you have faced and successfully navigated.
• Demonstrate your commitment: In your cover letter, make sure to demonstrate your commitment to the job and the company. Emphasize why you are the right fit for the role, and why you are passionate about working with the company.
• Proofread and edit: Once you have written your cover letter, make sure to proofread and edit it thoroughly. Check for any spelling and grammar errors, and make sure that the tone and content of your letter is professional and appropriate for the job.

Common mistakes to avoid when writing Manager In Training Cover letter

Writing a Manager in Training cover letter can be a daunting task, as you have to make sure you’re accurately conveying why you’re the best candidate. To help make your cover letter stand out, here are some common mistakes to avoid:

• Not tailoring your letter to the position: A Manager in Training cover letter should be tailored to the specific role and company you’re applying for. Make sure to research the company and position, and address how your skills and experience are a great fit for the role.
• Focusing on your needs: Recruiters and hiring managers want to know how you can help their organization. Don’t focus on what you need from the job, but rather how you can contribute to the company’s success.
• Not addressing the company culture: Try to research the company culture and address how you would fit in with the organization. Show that you understand the company’s values and have the drive and enthusiasm to make a positive impact.
• Being too vague: Don’t be too vague and generic in your cover letter. Use specific examples of your experience and accomplishments to demonstrate your skills and qualifications.
• Not proofreading: Always make sure to proofread your cover letter before submitting it. Simple spelling and grammar mistakes can be a huge red flag for employers.

By avoiding these common mistakes, you can ensure that your Manager in Training cover letter stands out from the competition and helps you land the job.

Key takeaways

A successful Manager In Training cover letter should demonstrate your skills and experience, as well as your passion for the role. Here are some key takeaways for writing an impressive Manager In Training cover letter:

• Showcase how your skills and experience make you a great fit for the role. Highlight your past experience as a manager, your qualifications, and any other accomplishments that make you well- suited for the job.
• Demonstrate your enthusiasm and dedication to the role by describing why you’re excited to join the team and what goals you plan to achieve.
• Clearly articulate why you’re the best candidate for the job. Showcase your leadership abilities, ability to motivate and influence others, and ability to stay organized and work collaboratively.
• Use a professional and polished tone throughout the cover letter. Be sure to avoid any typos or grammatical errors.
• End on a strong note by expressing your enthusiasm and thanking the hiring manager for their time.

Frequently Asked Questions

1. how do i write a cover letter for an manager in training job with no experience.

Writing a cover letter for an Manager in Training job with no experience can seem intimidating. However, there are a few key steps you can take to make the process easier.

First, research the company you are applying to and familiarize yourself with the job description. This will give you an understanding of the skills, qualifications, and experience the employer is looking for. This can also help you identify the traits and qualities that you have and can bring to the team.

Next, highlight your transferable skills. Employers value candidates who have demonstrated their ability to learn and grow. Use your cover letter to discuss any leadership roles or volunteer positions that you have held, or any relevant coursework or projects you have completed. Explain how these experiences have prepared you to take on an Manager in Training role and make a positive contribution to the team.

Finally, make sure to focus on the details. Tailor your cover letter to the specific job you are applying for, and emphasize any relevant skills and qualifications. Be sure to use specific examples to illustrate your accomplishments and emphasize your commitment to the position.

2. How do I write a cover letter for an Manager In Training job experience?

Writing a cover letter for an Manager in Training job with experience is similar to writing a cover letter for any other role. However, you have the advantage of having prior experience in the field which you can leverage to demonstrate your capabilities.

Begin by researching the company and the job description to familiarize yourself with the employer’s expectations and the skills and qualifications required for the role. Next, emphasize the experience you have in the field. Focus on any relevant roles you have held, any leadership positions you have had, or any volunteer work or coursework that you have completed. Use specific examples to demonstrate your proficiency in the field and explain how these experiences have helped you acquire the skills necessary for an Manager in Training position.

In addition, be sure to emphasize your accomplishments. Explain how you have increased efficiency or improved processes, and demonstrate how your experience has prepared you to take on this role. Finally, make sure to tailor your cover letter to the specific job you are applying for. Highlight the skills and qualifications that are most relevant to the position and emphasize your commitment to the role.

3. How can I highlight my accomplishments in Manager In Training cover letter?

Highlighting your accomplishments in a Manager in Training cover letter is essential to demonstrating your value to the employer. To do this, focus on the specific experiences, roles, and qualifications you have that are relevant to the job you are applying for.

Start by familiarizing yourself with the job description and researching the company. This will help you understand the employer’s expectations and identify the skills and qualifications necessary for the role.

In addition to this, be sure to check out our cover letter templates , cover letter formats ,  cover letter examples ,  job description , and  career advice  pages for more helpful tips and advice.

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Training Manager Cover Letter Examples

A great training manager cover letter can help you stand out from the competition when applying for a job. Be sure to tailor your letter to the specific requirements listed in the job description, and highlight your most relevant or exceptional qualifications. The following training manager cover letter example can give you some ideas on how to write your own letter.

or download as PDF

Cover Letter Example (Text)

Medinah Schlyer

(553) 424-3094

[email protected]

Dear Yana Posos,

I am writing to express my interest in the Training Manager position at Learning Technologies Group, as advertised. With a solid foundation of five years of experience in the learning and development field, most recently as a key contributor at Cornerstone OnDemand, I am excited about the opportunity to bring my expertise to your esteemed company.

In my previous role, I was instrumental in designing and implementing innovative training solutions that enhanced employee performance and drove business success. My responsibilities included creating comprehensive training programs, managing a dynamic team of trainers, and ensuring the delivery of high-quality educational experiences. I have a proven track record of improving training processes and outcomes, and I am adept at leveraging technology to facilitate learning.

My experience at Cornerstone OnDemand allowed me to hone my skills in a fast-paced, tech-driven environment. I take pride in my ability to stay abreast of the latest trends in learning technologies and apply them to meet organizational needs. My hands-on experience with various Learning Management Systems (LMS), e-learning authoring tools, and virtual training platforms would be an asset to your team.

I am particularly drawn to the innovative culture at Learning Technologies Group and am eager to contribute to a company that values creativity and forward-thinking strategies. I am confident that my passion for professional development, combined with my experience in driving effective training initiatives, will enable me to make a significant impact on your organization.

I look forward to the possibility of discussing how my background, skills, and enthusiasms can align with the goals of Learning Technologies Group. Thank you for considering my application. I am very keen on the opportunity to join your team and contribute to your company's success.

Warm regards,

Related Cover Letter Examples

• Technical Training Manager
• Training Officer
• Training Analyst
• Training Associate
• Training Consultant
• Training Coordinator

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Training Specialist Cover Letter Samples & Examples That Worked in 2024

Maybe you've been helping others integrate into companies for quite some time now; but who's going to help you with your training specialist cover letter ? That'd be us! We've gathered all the best templates, cover letter samples, detailed examples, and tips that actually work. So, let us guide you through the writing process one step at a time.

In this guide, we teach you all about the key elements your training specialist cover letter should have. Keep reading to learn:

• How to create your training specialist header & headline
• Why you need to tailor your cover letter as a training specialist
• What information to include in your training specialist introduction
• Ways to highlight your best skills & accomplishments as a training specialist
• How to conclude your training specialist cover letter properly
• How to access top resources for job-seeking training specialists

Still looking for a job? These 100+ resources will tell you everything you need to get hired fast.

1. How to create a proper training specialist header & headline

To begin writing your job-winning training specialist cover letter , the first step to take is to create a well-formatted header and headline.

A cover letter header will contain all the necessary information about the applicant and employer, including:

• Your name and professional title
• Your professional contact information
• The name of the company & department you are applying to
• The company’s address

Make sure to keep this information well-organized, with your name listed first in larger text. This will help your name stand out and make it more memorable for the employer.

Here is an example of a well-formatted training specialist header

Joe King , Training Specialist (123) 456-7890 | [email protected] | linkedin.com/in/joe-king

To: KPMG, Employee Training Department 1234 Street Address Atlanta, GA, 30301

With your header constructed and in place, the next step is to create your cover letter headline . This headline is a short title statement that helps to engage the attention of an employer and should include a keyword related to the position, an eye-catching number or trigger word , a powerful adjective or verb , and a promise .

Here is an example of an effective training specialist headline

My Best 3 Skills as a Training Specialist & How They Can Benefit Your New Hires

Trigger Word/Number : 3 Skills Keyword: Training Specialist Adjective/Verb: Best, Benefit Promise: Your New Hires – this detail indicates to the employer that your cover letter will discuss their company and its employees’ needs specifically.

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2. how to properly tailor your cover letter as a training specialist.

As a training specialist, it is essential to tailor your cover letter for the exact job you are applying to. By tailoring your cover letter to address a specific company’s needs, you will have a much better chance of catching an employer’s eye and impressing them.

In order to tailor a cover letter in this way, you will need to research the company thoroughly beforehand, looking for information such as:

• What current projects or clients the company is involved with
• What the company’s goals are, as well as what keywords and language the company uses that you can reflect in your cover letter
• Who at the company will review your cover letter – this information will be used to create a personalized greeting , a type of greeting that addresses a specific person by name

Here are 3 examples of personalized cover letter greetings

Dear Mrs. Jill Miller,

• Dear Manager Jill Miller,
• Dear Jill Miller & the Training Team,

3. How to craft a compelling training specialist introduction

With your header, headline, and greeting in place, the next major element to add to your training specialist cover letter is the introduction .

In this introduction, aim to include:

• An overview of your professional history (years of experience, specializations, etc.)
• A statement on why you are enthusiastic about applying to this company
• A mutual acquaintance (when possible)

Pro Tip: Always include a mutual acquaintance when you can, as this helps to leave an excellent first impression on the employer. If you do not have a mutual acquaintance, use a professional platform like LinkedIn to connect with current employees or associates of companies you are interested in.

Here is an example of a well-written training specialist introduction

I am a training specialist with more than 4 years of experience teaching corporate employees how to use productivity and presentation software. Recently, I offered a public course on negotiation presentations which was attended by one of your managers, Mr. John Doe. Upon completing my course, Mr. Doe recommended I apply for this opening as my skills and expertise are a great match for your company’s current needs.

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4. How to highlight your best skills & accomplishments as a training specialist

After your introduction come the body paragraphs of your training specialist cover letter. You should aim to include between 2 to 4 body paragraphs that answer key questions, such as:

• What excites you about working at this company?
• What do you hope to learn from working at this company?
• What accomplishments or qualifications make you stand out as an applicant?
• What key skills do you possess that are relevant to the position?

Describing skills and accomplishments in the body paragraphs is especially important, as they help to show employers the real-life value you can offer their company. As you describe these qualifications, make sure to use specific, quantifiable, and contextual details.

Here are 6 examples of training specialist skills to describe in a cover letter

• Knowledge of various training methods
• Developing training programs & curriculum
• Conducting performance assessments
• Creating demonstrations & presentations
• Project management
• Excellent verbal communication

Here is an example of how to describe an accomplishment in a training specialist cover letter

As a training specialist for [Former Employer], I saw a great need for improving training efficiency. This drove me to develop a new digital training program that could be completed both onsite and remotely, leading to a decrease in total training time by 30% while boosting new employee comprehension by 45%.

5. How to conclude your training specialist cover letter properly

To conclude your training specialist cover letter properly, you need a strong closing statement that includes:

• An enthusiastic sentence saying you are looking forward to hearing from them
• An additional sentence stating you will follow up, including how you will contact them or how they can contact you
• A formal sign-off

Here is an example of an effective training specialist closing statement

I am beyond eager to get to know your company and team better, and I hope to hear from you in the next week about this position. To best reach me, you may call me any weekday from 8 a.m. to 5 p.m. at (123) 456-7890. If I have not heard back by next Monday, I will reach back out to check on the status of my application.

Warm Regards,

[Applicant Name]

If you have ever wondered how a cover letter differs from a resume, this article will tell you everything about the key differences between the two .

6. Top resources for job-seeking training specialists 

With your top-notch cover letter at hand, it's time to get to the fun part. The job hunt itself! If you're struggling because you don't know where to start searching for work opportunities, you can try any of the following: 

• Industry-specific job board: Job boards with niche focus that specialize in listing job postings for training specialists, like ATD’s Job Bank , can serve as a great launching pad. 
• General job boards: White websites like Indeed , Glassdoor , and SimplyHired , are much broader in focus, by entering keywords specific for your profession, you can narrow down the search results.
• LinkedIn : You can use it not only for networking, but also to discover job listings in the training and development field, with the ability to filter searches by industry, location, and job function.
• Professional associations: Besides job listings, professional associations like the Association for Talent Development (ATD), the eLearning Guild , or the Learning and Performance Institute (LPI) can also offer you networking opportunities, latest industry news, training opportunities, and access to specialized publications. 
• Specialized publications: To keep up with the latest innovations, methods, and discussions surrounding your field of interest, consider following media such as “ Training Magazine, ” “ TD Magazine ,” or “ Chief Learning Officer Magazine .”
• Continuous learning: If there's anyone that truly understands how important lifelong learning is, it's you. You can always increase your chances at landing a job by taking on extra courses and certifications. You can try online platforms like Coursera , edX , LinkedIn Learning , or Udemy .  

Indeed, the vastness of work opportunities is yours to explore. But don't forget that a successful job search does not only rest on finding the right job posting. It's also about presenting yourself as the best candidate through your resume, cover letter, and during job interviews. Good luck!

Training Specialist Cover Letter FAQ

You want to stick to the classic professional formal letter format. Start with an engaging opening paragraph, followed by a middle section highlighting your relevant skills. And conclude by discussing what attracts you to the organization, and wrap up with a strong call to action.Lastly, don't forget to sign off appropriately.

Well, rather not. It's true that humor can help you stand out and show your personality, but it can also backfire if not used properly. The problem with humour is this: it's incredibly subjective. And you never know who's going to be the recipient of your cover letter.

Firstly, you must identify which keywords to use. Go back to the job posting, highlight any words/phrases that stand out (specific skills, required degree, soft skills, years of experience,...). Then, use them naturally in your letter, ensuring you still maintain a conversational tone. But don't overstuff your cover letter with keywords. Less can be more.

The best way to do that is to personalize the content of your cover letter. Do some research on the organization, understand their values, figure out their mission, or any projects/volunteering they participated in, and illustrate how your experience aligns with these. Avoid clichés and instead share unique experiences that demonstrate your suitability for the role.

No, your cover letter should complement, not rehash your resume. Just highlight key specific examples that demonstrate your qualifications. In other words, while your resume presents the facts; your cover letter tells the story.

Milan Šaržík, CPRW

Milan’s work-life has been centered around job search for the past three years. He is a Certified Professional Résumé Writer (CPRW™) as well as an active member of the Professional Association of Résumé Writers & Careers Coaches (PARWCC™). Milan holds a record for creating the most career document samples for our help center – until today, he has written more than 500 resumes and cover letters for positions across various industries. On top of that, Milan has completed studies at multiple well-known institutions, including Harvard University, University of Glasgow, and Frankfurt School of Finance and Management.

All human resources cover letter examples

• Human Resources Assistant
• Talent Acquisition Specialist

All training specialist cover letter examples

Related training specialist resume examples

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7 senior training manager cover letters.

Approved by real hiring managers, these Senior Training Manager cover letters have been proven to get people hired in 2024. A hiring manager explains why.

Table of contents

• Senior Training Manager
• Training and Development Specialist
• Learning and Development Specialist
• Training and Development Manager
• Alternative introductions for your cover letter
• Senior Training Manager resume examples

Senior Training Manager Cover Letter Example

Why this cover letter works in 2024, proven track record.

Highlighting specific achievements and using quantitative data, like the 30% reduction in ramp-up time, shows the tangible impact of your work. This helps demonstrate your ability to drive results in the Senior Training Manager role.

Showcase specific results from your past role

I really appreciate how you've highlighted the tangible impact you had at your previous job. You didn't just say you improved training programs, you quantified it with a 70% increase in effectiveness. You also mentioned reducing training costs by 30% through innovating and incorporating technology. This shows me you're results-oriented and not afraid to embrace new technologies in your training methods.

Talk about project management experience

Leading a project as complex as transitioning an entire company to a new software system is a massive undertaking. By detailing how you coordinated with teams and provided support, you're showing that you have the leadership and project management skills needed for a Senior Training Manager role. This gives me confidence that you can handle large-scale projects and work well with various teams.

Highlighting Major Achievements

When you mention how you spearheaded a training initiative leading to a significant improvement in team efficiency, you're showing potential employers the direct impact of your work. You're not just listing your tasks or duties, but demonstrating the results of your efforts, which is powerful and persuasive.

Quantifying Success

You've done a great job here of not just saying you led a training program, but specifying the results in a measurable way. A 25% increase in project delivery speed? That's impressive and makes me want to learn more about how you achieved it.

Expressing a Cultural Fit

This part of your cover letter resonates with me because you're not just talking about the job, but about how you fit into the company culture. You've clearly done your research into Google's values and you're showing how your own beliefs align with those values.

Expressing Enthusiasm and Ambition

I love how you've expressed your desire not simply to fit into the role, but to contribute to the company in a meaningful way. This shows me you're not just looking for a job, but a place where you can make a real impact.

Personal and Passionate Sign-Off

Your sign-off is a great touch. By referring to yourself as a "passionate learner and an avid Google admirer," you're expressing your personal connection to the company. This tells me you're not just interested in any job, but specifically in this job at this company.

h2>Show Genuine Excitement

Starting off by expressing your enthusiasm for the company and the role isn't just polite; it's strategic. It tells me you've done your homework about Salesforce and aren't just blasting out applications. This approach makes you more memorable and shows you're someone who would likely be passionate about your work here.

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Training and Development Specialist Cover Letter Example

Highlight high-impact projects.

Highlighting a high-impact project, like developing a new hire onboarding program that significantly reduced time to productivity, is a great move. It tells me you're capable of creating and executing effective training initiatives that have a direct impact on the company's productivity. Mentioning the mentorship program and its impact on employee engagement scores also tells me you understand the importance of continuous learning and development in a workplace.

Discuss cost-effectiveness strategies

Talking about how you managed to cut down training costs by 25% through using a blended learning approach is a win in my book. It shows you're mindful of budget constraints and that you can design training programs that are both effective and cost-efficient. It also tells me you're versatile and flexible in your training methods, which is a valuable trait for a Training and Development Specialist.

Learning and Development Specialist Cover Letter Example

Offering a unique blend of skills.

When you talk about your blend of innovation and effectiveness, you're showing me that you're not a one-trick pony. You're capable of incorporating new ideas, but also making sure the end result is effective and successful.

Sharing Alignment with Company's Philosophy

By expressing your excitement about Amazon's 'Day 1' philosophy and how it aligns with your own approach, you're demonstrating a deeper understanding and appreciation for the company culture. This tells me that you're not just looking for any job, but that you really want to be a part of Amazon.

Valuing the Company's People-Centric Approach

This sentence stands out because you're emphasizing the importance of people in a company. You're eager to be part of a community that values its employees, and that speaks volumes about you as an individual and a professional.

Expressing Aspiration in Sign-off

Your sign-off as an 'aspiring Amazonian' shows your eagerness and ambition to be part of Amazon. Not only does it subtly express your enthusiasm for the role, but it also shows that you see yourself fitting into the company's culture.

Training and Development Manager Cover Letter Example

H2>quantify your impact.

When you talk numbers, you're speaking my language. Mentioning specific achievements, like reducing time-to-productivity by 30%, makes your accomplishments tangible. It's evidence you're not just talking a big game—you've got the results to back it up. This concrete proof is what separates the "maybes" from the "must-hires."

Alternative Introductions

If you're struggling to start your cover letter, here are 6 different variations that have worked for others, along with why they worked. Use them as inspiration for your introductory paragraph.

Cover Letters For Jobs Similar To Senior Training Manager Roles

• Senior Training Manager Cover Letter Guide
• Training Manager / Manager in Training Cover Letter Guide
• Training Project Manager Cover Letter Guide

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Thank you for the checklist! I realized I was making so many mistakes on my resume that I've now fixed. I'm much more confident in my resume now.

How To Write a Cover Letter With Examples

Cover letters can help differentiate you from other job applicants and be the determining factor of landing your dream job. By taking the time to craft a custom cover letter, a single sheet of paper can help communicate all the human elements that a resume may fall short of capturing about yourself. 

But what do employers and recruiters have to say about how to write a cover letter? What are the best tips they have to offer for graduate students who are writing a cover letter?

We asked 11 employers for their best cover letter tips. Here is what they had to share.

Let it Set the Stage

In many ways, cover letters should provide background information and context to your resume, while simultaneously addressing how that resume addresses the specific requirements of the job opportunity. The cover letter is your opportunity to "set the stage" and to convince the hiring manager why your specific set of skills, experiences and interests will provide value to their team and its objectives.

Andrew Horrigan '11 BSBA (Management Information Systems), Product Manager at Cisco

Research the Hiring Manager

If possible, find out who the hiring manager is and look them up on LinkedIn. Do your research on the company you're applying for. What's their mission statement and how do they portray their company culture? Hopefully what you're looking for in a job is reflected by those things. Make sure the hiring manager knows that and understands who you are and what drives you. A resume is often about as robotic as things can be. Make sure your cover letter is the opposite—personalize it and let yourself shine through.

Joshua Schlag ’05 BS (Computer Science) ’11 MBA, Digital Marketing Manager at Pyramid Analytics

Utilize Career Development Resources

The University of Arizona and Eller College of Management go to great lengths to make sure students are prepared for their impending career journey. Because cover letters are so important to getting your foot in the door, there are several career development resources online and on campus to take advantage of. The university’s cover letter builder serves as a nice template to get started. And of course, it never hurts to make an appointment with an Eller Career Coach through eSMS to have a professional review your letter before submission. 

Brett Farmiloe, ’06 BSBA (Accounting), Founder, Featured

Discover Past Samples of the Position

Do your research on the company and personalize your cover letter to the role for which you are applying. Don't be afraid to Google, "How to write a good cover letter for X position." Seriously, it helps! There is so much information out there from various perspectives—applicants, hiring managers, etc. Most importantly be yourself and let your personality come through. And don't forget to spell check!

Mariam Nikola '17 MS MIS, Consultant at Point B

Highlight Your Soft Skills

When writing a professional cover letter, there are a couple things you can do to set yourself apart from the pack. First, make sure you tailor your letter to the specific position you are applying for. This should not be a general, "one size fits all" letter—be sure to discuss specific details surrounding the role or the company itself. Secondly, this is an opportunity for you to show a little bit of your personality. Obviously, you want to remain professional, but this is a great time to highlight some of your soft skills that might not be fully conveyed through your resume.  

Brian Ellis ’17 BSBA (Management), Staffing Manager at Randstad Office and Administrative Professionals

Fill in the “Why” Gaps

As a talent advisor, I review a lot of applicants and agree that a cover letter can be a great way to stand apart, if it is done correctly. A great cover letter for me covers the ‘why’ that I cannot understand from just a resume alone. It should clearly state why you are interested in the role, what your goals are for utilizing your graduate degree (if recently graduated) and explain any career pivots reflected on your resume. If you answer those questions in a direct, concise manner it will add value to your application.

Monica Larson , ’11 BSBA (Marketing) ‘20 MBA, Talent Advisor

Tell Your Story

A cover letter is your opportunity to tell your story—tying your experience and personal interests into why you want a position and why you are the best candidate for it. Paint the picture of your journey and what about the position excites you personally and professionally. Similar to your resume, keep it short and sweet. No need to repeat what’s already on your resume. Recruiters and hiring managers don’t have time to comb through a novel, so you need to engage them with as few words as possible while also grabbing their attention.

Kelly Castoro, ’06 BA (Spanish, Portuguese), Project Manager at Squarespace

Tailor Each Cover Letter to the Position You Are Applying

Be sure to research the role and customize your cover letter for each position, relating your experience to the particular role you are applying for. Personalization is key—research who you are sending the cover letter to and address the letter to them directly. End your letter with a call to action, stating you will follow up by phone or email if you haven’t heard from anyone. Follow ups are very important! 

Jessica Rosenzweig, ’15 BSBA (Business Management), Account Manager at PeopleWare Staffing

Communicate Bankability and Personality 

Your cover letter answers two crucial questions; are you bankable and are you someone the company will enjoy working with? Communicate bankability with your knowledge of the company, industry and why your skills, capabilities and interests are a great fit. Share your passion for their mission, culture, brand—whatever excites you about becoming a member of their team.  

When conveyed through a concise, well-formulated, well-worded cover letter, you demonstrate the ability to write an effective business case—communicating that you are a ready professional and worthy teammate who will hit the ground running.

Theresa L Garcia, ’83 BSBA (Human Resources), Senior Change Management and Organization Capability Consultant at Boeing

Keep it Concise but Compelling

A cover letter is your chance to speak directly to the hiring team and tell them why you are not only the best match for the position for which you are applying but also give them additional insight into yourself as an individual that is less visible from your experience.

A great cover letter should be attention grabbing and touch upon the qualities that make you stand out from others in the applicant pool, highlight both your recent and most distinguished accomplishments and drive home why you are the right person for the job. Professionalism is always important, but don’t be hesitant to put your voice into the letter to let your personality shine through. Research the company, understand where they currently are, where they are going and show why you are the right person to get them from point A to point B. Recruiters spend a lot of time reviewing applicants and making yourself stand apart from the crowd is key. Keep it concise but compelling!

Matt Reineberg, ’14 BSBA (Marketing), Senior Talent Acquisition Sourcer at Cox Enterprises

Highlight the “Why”

Why are you applying to this company? Why do you want this position? Your cover letter should aim to answer the why behind applying for the job. Conveying an interest and excitement for working specifically for this job at this company, rather than a desire to get any job anywhere that will give you money, can go a long way. Show the company that they should hire you and your passion over someone that might have the skills needed for the job, but doesn’t care about the work as much as you do. 

Ryan Nouis, Trupath 

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I invest on behalf of my clients.

I consult or invest on behalf of a financial institution.

I want to learn more about BlackRock.

Larry Fink’s 2024 Annual Chairman’s Letter to Investors

Time to rethink retirement.

When my mom passed away in 2012, my dad started to decline quickly, and my brother and I had to go through my parents’ bills and finances.

Both my mom and dad worked great jobs for 50 years, but they were never in the top tax bracket. My mom taught English at the local state college (Cal Northridge), and my dad owned a shoe store.

I don’t know exactly how much they made every year, but in today’s dollars, it was probably not more than $150,000 as a couple. So, my brother and I were surprised when we saw the size of our parents' retirement savings. It was an order of magnitude bigger than you’d expect for a couple making their income. And when we finished going over their estate, we learned why: My parents' investments.

My dad had always been an enthusiastic investor. He encouraged me to buy my first stock (the DuPont chemical company) as a teenager. My dad invested because he knew that whatever money he put in the bond or stock markets would likely grow faster than in the bank. And he was right.

I went back and did the math. If my parents had $1,000 to invest in 1960, and they put that money in the S&P 500, then by the time they’d reached retirement age in 1990, the $1,000 would be worth nearly $20,000. 1 That’s more than double what they would have earned if they’d just put the money in a bank account. My dad passed away a few months after my mom, in his late 80s. But both my parents could have lived beyond 100 and comfortably afforded it.

Why am I writing about my parents? Because going over their finances showed me something about my own career in finance. I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

Obviously, we were ambitious entrepreneurs, and we wanted to build a big, successful company. But we also wanted to help people retire like my parents did. That’s why we started an asset manager — a company that helps people invest in the capital markets — because we believed participating in those markets was going to be crucial for people who wanted to retire comfortably and financially secure.

We also believed the capital markets would become a bigger and bigger part of the global economy. If more people could invest in the capital markets, it would create a virtuous economic cycle, fueling growth for companies and countries, which would, in turn, generate wealth for millions more people.

My parents lived their final years with dignity and financial freedom. Most people don’t have that chance. But they can. The same kinds of markets that helped my parents in their time can help others in our time.  Indeed, I think the growth- and prosperity-generating power of the   capital markets will remain a dominant economic trend through the rest of the 21 st  Century.

This letter attempts to explain why.

I had been working at BlackRock for almost 25 years by the time I lost my mom and dad, but the experience reminded me — in a new and very personal way — why my business partners and I founded BlackRock in the first place.

A brief (and admittedly incomplete) history of U.S. capital markets

In finance, there are two basic ways to get or grow money.

One is the bank, which is what most people historically relied on. They deposited their savings to earn interest or took out loans to buy a home or expand their business. But over time a second avenue for financing arose, particularly in the U.S., with the growth of the capital markets: Publicly traded stocks, bonds, and other securities.

I saw this firsthand in the late 1970s and early 1980s when I played a role in the creation of the securitization market for mortgages.

Before the 1970s, most people secured financing for their homes the same way they did in the Christmas classic It’s a Wonderful Life — through the Building & Loan (B&L). Customers deposited their savings into the B&L, which was essentially a bank. Then that bank would turn around and lend out those savings in the form of mortgages.

In the movie — and in real life — everything works fine until people start lining up at the bank’s front door asking for their deposits back. As Jimmy Stewart explained in the film, the bank didn’t have their money. It was tied up in somebody else’s house.

After the Great Depression, B&Ls morphed into savings & loans (S&Ls), which had their own crisis in the 1980s. Approximately half of the outstanding home mortgages in the U.S. were held by S&Ls in 1980, and poor risk management and loose lending practices led to a raft of failures costing U.S. taxpayers more than $100 billion dollars. 2

But the S&L crisis didn’t cause the American economy lasting damage. Why? Because at the same time the S&Ls were collapsing another method of financing was getting stronger. The capital markets were providing an avenue to channel capital back to challenged real estate markets.

This was mortgage securitization.

Securitization allowed banks not just to make mortgages but to sell them. By selling mortgages, banks could better manage risk on their balance sheets and have capital to lend to home buyers, which is why the S&L crisis didn’t severely impact American homeownership. 

Eventually, the excesses of mortgage securitization contributed to the crash in 2008, and unlike the S&L crisis, the Great Recession did harm home ownership in the U.S. The country still hasn’t fully recovered in that respect. But the broader underlying trend — the expansion of the capital markets — was still very helpful for the American economy.

In fact, it’s worth considering: Why did the U.S. rebound from 2008 faster than almost any other developed nation? 3

A big part of the answer is the country’s capital markets .

In Europe, where most assets were kept in banks, economies froze as banks were forced to shrink their balance sheets. Of course, U.S. banks had to tighten capital standards and pull back from lending as well. But because the U.S. had a more robust secondary pool of money – the capital markets — the nation was able to recover much more quickly.

Today public equities and bonds provide over 70% of financing for non-financial corporations in the U.S. – more than any other country in the world. In China, for example, the bank-to-capital market ratio is almost flipped. Chinese companies rely on bank loans for 65% of their financing. 4

In my opinion, this is the most important lesson in recent economic history:  Countries aiming for prosperity don’t just need strong banking systems — they also need strong capital markets.

That lesson is now spreading around the world.

Replicating the success of America’s capital markets

Last year, I spent a lot of days on the road, logging visits to 17 different countries. I met with clients and employees. I also met with many policymakers and heads of state, and during those meetings, the most frequent conversation I had was about the capital markets.

More and more countries recognize the power of American capital markets and want to build their own.

Of course, many countries do have capital markets already. There are something like 80 stock exchanges around the world, everywhere from Kuala Lumpur to Johannesburg. 5  But most of these are rather small, with little investment. They’re not as robust as the markets in the U.S., and that’s what other nations are increasingly looking for.

In Saudi Arabia, for example, the government is interested in building a market for mortgage securitization, while Japan and India want to give people new places to put their savings. Today, in Japan, it’s mostly the bank. In India, it’s often in gold.

When I visited India in November, I met policymakers who lamented their fellow citizens’ fondness for gold. The commodity has underperformed the Indian stock market, proving a subpar investment for individual investors. Nor has investing in gold helped the country’s economy.

Compare investing in gold with, let’s say, investing in a new house. When you buy a home, that creates an economic multiplier effect because you need to furnish and repair the house. Maybe you have a family and fill the house with children. All that generates economic activity. Even when someone puts their money in a bank, there’s a multiplier effect because the bank can use that money to fund a mortgage. But gold? It just sits in a safe. It can be a good store of value, but gold doesn’t generate economic growth.

This is a small illustration — but a good one — of what countries want to accomplish with robust capital markets. (Or rather, of what they  can’t accomplish without them.)

Despite the anti-capitalist strain in our modern politics, most world leaders still see the obvious: No other force can lift more people from poverty or improve quality of life quite like capitalism. No other economic model can help us achieve our highest hopes for financial freedom — whether we want it for ourselves or our country.

That’s why the capital markets will be key to addressing two of the mid-21 st Century’s biggest economic challenges.

• The first is providing people what my parents built over time — a secure, well-earned retirement. This is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now . People are living longer lives. They’ll need more money. The capital markets can provide it — so long as governments and companies help people invest.
• A second challenge is infrastructure. How are we going to build the massive amount the world needs? As countries decarbonize and digitize their economies, they’re supercharging demand for all sorts of infrastructure, from telecom networks to new ways to generate power. In fact, in my nearly 50 years in finance, I’ve never seen more demand for energy infrastructure. And that’s because many countries have twin aims: They want to transition to lower-carbon sources of power while also achieving energy security. The capital markets can help countries meet their energy goals, including decarbonization, in an affordable way.

[Retirement] is a much harder proposition than it was 30 years ago. And it’ll be a much harder proposition 30 years from now .

Asking the old age question: How do we afford longer lives?

Last year, Japan passed a demographic milestone. The country’s population has been aging since the early 1990s as the pool of working-age people has shrunk and the number of elderly has risen. But 2023 was the first time that 10% of their people exceeded 80 years old, 6 making Japan the “oldest country in the world” according to the United Nations. 7

This is part of the reason the Japanese government is making a push for retirement investment.

Most Japanese keep the bulk of their retirement savings in banks, earning a low interest rate. It wasn’t such a bad strategy when Japan was suffering from deflation, but now the country’s economy has turned around, with the NIKKEI surging past 40,000 for the first time this month (March 2024). 8

Most aspiring retirees are missing out on the upswing. The country didn’t have anything resembling a 401(k) program until 2001, but even then, the amount of income people could contribute was quite low. So a decade ago, the government launched the Nippon Individual Savings Accounts (NISA) to encourage people to invest even more in retirement. Now they’re trying to double NISA’s enrollment. The goal is 34 million Japanese investors before the end of the decade. 9 It will require the Japanese government to expand their capital markets, which historically had very little retail participation.

Japan isn’t alone in helping more of its citizens invest for retirement. BlackRock has a joint venture — Jio BlackRock — with Jio Financial Services, an affiliate of India’s Reliance Industries. Over the past 10 years, India has built a huge digital public infrastructure network that connects nearly one billion Indians to everything from healthcare to government payments via their smartphones. Jio BlackRock’s goal is to use the same infrastructure to deliver retirement investing (and more).

After all, India is aging, too. The whole world is, albeit at different speeds. Brazil will start seeing more people leave its workforce than enter it by 2035; Mexico will reach peak workforce by 2040; India sometime around 2050.

As populations age, building retirement savings has never been more urgent

Source: Working-age population (ages 15-64): UN “medium trend 10

By the mid-century mark, one-in-six people globally will be over the age of 65, up from one-in-11 in 2019. 11 To support them, governments are going to have to prioritize building out robust capital markets like the U.S. has.

But this isn’t to say the U.S. retirement system is perfect. I’m not sure anybody believes that. The retirement system in America needs modernizing, at the very least.

Rethinking retirement in the United States

This was particularly clear last year as the biotech industry pumped out a rush of new, life-extending drugs. Obesity, for example, can take more than 10 years off someone’s life expectancy, which is why some researchers think that new pharmaceuticals like Ozempic and Wegovy can be life-extending drugs, not just weight-loss drugs. 12 In fact, a recent study shows that semaglutide, the generic name for Ozempic, can give people with cardiovascular disease an extra two years of life where they don’t suffer a major condition like a heart attack. 13

We focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

These drugs are breakthroughs. But they underscore a frustrating irony: As a society, we focus a tremendous amount of energy on helping people live longer lives. But not even a fraction of that effort is spent helping people afford those extra years.

It wasn’t always this way. One reason my parents had a financially secure retirement was CalPERS, California’s state pension system. As a public university employee, my mom could enroll. But pension enrollment has been declining across the country since the 1980s. 14 Meanwhile the federal government has prioritized maintaining entitlement benefits for people my age (I’m 71) even though it might mean that Social Security will struggle to meet its full obligations when younger workers retire.

It’s no wonder younger generations, Millennials and Gen Z, are so economically anxious. They believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

Today in America, the retirement message that the government and companies tell their workers is effectively: “You’re on your own.” And before my generation fully disappears from positions of corporate and political leadership, we have an obligation to change that.

Maybe once a decade, the U.S. faces a problem so big and urgent that government and corporate leaders stop business as usual. They step out of their silos and sit around the same table to find a solution. I participated in something like this after 2008, when the government needed to find a way to unwind the toxic assets from the mortgage crisis. More recently, tech CEOs and the federal government came together to address the fragility of America’s semiconductor supply chain. We need to do something similar for the retirement crisis. America needs an organized, high-level effort to ensure that future generations can live out their final years with dignity.

What should that national effort do? I don’t have all the answers. But what I do have is some data and the beginnings of a few ideas from BlackRock’s work. Because our core business is retirement.

More than half the assets BlackRock manages are for retirement. 15 We help about 35 million Americans invest for life after work, 16 which amounts to about a quarter of the country’s workers. 17 Many are educators like my mom was. BlackRock helps manage pension assets for roughly half of U.S. public school teachers. 18 And this work — and our similar work around the globe — has given us some insight into how a national initiative to modernize retirement might begin.

We think the conversation starts by looking at the challenge through three different lenses. 

• What’s the issue from the perspective of a current worker , someone who’s still trying to save for retirement?
• What about someone who has already retired? We have to look at the problem from the retiree’s point of view­­­­­­­­­­ — an individual who has already saved enough to stop working but is worried the money will run out.
• But first it’s important to look at retirement in America like you’d look at a map of America — a high-level picture of the problem, the kind a national policymaker might look at. What’s the issue for the population as a whole? (It’s demographics.)

[Young people] believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right.

The demographics don’t lie

There’s a popular saying in economics: “You just can’t fight demographics.” And yet, when it comes to retirement, the U.S. is trying anyway.

In wealthy countries, most retirement systems have three pillars. One is what people invest personally (my dad putting his money in the stock market). Another is the plans provided by employers (my mom’s CalPERS pension). A third component is what we hear politicians mostly talking about – the government safety net. In the U.S., this is Social Security.

You’re probably familiar with the economics behind Social Security. During your working years, the government takes a portion of your income, then after you retire, it sends you a check every month. The idea actually originates from pre-World War I Germany, and these “old-age insurance” programs gradually became popular over the 20 th Century largely because the demographics made sense.

Think about someone who was 65 years old in 1952, the year I was born. If he hadn’t retired already, that person was probably getting ready to stop working.

But now think about that person’s former colleagues, all the people around his age who he’d entered the workforce with back in the 1910s. The data shows that in 1952, most of those people were not preparing for retirement because they’d already passed away .

This is how the Social Security program functioned: More than half the people who worked and paid into the system never lived to retire and be paid from the system. 19

Today, these demographics have completely unraveled, and this unraveling is obviously a wonderful thing. We should want more people to live more years. But we can’t overlook the massive impact on the country’s retirement system.

It’s not just that more people are retiring in America; it’s also that their retirements are increasing in length. Today, if you’re married and both you and your spouse are over the age of 65, there’s a 50/50 chance at least one of you will be receiving a Social Security check until you’re 90. 20

All this is putting the U.S. retirement system under immense strain. The Social Security Administration itself says that by 2034, it won’t be able to pay people their full benefits. 21

What’s the solution here? No one should have to work longer than they want to. But I do think it’s a bit crazy that our anchor idea for the right retirement age — 65 years old — originates from the time of the Ottoman Empire.

Humanity has changed over the past 120 years. So must our conception of retirement.

One nation that’s rethought retirement is the Netherlands. In order to keep their state pension affordable, the Dutch decided more than 10 years ago to gradually raise the retirement age. It will now automatically adjust as the country’s life expectancy changes. 22

Obviously, implementing this policy elsewhere would be a massive political undertaking. But my point is that we should start having the conversation . When people are regularly living past 90, what should the average retirement age be?

Or rather than pushing back when people receive retirement benefits, perhaps there’s a more politically palatable idea: How do we encourage more people who wish to work longer with carrots rather than sticks? What if the government and the private sector treated 60-plus year-olds as late-career workers with much to offer rather than people who should retire?

One way Japan has managed its aging economy is by doing exactly this. They’ve found new ways to boost the labor force participation rate, a metric that has been declining in the U.S. since the early 2000s. 23 It’s worth asking: How can America stop (or at least, slow) that trend?

Again, I’m not pretending to have the answers. Despite BlackRock’s success helping millions retire, these questions are going to have to be posed to a broader range of investors, retirees, policymakers, and others. Over the next few months, BlackRock will be announcing a series of partnerships and initiatives to do just that, and I invite you to join us.

For workers, make investing (almost) automatic

When the U.S. Census Bureau released its regular survey of consumer finances in 2022, nearly half of Americans aged 55 to 65 reported not having a single dollar saved in personal retirement accounts. 24 Nothing in a pension. Zero in an IRA or 401(k).

Why? Well, the first barrier to retirement investing is affordability.

Four-in-10 Americans don’t have $400 to spare to cover an emergency like a car repair or hospital visit. 25 Who is going to invest money for a retirement 30 years away if they don’t have cash for today? No one. That’s why BlackRock’s foundation has worked with a group of nonprofits to set up an Emergency Savings Initiative. The program has helped mostly low-income Americans put away a total of $2 billion in new liquid savings. 26

Studies show that when people have emergency savings, they’re 70% more likely to invest for retirement. 27 But this is where workers run into another barrier: Investing is complex even if you can afford it.

No one is born a natural investor. It’s important to say that because sometimes in the financial services industry we imply the opposite. We make it seem like saving for retirement can be a simple task, something anyone can do with a bit of practice, like driving your car to work. Just grab your keys and hop in the driver’s seat. But financing retirement isn’t so intuitive. The better analogy is if someone dropped a bunch of engine and auto parts in your driveway and said, “Figure it out.”

At BlackRock, we’ve tried to make the investing process more intuitive by inventing simpler products like target date funds. They only require people to make one decision: What year do they expect to retire? Once people choose their “target date,” the fund automatically adjusts their portfolio, shifting from higher-return equities to less risky bonds as retirement approaches. 28

In 2023, BlackRock expanded the types of target date ETFs we offer so people can more easily buy them even if they don’t work for employers offering a retirement plan. There are 57 million people like this in America — farmers, gig workers, restaurant employees, independent contractors — who don’t have access to a defined contribution plan. 29 And while better investment products can help, there are limits to what something like a target date fund can do. Indeed, for most people, the data shows that the hardest part of retirement investing is just getting started.

Other nations make things simpler for their part-time and contract workers. In Australia, employers must contribute a portion of income for every worker between the ages of 18 and 70 into a retirement account, which then belongs to the employee. The Superannuation Guarantee was introduced in 1992 when the country seemed like it was on the path to a retirement crisis. Thirty-two years later, Australians likely have more retirement savings per capita than any other country. The nation has the world’s 54 th largest population, 30 but the 4 th largest retirement system. 31

Of course, every country is different, so every retirement system should be different. But Australia’s experience with Supers could be a good model for American policymakers to study and build on. Some already are. There are about 20 U.S. states — like Colorado and Virginia — that have instituted retirement systems to cover all workers like Australia does, even if they’re gig or part-time. 32

It’s a good thing that legislators are proposing different bills and states are becoming “laboratories of retirement.” More should consider it. The benefits could be enormous for individual retirees. These new programs could also help the U.S. ensure the long-term solvency of Social Security. That’s what Australia found — their Superannuation Guarantee relieved the financial tension in their country’s public pension program. 33

But what about workers who do have access to an employer retirement plan? They need support too.

Even among employees who have access to employer plans, 17% don’t enroll in them, and the hypothesis among retirement experts is this is not a conscious choice. People are just busy.

It sounds trivial, but even the hour or so it takes someone to look through their work email inbox for the correct link to their company’s retirement system, and then select the percentage of their income they want to contribute can be the unclearable hurdle. That’s why companies should make a conscious effort to look at what their default option is. Are people automatically enrolled in a plan or not? And how much are they auto-enrolled to contribute? Is it a minimum percentage of their income? Or the maximum?

In 2017, the University of Chicago economist Richard Thaler won the Nobel Prize, in part, for his pioneering work around “nudges” — small changes in policy that can have enormous impact in people’s financial lives. Auto-enrollment is one of them. Studies show that the simple step of making enrollment automatic increases retirement plan participation by nearly 50%. 34

As a nation, we should do everything we can to make retirement investing more automatic for workers. And there are already bright spots. Next year, a new federal law will kick in, requiring employers that set up new 401(k) plans to auto-enroll their new workers. Plus, there are hundreds of major companies (including BlackRock) that have already taken this step voluntarily.

But firms can do even more to improve their employee’s financial lives, such as providing some level of matching funds for retirement plans and offering more financial education on the tremendous long-term difference between contributing a small percentage of your income to retirement versus the maximum. I also think we should make it easier for workers to transfer their 401(k) savings when they switch jobs. There is a menu of options here, and we need to explore all of them.

For retirees, help them spend what they saved

In 2018, BlackRock commissioned a study of 1,150 American retirees. When we dug into the data, we found something unexpected — even paradoxical.

The survey showed that after nearly two decades of retirement, the average person still had 80% of their pre-retirement money saved. We’re talking about people who were probably between the ages of 75 and 95. If they had invested for retirement, they were likely sitting on more than enough money for the rest of their lives. And yet the data also showed that they were anxious about their finances. Only 32% reported feeling comfortable about spending what they saved. 35

This retirement paradox has a simple explanation: Even people who know how to save for retirement still don’t know how to spend for it.

In the U.S., this problem’s roots stretch back more than four decades when employers began switching from defined benefit plans — pensions — to defined contribution plans like 401(k)s.

In a lot of ways, pensions were much simpler than the 401(k). You had a job somewhere for 20 or 30 years. Then when you retired, your pension paid you a set amount — a defined benefit — every month.

When I entered the workforce in the 1970s, 38% of Americans had one of these defined benefit plans, but by 2008 the percentage had been cut almost in half. 36 Meanwhile, the fraction of Americans with defined contribution plans almost quadrupled. 37

This should have been a good thing. Beginning with the Baby Boomers, fewer and fewer workers spent their entire careers in one place, meaning they needed a retirement option that would follow them from job to job. In theory, 401(k)s did that. But in practice? Not really.

Anyone who’s switched jobs knows how unintuitive it is to transfer your retirement savings. In fact, studies show that about 40% of employees cash out their 401(k)s when they switch jobs, putting themselves back at the starting line for retirement savings. 38

The real drawback of defined contribution was that it removed most of the retirement responsibility from employers and put it squarely on the shoulders of the employees themselves. With pensions, companies had a very clear obligation to their workers. Their retirement money was a financial liability on the corporate balance sheet. Companies knew they’d have to write a check every month to each one of their retirees. But defined contribution plans ended that, forcing retirees to trade a steady stream of income for an impossible math problem.

Because most defined contribution accounts don’t come with instructions for how much you can take out every month, individual savers first must build up a nest-egg, then spend down at a rate that will last them the rest of their lives. But who really knows how long that will be?

Put simply, the shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial un certainty .

That’s why around the same time we saw the data that retirees were nervous about spending their savings, we started wondering: Was there something we can do about it? Could we develop an investment strategy that provided the flexibility of a 401(k) investment but also the potential for a predictable, paycheck-like income stream, similar to a pension?

It turns out, we could. That strategy is called LifePath Paycheck™, which will go live in April. As I write this, 14 retirement plan sponsors are planning to make LifePath Paycheck™ available to 500,000 employees. I believe it will one day be the most used investment strategy in defined contribution plans.

We’re talking about a revolution in retirement. And while it may happen in the U.S. first, eventually other countries will benefit from the innovation as well. At least, that is my hope. Because while retirement is mainly a saving challenge, the data is clear: It’s a spending one too.

Fear vs. hope

Before I conclude this section on retirement, I want to share a few words about one of the largest barriers to investing for the future. In my view, it’s not just affordability or complexity or the fact that people are too busy to enroll in their employer’s plan.

Arguably the biggest barrier to investing for retirement — or for anything — is fear.

In finance, we sometimes think of “fear” as a fuzzy, emotional concept — not as a hard economic data point. But that’s what it is. Fear is as important and actionable a metric as GDP. After all, investment (or lack thereof) is just a measure of fear because no one lets their money sit in a stock or a bond for 30 or 40 years if they’re afraid the future is going to be worse than the present. That’s when they put their money in a bank. Or underneath the mattress.

This is what happens in many countries. In China, where new surveys show consumer confidence has dropped to its lowest level in decades, household savings have reached their highest level on record — nearly $20 trillion — according to the central bank. 39 China has a savings rate of about 30%. Nearly a third of all money earned is socked away in cash in case it’s needed for harder times ahead. The U.S., by comparison, has a savings rate in the single digits. 40

America has rarely been a fearful country. Hope has been the nation’s greatest economic asset. People put their money in American markets for the same reason they invest in their homes and businesses — because they believe this country will be better tomorrow than it is today.

This big, hopeful America has been the one I’ve known my whole life, but over the past few years, especially as I’ve had more grandchildren, I’ve started to ask myself: Will they know this version of America, too?

As I was finishing this letter, The Wall Street Journal published an article that caught my attention. It was titled “The Rough Years that Turned Gen Z into America’s Most Disillusioned Voters,” and it included some eye-catching — and really disheartening — data.

The article showed that from the mid-1990s through most of the early 21 st Century, most young people — around 60% of high school seniors, to be specific — believed they’d earn a professional degree, would land a good job, and go on to be wealthier than their parents. They were optimistic. But since the pandemic, that optimism has fallen precipitously.

Compared with 20 years ago, the current cohort of young Americans is 50% more likely to question whether life has a purpose. Four-in-10 say it’s “hard to have hope for the world.” 41

I’ve been working in finance for almost 50 years. I’ve seen a lot of numbers. But no single data point has ever concerned me more than this one.

The lack of hope worries me as a CEO. It worries me as a grandfather. But most of all, it worries me as an American.

If future generations don’t feel hopeful about this country and their future in it, then the U.S. doesn’t only lose the force that makes people want to invest. America will lose what makes it America. Without hope, we risk becoming just another place where people look at the incentive structure before them and decide that the safe choice is the only choice. We risk becoming a country where people keep their money under the mattress and their dreams bottled up in their bedroom.

How do we get our hope back?

Whether we’re trying to solve retirement or any other problem, that is the first question we have to ask, although I readily admit that I do not have the solution. I look at the state of America — and the world — and I am as answerless as everyone else. There’s so much anger and division, and I often struggle to wrap my head around it.

What I do know is that any answer has to start by bringing young people into the fold. The same surveys that show their lack of hope also show their lack of confidence — far less than any previous generation — in every pillar of society: In politics, government, the media, and in corporations. Leaders of these institutions (I am one) should be empathetic to their concerns.

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

Perhaps the best way to start building hope is by telling young people, “You may not feel very hopeful about your future. But we do. And we’re going to help you invest in it.”

Young people have lost trust in older generations. The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.

The new infrastructure blueprint: Steel, concrete, and public-private partnership

I started traveling to London in the 1980s, and back then, if you had a choice between the city’s two major international airports — Heathrow or Gatwick — you probably chose Heathrow. Gatwick was farther from the city. It was also in a comparative state of disrepair.

But things changed in 2009 when Gatwick was purchased by Global Infrastructure Partners (GIP). They increased runway capacity and instituted commonsense changes, like oversized luggage trays that cut security screening times by more than half.

“The thing about infrastructure businesses... is a lot of them tend not to focus on customer service,” GIP’s CEO Bayo Ogunlesi told the Financial Times . GIP wanted to make Gatwick different. In the process, they also turned the airport into a prime example of how infrastructure will be built and run in the 21 st Century — with private capital. 42

In the U.S., people tend to think of infrastructure as a government endeavor, something built with taxpayer funds. But because of one very big reason that I’ll dive into momentarily, that won’t be the primary way infrastructure is built in the mid-21 st Century. Rather than only tapping government treasuries to build bridges, power grids, and airports, the world will do what Gatwick did.

The future of infrastructure is public-private partnership.

Debt matters

The $1 trillion infrastructure sector is one of the fastest growing segments of the private markets, and there are some undeniable macroeconomic trends driving this growth. In developing countries, people are getting richer, boosting demand for everything from energy to transportation while in wealthy countries, governments need to both build new infrastructure and repair the old.

Even in the U.S., where the Biden Administration has signed generational infrastructure investments into law, there’s still $2 trillion worth of deferred maintenance. 43

How will we pay for all this infrastructure? The reason I believe it’ll have to be some combination of public and private dollars is that funding probably cannot come from the government alone. The debt is just too high.

From Italy to South Africa, many nations are suffering the highest debt burdens in their history. Public debt has tripled since the mid-1970s, reaching 92% of global GDP in 2022. 44 And in America, the situation is more urgent than I can ever remember. Since the start of the pandemic, the U.S. has issued roughly $11.1 trillion of new debt, and the amount is only part of the issue. 45 There’s also the interest rate the Treasury needs to pay on it.

Three years ago, the rate on a 10-year Treasury bill was under 1%. But as I write this, it’s over 4%, and that 3-percentage-point increase is very dangerous. Should the current rates hold, it amounts to an extra trillion dollars in interest payments over the next decade. 46

Why is this debt a problem now? Because historically, America has paid for old debt by issuing new debt in the form of Treasury securities. It’s a workable strategy so long as people want to buy those securities — but going forward, the U.S. cannot take for granted that investors will want to buy them in such volume or at the premium they currently do.

Today, around 30% of U.S. Treasury securities are held by foreign governments or investors. That percentage will likely go down as more countries build their own capital markets and invest domestically. 47

More leaders should pay attention to America’s snowballing debt. There’s a bad scenario where the American economy starts looking like Japan’s in the late 1990s and early 2000s, when debt exceeded GDP and led to periods of austerity and stagnation. A high-debt America would also be one where it’s much harder to fight inflation since monetary policymakers could not raise rates without dramatically adding to an already unsustainable debt-servicing bill.

But is a debt crisis inevitable? No.

While fiscal discipline can help tame debt on the margins, it will be very difficult (both politically and mathematically) to raise taxes or cut spending at the level America would need to dramatically reduce the debt. But there is another way out beyond taxing or cutting, and that’s growth. If U.S. GDP grows at an average of 3% (in real, not nominal terms) over the next five years, that would keep the country’s debt-to-GDP ratio at 120% – high, but reasonable.

I should be clear: 3% growth is a very tall order, especially given the country’s aging workforce. It will require policymakers to shift their focus. We can’t see debt as a problem that can be solved only through taxing and spending cuts anymore. Instead, America’s debt efforts have to center around pro-growth policies , which include tapping the capital markets to build one of the best catalysts for growth: Infrastructure. Especially energy infrastructure.

Energy pragmatism

Roads. Bridges. Ports. Airports. Cell towers. The infrastructure sector contains multitudes, but the multitude where BlackRock sees arguably the greatest demand for new investment is energy infrastructure.

Why energy? Two things are happening in the sector at the same time.

The first is the “energy transition.” It’s a mega force, a major economic trend being driven by nations representing 90% of the world’s GDP. 48 With wind and solar power now cheaper in many places than fossil-fuel-generated electricity, these countries are increasingly installing renewables. 49 It’s also a major way to address climate change. This shift – or energy transition – has created a ripple effect in the markets, creating both risks and opportunities for investors, including BlackRock’s clients.

I started writing about the transition in 2020. Since then, the issue has become more contentious in the U.S. But outside the debate, much is still the same. People are still investing heavily in decarbonization. In Europe, for example, net-zero remains a top investment priority for most of BlackRock’s clients. 50 But now the demand for clean energy is being amplified by something else: A focus on energy security.

Governments have been pursuing energy security since the oil crisis of the 1970s, (and probably as far back as the early Industrial Revolution), so this is not a new trend. In fact, when I wrote my original 2020 letter about sustainability, I also wrote to our clients that countries would still need to produce oil and gas to meet their energy needs. 

To be energy secure, I wrote, most parts of the globe would need “to rely on hydrocarbons for a number of years.” 51

I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Then in 2022, Putin invaded Ukraine. The war lit a fresh spark under the idea of energy security. It disrupted the world’s supply of oil and gas causing massive energy inflation, particularly in Europe. The UK, Norway, and the 27 EU countries had to collectively spend 800 billion euros subsidizing energy bills. 52

This is part of the reason I’m hearing more leaders talk about decarbonization and energy security together under the joint banner of what you might call “energy pragmatism.”

Last year, as I mentioned, I visited 17 countries, and I spent a lot of time talking to the people who are responsible for powering homes and businesses, everybody from prime ministers to energy grid operators. The message I heard was completely opposite to what you often hear from activists on the far left and right who say that countries have to choose between renewables and oil and gas. These leaders believe that the world still needs both. They were far more pragmatic about energy than dogmatic. Even the most climate conscious among them saw that their long-term path to decarbonization will include hydrocarbons, albeit less of them, for some time to come.

Germany is a good example of how energy pragmatism is still a path to decarbonization. It’s one of the countries most committed to fighting climate change and has made enormous investments in wind and solar power. But sometimes the wind doesn’t blow in Berlin, and the sun doesn’t shine in Munich. And during those windless, sunless periods, the country still needs to rely on natural gas for “dispatchable power.” Germany used to get that gas from Russia, but now it needs to look elsewhere. So, they’re building additional gas facilities to import from other producers around the world. 53

Or look at Texas. They face a similar energy challenge – not because of Russia but because of the economy. The state is one of the fastest growing in the U.S., 54 and the additional demand for power is stretching ERCOT, Texas’ energy grid, to the limit. 55

Today, Texas runs on 28% renewable energy 56 – 6% more than the U.S. as a whole. 57 But without an additional 10 gigawatts of dispatchable power, which might need to come partially from natural gas, the state could continue to suffer devastating brownouts. In February, BlackRock helped convene a summit of investors and policymakers in Houston to help find a solution.

Texas and Germany are great illustrations of what the energy transition looks like. As I wrote in 2020, the transition will only succeed if it’s “fair.” Nobody will support decarbonization if it means giving up heating their home in the winter or cooling it in the summer. Or if the cost of doing so is prohibitive.

Since 2020, economists have popularized better language to describe what a fair transition actually means. One important concept is the “green premium.” It’s the surcharge people pay for “going green”: for example, switching from a car that runs on gas to an electric vehicle. The lower the green premium, the fairer decarbonization will be because it’ll be more affordable.

This is where the power of the capital markets can be unleashed to great effect. Private investment can help energy companies reduce the cost of their innovations and scale them around the world. Last year, BlackRock invested in over a dozen of these transition projects on behalf of our clients. We partnered with developers in Southeast Asia aiming to build over a gigawatt of solar capacity (enough to power a city) in both Thailand and the Philippines. 58 We also invested in Lake Turkana Wind Power, Africa’s largest windfarm. It’s located in Kenya and currently accounts for about 12% of the country’s power generation. 59

There are also earlier-stage technologies, like a giant “hot rock” battery being built by Antora Energy. The company heats up blocks of carbon with wind or solar power during parts of the day when renewable energy is cheap and abundant. These “thermal batteries” reach up to 2,400 degrees Celsius and glow brighter than the sun. 60 Then, that heat is used to power giant industrial facilities around-the-clock, even when the sun isn’t shining, or the wind isn’t blowing.

BlackRock invested in Antora through Decarbonization Partners, a partnership we have with the investment firm, Temasek. Our funding will help Antora scale up to deliver billions of dollars worth of zero-emission energy to industrial customers. 61 (One day, their thermal batteries might help solve the kind of dispatchable power problem that Texas and Germany are facing – but without carbon emissions.)

The final technology I’ll spotlight is carbon capture. Last year, one of BlackRock’s infrastructure funds invested $550 million in a project called STRATOS, which will be the world’s largest direct air capture facility when construction is completed in 2025. 62 Among the more interesting aspects of the project is who’s building the facility: Occidental Petroleum, the big Texas oil company.

The energy market isn’t divided the way some people think, with a hard split between oil & gas producers on one side and new clean power and climate tech firms on the other. Many companies, like Occidental, do both, which is a major reason BlackRock has never supported divesting from traditional energy firms. They’re pioneers of decarbonization, too.

Today, BlackRock has more than $300 billion invested in traditional energy firms on behalf of our clients. Of that $300 billion, more than half – $170 billion – is in the U.S. 63 We invest in these energy companies for one simple reason: It’s our clients’ money. If they want to invest in hydrocarbons, we give them every opportunity to do it – the same way we invest roughly $138 billion in energy transition strategies for our clients. That’s part of being an asset manager. We follow our clients’ mandates.

But when it comes to energy, I also understand why people have different preferences in the first place. Decarbonization and energy security are the two macroeconomic trends driving the demand for more energy infrastructure. Sometimes they’re competing trends. Other times, they’re complementary, like when the same advanced battery that decarbonizes your grid can also reduce your dependence on foreign power.

The point is: The energy transition is not proceeding in a straight line. As I’ve written many times before, it’s moving in different ways and at different paces in different parts of the world. At BlackRock, our job is to help our clients navigate the big shifts in the energy market no matter where they are.

BlackRock’s next transformation

One way we’re helping our clients navigate the booming infrastructure market is by transforming our company. I began this section by writing about the owners of Gatwick Airport, GIP. In January, BlackRock announced our plans to acquire them. 

Why GIP? BlackRock’s own infrastructure business had been growing rapidly over the past several years. But to meet demand, we realized we needed to grow even faster.

It’s not just debt-strapped governments that need to find alternate pools of financing for their infrastructure. Private sector firms do too. All over the world, there’s a vast infrastructure footprint that’s owned and operated entirely by private companies. Cell towers are a good example. So are pipelines that deliver the feedstocks for chemical companies. Increasingly, the owners of these assets prefer to have a financing partner, rather than carrying the full cost for the infrastructure on their balance sheet.

I had been thinking about this trend and called an old colleague, Bayo Ogunlesi.

Both Bayo and I started our careers in finance at the investment bank First Boston. But our paths diverged. I lost $100 million on a series of bad trades at First Boston and…well, nobody needs to hear that story again. But it led me (and my BlackRock partners) to pioneer better risk management for fixed income markets. Meanwhile, Bayo and his team were pioneering modern infrastructure investing in the private markets.

Now, we plan to join our forces again. I think the result will be better opportunities for our clients to invest in the infrastructure that keeps our lights on, planes flying, trains moving, and our cell service at the maximum number of bars.

More about BlackRock’s work in 2023

In this letter, I’ve shared my view that the capital markets are going to play an even bigger role in the global economy. They’ll have to if the world wants to address the challenges around infrastructure, debt, and retirement. These are the major economic issues of the mid-21st Century. We’re going to need the power of capitalism to solve them.

The way BlackRock figures into that story is through our work with clients. We want to position them well to navigate these trends, which is why we’ve tried to stay more connected to our clients than ever.

Over the past five years, thousands of clients on behalf of millions of individuals have entrusted BlackRock with managing over $1.9 trillion in net new assets. Thousands also use our technology to better understand the risks in their portfolios and support the growth and commercial agility of their own businesses. Years of organic growth, alongside the long-term growth of the capital markets, underpin our $10 trillion of client assets, which grew by over $1.4 trillion in 2023.

In good times and bad, whether clients are focused on increasing or decreasing risk, our consistent industry-leading organic growth demonstrates that clients are consolidating more of their portfolios with BlackRock. In 2023, our clients awarded us with $289 billion in net new assets during a period of rapid change and significant portfolio de-risking.

BlackRock’s differentiated business model has enabled us to continue to grow with our clients and maintain positive organic base fee growth. We’ve grown regardless of the market backdrop and even as most of the industry experienced outflows.

I think back to 2016 and 2018 when uncertainty and cautious sentiment impacted investment behavior among institutions and individuals. Many clients de-risked and moved to cash. BlackRock stayed connected with our clients. We stayed rigorous in driving investment performance, innovating new products and technologies, and providing advice on portfolio design. Once clients were ready to step back into the markets more actively, they did it with BlackRock – leading to new records for client flows, and organic base fee growth at or above our target.

Flows and organic base fee growth accelerated into the end of 2023. We saw $96 billion of total net inflows in the fourth quarter and we entered 2024 with great momentum.

In 2024, I plan to do what I did in 2023 – spend a lot of time on the road visiting clients. I’ve already taken several trips in the U.S. and around the world, and it’s clearer than ever that companies and clients want to work with BlackRock.

For companies where we are investing on behalf of our clients, they appreciate that we typically provide long-term, consistent capital. We often invest early, and we stay invested through cycles whether it’s debt or equity, pre-IPO or post-IPO. Companies recognize BlackRock’s global relationships, brand, and expertise across markets and industries. This makes us a valuable partner, and in turn supports the sourcing and performance we can provide for clients.

Over the past 18 months, we’ve sourced and executed on a number of deals for clients. In addition to the STRATOS direct air capture project, our funds partnered with AT&T on the Gigapower JV to build out broadband in communities across the U.S. We also made investments globally, including in Brasol (Brazil), AirFirst (South Korea), Akaysha Energy (Australia), and the Lake Turkana Wind Farm (Kenya).

Our ability to source deals for clients is a primary driver of demand for BlackRock private markets strategies. These strategies saw $14 billion of net inflows in 2023, driven by infrastructure and private credit. We continue to expect these categories to be our primary growth drivers within alternatives in the coming years.

Our active investment insights, expertise and strong investment performance similarly differentiate BlackRock in the market. We saw nearly $60 billion of active net inflows in 2023, compared with industry outflows.

In ETFs, BlackRock generated an industry-leading $186 billion of net inflows in 2023. Our leadership in the ETF industry is another testament to our global platform and connectivity with clients.

What we have seen in market after market is that if we can make investing easier and more affordable, we can quickly attract new clients. We are leveraging digital wealth platforms in local markets to provide more investment access and accelerate organic growth for iShares ETFs.

In EMEA, BlackRock powers ETF savings plans for end investors, partnering with many banks and brokerage platforms, including Trade Republic, Scalable Capital, ING, Lloyds, and Nordnet. These partnerships will help millions of people access investments, invest for the long-term, and achieve financial well-being.

In 2023, we also announced our minority investment in Upvest, which will help drive innovation in how Europeans access markets and make it cheaper and simpler to start investing.

Then there is our work with Britain’s leading digital bank, Monzo, to offer its customers our products through its app, with minimum investments as low as £1. Through these relationships, we’re evolving our iShares ETF franchise to meaningfully increase access to global markets.

Let me also say a few words about Aladdin. It remains the language of portfolios, uniting all of BlackRock, and providing the technological foundation for how we serve clients across our platform. And Aladdin isn’t just the key technology that powers BlackRock; it also powers many of our clients. The need for integrated data and risk analytics as well as whole portfolio views across public and private markets is driving annual contract value (ACV) growth.

In 2023, we generated $1.5 billion in technology services revenue. Clients are looking to grow and expand with Aladdin, reflected in strong harvesting activity, with over 50% of Aladdin sales being multi-product.

As we look ahead, the re-risking of client portfolios will create tremendous prospects for both our public and private markets franchises. And integrated technology will be needed to help clients be nimble while operating at scale.

These are the times where investors are making broad changes to the way they build portfolios. BlackRock is helping investors build the “portfolio of the future” – one that integrates public and private markets and is digitally enabled. We view these changes as big catalysts. With the diversified investment and technology platform we’ve built, we’ve set ourselves up to be a structural grower in the years ahead.

Positioning our organization for the future

Just as we continually innovate and evolve our business to stay ahead of our clients, we also evolve our organization and our leadership team.

Earlier this year we announced changes to reimagine our business and transform our organization to better anticipate what clients need – and shape BlackRock so clients can continue to get the insights, solutions, and outcomes they expect from us.

For years, BlackRock has worked with clients across the whole portfolio, albeit with distinctions between product structures for ETFs, active mutual funds, and separate accounts.

Now the traditional lines between products are blurring. Clients are building portfolios that seamlessly combine both active and index strategies, including liquid and illiquid assets and spanning public and private markets, across ETF, mutual fund, and separate account structures.

BlackRock has been critical in expanding the market for ETFs by making them accessible to more investors and delivering new asset classes (like bonds) and investment strategies (like active). As a result of that success, the ETF is no longer just an indexing concept – it is becoming an efficient structure for a range of investment solutions.

We always viewed ETFs as a technology, a technology that facilitated investing. And just as our Aladdin technology has become core to asset management, so too have ETFs. That’s why we believe embedding our ETF and Index expertise across the entire firm will accelerate the growth of iShares and every investment strategy at BlackRock.

We’ll be nimbler and more closely aligned with clients through our new architecture with the aim of delivering a better experience, better performance, and better outcomes.

Voting choice

Healthy capital markets depend on a continuous feedback loop between companies and their investors. For more than a decade, BlackRock endeavored to improve that feedback loop for our clients.

We’ve done it by building an industry-leading stewardship program, one that’s focused on engaging investee companies on issues impacting our clients’ long-term economic interests. This requires understanding how companies are positioned to navigate the risks and opportunities they face – for example, how geopolitical fragmentation might rewire their supply chains or how higher borrowing cost might impact their capacity to deliver sustained earnings growth.

To do that, we built one of the largest stewardship teams to engage with companies, often alongside our investment teams, because we never believed in the industry’s reliance on the recommendations of a few proxy advisors. We knew our clients would expect us to make independent proxy voting decisions, informed by our ongoing dialogue with companies – a philosophy that continues to underpin our stewardship efforts today. For our clients who have entrusted us with this important responsibility, we remain steadfast in promoting sound corporate governance practices and financial resilience at investee companies on their behalf.

And for our clients who wish to take a more direct role in the proxy voting process, we continue to innovate to provide them with more choice. In 2022, BlackRock was the first in our industry to launch Voting Choice, a capability that enabled institutional investors to participate in the proxy voting process. Today, about half of our clients’ index equity assets under management can access Voting Choice. And in February, we launched a pilot in our largest core S&P 500 ETF, enabling Voting Choice for individual investors for the first time.

We welcome these additional voices to corporate governance and believe they can further strengthen shareholder democracy. I believe that more asset owners can participate in this important process effectively if they are well-informed. We are encouraged by their engagement and the continued transformation of the proxy voting ecosystem but continue to believe that the industry would benefit from additional proxy advisors.

Strategy for long-term growth

For 36 years, BlackRock has led by listening to our clients and evolving to help them achieve long-term outcomes. That commitment has been behind everything we’ve done as a firm, whether it’s unlocking new markets through iShares, pioneering whole portfolio advisory, launching Aladdin on the desktops of investors and so much more. Clients have been at the foundation of our mindset and our growth strategy, informing the investments we’ve made across our businesses.

The combination of technology and advisory, alongside ETFs, active and private markets capabilities, enables us to deliver a better client experience – leading to clients consolidating more of their portfolios with BlackRock or engaging us for outsourcing solutions. We believe this in turn will drive continued differentiated organic growth into the future.

As we do each year, our management team and Board spent time assessing our strategy for growth. We challenge ourselves to think: What opportunities will this economic environment create for BlackRock and our clients, what more can we do to meet and anticipate their needs? How can we evolve our organization, operating structure, investment capabilities, and service models and, in doing so, keep leading the industry?

We have strong conviction in our strategy and our ability to execute with scale and expense discipline. Our strategy remains centered on growing Aladdin, ETFs, and private markets, keeping alpha at the heart of BlackRock, leading in sustainable investing, and advising clients on their whole portfolio.

We have continually made internal investments for organic growth and efficiency, investing ahead of client opportunities in private markets, ETFs, technology, and whole portfolio solutions.

In private markets, we are prepared to capitalize on structural growth trends. Whether it’s executing on demand for much-needed infrastructure, or the growing role of private credit as banks and public lenders move away from the middle market, private capital will be essential. BlackRock is poised to capture share through our scale, proprietary origination, and track record. And we believe our planned acquisition of GIP will meaningfully accelerate our ability to offer our private markets capabilities to our clients.

In ETFs, we will continue to lead by expanding investment access globally and through innovation. The ETF is an adaptable piece of financial technology, and over time we’ve been able to do more with it than just making investing more affordable. We’ve been able to bring better liquidity and price discovery to more opaque markets. One recent example is offering people exposure to Bitcoin through ETFs.

ETFs have been an incredible growth story in the U.S., with iShares leading the way. We believe global ETF adoption is set to accelerate as catalyst trends that we saw in the U.S. years ago like the growth of fee-based advisory and model portfolios are just beginning to take root. Nearly half of 2023 iShares net inflows were from our ETFs listed internationally in local markets, led by European iShares net inflows of $70 billion.

Active asset allocation, security selection and risk management have consistently been key elements in long-term returns. Our active teams across multi-asset, fixed income and equities are well-positioned to seize on broad opportunities arising out of this new interest rate and potentially more volatile regime. We are particularly excited about the opportunity in fixed income and how artificial intelligence is propelling performance in our systematic investing businesses.

Fixed income is going to be increasingly relevant in the construction of whole portfolios with higher yields and better return potential compared to the low-rate environment of the last 15 years. Now that the rate on 10-year U.S. Treasuries is near long-term averages, clients are reconsidering bond allocations.

BlackRock is well-positioned with a diversified fixed income platform. It’s not going to be just about index, where we manage nearly $1.7 trillion. Or just about active where we manage over $1 trillion. Some of the most interesting portfolio conversations are with allocators who are blending ETFs with active or using innovations like our active ETFs for professionally managed income solutions.

Across asset classes, the need for integrated data, technology and risk management will continue to drive demand for Aladdin. Through its dynamic ecosystem of over 130,000 users, the Aladdin platform is constantly innovating and being improved. Investments in Aladdin AI copilots, enhancements in openness supporting ecosystem partnerships, and advancing whole portfolio solutions are going to further augment the value of Aladdin.

We are honored that our clients entrusted us with $289 billion of net new assets in 2023. And over the past few months, we’ve seen a decidedly more positive sentiment and tone in markets and among clients that I'm very optimistic will carry into the rest of 2024.

Our ability to adapt, evolve, and grow has generated a total return of 9,000% for our shareholders since our IPO in 1999. That is well in excess of the S&P 500 return of 490% and representative of a business model serving all our stakeholders.

Total return since BlackRock’s IPO through December 31, 2023

S&P Global. The performance graph is not necessarily indicative of future investment performance.

Our Board of Directors

BlackRock’s Board plays an integral role in our strategy, our growth and our success.

The diverse experiences and backgrounds of our Directors enable us to have rich discussions and debates. At each meeting, our Directors review components of our long-term strategy and foster constructive dialogue with our leadership team on strategic opportunities, priorities and risks facing BlackRock’s business. This dialogue ultimately pushes us to make the sometimes tactical and sometimes transformational moves to build a better BlackRock. This includes the two transformational moves we made in January: The strategic re-architecture of our organization and our agreement to acquire GIP.

These two transformational changes are the largest since our acquisition of Barclays Global Investors nearly 15 years ago.

Following the closing of the GIP transaction, we plan to have Bayo Ogunlesi join our Board of Directors. We will continue to evolve our Board over time to reflect the breadth of our global business and to guide us as we evolve ahead of our clients’ needs.

A final note

Over the past 36 years, BlackRock has grown from a company of eight people in a tiny Manhattan office into the largest asset manager in the world. But our growth is just a small part of a much larger success story.

It’s part of the same story that includes my parents retiring comfortably after 50 years of hard work. The same story where America was able to endure the 1980s S&L crisis and 2008 financial crisis – and rebound quickly and with growing strength.

And it’s the story that, hopefully, will include more people around the world. Nations that can outgrow their debt. Cities that can afford to power more homes and build more roads. Workers who can live out their golden years with dignity.

All of these stories are only possible because of the power of the capital markets and the people who are hopeful enough to invest in them.

Laurence Fink Chairman and Chief Executive Officer

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1 Based on a $1,000 investment from January 1960 to December 1990. Assumes reinvestment of all dividends. Past performance is not indicative of future results.

2 Federal Reserve History , Savings and Loan Crisis

3 OCED Economic Surveys: United States (2016)

4 Securities Industry and Financial Markets Association , Capital DMarkets Fact Book (2023), p.6

5 World Federation of Exchanges , Market Statistics-February 2024, (2024)

6 World Economic Forum , Ageing and Longevity, (2023)

7 United Nations , World Population Ageing, (2017), p.8

8 The Wall Street Journal , Japan’s Nikkei Tops 40000 for First Time, Driven by AI Optimism, ( 2024)

9 Cabinet Secretariat of Japan , Doubling Asset-based Income Plan, ( 2022), p.2

10 Note: 1. Format adapted from Adele M. Hayutin, New Landscapes of Population Change: A Demographic World Tour (Hoover Press, 2022). Data from United Nations Population Division, World Population Prospects. (latest refresh 2022), Medium Fertility Projection. 2. Peak year is defined as the year in which working age population reaches its maximum for a country. Sources: United Nations Population Statistics (as of 2022). OECD (as of 06/2023). World Bank (as of 2022).

11 United Nations , UN DESA releases new report on ageing , (2019)

12 The New York Times Magazine , Can We Live to 200? ( 2021)

13 National Library of Medicine , Estimated Life-Years Gained Free of New or Recurrent Major Cardiovascular Events With the Addition of Semaglutide to Standard of Care in People With Type 2 Diabetes and High Cardiovascular Risk, ( 2022)

14 Source 1: Bureau of Labor Statistics , Employee Benefits in the United States , (2023), p.1; Source 2: Bureau of Labor Statistics , Employee Benefits in Industry , (1980), p. 6

15 BLK Estimates based on AUM as of December 31 st , 2021 and Cerulli data as of 2020. ETF assets include only qualified assets based on Cerulli data, and assumes 9.5% of institutionally held ETFs are related to pensions or retirement. Institutional estimates includes assets defined as “related to retirement” and are based on products and clients with a specific retirement mandate (e.g., LifePath, pensions). Estimates for LatAm based on assets managed for LatAm Pension Fund clients, excluding cash.

16 BlackRock as of Dec. 31, 2021. The overall number of Americans is calculated based on estimates of participants in BlackRock’s Defined Contribution and Defined Benefit plan clients. The Defined Contribution number is estimated based on data from FERS as well as ISS Market Intelligence BrightScope for active participants across 401(k) and 403(b). Defined Contribution includes plans with over $100M+ in assets where participants have access to one or more BlackRock funds; some may not be invested with BlackRock. The Defined Benefit number is estimated based on data from public filings and Pension & Investments for the total number of participants across the 20 largest U.S. Defined Benefit plans that are not also Defined Contribution clients of BlackRock.

17 U.S. Bureau of Labor Statistics , Labor Force Statistics from the Current Population Survey, (Feb. 2023)

18 Represents the total number of active public schoolteachers enrolled in defined benefit plans with assets managed by BlackRock. Excludes Virginia, Alaska and Pennsylvania pension clients, as the states’ DB plan is not the default plan for its participants. Public school teachers count from the National Center for Education Statistics, projection for 2022 school year. Pensions participation rate based on data from the U.S. Bureau of Labor Statistics: 89% as of March 2022.

19 Social Security , Life Tables for the United States Social Security Area 1900-2100, Figure 3a

20 Social Security , When to Start Receiving Retirement Benefits, (2023), p.2

21 Social Security , Summary: Actuarial Status of the Social Security Trust Funds, (2023)

22 Dutch Government , Why is the state pension age increasing? (translated from Dutch)

23 U.S. Bureau of Labor Statistics , Civilian labor force participation rate, (2000-2024)

24 U.S. Census Bureau , Survey of Income and Program Participation (SIPP) , (2022)

25 Federal Reserve , Economic Well-Being of U.S. Households in 2022, (2023), p.2

26 BlackRock , Emergency Saving Initiative: Impact and Learnings Report, (2019-2022), p.2

27 BlackRock, Emergency Savings Initiative: Impact and Learnings Report, ( 2019-2022), p.12

28 BlackRock , What are target date funds?

29 AARP, New AARP Research: Nearly Half of Americans Do Not Have Access to Retirement Plans at Work, (2022)

30 CIA: The World Factbook , Country Comparisons: Population (2023 est.)

31 OECD , Pensions at a Glance 2023 , (2023), 222

32 Georgetown University Center for Retirement Initiatives , State-Facilitated Retirement Savings Programs: A Snapshot of Program Design Features, (2023)

33 Parliament of Australia , Superannuation and retirement incomes

34 Human Interest , The power of 401(k) automatic enrollment, (2024)

35 BlackRock , To spend or not to spend? (2023), p. 2-5

36 Source 1: The Wall Street Journal, The Champions of the 401(k) Lament the Revolution They Started, (2017); Source 2: Social Security Office of Retirement and Disability Policy, The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers , (2009)

37 U.S. Chamber of Commerce , Statement of the U.S. Chamber of Commerce, (2012), p. 3

38 Harvard Business Review , Too Many Employees Cash Out Their 401(k)s When Leaving a Job, ( 2023)

39 The Wall Street Journal , Why China’s Middle Class Is Losing Its Confidence, (2024)

40   The Wall Street Journal , Covid-Era Savings are Crucial to China’s Economic Recovery , (2023)

41 The Wall Street Journal , The Rough Years That Turned Gen Z Into America’s Most Disillusioned Voters , (2024)

42 Financial Times , How Adebayo Ogunlesi’s contrarian bet led to $12.5bn BlackRock tie-up , (2024)

43 American Society of Civil Engineers (ASCE ), 2021 Report Card For America’s Infrastructure, (2021), p. 5

44 International Monetary Fund , Global Debt Is Returning to its Rising Trend, (2023)

45 Fiscal Data: U.S. Treasury , Debt to the Penny, ( Debt was $23.4T in March 2020 and $34.5T in March 2024)

46 The Wall Street Journal , A $1 Trillion Conundrum: The U.S. Government’s Mounting Debt Bill, ( 2024)

47 US Department of Treasury , Table 5: Major Foreign Holders of Treasury Securities

48 As of March 2024. Net Zero Tracker, https://zerotracker.net (last visited March 18 th , 2024)

49 Associated Press News , The year in clean energy: Wind, solar and batteries grow despite economic challenges, (2023)

50 BlackRock iResearch Services global survey, sample size n=200, May-June 2023. Survey covered institutional investors’ attitudes, approaches, barriers, and opportunities regarding transition investing. 83% of EMEA respondents surveyed have net zero by 2050 or other date as a transition objective across their portfolio. https://www.blackrock.com/corporate/literature/brochure/global-transition-investing-survey.pdf

51 BlackRock’s 2020 Letter to Clients , Sustainability as BlackRock’s New Standard for Investing, (2020)

52 Reuters , Europe’s spend on energy crisis nears 800 billion euros, (2023)

53 The New York Times , Germany Announces New L.N.G. Facility, Calling It a Green Move from Russian Energy, (2022)

54 Texas Fall 2023 Economic Forecast

55 Federal Reserve Bank of Dallas, Texas electrical grid remains vulnerable to extreme weather events, (2023)

56 U.S. Energy Information Administration : Electricity Data Browser

57 U.S. Energy Information Administration , Solar and wind to lead growth of U.S. power generation for the next two years, (2024)

58 BlackRock Alternatives, CFP, 2023

59 Kenya Power , Annual Report & Financial Statements, (2022)

60 Reuters , BlackRock, Temasek-led group invest $150 mln in thermal battery maker Antora, (2024)

61 Business Wire , Antora Energy Raises $150 Million to Slash Industrial Emissions and Spur U.S. Manufacturing, ( 2024)

62 Oxy, Occidental and BlackRock Form Joint Venture to Develop STRATOS, the World’s Largest Direct Air Capture Plant, (2023)

63 As of June 30, 2022. “Energy companies” refers to corporations classified as belonging to the GICS-1 Energy Sector.

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