cover letter scientific example

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Science Cover Letter Samples & Examples That Worked in 2024

Are you ready to embark on an exciting journey to optimize your science career? Look no further, because this guide will equip you with the essential tools to create a remarkable science cover letter that's sure to captivate employers.

Earning a position in your scientific discipline requires an optimized cover letter that showcases your most relevant professional strengths .

From showcasing your expertise in molecular magic to highlighting your stellar research accomplishments, we'll explore the key elements that will launch your cover letter to new heights.

Continue reading to learn more about:

• Formatting your science cover letter header and headline
• Making your science cover letter personalized to specific employers
• Writing an effective introduction for your science cover letter
• Highlighting your professional strengths as a scientist
• Concluding your science cover letter with a well-written closing statement
• Finding useful job search resources for scientists

1. Format your science cover letter header and headline properly

The beginning of any great science cover letter starts with an excellently formatted header and headline.

A cover letter header always comes first, placed at the top of the page. This header should contain key pieces of information about both you and the employer, such as:

• Your name and professional title
• Your professional contact information
• The name of the employer and/or company
• The department of the company you are applying to (when applicable)
• The address of the company

Here is an example of a well-formatted science cover letter header

John Doe , Biology Scientist (123) 456-7890 | [email protected] | linkedin.com/in/john-doe

To: General Labs & Development, Inc. Biology Science Department 1234 Street Address Washington, D.C. 2001

Following your header is a cover letter headline . Think of this as a title to your cover letter that highlights key points and helps to captivate the employer’s attention .

Your headline should be one sentence or line of text and include compelling details that are highly relevant to both the position you are applying to and the content of your cover letter.

Here is an example of a well-written science cover letter headline

My 3-Step Approach to Conducting Scientific Research & How This Approach Can Benefit Your Lab

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2. make your science cover letter personalized to specific employers.

Writing cover letters is a fairly commonplace practice, with most employers expecting to receive a cover letter when job applications are submitted for open positions.

What many applicants don’t realize, however, is that a core requirement of a successful cover letter is personalization . Personalization refers to a process of tailoring a cover letter to be highly specific to each individual employer, addressing their specific wants and needs.

To personalize a cover letter, it is crucial to research the employer thoroughly ahead of time to find out essential details, such as the company’s values and goals.

Additionally, you should always include a personalized greeting on your cover letter that addresses a specific person by name, such as the company CEO or a hiring manager.

Here are 3 examples of personalized science cover letter greetings

Dear Lab Supervisor Jack Green,

• Dear Mr. Jack Green,
• Dear Hiring Manager Joe Johnson,

3. Write an effective introduction for your science cover letter

The next necessity for your science cover letter is an effective and compelling introduction .

Introductory paragraphs should be concise, typically between two to three sentences in total. In this introduction, you want to provide the employer with a clear explanation of why you are a qualified candidate that should be considered for the job.

Here is an example of an effective science cover letter introduction

I am a recent graduate of Columbia University with a Master of Science in Clinical Research Methods. In my time as a student at Columbia, I worked for 3 years as a lab assistant and 1 year as a lab teaching assistant. My experience in the university labs has given me the technical prowess and interpersonal competence to effectively fulfill the role of assistant lab supervisor at your company.

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4. Highlight your professional strengths as a scientist

In a resume, you spend a lot of your writing space delving into the specifics of your educational and work experience. Comparatively, in a cover letter, you should spend more time explaining your top achievements and relevant skills , highlighting these qualifications as your professional strengths.

As you describe your key skills and achievements, make sure to include details that are highly relevant to the position and include contextual information. Your primary goal is to show the employer the real-life value you bring to the table that gives you an edge over other applicants.

Here are 6 skills to describe in a science cover letter

• Examining and analyzing lab samples
• Documenting and writing reports on lab results
• Developing hypotheses that can be tested
• Communicating and collaborating with other scientists
• Specific scientific specializations (biology, botany, etc.)
• Deep knowledge of utilizing scientific equipment

Here are a few examples of how to describe achievements in a science cover letter

• As a Lab Scientist at [Former Employer], I worked as a lab assistant helping to supervise experiments carried out by undergraduate students. In this role, I play a key role as a student mentor, helping to implement safer laboratory practices that resulted in a 15% decrease in dangerous lab incidents. Additionally, I led a research experiment that resulted in the development of a new scientific patent for the university.  
• I take pride in spearheading a groundbreaking research project that resulted in the discovery of a new cancer biomarker. This achievement not only expanded our understanding of cancer diagnostics but also holds great potential for personalized treatments. Leading a team of talented scientists, I successfully designed and executed experiments, collected and analyzed data, and collaborated with renowned oncologists to validate our findings. Our breakthrough publication in a prestigious scientific journal garnered significant recognition within the scientific community and has the potential to make a significant impact in the field of oncology.  
• During my tenure as a research scientist, I developed and optimized a novel laboratory technique that increased the efficiency of gene editing by 60%. By implementing streamlined protocols and leveraging cutting-edge CRISPR technology, I successfully edited over 500 target genes across multiple cell lines. This breakthrough not only saved valuable research time but also positioned our team as pioneers in the field of gene editing. Additionally, I presented our findings at two international conferences, reaching an audience of over 500 scientists, and received the 'Innovation in Research' award from my institution in recognition of this achievement.

5. Conclude your science cover letter with a well-written closing statement

Anytime you write a science cover letter, you should always end with a strong conclusion that reiterates your excitement for the position and encourages the employer to get in touch with you.

In your conclusion, make sure to include:

• An enthusiastic sentence saying you are looking forward to hearing from them
• Key information on how to best get in contact with you, as well as the best days and times for contacting you are
• A formal sign-off

Here is an example of a strong conclusion from a science cover letter

As your company is one of the top scientific research centers in D.C., it brings me great excitement and gratitude to be considered for this position. I look forward to speaking with you more about this opportunity and am available to meet on Monday through Friday between the hours of 9 a.m. to 6 p.m. To best reach me, please call me at (123) 456-7890.

With Sincerity,

[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. Useful job search resources for scientists

As a scientist looking to navigate the job market, a variety of resources specifically tailored to your field can offer great advantages. Let's explore some of these key resources:

• Job-search websites for scientists: Websites like Nature Jobs , Science Careers , and New Scientist Jobs are platforms curated for science jobs across all disciplines. These sites offer job listings, career advice articles, and employer information.
• Professional networks: Join professional organizations or associations in your field. The American Association for the Advancement of Science (AAAS) or the National Postdoctoral Association , for example, offer networking opportunities and job boards.
• LinkedIn: Around 90% of recruiters use LinkedIn as a tool to find eligible candidates. Do not underestimate the power of a strong and well-maintained LinkedIn profile . Join relevant groups, follow industry leaders, and engage in professional discussions.
• Company websites: Directly check the career pages of companies you are interested in. Most companies post job vacancies and internships on their websites.
• Mentors: Tap into your existing network of professors, colleagues, alumni. Their advice and contacts in the industry can be extremely useful.
• Online skill enhancement: Websites like Coursera or Khan Academy offer many courses taught by industry experts that can advance your skills and knowledge, making your application more attractive to employers.
• Scientific journals: Subscriptions to journals such as Science and Nature allow you to stay tuned with the latest advancements in your field, making you a better-rounded candidate.

Remember, every successful job search starts with a clear strategy and the right mix of resources at your disposal. Happy hunting!

Science Cover Letter FAQ

Yes, for a science cover letter, highlight any experience you have with essential lab techniques or procedures, your familiarity with industry-standard scientific tools and software, important scientific projects you've undertaken, and key findings or results.

Absolutely. If you've been part of published research, this can notably enhance your credentials. Briefly mention your involvement and the impact of the research. If space allows, you can also provide a link to the publication.

Show genuine passion for the field you're applying in and try to showcase that you're on top of the latest developments in this area. Also, make sure that you demonstrate a deep understanding of the organization's work and how you can contribute to it.

Highlight your academic achievements, particularly those relevant to the job. Discuss your thesis or significant projects you've completed during your course. If you've done internships or relevant volunteer work, make sure to include those experiences as well.

Yes, it's essential to tailor your cover letter to each job and company. This shows the employer that you have a genuine interest in the role and that you've taken the time to understand their specific requirements.

Martin Poduška

Martin is a resume expert and career advice writer at Kickresume. In his five years at Kickresume, he has written hundreds of in-depth, painstakingly researched resume advice articles and, as chief editor, he has also edited and revised every single article on this website. Tens of thousands of job seekers read Martin’s resume advice every month. He holds a degree in English from the University of St Andrews and a degree in Comparative Literature from the University of Amsterdam .

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How to write a successful cover letter for science jobs

Bec Johnston

Crafting a great science cover letter is an essential part of the job application process. Even if you’re right for the role and have a polished CV, you still need to prove why you’re the best person for the job.

Let’s face it: most of us dread the prospect of having to write a cover letter. Promoting ourselves can often feel uncomfortable, and writing in a persuasive, compelling style is already difficult enough.

Fortunately, writing a top-notch cover letter doesn’t require the prose abilities of Austen or Hemingway. By following a tried-and-tested formula and getting straight to the heart of what the hiring manager is looking for, anyone — regardless of writing ability — can produce an effective cover letter that really showcases your talents. 

Indeed, writing a cover letter can be a real confidence-boosting exercise and even add to your professional skill set.

In this guide, we’ll talk you through each stage of writing a cover letter as a scientist and provide some tips and tricks on how to stand out from the crowd.

How to Write a Science Cover Letter

SECTION 1: PREPARATION

Research the hiring company

To kick off the cover letter process, you should spend an hour or two of your time acquainting yourself with the role and the company.

By aiming to better understand the business, the role, and how you’d fit into the bigger picture as an employee, you’ll be able to keep your cover letter direct and to the point from the very first word.

After all, you can never do too much research. If you’re not equipped with even the most basic knowledge of the company, how can you properly demonstrate that you’re right for the role?

Your research will also help you confirm whether or not you want to work for the company. Do the company’s mission and values align with your own? If not, then you may want to consider another role.

What to look out for

Aim to familiarise yourself with info on the following:

• What the company does
• The company’s services and/or products
• The company’s people and culture
• Any relevant information on the target market (including competitors)
• The tone of voice employed by the company

Where to look

You can use social media channels such as LinkedIn, Glassdoor employee reviews, and science publications. You should also browse through the company’s website, which will (or at least  should ) provide information on what they do (in their  own words) and the team.

The information you gather will help you tailor your cover letter according to what the company and hiring manager are looking for in the job description.

Analyse the job description

The job description is pivotal to the cover letter. While each job description differs in detail and scope from the next, they all have the same purpose: to outline the type of person that the employer requires.

Job descriptions usually start by offering an overview of the company and role, before getting into the nitty-gritty of which skills and experience are required, as well as what the role entails. Often, these are in the form of bullet points, which can help you separate and identify the exact points that your cover letter needs to cover.

This doesn’t necessarily mean you have to cover  every bullet point, but you should definitely try to cover the most important ones.

To recap:   Always have one eye on the job description when writing your cover letter. Let the former act as your guide; follow it closely and you’ll be better placed to prove your suitability to the hiring manager.

SECTION 2: WRITING YOUR COVER LETTER

How long should a cover letter be?

Ultimately, there’s no right or wrong answer. As a benchmark,  one sheet of A4 paper  or  250 to 500 words will usually suffice, but the length of your cover letter will largely depend on two things:

• The number of essential criteria listed in the job description, most of which you’ll need to show evidence of.
• The examples you provide to meet these criteria (more on this shortly).

PRO TIP:  Always write a  new cover letter for each role you apply to. Every job (and therefore every job description) is different, so try not to reuse an old cover letter or rely on a one-size-fits-all template. If you do have a template, then at least ensure you tailor it to the exact role you are applying for on a case-by-case basis.

Now, let’s get into the actual writing.

How to start your cover letter

The start of a cover letter is arguably the most important section. Your intro will set the tone for the reader, so make sure you are forthright and direct, but also aim to demonstrate your uniqueness and suitability for the role as early as possible.

After all, each open position will likely attract dozens of applications — which is a lot of reading for those in charge of hiring (many of whom will be strapped for time and have other responsibilities to attend to).

How to choose the right greeting for your cover letter

If you know the name of the person you’re addressing (tip: this is often stated on the job advert), use a simple:

Dear [first name],

If you don’t have a name, it’s worth gauging the tone of the company you’re applying for by browsing through their website and social media pages. If the company uses formal or technical language, go for:

To whom it may concern,

If the company is less formal (as many startups tend to be), the following greetings will be appropriate:

Dear hiring manager,

OR (for a company with a particularly informal culture)

Make the reader know your intentions from the outset

Hiring managers are busy people. Given that there’s a good chance your application may be skimmed through, it’s crucial that you stand out. Once you’ve chosen a greeting, you’ll need a killer opening line.

If writing doesn’t come naturally, don’t worry — you’re not being judged on the merits of your prose. Instead, aim to outline your intentions in the opening line. For example:

Please accept this as my application for the position of [Job Title] with [Company Name].

Now you’ve set your stall, it’s time to briefly summarise:

• What makes you right for the role
• Why you want to work for the company

In one or two paragraphs, explain what attracted you to the job posting and include some relevant information about what the organisation does. This will demonstrate that your research on their company has gone beyond just the job title and job spec.

PRO TIP: Aim for paragraphs of between three and six lines. This will break up the text for the hiring manager and make it easier to read through. 

Think of your cover letter as an elevator pitch 

Much like a sales pitch, the cover letter represents your chance to sell yourself. But instead of trying to sell an idea or a product in a five-minute presentation, you’ll have a page of A4 to impress the hiring manager and showcase your suitability. As you start writing, aim to make every word, sentence, and paragraph count. Likewise, aim to remove anything that doesn’t add value.

What to include in the cover letter main body

Once you’ve crafted a snappy intro of one or two paragraphs, the bulk of the letter should see you systematically work through the job description and highlight any skills, experience, and the techniques that are relevant to the role.

Be explicit, as these are the details that will jump out to a busy recruiter or hiring manager who may be scanning your letter.

Here are some pointers on what to bear in mind or include when writing your cover letter.

Write in the company’s tone of voice 

If you’ve done your research on the employer, you’ll likely have picked up pointers on the type of language they use externally (if not internally, too). 

When writing and editing your cover letter, aim to mirror their tone of voice as closely as possible. Do they place emphasis on scientific jargon? Use scientific jargon. Do they have a conversational approach? Write to them in a conversational way (though again, not too informal). 

By mirroring cultural markers, you’ll subconsciously stand out to the hiring manager as someone who is likely to quickly assimilate.

Provide situational evidence of your competencies 

Given the technical demands of scientific roles, hiring managers want to see evidence of you applying your technical knowledge to real-world scenarios. You’ll, therefore need to demonstrate how your background, skills, experience, and attitude can enhance the business you are applying for. 

To do so, you should refer to one successful real-life example where you have saved your previous/current employer time and money or have streamlined processes to increase profitability. Using the ‘ STAR ’ technique will help give you a rounded example. STAR stands for:

Situation  — Briefly describe the background to the situation

Task  — Describe the task or challenge you were faced with

Action  — Describe what you did and why you did it

Result — Describe the outcome of your actions

Show your personality 

This key part of any cover letter is often neglected (particularly by scientists!). While skills, experience, and aptitude is crucial for any hire, so too is the personality and cultural fit of each candidate. 

Given that many scientific roles continue to be office- or lab-based, every hiring manager is looking for candidates who value teamwork and camaraderie. As such, you should include a paragraph that provides an insight into who you are outside of work. 

This doesn’t have to be a huge achievement; it can be as simple as the things you like to do in your downtime (e.g. activities with family and friends; hobbies, groups, charitable endeavours; engagement with the local community).

Demonstrate your adaptability and willingness to learn  

Innovation in STEM happens at a breakneck pace, so most employers are looking for candidates who are adaptable and up-to-date with the latest trends. Focusing on your transferable skills will demonstrate to the hiring manager that you’re self-aware and on a journey of professional development. It will also show that you can be a long-term asset to the business.

Include memorable numbers and statistics  

Much like how an infographic helps break up a blog, any relevant or valuable data will immediately stand out to the reader and pique their interest (especially as they’re likely to be scientific professionals themselves). Let’s be honest; “ I increased lab efficiency by 35% ” sounds more impressive than the vague “ I increased lab efficiency .”

Use keywords

Make sure to pepper your cover letter with relevant keywords that relate to the role or job, particularly any that are included in the job description. 

For a molecular biology role, for example, skills- or technique-related keywords may include things like  PCR  (polymerase chain reaction) ,  gel electrophoresis ,  ELISA  (enzyme-linked immunosorbent assay) , and  cell culture . 

For an analytical chemistry role, this could include  HPLC  (high-performance liquid chromatography) ,  GC  (gas chromatography) , and/or  MS  (mass spectrometry) . Of course, you should only include keywords that are relevant to the role and reflect your actual experience.

Be honest about your experience 

Like with your CV, you’ll eventually get caught out if you include half-truths in your cover letter. If you’re missing experience, there’s no need to apologise or try and overcompensate for it elsewhere. Simply act natural and let your actual experiences and values come to the fore. Besides, being honest will help you better recall what you wrote in any subsequent interview — and help you avoid any awkward umming and ahhing.

How to end a cover letter

If your reader has made it this far, you’ll want to leave them with a favourable final impression of your application. After all, there’s no use in nailing the introduction and main body if you rush the ending and/or sign off with a whimper.

Instead, you want to end with a bang.

First up, summarise your key strengths, skills, and experience. In one or two sentences, reiterate the most important points from your main body. Don’t simply lift words or phrases from earlier in the cover letter, though. Rephrase what you’ve already said and, if possible, try to inject something new into it.

In your closing statement, you want to exude professionalism and confidence but without being pushy. Round off your cover letter by thanking the reader for their time and attention, and offer your contact details so that you are easy to get in touch with should they wish to organise a further exploratory conversation with you.

Keep it short and sweet.

Finally, choose a professional and courteous salutation to wrap up your letter, such as, “ Yours sincerely ” (only if the recipient is addressed by their name), “ Kind regards ,” or “ Thank you for your consideration .” Avoid overly casual or informal phrases such as “ Yours ,” “ Cheers ,” or “ Take care .”

SECTION 3: EDITING AND FOLLOW UP

Before sending your cover letter...

Proofread your letter. 

Some scientific roles will require writing skills, so try to avoid any embarrassing typos (“ King regards ” crops up very frequently). A second pair of eyes always helps, so ask a close friend to give it a read. Free plugins such as Grammarly can also help you spot repeated words or grammatical errors, which can be a real timesaver (and lifesaver!) when writing.

Make sure it sells you as the best person for the job. 

While a good cover letter takes time, you’ll also feel proud when you’ve got it down to a tee. Put yourself in the shoes (or reading glasses) of the hiring manager: does the letter excite you? If not, you may need to add some more tweaks.

Writing an email subject line for a job application 

In many instances, the job advert will instruct you to apply via email. This requires creating a strong subject line to capture the hiring manager’s attention.

When crafting your subject line, don’t overthink it. Be succinct and direct. Unless explicitly instructed otherwise, include both the job title of the role you are applying for and the company. For example:

Application for the position of [Job Title] with [Company Name]

The above is short, simple, and to the point. In other words, it’s an effective way of telling the hiring manager exactly what to expect when they open the email.

How to follow up your job application

If you’ve not had an acknowledgment or feedback on your application within the suggested time on the advertisement (or a week if not stated), follow it up with an email. Demonstrate you are keen, interested, and motivated to successfully see your application through.

In your follow-up email, you should open with a polite and courteous salutation, keep it brief, and express in sentence or two why you are a good fit. Then, ask any questions related to the job at the end of the email. As before, close with a professional salutation.

Follow-up email template

Subject Line:  Molecular Scientist Position - [Your full name] Application

Dear [their first name].

I hope you are well. I recently submitted my application for the molecular scientist position and wondered if it would be possible to receive an update on your decision timeline.

I am very interested in working at [company name] and believe that my skill set — especially my extensive experience in [give example of relevant experience] at [current or former employer] — make me an ideal fit for the role.

Please let me know if you need any additional information from my end.

Thanks again for your consideration. I look forward to hearing from you.

Kind regards,

[Your full name]

With that said, good luck in your job hunting!

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Scientist Cover Letter Examples (Template & 20+ Tips)

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

Are you looking for a job in science? Writing an effective cover letter is a key step in your job search journey. Our Scientist Cover Letter Guide provides comprehensive information on writing a cover letter that will showcase your skills and experience. With our tips and templates, you can be sure your letter will make a great first impression.

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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Scientist Cover Letter Sample

Dear [Hiring Manager],

I am writing to express my interest in the Scientist position at [Company], as advertised on [Job Site]. With my educational background in [Field of Study] and my professional experience in [Field], I am confident I am the ideal candidate for the job.

I have a Masters Degree in [Field of Study] from [University], with a focus on [Particular Area of Study]. I also have a Bachelor's Degree in [Field of Study] from [University], where I was a [Awards/Distinctions] recipient. My educational background has enabled me to gain an in-depth understanding of the theoretical and practical aspects of the field. Additionally, I have experience in the application of the theories to real-world scenarios.

In my current role as a [Job Title] at [Company], I have been responsible for the planning, design, and execution of a variety of research projects. I have also managed the analysis of the data collected and prepared reports on the findings for the company. I am adept at using a range of software packages to analyze data, including [Software] and [Software].

In addition to my technical skills, I am a strong communicator and team player. I enjoy working in collaborative environments, and I have a proven track record of working successfully with colleagues from diverse backgrounds. I am also highly organized and have excellent problem-solving skills.

I believe I have the skills and experience necessary to make a valuable contribution to [Company]. I would welcome the opportunity to further discuss my qualifications and how I could benefit your team. Please feel free to contact me to arrange a time for us to speak.

Thank you for your consideration.

Sincerely, [Name]

Why Do you Need a Scientist Cover Letter?

A scientist cover letter is an important part of any job application. It is a way of introducing yourself and your qualifications to potential employers and gives them a chance to learn more about you. Here are some of the reasons why you need a scientist cover letter:

• It gives you a chance to highlight your qualifications and research experience.
• It allows you to demonstrate your knowledge of the scientific field and the position you are applying for.
• It shows you have taken the time to create a personalized letter tailored to the job you are applying for.
• It gives you an opportunity to demonstrate your written communication skills.
• It allows you to explain why you are the best candidate for the job.

A Few Important Rules To Keep In Mind

• Keep the cover letter short, no more than one page.
• Include a header at the top of the page with your contact information.
• Include the name and contact information of the hiring manager or recruiter.
• Start off with a strong, attention-grabbing introduction.
• Highlight your most relevant qualifications and experience.
• Include specific examples of your achievements in past roles.
• Tailor your letter to the job description and research the company.
• End the letter with a call to action and thank the reader.
• Proofread the letter carefully for any spelling or grammar errors.

What's The Best Structure For Scientist Cover Letters?

After creating an impressive Scientist 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 Scientist cover letter? Let's explore the guidelines and components that will make your cover letter stand out.

Key Components For Scientist 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

As an experienced scientist, I am excited to present my qualifications for the open position. My background includes a degree in Science and several years of research experience in the field. I am confident that I possess the skills and knowledge to be a valuable asset to your team.

My research and laboratory experience has focused on a variety of topics, including complex biological systems, data analysis and presentation, and statistical analysis. I have also had the opportunity to work with a wide range of laboratory equipment, from standard laboratory equipment to sophisticated research instrumentation. In addition, I have experience developing and writing research protocols and papers, and presenting my research findings to peers and colleagues.

I am a team player with excellent communication skills, able to work collaboratively in a fast-paced research environment. I am also able to work independently and take initiative when needed. My organizational skills and attention to detail allow me to manage multiple projects simultaneously and stay on top of deadlines.

I am eager to bring my knowledge, skills, and enthusiasm to your team. I am confident that I can make a positive contribution to your research projects. I would be delighted to discuss my qualifications further in an interview.

Thank you for your time and consideration.

Sincerely, [Your Name]

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 Scientist 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.

• Not including your contact information in the signature
• Not addressing the hiring manager by name
• Not thoroughly proofreading for errors
• Not crafting a unique cover letter for each job application
• Failing to explain why you want the position
• Using overly complex language
• Not emphasizing your relevant qualifications
• Including irrelevant information
• Making the cover letter too long
• Not highlighting your accomplishments
• Using clichés or overly informal language
• Failing to highlight your enthusiasm for the job

Key Takeaways For a Scientist Cover Letter

• Highlight your scientific accomplishments, such as grants, awards, and published research.
• Demonstrate your knowledge of the field by including relevant technical terms and jargon.
• Describe your research methods, laboratory techniques, and analytical abilities.
• Show a passion for the field and the particular job by articulating how your skills and experience match the job requirements.
• Emphasize the skills you bring to the role, such as problem-solving, data analysis, communication, and collaboration.
• Mention your commitment to safety protocols and ethical guidelines.

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• Published: 14 October 2022

How to make cover letters instructive

Nature Biomedical Engineering volume  6 ,  pages 1087–1088 ( 2022 ) Cite this article

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Succinctly convey the study’s context, emphases, implications and limitations.

The title of this Editorial may be read as implying that cover letters to articles submitted to Nature Biomedical Engineering are neither useful nor informative. Indeed, most aren’t. We find that many cover letters for research articles express excitement about the work, restate the abstract of the manuscript, declare that the findings constitute a major advance and emphasize the importance of the main research topic. They also typically list authors, suitable reviewers and excluded experts, and any competing interests and other confidential information; yet most of this information is requested by the manuscript submission system or can be provided through it.

Excitement, prominent advances and topical importance are, perhaps expectedly, more commonly relayed by authors than perceived or judged by editors (especially by those with a mindset for selectivity). Naturally, one’s own work is a labour of effort and passion; yet it is difficult to transmit enthusiasm to an editor accustomed to reading, often cursorily, many similarly worded cover letters each week. Novel, promising and transformative work, and platform technology with untapped potential are examples of swiftly skipped words in the angular gyrus of an editor’s brain as they skim through a cover letter to rapidly find the most useful bits of information.

There’s more than love for one’s work shaping the style of cover letters. Competition for publishing in a journal that peers perceive to be of high reputation drives many authors to overemphasize the findings of their work and the broader relevance of the subject area 1 . And misgivings about the work being misjudged by an editor insufficiently knowledgeable about the topic may drive some authors to avoid conveying seemingly complex context or background information, and to magnify the implications of their results.

It is therefore unsurprising that some editors disregard cover letters when assessing the suitability of a manuscript for their journal, or read the manuscript before opening the cover-letter file so as to appreciate and assess the work in the form meant to be communicated. Also, the widely held belief that editors of Nature-branded journals select manuscripts largely on the basis of the cover letter is a myth; manuscripts are examined 2 . Are cover letters for first submissions therefore a wasted effort? Are they an unhelpful relic of the pre-internet era? Do they bias manuscript selection? Many arguments can be made for and against these questions. Instead, discussing how cover letters accompanying first submissions of original research articles can be made more instructive would be more fruitful. That’s our aim for the remainder of this piece.

First, and foremost, know your audience. Manuscripts are written for the many; cover letters should be written for an audience of one (or for a team of very few). When writing a manuscript, knowing your intended audience primordially means appropriately crafting the context of the scientific story 3 . Similarly, consideration of the current scientific experience of the manuscript’s prospective handling editor and of their editorial colleagues — should this information be known or available — can inform how the cover letter is framed. Has the journal published related work? Does it have a reputation for quality in the subject area or for publishing similar types of scientific advances? Are the editors likely to be familiar with current challenges and opportunities in the field, and knowledgeable about its standards of rigour and reporting? Are the editors aware of any relevant controversies?

Second, help the editors understand and assess the main contributions of your work. At Nature Biomedical Engineering , for research manuscripts that fit the journal’s scope we assess the degree of advance, broad implications and breadth and depth of the work. To perform this task well, we need to place the manuscript in its appropriate context 4 . We find that a cover letter is particularly informative when it helps us to identify the relevant type of advances in the study. Do the authors feel that the main contribution of the work involves the development of new technology to widen its biomedical applicability? Or does the value of the work mostly lie on the performance and translatability of a slightly improved workflow? Are any of the methods or their implementation new? Was the study’s aim to minimize the usability and cost of a device, or to expand its functionality? Is the mechanism of action underlying the discovered phenomena a notable contribution? And are the mechanistic insights being leveraged to improve the understanding of the disease or the intervention? We also appreciate it when cover letters provide suitable context for the work: for instance, which recently published studies are most relevant, and why? Is the work merely using state-of-the-art technology or methodology, or building on it? Has the same problem been addressed by other approaches? Has the same hypothesis been investigated from different angles? What types of validation support the robustness of the findings?

Third, describe the realistic implications of the work. The temptation is to dream big; yet, the credibility of the inferences improve when they are suitably constrained. Hence, state the main challenges that lie in the way. Similarly, describe the study’s limitations and whether they arise from the assumptions made, or from the methods, models or data acquired or used.

The style and format of research manuscripts are constrained for good reasons: they make it easier to find and interpret the information. The freedom of free-form writing can make cover letters more challenging to write well. We can offer a few more pieces of advice: constrain their length, structure and detail 5 , and explain your work and its context accessibly 6 . And, as if writing for a semi-supervised learning agent (pictured), use natural language.

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Nat. Biomed. Eng. 5 , 1111–1112 (2021).

Nat. Biomed. Eng. 6 , 105 (2022).

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How to make cover letters instructive. Nat. Biomed. Eng 6 , 1087–1088 (2022). https://doi.org/10.1038/s41551-022-00957-4

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Writing a Cover Letter for Journal Submission [Free Template]

• Research Process
• Peer Review

Journal cover letters are your chance to lobby on behalf of your manuscript. This AJE Journal Cover Letter Guide offers some useful tips for getting them right. It also includes a free journal cover letter template.

Updated on September 20, 2018

The cover letter accompanying your journal submission is your chance to lobby on behalf of your manuscript. The letter is far from just a formality and should be written with the same care as your manuscript's text (if not more). Ultimately, your cover letter is designed to influence the decision of the editor to send your manuscript out for peer review. The letter will argue that your manuscript is a good fit for the journal you are submitting it to and highlight your most important findings. Let us help you produce the most effective cover letter possible.

Getting ready to submit your manuscript? Download our comprehensive Free Journal Cover Letter Writing Guide with Template .

A cover letter should be written like a standard business letter :

Address the editor formally by name, if known. Include your contact information, as well. This information is probably available through the journal's online submission system, but it is proper to provide it in the cover letter, too.

Begin your cover letter with a paragraph that states the name of the manuscript and the names of the authors. You can also describe what type of manuscript your submission is (research article, review, case report, etc.). In this first paragraph and the next, describe the rationale behind your study and the major findings from your research. You can refer to prior work that you have published if it is directly related.

Next, write a short paragraph that explains why your manuscript would be a good fit for the journal. Do not simply state that your manuscript is “of interest to the field” or “novel.” Address specific aspects of the journal's Aims & Scope statement. If the journal expresses interest in research with a clinical application, be sure to highlight the importance of your work in terms of clinical implications. If the journal mentions that it focuses on nanostructured materials, explain how your work involved such materials. Even if your work is not a perfect fit for the journal, be sure to address some of the Aims & Scope statement, and explain why your manuscript would be of interest to the journal's readers.

Finally, close with a brief paragraph indicating the following:

• The manuscript is original (i.e., you wrote it, not copied it)
• No part of the manuscript has been published before, nor is any part of it under consideration for publication at another journal
• There are no conflicts of interest to disclose
• A list of potential reviewers (only if requested by the journal)
• Any researchers who should NOT review your manuscript

Together, this information provides assurance to the editor that your manuscript merits consideration for publication in their journal and that you are interested specifically in their journal. Sometimes great science will be reviewed regardless of the cover letter, but a well written cover letter is useful for the vast majority of scientists who want to make their research stand out.

Best of luck with your research! If you have any questions about your cover letter, write us anytime.

Ben Mudrak, PhD

See our "Privacy Policy"

Cover Letter for Journal Submission Templates

Download a Microsoft Word template for a standard journal cover letter (also available with instructions in Chinese , Japanese , Korean , Portuguese , and Spanish ).

Scientific Writer Cover Letter Examples & Writing Tips

Use these Scientific Writer cover letter examples and writing tips to help you write a powerful cover letter that will separate you from the competition.

Table Of Contents

• Scientific Writer Example 1
• Scientific Writer Example 2
• Scientific Writer Example 3
• Cover Letter Writing Tips

Scientific writers are responsible for communicating scientific information to the general public. They may also be responsible for writing proposals to obtain funding for scientific research.

To get a job as a scientific writer, you need to have excellent writing skills and a strong understanding of scientific principles. Use these examples and tips to write a cover letter that will help you stand out from the competition.

Scientific Writer Cover Letter Example 1

I am excited to be applying for the Scientific Writer position at Topdown Science. I have a Master’s degree in science writing and more than five years of experience writing about complex scientific concepts for a lay audience. I am confident that I have the skills and experience necessary to be a valuable member of your team.

In my previous role at the Science News Journal, I wrote about a variety of scientific disciplines, including physics, chemistry, biology, and mathematics. I have a knack for taking complex scientific concepts and breaking them down into easy-to-understand language that is still accurate and informative. I am also experienced in writing for different media platforms, including print, online, and video.

Most importantly, I have a passion for science writing and for helping people understand complex scientific concepts. I am excited to join Topdown Science and contribute my skills and experience to your team. I look forward to hearing from you soon.

Scientific Writer Cover Letter Example 2

I am writing to apply for the Scientific Writer position that was recently advertised on the company website. I am confident that I have the skills and qualifications that you are looking for, and I believe that I would be a valuable asset to your team.

I have been working as a Scientific Writer for the past three years, and during that time I have developed a strong understanding of the scientific writing process. I am well-versed in writing for both academic and non-academic audiences, and I have experience writing for a variety of formats including journal articles, conference proceedings, and scientific reports. I am also familiar with the latest trends and developments in the field, and I am able to keep up with the latest research and developments.

In addition to my writing skills, I am also an effective team player. I am able to work well with other professionals, and I am able to take direction and feedback well. I am confident that I would be a valuable member of your team, and I look forward to the opportunity to discuss this position further with you.

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

Scientific Writer Cover Letter Example 3

I am writing to express my interest in the Scientific Writer position that you have posted. I believe that my experience as a scientific writer and my enthusiasm for science make me an excellent candidate for this position.

I have been a scientific writer for the past five years, working on projects ranging from small-scale research papers to large-scale grant proposals. My experience has taught me how to work with scientists of all levels of expertise, from graduate students to senior professors. I have also learned how to write in a way that is both accessible and accurate, which is essential when working with scientists.

My experience has also taught me how to work under pressure. I have written papers and proposals on tight deadlines, and I know how to meet deadlines while still producing high-quality work. I am confident that I can produce quality work quickly if necessary.

I am very interested in working at your company because of its reputation for excellence in science. I would enjoy the opportunity to work with other scientists who are dedicated to their work and committed to excellence. I would also enjoy the chance to learn more about science and how it works.

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

Scientific Writer Cover Letter Writing Tips

1. show your writing skills.

As a scientific writer, you will be responsible for writing scientific papers, proposals, and reports. To show hiring managers that you have the writing skills necessary for the job, be sure to:

• Include a writing sample with your application.
• Talk about your experience writing scientific papers, proposals, and reports.
• Explain how you select the most important information to include in your writing, and how you make sure your writing is clear and concise.

2. Customize your cover letter

Since you will be writing for a variety of clients, it’s important to customize your cover letter for each job you apply to. Highlight your skills and experience that are the best match for the position you’re applying for. For example, if you see that the job requires experience writing for a specific audience, be sure to mention any past experience you have writing for that audience.

3. Show your passion for science

Hiring managers are looking for passionate writers who are excited about science. Show your excitement by using phrases like “I’m passionate about” and “I love” when talking about science. You can also describe how you became interested in science and how you continue to learn more about it every day.

4. Proofread your cover letter

Proofreading your cover letter is one of the most important steps to taking when applying for a job as a scientific writer. Make sure to spell-check and double-check that there are no errors in your resume or cover letter. Otherwise, you risk being disqualified before the employer even sees your qualifications.

Internal Communications Manager Cover Letter Examples & Writing Tips

Erp specialist cover letter examples & writing tips, you may also be interested in..., associate editor cover letter examples & writing tips, entertainment manager cover letter examples & writing tips, surgical assistant cover letter examples, furniture designer cover letter examples & writing tips.

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 

Ready to Learn More?

More From Forbes

Writing Cover Letters For A Career Change: Tips And Examples

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Embarking on a career change is a pivotal moment, fraught with uncertainty but brimming with potential. And especially in cases where your resume might not directly align with the job at hand, your cover letter becomes the narrative that connects the dots. A well-crafted cover can illuminate your strengths, align your past experiences with your future aspirations, and persuade potential employers to see the value you bring.

The Importance Of A Cover Letter In Career Changes

In career transitions, your cover letter is your storyteller. It explains the why and the how of your career change, showcasing your enthusiasm and demonstrating how your background equips you with unique perspectives and transferable skills. It addresses potential concerns about your career shift head-on, presenting your transition as an asset rather than a liability.

Tips For Writing A Career Change Cover Letter

1. Personalize Your Approach : Address the letter to a specific person whenever possible. Doing so demonstrates attention to detail and a genuine interest in the position. You want to show that you’re not conducting a generic job search, but that you’ve done your research. You’ve perused (not skimmed) the company website and you read that 20-page yearly report from the CEO. You’ve even read their blog and can quote freely from it. You’ve educated yourself.

2. Emphasize Transferable Skills : Highlight the skills and experiences from your previous roles that are relevant to the new position. Be specific and quantify achievements where possible.

3. Show Enthusiasm and Commitment : Employers want to know that you are genuinely interested in the new field. Express your passion for the career change and your eagerness to contribute.

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4. Tailor Your Narrative : Connect your past experiences to the job you're applying for, demonstrating how your unique background can bring a fresh perspective to the role.

5. Address Potential Concerns : Be upfront about your career change, framing it as a positive decision guided by clear motivation and a strong understanding of the new field.

6. End with a Strong Call to Action : Conclude by expressing your desire to discuss your application further in an interview, showing proactivity and determination.

7. Use Strategic Language : Avoid clichéd adjectives. Opt for vivid, specific language that paints a clear picture of your capabilities and achievements.

Example: General Career Change Cover Letter

Dear [Hiring Manager's Name],

I am excited to apply for the [Position] at [Company], transitioning from a career in [Current Industry] to [New Industry]. My experience in [Current Industry] has equipped me with valuable skills that I am eager to apply in [New Industry]. For instance, while working as [Previous Position], I developed a keen ability to [transferable skill], resulting in [specific achievement].

In [Current Industry], I honed my skills in [relevant skill] and demonstrated my ability to [relevant achievement], directly benefiting my team by [specific outcome]. I am particularly drawn to [New Industry] because [reason for interest], and I am enthusiastic about the opportunity to bring my [specific skill] and [another skill] to the [Position] at [Company].

[Your Name]

Tweaks For Various Career Stages

Whether you are making a change early in your career or transitioning later, your cover letter should reflect your rationale and excitement for this new path.

Example: Early Career Cover Letter

As someone at the early stages of my career, I am eager to leverage the foundational skills I gained in [Initial Field], such as [specific skill], in [New Field]. My recent role as [Previous Position] allowed me to develop [relevant skills or experiences], which align closely with the requirements of the [Position] at [Company].

Example: Late Career Cover Letter

Transitioning into [New Field] at this point in my career is a deliberate and enthusiastic choice, driven by my deep-seated interest in [aspect of New Field]. With extensive experience in [Previous Field], I bring a wealth of knowledge and a unique perspective that can contribute to innovative solutions and strategies at [Company].

Tweaks For White And Blue-Collar Roles

Transitioning between white and blue-collar roles offers a unique opportunity to highlight diverse skills and experiences.

Example: White To Blue Collar Cover Letter

I am eager to apply the strategic and managerial skills honed in my white-collar career to the hands-on, dynamic environment of [Blue Collar Field]. My experience in [White Collar Role], where I developed [specific skills], aligns well with the challenges and responsibilities of the [Blue Collar Position] at [Company].

Example: Blue To White Collar Cover Letter

Transitioning from [Blue Collar Field] to [White Collar Field], I bring practical, on-the-ground experience that can inform and enhance the strategic decisions in [White Collar Role]. My background in [Blue Collar Role], where I mastered [specific skills], equips me with a unique perspective beneficial for the [White Collar Position] at [Company].

Including A Career Change Statement On Your Resume/CV

While your cover letter is the ideal place to elaborate on your career change, your resume/CV should also reflect this transition. A brief career change statement, positioned at the beginning of your resume, can effectively set the context for your career narrative. This statement should succinctly convey your transition, emphasizing your commitment to the new field and highlighting any transferable skills or relevant experiences.

How To Craft A Career Change Statement For Your Resume

1. Objective Statement : Begin with a clear, concise objective that outlines your career goals and demonstrates your enthusiasm for your new field.

2. Summary of Qualifications : Follow your objective with a brief summary of your most relevant qualifications, focusing on skills and experiences that transition well into your new career.

3. Highlight Transferable Skills : Clearly identify and emphasize any skills from your previous career that are pertinent to your new path. This not only demonstrates your capability but also shows your proactive approach in aligning your skill set with the new role's requirements.

4. Tailor Your Experience : Adjust the descriptions of your past positions to highlight the responsibilities and achievements most relevant to your desired career path. Use quantifiable achievements to underscore your adaptability and impact.

5. Education and Training : If you have pursued any education or training relevant to your new field, highlight this prominently on your resume to illustrate your dedication and commitment to your career change.

Create your Europass CV

The Europass CV builder makes it easy to create your CV online. You can use it to apply for a job, education or training opportunities as well as volunteering.

The best-known CV format in Europe

The Europass CV is one of the best-known CV formats in Europe. It is easy-to-use and familiar to employers and education institutions.

You will first have to create your Europass profile with information on your education, training, work experience and skills. After you complete your Europass profile, you can create as many CVs as you want with just a few clicks. Just select which information you want to include, pick your favourite design and Europass will do the rest. 

You can create, store and share CVs in 31 languages . You can download your Europass CV, store it in your Europass Library share it with employers, with  EURES  or other job boards.

How to create a good CV

Remember that your CV is your first opportunity to communicate your skills and experiences to a future employer. It is a snapshot of who you are, your skills, your educational background, work experiences and other achievements.

Present your experience clearly

Highlight examples of your skills and experiences matching the job you are applying for. Pay close attention to the details published in the vacancy notice.

Tailor your CV

Make sure you update the ‘About Me’ section to highlight why you are the best person for the job. Do not include a full detailed history. Focus on facts and main points that match the job you have in mind.

Make it readable

Make sure your CV is easy to read. Use clear and simple language.  Use strong verbs (e.g. ‘managed’, ‘developed’, ‘increased’).

Use reverse chronological order

Always list the most recent experience on the top followed by previous ones. In case of long gaps in working or learning, include an explanation.

Polish and fine-tune

Check for spelling and grammar mistakes, provide a professional e-mail address, and add a professional photograph of yourself.

Your Europass profile

Your Europass profile is the place to keep a record of all your skills, qualifications and experiences. If you keep your Europass profile up-to-date then you will always have all the information you need to create tailored CVs and job applications quickly.

Good luck with your applications!

Find support through EU services

Eures the european job mobility portal, working abroad in other eu countries, education and training in other eu countries, you may be interested to read.

Create your Europass Cover Letter

Develop your skills through volunteering

Managing your personal information in Europass

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Samples offer glimpse of active Earth 2.5 billion years ago

In earth science, small details can help explain massive events. Rita Parai , an assistant professor of earth, environmental and planetary sciences in Arts & Sciences at Washington University in St. Louis, uses precision equipment to measure trace levels of noble gases in rocks, samples that can provide key insights into planetary evolution.

In a study published in Earth and Planetary Science Letters , Parai and graduate student Judy Zhang used measurements of noble gases from volcanic rocks from the Cook and Austral islands to show that plate tectonics have been delivering gases from the surface into deep Earth for more than 2.5 billion years.

Noble gases are especially helpful for deep-time investigations because they are chemically inert. Some of their isotopes were trapped in the interior 4.5 billion years ago when the Earth first formed.

Read more from The Ampersand .

Comments and respectful dialogue are encouraged, but content will be moderated. Please, no personal attacks, obscenity or profanity, selling of commercial products, or endorsements of political candidates or positions. We reserve the right to remove any inappropriate comments. We also cannot address individual medical concerns or provide medical advice in this forum.

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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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