An investigation into the relationship between career success and personality traits of UK Wealth Managers

Abstract

This research study, located in the UK Wealth Management sector, was concerned with investigating the point of intersection between two discrete research fields, i.e. career success and personality traits. Employing a postpositivist research philosophy and utilising quantitative methods, the study examined the relationship between the career success of a sample of UK wealth managers and their underlying personality traits, as defined by the Five Factor Model (FFM). In this study, career success measures were multiple: the Minnesota Satisfaction Questionnaire (MSQ) assessed job satisfaction and the Career Success Scale (CSS) measured career satisfaction; both elements of subjective career success. Objective career success was conceptualised as job productivity, with data provided by the participating organisations. The Ten Item Personal Inventory (TIPI) was deployed to evaluate each subject’s personality. The literature on the relationship between personality and career success was found to be extensive, though not definitive, and encompassed a multitude of professions and workplace scenarios. Notably, gaps existed in research within this specific sector of the UK financial services market. As such, the current study contributed to knowledge by identifying inter-construct relationships between (i) job satisfaction and career satisfaction, and (ii) career satisfaction and job productivity, for UK wealth managers. Job satisfaction was not found to be linked to job productivity. Various relationships were identified between the separate constructs of career success and the FFM personality traits, with conscientiousness positively linked to all three constructs (to varying degrees) and with neuroticism found to have an inverse relationship with both job satisfaction and career satisfaction. Additionally, job productivity was found to be linked to both wealth management experience and professional qualification level, with wealth management experience also linked to career satisfaction. Recommendations for practice included the development of a specialised selection tool for candidate wealth managers and, separately, the establishment of training and development programmes for existing employees, with the purpose of developing behaviours suggested by the prevailing beneficial personality traits.