cover letter for evaluation report

Monitoring and Evaluation Officer Cover Letter Example

Do You Want to Work as a Monitoring and Evaluation Officer? As a result, when applying for this job, make sure to include in your cover letter a summary of all of your prior experiences that highlight your relevant skills and abilities and give your resume more weight. The Monitoring and Evaluation Officer Cover Letter Sample that follows, which was written by one of our specialist writers, offers an illustration of this letter structure. After the sample cover letter, we’ve included guidelines and suggestions you can use to write your own.

The Monitoring and Evaluation Officer is in charge of making sure that approaches, operations, and programs are accomplishing the expected effects. They frequently collaborate with NGOs or governmental organizations to assist these bodies in enhancing their effectiveness over the duration.

• Cover Letters

Monitoring and Evaluation Officers might also be responsible for gathering data pertaining to the program under review. The effectiveness of a program can then be evaluated using this data, and any necessary modifications can be made.

What to Include in a Monitoring and Evaluation Officer Cover Letter?

Roles and responsibilities.

• Devising and executing data collection strategies, which include designing polls and online surveys, finding volunteers, and gathering and analyzing data.
• Examining information to spot patterns and make judgments regarding the success of programs.
• Creating quantitative techniques to evaluate behavior patterns , viewpoints, or actions, such as questionnaires or structured observations.
• Gathering information on program execution and results to guide subsequent performance enhancement initiatives.
• Gathering information on customer gratification with amenities or programs to assess if they satisfy customers’ demands.
• Researching to find out what the neighborhood needs and what new problems might affect how well a program works.
• Assessing the success of a program by comparing outputs to results and outcomes to goals.
• Surveying or interviewing participants in target communities to learn more about their proclivities and requirements.

Education & Skills

Monitoring and evaluation officer skills:.

• Effective communication skills with clientele, investors, and other members of the team.
• Project management and data analysis abilities.
• Powerful time management and research skills.
• Understanding of the main data collecting and processing techniques as well as the assessment strategies (such as subjective, statistical, hybrid, and repercussions).
• Knowledge of creating and improving information-gathering technologies.
• Knowledge in monitoring and assessing the quality of the data.
• Capability to coordinate and act as a program mediator for audits that are handled extrinsically.
• Competence in the local language is an advantage.

Monitoring and Evaluation Officer Education Requirements:

• A Bachelor’s or Postgraduate degree in a relevant subject, such as Economics, Statistics, Demographics, Public Policy, International Development, Research Techniques, Research Methodology, or Research Administration.
• An employment history, especially in the same occupation.
• Advanced certification in Monitoring and Evaluation, Statistics, or Economics is desirable.

Monitoring and Evaluation Officer Cover Letter Example (Text Version)

Dear Hiring Manager,

I am sending you my CV for evaluation after learning about your job posting for a Monitoring and Evaluation Officer that has been advertised on your official job portal. My skills will instantly help your team at Pavilion Foundation since I have substantial expertise in managing thorough internal scheduling, evaluation, as well as program reporting for renowned non-profits.

My expertise has equipped me to flourish in this position, from developing annual audit proposals and putting surveillance systems in place to evaluating complicated data sets and documenting findings. With a track record of success in data accuracy and quality, report creation, and project management, together with my extra strengths in teamwork and regulatory conformity, I am well-positioned to succeed in this demanding position.

Here are some of my professional highlights:

• For the last six years, I have been in charge of The Asia Program’s mission design, assessment, tracking, inspection, and documenting. I have also generated and circulated M&E studies to sponsors and organizational management.
• Played a crucial part in creating the yearly task plan and financial plan for The Asia Program through careful statistical analysis and bondholder engagement.
• To enable more precise and reliable M&E findings, new documentation procedures, data gathering tools, assessment procedures, and evaluation metrics were developed and launched.
• Graduated from Cornell University with a Master’s in Economic Cooperation and earned a certification in Monitoring and Evaluation from ITC.
• Possess strong technical and analytical abilities.

I can quickly exceed your expectations for this post given my experience in leading all facets of Monitoring and Evaluation and my dedication to achieving and reviewing highly precise and revealing outcomes. I am confident that I will be able to significantly contribute to the growth of your business. I’m forward to discussing further details with you.

Thank you for taking the time to evaluate my qualifications and résumé in the attachment. I would be ecstatic to have the opportunity to converse with you about my candidacy.

I appreciate your consideration.

Sincerely, [Your Name]

A strong cover letter is essential in obtaining your CV read. If simply your cover letter tends to entice the recruiter, he or she will be interested in reading your CV. In addition to looking appealing and sounding professional, your cover letter should detail all of your qualifications and demonstrate your familiarity with the position and the job. Because of this, you ought to be abreast of your foes. It should be crafted such that all of your strengths are appropriately emphasized. Check out our Monitoring and Evaluation Officer Resume Samples here after looking through our cover letter samples.

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Home » 7+ Unique Monitoring And Evaluation Cover Letter Sample

7+ Unique Monitoring And Evaluation Cover Letter Sample

Your cover letter is an essential part of your application package for a Monitoring and Evaluation Officer position. With so many qualified candidates vying for this role, you want to make sure your letter stands out from the rest. The following tips will help you write a compelling cover letter that will help you get the job you want.

Be sure to introduce yourself in the opening paragraph and explain why you are interested in the position. Use the second paragraph to highlight your key qualifications, including your experience with data collection and analysis, project management, and report writing. In the third paragraph, discuss how your skills and experience can benefit the organization in meeting its monitoring and evaluation objectives. Finally, thank the reader for their time and consideration, and include your contact information so they can easily reach you. By following these tips, you can be sure your cover letter will make a strong impression and help you land the job you want.

Table of Contents

How To Write a Monitoring and Evaluation Cover Letter?

When applying for a monitoring and evaluation (M&E) position, it is important to include a cover letter that highlights your relevant experience and skills. Here are some tips on how to write an M&E cover letter:

• Start by introducing yourself and explaining why you are interested in the position.
• Mention your relevant qualifications, including any experience you have with data analysis, program evaluation, or project management.
• Describe your personal strengths that you feel would make you successful in an M&E role.
• Conclude by expressing your interest in meeting with the hiring manager to discuss the position further.

By following these tips, you can craft a strong cover letter that will help you stand out from the competition and improve your chances of landing an interview for an M&E position.

Related: How To Write a Cover Letter (And Get Hired in 2022!)

Cover Letter For Monitoring and Evaluation Officer

To Whom It May Concern,

I am writing to apply for the Monitoring and Evaluation Officer position with Save the Children. I am a highly analytical and detail-oriented professional with a strong background in data analysis and project management.

In my current role as Monitoring and Evaluation Officer for International Rescue Committee, I have been responsible for designing and conducting evaluations of our programs and projects. I have also led the development of data collection and analysis plans, as well as prepared reports and presentations on findings. My experience has shown me that I have a true passion for monitoring and evaluation work and I am excited to bring my skills to Save the Children.

I believe that my qualifications make me the perfect candidate for this position and I am confident that I can be a valuable asset to your team. I am eager to utilize my skills and experience in a new setting and I look forward to contributing to the success of Save the Children.

Thank you for your consideration.

Related: 145+ Creative Safety Officer Resume Objective ideas

Sample Cover Letter For Monitoring and Evaluation Specialist

I am writing to express my interest in the position of Monitoring and Evaluation Specialist with your organization. As a recent graduate of the Master of Public Policy program at Duke University, I have gained the skills and knowledge necessary to excel in this role.

In my previous position as a Research Assistant at the Duke Center for Health Policy, I conducted policy research and analysis on a variety of topics related to healthcare reform. I also assisted in the development and implementation of evaluation plans for several federal grant-funded projects. These experiences have provided me with a strong foundation in monitoring and evaluation methods, which I believe will be invaluable in this position.

In addition to my technical skills, I am also a strong communicator and have the ability to build relationships with diverse stakeholders. I am confident that I can be an asset to your team and contribute to the success of your organization.

Thank you for your time and consideration.

Related: 7+ Unique Talent Acquisition Cover Letter Samples [Free]

Monitoring and Evaluation Assistant Cover Letter

I am writing to apply for the Monitoring and Evaluation Assistant role with ABC Corporation.

As a recent graduate of XYZ University with a degree in sociology and experience working in data analysis, I am confident that I have the skills and qualifications necessary for this position. In my previous role, I was responsible for conducting research, analyzing data, and writing reports. So, I am also proficient in using statistical software programs like SPSS and STATA.

I am very interested in the work that ABC Corporation does and I believe that my skills and experience would be a valuable asset to your team. Also, I am eager to utilize my skills in data analysis to help you achieve your organizational objectives.

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

Related: 05+ Creative DevOps Cover Letter Samples & Examples

Monitoring and Evaluation Cover Letter With No Experience

I am writing to apply for the position of Monitoring and Evaluation Officer with your organization. I am a recent graduate of XYZ University with a degree in International Development and a minor in Economics. So, I have a keen interest in monitoring and evaluation (M&E) and have gained valuable experience through my internships with ABC NGO and XYZ Corporation. I am confident that I have the skills and knowledge necessary to excel in this role.

As an M&E Officer. I would be responsible for designing and implementing M&E systems, collecting and analyzing data, and preparing reports. I would also be tasked with identifying areas for improvement and suggesting strategies for achieving program goals. With my experience in the field of international development, I am well-equipped to handle these responsibilities effectively.

I am eager to utilize my skills and knowledge in an M&E role and contribute to your organization’s success. I believe that I can be a valuable asset to your team and would welcome the opportunity to discuss my qualifications further. Thank you for your time and consideration.

Related: Indeed Cover Letter: 07 Templates and Samples

Monitoring and Evaluation Application Letter

I am writing in regards to the position of Monitoring and Evaluation Officer. So, I am confident that I have the skills and experience needed for this role.

Also. I have a degree in social sciences, with a focus on research methods and data analysis. I have experience working in program evaluation and impact assessment, both in the field and in the office. So, I am familiar with both quantitative and qualitative data collection methods. And have experience using different software programs for data analysis.

I am a self-starter with good interpersonal skills. So, I work well independently as well as part of a team. I am organized and detail-oriented, with good time management skills. So, I have the ability to meet deadlines and work under pressure.

Also, I am excited about the opportunity to use my skills and experience in a new context. And I believe that I can be an asset to your team. I look forward to discussing my qualifications further with you.

Related: Application Letter for Employment: 07 Samples & Examples

5 things To Include a Monitoring and Evaluation Cover Letter

When applying for a job in Monitoring and Evaluation. It is essential to include a cover letter that highlights your most relevant skills and experience. Here are five things to include in your cover letter:

• A brief overview of your professional background and how it relates to the position you are applying for.
• An explanation of why you are interested in the role and what you believe you could contribute to the organization.
• A description of your experience in conducting research and data analysis, with specific examples if possible.
• A discussion of your familiarity with various M&E tools and techniques, and how you would use them in the role.
• Finally, provide contact information so that the employer can easily reach you to discuss your application further. By following these tips. You can ensure that your cover letter makes a strong impression and increases your chances of being selected for an interview.

Related: What is Cover Letter? Complete Guide To Get any Job.

Thank you for taking the time to read this blog post on cover letters. I hope you found it helpful and informative. If you have any questions, please don’t hesitate to reach out to me. I would be happy to help in whatever way I can. Thanks again for your time!

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• How to Write Evaluation Reports: Purpose, Structure, Content, Challenges, Tips, and Examples
• Protected: Learning Center

This article explores how to write effective evaluation reports, covering their purpose, structure, content, and common challenges. It provides tips for presenting evaluation findings effectively and using evaluation reports to improve programs and policies. Examples of well-written evaluation reports and templates are also included.

Table of Contents

What is an Evaluation Report?

What is the purpose of an evaluation report, importance of evaluation reports in program management, structure of evaluation report, best practices for writing an evaluation report, common challenges in writing an evaluation report, tips for presenting evaluation findings effectively, using evaluation reports to improve programs and policies, example of evaluation report templates, conclusion: making evaluation reports work for you.

An evaluatio n report is a document that presents the findings, conclusions, and recommendations of an evaluation, which is a systematic and objective assessment of the performance, impact, and effectiveness of a program, project, policy, or intervention. The report typically includes a description of the evaluation’s purpose, scope, methodology, and data sources, as well as an analysis of the evaluation findings and conclusions, and specific recommendations for program or project improvement.

Evaluation reports can help to build capacity for monitoring and evaluation within organizations and communities, by promoting a culture of learning and continuous improvement. By providing a structured approach to evaluation and reporting, evaluation reports can help to ensure that evaluations are conducted consistently and rigorously, and that the results are communicated effectively to stakeholders.

Evaluation reports may be read by a wide variety of audiences, including persons working in government agencies, staff members working for donors and partners, students and community organisations, and development professionals working on projects or programmes that are comparable to the ones evaluated.

Related: Difference Between Evaluation Report and M&E Reports .

The purpose of an evaluation report is to provide stakeholders with a comprehensive and objective assessment of a program or project’s performance, achievements, and challenges. The report serves as a tool for decision-making, as it provides evidence-based information on the program or project’s strengths and weaknesses, and recommendations for improvement.

The main objectives of an evaluation report are:

• Accountability: To assess whether the program or project has met its objectives and delivered the intended results, and to hold stakeholders accountable for their actions and decisions.
• Learning : To identify the key lessons learned from the program or project, including best practices, challenges, and opportunities for improvement, and to apply these lessons to future programs or projects.
• Improvement : To provide recommendations for program or project improvement based on the evaluation findings and conclusions, and to support evidence-based decision-making.
• Communication : To communicate the evaluation findings and conclusions to stakeholders , including program staff, funders, policymakers, and the general public, and to promote transparency and stakeholder engagement.

An evaluation report should be clear, concise, and well-organized, and should provide stakeholders with a balanced and objective assessment of the program or project’s performance. The report should also be timely, with recommendations that are actionable and relevant to the current context. Overall, the purpose of an evaluation report is to promote accountability, learning, and improvement in program and project design and implementation.

Evaluation reports play a critical role in program management by providing valuable information about program effectiveness and efficiency. They offer insights into the extent to which programs have achieved their objectives, as well as identifying areas for improvement.

Evaluation reports help program managers and stakeholders to make informed decisions about program design, implementation, and funding. They provide evidence-based information that can be used to improve program outcomes and address challenges.

Moreover, evaluation reports are essential in demonstrating program accountability and transparency to funders, policymakers, and other stakeholders. They serve as a record of program activities and outcomes, allowing stakeholders to assess the program’s impact and sustainability.

In short, evaluation reports are a vital tool for program managers and evaluators. They provide a comprehensive picture of program performance, including strengths, weaknesses, and areas for improvement. By utilizing evaluation reports, program managers can make informed decisions to improve program outcomes and ensure that their programs are effective, efficient, and sustainable over time.

The structure of an evaluation report can vary depending on the requirements and preferences of the stakeholders, but typically it includes the following sections:

• Executive Summary : A brief summary of the evaluation findings, conclusions, and recommendations.
• Introduction: An overview of the evaluation context, scope, purpose, and methodology.
• Background: A summary of the programme or initiative that is being assessed, including its goals, activities, and intended audience(s).
• Evaluation Questions : A list of the evaluation questions that guided the data collection and analysis.
• Methodology: A description of the data collection methods used in the evaluation, including the sampling strategy, data sources, and data analysis techniques.
• Findings: A presentation of the evaluation findings, organized according to the evaluation questions.
• Conclusions : A summary of the main evaluation findings and conclusions, including an assessment of the program or project’s effectiveness, efficiency, and sustainability.
• Recommendations : A list of specific recommendations for program or project improvements based on the evaluation findings and conclusions.
• Lessons Learned : A discussion of the key lessons learned from the evaluation that could be applied to similar programs or projects in the future.
• Limitations : A discussion of the limitations of the evaluation, including any challenges or constraints encountered during the data collection and analysis.
• References: A list of references cited in the evaluation report.
• Appendices : Additional information, such as detailed data tables, graphs, or maps, that support the evaluation findings and conclusions.

The structure of the evaluation report should be clear, logical, and easy to follow, with headings and subheadings used to organize the content and facilitate navigation.

In addition, the presentation of data may be made more engaging and understandable by the use of visual aids such as graphs and charts.

Writing an effective evaluation report requires careful planning and attention to detail. Here are some best practices to consider when writing an evaluation report:

Begin by establishing the report’s purpose, objectives, and target audience. A clear understanding of these elements will help guide the report’s structure and content.

Use clear and concise language throughout the report. Avoid jargon and technical terms that may be difficult for readers to understand.

Use evidence-based findings to support your conclusions and recommendations. Ensure that the findings are clearly presented using data tables, graphs, and charts.

Provide context for the evaluation by including a brief summary of the program being evaluated, its objectives, and intended impact. This will help readers understand the report’s purpose and the findings.

Include limitations and caveats in the report to provide a balanced assessment of the program’s effectiveness. Acknowledge any data limitations or other factors that may have influenced the evaluation’s results.

Organize the report in a logical manner, using headings and subheadings to break up the content. This will make the report easier to read and understand.

Ensure that the report is well-structured and easy to navigate. Use a clear and consistent formatting style throughout the report.

Finally, use the report to make actionable recommendations that will help improve program effectiveness and efficiency. Be specific about the steps that should be taken and the resources required to implement the recommendations.

By following these best practices, you can write an evaluation report that is clear, concise, and actionable, helping program managers and stakeholders to make informed decisions that improve program outcomes.

Writing an evaluation report can be a challenging task, even for experienced evaluators. Here are some common challenges that evaluators may encounter when writing an evaluation report:

• Data limitations: One of the biggest challenges in writing an evaluation report is dealing with data limitations. Evaluators may find that the data they collected is incomplete, inaccurate, or difficult to interpret, making it challenging to draw meaningful conclusions.
• Stakeholder disagreements: Another common challenge is stakeholder disagreements over the evaluation’s findings and recommendations. Stakeholders may have different opinions about the program’s effectiveness or the best course of action to improve program outcomes.
• Technical writing skills: Evaluators may struggle with technical writing skills, which are essential for presenting complex evaluation findings in a clear and concise manner. Writing skills are particularly important when presenting statistical data or other technical information.
• Time constraints: Evaluators may face time constraints when writing evaluation reports, particularly if the report is needed quickly or the evaluation involved a large amount of data collection and analysis.
• Communication barriers: Evaluators may encounter communication barriers when working with stakeholders who speak different languages or have different cultural backgrounds. Effective communication is essential for ensuring that the evaluation’s findings are understood and acted upon.

By being aware of these common challenges, evaluators can take steps to address them and produce evaluation reports that are clear, accurate, and actionable. This may involve developing data collection and analysis plans that account for potential data limitations, engaging stakeholders early in the evaluation process to build consensus, and investing time in developing technical writing skills.

Presenting evaluation findings effectively is essential for ensuring that program managers and stakeholders understand the evaluation’s purpose, objectives, and conclusions. Here are some tips for presenting evaluation findings effectively:

• Know your audience: Before presenting evaluation findings, ensure that you have a clear understanding of your audience’s background, interests, and expertise. This will help you tailor your presentation to their needs and interests.
• Use visuals: Visual aids such as graphs, charts, and tables can help convey evaluation findings more effectively than written reports. Use visuals to highlight key data points and trends.
• Be concise: Keep your presentation concise and to the point. Focus on the key findings and conclusions, and avoid getting bogged down in technical details.
• Tell a story: Use the evaluation findings to tell a story about the program’s impact and effectiveness. This can help engage stakeholders and make the findings more memorable.
• Provide context: Provide context for the evaluation findings by explaining the program’s objectives and intended impact. This will help stakeholders understand the significance of the findings.
• Use plain language: Use plain language that is easily understandable by your target audience. Avoid jargon and technical terms that may confuse or alienate stakeholders.
• Engage stakeholders: Engage stakeholders in the presentation by asking for their input and feedback. This can help build consensus and ensure that the evaluation findings are acted upon.

By following these tips, you can present evaluation findings in a way that engages stakeholders, highlights key findings, and ensures that the evaluation’s conclusions are acted upon to improve program outcomes.

Evaluation reports are crucial tools for program managers and policymakers to assess program effectiveness and make informed decisions about program design, implementation, and funding. By analyzing data collected during the evaluation process, evaluation reports provide evidence-based information that can be used to improve program outcomes and impact.

One of the primary ways that evaluation reports can be used to improve programs and policies is by identifying program strengths and weaknesses. By assessing program effectiveness and efficiency, evaluation reports can help identify areas where programs are succeeding and areas where improvements are needed. This information can inform program redesign and improvement efforts, leading to better program outcomes and impact.

Evaluation reports can also be used to make data-driven decisions about program design, implementation, and funding. By providing decision-makers with data-driven information, evaluation reports can help ensure that programs are designed and implemented in a way that maximizes their impact and effectiveness. This information can also be used to allocate resources more effectively, directing funding towards programs that are most effective and efficient.

Another way that evaluation reports can be used to improve programs and policies is by disseminating best practices in program design and implementation. By sharing information about what works and what doesn’t work, evaluation reports can help program managers and policymakers make informed decisions about program design and implementation, leading to better outcomes and impact.

Finally, evaluation reports can inform policy development and improvement efforts by providing evidence about the effectiveness and impact of existing policies. This information can be used to make data-driven decisions about policy development and improvement efforts, ensuring that policies are designed and implemented in a way that maximizes their impact and effectiveness.

In summary, evaluation reports are critical tools for improving programs and policies. By providing evidence-based information about program effectiveness and efficiency, evaluation reports can help program managers and policymakers make informed decisions, allocate resources more effectively, disseminate best practices, and inform policy development and improvement efforts.

There are many different templates available for creating evaluation reports. Here are some examples of template evaluation reports that can be used as a starting point for creating your own report:

• The National Science Foundation Evaluation Report Template – This template provides a structure for evaluating research projects funded by the National Science Foundation. It includes sections on project background, research questions, evaluation methodology, data analysis, and conclusions and recommendations.
• The CDC Program Evaluation Template – This template, created by the Centers for Disease Control and Prevention, provides a framework for evaluating public health programs. It includes sections on program description, evaluation questions, data sources, data analysis, and conclusions and recommendations.
• The World Bank Evaluation Report Template – This template, created by the World Bank, provides a structure for evaluating development projects. It includes sections on project background, evaluation methodology, data analysis, findings and conclusions, and recommendations.
• The European Commission Evaluation Report Template – This template provides a structure for evaluating European Union projects and programs. It includes sections on project description, evaluation objectives, evaluation methodology, findings, conclusions, and recommendations.
• The UNICEF Evaluation Report Template – This template provides a framework for evaluating UNICEF programs and projects. It includes sections on program description, evaluation questions, evaluation methodology, findings, conclusions, and recommendations.

These templates provide a structure for creating evaluation reports that are well-organized and easy to read. They can be customized to meet the specific needs of your program or project and help ensure that your evaluation report is comprehensive and includes all of the necessary components.

• World Health Organisations Reports
• Checkl ist for Assessing USAID Evaluation Reports

In conclusion, evaluation reports are essential tools for program managers and policymakers to assess program effectiveness and make informed decisions about program design, implementation, and funding. By analyzing data collected during the evaluation process, evaluation reports provide evidence-based information that can be used to improve program outcomes and impact.

To make evaluation reports work for you, it is important to plan ahead and establish clear objectives and target audiences. This will help guide the report’s structure and content and ensure that the report is tailored to the needs of its intended audience.

When writing an evaluation report, it is important to use clear and concise language, provide evidence-based findings, and offer actionable recommendations that can be used to improve program outcomes. Including context for the evaluation findings and acknowledging limitations and caveats will provide a balanced assessment of the program’s effectiveness and help build trust with stakeholders.

Presenting evaluation findings effectively requires knowing your audience, using visuals, being concise, telling a story, providing context, using plain language, and engaging stakeholders. By following these tips, you can present evaluation findings in a way that engages stakeholders, highlights key findings, and ensures that the evaluation’s conclusions are acted upon to improve program outcomes.

Finally, using evaluation reports to improve programs and policies requires identifying program strengths and weaknesses, making data-driven decisions, disseminating best practices, allocating resources effectively, and informing policy development and improvement efforts. By using evaluation reports in these ways, program managers and policymakers can ensure that their programs are effective, efficient, and sustainable over time.

Well understanding, the description of the general evaluation of report are clear with good arrangement and it help students to learn and make practices

Patrick Kapuot

Thankyou for very much for such detail information. Very comprehensively said.

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Monitoring and Evaluation Officer Cover Letter: 2 Templates

Are you poised to step into the realm of Monitoring and Evaluation, a critical facet in the realm of projects and initiatives? Crafting an impactful cover letter tailored for this field is paramount in conveying your skills and dedication effectively.

We’ll navigate through each crucial section, offering insights to ensure your message resonates with professionalism and expertise.

Let’s embark on this journey together, highlighting your proficiency in assessing and enhancing project performance.

Table of Contents

What to Write in a Monitoring and Evaluation Cover Letter

A Monitoring and Evaluation Cover Letter provides an opportunity to showcase your expertise in assessing project performance and ensuring its alignment with objectives. Follow these steps to craft a compelling letter:

• Address the Hiring Manager: Begin your letter by addressing the hiring manager or relevant contact. Ensure you have the correct name and title.
• Express Your Interest: Clearly state your interest in the Monitoring and Evaluation position. Articulate why you are drawn to this role and how your skills align with the responsibilities.
• Highlight Relevant Experience: Detail your experience in designing and implementing monitoring and evaluation frameworks. Mention specific projects, methodologies, and tools you have utilized.
• Emphasize Analytical Skills: Highlight your proficiency in data collection, analysis, and interpretation. Illustrate how you have turned insights into actionable recommendations for project improvement.
• Showcase Communication Abilities: Discuss your aptitude for presenting findings effectively, both in written reports and through oral presentations. Emphasize your ability to convey complex information in a clear and understandable manner.
• Demonstrate Adaptability: Illustrate your adaptability to diverse project environments and sectors. Showcase how you have tailored monitoring and evaluation approaches to suit specific project needs.
• Express Commitment to Impact: Articulate your dedication to ensuring projects achieve their intended impact. Discuss how your evaluation efforts have contributed to the success of previous initiatives.

Tips for Writing a Monitoring and Evaluation Cover Letter

Consider these suggestions to craft a cover letter that reflects your expertise and enthusiasm for Monitoring and Evaluation:

• Tailor Your Letter: Customize your letter for each application, emphasizing the skills and experiences most relevant to the specific position.
• Quantify Achievements: Where possible, use metrics or percentages to quantify the impact of your monitoring and evaluation efforts on project success.
• Stay Current: Mention any familiarity with emerging tools, technologies, or methodologies in the Monitoring and Evaluation field.
• Proofread Thoroughly: Ensure your letter is free from any grammatical or typographical errors. A polished cover letter reflects attention to detail.

By following these steps and tips, you’ll be well-prepared to craft a Monitoring and Evaluation Cover Letter that effectively highlights your expertise and suitability for the role. Your letter will serve as a compelling introduction to your skills in ensuring projects achieve their desired outcomes.

Letter Template: 1

Monitoring and Evaluation Officer Cover Letter

James Brown

238 Broadway

United States

The HR Manager

XYZ Company

354 F 63rd Street

Sub: Cover letter for the post of monitoring and evaluation officer

Dear Mr. or Mrs. or Ms. HR Manager,

I am pleased to be framing this cover letter to apply for the monitoring and evaluation officer designation at [mention the name of the organization or corporation]. Securing a place in your respected firm, I will consider myself to be extremely lucky. I have all the desired educational accomplishments, capabilities, knowledge, and experience to serve successfully in this post.

Academically, I have never failed to achieve less than [mention the percentage] ever. Whether it’s [mention the name of the subject] which I majored in [mention the name of the educational institution] or [mention the name of the course] which was an add-on training from [mention the name of the educational institution], I have always done well. 

Prior to my application here, I worked at [mention the name of the corporation] as a monitoring and evaluation officer for almost [mention the time period], and being there, I was responsible for helping the project director with the M&E plans for the project, which involved reporting, target setting, database management, and indicator selection. With my skills and determination to be beneficial to the firm, I was always able to gain praise and appreciation from my seniors.

Working for a long time in this role, I now have the demonstrated ability to liaise and negotiate with social partners and government, and along with this, I have the very skill to perform different conceptual analyses, needed for the administration, formulation, and evaluation of projects. Also, I am proud to state that I have successfully acquired exceptional analytical skills, and the ability to work in a team.

I would request you to kindly let me serve your eminent corporation and I will always add to the growth and success of the firm with my constant efforts and hard work.

Thank you for your consideration and time.

[Handwritten signature]

[Mention the contact details]

[Mention here, if there is any post note to be given]

Download Template : ( pdf, docs, ODT, RTF, txt, HTML, Epub, Etc )

Letter Template: 2

This is an absolute honor I believe that I am able to apply for the monitoring and evaluation officer position at none other than [mention the name of the firm or entity], my dream organization. I am proud to state that I have all the required academic qualifications, abilities, knowledge, and experience to serve successfully in this role.

I am a gold medalist in [mention the name of the department], which I pursued from [mention the name of the educational institution] back in the year [mention it]. I have always been an achiever with an aim to do well wherever I go. I have put my 100% not only into gaining good education but into everything which I have done so far.

Stating my skills, I have all that you would like to see in your organization’s capable monitoring and evaluation officer. I have exceptional written and oral communication skills and familiarity with data mining apps. I keep a detailed and organized approach in all aspects of work.

From [mention the year] to [mention the year], I served at [mention the name of the organization] in a similar role, and working there I checked the data quality with the partners, analyzed and aggregated findings, maintained and administered M&E database and worked hard to support the project mid-term reviews, project progress reporting and of course the final evaluation. I am satisfied and glad that my continuous efforts were always acknowledged by the firm and I was able to receive appreciation for what I have done for the company.

I am confident enough to state that by hiring me, you will make the best decision of your life as I will do my best to take the corporation to greater heights of success.

I will be looking forward to meeting you soon.

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Assessment Specialist Cover Letter Examples & Writing Tips

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

Table Of Contents

• Assessment Specialist Example 1
• Assessment Specialist Example 2
• Assessment Specialist Example 3
• Cover Letter Writing Tips

Assessment specialists work with students and educators to design and administer assessments. They need to be able to analyze data and use it to improve student learning.

When you apply for an assessment specialist position, you need to show that you have the skills and experience to do the job. Use these examples and tips to write a cover letter that will help you stand out from the competition.

Assessment Specialist Cover Letter Example 1

I am excited to be applying for the Assessment Specialist position at the XYZ Corporation. I have a Master’s degree in Psychology and more than five years of experience conducting psychological assessments for both children and adults. I am confident that my skills and experience would be an asset to the XYZ Corporation, and I am eager to join your team and help contribute to your success.

In my previous role as a Psychological Examiner at ABC Clinic, I was responsible for conducting a variety of psychological assessments, including intelligence tests, academic achievement tests, and personality assessments. I also administered and scored psychological tests and interpreted the results. I have experience working with a wide range of populations, including children, adolescents, and adults.

I am skilled in using a variety of assessment tools and am confident in my ability to administer and score tests accurately and efficiently. I am also experienced in providing feedback and recommendations to clients and their families. I am passionate about helping people, and I believe that my skills and experience would be a valuable addition to the XYZ Corporation.

Thank you for your time and consideration. I look forward to hearing from you soon with more information about the Assessment Specialist position at the XYZ Corporation. I am eager to learn more about your organization and how I can contribute to your success.

Assessment Specialist Cover Letter Example 2

I am writing to apply for the Assessment Specialist position that was recently advertised on your company website. I am confident that I have the skills and qualifications that you are looking for, and I am eager to put my experience to work for your organization.

As an Assessment Specialist, I have experience developing and administering assessments, analyzing test results, and providing feedback to students and parents. I am also well-versed in using various assessment software programs. My attention to detail and my ability to stay organized under pressure are two of my strongest assets.

I am confident that I can make a significant contribution to your organization and I look forward to the opportunity to discuss this further with you. Thank you for your time and consideration.

Assessment Specialist Cover Letter Example 3

I am writing to express my interest in the Assessment Specialist position that you have posted. I believe that my background and experience make me a strong candidate for this position.

I have been working as an assessment specialist for the past five years, and I have extensive experience with both paper-based and computer-based testing. I have worked on projects ranging from small scale assessments to large-scale statewide assessments. I have also worked on a number of different types of assessments, including aptitude tests, achievement tests, and personality tests.

I have also gained valuable experience working with diverse populations. I have worked on projects that assessed students, teachers, and employees. I have also worked on projects that assessed people from different cultures and backgrounds. This has given me the opportunity to work with people who are not only diverse in terms of age and ethnicity but also in terms of their educational background and their professional experience.

I am confident that my skills and experience will allow me to be a valuable asset to your organization. I am also confident that my positive attitude and willingness to learn will help me quickly adapt to your company’s culture. I would appreciate the opportunity to meet with you to discuss how my skills and experience can benefit your organization.

Assessment Specialist Cover Letter Writing Tips

1. highlight your assessment skills.

When writing your cover letter, be sure to focus on your assessment skills. This will show employers that you have the ability to evaluate data and make sound decisions. Some ways of highlighting your assessment skills include:

• Detailing how you use assessment data to improve instruction and student achievement.
• Explaining how you develop and administer assessments that measure student learning.
• Providing examples of how you use assessment data to make informed decisions about curriculum, instruction, and student services.

2. Customize your cover letter

Employers want to know that you’re interested in their specific organization and understand what they’re looking for in a candidate. When you customize your cover letter, be sure to highlight your skills and experience that match the organization’s needs.

For example, if the organization is looking for someone with experience in early childhood assessment, be sure to mention any relevant experience you have in that area. Or if the organization is looking for someone with experience in program evaluation, be sure to talk about the results you’ve achieved in past evaluations.

3. Demonstrate your problem-solving skills

Employers are looking for assessment specialists who can solve problems. When writing your cover letter, be sure to demonstrate your problem-solving skills by providing examples of how you’ve tackled difficult challenges in the past.

Some ways of doing this include:

• Describing how you use assessment data to identify and solve problems.
• Sharing how you develop and administer assessments that measure student learning.
• Detailing how you use assessment data to make informed decisions about curriculum, instruction, and student services.

4. Proofread your cover letter

One of the best ways to make sure your cover letter is error-free is to proofread it. This will show employers that you’re detail-oriented and take pride in your work. It will also help ensure that your cover letter is easy to read and understand.

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Program Evaluator Cover Letter Examples

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

or download as PDF

Cover Letter Example (Text)

Shamaria Kinlow

(380) 844-1662

[email protected]

Dear Harshitha Gramlick,

I am writing to express my strong interest in the Program Evaluator position at Deloitte, as advertised on your careers page. With a solid foundation of five years of experience at the RAND Corporation, I have honed my analytical and evaluative skills, which I am eager to bring to your esteemed firm.

At RAND, I was deeply involved in assessing a wide range of programs, from educational initiatives to health policies. My role required me to collaborate with multidisciplinary teams to design evaluation frameworks, collect and analyze data, and present findings to stakeholders. I am particularly proud of leading an evaluation project that resulted in significant improvements to a statewide public health program, which was subsequently recognized for its efficiency and effectiveness.

My approach to program evaluation is thorough and data-driven. I am skilled in both quantitative and qualitative research methodologies, and I am adept at using various statistical software packages to unearth insights from complex datasets. Additionally, my experience in preparing detailed reports and presenting findings to non-technical audiences ensures that the insights I provide are accessible and actionable.

Working at Deloitte, a global leader in consulting, would be an exciting opportunity to apply my expertise in a dynamic and impactful setting. I am enthusiastic about the possibility of contributing to your team and am confident that my background in program evaluation will be an asset to your projects. I am looking forward to the opportunity to discuss how my experience and skills align with the needs of Deloitte.

Thank you for considering my application. I am very much looking forward to the opportunity to speak with you and discuss how I can contribute to the continued success of Deloitte.

Warm regards,

Related Cover Letter Examples

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How to Make a Report Cover Letter

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How to Write a Monthly Report

How to write a memorandum to a ceo to approve working documents, how to write a budget revenue report.

• How to Write a Justification Report
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Whether you're an independent contractor providing a report as part of an assigned project or a company employee drafting an internal report for staff review, an attached cover letter will serve as a brief overview of the report's contents, and can help provide clarity about the report. Report cover letters summarize the details in the report, and provide an overview of why the report was requested, and what its contents are intended to do.

Business Cover Letter Contents

Much like a cover letter you would draft to accompany a resume when applying for a job, a report cover letter in business serves a similar purpose: It provides a snapshot and states that details will follow. It should not be confused with an executive summary, which is the narrative usually found at the beginning of a report, which indicates key findings and recommendations. In other words, the cover letter tells you what's in the report, and the executive summary at the beginning of the report tells you why the information is important.

Introduction -- who the report is aimed toward, and the purpose it serves. Example:

To the Board of Directors:

Attached please find the 2018 Annual Report that the board requested at the start of the new fiscal year.

Brief summary of rationale -- why the report was requested. Example:

As requested, the report provides an in-depth overview of corporate profits broken down into six-month increments. It also provides a market summary which details cost projections and anticipated revenues moving forward, in 12-month increments.

Bullet-point overview -- a detailed list of other elements included: Example:

Additional report contents include the following:

• Breakdown of costs, revenue and earning projections per department
• Market share analysis
• New product performance metrics

Performance Report Contents

When drafting something such as performance reports that will be delivered to human resources or to a department director, the cover letter can be brief and to-the-point. Example:

Attached please find six performance evaluations of marketing department staff members. The evaluations were conduced the week of January 5, 2018. Each has been reviewed and signed by the individual employee and also by that employee's immediate supervisor. As you will read, the majority of the reports are quite positive, and several exceed expectations. Please let me know if you require additional information or documentation.

Project Report Contents

Well-written project reports are usually all-inclusive, but a cover letter to accompany the report can be helpful, when it includes details, such as a summary of purpose and next steps. Example:

Attached please find an update on the re-branding campaign project the graphic arts department is conducting. Once approved by the marketing committee, the project can move into phase two, in which we will have a focus group that will help assess overall perception and name recognition.

Take care to proof read your report cover letter carefully before attaching. The letter serves as a first impression for the report's contents, and as such, should be professional and free of errors.

• State of Michigan: Report Cover Letter
• University of Wisconsin-Madison: Writing Cover Letters

Lisa McQuerrey has been an award-winning writer and author for more than 25 years. She specializes in business, finance, workplace/career and education. Publications she’s written for include Southwest Exchange and InBusiness Las Vegas.

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What elements should you highlight in your evaluation reports? How can you craft your evaluation reports so they are both readable and useful for program managers? What is the right balance between narrative explanation and data visualization? What are program managers looking for in internal and external evaluation reports? Watch Mary Aabye and Elizabeth Botkin’s Evaluation Report Writing Workshop, sponsored by American University’s Measurement and Evaluation Program. 

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Valuation Analyst Cover Letter Example

Get the job you've always wanted & get inspiration for your new cover letter with this editable Valuation Analyst cover letter example. Download this cover letter sample as it is or try to redesign it using our intuitive cover letter builder.

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Valuation Analyst Cover Letter Example (Full Text Version)

Ladislav Stanek

Dear Hiring Managers,

I am writing this letter to express my deep interest in applying for the Valuation Analyst job within EWW Venture, LLC in London which has been posted and promoted on Indeed.com. I am confident that the combination of my career history, field expertise, and developed skills set makes me an ideal candidate for the role. Moreover, I believe that I would complete all assigned tasks and projects successfully and in a timely manner.

As stated in my attached resume, I am a Certified Valuation Analyst offering a strong attention to detail and accuracy and the crucial ability to perform well in fast-paced and deadline-driven business environments. At Bracebridge Capital, Inc., where I worked for more than three years, I was given the responsibility for analyzing and monitoring the company's assets and liabilities, providing professional financial advice to clients, and generating monthly reports and statements. Additionally, I completed the market research and worked on the development and implementation of new and more efficient valuation models. For meeting all assigned targets, I was recognized by the company executives as a top-achieving employee.

Next, I am a holder of a bachelor's degree in Economics & Finance from the Brunel University London. Possessing the experience with all software programs required for the position, including Balsamiq, Wrike, and SWOT, I would appreciate the opportunity to come in for an interview. Please do not hesitate to contact me if you have any questions on my qualifications. I can be reached at any time at 555-555-5555 or via email at [email protected]. Thank you for your time and consideration and I look forward to speaking with you in the near future.

Milan Šaržík, CPRW

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

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How To Write a Cover Letter With Examples

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

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

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

Let it Set the Stage

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

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

Research the Hiring Manager

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

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

Utilize Career Development Resources

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

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

Discover Past Samples of the Position

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

Mariam Nikola '17 MS MIS, Consultant at Point B

Highlight Your Soft Skills

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

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

Fill in the “Why” Gaps

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

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

Tell Your Story

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

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

Tailor Each Cover Letter to the Position You Are Applying

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

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

Communicate Bankability and Personality 

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

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

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

Keep it Concise but Compelling

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

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

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

Highlight the “Why”

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

Ryan Nouis, Trupath 

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I invest on behalf of my clients.

I consult or invest on behalf of a financial institution.

I want to learn more about BlackRock.

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

Time to rethink retirement.

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

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

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

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

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

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

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

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

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

This letter attempts to explain why.

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

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

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

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

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

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

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

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

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

This was mortgage securitization.

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

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

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

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

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

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

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

That lesson is now spreading around the world.

Replicating the success of America’s capital markets

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Rethinking retirement in the United States

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

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

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

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

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

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

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

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

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

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

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

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

The demographics don’t lie

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For workers, make investing (almost) automatic

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For retirees, help them spend what they saved

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Fear vs. hope

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

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

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

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

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

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

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

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

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

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

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

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

How do we get our hope back?

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

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

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

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

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

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

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

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

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

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

The future of infrastructure is public-private partnership.

Debt matters

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

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

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

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

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

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

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

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

But is a debt crisis inevitable? No.

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

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

Energy pragmatism

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BlackRock’s next transformation

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

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

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

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

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

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

More about BlackRock’s work in 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Positioning our organization for the future

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

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

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

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

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

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

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

Voting choice

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

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

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

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

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

Strategy for long-term growth

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Our Board of Directors

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

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

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

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

A final note

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

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

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

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

Laurence Fink Chairman and Chief Executive Officer

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

2 Federal Reserve History , Savings and Loan Crisis

3 OCED Economic Surveys: United States (2016)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

28 BlackRock , What are target date funds?

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

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

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

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

33 Parliament of Australia , Superannuation and retirement incomes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

54 Texas Fall 2023 Economic Forecast

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

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

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

58 BlackRock Alternatives, CFP, 2023

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

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

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

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

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

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