cover letter as a social worker

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3 Social Work Cover Letter Examples That Worked in 2024

• Social Work Cover Letter
• Entry-Level Social Work Cover Letter
• School Social Worker Cover Letter
• Write Your Social Worker Cover Letter

When life gets tough, you’re there. You identify individuals, families, and community groups in need of help and then work hard to provide necessary resources like information and support networks.

But how do you create a cover letter that adequately conveys how hard you work to help others? Your social worker resume says a lot, but can you provide a more detailed overview of your standout qualifications?

We’ve got this. After years of helping social workers like you write a cover letter that empowers them to improve their communities, we’ve developed three social work cover letter examples to get you started!

Social Work Cover Letter Example

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Copy this text for your social work cover letter!

123 Fictional Avenue Austin, TX 76208 (123) 456-7890

July 20, 2023

Lucas Rossi Austin Travis County Integral Care 123 Fictional Lane Austin, TX 76208

Dear Mr. Rossi:

As a social worker, my mission has always been to provide individualized support to every client, a mission that perfectly aligns with Austin Travis County Integral Care’s values. Your commitment to serving the Austin community has inspired me and I’d love to join your team.

While working as a social worker for Seton Healthcare Family, I honed my ability to manage high-pressure situations. I was responsible for a caseload of 45+ clients, where I performed bio-psycho-social assessments, formulated service plans, and conducted follow-ups.

My duties also included advocating for clients’ rights and needs and connecting them to community resources. I’m proud to say, under my support, over 86% of my clients reported an improvement in their mental well-being within six months. I also used EHR and case management software to track client progress and led a transition to telehealth during the COVID-19 pandemic.

As a certified alcohol and drug counselor, I have a strong understanding of substance abuse and addiction treatment, and I am confident that these skills will significantly contribute to your team of social workers and the clients we serve.

I deeply admire ATCIC’s dedication to providing inclusive services to the Austin community and I look forward to discussing how my skills and experience align with your needs.

Aisha Onuoha

Why this cover letter works

• Share an instance when you helped clients navigate a difficult situation, like a child welfare case or mental health crisis. Be specific and clear about the impact you had on the situation.

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Entry-Level Social Work Cover Letter Example

Copy this text for your entry-level social work cover letter!

123 Fictional Avenue Phoenix, AZ 76208 (123) 456-7890

Fatima Santos Arizona Department of Economic Security 123 Fictional Lane Phoenix, AZ 76208

Dear Ms. Santos:

While researching the Arizona Department of Economic Security, I was inspired by your dedication to improving the lives of Arizonians and the breadth of services your organization offers. This resonates with my aspiration to make a difference in the lives of others as your next entry-level social worker, especially for those who are in a vulnerable situation. With a robust background, I believe I could make a significant contribution to your team.

During my internship at Arizona Department of Child Safety, I had the opportunity to work extensively with data management and electronic health records. I was responsible for managing and updating information for over 2,000 clients in the Epic EHR system. After my interventions and diligent updates, we witnessed a 37% decrease in discrepancies within the client records. Furthermore, I led an initiative to improve our data analysis capabilities using Microsoft Excel, leading to a 24% increase in operational efficiency.

I also had the chance to work with Salesforce case management software, coordinating communication between caseworkers and clients, which reduced missed appointments by 43%. The streamlined process significantly improved our service delivery. Additionally, I coordinated and hosted over 100 remote client meetings, which played a significant part in maintaining our service quality.

Given my skill set and a strong desire to make a positive impact on individuals and families, I believe I can contribute effectively to your mission. Thank you for considering my application. I am looking forward to the potential opportunity to serve the Arizona community alongside your esteemed team.

Liam O’Connor

Enclosures: Resume Academic transcript Certified Alcohol and Drug Counselor (CADC) Certified Rehabilitation Counselor (CRC)

• Mention times when you applied social work theories in your internships or developed client interventions.
• Yes, you’re entry-level, but your educational experiences should indicate how you’ve gained meaningful experiences that prepare you for the role.

School Social Worker Cover Letter Example

Copy this text for your school social worker cover letter!

123 Fictional Avenue Detroit, MI 76208 (123) 456-7890

Sofia Petrov Detroit Academy of Arts and Sciences 123 Fictional Lane Detroit, MI 76208

Dear Ms. Petrov:

The prospect of using my skills to foster an inclusive environment for the students at Detroit Academy of Arts and Sciences fills me with immense excitement. My passion for social work was ignited when, as a young student, I witnessed the transformative power of a dedicated school social worker in helping my friend overcome personal hardships. Now, with over seven years of experience, I am eager to give back.

In my recent role at Wayne County Regional Educational Service Agency, I used my data analysis capabilities and deep understanding of EHR systems to revamp the district’s student support program. By identifying gaps and patterns in student data, I drove a 22% increase in early detection of students at risk. I also helped to implement cloud-based case management software.

Another notable accomplishment was the successful coordination of a team tasked with integrating our EHR system with case management software following a district merger. Our data integration strategy was completed ahead of schedule, saving $50K in projected costs.

With the increasing need for virtual engagement, I’ve also honed my skills in using various virtual communication platforms, including Google Meet and Zoom. In fact, I coordinated an online support group, strengthening peer interaction and reducing feelings of isolation.

The opportunity to make a positive impact on students’ lives resonates deeply with my personal and professional mission. I am confident that my skill set can be an asset to your team at Detroit Academy of Arts and Sciences. Thank you for considering my application, and I anticipate the opportunity to discuss my qualifications in more detail.

• A school social worker cover letter should highlight your skills in student counseling and advocacy, first and foremost. Not just general social work. Your work in an educational setting should take priority here.
• The ability to leverage personal experiences in a professional context can give you an edge over other candidates.

Related cover letter examples

• Medical Assistant
• Customer Service
• Human Resources
• Entry Level

How to Write Your Best Social Work Cover Letter

Don’t forget to tailor your cover letter to the job description each time you apply! The idea might sound overwhelming at first, but it’s so worth it. Just like you’d adapt your resource packets and coaching plans to each individual case, you should tweak your cover letter and application package to each job description .

When you look over the job ad, seek out any points of emphasis, such as working with disabled individuals or specific community areas. Then pick points for your letter that match up with the job listing’s focal points.

Writing a stellar greeting and intro

It’s important to show people you care about them by taking the time to remember their names—the same goes for social work and for cover letters. Make the effort to find out who handles new hires at your ideal workplace and address them professionally by name.

Next, you want your intro paragraph to make a connection with the company where you’re applying. This can mean answering their mission statement or mentioning abilities you have that would solve their current obstacles.

Oh, and you’ll need a good hook! After sharing a couple of qualifications to show why you’re the right fit for the job, imply how much more awesome stuff there is to learn about your ability to make a difference through social work.

Next up: A great example of how not to write an opener: No professionalism, no concrete examples or info, and no hook!

I always wanted to work in Detroit. I’m really good with people and believe I can make a difference at your company. I’ve volunteered and helped people before, too.

Okay . . . now that we’ve gotten that atrocity out of the way, consider a far superior opener. This one addresses the letter recipient and company by name, expresses enthusiasm and compassion through examples, and ends with a hook that demonstrates the perfect social worker’s attitude:

Here’s an awesome one instead!

Writing your cover letter body

Your cover letter’s body paragraphs contain the crucial information on why you’re qualified to improve people’s lives and communities through social work. What notable trainings or initiatives have you completed?

And how can you quantify the differences you’ve made? Make sure you include metrics for the success point you share in each paragraph. What was the percentage of decreased substance abuse in your area after that outreach program? How did graduation rates or grades improve after your student assistance initiatives?

Remember to tailor your content choices here to the job description , too. If you’re applying to a rehab facility, you won’t want to emphasize your student assistance efforts as much as you would when applying to a school or youth center.

Example of a nice body paragraph

In my recent role at Wayne County Regional Educational Service Agency, I used my data analysis capabilities and deep understanding of EHR systems to revamp the district’s student support program. By identifying gaps and patterns in student data, I drove a 22% increase in early detection of students at risk.

Closing off and signing your cover letter

In social work, it’s important to ensure that each situation is given the proper resolution and comes to a peaceful conclusion. You want your cover letter to come to a good resolution as well, with a few final examples of how you’re qualified for the role at that specific organization.

Reference their vision statement and reinforce your enthusiasm for the position by including a call to action. Invite them to ask more about your qualifications and offer to give more details on your history in social work!

And always remember to be polite and thank the reader for their time, whether you do that in the closing paragraph or the signoff itself.

Make sure you stick with professional grammar and word choices, and be specific . . . unlike this example here:

Thanks for reading this. I can do a lot for your company so make sure you hire me. I can help people a lot since I’ve done it before.

Try a closer like this instead: Demonstrate alignment with the organization’s mission, address them specifically, and leave them with a call to find out more about you. Sign with a professional close and your full name.

There’s a winning closer!

Revisit that job description and find the organization’s mission statement that you can respond to in your cover letter. As a social worker, values are extremely important! You can also reference specific wording from the job requirements like “virtual engagement” or “inclusive environment”.

Yep, back to the job description again. It’s critical for any social worker to be in tune with the people they’re helping, so familiarize yourself with the organization’s expression through the writing tone in their job ad. Then reflect that same style in your cover letter!

If you cannot see the hiring manager or recruiter’s name in the job description , do some research. Visit the company’s website or comb through their social media, like LinkedIn, to find whoever handles the hiring process so that you can address your letter more personally.

Social Worker Cover Letter Example (W/ Templates & Tips for 2024)

You've come a long way from when you first realized you wanted to help people and improve their lives.

Your dedication to understanding and helping others has been the driving force behind your journey to becoming a social worker. That passion that prompted late-night studies and countless hours of fieldwork is finally about to pay off.

However, there's just one tiny obstacle that's proving to be more challenging than you expected: crafting an attention-grabbing social worker cover letter.

Facing the empty page that should show off your dedication, skills, and the difference you aim to make feels a bit like navigating the complexities of a case without any background information. 

But worry not!

In this article, we’re going to guide you through the steps you should take to represent your social work prowess on paper.

Here’s what we’ll cover:

Social Worker Cover Letter Example

• 5 Steps to Writing an Impactful Social Worker Cover Letter
• 3 Essential Social Work Cover Letter Tips

...and so much more!

Let's dive right in!

5 Steps for the Perfect Social Worker Cover Letter

So, you've just read a social worker cover letter that seals the deal. 

Ready to write your own stellar cover letter ? Just follow the steps below: 

#1. Put Contact Information in the Header

Kick off your cover letter with your contact information and position it at the header, much like how you'd set it up on your resume .

Here’s what to include:

• Full Name: Start by listing your first name and surname right at the top.
• Professional Title: Align the title on your cover letter with the specific social worker position you're eyeing. The hiring manager is likely going through stacks of applications for various roles, so it’s super helpful when you're clear about the specific role you're applying for.
• Email Address: Go for a professional email address, ideally a mix of your first and last name. Remember, that fun email from your teen years? Maybe not the best pick here. So, while "[email protected]" might give someone a chuckle, it's better to stick with something like "[email protected]."
• Phone Number: Write down your phone number correctly and if you're branching out to international roles, make sure to add the dial code too. 
• Location: Your city and state or country generally cover it. But if you’re on the hunt for remote roles or you're eyeing a big move, make that known.
• Relevant Links (Optional): You might want to include any fitting websites, publications, or profiles, like your LinkedIn .

Now, it’s time to list the hiring manager's details.

Here’s your go-to list:

• Organization Name: Pen down the name of the agency, nonprofit, or institution you're reaching out to.  
• Hiring Manager’s Name: If you can dig it up, list the name of the hiring manager or department head. A quick peek at the job post, the organization’s site, or LinkedIn might give you the scoop.  
• Hiring Manager’s Title: Found the right person? If you see they are the "Director of Child Welfare Services," for example, use that specific title. It’s a bit more personal than calling them the generic "Hiring Manager."   
• Location: Stick to the city and state or country, especially if they have multiple locations. If you want to add a bit more detail, the street address works.  
• Email Address (Optional): If you've found the hiring manager’s email, it’s a neat detail to add.  
• Date of Writing (Optional): Dropping in the date you crafted your cover letter adds that sprinkle of professionalism.

Here’s a bunch of cover letter examples to check that can further inspire you to craft the perfect cover letter. 

#2. Address the Hiring Manager

After jotting down all the essential contact details, it’s time to address the hiring manager .

How you address your cover letter can add a personal touch to your cover letter and make you a more memorable candidate.

Kick things off with a bit of detective work. Scope out the job posting, the company's website, or LinkedIn to unearth the hiring manager for the social work role you're eyeing. This can help you find their name and perhaps even their email.

Then, keep things polite and professional - but steer clear from the age-old "To Whom It May Concern," though. That's so last century! It's typically a good move to use "Ms." or "Mr.," followed by their surname. But if you're in the dark about their gender or marital status, just write down their entire name. For instance:

• Dear Mr. Rodriguez,
• Dear Jordan Rodriguez,

Hit a dead-end and can't unearth details about the hiring manager or the head of the social work team? 

No stress! 

Simply address your letter to the broader department or the organization as a whole:

• Dear Social Work Department,
• Dear Social Work Hiring Crew,
• Dear Human Resources Selection Team,
• Dear Chief of Social Work,

#3. Write an Eye-Catching Opening Statement

Selection committees often spend only about seven seconds skimming a social work applicant's materials before determining its worth for a more thorough review.

That's why it's paramount to make a striking first impression with your social worker cover letter.

Kickstart your letter by introducing yourself and stating precisely why you're drawn to the position. Highlighting your genuine passion for the field and the specific role can captivate the hiring manager.

Another smart move is to familiarize yourself with the organization or agency you're applying to. The more insights you have about them, the better you can emphasize your alignment with their mission and values. This thoughtful approach indicates to the selection committee that you're not just scattering applications in the wind, but are genuinely vested in this particular role.

Depending on your professional experience in social work, you might want to lead with a significant contribution you've made or underline the skills that earmark you as the ideal candidate for the role.

However, keep things concise. Your aim should be to ignite the hiring manager’s interest, prompting them to explore the entirety of your cover letter without overwhelming them from the get-go.

#4. Use the Cover Letter Body for the Details

The body of your cover letter is where you can delve into detail about what makes you the right fit for the role. 

It's essential here to refrain from merely echoing your social worker resume . This part should vividly display your expertise in social work and the unique strengths you bring to the table. Your primary goal is to assure the hiring manager that you're not just another candidate but the right fit for their team. 

Reference any significant interventions, cases, or community programs you've been a part of, and anchor these experiences to the specifics of the job posting.

One way to do this is by checking the job listing. If the role emphasizes trauma-informed care, child welfare, or substance abuse counseling, for instance, highlight your experiences and skills in those areas rather than other unrelated experiences.

Being well-informed about the organization’s objectives, community initiatives, or therapeutic approach can be advantageous. If you've had experiences or training that align with their methodologies or have a familiarity with the populations they serve, highlight that. This underscores your genuine interest and how you resonate with their organizational ethos and mission.

Lastly, let your passion for social work and helping others come through. Emphasize your eagerness for the role and your firm belief in making a meaningful difference through your specific skills and insights.

Make sure to also avoid these common cover letter mistakes at all costs while you’re at it! 

#5. Wrap It Up and Sign It

Concluding your cover letter with finesse can make all the difference for an aspiring social worker.

It's pivotal to ensure that your closing remarks reaffirm the positive impression you've worked hard to build throughout your letter. You wouldn't want the hiring manager second-guessing any of the valuable points you've made.

In your conclusion, confidently reiterate the reasons that make you an ideal candidate for the social work role, or highlight those experiences that distinctly set you apart from others in the field.

Following your recap, usher in a call to action. Encourage the hiring manager to talk in more detail about how you’d be a perfect fit for the organization. This proactive approach can increase your chances of securing an interview.

Finally, wrap up your letter with an air of professionalism. Opt for a fitting valediction, then pen down your full name. Here’s an example:

I'm available at the listed email or contact number to discuss any further details or set up an interview. I eagerly await an opportunity to explore my candidacy more comprehensively at your convenience.

Warm regards,

If you feel "Warm regards" is commonplace, here are a few alternatives to consider:

• Yours sincerely,
• With appreciation,
• In gratitude,
• Thank you for your time and consideration,

3 Essential Social Worker Cover Letter Tips

Now that you're armed with the basics of crafting a standout cover letter, let's dive into some key cover letter tips tailored specifically for social workers to give yours that extra shine:

#1. Match Your Resume

When you're in the process of applying for a role as a social worker, it's crucial to keep your application consistent - both visually and in terms of content.

That’s why we recommend your resume and cover letter match each other as much as possible, especially in terms of formatting and layout. 

If they don't, you might come across as messy and unstructured.

It's important to neatly align your text and contact information on your cover letter and make sure you’re using the same font size and style in both documents. Be attentive to things like margins and line spacing too. 

Lastly, always aim to keep your cover letter within a single page - just like you would your resume.

Or Use A Cover Letter Template Instead

Short on time? No stress. 

Use our free resume builder to create the perfect social worker resume. 

Then pick a matching cover letter template to save time and effort.

All of our templates are made with the help of hiring managers from around the globe, ensuring every detail fits industry standards. So, besides saving time, you're adding a professionally designed, matching cover letter to your resume. It's a win-win!

#2. Be Enthusiastic 

Now, let's talk about enthusiasm. It can shift the whole dynamic of your cover letter, and it's simpler to transmit than you might think. 

Contrary to popular belief, an enthusiastic cover letter doesn't mean lavishing the company you're applying to with over-the-top compliments. Really, it's all about projecting a positive and passionate attitude about your role as a social worker.

Enthusiasm within a cover letter is important for a number of reasons. Hiring managers often use it as a barometer to gauge your personality and your genuine interest in the job. When they read your cover letter and see how excited you are, they are more likely to see you as a motivated candidate who truly values the role of a social worker.

By portraying passion and excitement about your work, you indirectly show a dedicated and positive approach to your profession. This can distinguish you from other candidates who may view the job simply as a means to an end.

However, while enthusiasm is critical, remember not to tip the balance towards arrogance. Your confidence should not translate into overconfidence. Avoid excessive self-praise or flattery towards the company. 

#3. Be Formal

Professionalism is key when it comes to cover letters, and adopting a formal tone is a big part of that. But remember, being formal doesn't mean being stiff or robotic - it merely stands for being respectful, clear, and concise in your communication.

Maintaining a formal tone in your cover letter grants an air of professionalism to your application. It shows that you understand and respect the norms and conventions in a professional setting. This contributes to painting a positive image of you as an applicant, increasing your chances of securing a position as a social worker.

A formal tone communicates to the employer that you've taken the time to carefully craft the letter and you value the opportunity to apply for the job. It sends the message that you're not taking this lightly and that you've made a serious effort.

For the best impression, aim for a cover letter that is structured, clear, respectful, and shows you’re serious about the role - but without falling into the pitfalls of being either overly formal or impersonal. Juggle your words wisely, and you'll give the hiring managers exactly what they're looking for.

Key Takeaways

And that’s a wrap on the perfect social worker cover letter! We hope our example will inspire you to create one that helps you secure your dream position right away.

Before you begin drafting your letter, here are some key takeaways from the article:

• Start your social worker cover letter by including your contact information and that of the hiring manager. Double-check that your details are accurate to make sure the hiring manager can contact you for an interview.
• Craft an engaging opening paragraph in your social worker cover letter to capture the hiring manager's attention and encourage them to read further.
• In the body of your cover letter, elaborate on your significant achievements and relevant skills for the position you're applying for.
• Include a call to action at the end of your social worker cover letter to prompt the hiring manager to contact you or schedule an interview.
• Lastly, verify that your social worker resume and cover letter match in terms of style and visual appearance. If you're short on time to ensure consistency, consider selecting one of our resume templates and a matching cover letter template.

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How to Write a Social Worker Cover Letter (5 Examples)

By Ammar Ahmed

Published: January 21, 2024

Cover Letters

Ammar Ahmed

Writer & Career Coach

Crafting a compelling Social Worker Cover Letter can be the golden ticket to securing your dream job in the realm of social work. In an industry where passion and dedication are paramount, your first impression must resonate. 

This article aims to guide aspiring Social Workers, equipping them with the advice and examples needed to create a standout cover letter that elevates their job prospects.

Creating a Winning Social Worker Cover Letter

Writing a cover letter for a Social Worker position requires more than just listing your qualifications and experiences. It’s also about showing your passion for helping others and how you would be a good fit for the company. A well-written letter starts with understanding the company’s mission and the specific requirements of the job.

Researching the Company and Position

Before you pen down your thoughts, it is important to be familiar with the organization and the position you are applying for. As a social worker, you are not just joining a company, but a mission. Understand the larger goal, and emphasize how your personal and professional values align with those of the company.

• Aligning with Company Values and Goals: It’s essential to convey that your principles resonate with the company’s mission. Whether it’s empowering underprivileged communities, offering mental health support, or working with children and families, showcase how your experiences and passion tie into these goals.
• Understanding the Specific Social Worker Role: This goes beyond a generic role understanding. Dive deep into what the organization expects from a social worker. Do they primarily cater to children in foster care, elderly individuals, or perhaps marginalized communities? Are there particular case management systems they use, or do they frequently collaborate with healthcare professionals, legal authorities, or educational institutions? Tailoring your cover letter to these specifics not only showcases your thorough research but also your genuine interest in the role.

Structuring Your Cover Letter

The structure of your cover letter is just as vital as its content. Think of it as the framework that showcases your passion, experience, and readiness for the social work role you’re eyeing. A well-organized letter guides the hiring manager effortlessly through your narrative, making them more likely to remember you. Below is a breakdown to ensure your cover letter not only tells your story but does so in a clear, compelling manner.

• Heading and Salutation: Begin with your contact information at the top, including your name, address, phone number, and email address. Directly below, list the date and the hiring manager’s contact details. Opt for a professional salutation like “Dear [Hiring Manager’s Name],” whenever possible.
• Opening Paragraph – Grabbing Attention: Start strong! Introduce yourself and succinctly state the position you’re applying for. This is also your opportunity to hint at why you’re not just a fit, but the best fit for the role.
• Middle Paragraph(s) – Showcasing Your Skills and Experience: This section is the heart of your letter. Detail your relevant experiences, significant accomplishments, and the key skills you’ve acquired. Relate these to the specific needs of the social work position, emphasizing how you can address them and add value.
• Closing Paragraph – Expressing Enthusiasm and Call to Action: Reiterate your interest in the role and the organization’s mission. Highlight your eagerness for a face-to-face discussion to further elaborate on how you can contribute. A proactive tone, subtly urging the hiring manager to act, can set you apart.
• Signature and Contact Information: Conclude your letter with a formal sign-off like “Sincerely” or “Warm regards,” followed by your handwritten (if printed) or digital signature. Below your signature, type your full name, and provide alternative means of contact, such as your LinkedIn profile or professional website, if relevant.

Remember, while structure is essential, always infuse your personality into the letter. Authenticity paired with professionalism will make your application stand out in the competitive field of social work.

Highlighting Relevant Skills and Experience

In social work, certain skills and experiences make you more effective. These qualities are more than just professional assets; they are a testament to your dedication.

When writing your cover letter, emphasize the following essential social work competencies:

• Active Listening & Communication: As a Social Worker, it is essential to understand the concerns and feelings of individuals. Active listening allows you to engage with clients fully, ensuring they feel heard and validated. This, combined with clear communication, ensures that clients are not only understood but also equipped with the necessary information and resources. Highlight moments from your past roles where effective listening and communication directly impacted a positive outcome.
• Assessment & Evaluation: A successful Social Worker possesses the ability to quickly and accurately assess an individual’s situation and needs by analyzing complex personal, social, and environmental factors. In your cover letter, discuss experiences where your assessments led to tailored interventions or changed a treatment approach, showcasing your ability to think critically and make informed decisions.
• Empathy: One of the most defining attributes of a great Social Worker is empathy. It’s the ability to genuinely understand and resonate with an individual’s emotions and challenges. Share instances where your empathy made a significant difference, whether in building trust, bridging cultural gaps, or navigating sensitive issues.
• Case Management: Effective case management is a delicate balance of organizing, planning, and supervising a client’s services and support. While showcasing your meticulous attention to detail and broader perspective, remember never to use actual client names or identifiable information due to confidentiality obligations. Offer anonymized examples or generalized scenarios that highlight your case management proficiency, underlining your organizational prowess and dedication to comprehensive care.

Including these skills and experiences in your cover letter, with specific examples, demonstrates not only your qualifications but also your dedication and passion as a Social Worker.

Tailoring Your Cover Letter for Social Work Positions

Every social work organization has its unique challenges, clientele, and ethos. To make your application resonate, it’s essential to mold your cover letter according to the specific role and institution you’re targeting.

Here’s how you can achieve that:

• Addressing the Hiring Manager: Avoid generic greetings. Instead, invest effort in identifying the person responsible for hiring within the social work department. Using a personalized address, like “Dear Dr. Smith,” immediately communicates your dedication and shows that you’ve done your homework.
• Matching Job Description Keywords: In social work, certain terminologies reflect specialized skills and experiences. Keywords such as “behavioral therapy,” “child welfare,” “patient advocacy,” or “mental health assessment” can often pop up in job listings. When writing your cover letter, weave these terms seamlessly based on your expertise. 

Example: “At my last position, I led child welfare programs and was deeply involved in patient advocacy, ensuring the best outcomes for those under my care.”

• Demonstrating Cultural Fit: Different social work organizations have distinct cultures, be it a focus on community-based rehabilitation, mental health, children, or elderly care. Explore the institution’s primary focus and values, then emphasize experiences or philosophies that mirror those. If, for example, an organization is centered on youth rehabilitation, discuss your hands-on experience with youth counseling or outreach programs that target young individuals.

By tailoring your cover letter specifically for the nuances of the social work profession and the particular organization, you underscore not just your qualifications but your dedication and keen interest in that specific role and mission.

Providing Evidence of Your Accomplishments

In the field of social work, your impact isn’t just about the roles you’ve held, but the tangible changes you’ve contributed to. By showcasing specific accomplishments, you not only demonstrate your competence but also provide concrete evidence of your dedication to making a difference.

Here’s how to shed light on your achievements:

• Quantifiable Achievements: Numbers can tell a powerful story. When discussing your achievements, it’s beneficial to provide quantifiable data whenever possible.

Example: “Successfully counseled and assisted over 150 clients transition from homelessness to stable housing within a year.” OR “Reduced patient readmission rates by 25% through an innovative behavioral intervention program I initiated.”

• Relevant Projects and Outcomes: Dive deep into projects or initiatives you’ve led or played a significant role in, particularly those that had a substantial impact. 

Example: “Implemented a community outreach program that reached over 500 families, leading to a 40% increase in access to mental health resources in underserved areas.” OR “Advocated for policy changes within the municipality, resulting in a 20% increase in funding for social services that benefited local at-risk populations.”

Your accomplishments, framed effectively, validate your skills and dedication. By providing evidence of your impact, you allow potential employers to visualize the value you can bring to their organization, setting you apart in the competitive landscape of social work.

Avoiding Common Mistakes in Social Work Cover Letters

Even the most experienced Social Workers can make mistakes when it comes to writing an effective cover letter. Certain errors can detract from your skills and passion for social advocacy and support.

Below are some common pitfalls and how to avoid them:

• Lengthy and Overly Detailed Cover Letters: While your passion for social work may drive you to discuss every accomplishment, it’s essential to keep your cover letter concise . Instead of listing every single task you’ve undertaken, focus on the most impactful experiences and skills relevant to the specific position.
• Generic and Unpersonalized Cover Letters: In social work, each organization and role can have distinct challenges and demographics. A cover letter that seems like it could be sent to any employer may come across as disinterested. Always tailor your letter, addressing the hiring manager by name and aligning your content with the unique goals and client populations of the organization.
• Not Demonstrating Cultural Competency: Social work frequently involves engaging with diverse populations. Failing to showcase cultural competency can be a significant oversight. Highlight experiences where you’ve worked with varied demographic groups, or discuss training and workshops you’ve attended to enhance your cultural sensitivity.
• Failure to Provide Evidence: Merely stating that you’re a good Social Worker won’t suffice. Back up your claims with concrete examples of accomplishments, innovative solutions, or positive outcomes you’ve achieved in your prior roles.
• Forgetting to Proofread: Attention to detail is paramount in social work, from assessing client needs to drafting reports. A cover letter riddled with typos or grammatical errors can cast doubt on your professionalism. Always proofread multiple times, and if possible, get a second set of eyes to review your letter.

By being vigilant about these pitfalls and ensuring your cover letter is professional-specific, you’ll be better positioned to leave a positive, lasting impression on potential employers.

Related Article: If you’re unsure about what you can do with your social work degree , explore 15 jobs you can pursue .

Social Worker Cover Letter Examples

Writing a persuasive cover letter for a Social Worker position is an art that involves striking the right balance between showcasing your professional accomplishments and resonating with the mission and values of the prospective organization. Throughout this article, we’ve provided guidelines to help you do just that. Now, let’s delve into some tailored examples for various categories, beginning with a Social Worker possessing experience.

Social Worker Cover Letter (With Experience)

Experienced Social Workers bring a wealth of practical knowledge and a proven track record to their roles. Their cover letters should reflect not only their skill set but also a deep understanding of socio-cultural nuances and a history of impactful service.

Here’s how an experienced Social Worker can articulate this:

Jackson Martinez 245 Willow Lane San Diego, CA, 92101 [email protected] 619-555-1234

October 20, 2023

Ms. Jane Richardson Director of Social Services Hope and Heal Foundation 45 Charity Lane La Jolla, CA, 92037

Dear Ms. Richardson,

I am writing to express my interest in the Senior Social Worker position at Hope and Heal Foundation, as listed on your website. My extensive background of over seven years in social work positions me uniquely to contribute effectively to your team, specifically with my expertise in case management and the development of community-oriented programs.

In my previous role at Better Tomorrow Services, I initiated a program that focused on the rehabilitation of homeless individuals, successfully facilitating the reintegration of over 450 persons into community living over two years. This achievement was not just a professional milestone but also a personal one, highlighting my commitment to creating sustainable social change.

I have been particularly impressed by Hope and Heal Foundation’s work in child welfare, notably the “Children First” program. My prior experience managing a project that resulted in a 30% reduction in juvenile delinquency rates aligns with your organization’s objectives, and I am excited about the prospect of contributing to such meaningful work.

Additionally, my work with diverse cultural groups emphasizes my dedication to cultural competency, an aspect I know is valued at your foundation. This experience reinforces my holistic approach to social work, ensuring every individual’s unique circumstances are considered and respected.

I am eager to bring my experience and passion for social work to Hope and Heal Foundation and would welcome the opportunity to discuss how my skills and experiences align with your organization’s mission.

Jackson Martinez  LCSW.

Social Worker Cover Letter (No Experience)

Entering the world of social work without direct experience can feel daunting, but remember: everyone starts somewhere. Your cover letter, in this scenario, should emphasize your academic achievements, any relevant coursework, internships, and most importantly, your passion and commitment to the field.

Here’s a cover letter tailored for an aspiring Social Worker with no professional experience.

Aria Sinclair 368 Park Street Nashville, TN, 37203 [email protected] 615-555-5678

Mr. John Smith Hiring Manager Community Bridge Foundation 456 Unity Street Franklin, TN, 37064

Dear Mr. Smith,

I am writing to express my strong interest in the Entry-Level Social Worker position at Community Bridge Foundation, as detailed on your organization’s website. While I am a recent graduate and have not had professional experience as a Social Worker, I am equipped with rigorous academic training, relevant internships, and an unyielding passion for advocating for underserved communities.

During my Master’s in Social Work at State University, I specialized in family and child welfare. My coursework in trauma-informed care and community outreach gave me profound insights into the complexities and challenges faced by many families. My internship at Bright Futures Counseling Center further allowed me to apply these academic learnings in real-world settings. Here, I collaborated closely with seasoned Social Workers in devising individualized care plans and conducting group therapy sessions.

I am particularly drawn to Community Bridge Foundation due to your focus on child welfare and educational outreach. My thesis, which revolved around early intervention strategies for at-risk youth, aligns well with your organization’s mission. I believe this research, combined with my hands-on internship experience, positions me well to contribute meaningfully to your team.

Despite not having formal job experience, my exposure to diverse communities during my fieldwork has fostered my cultural competency skills. I am dedicated to understanding and addressing the unique challenges faced by different community groups and am eager to learn and grow with Community Bridge Foundation.

Thank you for considering my application. I am enthusiastic about the prospect of starting my professional journey with an esteemed organization like yours and would be grateful for an opportunity to discuss how my academic background and fervor for social work can align with your goals.

Aria Sinclair MSW

Related Article: For further guidance, consider checking out our article on crafting a compelling cover letter with no experience in the field .

Mental Health Social Worker Cover Letter

Mental health social work is a specialized field within the broad area of social work that requires a thorough understanding of psychological frameworks and social intervention techniques. If you are applying for a position in this field, your cover letter should emphasize your expertise, any relevant training, and most importantly, your understanding of the complex difficulties faced by individuals with mental health issues.

Here is a tailored example for a Mental Health Social Worker .

Liam O’Connor 782 Elmwood Drive Boston, MA, 02124 [email protected] 617-555-9012

Dr. Amanda Jackson Director of Mental Health Services Harmony Wellness Center 789 Serenity Avenue Cambridge, MA, 02138

Dear Dr. Jackson,

I am reaching out to express my sincere interest in the Mental Health Social Worker position at Harmony Wellness Center, as featured on your institution’s website. With a Master’s degree in Social Work with a focus on mental health and five years of hands-on experience at Renew Hope Clinic, I have honed my skills in providing comprehensive support to individuals navigating the challenges of mental health disorders.

During my tenure at Renew Hope Clinic, I managed caseloads of over 50 clients, ranging from individuals with anxiety and depression to those dealing with more severe conditions like schizophrenia or bipolar disorder. I collaborated with a multidisciplinary team, ensuring each client received holistic care tailored to their specific needs. Notably, I spearheaded a group therapy initiative that enhanced the coping mechanisms of 80% of its participants, as evidenced by subsequent evaluations.

Harmony Wellness Center’s progressive approach to integrating therapeutic modalities with community engagement stands out in the mental health community. I am particularly impressed with your “Community Minds” program, which resonates with a project I led, focusing on destigmatizing mental health in urban communities. Our endeavors resulted in a 25% increase in community members seeking support.

My commitment goes beyond professional expertise; it is deeply personal. Advocating for mental health and offering a beacon of hope to those in the shadows of society has been my driving force. I am eager to contribute to and learn from the dedicated team at Harmony Wellness Center.

I would be honored to further discuss how my experience in mental health social work aligns with the vision and needs of your esteemed center.

Warm regards,

Liam O’Connor LCSW

Healthcare Social Worker Cover Letter

Healthcare Social Workers play a pivotal role in bridging the gap between medical professionals and patients, ensuring that the latter’s socio-emotional needs are met alongside their medical care. If you’re venturing into this specialization, your cover letter should underscore your understanding of medical terminologies, patient advocacy, and the intricacies of navigating the healthcare system.

Let’s dive into a cover letter designed specifically for a Healthcare Social Worker .

Oscar Ruiz 821 Oak Avenue Miami, FL, 33125 [email protected] 305-555-4567

Mrs. Clara Mitchell Head of Patient Services MediCare Hospital 101 Healing Drive Coral Gables, FL, 33134

Dear Mrs. Mitchell,

I am reaching out to present my candidacy for the Healthcare Social Worker role at MediCare Hospital, as advertised on your hospital’s careers page. Boasting a blend of medical social work training from Prestigious University and three years of applied experience at City Health Clinic, I am well-versed in complementing medical treatments with holistic social care, ensuring that patients are supported both physically and emotionally.

At City Health Clinic, I collaborated closely with medical professionals, patients, and their families. I facilitated patient intake, designed care plans to address non-medical needs, and provided counseling to those dealing with chronic illnesses. One of my proudest achievements was the development of a post-operative support group which saw a 30% increase in patients’ adherence to rehabilitation protocols, significantly enhancing recovery rates.

MediCare Hospital’s reputation for patient-centered care deeply resonates with my professional ethos. Your innovative “Heal Together” program, which integrates family counseling with patient recovery, mirrors my beliefs in holistic healing. Drawing from my experience in initiating a caregiver support system at City Health Clinic, I am eager to contribute and expand similar endeavors at MediCare.

The combination of my academic background in healthcare social work, hands-on experience in patient support, and my unwavering commitment to holistic patient care positions me as an ideal candidate for this role. I am excited at the prospect of joining MediCare Hospital and furthering the mission of comprehensive patient care.

I appreciate your consideration and look forward to discussing how my skills and experiences align with the healthcare social work needs of MediCare Hospital.

Yours Sincerely, Oscar Ruiz

Cover Letter for Social Work Internship

Social work internships are crucial stepping stones, providing practical experience and aiding in the transition from academic learning to professional contribution. When drafting a cover letter for a social work internship, emphasize your educational background, any relevant volunteer work, and your eagerness to learn and contribute to the organization.

Below is an example specifically crafted for a social work internship application.

Hannah Mitchell 1542 Pine Street Seattle, WA, 98101 [email protected] 206-555-7890

Ms. Rachel Adams Internship Coordinator Helping Hands Agency 1234 Compassion Boulevard Bellevue, WA, 98004

Dear Ms. Adams,

I am enthusiastically writing to apply for the Social Work Intern position at Helping Hands Agency, as advertised on your agency’s website. Currently pursuing my Bachelor’s in Social Work at [University Name], I am eager to apply my academic knowledge in a real-world setting and am particularly drawn to Helping Hands due to its outstanding work in homelessness prevention.

My academic journey has equipped me with a solid foundation in social welfare policies, crisis intervention, and community resources management. Supplementing my coursework, I volunteered at the Local Food Bank, where I interacted directly with individuals facing food insecurity. This experience not only fortified my communication skills but also deepened my commitment to social justice and welfare.

Helping Hands Agency’s comprehensive approach to combating homelessness through advocacy, education, and direct service provision aligns perfectly with my career aspirations. I am especially interested in your “Pathway Home” program, and I see a valuable opportunity to contribute while gaining hands-on experience in case management and resource coordination, critical aspects of my future career.

I bring to the table a strong academic background, practical volunteer experiences, and a profound desire to learn and make a difference. I am confident that these attributes make me a strong candidate for the Social Work Intern position at Helping Hands Agency.

Thank you for considering my application. I am very excited about the opportunity to work with and learn from the dedicated professionals at Helping Hands. I look forward to the opportunity to discuss my application with you further.

Hannah Mitchell BSW Candidate

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Excellent Cover Letter Examples For a Social Worker

Working as a social worker is both challenging and rewarding. The career growth rate is much higher than average, so you should have an easier time securing your next position.

Trained social workers use their skills to help children, the elderly, the poor, the disabled, and other populations in need of services. Getting an interview is the first step in landing the position that is right for your experience and skills. That process starts with a great resume and cover letter.

If you’ve already downloaded one of our Microsoft Word resume templates , you’re off to a great start. Next, you need to compose a cover letter that shows the hiring manager how passionate you are about the position, and what skills and experience you possess. To help you get started, we’ll provide some tips, then follow that up with cover letter examples for social work.

How to Write a Social Work Cover Letter

To create a compeling cover letter, focus on three core things:

• Research the organization you are applying to. Specifically, learn the name, title of the hiring person. Then look into the org’s most notable projects and key areas of focus? Are there any overlaps with your career or personal background? Do certain values resonate most with you? What skills and experiences are they looking for? Jot down all of the above. 
• Craft a compelling opening. Open your social work cover letter with a strong introductory statement, detailing what opportunity you apply for and what’s your main motivation. Mention one core skill and experience that is the most relevant to the position to pique the reader’s interest. 
• Work on the body of your cover letter. Use the main section of your cover letter to detail your most relevant experiences and skills. Share an accomplishment or your most successful program. Or bring in a personal experience or quick story to contextualize your expertise.
• Close confidently. End your cover letter with a quick statement, prompting follow-up action — an interview callback, reference request, etc. 
• Edit for clarity. Once you are done, give your cover letter a final sweep. Check for mistakes and typos, remove redundancies, trim long-winded sentences. Each sentence in your cover letter should clearly communicate what makes you the optimal fit for the job. 

How Long Should a Cover Letter Be for Social Work?

A solid cover letter for a social worker should not be one page long — an equivalent of 200-250 words in a 12-size font. It’s okay to offer a somewhat shorter cover letter — about 100-150 words — if you send it over by email, rather than as a standalone attachment. 

Bite-Sized Cover Letter Tips For Social Workers

Here are a few tips to help ensure that your cover letter is attention-grabbing, sincere, and motivates the hiring manager to make the next move!

• Highlight the qualifications that are most relevant to the position
• Use acronyms and titles that will stand out to the hiring manager
• Make it scannable. The hiring manager should be able to learn all of the important information they need – at a glance.
• Expand on the information in your resume – this is your  chance to include engaging details that make you a more interesting applicant
• Use keywords – companies often use applicant tracking software to check for certain words and phrases. Review the job listing for pertinent keywords and include those in your cover letter
• Edit carefully to show you pay attention to details
• Customize your cover letter for each social worker position for which you are applying
• Use an acceptable business letter format for your cover letter

Most importantly, follow the directions for submitting your resume and cover letter. If they want you to mail in a paper copy, do that. If they request that you email a PDF version, then send it in that format. Don’t be tempted to do something else in hopes that you will stand out or get attention. These procedures are often in place to ensure that regulations are followed during the hiring process.

A Cover Letter Sample For Social Workers (Word version)

Download cover letter (.docx)

A Cover Letter Sample For Social Workers (text version)

Dear Ms. Bullock,

I am very excited for the opportunity to apply for the position of Social Worker at the Chicago Regional Office of the Department of Social Services. When I read the job listing on Glassdoor.com, I realized that my experience and career goals would make me a perfect fit for this position.

I am currently working as a deputy social worker at the division of juvenile corrections. My duties include running group therapy sessions, assisting youthful offenders as they transition back to their home communities, career training education, and social skills training. I also work closely with the juvenile office of probation and parole helping to ensure that youthful offenders have the resources they need to avoid recidivism.

Due to my work in an Illinois state agency, I am experienced with many of the computer systems and reporting requirements that are used within the department of social services as well as my own agency. I have completed ABC Training as required by the state of Illinois. I have also obtained my DEF Certification.

I received my BA degree in Social Work from Eastern University with a Minor in Criminal Justice. As part of my coursework, I completed a 12-week internship with the Department of Social Services, Department of Rehabilitation. I am currently working on my Masters of Clinical Social Work with an estimated graduation date of June 2019.

With two years of working experience in social services, familiarity with the Illinois state department of social services, and previous social services internships, I believe I have the qualifications required for this position. Further, I believe my work record shows that I have a history of helping disadvantaged populations by combining compassion along with proven strategies. In my work with the division of juvenile corrections, I spearheaded a mentorship program between employers in the construction trades industry and juvenile offenders.

I would love the opportunity to use my skills and experience to help low-income families in the Chicago area utilize the resources available to them to improve their quality of life. I would be honored to meet with you personally to further discuss my qualifications. Thank you for your consideration.

Alexandra Hurley

Social Worker Case Manager Cover Letter Example (Word)

Download cover letter example (.docx)

Cover Letter for Social Worker Case Manager: Sample 

Dear Capt. Miller,

My name is Darryl Reed and I am writing this letter to express interest in the position of social worker case manager at the Department of Veteran’s Services. As a veteran myself, and case manager with more than five years of experience, I believe that I am strongly suited for this role. 

I obtained my MSW from Kentucky college as part of the Military Scholars program in 2014. Since then, I have worked with the Kentucky Division of Human Services. I began my career as a caseworker and was eventually promoted to the position of case manager two years ago. My duties include managing level 1 cases and supervising caseworkers who were in charge of level 2 and 3 cases. My clients largely included members of the homeless and disabled population. On average, half or more of them were veterans.

My duties at the Division of Human Services include assisting my clients in finding educational opportunities, working with them to obtain appropriate benefits including disability, facilitating medical claims paperwork, and acting as a liaison between my office and the VA. I also assist with job training and search efforts.

I’m very passionate about ensuring that every veteran is able to secure any help they need to make a successful transition to civilian life, just like myself several years prior. That’s why I am keenly interested in this position. Please contact me at your convenience to schedule an interview. I look forward to meeting with you.

Respectfully, Darryl Reed.

Do I Need to Add a Cover Letter When Applying for Social Work Grad School Internships?

Yes, even if the internship posting says that the cover letter is optional , it’s still best to provide at least a short one. Why? Because a cover letter provides you an extra opportunity to “plead your case” — share your interest and motivation in this particular internship, provide extra context around your educational and professional background, plus offer some personal tidbits that can help you stand out from the sea of other applicants. After all, social work grad school internships are highly competitive as others from your class will likely go after the same opportunities. Thus, a compelling cover letter to your application package is a nice final touch. 

What Careers are Similar to Social Work?

Social work is a broad career path by itself with different opportunities for specialization — from working with minors or the elderly to pursuing diversity-oriented initiatives, or helping minority groups. Likewise, you can work for different types of public and privately-owned organizations, educational institutions, and even in clinical settings. However, if you are looking for similar or alternative careers to social work, here are several options worth considering:

• Student Counseling
• Social and Community Service Jobs 
• Diversity and Inclusion (D&E) Specialists
• Social Program Manager or Coordinator
• Settlement Worker
• Mediator or Arbitrator 
• Family Investigator or Parental Responsibilities Evaluator 
• Probation Officer 

Can Social Workers Make 6 Figures?

Yes, but definitely not in the early stages of the social work career. Experienced social workers, mainly employed in the private sector (e.g. by insurance companies or brokerages) or by large privately-funded institutions such as surgical hospitals or international agencies, can receive annual compensation of six figures or more. Typically, candidates with a Masters of Social Work (MSW) degree tend to earn at least $15,000 more per year and have better job prospects. 

What are the Highest Paying Jobs in Social Work?

Some of the best-paid social work specialists are usually working in the medical field or for federal agencies. Based on our research on popular career websites such as Indeed, we found that the following roles are offered an above-average compensation of $80K+ annually: 

• VA social worker 
• Director of health and human services
• Social work program manager 
• D&E consultant 
• Equal employment specialist 
• Director for vocational rehabilitation services 
• Learning and development consultants 
• Manager of family support programs

Final Thoughts

When writing a cover letter for social work, focus on your unique strengths and experiences. The samples above expertly weave the applicants’ deep motivation for the role into their career narrative. In the very beginning, the letter lists the key skills and duties at the current position – those could be strategically matched to include some of the skills/job requirements listed in the original posting – to draw the reader’s attention to the fact that you are an “ideal” match. The letters further include a brief recap of the person’s educational credentials and additional training programs, before circling back to the current work experience and achievements.

Customize this letter with your personal information and file it along with your professional resume. And if you haven’t designed one yet, browse our resume+cover letter template bundles .

Last update: September 10, 2021

Elena runs content operations at Freesumes since 2017. She works closely with copywriters, designers, and invited career experts to ensure that all content meets our highest editorial standards. Up to date, she wrote over 200 career-related pieces around resume writing, career advice... more

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CV and cover letter examples for social workers

If you’re struggling to write a CV or cover letter for social work, here are some examples and templates to help you stand out

• More CV and cover letter templates
• Looking for a job in social work or social care ? Browse open vacancies at Guardian Jobs

If you’re applying for a role in social work, you need to make a good first impression. Being a social worker is hard work, but also extremely worthwhile. So, what can you do to make sure your application is a certainty for the short list?

If you need some inspiration on what to include in your CV and cover letter, check out our handy examples. (Just remember not to copy them as exact templates.)

Cover letter example:

Dear Ms Name,

As a fully qualified [child/adult] social worker with [number] years experience, I feel I would be well-suited for the role of [job title] at [name of council or organisation]. Please find my CV attached.

The nature of my experience includes successfully managing a demanding caseload, which includes [elderly people/young children/people who have learning disabilities /mental health issues]. I have a [person-centred] approach to my work, which involves calmly and practically responding to service users to achieve the best outcomes. I am also experienced in coordinating care with other agencies, such as primary care practices and psychological services.

In addition, I have a particular interest in [...]. This stimulated me to lead a community project on [...]. As part of this, I had to liaise with [...] meaning that I have developed skills in [...]. I faced some challenges along the way, such as [...] and overcame them by [...]. The impact of the project overall was measured by/ has been evidenced in [...].

As shown by my experience in [social work/social work placements], I am enthusiastic about establishing what is best for the individual and always strive to do the best for service users. I am able to successfully manage a demanding caseload. I also have the enthusiasm and determination to ensure that I make a success of this role.

Thank you for taking the time to consider this application and I look forward to hearing from you in future.

Yours sincerely,

CV template:

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CV and cover letter tips:

“The most important thing about your CV and cover letter is that everything you include is relevant,” says Craig Davis, head of social work for Sanctuary. “Don’t start going off on a tangent, or waffling – every part has to be tailored to the role you’re applying for.”

Tom Hawkins, director of Hays Social Care, adds that you should keep your cover letter short. “Don’t over-elaborate, and don’t repeat what’s on your CV. The key things you need to include are: the reason you’re applying, the reason you want to move on from your current employment, and the things that you have in your armoury that make you suitable for the job.”

As social work is a vocational profession, it’s also important that you evidence enthusiasm for the job. “Don’t be scared to sound passionate about what you do – why you do it and why you enjoy it,” he adds.

In your CV it’s also worth including any information that the hiring manager might need as a “tick box” exercise in the application process: such as whether you have an up-to-date DBS check, or registration with relevant social work bodies.

“Be as clear as you can in your writing,” says Hawkins. “So use bullet points to describe roles, rather than long and prosaic sentences. Try and start each bullet point with a verb, such as ‘created, managed, improved’ – this is a good way to focus info on what you did and the difference it made.”

As much as experience is important, it’s not the only thing hiring managers are looking for. “Some managers will look at someone who has less experience but is more enthusiastic – so be sure to get your passion for the work across in your writing,” adds Davis.

Looking for a job? Browse Guardian Jobs for your next career step.

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Entry Level Social Worker Cover Letter Example

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Begin your Entry Level Social Worker cover letter with a strong, attention-grabbing opening line that showcases your enthusiasm for the role and the organization. For example, "I am excited to apply for the Entry Level Social Worker position at [Organization Name], where I can contribute to empowering communities and supporting individuals in need." Immediately follow this with a brief introduction of yourself, highlighting your relevant educational background and any internships or volunteer experiences that have prepared you for a career in social work. This approach demonstrates your passion for the field and your readiness to make a positive impact from the start.

The best way for Entry Level Social Workers to end a cover letter is with a strong closing statement that reiterates their enthusiasm for the position and their commitment to contributing positively to the organization. They should express gratitude for the hiring manager's time and consideration, and include a call to action, inviting the employer to schedule an interview. It's important to maintain a professional tone and to convey confidence in their qualifications, even as entry-level candidates. Here's an example: "Thank you for considering my application. I am eager to bring my dedication and passion for social work to [Organization Name], and I am confident that my educational background and internship experiences have prepared me to make a meaningful impact. I look forward to the opportunity to discuss how my skills can contribute to your team. Please feel free to contact me at your earliest convenience to arrange an interview." This approach leaves a positive, lasting impression and encourages the next step in the hiring process.

Entry-level social workers should craft a cover letter that highlights their passion for social work, relevant educational background, any practical experience such as internships or volunteer work, key skills, and their understanding of the role and the organization they are applying to. Here's what they should include: 1. **Introduction**: Start with a strong opening that captures the reader's attention. Mention the position you're applying for and how you heard about it. 2. **Educational Background**: Outline your relevant educational qualifications, including your degree in social work or related fields. Highlight any coursework or projects that are particularly relevant to the position. 3. **Internships and Practicum Experience**: Detail any fieldwork or internships you've completed. Discuss specific responsibilities you held and what you learned from these experiences. If you've had the opportunity to work with diverse populations or in different settings (schools, hospitals, community centers), mention this as well. 4. **Volunteer Work and Other Experience**: Include any volunteer work or other experiences that demonstrate your commitment to social work and helping others. Explain how these experiences have prepared you for a career in social work. 5. **Skills**: Emphasize the skills you possess that are crucial for social workers, such as communication, empathy, organization, problem-solving, and advocacy. Provide examples of how you've used these skills in past experiences. 6. **Knowledge of the Organization**: Show that you've done your homework by mentioning something specific about the organization that attracts you to the position. This could be their mission statement, the populations they serve, or particular programs they run. 7. **Professional Values and Ethics**: Social work is a field deeply rooted in a set of core values and ethics. Discuss your understanding of these and how they align with your personal values. 8. **Certifications and Licenses**: If you have obtained any certifications or licenses relevant to the position, such as a Licensed Social Worker (LSW) or Certified Social Work Case Manager (C-SW

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Junior human resources resume example, hr assistant resume example, try our ai-powered resume builder.

Create your Europass CV

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

The best-known CV format in Europe

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

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

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

How to create a good CV

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

Present your experience clearly

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

Tailor your CV

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

Make it readable

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

Use reverse chronological order

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

Polish and fine-tune

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

Time to rethink retirement.

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

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

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

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

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

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

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

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

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

This letter attempts to explain why.

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

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

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

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

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

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

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

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

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

This was mortgage securitization.

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

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

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

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

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

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

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

That lesson is now spreading around the world.

Replicating the success of America’s capital markets

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Rethinking retirement in the United States

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

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

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

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

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

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

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

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

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

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

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

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

The demographics don’t lie

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For workers, make investing (almost) automatic

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For retirees, help them spend what they saved

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Fear vs. hope

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

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

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

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

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

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

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

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

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

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

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

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

How do we get our hope back?

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

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

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

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

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

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

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

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

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

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

The future of infrastructure is public-private partnership.

Debt matters

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

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

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

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

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

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

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

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

But is a debt crisis inevitable? No.

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

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

Energy pragmatism

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BlackRock’s next transformation

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

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

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

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

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

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

More about BlackRock’s work in 2023

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Positioning our organization for the future

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

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

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

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

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

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

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

Voting choice

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

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

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

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

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

Strategy for long-term growth

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Our Board of Directors

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

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

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

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

A final note

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

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

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

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

Laurence Fink Chairman and Chief Executive Officer

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

2 Federal Reserve History , Savings and Loan Crisis

3 OCED Economic Surveys: United States (2016)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

28 BlackRock , What are target date funds?

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

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

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

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

33 Parliament of Australia , Superannuation and retirement incomes

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

54 Texas Fall 2023 Economic Forecast

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

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

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

58 BlackRock Alternatives, CFP, 2023

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

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

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

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

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

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