As you can no doubt imagine, a review of the earliest of employment records dating back to the 4th century B.C. makes it very clear that the process of hiring new employees in those days would be completely and entirely unrecognizable these days. As society and its needs have evolved and changed, so has the criteria that employers use to assess candidates. In centuries past, physical attributes, bravery, and muscle power were the key competencies that an employer was looking for but that has certainly changed as new technologies and new industries have grown our economies.

One of the most dramatic changes in more recent times has been the shift away from formal education and university degrees to skills and practical knowledge. We live in a new and fast-paced world and many see this as an exciting development. With the emergence of online learning platforms and self-paced courses, the once upon a time necessity of earning a university degree in order to get ahead in life has been replaced with a quicker, more focused, and less expensive learning experience. Thankfully, employers are now starting to see the benefits of switching their mandatory criteria from college degrees to sheer skill. 

Peak Capital Trading (known as PCT) is at the forefront of this change. For them, it's completely irrelevant whether or not a potential trader has a college degree. Hiring is based solely on the candidate's performance during an intensive trading boot camp as well as their actual results that they have recorded in what is called their TradeBook.

Andrew Aziz, founder and proprietary fund manager at PCT, elaborates on why he chose to remove formal college degree requirements and instead hire solely based on a trader's merit: 

"As a university graduate with a Ph.D., I always felt like my degree gave me an unfair advantage. So many people were as capable as me, but they were being passed over for opportunities simply because they did not have the piece of paper called a university degree."

Andrew's life started in Iran where he was awarded his Master's degree in Chemical Engineering from Sharif University of Technology. He then moved to Canada at the age of 25 to finish his studies at the University of British Columbia, ultimately earning his Ph.D. in Clean Technology. He played an important role in a good number of research projects that were documented in high impact journals, and along the way he and his colleagues were even granted some patents for their inventions. Andrew graduated with honors and began a promising career in the development of hydrogen.

In its first year of operations, PCT has hired more than 15 employees from a myriad of backgrounds. Since almost none of PCT's employees share similar experiences, a unique opportunity for collaboration and growth has been created. Andrew explains:

"I wanted everyone to come from different backgrounds. We are all byproducts of our experiences and the fact that we have such a diverse team is a catalyst for our growth and the way we solve problems. Imagine a company with all MBAs! No disrespect, but I do not see any innovation or outside-the-box thinking coming from that room." 

Although having a career in certain fields such as medicine, law, or research still requires higher education, many industries have shifted toward skill-based hiring to create a more level playing field between those with and those without academic degrees.

Why merit over degree?

Merit-based selection allows for more effective competition amongst applicants as they display their skills in the hiring process. Based on their written application, the selection interviews, and (in some cases) testing, the applicant with the soft and hard skills which best complements the available position will rise to the top. By not limiting the candidates to only those with university degrees, employers will also benefit from a larger pool of applicants to select from. Since being able to excel in an industry goes hand in hand with possessing a high degree of social skills, employees selected based on merit normally have well-developed soft skills such as being a natural team player, the ability to think creatively, and the capacity to manage their time wisely. In addition, the company culture will be improved since a more uniform and enjoyable work environment will be created and 

How has PCT gone about adopting this system and why is it important at this time?

PCT welcomes diversity and believes that the investment industry as a whole would benefit greatly from embracing a similar deliberate hiring process. PCT has proven that the best way to create a diverse workforce is to focus on the skills of the potential new team members rather than on their academic degrees. Working with a team of people with varied backgrounds has elevated both the performance and satisfaction of the PCT team and proven the importance of merit-based hires. For virtually every position, there has been many suitable candidates who have followed their passion, and succeeded, but for whatever reason did not have the opportunity or the financial means to acquire a university degree. Looking past the "academics" of applicants is a new way to offer everyone a chance and PCT hopes their success will encourage more and more firms in the investment industry to take the same approach. PCT is definitely changing the dynamics of hiring for the better.

How has merit-based selection helped PCT excel in the industry?

By shifting the focus from degree to merit, PCT has been able to attract talented individuals from many different backgrounds. This diversity has given the firm the opportunity to work with and learn from other traders, in addition to providing a welcoming environment for those who have come to realize that a career in finance is where their future lies. In the words of Seth, one of their members:

"This community is life changing. When I started, I was a nurse working sometimes 16-hour shifts. I knew I wanted the freedom and flexibility that trading provides. Bear Bull Traders gave me this and so much more. I now have a new career that I love. The features and content they put out are second to none."

PCT sincerely believes that the diversity of their team is evidence that anyone can follow their dreams as long as they put their heart and soul into it. Another member, Mario, from Texas, has described this community as 

"TRADING WITH A SOUL - That is what I believe about this community. The moderators have their different styles of trading and different personalities, but all will help depending on your trading style."

How can you take advantage of this opportunity? 

There has never been a better time to work toward your dream career. With a variety of free and paid courses and classes available, mastering new skills is as easy as opening a browser on your computer. Online communities, forums, and support groups are the added bonus that everyone at any level can benefit from.

If somewhere along life's journey you considered the possibility of becoming a trader, but perhaps felt you were not sufficiently qualified, or ended up feeling overwhelmed by all that was involved in the learning process, now may very well be the right time to take a fresh look at the world of trading. Andrew's community, Bear Bull Traders, and his fund, Peak Capital Trading, stand ready to welcome you.