sample cover letter philippines

How To Write a Cover Letter That Will Get You Interviews

Although it’s not always required in job applications, a cover letter is a great way to boost your chance of being shortlisted for an interview.

A cover letter complements a resume by adding a personal touch to it, as the latter is written in a formal, more detached tone. Together, these documents prove your qualifications for the position.

Here’s everything you need to know about how to write an effective cover letter.

Go back to the main article: How to Write a Resume in the Philippines (with Samples, Formats, and Templates)

What Is a Cover Letter?

A cover letter is a short document that explains why you’re the perfect candidate for the job. It’s your direct message to the employer, allowing you to expand on your resume.

This document usually consists of about 300 to 500 words in three to four paragraphs . Unlike a resume, your cover letter must be written in the first-person point of view (with pronouns “I,” “me,” “we,” and “us”). This document is formatted like any letter with a salutation, body, and closing.

How To Write a Cover Letter: 5 Steps

1. research the company.

Employers consider not only qualifications but also culture fit when hiring people.

What does culture fit mean? You’re a good culture fit if your values and attitudes are aligned with the organization’s core values.

If you’re a good match for the corporate culture, you can perform your job well and have a thriving career with the company. Your cover letter should prove that. To achieve it, get to know the company better.

Check out the company’s website and social media accounts. Look for the core values and mission statement on the About page. View the Careers or Hiring page as well. These are good places to find information on the kind of people the company is looking to hire.

Also, get a feel for the tone of the company’s online content, whether it’s serious and formal, fun and quirky, or a mix of both. This will give you an idea of the right tone to use in your cover letter.

It helps to know the current challenges of the company, too. You can mention in your cover letter how your experience or skills can address them. Find the information by searching the company on Google and reading news reports and case studies about your potential employer.

2. Address your cover letter properly

Generic salutations such as “To Whom It May Concern” and “Dear Sir/Madam” may work for other letter types, but certainly not for a cover letter. Using one of them gives the impression that you didn’t bother to find out whom you should address the letter to.

There are many ways to know the hiring manager’s name. It’s usually specified in the job advertisement. If someone referred you to the company, you can ask that person about it. You may also check the company’s website, Facebook page, or LinkedIn profile for the name of the department head who’s screening candidates for the position.

Still couldn’t find the information? Contact the company’s HR department to get the right name.

3. Write a strong opening statement

Begin the body of your letter with an interesting statement, not a snooze-inducing one.

Writing “I’m writing to apply for [position name] that I saw in [the place where the job ad is posted]” is boring and a waste of the recruiter’s time.

Start strong instead. Introduce yourself briefly and state why you’re excited to work for the company.

Here’s an example: “I’m a digital marketing professional who has helped several startups grow. I’d be thrilled to bring my expertise and over X years of experience to your team.”

That’s just one way to start your cover letter. Depending on your personality and that of the company, your opening statement can be results-oriented, witty, or even brutally honest (but still professional).

Do you know a friend who works in the company? Or have a personal connection with the company (e.g., you’re a long-time customer, a former scholar of the company, etc.)? You can also mention such interesting tidbits within your first two sentences.

4. State why you want the position and why you’re the right fit

After your opening statement, go straight to explaining why you’re the best person for the job.

This part of your cover letter should answer these crucial questions:

• How is your experience relevant to the role?
• Why do you want to work for the company?
• Why should you be hired?

To substantiate your answers, check the job posting and review the job requirements. Choose the top three requirements and briefly explain how you can meet each of them.

For example, if the job requires technical SEO skills, mention how you excelled in conducting website audits in the past.

5. End with a call to action

Wrap up your cover letter and thank the recruiter for taking the time to consider your application. Then mention your availability for an interview and how you can be reached.

Finally, end the letter with a simple and formal closing, such as “Regards,” “Sincerely,” or “Thank you.”

Sample Cover Letters for Different Industries and Job Seeker Types

Need ideas for writing your own cover letter? Look for cover letter samples online.

Here are some sites where you can find a cover letter example for your particular industry and situation.

• Samples of the Best Cover Letters . The Balance Career offers a comprehensive alphabetical list of the best cover letter examples by job. There’s also a list of sample cover letters for different scenarios, such as a career change, an employee referral, and multiple job applications in one company.
• The Best Cover Letter Examples for Every Type of Job Seeker . This compilation of sample cover letters for various types of roles allows you to download a file in different formats through Google Docs. Visit this page if you’re seeking positions that are traditional (i.e., law, accounting, etc.), results-driven (i.e., sales, marketing, etc.), or writing-related (i.e., PR, copyediting, etc.). If you’re a career switcher, you can also find a good cover letter sample there.
• Top Cover Letter Examples in 2020 . Novorèsumè lists sample cover letters by experience level, from college student/graduate to senior executive.
• Cover Letter Examples for Job Applications . Aside from cover letter samples listed by industry, ResumeGenius also provides examples for entry-level applicants, mid-level managers, career changers, candidates who want to write something fun and creative, and employees applying for an internal position.
• Cover letter examples by industry . This list includes sample cover letters for fresh graduates, interns, managers, teachers, engineers, nurses, lawyers, and more.

Frequently Asked Questions

1. how can you tailor your cover letter to target a specific job or employer.

Written by Venus Zoleta

in Career and Education , Juander How

Last Updated April 1, 2022 02:34 PM

Venus Zoleta

Venus Zoleta is an experienced writer and editor for over 10 years, covering topics on personal finance, travel, government services, and digital marketing. Her background is in journalism and corporate communications. In her early 20s, she started investing and purchased a home. Now, she advocates financial literacy for Filipinos and shares her knowledge online. When she's not working, Venus bonds with her pet cats and binges on Korean dramas and Pinoy rom-coms.

Browse all articles written by Venus Zoleta

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Cover Letter for Job Application

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A Cover Letter for Job Application is used by persons applying for employment. It is a way to introduce themselves to their potential employer and to briefly explain why the applicant should be considered for employment.

The Cover Letter for Job Application is a great opportunity for the applicant to show that they have researched and seriously considered the potential employer and the position that they are applying for by describing:

• why the applicant is interested in working with the specific potential employer
• the relevant skills and experiences that the applicant can contribute to the potential employer
• the reasons why applicant would be a good fit for the potential employer's organization

The applicant will also have the opportunity to attach relevant documents to the letter such as their Curriculum Vitae (CV), Transcript of Records, and recommendation letters .

How to use this document

When completing the document, consider specifying the person to whom the letter will be addressed , especially if the employer is an organization such as a corporation or a partnership. It may be tempting to simply address the letter to the Human Resource Department but taking the extra effort to search for the proper person to address the letter helps the applicant stand out . The applicant may search the potential employer's website or even call the employer to ask for the proper person to address the cover letter are two ways of finding out the name of the person to whom the letter should be addressed.

If the applicant wants to attach documents such as their CV or transcript of records, attach them at the end of the letter .

Once the document is completed, the employee may send a copy to the potential employer by printing a copy of the letter and personally delivering the same or by sending a soft copy of the same by email .

Applicable laws

There are no particular laws for Cover Letter for Job Applications in the Philippines. However, it is important to be truthful and accurate with the information that will be included in the letter.

Once the applicant is hired by the employer, the Labor Code of the Philippines, among other laws, will be applicable.

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.

Other names for the document:

Cover Letter for Employment, Job Application Cover Letter, Application for Job Cover Letter, Application for Employment Cover Letter, Employment Application Letter

Country: Philippines

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A Step By Step Guide To Writing A Compelling Cover Letter For Fresh Graduates

Unfortunately, the pandemic reversed some of those gains, wiping out about 1.7 million wage and salary jobs in the 12 months leading up to January 2021, as reported by the Asian Development Bank . 

This makes the job hunt that much harder for fresh graduates in the Philippines.

How do you stand out? The answer lies in how you make your first impression; and the best way to make a great first impression is by creating a well-written cover letter to show your future company your immediate value proposition, unique fit, and personality.

In this article, we’ll show you how you can do exactly that - showcase your immediate value and present yourself as the number one front-runner for any given job. 

Parts of A Good Cover Letter

Just like anything in life, creating something meaningful stems from a good foundation of knowledge, base rules, and customs. 

Here’s the exact 4 paragraphs you’ll need to write a standout cover letter that will impress any recruiter.

Paragraph 1: The Greeting

It’s probably obvious to you by now that the first impression is everything and the greeting of your cover letter might be the very first thing that the hiring manager sees. 

One key strategy that you should use to make sure your letter catches her attention is this:

Dear Ms. De Leon

That’s right - make sure you address your recruiter by their real name, not a generic calling card like “To Whom It May Concern” or “Sir or Madam”. This method of addressing the reader is scientifically proven to make the recruiter feel like she’s found something tailored specifically for her. She keeps on reading expecting the letter to outline the exact information she’s been looking for.

So aside from the usual self-introduction, the position you’re applying for, and how you found the job, make sure you address the person correctly.

If, however, you can’t find the name of the recruiter online, it’d be best for you to address the entire department while making sure that you specifically state the name of the company. That way, the recruiter will at least know that this isn’t a copy-paste template for all your cover letters albeit this practice will have less of a positive impact than simply using the recruiter’s name. 

Paragraph 2: Explain the technical skills that match you to this position

In this section of the cover letter, briefly outline how your skills match that of the position. If, for example, you have any relevant qualifications such as a college degree or prior employment experience that matches the role that you’re applying for, make sure that you mention that in this paragraph.

A key piece of advice would be to list down 2 to 3 achievements that relate heavily to this role and to ensure that any relevant knowledge you have of the company or industry would be mentioned here as well, if appropriate. 

Paragraph 3: Soft skills and personal skills that only add value to your technical skills

Moving away from your technical skills, this paragraph should focus on your soft skills and how your personality and core values enhance and support your technical abilities. 

You could, for example, cite your willingness and enthusiasm to fit into the team and how these attributes help you mesh well with the team to boost morale and overall productivity. Make sure that you list down these values and keep them posted nearby in case you make it to the interview stage. 

Paragraph 4: State your availability for interview and contact number

Finally, you cap off your cover letter by stating your availability for interview and reiterate your contact details. More specifically, your email and contact number. 

This holds especially true for unadvertised positions. If you were referred a position without being provided much information, make sure that you’re available as soon as they reply and mention that you will contact them by a certain date if you don’t hear back.

Tips For A Winning Cover Letter

The step-by-step guide mentioned above can only go so far - it doesn’t tell you how to stand out from the sea of fresh graduates in the Philippines hungry for their first job. 

Read on for our top 3 tips to writing a standout cover letter.

Be Specific and Grab Attention

Avoid generic references and vague phrases. 

Whenever possible, make sure that you’re able to identify specific situations that highlights your affinity to specific problem-solving skills or tangible business results. 

Being vague is boring because any potential candidate can say they possess a desirable skill so to make an impression, you need to be able to show hiring managers examples of your skills in action

For example, instead of saying “I’m a team player who always does the right thing”, you might want to say: “In my last org position, I was responsible for organizing team-bonding events and assembled a team of people who were enthusiastic about the goal.”

Be Purposeful

Unless explicitly stated, it’s common knowledge that there is no required length for a cover letter - but that doesn’t mean that you can just go on and on without regard for length. Remember, someone will end up reading your letter, so make sure that they’re able to find the important information in the quickest way possible. 

Keep the letter short and to the point, highlight one or two of your your proudest professional achievements, and let the hiring manager find your achievements to be the symbols of future success that they are.

Finally, our last tip for you is to proofread. Many fresh graduates overlook the importance of proofreading, often opting to simply send the cover letter the moment that they finish typing - only to find it marred by countless spelling and grammatical errors. 

Remember that this is your first and only chance of making a good first impression. Take this opportunity to let your greatest strengths shine and show that you respect and appreciate the time and attention that your hiring manager has provided you.

Are you ready to find your first job? We help students and fresh grads find the best internships and fresh graduate jobs to get you started with your career. Sign up for free at  ph.prosple.com !

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COVERING UP: THE COVER LETTER EXPLAINED (AND YES, IT’S CALLED A COVER LETTER)

Jul 27, 2016

First things first: the cover letter has been called a COVER letter for decades, and that one name works just fine. Do we really need another name for something that has a perfectly functional name already? No? Great, let’s stop calling it an APPLICATION letter then. Yikes.

But what is a cover letter, you might ask? Defined simply, the cover letter is a written (or typeset) correspondence included in a formal application. Applicants use it to inform their prospect employer’s recruitment team that they are interested in and qualified for a vacant position being advertised. It works similar to our definition of a “letter of intent”.

Cover letters have been in widespread use for the better part of the last century. Unfortunately, this art is beginning to show signs of being lost to the changing times especially since more employers are choosing to omit the cover letter from application requirements. They do this so that they can use a more efficient screening process.

So what do we need to rediscover about cover letters? Quite a few things, actually; and we’ve put them all together here for your convenience.

In days gone by, the cover letter was a professional gesture showing a person’s genuine interest to apply for work. Nowadays, employers with strict standards and codes of conduct still consider it a proper part of application documents, to the point that they reject resumés sent in without cover letters or applications with poorly-written letters.

How do we avoid poorly-written cover letters? The diagram above shows the various components of a cover letter. Let’s take a look; just follow the numbers.

1. Margins – Like any letter, margins make the document look neat and organized. Let’s throw paragraph alignment into this topic as well. Simple 1-inch margins on each side and at the top of the cover letter combined with left or justified paragraph alignment should make your cover letter appropriate for most companies in the Philippines. Of course, if the company being applied to requires a specific margin and alignment format, follow their requirement instead.

2. Dateline – All that’s needed for this part is to make sure that you’re printing out or sending a letter with the correct date. It has to be the same date that you’ll walk in to apply or the same date as when you’ll email your application documents to your prospect employer. It may not seem like much, but for companies with date- or time-sensitive operations this can be a pretty big detail.

3. Recipient/Addressee – This is where research comes into play. Find out the name of the person who will be receiving and reading your application documents, including their position within the company. Make sure to spell the company’s name and mailing address correctly. There’s nothing more embarrassing than showing the company that you don’t even know who they are. Getting this step right will help to ensure that you use the correct…

4. Salutations – There are 2 places where salutations can be said: after the address line, and after the body of the letter. These are used to show that you are addressing the recipient with professional respect. So for the love of all that’s good, try to avoid the clichéd “Dear Sir or Madam” and “To whom it may concern” because they’re pretty inconsiderate to the reader. Also, use a colon [:] instead of a comma [,] for the most proper way to punctuate the opening and closing salutations.

5. Main Body – This is where you introduce yourself and state your intention to apply. The greatest impact can be achieved through introducing yourself and sharing a short story of how you found out about the vacancy and the company, to show that you are genuinely interested. You can actually use keywords from their job ad and include them in the letter, to increase your chances of getting noticed even if they use electronic document screening software .

When describing yourself, be direct about your professional and educational background, your experiences and why you would be perfect for the vacant position and for the company. Also, avoid just enumerating your qualities and skills, because the reader can’t be expected to simply take your word for it without proof. Try to provide examples of tasks or projects and the results that you helped your team achieve.

At the end, reiterate your intention to apply and make it clear that you are hoping and expecting to hear from them after reviewing your application. Remember to thank them for their attention to your letter!

6. “From” line – This one is rather simple, really. Just make sure your name is spelled correctly and sign it legibly. That’s it.

7. Paper – The worst thing to do to a cover letter would be to print it on substandard paper. Make sure it uses the proper paper size in the word processor (letter, 8.5 inches by 11 inches), then print it on proper letter-sized bond paper using black ink. If that’s a bit pricey, especially if you need more than 1 copy, print an original copy on good paper and have it photocopied using the same kind of paper.

Do note that these guidelines apply to both hard copies of your letter and letters sent via email (except the part about paper quality.)

Despite all these things to keep in mind, the cover letter can be a powerful tool for shaping and changing career direction. With the proper use, it can become a functional added touch that sets an application apart from the rest. Don’t worry, if writing a cover letter is not really for you, it’s ok as long as the application requirements of your targeted employer don’t include it.

In case you do apply to a company that requires a cover letter, like some of the big names in the corporate world, remember that the letter can make or break your application. So go ahead, get in touch with your inner letter-writer and start reaping the benefits of this often-forgotten career-seeking tool!

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Sample of Cover Letter Template

Cover Letter Sample

• Post author By Belle
• Post date November 22, 2022
• 2 Comments on Sample of Cover Letter Template

COVER LETTER

Related posts, 2 replies on “sample of cover letter template”.

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60+ Cover Letter Examples in 2024 [For All Professions]

No matter where you are in your career, or what job you’re applying for, submitting a cover letter with your resume is a must . 

Done right, a cover letter will effectively complement your resume and explain to the hiring manager in more detail why you’re the right person for the job.

Writing a cover letter, however, is easier said than done. 

You have to effectively demonstrate that you’ll be able to perform the responsibilities listed in the job description and that you’d be a better fit for the company compared to other candidates. 

And unless you’re a professional writer, this can be a very hard task.

Fortunately, we created these cover letter examples to inspire you and help you get started with your own cover letter!

Let’s dive in!

21 Cover Letter Examples 

#1. career change cover letter example .

Here’s what this cover letter does right:

• Has an ideal length. This cover letter includes all the relevant information for the hiring manager without getting into too much detail.
• Relevant introduction. The candidate explains that they’re changing careers and why they want to work in this new field from the get-go.
• Explains their related experience. The candidate explains how their previous experience in retail sales can help them succeed in PR.

Check out our guide video guide to learn how to write a Cover Letter that gets you HIRED!

#2. Recent Graduate Cover Letter Example 

• Personally greets the hiring manager. The candidate has taken the time to find the hiring manager’s name and address them by it, which makes the opening of the cover letter much more personal.
• Wraps up with a call to action. The candidate wraps up the cover letter by suggesting a meeting with the hiring manager, which makes them more memorable.
• Explains why the candidate is the right person for the internship. In this cover letter for an internship , the candidate explains how they’ve previously interned in a different firm, which gives them the experience to succeed in this role.

Have you just graduated from college? Make sure to check out our guide on writing an entry-level cover letter from start to finish! 

#3. Middle Management Cover Letter Example

• Use of bullet points. The candidate presents the information in a concise and reader-friendly way, making it easy for the hiring manager to find their key achievements. 
• Formal closing. The candidate has used a formal and polite tone to conclude their cover letter, which combined with a call to action makes them look professional and passionate about getting the job. 
• Explains how the company would benefit from hiring them. The candidate outlines exactly what they could do for the company, which not only highlights their skills but also shows they’ve done their research on the company’s needs. 

#4. Business Manager Cover Letter Example

• Detailed header. In addition to the must-have contact details, this candidate has also included their professional Twitter and LinkedIn profiles, making it easy for the hiring manager to look more closely into their career. 
• Concise and to the point. This candidate has used short paragraphs and bullet points to make the cover letter easy to skim through. 
• Wraps up with a call to action. By letting the hiring manager know they’ll be contacting them soon, they’re more likely to make an impression.

Check out this article for a complete writing guide and an inspiring business manager resume sample. 

#5. Ph.D. Cover Letter Example

Here’s what this cover letter does right: 

• Attention-grabbing introduction. In the opening paragraph, this candidate explains why they’re passionate about pursuing a Ph.D. in great detail. 
• Explains the candidate’s qualifications in detail. The candidate builds on their passion by explaining how they’re also qualified for the degree because of their education history and academic achievements. 

#6. Senior Executive Cover Letter Example

• Professional and minimalistic template. This senior executive has used a professional but minimalistic template that lets their work experience do the talking. 
• Achievement-oriented opening paragraph. Right from the get-go, this candidate explains what makes them so good at their job, effectively grabbing the hiring manager’s attention.  
• Wraps up with a call to action. By suggesting to have a meeting and discussing how they can help the company meet its goals, the candidate stands more chance to make a positive lasting impression. 

#7. Architect Cover Letter Example 

• Modern resume template. This architect has picked a template that perfectly matches his industry, as it is professional and modern at the same time. 
• A personal greeting to the HR. They address the hiring manager by their first name, which helps make a better first impression. 
• Measurable achievements. By quantifying their achievements, the candidate proves their achievements instead of just claiming them.

Struggling with your architect resume ? Check out our full guide!

#8. Business Analyst Cover Letter Example 

• Detailed contact information. The candidate has listed both their LinkedIn and Twitter profiles, providing the HR manager an opportunity to learn more about the candidate.  
• Mentions what the candidate can do for the company. This cover letter doesn’t just explain why the job would be great for the candidate, but also how the candidate would benefit the company. Win-win, right? 
• Error-free and reader-friendly. It’s super important for the cover letter to have no spelling or grammatical errors and be reader-friendly. This candidate made sure they did both.

Need a resume alongside your cover letter? Check out our guide on how to write a business analyst resume . 

#9. Consultant Cover Letter Example 

• Professional cover letter template. Being an experienced consultant, this candidate has picked a professional template that doesn’t steal the spotlight from their achievements. 
• Experience and achievement-oriented. The candidate has effectively elaborated on their top achievements relevant to the job. 
• Highlights the candidate’s passion. To show they want the job, this candidate has also explained how passionate they are about their profession.

For more advice on landing a job as a consultant, check out our guide to writing a consultant resume .

#10. Digital Marketing Cover Letter Example

• Creative cover letter template. This digital marketer highlights their originality by picking a creative cover letter template. 
• Lists the candidate’s awards. The candidate has taken advantage of the cover letter to list their most noteworthy awards in the industry. 
• Concludes with a call to action. As they used a call to action to conclude their cover letter, the HR manager will be more likely to remember them.

Want to take your digital marketing resume to the next level? Check out our guide!

#11. Graphic Designer Cover Letter Example 

• Detailed contact information. The candidate has included additional contact information such as their website link, as well as their LinkedIn and Twitter profiles.  
• Ideal length. This cover letter is concise, which means that the HR manager is more likely to read it from start to finish.  
• Draws attention to the candidate’s strong points. Although this candidate is a recent college graduate, they’ve managed to effectively show that they have enough knowledge and experience to do the job right.

Read this guide to write a graphic designer resume that’s just as good as your cover letter!

#12. Administrative Assistant Cover Letter Example

• Minimalistic cover letter template. The candidate picked a well-designed but minimalistic template for their cover letter. 
• Focused on skills and achievements. This cover letter is packed with the candidate’s skills and achievements, proving he can be an excellent employee. 
• Formal closing. Politeness can go a long way and the candidate has used this to their advantage to make an impression. 

Our article on how to write an administrative assistant resume can help you take your job application to the next level.

#13. Front Desk Cover Letter Example

• Modern cover letter template. This template incorporates memorable colors and clear lines, which make the cover letter very visually appealing. 
• Attention-grabbing introduction. Using an attention-grabbing intro, the candidate is more likely to make an impression. 
• Calls the HR to action. By including a call to action, the candidate is reminding the HR of their immediate availability. 

#14. Human Resources Cover Letter Example

• It is concise and to the point. The candidate doesn’t dwell on unimportant details the HR won’t be interested in. 
• Uses a traditional cover letter template. The cover letter design is more on the conventional side, which fits the industry better. 
• Highlights the candidate’s strong points. The candidate has rich work experience and they use the cover letter to elaborate on it. 

This HR resume guide can help you get your resume just right.

#15. Sales Agent Cover Letter Example 

• Attention-grabbing cover letter template. As a salesperson, this candidate knows how important first impressions are, so they’ve picked a catchy cover letter template. 
• Has an ideal length. At the same time, they’ve also made sure to keep their cover letter at just the right length. 
• Lists the candidate’s career highlights. The candidate has made perfect use of the space by mentioning their most impressive professional achievements. 

Check out this sales agent resume guide to create an attention-grabbing sales resume .

#16. Receptionist Cover Letter Example

• Modern but minimalistic cover letter template. The template’s design hints the candidate is creative but professional at the same time. 
• Uses a catchy introduction. The candidate has used an attention-grabbing opening paragraph to catch HR’s attention. 
• Concludes the cover letter formally. The candidate proves that they’re polite and well-spoken, a quality very much important for the role they’re applying for. 

Take your receptionist resume to the next level with this receptionist resume guide .

#17. Information Technology Cover Letter Example

• Mentions measurable achievements. Numbers make an impact, which is why this candidate has included measurable achievements. 
• Lists both soft and hard skills. The candidate has mentioned a great mix of soft and hard skills, showing how well-rounded they are. 
• Contains relevant contact information. The candidate’s GitHub, website name, LinkedIn, and Twitter profiles are all great additions to the resume. 

Looking for tips to help you write a great IT resume ? Check out our guide!

#18. Real Estate Cover Letter Example

• Ideal length. Short and to the point, this cover letter is bound to get noticed by the HR manager. 
• Wraps up with a call to action. This candidate reinforces the HR to call them back through a final call to action. 
• Mentions the right skills. On top of their sales accomplishments, the candidate touch upon important soft skills such as customer service and communication . 

This real estate resume guide will help you take your resume from good to great.

#19. Teacher Cover Letter Example

• Mentions relevant contact information details. This candidate has included optional (but relevant) contact information details, such as their LinkedIn, Quora, and Medium profiles. 
• Achievement-oriented. The candidate has elaborated on their achievements in more detail throughout their cover letter. 
• Highlights the candidate’s passion. For some jobs, being passionate is much more important than for others. Teaching is one of these jobs, which is why this candidate explains their passion for the job. 

Our guide on how to write a teacher resume has all the tips you need to land the job.

#20. Project Manager Cover Letter Example

• Leverages a catchy introduction. Through a catchy introductory paragraph, this candidate is sure to grab the HR’s attention and get them to read the rest of their cover letter.
• Lists measurable accomplishments. This candidate explains exactly what they’ve achieved using numbers and hard data. 
• Personally greets the HR. A personal greeting sounds much better than “Dear Sir/Madam,” and the candidate knows this. 

This guide on how to write a project manager resume can help you perfect your appication.

#21. Paralegal Cover Letter Example

• Minimalistic cover letter template. This cover letter design looks good but doesn’t steal the show from the candidate’s abilities.
• Mentions the candidate’s academic achievements and extracurricular activities. Although the candidate is a recent graduate, they’ve used the cover letter to explain they have enough skills and achievements to do the job.
• Lists measurable achievements. The candidate proves they did well in their internship by mentioning quantifiable achievements.

Check out this paralegal resume guide to perfect yours.

40+ More Cover Letter Examples and Guides 

Couldn’t find a cover letter example for your field? Do not worry.

Below you can find a number of other cover letter examples for different fields and industries:

• Acting Cover Letter Examples
• Accounting Cover Letter Examples
• Administrative Assistant Cover Letter Examples
• Architecture Cover Letter Examples
• Attorney Cover Letter Examples
• Barista Cover Letter Examples
• Bartender Cover Letter Examples
• Business Cover Letter Examples
• Business Analyst Cover Letter Examples
• College Student Cover Letter Examples
• Computer Science Cover Letter Examples
• Construction Cover Letter Examples
• Consultant Cover Letter Examples
• Customer Service Cover Letter Examples
• Data Analyst Cover Letter Examples
• Data Entry Cover Letter Examples
• Dental Assistant Cover Letter Examples
• Digital Marketing Cover Letter Examples
• Elementary Teacher Cover Letter Examples
• Engineering Cover Letter Examples
• Executive Assistant Cover Letter Examples
• Finance Cover Letter Examples
• Graphic Design Cover Letter Examples
• Healthcare Cover Letter Examples
• Human Resources Cover Letter Examples
• IT Cover Letter Examples
• Law Cover Letter Examples
• Management Cover Letter Examples
• Marketing Cover Letter Examples
• Mechanical Engineering Cover Letter Examples
• Medical Assistant Cover Letter Examples
• Nurse Practitioner Cover Letter Examples
• Physician Cover Letter Examples
• Project Manager Cover Letter Examples
• Receptionist Cover Letter Examples
• Retail Cover Letter Examples
• Sales Cover Letter Examples
• Social Work Cover Letter Examples
• Software Engineer Cover Letter Examples
• Substitute Teacher Cover Letter Examples
• Teacher Assistant Cover Letter Examples
• Team Leader Cover Letter Example

What is a Cover Letter? 

A cover letter is a one-page document that you submit as part of your job application, alongside your resume . 

Its purpose is to introduce you and briefly summarize your professional background. On average, your cover letter should be from 250 to 400 words long .

A good cover letter can give the hiring manager more insight into what makes you a good candidate and help them make up their mind about whether they should invite you for an interview. A bad cover letter, though, will get ignored (at best) and lose you the job (at worst).

So, to make sure this doesn’t happen, it’s essential to know how to write a convincing cover letter.

The first thing to remember is that a cover letter is a supplement to your resume, not a replacement. Meaning, you shouldn’t just repeat whatever is mentioned in your resume and call it a day. 

Optimally, you should use your cover letter to shed more light on your skills and qualifications, as well as explain anything you didn’t have space for in your resume (e.g. a career gap or why you’re changing careers).

If you’re writing a cover letter for the first time, though, putting all this together might seem pretty tough. 

Fortunately, you can follow our tried-and-tested format to make the experience much easier:

• Header - Input your contact information.
• Greeting the hiring manager - Open the cover letter with a “Dear Sir or Madam,” or use the hiring manager’s name if you know what that is.
• Opening paragraph - Grab the hiring manager’s attention by getting straight to the point. Mention what your professional experiences are, and what role you’re applying for.
• The second paragraph - Explain why you’re the perfect candidate for the job. Mention your top 2-3 achievements, your top skills, why you want to work in that specific industry, and whatever else is relevant.
• The third paragraph - End your cover letter with a call to action. E.g. “I would love to meet personally and discuss how I can help Company X.”
• Formal closing - Something like this: “Thank you for your consideration. Best, John Doe.”

Here’s what this looks like in practice:

9 Tips to Write a Cover Letter (the Right Way)

Now that we've covered the basics, let's talk about cover letter tips . Below, we'll give you all the knowledge you need to take your cover letter from "OK" to "great."

#1. Pick the right template

A good cover letter is all about leaving the right first impression.

And what’s a better way to leave a good impression than through a professional, well-formatted, and visual template?

You can simply pick one of our tried-and-tested cover letter templates and you’ll be all set!

#2. Add your contact details on the header

The best way to start your cover letter is through a header. 

Here’s what you want to include there:

• Phone Number
• Name of the hiring manager / their professional title
• Name of the company you’re applying to

Optionally, you can also include the following:

• Social Media Profiles - Any type of profile that’s relevant to your field. Social Profiles on websites like LinkedIn, GitHub (for developers), Medium (for writers), etc.
• Personal Website - If you have a personal website that somehow adds value to your application, you can mention it. Let’s say you’re a professional writer. In that case, you’d want to link to your content portfolio site or blog.

#3. Greet the hiring manager the right way

Once you’ve listed all your relevant contact information, it’s time to address the hiring manager reading your cover letter. 

A good practice here is to find the hiring manager’s name and address them directly instead of using the traditional “dear sir or madam.” This shows that you’re really invested in the company and that you took your time to do some research about the job.

So, how can you find out the hiring manager’s name?

One way to do this is by looking up the head of the company’s relevant department on LinkedIn. Let’s say you’re applying for the position of Communication Specialist at Novoresume. The hiring manager is probably the Head of Communications or the Chief Communications Office.

Or let’s say you’re applying for the position of server at a restaurant. In that case, you’d be looking to find out who the restaurant manager is.

If this doesn’t work, you can also check out the “Team” page on the company website; there’s a good chance you’ll at least find the right person there.

If you still can’t find out the hiring manager’s name, here are several other greetings you can use:

• Dear [Department] Hiring Manager
• Dear Hiring Manager
• To whom it may concern
• Dear [Department] Team

#4. Create an attention-grabbing introduction

Recruiters get hundreds, sometimes even thousands, of applications. Chances are, they’re not going to be reading every single cover letter end-to-end.

So, it’s essential to catch their attention from the very first paragraph.

The problem with most cover letter opening paragraphs, though, is that they’re usually extremely generic, often looking something like this: 

Hey, my name is Jonathan and I’d like to work as a Sales Manager at XYZ Inc. I’ve worked as a sales manager at MadeUpCompany Inc. for 5+ years, so I believe that I’d be a good fit for the position.

As you can probably tell, this opening paragraph doesn’t tell the hiring manager anything other than that you’ve worked the job before - and that’s not really helpful in setting you apart from other candidates. 

What you want to do, instead, is start off with 2-3 of your top achievements to really grab the reader’s attention. Preferably, the achievements should be as relevant as possible to the position. 

For example:

My name’s Michael and I’d like to help XYZ Inc. hit and exceed its sales goals as a Sales Manager. I’ve worked with Company X, a fin-tech company, for 3+ years. As a Sales Representative, I generated an average of $30,000+ in sales per month (beating the KPIs by around 40%). I believe that my previous industry experience, as well as my excellence in sales, makes me the right candidate for the role of X at Company Y.

The second example shows how the candidate is a top performer. The first just shows that they’ve worked a sales job before.

Which one are YOU more likely to invite for an interview?

#5. Show you’re the perfect person for the job

One great thing about cover letters is that they allow you to expand more on the top achievements from your resume and really show the hiring manager that you’re the right person for the job. 

A good way to do that is to first read the job ad and really understand what skills/experiences are required, and then to ensure that your cover letter touches upon the said skills or experiences.

In my previous role as a Facebook Marketing Expert at XYZ Inc. I handled customer acquisition through ads, managing a monthly Facebook ad budget of $20,000+. As the sole digital marketer at the company, I managed the ad creation and management process end-to-end. This means I created the ad copy and images, as well as picked the targeting, ran optimization trials, and so on.

Other than Facebook advertising, I’ve also delved into other online PPC channels, including:

• Google Search

#6. Explain why you’re a great company fit

The HR manager doesn’t only look at whether you’ll be good at the job or not. They’re looking for someone that’s also a good fit for the company culture.

After all, employees that don’t fit in are bound to quit, sooner or later. This ends up costing the company a ton of money, up to 50% of the employee’s annual salary . 

To convince the hiring manager that you’re a great company fit, do some research on the company and find out what it is you like about them, or about working there. You want to know things like:

• What’s the company’s business model?
• What’s the company's product or service? Have you used it?
• What’s the culture like? Will someone micro-manage your work, or will you have autonomy on how you get things done?

Then, turn your top reasons for liking to work there into text and add them to your cover letter! 

#7. Wrap up with a call to action

To make the end of your cover letter as memorable as possible, you want to:

• Wrap up any points you couldn't in the previous paragraphs. Mention anything you’ve left out that you think could help the hiring manager make up your mind.
• Thank the hiring manager for their time. After all, it never hurts to be polite. 
• Finish the cover letter with a call to action. A call to action is a great way to make your cover letter ending as memorable as possible. 

#8. Write a formal closing

Once you’re done with the final paragraph, all you have to do is write down a formal “goodbye” and you’re good to go.

Feel free to use one of the most popular conclusions in a cover letter:

• Best Regards,
• Kind Regards,

#9. Proofread your cover letter

Last but not least, make sure to always proofread each and every document that you’ll be including in your job application - cover letter included. 

The last thing you want is to be claiming you’re a great candidate for the job with a cover letter full of typos! 

For an even more comprehensive guide on how to write an impactful cover letter , check out our article ! 

Cover Letter Writing Checklist 

Frequently Asked Questions

Do you still have some questions about cover letters? Check out the answers below:

1. How do I write a simple cover letter? 

To write a cover letter that’s simple but also professional, make sure to include a header with your personal information, a formal greeting to the hiring manager, an attention-grabbing opening paragraph, a second paragraph explaining why you’re a good candidate for the job, and a formal closing (preferably with a call to action). 

2. What are the 3 parts of a cover letter? 

The three parts of a cover letter are: 

• The introduction , namely the header, the greeting to the hiring manager, and the opening paragraph. 
• The sales pitch is usually the body of the cover letter. 
• The conclusion involves a formal closing and a signature line.

3. What makes a great cover letter?

A great cover letter should be personalized for each job you’re applying for, instead of being overly generic. It’s also preferable to address the hiring manager by their name and not use the overly-used “Dear Sir/Madam.”

To make a great first impression, you should mention 1-2 of your top achievements in your opening paragraph - the more job-specific they are, the better. Also, don’t stop at showing the hiring manager why you’re a great candidate for the job. Make sure to also talk about how you’re a good culture fit for the company.

Last but not least, wrap up your closing paragraph with a call to action to give the hiring manager a little extra something to remember you by. 

4. When is a cover letter necessary?

Unless the job ad specifically states otherwise, you should always include a cover letter with your job application .

Even if the hiring manager doesn’t read it, you will look more professional simply by including one.

And that’s a wrap! We hope our cover letter examples and writing tips will inspire you to write a cover letter that will land you your next job.

If you’re looking for more invaluable career advice and articles, make sure to check out our career blog , or any of these related articles: 

• How to Write a Resume
• Cover Letter Mistakes to Avoid at All Costs
• Cover Letter Format (w/ Examples & Free Templates)

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A Sample Cover Letter for Tourist Visa and How to Create One

By Alice Ross | PASSPORT & VISA

• PASSPORT & VISA » A Sample Cover Letter for Tourist Visa and How to Create One

If you're planning to  travel abroad , in many cases you will need to obtain a visa beforehand. The requirements vary according to your country of origin and your destination. But for a lot of people, the process to be granted a visa can seem daunting and unclear. In this article, we share important tips about visas to equip you with the knowledge to prepare for your international trip. Read on to find out more about how tourist visas work, including a very useful sample cover letter for your tourist visa application.  

What Exactly Is a Tourist Visa?

A tourist visa or visitor visa is an official document that allows you to get in another country. In general, you are likely to need one every time you visit another country. However, this depends on which country you are from and where you are going, as some countries have agreements that allow entrance even without it.

A tourist visa may take different forms: it can be a paper document, although it most often comes as a simple stamp in your passport . Some countries require you to arrange your visa before arriving in the country, while others issue it to you once you land at the airport.

A tourist visa indicates how long you are allowed to stay in the country. It also defines which activities you are allowed to participate in or not while there, such as working and studying.

Other Types of Visas

A tourist visa is the most common and most acquired type of visa. It is usually only valid for a short period of time, commonly ranging from a few weeks to a couple of months.

This is what you will need if you are just planning to visit the country. A tourist visa however doesn't allow you to work and study while you are in a particular country.

Others types of visas include student visas, business visas, media visas, fiancé visas , and many others depending on the place you're travelling to.

Resident visas are also available for those who want to live in a particular country. You will normally need a valid reason to obtain this type of visa, as they tend to be the most difficult to get.

What You Need to Apply for a Tourist Visa

As mentioned above, tourist visa requirements vary with your nationality and your destination, as well as where you make your application. You should always check the instructions application to your specific situation on the relevant embassy or consulate website. Having said that, there are some general requirements and common documents that are needed for most tourist visa applications.

These include:

• Passport valid for at least six (6) months beyond the intended period of stay
• Duly filled out visa application forms
• Confirmed round-trip tickets
• Cover letter for tourist visa or letter to the consulate

Top tip: travel insurance for your visa application

Most tourist visa applications require you to show proof of travel insurance coverage for the duration of your trip. We use and recommend SafetyWing as our preferred travel medical insurance provider. It's the most flexible and affordable we've found, starting at just $1.32 per day. They can also provide a visa letter to support your application. If you're looking for more comprehensive coverage, World Nomads is also a reliable and very popular alternative among global travelers. Note: In our experience and to the best of our knowledge, these two travel insurance options fulfill the requirements for most tourist visa applications. However, please make sure to check that they meet the specific criteria applicable to your individual case.

Sample Cover Letter for Tourist Visa Application

Via rappler.com

The cover letter or letter to the consulate is necessary for tourist visas that require interviews. This letter needs to explain why you want to visit the country and where you will be staying in the country. It must also outline the intended dates and duration of your stay.

Moreover, this letter is your way to tell the embassy if you are getting a sponsorship from a friend, parents, or a romantic partner who are currently based in that country. It's important to take your time to write your cover letter, although you should also make sure to keep it to-the-point and not too long.

If the trip is going to be  sponsored by someone else , make sure to include the following details in the cover letter for your tourist visa application:

• The name of the person who is going to sponsor your trip
• The job or source of income of the person who is going to sponsor you
• Your proof or relationship (normally pictures)
• Proof of financial capability of your sponsor
• The expenses your sponsor will cover

The cover letter is a really important document to provide before your trip. It states every important thing you want to tell the embassy or consulate. Make sure that it mentions and explains every document you've submitted.

To give you a better insight into how to create a cover letter for your visa application, here is a sample cover letter for a tourist visa needed to enter a country:

TO THE HONORABLE CONSUL

EMBASSY OF (Country you're visiting)

<Address of the Consulate>

Dear Sir/Madam:

I, <Your full legal name> would like to apply for a tourist visa to spend a vacation in <name of the country> from <date of arrival> to <date of departure.>

My main purpose for travel is tourism, to see the beautiful sights of  <name of the country> , particularly <name of tourist attractions.> I'm also looking forward to experiencing the culture, tasting the cuisine, and meeting locals to experience everything the country has to offer.

I am employed at <name of the company> located in <location of the company> since <date you were employed> and am currently holding the position of <your job position.> Vacation from work has already been approved for the whole duration of this trip.

During my trip, my <your relationship with the sponsor> <full name of the sponsor,>  who works as <job title of the sponsor> at <place of employment> will sponsor my trip. He/she will cover my accommodations, food expenses, and plane tickets.

Please find the following documents to support the legitimacy of what is outlined in this letter:

• Passports (including old ones if applicable)
• Application form, duly dated and signed with passport-size picture
• Employment and leave certificates showing the date I'm expected to return to work
• Payslips, tax report, credit card statements, bank certificate & statement of account as proof of income
• Plane ticket booking reservation
• Hotel booking reservation as proof of accommodation directly faxed to the embassy
• Travel insurance with benefits

Please don't hesitate to contact me if you require any further information. I may not be available at all times due to my working schedule or I might be engaged in a mission, but you may still try to reach me at the following:

Of course, the sample cover letter for tourist visa application provided above is only a template and can be modified according to your situation. Again, including this in your travel visa application is very important, so make sure that you take the time to think about what you want to write and to gather all the necessary documents to support the information you provide in your letter.

Do you have any helpful tips or a sample cover letter for a tourist visa application you want to share? Let us know in a comment below!

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About the Author

Hi, I’m Alice Ross, a long-term traveler who left the corporate world to travel the world. I chose to live life on my own phase and live day by day while immersing myself in new experiences, new knowledge, and new people in a different walk of life I met along the way.

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Philpad » Visa » Japan Tourist Visa Cover Letter Sample (Use One for Your Application)

Japan Tourist Visa Cover Letter Sample (Use One for Your Application)

Estimated reading time: 5 minutes

We are sharing here our Japan tourist visa cover letter sample to guide fellow travelers and tourist visa applicants.

Many readers have been requesting to post the cover letter we used on our tourist visa application, so here I am posting the cover letter I made for my sister.

As mentioned, we successfully got our Multiple Entry Visa even though it was our first time applying for a Japanese tourist visa.

If you want to know how our visa got approved and how we got a multiple entry visa, please visit this page: “How I Got My Japan Multiple Entry Visa in One Shot.”

Table of Contents:

What is a Visa Cover Letter?

A visa cover letter is submitted with your documents for visa application. The cover letter is a formal way to introduce yourself, to express the purpose of your travel, why you want to visit the country, the places you plan to see, and your sincere intention to return to your home country.

How to Write a Visa Cover Letter?

Step 1: address your letter to the proper embassy.

Write the correct address of the embassy of the country where you choose to apply for a travel visa. Verify the updated information before you print out your letter.

Step 2: Introduce yourself briefly

Introduce yourself and state the main subject of your letter (you’re applying for a tourist visa to travel to Japan.)

Step 3: Mention the purpose of your travel

Express the purpose of your travel and share an overview of your itinerary. Talk about the sites you wish to explore and the activities you plan to do in the country you will be visiting.

Step 4: Indicate how you will support your travel

If you’re paying for all your travel expenses, accommodations, and pocket money, share about your job or mention that you have attached your bank certificate. Prove that you are financially stable and capable of supporting yourself and your travel.

If someone is sponsoring your trip, explain your relationship with your sponsor and why they will shoulder your travel expenses.

Step 5: Show strong proof you will return to your home country

It will be helpful if you mention the other countries you have visited in the past and your other travel visas. Attaching supporting documents such as employment certificate, business permits, tangible assets, and income tax return also show strong ties to your home country.

Japan Tourist Visa Cover Letter Sample and Format

Embassy of Japan in the Philippines

2627 Roxas Boulevard, Pasay City, 1300

Dear Sir/Madam,

Kon’nichiwa!

My name is Lauren Park, with Passport Number: CB8787888, and I am requesting a tourist visa to travel to Japan.

It’s always been my dream to visit Japan someday. I am fascinated by its warm culture and heritage. I want to explore its ancient Shrines and Temples. I hope to see the Cherry Blossoms and the beautiful city of Tokyo. I am thrilled to see Japan’s Disneyland and wait for the night’s incredible fireworks.

I am looking forward to riding a Bullet Train and seeing Osaka. I am excited to be at Universal Studios. To be exploring the stunning places of Kyoto and Nara is on my Bucket List, too.

All my supporting documents and visa application are attached below.

• Philippine Passport
• Visa Application Form
• Original Birth Certificate
• Daily Schedule in Japan
• Original Bank Certificate
• Income Tax Return
• Certificate of Employment
• Roundtrip Airline Ticket

I am hoping for your kind consideration. Japan will always be special in my heart. I hope I will be able to travel and explore its beauty.

Sincerely yours,

Lauren Park

Important Notes:

Please do not copy the sample cover letter above. It is just a guide, and DO NOT submit it exactly as it is.

Just imagine the readers who do that, and you all would have the same cover letter. That would be risky on your application.

Make sure you write your own cover letter following what’s in your heart and following your itinerary or plans to travel to Japan.

Why should you submit a Cover Letter for Japan Tourist Visa?

Even though a Cover Letter is not one of the primary requirements and documents needed for a Japanese tourist visa application. It is usually attached when applying for your second application or applying for a Multiple Entry visa.

However, I recommend you also attach a Cover Letter even if it is your first time applying for a tourist visa and even if you are not aiming for a multiple entry visa.

A Cover Letter is a formal way of you letting the embassy knows your keen reasons and intention to visit and travel to Japan. It is a way of telling the consul why you love to travel to Japan.

So, I think it is an advantage to help get your visa approved successfully.

Visa applications like Schengen member countries require a Cover Letter as part of the document checklist. It is beneficial if you make one for your visa application.

It is not so difficult to create anyway. It will only take a few minutes of your time. Besides, seeing Japan is priceless.

Japan Visa Helpful Articles:

• Japan Visa Schedule of Stay Sample
• Japan Tourist Visa Requirements in the Philippines
• Japan Travel Blog and Guide with Itinerary
• How to Get JR Pass in the Philippines

Disclaimer: This article is for information purposes only and should not be taken as visa expert advice. The author only shared her experience about visa cover letters. It doesn’t guarantee the same results.

Share this!

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Fehl is the founder of Philpad. She has a degree in Accountancy and a background in Finance. She is a licensed Career Service Professional and author of a poetry book at Barnes & Noble. In her spare time, she likes to travel and vlog.

9 thoughts on “Japan Tourist Visa Cover Letter Sample (Use One for Your Application)”

Good day! Our Travel date is on March 1 to 6 this 2020. We already have plane ticket as well as hotel. All are paid na po. Visa nalang kulang. However, ma la late and uwi sa Pinas yung husband ko dahil nasa port sila ng China. Hndi sila pwede umuwi dahil sa corona virus. So sa Australia pa sila uuwi. 23 or 24 pa sila lalapag ng Pilipinas. Mag apply kami kinabukasan or that day mismo. Possible po kaya na makuha namin agad yung result ng visa application namin kung sa last week ng February kami mag apply? Sayang namn kasi lahat is ready na Visa nalang

Hi 🙂 Possible naman na makuha na ang visa nyo if Feb. 25 kayo apply

I’m a multiple visa holder, too, and I will apply for my son (first time). Should I write a cover letter on his behalf? My son is a minor. Thanks!

Yes, it will help the application 🙂

Thank you. Follow up question, is it advisable to submit also round trip airline tickets? We will be there for just a week. Thanks, again!

I have a question, should this be handwritten or computerized???

I did mine computerized. Include your signature at the end

Hi Ms. Fehl! What was the latest time to get your visa? I mean my flight is on May 24-28. Can I apply for a visa by next week? I went to Japan last 2018 and they granted me a single entry visa and now I’m trying my luck to get a multiple visa, should I get my visa na ba? Hope you will noticed this. Thank you so much in advance.

Hi Yanna 🙂 Best time to apply for a visa is 3 months before your travel date. In your case, yes you can already apply 🙂

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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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