[INTERVIEW] Korea Finance Society showcases power of community building via mentorship

Korea Finance Society (KFS) President Mark Kim is a vice president at Anchorage Capital Group in New York. Courtesy of Mark Kim

By Anna J. Park

Headquartered in New York, the Korea Finance Society (KFS) is a renowned organization for Korean and Korean American finance professionals with over 3,000 members, ranging from some of the most high-profile financial leaders like Joseph Bae, co-chief executive officer at KKR & Co., to young college mentees aiming to work in Wall Street after graduation.

Since it was co-founded in 2009 by Mike Joo, COO of Global Corporate & Investment Banking and Head of North America at Bank of America (BofA) Securities, and Sandor Hau, Managing Director and Head of Credit at Charlesbank Capital Partners, the organization has grown exponentially over the last 15 years, providing a solid network platform for mentorship, forums and social gatherings to facilitate members' growth in the finance industry.

Currently, the vast majority of its members are based in the U.S., with a small growing presence in Korea. About 90 percent of the members work in Wall Street, either on the buy-side or the sell-side at banking, private equity or hedge funds. Roughly, one-third of the members are considered juniors ― one to seven years of work experience out of college ― and another one-third working at mid-level while the remaining one-third hold senior-level positions.

From left, KFS co-founder and Charlesbank Capital Partners Managing Director Sandor Hau, KKR co-CEO Joseph Bae, Uber CFO Nelson Chai, KFS co-founder and BofA Securities COO Mike Joo, at the KFS National Symposium & 15th Anniversary Dinner in New York on April 12. Courtesy of KFS

During a recent interview with The Korea Times, Mark Kim, president of the KFS, explained that members' enthusiastic dedication to voluntarily contribute and get involved in the community has been a key to the organization's success.

"What's very unique about the KFS is that we have no full-time staff and everything's done just by volunteers. People want to give back, and they want to be helpful and involved. We have a lot of people who see the mission of building a community and mentorship, and they all want to be involved and contribute in some way," Kim said during the interview.

"On every single event hosted by the organization, people are either willing to be there and contribute by time, or money. Most, if not all, of the expenses of the KFS are covered by some of the members who are willing to sponsor, not in a commercial way, but for the good of the broader community," he added.

KFS members participate in a networking event held during the KFS National Symposium & 15th Anniversary Dinner in New York on April 12. Courtesy of KFS

He explained that the KFS is very different from other groups in that there are no annual dues or any monetary burdens on members. Instead, the organization has a deep-rooted culture of voluntary commitment by members. It is a virtuous circle in which members are willing to contribute back to society, out of gratitude, as they view that they gained so much from it.

The president of the KFS attributes the unique culture of giving back to the organization's co-founders, two highly successful people who were willing to help build a community to connect Korean people working on Wall Street.

"That's how the KFS works. So it was really Mike and Sandor ― co-founders of the KFS and current co-chairmen. What I would say is that they did all the heavy lifting in the beginning phase of the organization when there were no younger people to help. They'd just go through doing everything. They would call and they initially paid all the expenses out of pocket for some 10 years, and they still do," Kim said.

"A common phrase that we say at the KFS is 'learn, earn, and return.' Step one is you've got to learn it; two is you've got to earn it; and three, you have to return it. So a lot of our mentees are in the learning process. And then once you learn everything, you got to really earn to get that job, and at a certain point in your career, you have to give back and you've got to return," Kim pointed to the organization's compound growth achieved by each member's contribution.

The power of such compound growth is most evident in the KFS' Fellowship Program. It is the organization's flagship mentorship program, selecting high-achieving college sophomores to help them grow into a competent finance professional. They are matched with mentors, who provide career advice and guidance through summer internships, group career panels, networking dinners as well as mock interviews. Participating mentors include senior managing directors and partners from Goldman Sachs, AQR, Bank of America Merrill Lynch, BlackRock, HSBC, Deutsche Bank, Citibank and the like. So far, over 250 Korean and Korean American students were able to receive full-time offers through the fellowship program; the success rate is 100 percent for all fellows in getting full-time position offers from Wall Street.

Mark Kim himself was the beneficiary of the mentorship program. He studied applied mathematics at Columbia University, but unlike most of the people he studied with, he wanted to pursue a career in Wall Street finance. While it was difficult for a non-finance major to find an opportunity in Wall Street, Kim was mentored under the KFS, finding his first job at Bank of America.

Starting his career in investment banking at Bank of America Merrill Lynch, Kim worked at TPG Sixth Street Partners. He now works as a Vice President at Anchorage Capital Group, a credit-oriented investment firm based in New York.

"Now I'm in a position where I got so much help that I want to use that know-how and help my mentees with jobs," Kim said, adding that those mentees, after they graduate and work on Wall Street, become mentors themselves, continuing to give back their contributions for the society. "I think the KFS is this because you have a group of people who want to constantly give back for the good of the community," he highlighted.

Presenters share their insights on the financial industry at a forum session held during the KFS National Symposium & 15th Anniversary Dinner in New York on April 12. Courtesy of KFS

Korean presence growing in U.S. finance sector

With the number of influential Koreans and Korean Americans working at the top echelon of Wall Street constantly growing, Kim said the finance scene has much changed for Koreans, compared to about a decade ago. He believes the KFS has served a key role in building such a community by connecting them, hoping the current momentum goes on in the future.

"Korea is now one of the biggest economic powerhouses in the world. When the KFS started 15 years ago, I think Korea was very different from a finance perspective. Now. It's massive. And I think the KFS has grown massively, too. And now it's to the point where we can help each other with jobs or with deal flows," Kim said.

"Now what we want to do is we want to make sure our next generation continues it on. The Korean brand equity is very high right now on Wall Street. I think Korean people have a very good image: very hardworking, very passionate and very genuine," he added.

The organization aims to increase its presence in Korea as well. The KFS held its largest annual forum ever held in Seoul earlier this month, providing a platform for networking among Korean American financiers and Korean institutional investors.

Many influential Korean American financiers, including CalPERS Investment Director of Private Equity Yup Kim, Providence Equity Partners Managing Director Lisa Lee, One Rock Capital Partners Co-founder and Managing Partner Tony Lee, Goodwater Capital Co-founder and Managing Partner Eric Kim and Truist Securities Managing Director Stellar Tucker, along with many KFS members, flew to Seoul just to attend the event on their vacations.

"A lot of people ask 'Why do we do this? Why did people go out of pocket and come to Korea? Why do people do this? What's the purpose?' Our conference, there's no sales, there's no marketing, there's no pitching. I think the reason why we are here is mentorship ― that is the core of our DNA. I think a lot of interactions in finance have a lot to do with apprenticeship. It's about mentorship, and I think those values are very important," Kim said.

"We sometimes see those values not being very well evident in other industries beyond finance, and so we want to showcase the importance of mentorship to the point of community building, how it's not a zero-sum game, but it's a win-win situation for everyone. I think that's what we're trying to do here," he added, saying the KFS plans to host such events on a regular basis in Seoul.

Female members of KFS pose at the KFS National Symposium & 15th Anniversary Dinner in New York on April 12. Courtesy of KFS

Another core pillar the organization emphasizes is building women's talent in the financial industry. About half of KFS members are female, the organization has been hosting various networking opportunities to foster impactful connections among Korean and Korean American women. It also hopes to interact with women's finance networks in Korea to provide opportunities for each other.

Regarding a question on how he manages to do all of this part-time, on top of his regular full-time job, Kim gave credit to the great help he receives from the KFS board and executive committee members. Plus, he said he enjoys every minute of it.

"I might spend a lot of time at the KFS but I'm not stressed out. At some point, it's all intertwined. Your clients become your friends, your friends become your clients. Through this, you can create business opportunities. You never know, it's super-exciting. And for me, through the KFS, I've met so many great people that I wouldn't have ever thought I'd meet in my life ― if it wasn't for KFS. So it really motivates me," he said.

"But more importantly, it helps me stay part of a community. And when you are a minority in America, you need that community to be strong and constantly grow. So it's a very important place in my heart," he said.