Tom McInerney, CEO of ING Americas, visited with students in Elon’s Martha and Spencer Love School of Business Thursday, April 20. ING is one of the world’s largerst financial services companies, providing retirement, investment insurance and asset management products.
McInerney emphasized that the business climate has changed drastically since he graduated from Colgate University in 1978.
“The most important thing is the word ‘global,'” said McInerney, who spends an average of 8 days each month at ING international headquarters in The Netherlands. “It is a much more global business world than when I started. There is much more international competition for jobs now. Increasingly, leaders in business tend to be global players.”
In the next 30 years, McInerney said he foresees “China and Asia as extremely important, but right now, the US economy is really the engine that drives the world’s economy.”
As business has become more global, McInerney said new product cycles have shrunk from as long as 3 years to just 6 months.
“When I started, you could have a 3-year cycle where you could exploit your latest product innovation. Today, it might only be 6 months before your competitors have adapted your product and maybe added a whistle and bell or two of their own. It’s exciting, because it means a lot of change and a dynamic environment. But it’s also challenging because things are constantly in a state of transition.”
McInerney, whose daughter Meghan is a sophomore at Elon, told students they should find careers they have a strong interest in after graduation.
“You want to have a lot of career advisers, but at the end of the day, only you know what really excites you and what you’re passionate about. Most of the people who are really successful in business, or in any field, are the ones who are really excited about what they do.”
McInerney advised the students to look at each job during their career as a chance to become more well-rounded in their abilities.
“As you advance in your career, your jobs will become less specific and more general. But most people will have one area they are particularly strong in.”
McInerney, who entered the workforce as a financial analyst before earning his MBA degree, was asked if he recommended going straight from college to graduate school.
“My personal experience and my belief is that MBA programs are a lot more meaningful if you’ve had some work experience first,” said McInerney. He added, however, that each student should do what they believe is best for their individual career path.
McInerney spoke with three different groups of business students throughout the day and had lunch with junior and senior Business Fellows and faculty members.