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How to Write an Effective Architecture Cover Letter

• Updated: January 3, 2024

Whether attending a job interview, or sending out an online application for the first time, delivering a positive and well-rounded first impression is of vital importance, and this is especially true when it comes to applying for an architectural position within a firm .

As particularly when competing against many other suitable candidates, applicants rarely get a second chance to introduce themselves, so why not do it right?

In this article we discuss how to write the perfect architecture cover letter , and examine its purpose, format and structure, together with tried and tested writing tips and principles that conclude with a step by step paragraph breakdown and free cover letter template.

All aiming to ensure that you and your application stand out to your next prospective employer.

For those looking to get straight into preparing and writing their cover letter, we have prepared 28 fully editable and adaptable cover letter templates to help support and speed up the process.

Fully-structured, ready-to-use, and highly-customizable, these can simply be opened, edited, and sent. Bespoke elements and personal details are clearly highlighted in red, making them incredibly easy and simple to edit. …More information via the below link:

You only get one first impression.

83% Of Decision Makers Say Cover Letters Are Important – Impress 100% Of Them

What is a cover letter and what is its purpose?

In your search for prospects in the architectural field, you can spend hours on end trying to pull together the perfect resume. However, the silver bullet could be a well written cover letter.

Though it is believed that a lot of employers do not read cover letters, more than half of them expect to be sent one with an application regardless.

Job applications in most professions, architecture inclusive, have two main constituents. First is your resume – which provides a summary of your education and professional experience. Next is your cover letter!

Though they might both seem commensurate, the cover letter is possibly the more important, as it is the first means of introduction to a prospective employer.

If landing that job is of top-priority to you, your resume is not enough! Be it for an internship, part-time or full-time position, ensure you include a cover letter. This gives more weight to your application and greatly improves your chances of getting called for an interview to discuss and present your portfolio .

Just like a spare tire, you never know when your cover letter will come in handy.

For more information on preparing a resume, we have a full guide here: How To Create The Perfect Architecture Resume

The purpose of a cover letter

Think of a cover letter as you would if you were meeting someone for the first time. As a professional, it signifies your intent, tone and values.

In the event that your cover letter is not successful at inspiring someone to learn more about you, there is a high chance they will not bother taking a look at your resume or portfolio at all.

A cover letter serves various purposes, some of which are:

• It communicates to the employer the reason why you should be hired.
• It showcases your noteworthy endeavors and expertise. It is suggested that you show-off the duties you undertook at your previous jobs. This will draw the employer’s attention to your distinctive capabilities.
• You might want to convey how passionate you are about the field of architecture. Also, showcase enthusiasm for the position you are applying to and how important the job opportunity is to you.
• Cover letters set precedence for follow-up. We suggest that you include the date and time you plan to call for a follow-up, so as to abolish the waiting game. This places the ball in the court of the employer.
• A great cover letter makes up for a sub-par resume. If your resume is lacking in some areas, be sure to exhibit your personality via a convincing cover letter.
• It illustrates your ability to communicate clearly and effectively. Resumes tend to be short and precise, so a cover letter affords you the opportunity to expatiate on points.
• Cover letters confirm that you have carried out adequate research on the company and what they search for in a client.

Core architecture cover letter tips and principles

Here are some tips to help with writing your architectural cover letter:

Keep it brief

• A cover letter should not be longer than a page. Ideally it should have a target of three paragraphs; maximum of four or five depending on how you break up the body of writing.
• Use this space to state the things you can offer the firm, and avoid bombarding your letter with redundant words and unnecessary information.
• Place your focus on writing a griping and succinct cover letter, as this demonstrates your ability to effectively communicate.
• Be sure to avoid repetition.

Start strong

Begin your write-up by stating the role you are applying for, and why you are a suitable candidate for the position. Be sure to mention your work experience and qualities that make you ideal for the job.

Note that you should stay away from phrases like “I’m the perfect candidate for this position because…” or “I am confident I will exceed your expectations in every way.”

For applicants that do not have prior work experience in the field, it might benefit you to focus on recounting your extracurricular accomplishments. In general, the firm should get an idea that your foundation is solid enough to launch a career in the architecture field.

Customize your cover letter

Personalize your cover letter by adding keywords that have been mentioned in the job description. Make sure you read through the job posting carefully, and highlight the skills needed for the role (e.g., years of experience, technical skills, degree, etc.)

A pro tip is to take the buzzwords in the job posting, and reverse engineer them to fit your cover letter, as many companies even use automated applicant tracking systems (ATS) to screen applications. Furthermore, make evident your acquaintance with the job role, the architectural field and the firm or employer.

Your application should stand out as it will not appear to be generic, but put together specifically for this purpose.

Address a specific person

If possible, your cover letter should be addressed to the hiring manager – with their first and last name. If you do not have a name, a quick google search might help.

You could take it a step further by contacting the organization directly to find out. The personal touch shows that you made an effort. 

Though “Dear Hiring Manager” and “To Whom It May Concern” are a bit frosty, we would suggest you go with the later if unable to get any information on the hiring manager’s name.

Sell yourself

Keep your cover letter distinctive as it is your marking document. Do not simply copy and paste everything in your resume, but expand on the best parts of it.

List and expand on your soft skills and social skills, as some companies are really big on this. Some examples of soft skills include communication, teamwork, problem solving, etc.

Your cover letter gives you a chance to explain gaps in your resume, if you have any. See the cover letter as would your “elevator pitch” or a marketing campaign.

Use the right format

Formatting plays a major role in the world of design. Your cover letter should look professional and clean. Also, ensure that the format of your cover letter complements that of your resume.

Keep the tone of your cover letter to three essential points, which are the introduction, body and conclusion.

Include testimonials

Providing references from former managers, co-workers, and clients can go a long way in emphasizing your expertise and passion for the job. Add one or two testimonials to your letter, but do not go overboard with it as it might lead to overcrowding.

Proofread painstakingly

Be sure to double check your letter right after you are done putting it together. It is easy to make spelling errors and “ spell check ” might not catch every single one of them.

We suggest you give your letter to a friend to check for grammatical and spelling errors as well. You could also show them the job description, to confirm that you have covered all points required.

Cover letter mistakes to avoid

• Beating around the bush: This can be a time waster for you and the hiring manager. Go straight to the point in your letter.
• Using emoticons and abbreviations: Avoid using emoticons and words like “WOW,” “LOL,” “OMG” as they show a lack of professionalism.
• Focusing too much on yourself: Your emphasis should be on the job description and what you bring to the table. The employers needs to know that you can get the work done.
• Overusing the word “I’: Using the word “I” at the beginning of every sentence makes your letter look monotonous and more like an autobiography.
• Oversharing: Resist the urge to share every tiny detail about your previous work experience. A brief and concise description is fine.
• Giving red flag details: Do not overemphasise your weaknesses and bad encounters from past jobs, as this could easily create a negative impression of you.
• Length: Do not overstretch the cover letter. Also, avoid complicated sentence structures and ambiguous vocabulary. You can keep the letter at half or full page.
• Unprofessional contact information: Make sure your email address does not contain vulgar words. A formal and safe address is one that contains your first and last name .
• Generic letters: Customize your cover letter to each job posting.
• Same information: Skip information that is already included in your resume.
• Sign: Do not forget to sign your cover letter, as this shows that you pay attention to detail.
• Proofreading: Ensure you properly proofread your cover letter to avoid spelling and grammatical errors.
• Passive tone: Do not depend on the hiring manager to contact you. Instead, include a scheduled time you will be calling or mailing them for feedback on your application.
• Addressing the letter: Make sure the cover letter is addressed to the hiring manager of the company. Do not forget to personalize it, if possible.

How to format and structure your architecture cover letter

01. – format.

Human Resource Managers get loads of applications all the time, but only interview a few applicants. So how can you get your cover letter to stand out among the rest?

These quick pointers are a simple yet effective way of ensuring your letter is successfully formatted and structured:

• Align all parts of the cover letter to the left side.
• Letters should be single spaced with 1-inch margins on each side.
• Choosing the right font is crucial. Stay away from fancy fonts and be sure to match the cover letter font to that of your resume.
• Your architecture cover letter should be a single page or less.

02. Your cover letter header should have the right contact information

The header is the very first thing that people see. Ensure you start with the correct date and contact information. Then, proceed to the recipient’s name, title and their contact details.

Here is an example:

Architecture cover letter sample – header sample template

[Your Full Name]

[Job Title]

[Contact Number]

[Email Address]

[LinkedIn Profile Link]

[Online Portfolio Link]

[Hiring Manager’s Full Name]

[Their Title]

[Company Name]

[Company Address]

[City, State, Zip]

For uniformity and easy identification, use the same header on both your resume and cover letter.

03. Introduce yourself and reference the position you’re applying to

Your cover letter should match the job description and begin with the full name of the hiring manager.

Compose the first paragraph of the letter by introducing yourself and stating the job position you are applying for. Cite your greatest architectural accomplishments and ensure they fit the job posting.

Here’s an example:

Architecture cover letter sample – introductory statement sample template

Dear [Manager’s Name/Hiring Manager]:

As a graduate architect based in the city of [your city], passionate about [specific skill they need], I was delighted to find your ad in [where you found the ad] for a [specific architecture job position]. For the longest time, I have been a fan of [company name and specific fact about the company you love]. This is why I believe my [big architectural achievement that fits their needs] makes me a great fit for the role.

04. Mention Applicable Architecture Achievements & Skills

It is important to gather relevant information applicable to the job role. You should learn the terms of the employer before proceeding.

For the second paragraph— Revisit the job description, find work requirements and show that your past experiences put you in a position to handle the job appropriately. This is how:

Architecture cover letter sample – middle paragraph sample template

From your job posting, it is evident that you are searching for an experienced architect with [specific skill or requirement]. The company is interested in [specific company goals] and I am certain that my [number of years] of accomplishments at [your previous company name] have adequately equipped me for this role, including:

[Skill #1]. [Achievement #1]

[Skill #2]. [Achievement #2]

[Skill #3]. [Achievement #3]

05. Ask for an Interview

Before sending in your application, put a solid ending on your cover letter. Be sure to ask for a call or an interview. Use the opportunity to reiterate how valuable you would be to the firm.

Here is an example of a cover letter closing:

Architecture cover letter sample – closing statement sample template

It would be my pleasure to talk over [company name]’s upcoming projects and share how I can further revitalize your team with my project [specific skills].

Best Regards,

[Digital Signature]

[Full Name]

[Phone Number]

Full sample architecture cover letter template

James Charles,

4334 Chips Street,

Mississauga, ON M9W 1L5.

January 1, 2020

Stacey King,

Hiring Manager,

FMA Architects,

84 Suntan Avenue,

Toronto, ON L4W 48E.

Dear Stacey,

As a graduate architect based in the city of Mississauga, passionate about building design and construction, I was delighted to find your ad for the role of an Architectural Technician. For the longest time, I have been a fan of FMIA Architects and the company’s dedication to sustainable architectural design. This is why I believe my creativity and 3D visualization skills make me a great fit for the role.

From your job posting, it is evident that you are searching for an experienced architectural technician with 3D rendering skills and knowledge of working drawings. The company is interested in green house advancement and I am certain that my 5 years of accomplishments at Crowley Designs and Management have adequately equipped me for this role, including:

– Leadership. Led the design of more than 15 residential and commercial building projects in the city of Toronto.

– Collaboration.  Introduced new teamwork approach with project management team which saw a 20% decrease in planning time.

– Independence. Solely oversaw the management and construction of 7 residential buildings in the past 5 years.

During my time at Crowley Designs and Management, I practiced and learned many skills, which are transferable into the architectural technician role at FMIA Architects. My years of experience producing architectural designs and construction drawings give me an exceptional edge for this new role.

As evident in my accomplishments, I am very pleased with the work that I do, and if given the opportunity to prove myself at FMIA Architects, I will come with that same work ethic and enthusiasm.

I am welcome to discussing FMIA Architects’ future projects and plans. I would love to meet up for a coffee, and further explain how I believe my skills could be translated to my work at the firm. I will be in touch in the coming week to confirm an appointment.

James Charles

Submitting your cover letter to an architecture firm

Now that you have successfully written a cover letter, it is time to send it out to a prospective employer with your resume, and in some cases, a portfolio .

In general, most job applications are sent via email. Submissions via the company’s website, or a job recruitment website, are quite common as well. There are some employers that would rather have the old-fashioned hard copy submission method.

Email Submission

There are three email submission methods, namely:

Option 1: Cover letter in body of email, resume and portfolio attached separately

• It is more likely that the cover letter will be read if it is in the body of the email, as opposed to it being in a separate attachment.
• This is a great option to use if the formatting of the resume and portfolio are different from that of the cover letter.
• The package is more interesting, as opposed to opening an attachment and seeing just a letter in it.
• The benefit of the resume and portfolio attachments being separate, could also be a disadvantage, as they could both remain unopened after the cover letter has been viewed.

Option 2: Cover letter, resume and portfolio attached separately

• This allows for different formatting to be used in each document
• The hiring manager can simply skip to the exact document they are looking for
• Documents can easily be lost or skipped. Also, more files to open for the hiring manager.

Option 3: Cover letter, resume and portfolio joined into one attachment

• Keeping track of just one document is a lot easier.
• It makes it easier for the hiring manager to print all, if need be.
• If the body of the email is not compelling enough, the attached documents may not be opened at all.
• In the case where the cover letter is included in the body of the email and also in the attachment, it becomes redundant.
• It is a bit trickier if you have different formatting in the documents, e.g. portrait and landscape modes.

Website Submissions

A lot of large architectural organizations allow job applicants submit the application on their websites. Usually, there is a form on the website for the applicant to fill in their details, and attach resumes and portfolios.

PDF documents can also be attached and a text box is incorporated in case candidates want to write their cover letters.

Simply follow the directions on the website, as they vary based on the company.

Mailed Hard Copies

Yes, there are still companies out there that expect you to mail hard copies of your cover letters, resumes and portfolios to them. You might also want to drop in on the architectural firm, and hand in your documents in person.

In that case, ensure that your documents are printed out on high-quality, white-colored bond paper. Place documents in a waterproof envelope to reduce chances of them getting wet. Do not forget to sign the cover letter by hand before submission.

Final words…

Writing a cover letter may seem like a hassle, but note that it is a great way to create a worthy first impression. It can quickly inspire the person on the other end to interview you or trash your application.

Take the chance and craft a magnificent letter that sells you in the best possible light to prospective employers. A well written cover letter can land you the perfect job, so give it a chance.

We’re rooting for you. Best of luck!

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Architect Cover Letter Example (W/ Full Guide for 2024)

You know how to design buildings that are both functional and stunning—your portfolio says it all.

But when it comes to drafting a cover letter, it's like hitting a creative wall. Suddenly, words fail you, and all you see is a blank screen staring back.

Don't worry, you're not alone.

Many skilled architects stumble when they have to put pen to paper—or fingers to keyboard—in a way that's not about blueprints and 3D models.

We've got you covered!

In this article, we're going to lay the foundation for an unbeatable architect cover letter.

Here’s what we’ll cover: 

• What a Stunning Architect Cover Letter Looks Like
• 5 Steps to Writing a Job-Winning Architect Cover Letter
• 3 Essential Architect Cover Letter Tips

Ready to build a cover letter that's as impressive as your architectural designs?

Let's dive in!

Architect Cover Letter Example

5 Steps for the Perfect Architecture Cover Letter

You've just seen what a job-winning architect cover letter looks like, and now it's your turn to make one .

To get it right, follow these steps:

#1. Put Contact Information in the Header

Start your architecture cover letter with your contact details right at the top, in the header. It's the same layout you'd use on your resume , so it keeps things consistent.

Here's what to include:

• Full Name. Put your full name at the top of the page.
• Job Title. Make sure the job title on your cover letter matches the exact position you're applying for. Hiring managers tend to juggle applications for various roles at once, so be specific on your application.
• Email Address. Use an email that's easy to remember and professional. For example, swap out immature emails like "[email protected]" for something based on your full name, like “[email protected]” .
• Phone Number. Double-check your phone number, since a typo could mean a missed opportunity. If you're applying internationally, include the dialing code.
• Location. Your city and state or country are usually enough. If you're applying for a remote job or planning to move for this one, say so in your cover letter.
• Relevant Links (Optional). As an architect, we recommend you add links to your portfolio and LinkedIn profile so the hiring manager can quickly see your past work.

Once your own details are in place, add the hiring manager's contact information underneath.

Here’s what to include:

• Company Name. Write down the name of the firm you're applying to.
• Hiring Manager's Name. Do some digging to find out who will be reading your cover letter and address it to them. For example, look at the job ad, the company website, or their LinkedIn job post.
• Hiring Manager's Title. If you find out that the person doing the hiring is the lead architect, use their official title in your cover letter.
• Location. Include the city and state/country of the company. This is especially important for international companies. If the company has more than one office in the same city, you can also specify the street address.
• Date of Writing (Optional). Adding the date you wrote the cover letter gives it a professional touch.

#2. Address the Hiring Manager

Once you've got all your contact information sorted, it's time to address your cover letter to its intended reader — and skip the tired "To Whom It May Concern."

How you start your letter can set the tone and make a strong first impression.

First things first—do a little homework. Browse the job ad, the company's website, or LinkedIn to find out who’s the hiring manager for the architecture role you're eyeing. Their name should be listed on the ad.

Then go ahead and address them respectfully. Using "Ms." or "Mr." followed by their last name is a solid choice. If you're unsure about their gender or marital status, using their full name works fine too.

• Dear Mr. Johnson,
• Dear Emily Johnson,

If you come up empty searching for the hiring manager or department head, no worries. You can address your letter at the department or the company as a whole.

• Dear Architecture Department,
• Dear Hiring Team for Architecture,
• Dear Human Resources Team,
• Dear Head of Architecture,

#3. Write an Eye-Catching Opening Statement

Hiring managers often spend just a few seconds scanning each application. So, nailing the introduction in your architect cover letter is key.

Start your architecture cover letter by stating why you’re writing and why this specific role caught your eye. Expressing genuine interest in the field or the job itself can spark curiosity and make the hiring manager want to read on.

Doing a bit of research about the company can also set you apart from the crowd. The more you understand the company culture, the better you can explain why you’d be a great fit. It shows the hiring manager that you didn't just send out mass applications; you’re genuinely keen on this job.

If you have some experience under your belt, kick off your cover letter with a standout achievement or skill that matches the role perfectly. Keep it brief, though. The goal here is to intrigue the hiring manager just enough to get them to read the rest of your letter.

#4. Use the Cover Letter Body for the Details

The core section of your architecture cover letter should really dig into what makes you the right choice. 

The trick here is not to just rehash your architect resume ; this is your chance to elaborate on your skills and show how you can contribute to your future employer.

Make sure to point out some of your most notable achievements related to the field. For example, maybe you played a key role in a sustainable housing project or helped design a community center that won awards. Use the job ad as your guide to tailor these to what the company is looking for.

For example, if the company specializes in green building design, emphasize your experience or skills in sustainability and eco-conscious construction. If they're all about cutting-edge, tech-savvy projects, highlight your familiarity with the latest design software.

It's always good to show that you know about the company. Are you drawn to their innovative approach to urban design, or do you deeply respect their commitment to local communities? Mention it in your cover letter. It shows you're not just tossing applications to the wind—you genuinely want this job at this firm.

If you have an employment gap on your resume , the body of your cover letter is the right place to explain it. Did you take some time off work to travel abroad? Tell the hiring manager how it benefited you and how you came back inspired to work as an architect. 

And while you’re at it, let your enthusiasm shine through. Make it clear you're excited about the prospect of contributing to the company with your unique skills and perspective.

Also, make sure to avoid these common cover letter mistakes at all costs! 

#5. Wrap It Up and Sign It

Your cover letter ending is like adding the final touch to your architectural blueprint.

It's vital to leave the hiring manager with a good impression and make them remember your enthusiasm and expertise long after they've put your cover letter down.

Your conclusion is your final opportunity to underline your distinct architectural prowess and re-emphasize why you're the ideal fit for the role. You want to make sure this final paragraph affirms everything your cover letter has built up so far.

Once you've reiterated your strong points and relevant skills, invite the hiring manager to further discuss your application. A direct, clear call to action can be what takes you to the next stage of the hiring process.

Finally, it’s time to close your cover letter on the right note. Here’s a neat way to structure it:

I'd appreciate the opportunity to discuss my portfolio and how I can contribute to your team. Please feel free to reach out to me at the provided email or phone number for further discussions.

Warm regards,

While "Warm regards," has a personal touch, you can also consider these other sign-off options:

• Best wishes,
• With appreciation,
• Looking forward to hearing from you,

3 Essential Architecture Cover Letter Tips

You know the basic steps to writing your architect cover letter, so now it’s time to take it to the next level.

Just use these architect cover letter tips to make your application shine:

#1. Match Your Resume

It goes without saying that your job application should reflect your attention to detail and aesthetic. 

That means the design of your cover letter complements your resume. If they don't align, it can come off as messy, unprofessional, and unattentive.

Your details and contact information should sit neatly on the page, and you should use a uniform font and size throughout your cover letter and resume. Remember to set the right margins and line spacing—going over or under the recommended limits can make your cover letter look empty or stretched out.

It's like designing a space—everything needs its perfect spot!

Or Use A Cover Letter Template Instead

Feeling stuck? Here's a quick fix.

Why not use our free resume builder and cover letter templates ?

Both our resume and cover letter templates are crafted with insights from hiring managers worldwide to suit your every need. They save time, meet industry standards, and look fantastic.

Dive in and find a template that matches your resume perfectly!

#2. Mention Skills

Your architect cover letter is the place where you should highlight the most relevant skills that make you a great fit for the job.

Your skills can show the hiring manager what you bring to the table. But don't just throw in a random list of architectural skills and call it a day. Instead, weave your skills into your narrative as a candidate and show them how they make you just the person they’re looking for.

For example, if the ad mentions AutoCAD, highlight your familiarity with the software and how it’s contributed to where you are today. This way, you can paint a clearer picture of your abilities and how they align with the role you're pursuing.

#3. Add Any Relevant Links

Including relevant links in your cover letter is as crucial as having them on your resume. By giving the hiring manager a shortcut to your portfolio or LinkedIn profile , you’re getting them to see your past work as soon as possible.

Even if your resume already has links to your portfolio, personal website, or LinkedIn profile, there’s no reason your cover letter shouldn’t have them too. After all, you don’t want the hiring manager to go back and forth between your cover letter and resume in order to find your portfolio.

Embedding links makes evaluating your application seamless for the hiring manager, and they’re sure to appreciate it.

Key Takeaways

And that’s all there is to writing an architect cover letter!

Now that you’ve seen our architect cover letter example and have the full guide, we’re confident you’ll have a spotless application.

Before you go, let’s do a quick recap:

• Make sure your architect cover letter includes a link to your portfolio so the hiring manager can see your previous projects right after reading your cover letter.
• It’s preferable that your architect cover letter be addressed to the hiring manager. Just do a little bit of digging around the job ad to find out what their name is. 
• The body of your cover letter should elaborate on all the architectural skills that make you right for the job. Focus on skills you already have that match the job description.
• Don’t forget to sign your cover letter after writing your conclusion. Just add a call to action and an appropriate closing line, followed by your full name at the bottom.

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14 Tips on Architect Cover Letter (Write to Impress!)

In this digital world, where we ping everything over as an email attachment, is there a place for a cover letter for architects’ job applications?

Are you just wasting everybody’s time when all the potential employer is interested in is your resume and portfolio?

Despite the ease of digital communications, the architecture cover letter plays a crucial role in getting you that interview.

Think of it as a trailer for a movie. Its function is to highlight that your application is worth a look. It tempts the architecture hiring manager to look at your resume and portfolio.

Writing an architecture cover letter saves the architecture hiring manager precious time in that first sift, especially when facing hundreds of applications. A cover letter that sparkles gets your application noticed and saved from hitting the unread slush pile.

Why Have a Cover Letter?

A cover letter is necessary for all job applications from new graduate architect roles to architecture internship and senior positions except:

• When the application specifically states you don’t need one – you need to demonstrate you can follow instructions, so don’t include a cover letter.
• You complete an online form with no space for a cover letter – there is probably a box having the same information that a cover letter provides.
• Your cover letter is poorly written and not an asset – if you are serious about job searching, you must resolve this issue.
• Lack of time – it is better to miss out on the cover letter than send a hasty, poorly written one.

A tailored cover letter is a golden opportunity for you to boost your application. A cover letter lets you:

• Promote your relevant skills and qualifications – the crucial ones for this role.
• Highlight your best project examples from your portfolio.
• Demonstrate enthusiasm for the role.
• Focus on the value you bring as the ideal employee.
• Reflect the research you do into the company and lets you present yourself as the best candidate for their needs.
• Explain your resume – gaps in your employment and why you are looking for a new role.
• Demonstrate your written communication skills.
• Put a human face on your application and show some of your personality and style.

Also, even if most recruiters don’t read the cover letter, they expect to see it as part of a “complete” application pack. An incomplete application pack may an instant rejection.

Generally, as part of the recruitment process, you avoid disappointing the recruiter or failing to meet their expectations.

14 Top Tips for a Good Architecture Cover Letter

You know you must include an engaging, professionally-written architecture cover letter as your first step to marketing yourself to the architecture hiring manager, but how to write the perfect architecture cover letter?

1. Keep it Relevant

Tailor everything you put in the architecture cover letter to the job role.

Your cover letter is your first introduction to yourself; it needs to make the right points that matter to the recruiter.

Your proudest moment may put a smile on your face, but it does not go in your cover letter if it is not relevant to your application.

When you write a cover letter for architecture fresh graduate roles, you still concentrate on relevant parts of your experience. You may be talking about your second-best project rather than your first, but it is what the recruiter wants that matters.

2. Be Brief

Your recruiter is a busy person. If your cover letter is more than one page, they are going to pass it by.

They may be missing out on the best candidate (you), but you only get one page to sell yourself. George Bernard Shaw summed it up with his apology for writing a long letter when he didn’t have time to write a short one ( source ).

Writing a concise, relevant cover letter takes more effort than rambling on for two or three pages. You can pack everything you need on one page and demonstrate your ability to get to the point in as few words as possible: Be brief.

3. Shake Hands

When you walk into a meeting with a stranger, you take time to introduce yourself to the other person. You let them know who you are and what you are doing in the room.

A cover letter is a written form of that meeting with a stranger, so you need to introduce yourself in the opening lines.

4. Name Drop

If you have a human connection with the company or the recruiter, mention it in your architecture cover letter. Not in a creepy “I know what you did last summer” way but in passing.

Highlight the fact that you share colleagues, worked together, or met at a conference because that connection puts a human face on your application.

5. Polish Your Presentation

Formatting, spelling, grammar, and voice all matter, because they build an impression of you as an employable person.

You wouldn’t turn up to an interview in ripped and dirty clothing, so why present your cover letter for your architecture internship as sloppy and careless?

Your cover letter is step one in the interview process. Make sure it is dressed right for the job.

6. Formatting

Format the cover letter so it:

• Matches your resume and portfolio in style.
• Straight forward and easy to read.
• Use your designer eye to make it look attractive and classic.

7. Spelling and Grammar

There is no excuse for poor spelling and grammar when you have digital tools to catch most of your mistakes.

Don’t rely totally on your digital tools; if you have time, put it to one side and proofread a day or two later to pick up typos and other errors.

8. Active Voice

The active voice is more dynamic and engaging than the passive voice. Most of what you read on web pages is an active voice because people relate better to that tone.

If you are not familiar with writing in an active voice, either pay for or get a free trial of some grammar software to highlight your passive voice use.

9. Read Aloud

The quickest way to pick out clumsy phrases and double-check your spelling and punctuation is to read your cover letter aloud.

Your eye skips over mistakes and sees what it expects to see; you can’t trick your ear. Reading your written work aloud is the best way to edit.

10. Perfect Pitch

Take your best, most relevant skill and experience from your resume and pitch it in your cover letter with top billing.

This sales pitch is not a cut-and-paste from your resume or portfolio. It must have a different tone and presentation.

Imagine you had twenty seconds to impress and write a couple of sentences with your best qualities. Don’t waste the opportunity to tell the interviewer why you are perfect for this role with the ideal blend of qualifications and experience.

11. Soft Sell

You have architecture skills that you can showcase on your resume and back up with awards, accreditations, qualifications, and experience.

You will not get employed only on your architecture skills; valuable employees have a range of soft skills.

Soft skills like teamwork, leadership, building a rapport, and willingness to put in extra effort to get the job done on time make you the better candidate. They are also the hardest to prove.

Your cover letter is an excellent vehicle to highlight some of those valuable soft skills with relevant examples.

12. Human Touch

Your architecture cover letter is an opportunity to get the interviewer to see you as a person by including something that makes you stand out from the crowd.

A paragraph that starts with ‘when I’m not working’ and gives an insight into your character.

It has to be a genuine snippet of information about what makes you unique and interesting to know, so don’t say you like to climb mountains or scuba dive, trying to add some non-existent color to your life.

Fate will ensure the person you face across the interview table is an expert in that field. Be real, and be honest.

13. Flatter the Firm

You are applying for this job because you want to work for this firm and in this role. Be enthusiastic; tell them what you like about the role and why you want to work for them.

Your resume and portfolio don’t allow you to explain why you are applying, but the cover letter does.

14. Make it Personal

Your architecture cover letter must address a real person, not a job role. If you don’t know who the right person, ring up and ask.

Avoid the generic ‘Dear Sir or Madam’ approach because it highlights you have not done enough research for your application.

Avoid These Cover Letter Mistakes

If you follow the top tips above, you avoid most of the common mistakes, but it is worth checking through this checklist to make sure you avoid some of these mistakes:

One page is the maximum length for a cover letter for architects’ jobs. Keep it concise and tightly edited.

One Size Does Not Fit All

Your cover letter can’t be a standard generic document that you use for all applications.

Ideally, you tailor your resume and portfolio to fit the application and the role, but you always write a new cover letter.

The cover letter is a personal way of introducing yourself as a potential candidate for this unique job opportunity.

Boastful Statements

It is a fine line between promoting yourself and sounding idiotic and boastful. You want to avoid trash talking and concentrate on showing evidence of your value.

Avoid sentences like ‘I am the ideal candidate for this role’ – your need to allow your interviewer to make that assessment.

If you say you are a skilled communicator, offer some concrete, meaningful examples to show you are not making an empty claim. Instead of telling them you are an experienced professional, demonstrate it.

Unprofessional Behavior

You need to present yourself as a professional asset to any company. That covers all the details from your job-hunting email address to how you address and sign your cover letter.

Many people like to set up an email for their job hunting because they know that all the relevant emails are in the same place and not lost among family and friends’ messages.

Resist the temptation to have a “fun” email address like ‘world-class’ or ‘chocaholic’ because that immediately makes you stand out in the wrong way.

For a professional appearance, pick a variation on your name – it helps link your application with you and does not put off a potential interviewer.

Long and Convoluted

Use short sentences and straightforward words.

The purpose of your cover letter is to give information to impress the interviewer. If they must look up a word or try hard to puzzle out what you mean, they won’t bother, and your application will go on the reject pile.

Practical business communications are simple, uncomplicated, and easy to read. Your cover letter must demonstrate that you communicate in straightforward ways.

Blunt Emails

An email is a secondary cover letter. It is an opportunity to express how polite and friendly you are in your approach.

The email is not a cover letter (unless you choose to make it a cover email), and although it should be brief, it should not be a one-liner saying ‘see attached’ but needs to follow the same format of a short letter rather than a post-it note.

Failure to Check

Spelling errors, typos, bad formatting, and poor grammar all make a recruiter think you don’t pay attention to detail or take pride in your work.

Proofread, read it aloud, get a friend to read it, and use computer software to catch and fix as many errors as you can.

Even with your best efforts, some typos are likely to creep through, but you can minimize them to the point where they are not making you look incompetent or careless.

Not Following Instructions

If the recruiter says they want a pdf of your cover letter, don’t send them a word document.

Most job applications will explain how they want you to submit your application – follow the instructions to the letter. If you don’t understand something, then ask for clarification.

Leave yourself plenty of time to write your architecture cover letter; one hour before the deadline to submit leaves you stressed, short of time, and unable to present yourself at your best.

Ideally, you write your cover letter and come back to it in a couple of days to polish and perfect.

The Perfect Structure of a Good Cover Letter

Borrow advice for beginner story writers: your cover letter needs to be a three-act play with a beginning, middle, and end.

The physical structure of your cover letter is three paragraphs – introduction, main pitch, and persuader.

Introductory Paragraph

In this section you:

• Say who you are.
• State the job title.
• Say why you are applying for this role.
• Mention any connections.
• Begin your sales pitch by hinting at the quality of your resume and portfolio.

Second Paragraph: Main Pitch

This paragraph is where you highlight that you have the skills and experience. Focus on the top skills asked for in the application pack and demonstrate your best qualities.

If they want a 3D renderer or specific software skills, mention where you fit.

This part is your main pitch. If these words are all you can say about yourself, what would you say?

You make every detail matter to the job application.

Final Paragraph: Persuader

In this final paragraph, you express enthusiasm and how you can add value to the firm. You also need to add a phrase covering your enclosed resume, portfolio, and desire for further contact.

The standard structure of the architecture cover letter is straightforward, but you need excellent formatting and a clear layout.

Methods of Submission

There are three main ways of applying to an architecture job:

• Online Portal.
• Hardcopy in the post.

Online Portals

Increasingly, larger firms opt for an online document that you complete and submit to apply for a job role. These can be documents where you paste all the information into text boxes or a combination of completing text boxes and uploading pdf documents.

Your primary challenge is formatting, so you need both Html and plain text formatting to ensure that your words present well and as you intended.

If you submit your application by email, you have some options:

Option 1 : Put the cover letter in the email body and attach your resume and portfolio as one or two documents.

This approach’s advantage is that your recipient reads the cover letter first and then opens the attachments – the preferred order. The disadvantage is that the person receiving the email may not be the interviewer, which may mean they don’t see the cover letter.

Option 2 : Create one attachment: Cover letter, resume, and portfolio.

The advantage of this is that you know the interviewer gets the whole package in the right order. The disadvantage is that you need to compose a different covering email to avoid duplication when moving from the email to the attachment.

Option 3 : Send an email with three attachments: cover letter, resume, portfolio.

The advantage is that you can tailor and format each document separately as a stand-alone document. The disadvantage is that the interviewer can ignore your carefully crafted cover letter.

Post a Hard Copy

Increasingly this option is the least favorable for you or the recruiter.

Occasionally you come across a request for hard copies of an application, and then you have no alternative. It costs more for postage, printing, and the expense of using high-quality paper.

Also, you have no way of knowing that your precious application got to its destination unless you pay for tracking or make a follow-up phone call to confirm receipt.

Knowing how to write the perfect architecture cover letter lets you present yourself most effectively.

A tailored cover letter for architecture fresh graduate roles shows a level of professional attitude and ambition, while one for a more senior position lets you spotlight your close fit to the job specification.

A carefully-crafted architecture job application pack of a cover letter, well-written resume , and expertly crafted portfolio would give you the best chance to landing an interview.

All the best!

Architecture Cover Letter Example & How-To (2023 Guide)

Written by James Vandersmith

May 1, 2023.

Applying for a job in architecture can be a daunting process, but a strong cover letter can make all the difference. In this article, we’ll provide you with an example architecture cover letter and break down what employers look for when evaluating one.

What Employers Look For In A Architecture Cover Letter Example Cover Letter

Before we dive into the essential components of a strong architecture cover letter, let’s first discuss what employers look for when evaluating them. Here are a few key things to keep in mind:

1. Relevant Experience

Employers want to see that you have relevant experience in the field of architecture. This can include internships, previous jobs, or even relevant coursework. Be sure to highlight any experience you have that relates directly to the job you’re applying for.

For example, if you’re applying for a job as a residential architect, you might want to highlight any experience you have working on residential projects. If you’re applying for a job with a focus on sustainable design, you might want to highlight any coursework or projects you’ve completed related to sustainability.

2. Attention to Detail

As an architect, attention to detail is critical. Employers want to see that you are meticulous and pay close attention to even the smallest details. Your cover letter should reflect this by being well-written, error-free, and visually appealing.

One way to demonstrate your attention to detail is to make sure your cover letter is formatted correctly. Use a professional font , keep your paragraphs short and easy to read, and make sure there are no typos or grammatical errors.

3. Passion for Architecture

Finally, employers want to see that you are passionate about architecture. Be sure to convey your enthusiasm for the field and your desire to contribute to the company you’re applying to.

You might want to include a paragraph about why you chose to pursue a career in architecture, or what specific aspects of the field you find most exciting. You could also mention any extracurricular activities or volunteer work you’ve done related to architecture.

Remember, your cover letter is your chance to make a strong first impression on a potential employer. By highlighting your relevant experience, attention to detail, and passion for architecture, you can increase your chances of landing an interview and ultimately, the job you want.

Essential Components of a Architecture Cover Letter

As an architect, your cover letter is the first impression you make on a potential employer. It should be well-written, professional, and highlight your relevant experience and qualifications. A strong cover letter can be the difference between getting an interview and being passed over for the job.

Now that we’ve covered what employers look for in a cover letter, let’s break down the key components that make up a strong architecture cover letter:

1. Introduction

The introduction of your cover letter should be brief but impactful. This is your chance to make a great first impression. Start by introducing yourself and explaining why you’re applying for the position. Be sure to mention the name of the company and the specific job you’re applying for. You can also mention how you heard about the job opening.

For example, you might say something like:

“Dear Hiring Manager, I am excited to apply for the Architectural Designer position at XYZ Architecture. I learned about the job opening through a colleague and was immediately drawn to the company’s innovative and sustainable design approach.”

2. Relevant Experience

In the body of your cover letter, be sure to highlight your relevant experience. This can include specific projects you’ve worked on, skills you’ve developed, and any other qualifications that make you an ideal candidate for the job. Use specific examples to demonstrate your expertise and show how your experience aligns with the requirements of the job.

“In my previous role at ABC Architecture, I was responsible for leading the design and construction of a LEED-certified office building. This experience allowed me to develop my skills in sustainable design and project management, which I believe would be valuable assets in the Architectural Designer position at XYZ Architecture.”

As mentioned earlier, it’s important to convey your passion for architecture in your cover letter. Explain why you love the field and why you want to work for the company you’re applying to. This can help demonstrate your enthusiasm for the job and your commitment to the company’s mission and values.

“I have always been passionate about architecture and its ability to shape the world around us. I am particularly drawn to XYZ Architecture’s focus on sustainable design and its commitment to creating buildings that are not only beautiful, but also environmentally responsible.”

Finally, your cover letter should have a strong closing paragraph that summarizes your qualifications and expresses your enthusiasm for the position. Be sure to thank the employer for considering your application and express your desire to interview for the job. You can also include your contact information and invite the employer to reach out to you if they have any further questions.

“Thank you for considering my application for the Architectural Designer position at XYZ Architecture. I am excited about the opportunity to bring my skills and experience to your team and contribute to your mission of creating sustainable and innovative designs. Please don’t hesitate to contact me if you have any further questions or would like to schedule an interview. I look forward to hearing from you soon.”

By following these key components, you can create a strong and effective architecture cover letter that will help you stand out from other applicants and land your dream job.

Common Mistakes To Avoid When Writing a Architecture Cover Letter

Now that we’ve covered the essential components of a strong architecture cover letter, let’s discuss some common mistakes to avoid:

1. Not Enough Detail

One of the most common mistakes job seekers make is not providing enough detail in their cover letters. It’s important to remember that your cover letter is your chance to showcase your skills and qualifications to potential employers. Therefore, you should take the time to explain why you’re qualified for the job and why you’re passionate about architecture. Don’t be afraid to provide specific examples of your experience and accomplishments in the field.

For example, if you’ve worked on a project that you’re particularly proud of, make sure to mention it in your cover letter. Explain your role in the project and the impact it had on the final outcome. This will help the employer get a better sense of your skills and abilities.

2. Too Much Detail

On the other hand, it’s also possible to include too much detail in your cover letter. While it’s important to provide enough information to showcase your qualifications, you don’t want to overwhelm the employer with too much information. Keep your cover letter focused and to the point. Stick to the most important details and avoid going off on tangents.

One way to stay focused is to make sure that every sentence in your cover letter relates directly to the job you’re applying for. Don’t waste space talking about irrelevant details or experiences that don’t relate to the position.

Spelling and grammar mistakes are a surefire way to sink your chances of getting an interview. Make sure to proofread your cover letter carefully. Read it over several times to catch any mistakes you might have missed.

It’s also a good idea to have someone else read over your cover letter. A fresh pair of eyes can often catch mistakes that you might have overlooked. In addition, they can provide valuable feedback on the overall tone and structure of your cover letter.

By avoiding these common mistakes, you can increase your chances of getting noticed by potential employers and landing your dream job in architecture.

Final Steps On Writing Your Architecture Cover Letter

To wrap things up, here are a few final tips for writing a standout architecture cover letter:

1. Be Concise

Your cover letter should be no more than one page long. Keep it concise and focused. Hiring managers are busy people and don’t have time to read through lengthy cover letters . Make sure every sentence counts and conveys important information about your qualifications and experience.

2. Customize it for the Job

When applying for a job in architecture, it’s important to tailor your cover letter to the specific job you’re applying for. Research the company and the position you’re interested in and highlight the qualifications and experience that are most relevant to the job. This shows the hiring manager that you’re serious about the position and have taken the time to understand what the company is looking for.

For example, if you’re applying for a job at a firm that specializes in sustainable design, you might want to highlight your experience working on LEED certified projects or your knowledge of green building materials.

3. Proofread Carefully

Finally, be sure to proofread your cover letter carefully. Spelling and grammar errors can sink your chances of getting an interview. It’s a good idea to have someone else read your cover letter as well to catch any mistakes you might have missed.

Remember, your cover letter is your chance to make a strong first impression on a potential employer. By following these tips and taking the time to craft a well-written, customized cover letter, you can increase your chances of landing the architecture job of your dreams.

Example Architecture Cover Letter

Here’s an example architecture cover letter that incorporates the key components we’ve discussed:

Dear [Hiring Manager’s Name],

I am writing to apply for the position of Junior Architect at XYZ Architecture. With a Bachelor’s degree in Architecture and three years of experience working at a mid-sized architecture firm, I believe that I have the qualifications and skills necessary to excel in this role.

While working at [Previous Employer], I worked on a variety of projects, including commercial buildings, residential properties, and industrial facilities. I developed strong skills in project management and team collaboration, and I am comfortable working with clients to ensure that their needs are met.

What I love most about architecture is the way that each project presents a unique set of challenges. I thrive on finding creative solutions to complex problems and believe that my experience has prepared me well to take on new challenges at XYZ Architecture.

During my time at [Previous Employer], I had the opportunity to work on a particularly challenging project. The client had a very specific vision for their new commercial building, and it was my responsibility to ensure that their vision was realized. I worked closely with the client to understand their needs and preferences, and I was able to incorporate their feedback into the design process. The end result was a building that exceeded the client’s expectations and received widespread praise from the community.

In addition to my professional experience, I am also passionate about architecture outside of the workplace. I am an active member of several architecture organizations, including the American Institute of Architects and the National Council of Architectural Registration Boards. I also volunteer my time with local organizations that promote sustainable design and urban planning.

Thank you for considering my application. I am very enthusiastic about the opportunity to interview for this position and look forward to hearing back from you soon.

[Your Name]

Architecture Cover Letter FAQ

Are you a budding architect looking to make a great first impression on potential employers? Crafting a standout cover letter can help you do just that. Here are a few frequently asked questions about architecture cover letters:

1. Should I include a portfolio with my cover letter?

While it’s tempting to showcase your work right off the bat, it’s generally best to wait until the interview to share your portfolio. However, if the job listing specifically asks for a portfolio, you should include it. Make sure to only include your best work and keep it concise.

2. How important is the cover letter compared to the resume?

While your resume is important, your cover letter is often the first impression you will make on a potential employer. A strong cover letter can help you stand out from the competition and highlight your unique skills and experiences that may not be immediately apparent on your resume.

3. How long should my cover letter be?

Your cover letter should be no more than one page long. This means you’ll need to be concise and strategic in your writing. Focus on your most relevant experiences and skills, and make sure to tailor your letter to the specific job you’re applying for.

4. Do I need to address the hiring manager by name?

If possible, it’s always best to address the hiring manager by name. This shows that you’ve done your research and are genuinely interested in the position. If you can’t find their name, a generic greeting such as “Dear Hiring Manager” is acceptable.

Remember, your cover letter is your chance to make a great first impression and showcase your unique skills and experiences. Take the time to craft a well-written letter that highlights your strengths and demonstrates your passion for architecture. Good luck!

Table of Contents

Table of contents

• Architecture
• Architecture Portfolio

11 Tips to Stand Out With Your Architecture Portfolio Cover + 13 Examples

You know you have to make an outstanding first impression whenever you submit an application. But the question is: How? There’s only one page in your portfolio that everyone will see. And that’s your architecture portfolio cover.

So now let’s look at some inspiring examples and what they teach us, shall we?

#1 Keep It Simple, but Interesting

Clarissa Tay's portfolio cover

Template : Agora

Clarissa Tay created a minimalistic but memorable portfolio cover. The focal point is a model-like rendering that captures attention and showcases the architect's design philosophy. The clever use of whitespace surrounding the rendering gives a sense of elegance and allows us to focus on the intricate details of the image.

Don’t be afraid to leave a good amount of white space in your cover.

#2 Be Clear – Include the Most Important Information

Deirdre Spahr's portfolio

Deirdre Spahr's architecture portfolio cover blends artistic expression with functional clarity. The main illustration immediately draws the viewer's attention and communicates the designer's artistic vision. The large, modern title font communicates a sense of contemporary design and establishes a clear visual hierarchy. They added the most important information right below, which adds a touch of professionalism and ensures that the cover is not only visually appealing but also conveys essential information.

Template : Museum

You don’t want your audience to wonder: Am I at the right place? Instead, include all the relevant information right on your cover.

#3 Show Your Originality

If you want to stand out among hundreds of applicants, you need to think outside the box. You can, for example, present your projects not just through images, but videos or 360° views. Or, you may create a video resume that makes an amazing first impression.

PDFs do not cater to this functionality, but you can create an architecture portfolio website and place them there.

The cover there is your above-the-fold section (or hero section). You have the same rules to follow as in a PDF portfolio. Make it memorable and hook your audience.

Natalya Pukhova's portfolio website

Just like Natalya did in her interior design portfolio. She has a clear navigation bar and a well-thought-out layout . She managed to create a modern yet cozy look on her portfolio cover by including a low-contrast, bright hero image.

Stand out from the crowd by showcasing your projects on a portfolio website page.

We hear you thinking to yourself: Creating a website? I don't have time to build a website and make a PDF portfolio. So why bother?

It's because you no longer have to create a website and a PDF separately. You can simply create an Archifolio portfolio, and use that as a website or export it as a PDF.

And that's not all: Archifolio comes with stunning templates, narrative blueprints, color palettes, font presets, and portfolio layouts that follow the industry best practices.

#4 Give a Sneak Peak

Stephanie Edward's portfolio

The cover of Stephanie's architecture portfolio gives you a taste of her style and projects alike. It features a rendering of the designer's (presumably) favorite project; a modern, but cozy interior with exposed beams. What we love about this image is the strategic placement of the beams, which not only presents her abilities as a designer but also skillfully guides the viewer's attention to the title of the portfolio.

You can use snippets of the work you’re including in your portfolio to make your audience interested in what’s inside.

Aisy Jordan-Smyth's website

Aisy Jordan-Smyth’s portfolio starts with a stunning render from one of her projects. It shows how her plan will be used, which is intriguing enough that we want to see more. Other than her projects, she’s kept it minimal, which allows her images to shine.

Don’t be afraid to show a certain perspective of your designs right at the beginning. Just keep everything around it minimal.

#5 Showcase Your Skills

Cover page example by Emmanuel Eze

Keeping your PDF portfolio under 10 Mb isn’t an easy task, and often you won’t have room for sketches inside. However, Emmanuel Eze managed to include them subtly on his cover. Perfect solution!

Your sketching skills can be showcased on your portfolio cover if you don’t have room for it inside.

#6 Keep It Consistent

Melissa Domenici's portfolio website

The above-the-fold section of Melissa's portfolio is a stylish introduction to a sophisticated collection of projects. The hero is brought to life with an interactive slider, presenting highlights from the portfolio below. As you explore the pages within, there's a remarkable harmony—a consistent dance of colors, images, fonts, and layouts.

For a cohesive look, use the same fonts and colors in your portfolio as on your cover.

#7 Express Your Creativity

Portfolio cover example by John Adrian

John Adrian created a composition that is easy to understand, yet full of intricate details that keep our attention. He played well with the monochrome visual and the maroon accent color.

Example from Jagrit Vij’s portfolio

Jagrit Vij’s portfolio was created for landing an internship position. We love the originality of the building graphic. Not sticking to regular visualization rules, he’s managed to create something unique.

Let your creativity run wild. Try to let go of the rules and focus on what you’d like to express with your architecture portfolio .

#8 Make a Strong First Impression

Abraham Novemmarnus' portfolio cover page

The portfolio of Abraham Novemmarnus is not something you see a lot of. If you put it next to 5 other portfolios, your eyes will definitely be drawn to this one. He used the sea as inspiration, creating the illusion of a sandy beach.

Think about how your portfolio will be received and how you could stand out from the crowd.

#9 Don’t Be Afraid of Using Colors

Cover page example by Bui Nguyen Khanh

We love how Bui Nguyen Khanh created an architectural composition without including the building itself. It shows the architectural vein. She used black and white cutouts but chose a dusty blue background.

While most architectural portfolios are black and white, feel free to experiment with colors. It will help you stand out among other portfolios.

Sarah Lam’s cover page

Sarah Lam ’s interior architecture portfolio is elegantly simple, but the touch of its faded pink color gives it liveliness. The subtle line drawings provide a visual reassurance that we’re about to see some stunning projects.

Don’t be afraid of using colors, but also consider how it will look if your portfolio is printed in black and white.

#10 Pay Attention to Your Images

Mustafa Abid Paracha's professional architecture portfolio

This cover not only invites us to discover more of Mustafa's work but also communicates a decade of expertise. It features a captivating, full-page background image of a beautiful render with greenery. The use of a serif font adds a timeless elegance to the cover, complementing the overall aesthetic.

If you’re using photography or renderings, make sure to opt for the best-quality for a good first impression.

#11 Use Typography to Your Advantage

Aksh Palan's portfolio website

Aksh's architecture portfolio cover commands attention with a bold and sleek design. The elegant dark background and bright text create a striking contrast. The hero section includes a dynamic slider that walks us through the project highlights. It's incredibly easy to understand their site thanks to the visual hierarchy achieved by following typography best practices.

Typography can help you guide your audience’s eyes from the most important information to the least important one. Use it to your advantage.

Key Takeaways – Summary

We’ve shared 11 tips with you throughout the article, so now let’s summarize what the architecture portfolio cover examples above have taught us:

• Keep your cover simple, but interesting.
• Be clear, and include the most important information (e.g. a title, your name, the date, etc.).
• Show your originality.
• Give a sneak peek into your projects.
• Showcase your skills, wherever possible.
• Keep your design consistent throughout your portfolio.
• Express your creativity on your cover page.
• Make a strong first impression.
• Don’t be afraid to express yourself with colors.
• Only use high-quality images.
• Use typography to your advantage.

Ready to Create Your Architecture Portfolio Cover?

If starting with a completely blank page isn’t your thing, we’ve got you covered.

With Archifolio you start with a stunning architecture portfolio template that will get your creative juices flowing. Then you can go ahead and customize it to fit your design style.

Plus, with Archifolio , you can easily create your portfolio in no time, thanks to our narrative blueprint and intuitive what-you-see-is-what-you-get editor. In addition, Archifolio provides a flexible way to share your portfolio, no matter if you'd like to send it as a link or as a PDF file.

Fanni Szalkai

Marketing Manager of Archifolio, Architecture Portfolio Expert & Tiny House Enthusiast 🏡

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Start your Architectural Designer cover letter by addressing the hiring manager by name, if possible. Then, introduce yourself and briefly mention your current role or professional status. Follow this with a concise statement that highlights your interest in the position and the company. For example, "As a passionate Architectural Designer with a proven track record in creating sustainable and innovative designs, I am excited about the opportunity to contribute to XYZ Company's commitment to cutting-edge architectural solutions." This approach not only shows your enthusiasm for the role but also demonstrates that you've researched the company and understand its values.

The best way for Architectural Designers to end a cover letter is by summarizing their interest in the role, reiterating their relevant skills, and expressing enthusiasm for a potential interview. A strong closing might be: "I am excited about the opportunity to bring my unique design perspective and technical skills to your team. I look forward to the possibility of discussing how I can contribute to your firm's projects and goals." Always remember to thank the hiring manager for their time and consideration. This ending is effective as it shows your passion for the role, highlights your skills, and demonstrates your eagerness to move forward in the hiring process.

In a cover letter, Architectural Designers should include the following: 1. Contact Information: Start with your name, address, phone number, and email address. 2. Salutation: Address the hiring manager by name if possible. If not, use a general salutation like "Dear Hiring Manager". 3. Introduction: Briefly introduce yourself and mention the position you're applying for. 4. Relevant Skills and Experience: Highlight your key skills and experiences that are relevant to the job description. This could include specific projects you've worked on, software you're proficient in, or design methodologies you're familiar with. 5. Portfolio Reference: As an Architectural Designer, your portfolio is crucial. Mention it in your cover letter and provide a link if it's online. 6. Achievements: Discuss any notable achievements in your career, such as awards, successful projects, or innovative designs. 7. Understanding of the Company: Show that you've researched the company and understand their values, projects, and style. Explain why you're interested in working for them and how you could contribute to their team. 8. Closing: End with a strong closing statement, expressing your enthusiasm for the role and your eagerness to discuss your qualifications further in an interview. 9. Signature: Sign off professionally with "Sincerely" or "Best regards," followed by your full name. Remember, your cover letter should complement your resume, not repeat it. It's your chance to tell a story about your career and passion for architectural design, and to show the hiring manager why you'd be a great fit for their team.

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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.”

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

A major step forward for retirement security

Transforming blackrock for our clients.

As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.

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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