John Y. Kim '87 MBA

Chief Executive Officer of New York Life Investment Management, LLC (NYLIM)

To the 514 outstanding men and women who will receive their diplomas shortly, to dedicated faculty and friends of the School of Business and to friends and families of our graduates, it is indeed an honor to share this momentous day with all of you. Speaking of “Honor,” isn’t it fitting that we honor today not only our graduates but all of the Mothers in the audience. I have my wife and mother of our three children sharing this day with me. As an old Jewish proverb suggests – God could not be everywhere so he created mothers. Perhaps a more pragmatic statement was a quote from an old sitcom, The Golden Girls – It’s not easy being a mother. If it were easy, fathers would do it. Thank you, Mothers, for who you are and what you do. 

Commencement Day 2009! Well, Graduates, did you think that this day would ever come when you entered the School of Business 2, 3, 4 for some 5 or 6 years ago! What a relief, what a moment of satisfaction, what a time to reflect and ponder – but most of all, what a time to be proud of your accomplishments. Each of you here today is party to carrying on the long tradition of outstanding graduates who have come before you and outstanding graduates yet to come. It is to suggest that while receiving a diploma is an individual accomplishment, it is also an accomplishment of the institution and an accomplishment of past, present and future alumni. Heretofore, you can always be proud to say that you carry on the legacy of this great institution – the School of Business at the University of Connecticut. 

As Dean Earley stated in his introduction, I have enjoyed some success during my career after I received my BBA in 1983 and MBA in 1987. For most of my professional career, I have been a student of the economy and the financial markets. I have made some excellent predictions and some awful ones. And as I like to say, I am often wrong but never in doubt. So since we are among business school grads, allow me to provide you with my official forecast for GDP and the unemployment rate. I believe that the worst quarter’s GDP will be a negative 6.4% and the unemployment rate will hit 10.1%.

This compares to a negative 6.3% GDP in the 4th quarter of 2008 and an April 2009 unemployment rate of 8.9%. Obviously, these are dire predictions but unfortunately, these are dire times. So when do I expect we will experience these results? During the 1981-1982 recession just around the time that I sat in your seats over a generation ago. The worst quarter’s GDP of negative 6.4% was experienced in the first quarter of 1982 and the unemployment rate when I received my undergraduate degree in May of 1983 was 10.1%. Economist and market experts believe that the current recession is similar to the recession of 1981-82. Some believe it will rival the recession of 1973-74 – I do not. 

I recognize that these are very difficult economic times – for the population at large, for fine institutions like UCONN, for family members and friends among us and especially for many of you, our graduates. For those of you who have secured your ideal employment – congratulations and best of luck. For those who are still looking or have accepted a job less than ideal, do not worry as you can turn out just like me as I came into the job market just as this country was experiencing its last big recession. This is not a Pollyannaish or a superficial comment. I truly believe that the future holds tremendous opportunities – in the job market, in the financial markets, in real estate – you name it, virtually everything is on sale. For example, the high yield bond market, often called the junk bond market, has recently priced into its securities an assumed default rate higher than that experienced during the Great Depression. And many market experts predict that over the next 5 or so years, this asset class will return very handsome profits. Of course, there will be plenty of volatility and many false signals but you are entering an economic and business environment that will allow you to enjoy unbelievable potential for growth and opportunity. Sitting among this graduating class will be numerous millionaires and possibly a billionaire or two. Any volunteers? 

So what can this fellow “recession” graduate offer as some words of advice? I have only three things – continue to learn, work hard and be passionate in everything you do.
As Albert Einstein quoted, and to no denigration of your UCONN education, “Education is what remains after one has forgotten what one has learned in school”. All of you have received an excellent education at the School of Business. And I predict that you will appreciate it even more with the passage of time. Throughout my career I have focused on continuing to learn – learning on the job, learning from co-workers, reading self help books, studying for professional designations such as the CFA. One of my favorite self help books was one that I read very early in my career titled “Seven Habits of Highly Successful People”, written by Steven Covey and first published in 1989. Many of you were toddlers in 1989. And after 20 years since it first came out, I would submit to you that every one of its principles still apply. The point here is not to prescribe a certain set of tools or activities to increase your aptitude, rather to establish an attitude of learning. Building off of an excellent education at UCONN and as Albert Einstein suggests, I encourage you to seek a life of continuing education. 

I also encourage you to maintain a strong work ethic. Ever since you were old enough to communicate, you have received these words of advice. Whether on the soccer field or in grade school, parents and teachers echoed the same words – work hard, try hard. In my business career, hard work is perhaps not a sufficient criterion for success but certainly a necessary one. I have not witnessed anyone achieve financial success or organizational success without hard work. There are no lazy CEOs in this world – some may be incompetent or crooked but rarely lazy. In your early work life, go to work a bit earlier than the rest of your co-workers and stay a few minutes later. The few minutes on the front and back ends will not only make you more productive but help solidify your reputation as a hard worker. You may wish to apply this principle in your personal life or philanthropic activities. I just completed my 10 year term limit on the UCONN Foundation Board. 

Go onto their website and take a look at who is on the Foundation Board and you will see that not many have much free time on their hands but somehow they have managed to work the extra number of hours and days, both professionally and on the Foundation Board. And as you may have guessed, these are all highly successful men and women in their own right. If that’s not enough motivation, you know it’s also good for your health. Experts on longevity have suggested that people who retire and stop working often die sooner than those who continue to work in some capacity.

Lastly, develop and secure passion in your life starting with your career. As I acknowledged earlier, it is a difficult job market. For those of you who have secured employment, congratulations. For those still looking, don’t despair. It will only get better. For all of you – heed the words of Confucius and “choose a job you love and you will never have to work a day in your life”. Perhaps it is your first job but likely not. It may take you several attempts to find your true passion but I encourage you to constantly seek out work that you love. You will be happier for it, you will be more productive and you will likely rise to the top of your profession. Ask anyone who is highly successful in ones career and the likely common denominator is that they are passionate about what they do. 

Commencement Day 2009 at the School of Business. To each and every one of the honored graduates – go out into the world with a focus to continue your life of learning, a commitment to work hard in everything you do and a desire to develop a sense of true passion for your job. 

Go out into the world and make this institution proud, make the faculty proud, make fellow alums proud, make your fathers, mother and other loved ones proud and most importantly, make yourself proud. 

Proud to be a UCONN business school alum and proud to be a Husky! Thank you very much.

About the Speaker

John Kim is President and Chief Executive Officer of New York Life Investment Management, LLC (NYLIM), a subsidiary of New York Life Insurance Company. In this role, Mr. Kim is responsible for all of the divisions and subsidiaries of NYLIM, with a particular focus on their continued profitability and strategic growth. NYLIM and its affiliates have more than $246 billion in assets under management as of March 31, 2008. He is also a member of New York Life Insurance Company’s Executive Management Committee. In June 2006, Mr. Kim was honored with a Pinnacle Award as one of the “Outstanding 50 Asian Americans in Business” by the Asian American Business Development Center (AABDC).

Mr. Kim earned a BS at the University of Michigan-Ann Arbor in 1983 and an MBA from the UConn School of Business in 1987. Mr. Kim is a member of the UConn School of Business Leadership Cabinet, the UConn Foundation Board and was inducted into the School of Business Hall of Fame in 2001. Mr. and Mrs. Kim are life members of the Alumni Association. Mr. and Mrs. Kim are Charter Oak Circle members of The Founders Society. The couple established the John and Diane Kim Endowed Women’s Swimming Scholarship in 1999 and the Kim Family Fund in Neuroscience in 2001. They have also supported the Austin Chair, the School of Business, the School of Fine Arts, Athletics and The Fund for UConn. The couple live in Farmington, CT and have three children, Andrew, Emily and Caroline.