The gilded path: Capital, habitus and illusio in the fund management field

Millar, John

Abstract

Purpose – The fund management sector plays an important role in society. The sector exists in close proximity to the accounting profession and the concerns of the paper reflect themes discussed by accounting scholars, particularly financialization, inequality, and life within elite professional service organizations. Design/methodology/approach – This is an interpretive study of the fund management field based in the UK. It is based on 32 semi-structured interviews with individuals with personal experience of the field, combined with reflections from the researcher’s own experience as a practitioner within the field. Findings – The paper describes the backgrounds and motivations of individuals entering the field, the recruitment processes through which they are admitted, and the different strategies used to gain admission to the field. It explores the habitus of successful professionals in the field and the effects of this habitus. Social implications – An important social implication of the paper is the problematization of the fund management industry’s dislocation from broader society. Originality/value – By identifying the different strategies employed by applicants from different backgrounds, it highlights the role of reflexive agency and the complicity between agent and field. Recognizing that professional fund management is organized as a game, it suggests that individuals are so committed to the game they know they are playing that they fail to realize that they are also drawn into a different game, namely the absorbing game of being a fund manager. Keywords Bourdieu, Cultural Capital, Social Capital, Habitus, Illusio, Fund Management, Recruitment, Socialization

Citation

Millar, J. (2021). The gilded path: Capital, habitus and illusio in the fund management field. Accounting, Auditing and Accountability Journal, 34(8), 1906-1931. https://doi.org/10.1108/aaaj-12-2019-4320

• Journal Article Type: Article
• Acceptance Date: Apr 29, 2021
• Online Publication Date: May 28, 2021
• Publication Date: Nov 12, 2021
• Deposit Date: Apr 29, 2021
• Publicly Available Date: Apr 29, 2021
• Journal: Accounting Auditing and Accountability
• Print ISSN: 0951-3574
• Publisher: Emerald
• Peer Reviewed: Peer Reviewed
• Volume: 34
• Issue: 8
• Pages: 1906-1931
• DOI: https://doi.org/10.1108/aaaj-12-2019-4320
• Public URL: https://durham-repository.worktribe.com/output/1248987