What do financial industry leaders undergo to reach where they are currently? Read this post for more information
Among one of the most fundamental finance skills that virtually every single finance enthusiast needs to develop would revolve around their accounting and financial knowledge. A lot of people often tend to believe that accounting and finance skills are just required if you are seriously thinking about an occupation in accountancy. Nonetheless, as William Jackson of Bridgepoint Capital would likely understand, the economic industry environment is interrelated, and every role within finance requires you to understand the three main financial statements to at least an intermediate degree. Businesses depend on these economic reports to handle budgeting, performance evaluation, and plan for the cost of doing business with the choice of one of the most appropriate financial investments that may include bonds, equities and property. This is why you see many finance professionals, insurance underwriters, or even asset advisors with a chartered accounting foundation, which is primarily because of the foundational understanding accounting and financial services can offer you prior to you specialise in your financial career.
Nowadays, among one of the most obvious hard skills in finance would certainly include your quantitative skills. Numbers and data-driven information in general are the backbone of every financial services career. As Ferdi van Heerden of Momentum Global Investment Managers would understand, numerous financial institutions tend to employ their graduates, interns, or pupils from quantitative degrees, such as maths, financial services, chemical engineering, and computer science. This is because, as an economic expert, you are expected to analyze detailed spreadsheets that are full of quantitative information that you will require to evaluate, and being comfortable with numbers is absolutely a vital tool to have in this situation. One might suggest that also back-office roles that do not always involve spreadsheets still call for applicants to have some level of quantitative or analytical experience, and this again reinstates the fact around numerical information being the foundation of every single process within a financial services sector organisation nowadays
One can quickly argue that soft skills in finance are as crucial as technical expertise. As Toby Raincock of Shard Capital would understand, being client focused in a financial context is probably one of the most demanding positions you can ever find yourself in. This is since clients are relying on you with their own money and investments, and therefore, you require to have the ability to build long-term professional relationships with these customers, acting as their advisors, and making their concerns your own. The better your relationship is with the customer, the easier your role will certainly be. Such relationship-building skills suggests that communication abilities are likewise crucial in the field of finance, especially when it involves delivering strategic insights and guidance to clients. Furthermore, you should also have the ability to diversify your style when engaging with different stakeholders, adjusting between internal and client-facing stakeholders, depending on their level of economic literacy and familiarity.