Technology has influenced every industry, and finance isn’t an exception. Trends such as globalization and digitalization have transformed how financial operations are conducted in a post-COVID economy.
These changes are compelling finance professionals to rethink their strategies and upskill/reskill themselves to survive in today’s computer-operated economy.
So, which skills do you need to progress your career in finance? Beginners and professionals must develop certain abilities to establish a prolific career in this industry.
Harnessing these capabilities will enable you to improve your decision-making skills, thereby leading you to thrive in the workplace.
But are there positions open for financial graduates in the market? It’s been estimated by the Bureau of Labor Statistics that finance-related employment opportunities are expected to grow by 8%, thereby creating over 750,000 new jobs during 2020-2030 in the US.
Also, people working in finance-related jobs earned an average of $76,000+ in 2021, whereas the average salary for all occupations combined was $45,000+ in 2021.
Hence, graduates can have a bright future after joining this career.
However, they must adapt by developing the right skills for pursuing career success in finance. Which skills can make you successful in this industry?
A breakdown of these requisite qualities has been provided below. Harness the following abilities now:
Understanding FinTech
“Financial Technology” has already started to transform how business transactions occur globally.
We live in a fast-paced world where customers expect real-time and seamless methods to conduct transactions and manage their money. FinTech startups have successfully introduced alternative payment methods and granted them mainstream acceptance today. Neobanking, online lending, and electronic payments are bringing a financial revolution to the world today. How do you learn more about FinTech today?
Financial managers can obtain a FinTech certification online to familiarize themselves with the latest insights into the FinTech industry’s landscape while exploring how this disruption can benefit their business.
Business decision-makers can now respond more effectively to the changes in the financial service industry by pursuing this program. Moreover, these learning opportunities allow professionals to collaborate with FinTech startups to offer seamless transactions to customers.
Market awareness
In today’s fast-paced world, finance enthusiasts should become well-aware of what’s happening in the market.
Professionals should read financial news and understand how recent economic developments in the world can affect their business.
We suggest you read some business journals and discuss this industry news with your peers. Also, organize formal debates regarding current changes in finance. This news may decide the future of your industry.
Critical thinking
Soft skills have become a must-have for modern-day employees. Hence, financial managers must develop critical thinking abilities to consider a situation from different perspectives.
That’s how they can avoid making defectively thought-out decisions while making well-informed choices about every problem.
Modern-day financial managers should harness this capability and bolster their decision-making abilities. Critical thinking will make your choices rational, unbiased, and balanced.
Leadership
Our COVID-affected economy needs strong-willed leaders to guide their teams through these digital changes. Since many workplaces are operating virtually because of lockdowns and quarantines, our leaders must learn how to manage teams remotely.
Finance professionals shouldn’t neglect to work on improving their leadership capabilities as these qualities enable them to restructure an organization as per the demands of the changing business environment. We believe harnessing your internal leader has become a necessity in finance today.
Financial reporting
Creating an aptitude in financial reporting can enable both beginners and professionals advance up the ladder. How do we define financial reporting? It’s described as preparing documents that explain a company’s financial/economic position to management and the government.
Creating these reports has become an in-demand skill, because of which financial experts must keep honing this ability. It makes you a valuable addition to your company’s workforce.
Problem-solving
Can you tackle difficult problems in real-time for your organization? Every business encounters some financial hurdles during the span of its existence.
For example, limited or inconsistent cash flow, lack of preparedness for unforeseen expenses, not using a budget, poor tax compliance, etc.
Finance professionals require acute problem-solving capabilities to deal with these money-related challenges. You must become the go-to person for finding a solution to a complex problem if you wish to advance in your career.
Analytical knowledge
We live in a world dominated by data and assessing it can help financial managers hone their decision-making abilities. Remember that analytical capabilities allow professionals to evaluate different scenarios to draw meaningful conclusions. Harnessing your analytical know-how makes you an asset to the team you are working with. You should read more about data analytics and study in-depth to refine this skill.
Communication
Effective communication decides whether you’ve accumulated enough leadership potential or not. That’s why finance professionals should learn how to engage with customers and employees.
This ability makes you a better manager since most workers criticize their managers for communicating ineffectively.
Also, finance-related jobs involve writing financial reports and suggestions that can be difficult for employees with a limited understanding of numbers to decipher. Honing your communication skills allows you to articulate and visualize financial information in a more understandable manner.
Being tech-savvy
FinTech requires finance professionals to become tech-savvy to be able to work effectively in this tech-dependent world.
Tech skills come next after soft skills, and ignoring these skills may create hindrances to your career advancement endeavors.
Non-tech-savvy employees can fail to become assets to their employers by diminishing productivity and usefulness.
Teamwork
There aren’t any “lone wolves” in finance as managers must collaborate with others to get the work done right. Teamwork in this Zoom-crazed environment may seem difficult to some. However, tech can help your peers collaborate far more effectively than before.
We suggest you give subordinates some autonomy and trust them by delegating more tasks. Don’t forget to listen to everyone instead of imposing your ideas.
That’s how a person becomes a better collaborator. In finance, teamwork is necessary since it allows you to pool resources with other departments and generate better ROI. You can share intellect with your non-financial colleagues and leverage their related expertise for better decision-making.
Conclusion
Globalization and digitalization have reshaped the modern-day workplace and job market.
Other trends such as FinTech are slowly overwhelming the business industry since 96% of customers today are aware of at least one FinTech-related service. What does it mean for professionals looking to make a promising career in finance?
These changes will create new challenges for financial managers, which they must overcome by harnessing new skills. These skills shall enable them to pursue a prolific career in finance in this tech-dependent world.