It’s no secret that carving out a high-flying career in finance hinges on more than just good grades.
Whether you’re just starting out or you’re an executive with decades of experience, can you recall what led you to this career choice?
In today’s fast-evolving workplace, accounting and finance professionals must demonstrate everything from razor-sharp analytical ability and stellar interpersonal skills, to a sharp understanding of industry-standard software.
So, how do you know whether your resume will reach the top of the pile or is destined to fall short? Here are the top 10 finance must-haves that will put you in prime position for a promising career in finance.
1. A formal accounting qualification
In some industries, sparkling talent combined with real-world experience is enough to land your dream job.
But a career in finance – a sector ruled by rigorous processes and standards as well as commercial best practices – a glowing resume simply isn’t enough.
Successful candidates will have completed recognised industry qualifications to demonstrate they have the necessary educational training to back-up any work experience they have.
2. Interpersonal skills
There once was a time when finance professionals were bound to cubicles, but that era is long gone.
These days, any perception that a career in finance involves simply crunching numbers has been replaced by the reality that positions require workers to deal with clients every day.
For accounting and finance professionals, the ability to build successful relationships with customers is critical if you want to excel. When looking at two equally qualified hires, interpersonal skills are often the point of difference.
3. Ability to communicate
For aspiring accounting and finance workers, strong written and oral communication skills are important, but it’s just as imperative to be able to explain financial jargon in simple terms.
Many companies choose candidates who can make complex industry language legible to clients who have limited knowledge, as opposed to potential hires who simply regurgitate what they’ve learned.
4. Financial reporting
There’s no denying that financial reporting skills is a requisite requirement, particular with in growing areas such as superforecasting.
However finding candidates with strong financial reporting skills is proving a challenge in this sector.
Research published in Robert Half's 2018 Salary Guide revealed that 39% of CFOs in Australia find it challenging to find qualified candidates with expertise in financial reporting.* Financial candidates looking for a competitive edge would be wise to ensure they can demonstrate a high aptitude for financial reporting at their next job interview.
5. Analytical ability
Similarly, Robert Half's Salary Guide reported that 40% of CFOs in Australia are struggling to find candidates with financial analysis skills.* This is another area where potential candidates must demonstrate their proficiency.
Companies are looking to hire employees who can implement lateral thinking, the ability to analyse scenarios, and draw suitable conclusions. Candidates looking for a successful career in finance must demonstrate their analysis abilities with real-world examples and KPI driven results.
These days, it isn’t enough to have watertight knowledge of systems and processes – it’s also essential to be able to tackle complex problems as they arise.
Whether it’s addressing the financial implications of a complicated business structure or coming up with a personalised solution for a client’s tax dilemma, a record of solving problems will see your career grow in leaps and bounds.
7. Knowledge of IT software
The increased focus on digitsation and automation has encouraged more hiring managers to look toward financial professionals with the right IT skills to leverage new financial systems.
Candidates who can demonstrate knowledge and proficiency in predictive analytics, accounts payable automation, SAP accounting software or Oracle will find themselves in-demand.
8. Management experience
Although it’s not essential, management experience is often highly desirable for employers looking to hire a financial professional for a new role.
If you’ve proven your ability to manage teams during your career, you’re bound to excel in a leadership position in the future.
9. Commercial acumen
It’s important for financial professionals to understand the relationship between a company’s fiscal behaviour and marketplace demands.
Candidates that can exercise commercial acumen as well as an interest in the trends shaping the industry are well-placed to get ahead.
Want to know what are the highest paying jobs in finance this year? Click here to find out.
10. Capacity for innovation
Finance and accounting may be associated with routines and systems, but that doesn’t mean that innovation doesn’t have its place.
Whether you’ve invented a data-collection method that streamlines productivity or a recording process that drives accuracy, candidates who are innovative are likely to stand out.
Do you tick all the boxes for a career in finance?
From brushing up on your financial-reporting skills to cultivating the ability to think outside the box, broadening your skill set is paramount to establishing a career in finance that lasts.
Indeed, if you can tick most of these boxes, you just might be one of finance’s most sought-after professionals.
If you're currently looking for a career in finance, reach out to the team at Robert Half.