Every organization has few core departments without which it may not function well. Finance Department is one of those, and organizations rely on highly skilled professionals that carry out critical financial operations. In today’s highly competitive era, money needs to be handled with significant prudence. Hence, the finance department helps control all consequential matters involving financial planning and investment decisions.
This department’s key responsibilities include managing the company’s cash flow, taxes and, investment, handling budgets, forecasting, bookkeeping, and building long-term strategies. As follows, to carry out these functions, an organization requires finance professionals. The finance recruitment experts seek many diverse roles in a professional. Finance professionals, therefore, have to be competent enough to bear the weight of the pillars of this department and need to possess certain qualities.
A person who seeks a career in the field of finance needs to have credible degrees and certifications. Relevant education background makes it easy for the employer to validate the employee’s qualifications and credentials. Having a CA, ACCA, ACMA and, similar degrees will add a feather to the cap.
Let’s see some of the skills that recruiters value in Finance Professionals:
Analytical skills are required to collect information and interpret it to solve a problem by making valuable decisions. It has a broader spectrum in financial terms such as risk analysis, forecasting, estimation, projecting fiscal balances, and prioritization. Analytical abilities allow individuals to apply a meaningful conclusion to the problem under consideration and foresee possible results.
According to a study, by 2026, there will be an uplift in accounting jobs. Hence, employers look for this skill in their candidates. Accounting ensures the ability to manage financial transactions, analyze the data, and generate budgetary reports by following accounting principles. Digitalization has made it possible for students to pursue their favorite areas of interest by learning via the internet. That includes everything from online bachelors to online master of accountancy for professionals willing to enhance accounting skills.
With improvements in technology, it is easier to sort out the bulk of information and process it further. Therefore, IT experts are required to apply their valuable knowledge to decode meaningful details. Organizations expect financial professionals to implement financial engineering and finance modeling on software like SAP, Microsoft Access, and Database and QuickBooks.
Financial reporting is the presentation of financial results using financial statements that indicate the firm’s financial health. It is essential as this information helps in setting ultimate goals and future decision-making. Hence, this skill allows professionals to build confidence in creditors and investors about their profitability and stability.
Along with all of the skills mentioned above, an employer also seeks strong interpersonal skills while recruiting. Some of these skills are listed below:
Communication is the act of transferring information involving a sender and a receiver. It further has the following branches; verbal, non-verbal, written, and visual. An employee must have strong communication skills to convey his/her plan to the audience. In an organization, communication is the key to reach people. The better skills you have, the easier it is to build a good rapport. Furthermore, in the finance department, communication is essential to enhance its stock market value and build credibility for shareholders and investors.
It is essential to consider various styles of influencing and develop different types for different situations. One should explain that the company’s interests and benefits are mutual with employees and that there will be no personal gains. An individual’s ability to influence and persuade is crucial to get financial firms and agencies on board and work collaboratively.
A professional must have robust leadership traits; he/she must be a professional at taking charge and mentoring people. A good leader addresses the people working under him/her and balances lower and top management activities without being biased.
Undeniably, a leader must communicate the vision and path, negotiate and foster breakthrough thinking develop team-building and, propel to action. Finance leaders change initiatives and help in managing costs and investments and eventually steer the decision-making process.
Like all other traits, Team building and team cohesiveness are important characteristics a finance professional should have. In the financial sector, organizations need to team up across geographical regions to achieve a common goal. Thus the leader has to be a good mentor who is fair and unbiased.
By exhibiting transparency and accountability, accountants show that they are trustworthy. A finance professional has to be credible as he/she has to work with large amounts of money. He/she has to build and maintain healthy and worthy relationships within and outside the organization. And to maintain credibility, accountants need to abide by the principles of ethics and transparency.
Managing time is a skill expected from every employee. It is a competitive advantage for a finance professional to become more productive and efficient by investing time through multi-tasking. Prioritization of tasks should rely on the importance and urgency of the matter at hand.
An employer cannot find all these skills in a person at one time. These skills develop within the professionals over the course of time and experience. The need is to harness these skills to enhance performance and increase productivity. Thus, for pursuing a promising career in finance, professionals need to bring innovation and think outside the box by broadening the skill-set.