The finance industry is constantly evolving, though some things remain constant. The skills needed might be more technical, but the soft skills are largely the same as they’ve always been. Certainly, math and science knowledge are important, but they are only a small portion of the skills that make someone successful in finance in today’s climate. Here are the five skills that are essential for success in finance today:
Communications and Relationship-Building Skills
Aside from being a great number cruncher, the ability to communicate complex information to a wide range of people is critical. Strong speaking, writing, and presentation skills are all essential in financeOpens a new window . Further, the ability to cultivate personal relationships is a crucial element of success in the finance industry. After all, finance professionals are dealing with people’s most intimate secrets — their money! Being a great listener, asking the right questions at the proper time, and having the ability to counsel and educate clients are all excellent tools for finance pros. In fact, some experts say that finance industry success depends more on soft skills like psychology than technical skills. When people trust and respect you, they will work with you and refer others to you.
Ethics and Persistence
When working in finance, two of the most important personality traits a person can have are persistence and ethics. Good moral principles guide them when no one else is watching; it’s the habit of always doing the right thingOpens a new window , even when it would benefit them to do something different. They know that their integrity and reputation are more important over the long term than a commission gain that does not benefit their client. Of course, a competitive and passionate love for the work they do is also a strong success trait. Being persistent and often going above and beyond what is expected and what competitors do will lead to success in short order.
Project Management Skills
The ability to successfully organize and run projectsOpens a new window is essential in the finance world. Every little detail can be a make-or-break element, and paying the utmost attention is key. Managing projects effectively ensures profitability. Finance pros manage well by scheduling time effectively and managing budgets while meeting deadlines. And, as mentioned earlier, by always paying attention to minute details that can cause a project to derail. This involves some technical savvy with electronic files and being able to back up everything that is done, and the conclusions that are reached. In the finance industry, accuracy and documentation are critical.
Problem-Solving Abilities
In almost any job, problems will arise. But, working in the financial world makes problems more time-critical and they also come with a huge dose of pressure. Being the type of person that falls apart when something bad happens will not cut it in the finance industry. Professionals in this area know that they owe responsibility to their clients, and they must immediately attack problems until they are sufficiently resolvedOpens a new window . Even further, team players in the industry help coworkers when they’re in need of guidance. Being that type of finance professional draws people in and helps them thrive.
Sales and Marketing Skills
Financial professionals need to have the ability to market themselves, their professional skills and their knowledge to gain clients. Understanding their own personal strengths (and admitting to their weaknesses), as well as their organizations is key. Armed with that knowledge, they can position themselves well to help prospects with their investment and money needs. One major element of financial marketing skills is communicating their sense of care for their clients and their families.
Looking to the future, it is easy to see that managers or clients will expect financial professionals to think long-term, anticipate possible needs, and keep the client’s best interests top of mind. Of course, that means building those relationships, always being ethical and ready to solve any issues that arise. It is this combination of financial skills with soft people skills that builds leaders in the field.