Tuesday 15 November 2011

Top 7 Non-Financial Skills Required In Finance


Did you know that having top-notch mathematical skills and financial knowledge are only the tip of the iceberg when it comes to excelling as a financial professional?

In order to stick around and get ahead in finance, check out the essential non-financial skills you need to master. (Without some basic knowledge, you won't get the job. Find out what you need to know and how to prepare in Top Things To Know For An Investment Banking Interview).

The Non-Financial Skills You Need to Succeed in Finance
1. Communication Skills
Financial professionals can't just be good at crunching numbers - they must be able to communicate their knowledge with strong speaking, writing and presentation skills.

2. Relationship-Management Skills
The people skills you need to succeed as a financial professional include understanding different personality types, listening, asking the right questions, resolving conflicts, educating others and counseling clients.

Managing relationships is key whether you're dealing with subordinates, co-workers, bosses or people outside your company. When people trust you, like you and feel that you respect them, they will want to help you succeed, whether it's by speaking highly of you, promoting you or signing up to be your client.



3. Marketing and Sales Skills
Financial professionals need to be able to market their professional skills and  knowledge to prospects in their niche markets. To do so, it's imperative to have a complete understanding of both your personal strengths and your firm's professional strengths.

In marketing yourself to clients, you shouldn't just communicate how much you know, but also how much you care, because "the client's most valuable assets and their biggest daily concern is not their monetary wealth, but rather their family.

4. Project Management Ability, Organizational Skills and Attention to Detail
Any task that takes more than a few minutes is essentially a project - one that you'll need to manage effectively to be profitable. You'll need to efficiently and effectively schedule your time, manage budgets, meet deadlines and get what you need from other people in time to complete your project successfully.

Both during and after any project, staying organized and paying attention to detail are also key.



5. Problem-Solving Skills
You will always encounter problems in any job, and being able to solve them rather than cracking under pressure is essential.

To get ahead, it can also be helpful to look beyond your own personal responsibilities. By helping your coworkers solve their problems rather than simply reporting them to upper management, you'll be viewed as a team player.

6. Technological Savvy
No matter where you work, you will need to be proficient with computer hardware and software and able to pick up new programs related to your job quickly.

The more shortcuts, keys, programs and functions you know in Excel, the better off you will be in finance. You should also get familiar with marketing and communication software tools.

7. Tenacity and Ethics
A competitive personality, passion for your work and the stamina to work long hours and go above and beyond what's expected of you and what your co-workers and competitors are doing are all crucial to success in finance. At the same time, you can't be so competitive that you make poor choices, or your career and reputation will suffer.

Anticipation
Looking ahead to what bosses or clients will need from you in the immediate or even the distant future will help you rise to the top. It's not enough to just solve the day-to-day challenges of your job; you must be able to think long term. Consider the following:

What skills can you develop and what accomplishments can you put under your belt that will get you rehired if you are laid off, land you a promotion at your current company or get your foot in the door at another company?

How can you make your boss's life easier by anticipating what he or she will need from you tomorrow, next week or next month and taking care of it ahead of time?

How can you develop relationships with your clients by paying close attention to their situations? For example, if you notice that the woman who has come to you for help managing an inheritance is pregnant, realizing that she could need help saving and investing for her child's college education, updating her will and possibly creating a trust can help you create a long-term business relationship with that client.

Putting It All Together: Wisdom and Interpretation
By combining your ability to analyze numbers with skills like communication, project management and relationship development, you'll emerge as a leader and position yourself to rise to the top of your field. (Experience and hard work go a long way toward securing a position in this challenging field.

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