Finance is not an easy job. Grasping a subject requires a lot of awareness and expertise. Apart from that, it also involves developing some soft skills that will make you an even better financial guru. Below is a list of 11 soft skills you need to work on and instill in finance.
Ethics is the key soft skill required for a perfect master in finance
Finance is closely related to ethics. All transactions in business should be recorded according to reality. The records maintained in Finance accurately reflect how funds flow within the business and with stakeholders outside the business. All business transactions must be handled ethically regarding amount, source and settlement.
Top 11 Soft Skills Needed to Work in Finance
Business functions such as finance also include those of empathy. When dealing with other stakeholders, we need to understand their point of view as well. Business is a social function, not just personal gain.
It will need to work collaboratively with other stakeholders such as raw material suppliers, service providers, banks and financial institutions, shareholders, employees and other internal stakeholders. It’s important to be reasonable and understand their needs instead of giving in to excessive demands.
True excellence is in the details, details that only active listeners can hear and perceive. Whether you’re at a conference, board meeting, employee meeting, or simply negotiating with stakeholders, every detail of the conversation should be fully attended to. You may miss important financial details and lose your money later.
Learning is directly linked to income! By maintaining an open mindset, you can continue to improve your knowledge. On the other hand, taking a restrictive approach and thinking that you are the master of everything prevents you from gaining new knowledge. and keep up the good work.
Customer service and added value
In today’s competitive business environment, customer acquisition is extremely difficult and customer retention is becoming increasingly difficult. One of the keys to retaining customers is providing excellent customer service. If your customers are happy with your business, they will make repeat purchases. Economically speaking, it’s like getting more than one customer for the marketing price you paid to get one. A true financial expert can understand the interrelationship between the two functions and the added value it brings to the business.
Business is a function with constant communication and perfect skill execution is the key to success. While communicating with stakeholders, you must communicate your message clearly and accurately, whether verbally, via Zoom call, or in writing. It is important not to divulge information. Instilling communication skills is crucial to becoming a successful financial professional.
Every aspect of your business needs to be considered and validated from different angles. It is very important to develop an analytical mindset so as not to miss details.
Business is about responding perfectly to the changing times. Developing an innovative mindset will help you stay relevant to your market regardless of the size of your business.
Proper use of technical tools
Technologies exist that solve business problems with minimal effort. A successful finance professional will understand the application and use of technical tools for various functions such as invoicing, purchase orders, annual reports and banking communications. Technology eliminates the possibility of human error.
Reasoning and problem solving
A successful financial professional will understand the reason and cause and effect aspects of everything. Problem solving is easier when the function of cause and effect is fully understood.
Last but not least, time management is everything. If you put your life in order, you win half the battle. Time management takes stress out of the equation and provides much-needed peace of mind.
Written by Dr. Mukesh Jindal CFA, CFP, CAIA, Ph.D, Founder of Alpha Capital
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