Here are the top 11 soft skills you need to know to work in finance

Funding is not an easy task. It takes a lot of awareness and expertise to grasp the subject. Apart from this, it also involves developing soft skills to excel more and become a master in finance. Here is a list of 11 soft skills you need to develop and instill in finance.

The main soft skill required for a perfect mastery of finance is ethics

Finance works closely with ethics. Every transaction in a business should be recorded according to reality. The records kept in finance are a reflection of exactly how funds flow within the business as well as with stakeholders outside the business. Every business transaction must be treated ethically in terms of amount, source and settlement

Top 11 soft skills you need to work in finance

EMPATHY

Business functions like finance also involve an empathy function. While dealing with other stakeholders, one must also understand their views. Business is a social function and not just a matter of personal benefits.

It must work in unison with other parties such as raw material suppliers, service providers, banks and financial institutions, shareholders and internal stakeholders such as employees. It’s not about giving in to undue demands, but about being rational and understanding their needs.

GOOD LISTENING

True excellence is in the details and only an active listener can listen and grasp the details. Whether you’re attending a conference, a board meeting, an employee meeting, or just negotiating with a stakeholder, you need to give full attention to every detail of the conversation. Sometimes you miss an important detail regarding finances and later lose funds.

SPIRIT OF LEARNING

Learning is closely linked to winning! If you keep an open mind, you can continue to improve your knowledge. On the other hand, if you have a restrictive approach and consider yourself master of everything, this prevents you from acquiring new knowledge. Stay open to new ideas, attend conferences and webinars, discover more things to learn, and keep excelling.

CUSTOMER SERVICE AND ADDING VALUE

In today’s highly competitive business environment, it is very difficult to reach customers and retain them even more. One of the keys to retaining customers is providing them with excellent customer service. When customers are satisfied with the business, they are bound to make repeat purchases. Financially speaking, it’s like winning more than one customer at the marketing price paid to reach one. A true finance professional can understand the correlation between the two functions and the added value it brings to the business.

COMMUNICATION SKILLS

Business is a function that involves constant communication and working the perfect skills is the key to success. When communicating with stakeholders, whether verbally, via a Zoom call, or in writing, you need to get the message across clearly and to the point. It is crucial not to overlook any information. Instilling communication skills is very important to being a successful finance professional.

ANALYTICAL THINKING

Every aspect of the business should be considered and inspected from different angles. It is very important to develop an analytical mindset so that no detail is overlooked.

INNOVATIVE MINDSET

Business is about evolving in perfect harmony with changing times. Developing an innovative mindset would help you relate to the market, regardless of the size of your business.

PROPER USE OF TECHNOLOGICAL TOOLS

Technology is there to solve business problems with the least amount of effort. A successful finance professional would understand the application and use of technology tools for various functions, such as invoicing, purchase orders, annual reports, banking communications, etc. Technology excludes the possibility of human error.

REASONING AND PROBLEM SOLVING

A successful finance professional would understand the reason and cause and effect aspect of everything. Problem solving is facilitated when the function of cause and effect is well understood.

MANAGEMENT OF TIME

Last but not least, it’s all about time management. 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, Alpha Capital

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