Finance is all about controlling the money supply and managing all the processes. Moreover, it acts as a helping hand to increase and distribute resources with time. Finance is the source of explanation, assessment, and analysis of the cash flow within the company. It also suggests how can it be used in corporate, public, and public finance. (bestassignmentwriter, 2019).
Due to technological advancement, the responsibilities of a financial expert have increased. They are not limited to just checking the cash flow of the company. Finance experts play an important role in the company. They not only have a bachelor’s or master’s degree but also some skills are required.
Finance experts have a great impact on the finance and investment policies on the sheets of the companies they serve. Enhancing financial expertise may not benefit the investors if contradictory interests like bank profits are neglected. (Guner, Malmendier & Tate, 2008).
Financial expert’s skills
Some skills have been discussed below that a financial expert should possess, to manage the business proficiently.
Strategic and analytical skills
The introduction of accounting software and programs has enabled finance experts to focus on financial analysis efficiently. It helps companies to grow through strategic decision-making, budgeting, and the right investments when it comes to a financial activity. Finance professionals should approach problem-solving creatively and find innovative solutions in this technologically changing world.
The job of a finance expert is not about using numbers and making reports anymore. They require to have analytical ability and they should know how to look at those numbers and understand the meaning of the data. Innovative analytical skills are used in playing the role of Financial reporting, studying market trends, and forecasting.
The financial service industry has changed due to technological advancement. Not only for finance experts but also for clients. Because the business can now easily access its income statement, balance sheets, financial statements, and other data through accounting software. Many accounting applications have made the data available and accessible through many forums.
It means that Financial experts should have expertise in such software and stay updated on these new technologies and trends and they need to direct the clients too.
We can easily see adaptability as an important skill in financial management. In a continuously changing industry, it is an important role that every expert needs to take when needed. Moreover, finance experts need to think and work on their feet due to constant change. They should always be ready to adapt and modify the situation.
Honesty and strong values
Finance experts have to work within the laws made according to the compliance guidelines. A finance manager is highly valued due to honesty and ethics in the industry which focuses on transparency and integrity.
Strong communication skills
Strong communication is the most important skill for a finance expert at a corporate finance level. They have to build strong interpersonal or interdepartmental relationships. Because they have to communicate constantly with executives and board members to help them make the right decisions for achieving the company’s financial goal.
Developing the trust and loyalty of clients is the key for financial experts to keep their operations financially sustainable in public practices.
They have to communicate through different mediums with different people. As different clients prefer different channels for communication. such as phone calls, emails, instant messaging apps, or face-to-face meetings.
A good finance expert has the idea of breaking difficult jargon into an easily understandable language for clients. Lastly, we can conclude that being a good communicator means having skills equal to listening, understanding, and empathizing.
Financial managers have to deal with a team of accountants or other finance officers when they reach the more senior level. It means that there is growth in the financial officer’s career. They need to start thinking about what kind of leader they are going to be and improve their leadership skills.
In companies that are focusing on the appraisal system of employees, individuals working at a senior level have the opportunity to lead and cooperate within a team. Today, leaders and executives can manage teams virtually.
If financial managers gain in-depth knowledge about the industry they are working in like travel, healthcare, insurance, or business administration, they can give more to a company. Having proficiency in accounting and finance is needed but doing the extra will take you to the next level.
Getting a bachelor’s degree and relevant certification such as becoming a certified finance officer (CFA), Certified public accountant (CPA) will be a plus point to building a strong reputation as a highly qualified finance officer.
At every position, when you constantly learn and seek out opportunities, it makes sure that you are at the top of the game. You can take continuing professional education (CPE) course, by which you can stay updated about the industry and regulation changes. Work experience is the only way you can improve your accountancy skills. Financial officers with no experience get the opportunity to work with mentors within their firm.
We have discussed above the importance of finance experts in enhancing the proficiency of a company. Some skills are needed in a finance expert to provide quality services. Their journey is all about learning. They need to be very clear about how finance can increase the value of their business. Remove the obstacles to adding the value, and show the results step-by-step and are-by-area. Maintain the improvement by pointing out the important keys of financial proficiency.
As we have seen that there is a huge importance of finance experts throughout the world. They get good opportunities in well-reputed organizations. That’s why it is suggested that students should specialize in finance from a good university. However, it is a very dry subject according to the students, they are assigned difficult finance dissertation topics at their university.
Students feel more bored while writing finance dissertations because they are difficult to handle and consume more power. That’s why they seek finance dissertation writing service from professionals to get good grades.
BAW. 2019. Struggling with your finance assignment? Online available at < https://bestassignmentwriter.co.uk/blog/struggling-with-your-finance-assignment/> [Accessed on 28th June 2019].
Güner, A.B., Malmendier, U. and Tate, G., 2008. Financial expertise of directors. Journal of financial Economics, 88(2), pp.323-354.