With the constant growth in college graduates every year, the job market post-college is becoming more competitive than ever before. Employers not only take into account your grades but are also looking at the skills you possess; both technical and soft skills.
With most finance graduates seeking the role of a financial analyst, the competition has grown exponentially. There are over 4.5 million college graduates every year competing for the same few jobs available post-college.
The Bureau of Labor Statistics estimates the job growth outlook for financial analysts is 6% annually, which equates to roughly 20,300 new job openings per year1.
With 25% of college graduates graduating with a business degree2, the number of job openings is significantly smaller than the number of eligible candidates applying for these jobs. Here is a list of important finance concepts to master to ensure you stand out from the competition.
Types of Finance Skills
The world of finance has many different roles and positions that require different specific skill sets for certain roles. Employers seek an extensive list of skills in order for a candidate to be qualified for the position.
Finance professionals are put under pressure and must have excellent responsibility due to managing a company’s money, their most valuable asset.
Companies instill a large amount of trust into these finance professionals and rely on their skill set to continue operations within the company as a whole. Finance professionals must have a combination of analytical, technical, and interpersonal skills in order to be successful at their job.
Analytical Skills
Analytical skills are essential for finance professionals in many aspects. Finance professionals are tasked with analyzing situations and reporting their findings along with solutions to their boss or client. These individuals must make decisions and problem solve efficiently and effectively.
- Analyzing Data
- Decision Making
- Financial Analysis
- Financial Planning
- Finding and Recognizing Problems
- Forecasting
- Problem Solving
- Risk Management
- Valuation Analysis
Accounting Skills
Understanding and interpreting financial statements and the accounting rules and regulations is necessary for finance professionals to effectively communicate the information to other departments within a company or to clients. In order for finance professionals to give financial advice, they must master these concepts.
- Accounting
- Accounting Principles
- Accounting Rules and Regulations
- Budget Management
- Cash Flows
- Journaling
- Ledgers
- Reconciling Balance Statements
- Reporting
- Tax Filing
- Tax Reporting
Technical Skills
With the advancement of technology, the days of finance professionals crunching numbers on a calculator have become nonexistent. It has become much easier to compute, find, sort, and process a bulk of information through technology such as a spreadsheet program.
Finance professionals are now tasked with understanding how to utilize these tools and programs to excel at their job. Technology is constantly changing and more modern programs are becoming a standard nationally, but understanding the basics of how this technology works is crucial for the role of a finance professional.
- Financial Modeling
- Financial Systems
- IT Software
- Microsoft Excel
- Microsoft Office
- QuickBooks
Interpersonal Skills
While mastering the analytical, accounting, and technical concepts are necessary for an employer to consider you for a position, interpersonal skills are just as crucial to become efficient at your role in a company.
The ability to communicate effectively with your team is vital for a finance department’s overall progress and success. Learning these interpersonal concepts will present you as a well-rounded individual that possesses the necessary hard skills as well as the unwritten required soft skills for a finance position.
- Clear Communication
- Collaborating Effectively With a Team
- Leadership
- Listening Well
- Persuasion
- Presenting
- Public Speaking
- Respect
- Socializing
- Trust
How To Make Your Skills Stand Out
- Highlight your best skills in your cover letter
- Add the most relevant skills required for the position in your resume
- Mention your skill set during the interview
- Bring copies of past projects that showcase your understanding of these concepts
The Romero Mentoring Difference
In just 15-weeks, you can become a world-class finance professional. Mastering these concepts provides the foreground for your finance career and supplementing your learning with Romero Mentoring can excel your career 5x. The Romero Mentoring Analyst Prep Program is an all-inclusive internship, mentorship, and training experience like no other. Learn the in-depth principles of finance and apply what you learn through an extensive internship led by a finance professional with over 12 years of experience. Learn more here.
Our Story
Since 2016, Romero Mentoring investment banking training and internship programs have been delivering career mentoring to job seekers, professionals, and college students pursuing careers in finance. We’ve helped hundreds of students start their careers on Wall Street through our Analyst Prep and Associate Programs. Our graduates work at top-bulge bracket banks and consulting firms, including Goldman Sachs, JP Morgan, McKinsey, and many more.
In just 15-weeks you can become a world-class finance professional with our fully immersive internship and Investment Banking Training Programs.
References:
- Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Financial Analysts: https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm
- National Center for Education Statistics, U.S. Department of Education, Most Popular Majors: https://nces.ed.gov/fastfacts/display.asp?id=37
