West Vancouver’s Abeir Haddad Shares the Skills You Will Need in the Field of Finance
A career in finance can be exciting and rewarding. There are many potential jobs in this field, including banking, investment, corporate finance, and government work.
This industry is growing in Canada, allowing many job openings. By the year 2028, new job openings for financial analysts in Canada are expected to reach 22,300, with only 21,700 new job seekers available to fill them. This represents an opportunity for students who want to enter the field.
Finance professionals are well-compensated, another reason why college students are interested in joining the field. The average salary for an analyst in Canada is over $71,000 per year. An experienced professional may expect to make as much as $88,000 and even up to $100,000.
People who are interested in this career choice need to have a full complement of skills. Abeir Haddad, an investor and entrepreneur from West Vancouver, BC, shares some of the skills that many may have in common and how you can build these skills in anticipation of a successful career.
An outdated perception exists that paints all people in finance as number-crunchers who spend their days in a cubicle. Today, the reality is that these professionals need to have excellent interpersonal skills to relate to clients and coworkers alike.
Finance professionals should have a team player’s spirit. It takes many qualified individuals to accomplish the tasks that need to be done, and all of the parts need to come together smoothly.
One of the most crucial skills professionals must share is explaining technical data in simple terms. Translating the industry terms to concepts that clients and people from other departments can understand is highly valuable. Both oral and written skills are important and interact using virtual meetings and in-person interactions.
Education and Training
In many industries, talent and experience are enough to help candidates get a job, but in this industry, more is required. A successful candidate has completed specialized training and certifications. A university degree is required for most entry-level positions.
Marketing and Sales Knowledge
Finance professionals need to know how to market their skills and knowledge. They need to be able to promote themselves to clients and show how their special abilities will help the company preserve its capital and save money on expenses.
This is especially true when working in wealth management and planning, and when dealing with individual clients rather than corporate clients.
Industry professionals should have solid knowledge not only in the application of proper accounting procedures but also general mathematical savvy. They need to be able to analyze complex situations using advanced math solutions.
Companies want employees who can analyze different financial scenarios and produce accurate conclusions. As the field moves more toward analysis and strategy, skills including manipulating big data, understanding information technology, engaging in strategic thinking, and participating in collaboration are required.
Every analyst needs to be able to demonstrate proficiency in reporting. This is the process of documenting a company’s financial information, communicating its status to the government, investors, and management. These reports can be the company’s lifeblood when it comes to responding to regulatory requirements and obtaining funding.
Similar to members of many fields, successful candidates have excellent problem-solving skills. A simple knowledge of the field is not enough to surmount daily challenges and ensure that the company is moving forward.
Going beyond entry-level jobs, supervisors often look for people with management experience. Managing teams is a highly valuable skill, and it can lead to future career advancement.
Information Technology Knowledge
Successful candidates need to know the programs and protocols that are used to store and analyze data. Professionals who do not have superior computer skills are often left scrambling to catch up with their peers. Knowing SAP accounting software and Oracle is a minimum requirement for most jobs. Candidates may also want to educate themselves on automated systems that involve artificial intelligence, machine learning, and predictive analytics.
Finance does not exist in a vacuum. Successful candidates should have experience in the business world as a whole, and they should understand how a company’s fiscal behaviour fits into its place in the market. Understanding how data drives a company’s inner operations is a major factor in the candidate’s development.
Ability to Innovate
Creating new processes and ways of doing business can be highly valuable to a finance department. Abeir Haddad notes that the amount of time to produce accurate and timely results could be the difference between success and failure.
Becoming a Finance Professional
Abeir Haddad encourages talented students and people who want to change careers to look into finance. There are significant opportunities for a prosperous life and also for professional growth, development, and advancement.
Finance jobs will always be necessary for the Canadian economy. The lack of qualified candidates in the field means that even entry-level job seekers will be highly sought-after. Entering this field is a good move for advancing a successful career.