What are some of the skills necessary for a career in finance?
I am a junior at Boston Collegiate Charter School and, as part of our curriculum, all 11th grade students are doing a two week internship. As of now, my internship may be at State Street Corporation and so as a person not fully aware of the field of financing, what are some skills necessary to succeed at an internship such as this one? #business #finance #economics #intern
4 answers
Donald Wood MBA / MEd
Donald’s Answer
Bryan: I was a math and science teacher for many years and then moved to banking where I spent almost 30 years dealing with "finance". State Street is a wonderful institution and respected throughout the world so you have a great opportunity. I found that liking "numbers" is crucial in the financial world. Numbers tell a lot about businesses and being curious about what they say is important. It would be very helpful if you understand spreadsheets since financial analysts use spreadsheets to get behind the numbers and look at various ratio. This includes seeing the big picture - I worked with an employee who used a spreadsheet to add 10-12 lines of four digit numbers and the sum was four digits! She could never seem to understand that she could immediately tell that her answer was wrong since adding 10 four digit numbers results in a number greater than 4 digits. So, like working with numbers, be familiar with spreadsheets, and ask a lot of questions. This could be an opportunity for many more years with State Street. Good Luck.
Thank you for your advice, I will definitely look into understanding spreadsheets before my internship.
Bryan
Joe’s Answer
I was a psychology student in college and then went on to get an MBA after working for a couple of years. Both degrees have helped me greatly. I worked for a couple of years at Bank of America and the at two different consumer finance companies for several years afterwards.
As an intern, you will have the opportunity to learn from a number of different people. So ask a lot of questions, most importantly, ask what you can do to help. Get the tasks assigned to you done quickly and with a high degree of quality. You will then find that you are given more challenging projects.
Show up early, work late and interact with everyone at the company. Finance people are not always the most outgoing so it may be challenging to connect with some. Make an effort to find ways to help out in all areas - even if it is not your assigned responsibility. Again, make sure you get your assigned work done well at the same time.
Create a LinkedIn account and try to connect with your co-workers. Make sure you write thank you notes after your internship is done so people know you appreciated the effort they tok to help you. An internship is your time to learn but the employees are looking for people who can help them and contribute to the company.
Good luck and enjoy it!
Thank you for your advice, I will try to ask as many questions as possible and will try establishing connections with co-workers. I look forward to the experience and will try to show it during the time I am there.
Bryan
Vineeth’s Answer
As someone who manages money, an organization’s most important commodity, financial professionals bear a great deal of responsibility. So, being trustworthy and able to perform well under pressure are very important traits.
Types of Financial Skills
When interviewing for any finance or accounting-related position, you will need to demonstrate several skills, both technical and soft, in order to land a job. Many of the most sought-after skills for finance jobs are also important in other fields. You may well have more relevant experience than you think.
Accounting
Accounting skills include the knowledge necessary to record accounting transactions and a strong understanding of the applicable accounting regulations. You may or may not be preparing financial statements and budgets directly, depending on your position. You don't need to be an expert accountant because you may have an expert accountant on your team assisting you. But you will need to be entirely comfortable reading and discussing financial statements in order to give financial advice.
Accounting
Accounting Principles
Accounting Standards
Accounting Techniques
Averaging
Budgeting
Calculations
Cash Flow Management
Computer
Concentration
Cost Analysis
Cost Reduction
Data Processing
Financial Data
Financial Management
GAAP
General Ledger
Journal Entry
Mathematics
MS Excel
Profit and Loss
Quantitative Data
Reconciliations
Reconciling Balance Statements
Reporting
Sorting
Tax Filing
Tax Planning
Tax Reporting
Trial Balance
Working with Numbers
Analytical
Analytical thinking means looking at a situation accurately, understanding how it works, interpreting what it means, and then coming up with a thoughtful, intelligent response. This skill has technical applications, such as data analysis or financial analysis, as well as wider applications, such as generalized problem-solving. You will need both.
Analyzing Data
Decision Making
Economize
Estimation
Financial Analysis
Financial Planning
Forecasting
Logic
Planning
Prioritization
Problem-Solving
Projecting Fiscal Balances
Quantitative Analysis
Ranking
Recognizing Problems
Restructuring
Risk Analysis
Risk Management
Strategic Planning
Solving Equations
Solving Problems
Using Analysis on Financial Scenarios
Valuations
Value-Added Analysis
Technology
Modern technology makes it much easier and faster to find, sort, and process the bulk of the information you need to work in finance or accounting. The downside is that you need to understand that technology in order to use it. Because the available tools continue to change and evolve, a detailed list of technical skills in this area would be quickly out of date.At a minimum, in-depth experience with a spreadsheet program is a must.
Financial Engineering
Financial Modeling
Financial Systems
Hyperion
IT Software
Microsoft Office
Mobile Applications
QuickBooks
SAP
Securities
Software
SQL
Technology
Written and Verbal Communication
Not only do you have to be able to communicate clearly to give financial advice, but you also need to inspire trust and develop a strong rapport with people. Otherwise, no one will trust you with their money.
This is not a matter of putting on a trustworthy front; while some people misrepresent themselves in order to attract business, such practices are both morally wrong and usually less effective. You must actually have integrity and good judgment. If you can’t communicate well on all levels, other people won't be able to tell that you're a trustworthy person.
Communication
Financial Advising
Financial Concepts
Financial Reporting
Interpersonal
Leadership
Management
Nonverbal Communication
Performance Management
Persuading
Practice Management
Presenting
Project Management
Relationship Management
Translating Data
More Finance Skills
Compliance
Decision Making
Dexterity
Estate Planning
Handling Detailed Work
Handling Money
Investments
Investment Principles
Marketing
Mergers
MBA
Organizational
Performance Measuring
Portfolio Performance Reports
Sales
Taxation
Wealth Management
Working under Stress
Svitlana’s Answer
Attention to details
Some math skills
Logical approach