2023 is set to be a year of phenomenal change and growth in the financial sector; with many finance skills to learn.
With a potential recession looming, companies from all industries are becoming increasingly reliant on financial talent. Today’s employers are leveraging the skills of financial managers, accountants, and analysts to ensure they n maintain a strong profit margin and keep operating costs low.
Following the disruption of 2022, hiring managers will be accelerating the search for the right financial talent. While specific qualifications will still be necessary for industry professionals, it’s important to recognise the rising demand for new soft and technical skills in this space.
Here’s how specialists can future-proof their financial skill set and improve their chances of moving to the most incredible roles in 2023.
The Technical Skills Finance Professionals Need in 2023
Technical skills have long been a core component of many financial jobs. Account managers, financial controllers and accountants must be able to leverage various tools to create intuitive reports, analyse essential data, and develop strategies for business growth.
However, in 2023, it’s not enough to have just a basic knowledge of accounting software. The finance landscape is evolving with the proliferation of new technology. Today’s firms are using machine learning, AI, automation, and other fin-tech solutions to stay one step ahead of the competition. Moving forward, finance professionals will need to perfect their fundamental technical skills and digital proficiency.
Some of the core technical skills you’ll need this year include:
1.    Financial Reporting
Financial candidates hoping to achieve a competitive edge in the current hiring market should be able to demonstrate proficiency in financial reporting. This involves preparing documents disclosing the details of a company’s financial status to management and shareholders.
If you’re building or re-establishing your financial career this year, make sure you’re comfortable with creating and presenting various crucial reports. You may need to showcase your aptitude for cash flow management with cash flow and profit and loss reports. You may also need to convert data into presentations and spreadsheets to inform business decisions.
2.    Data Management and Analytics
Today’s finance experts deal with huge volumes of data consistently. A clear understanding of collecting, validating, processing, and storing data securely will be essential for most positions. The best financial professionals will be able to leverage data to help businesses make intelligent decisions for growth and sustainability.
To survive in this data-driven world, you’ll need to be well-versed in using different data management technologies and software systems. While training is available online and in various traditional educational environments, many business leaders will also offer education on the job.
3.    Mathematics and Statistics
Besides accounting skills, mathematical aptitude is one of the core factors any hiring manager will look for when seeking the right financial talent. Finance professionals in any role should have strong calculative abilities and be comfortable working with large numbers.
Introducing data science and analytical applications into the financial world has enhanced the importance of being effective at mathematical calculations. Ensure you have a deep knowledge of using formulas correctly to create accurate insights for your employer.
4.    Technology Expertise
Understanding how to leverage the latest technical tools and software solutions will not only improve your chances of earning the right role in the finance industry, but it could also boost your opportunities for promotion. Focus on technology innovations relevant to your sector when developing your knowledge, such as automation and artificial intelligence.
It pays to demonstrate knowledge of predictive analytics tools, cloud computing, and enterprise resource planning services if you’re working in the accounting space. You should also have above-average knowledge of Excel and core accounting systems.
The Soft Skills to Prioritise This Year
While technical skills are a must for any financial role, it’s important not to underestimate the importance of having the right soft skills.
As automated systems and AI are now handling more technical tasks, many financial professionals are spending more time working with other human beings and customers. This makes it crucial to have the right communication and interpersonal abilities. For financial and accounting professionals, the ability to build successful relationships will be crucial to success.
Some core soft skills to focus on in 2023 include:
1.    Communication
Above all else, financial professionals need to be experts at communication. You should be able to demonstrate strong oral and written communication abilities. Additionally, it’s important to ensure you can convert complex topics and ideas into jargon-free terms for your team.
Look at your ability to share complex insights with people from all walks of life within your organisation. Ensure you’re also confident using all of the tools your team might rely on, such as video conferencing and messaging apps.
2.    Productivity
As the financial landscape continues evolving at exceptional speed, professionals must be agile, organised, and focused. Great management accountants and financial leaders are masters of using their time efficiently. They know how to delegate tasks to the right professionals and avoid disruptions and distractions.
If you’re going to be working in a hybrid or remote landscape, you’ll also need to show you’re comfortable working independently and adhering to deadlines.
3. Problem-Solving
Now that the financial world is changing so quickly, with new regulations, technologies, and concepts emerging every day, finance professionals are likely to be dealing with a number of complex problems regularly.
As such, the best professionals should be able to demonstrate their proficiency for creatively resolving issues using all the resources available. Whether it’s addressing the financial implications of a complex business structure or suggesting a personalized solution to a tax dilemma, you should be an expert at solving issues.
4.    Leadership
Though leadership skills may not be essential in all roles, they’re valuable for helping you rapidly progress in your career path. Demonstrating an ability to direct, motivate, and engage other team members effectively will make you a more valuable addition to your team.
It’s also worth demonstrating a leadership-level knowledge of business acumen, and how your company runs, so you can make more educated suggestions about improving team performance. Your capacity to innovate and lead will be crucial in today’s financial world.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. To find out more, get in contact with one of our team today, or you can call us on 01282 930930.
