While finance professionals must know how to prepare budgets, track expenditures, and predict cash flows, companies are looking for more. The functions in finance are becoming increasingly automated, meaning the workforce in the back-office will shrink and roles will become more analytical and strategic. Someone with a mix of technical, critical thinking, and communication skills will be a bigger asset to the company than a person with just the basic technical abilities.

Here are some quintessential skills that will make a candidate an ideal fit for finance roles in today's market.

Data analytics

Someone who can interpret data can be an incredible asset to the finance department, as it is crucial to report business performance and forecast revenues. However, since reporting can also be automated, knowing how to manage data, pay attention to details, and derive strong insights is key.

Digital proficiency

You are already behind if you are not using technology like accounting software, spreadsheet software, data visualization tools, and collaboration tools to optimize your process. On top of technology driven changes, tech savvy talent can also identify the ROI of imposing digitalization for the organization's growth agenda and business model.

Business acumen

Business acumen refers to the ability to comprehend business challenges and find meaningful solutions. This requires a strong understanding of the company's industry, its competitors, and market dynamics. This is crucial to compare and evaluate businesses, estimate the costs of a new project and set budgets, and run tests to gauge the outcome. Finance professionals with strong business skills are necessary to help you plan future inventory and predict revenue.

Cyber security

Finance professionals deal with sensitive data, and as more of this data is digitized, it is important to know how to safeguard it. Finance professionals with cybersecurity skills are well-equipped to protect sensitive financial data, assess and mitigate cybersecurity risks, and ensure compliance with stringent regulations. Their expertise enables them to detect and prevent fraud, manage business continuity during cyber incidents, and protect their organization's reputation. These skills not only enhance security but also provide a competitive advantage in the finance sector, where technology and data protection are paramount.

Interpersonal skills

Empathy is key for finance professionals, as people usually come to them in stressful situations. Moreover, finance teams need strong communication skills to interact with investors, analysts, and other stakeholders over crucial matters. They should be able to present complex financial information in a way that everyone can easily understand, and have a great knack for negotiation. It is important for finance professionals to stand their ground, convince stakeholders to make the right move, and ensure a conclusion that benefits everyone. Good leadership and critical thinking skills, as well as adaptability, are great add-ons.

 Wrapping up 

Diverse skills can be a great plus for all roles. In finance especially, candidates need to be able to think critically and come up with creative solutions. Innovative ideas come from diverse perspectives, and as tech continues to grow, people will need to step up in their roles to provide the know-how that tech cannot.