With changes in the workplace and the economy, consumers no longer engage with their personal finances and financial institutions the same way they did 50 years ago.1 It’s predicted that, by the end of the decade, traditional banks and insurance companies will be completely transformed by the introduction of fintech-enabled, decentralized entities.2 The increased prevalence of artificial intelligence, machine learning, and automation in the workplace, combined with the rise of entrepreneur-driven income and internet-connected technology, have altered how people earn money, and how they want their financial services to interact with them. As a result, the need for finance professionals to continuously upskill to stay up to date is imperative. Business leaders will also need to become more financially astute to manage risks and drive growth in their organizations. For aspiring and existing entrepreneurs or investors, a strong financial and business acumen will be essential in order to take full advantage of these changes.
The development of technologies that match savers and borrowers, the creation of new asset classes, and the commoditization of financial data all indicate that finance and investment professionals need to adapt to stay relevant.3 Additionally, continuous changes in the economy, technology, and consumer behavior mean these professionals need to keep updating their skills if they hope to successfully accommodate these changes.
Online courses help those who wish to remain competitive to update their skills in the evolving field of finance, investment, accounting, or finance admin. GetSmarter courses provide the knowledge and skills needed to embark on an exciting career in finance, or to advance an existing career in the financial industry, be it in banking, investment, admin, or management.
These courses also cater to the needs of business leaders looking to develop their financial knowledge, as well as to existing and aspiring investors and entrepreneurs. Sound financial literacy is crucial for all business leaders, entrepreneurs and managers, as it allows for meaningful participation in the financial discussions and key decisions that drive organizational success. Solid financial skills may provide those working outside of a financial job function with a key advantage for career development and business growth.
Find a range of finance and investment courses suitable for professionals looking to become more commercially minded and drive better business management decisions.
Careers in finance
The finance industry offers a wide range of career options that suit a variety of different skills and interests. Here are some of the careers that can be found in the finance sector:
- Accountants and auditors. These professionals prepare, process, and assess financial records for businesses and individuals. They ensure compliance with regulations and the timeous and accurate payment of taxes, and help to improve income and reduce costs
- Bookkeepers. Workers in this occupation use bookkeeping software and systems to process receipts and invoices and produce financial records for organizations
- Personal financial advisors. Financial advisors develop plans that safeguard their clients’ current financial assets and wealth, and help them achieve future financial stability4
- Financial managers. These professionals source and manage an organization’s capital, maximize value through wise investments, and minimize financial risk. To do this, they draw up financial strategies, forecast profits and losses, manage credit lines, perform financial reporting, and handle mergers and acquisitions5
- Financial analysts. These finance professionals give organizations and individuals the guidance they need to make sound investment decisions
- Financial examiners. Ensuring financial organizations or transactions comply with the laws and regulations that govern them, these professionals typically work in the finance and insurance industry, or in federal or state governments
- Actuaries. Frequently employed by insurance companies, these professionals analyze the monetary value of risk and uncertainty by applying a combination of mathematics, statistics, and financial theory
- Investment and asset managers. These professionals make decisions on asset allocation and investment strategies, and manage financial and investment decisions around the properties, equities, or securities of their clients6
Why choose a career in finance?
Jobs in finance typically pay better than the median annual wage for all occupations.7 There are also many opportunities for ongoing learning and qualifications, as finance institutes encourage and often expect their professionals to engage in continuous professional development to gain industry-specific qualifications and remain up to date on financial best practice and regulations.8 Additionally, 70 percent of those with careers in business and finance say they experience high job satisfaction.9
Skills and competencies required for a career in finance
There are many fields and subsets within the finance and investment sector, and the skills and competencies required for each differ vastly. Almost all professionals with a career in finance possess a certain skill set. These skills, which will serve those who wish to enter this field well, include:
- Accounting skills
Knowing how to record accounting transactions, and apply accounting principles and equations is a necessary skill for a career in finance, whether the position entails budget planning, reviewing, and discussing financial reports, managing a finance team, or giving financial advice10 - Critical thinking skills
The ability to critically observe and understand a situation without bias, interpret its meaning, and come to a meaningful conclusion is a key skill for financial and investment professionals. This skill can be applied in financial analysis, forecasting, planning, problem-solving, risk management, valuations, and more.11 - Technology skills
Using software and systems to process, sort, categorize, and report on financial data is an important competency for those in finance. As a result of the current rate of technological development, professionals typically require regular upskilling. Starting with basic spreadsheet programming skills, and progressing to mastering dedicated accounting systems, ERP business systems, and financial modeling apps, technology is an important aid to those in the finance sector.12 - Communication skills
The ability to communicate effectively, be it in writing or in person, is a crucial skill when it comes to inspiring trust and conveying financial information accurately, unambiguously, and at every level.13
Business leaders stand to gain the following key skills when taking a managerial finance course: the ability to accurately forecast cash flow and sales, monitor profit and loss, lower investment risk, and run a more profitable business.14
GetSmarter has a wide range of finance and investment courses that will empower you at every stage of your financial journey, be it personal or professional. Fully supported by people who are passionate and knowledgeable about finance and investments, our courses will help you earn a certificate from a globally recognized institution, and equip you with the knowledge and skills you need to navigate and excel in the world of finance.
Do you work in finance, investment, or accounting and need to refresh or update your skills? Choose from a selection of finance and investment online short courses for the latest best-practice methods and approaches in the industry. Alternatively, join one of the fintech, blockchain, or innovation courses and gain knowledge that will help keep you ahead of the development curve.
If you wish to create investment strategies that will grow your personal wealth, or if you’re an investor looking to make wise investment choices and in private and commercial markets, online short courses provide insights and knowledge for successful investment decision-making.
Business owners, and leaders who need to know how to interpret financial data accurately for better decision-making, and those who want to become more commercially minded, can choose from a selection of managerial and business-oriented finance courses. Entrepreneurs who are looking for funding strategies will discover courses to suit those needs too.
Whatever your reason for joining a finance or investment course, benefit from a flexible learning model that will ensure you gain industry-leading knowledge.
Sources
1Ready, B. (Jan, 2019). ‘4 key financial services trends in the new age of work’. Retrieved from the World Economic Forum.
2(May, 2018). ‘The global financial and monetary system in 2030’. Retrieved from the World Economic Forum.
3(May, 2018). ‘The global financial and monetary system in 2030’. Retrieved from the World Economic Forum.
4Dezube, D. (Sep, 2019). ‘Is a career in financial planning in your future?’. Retrieved from Investopedia.
5Kochanek, D. (Feb, 2020). ‘Financial career options for professionals’. Retrieved from Investopedia.
6Ross, S. (Jul, 2019). ‘Investment banking vs investment management: What’s the difference?’. Retrieved from Investopedia.
7(Apr, 2020). ‘Business and financial occupations’. Retrieved from the U.S Bureau of Labor Statistics.
8(Nd). ‘The benefits of working in finance’. Retrieved from Target Jobs. Accessed April 30, 2020.
9(Nd). ‘The most and least meaningful jobs’. Retrieved from PayScale. Accessed April 30, 2020.
10Doyle, A. (May, 2019). ‘Important finance skills that employers value’. Retrieved from The Balance Careers.
11(Nd). ‘Critical thinking skills for accountants’. Retrieved from Accountant Next Door. Accessed April 30, 2020.
12(May, 2020). ‘TechnologyAdvice guide to financial services software’. Retrieved from TechnologyAdvice.
13Doyle, A. (May, 2019). ‘Important finance skills that employers value’. Retrieved from The Balance Careers.
14(Nd). ‘Essential business skills’. Retrieved from Small Business Development Corporation. Accessed May 13, 2020.
As an expert and enthusiast, I have access to a vast amount of information on various topics, including finance, investment, and accounting. I can provide you with information related to the concepts mentioned in the article you shared. Let's dive into it!
Changes in the Workplace and the Economy
The article mentions that changes in the workplace and the economy have transformed how consumers engage with their personal finances and financial institutions. These changes are predicted to completely transform traditional banks and insurance companies by the end of the decade [[1]] [[2]].
Fintech and Decentralized Entities
The introduction of fintech-enabled, decentralized entities is expected to play a significant role in transforming the finance industry. Fintech refers to the use of technology to deliver financial services, and decentralized entities are organizations that operate without a central authority. These entities leverage technologies such as artificial intelligence, machine learning, and automation to provide innovative financial services [[2]].
Impact of Technology and Entrepreneurship
The increased prevalence of artificial intelligence, machine learning, automation, and internet-connected technology has altered how people earn money and how they want their financial services to interact with them. These changes have also given rise to entrepreneur-driven income, where individuals are increasingly engaging in entrepreneurial activities to generate income [[2]].
Importance of Continuous Upskilling
To stay up to date with the changing landscape of finance, professionals in the industry need to continuously upskill. This applies to finance professionals, business leaders, aspiring entrepreneurs, and investors. Continuous upskilling ensures that individuals can adapt to new technologies, match savers and borrowers, understand new asset classes, and effectively analyze financial data [[3]].
Careers in Finance
The finance industry offers a wide range of career options. Some of the careers mentioned in the article include:
- Accountants and auditors: These professionals prepare, process, and assess financial records for businesses and individuals, ensuring compliance with regulations and accurate payment of taxes [[4]].
- Bookkeepers: They use bookkeeping software and systems to process receipts and invoices and produce financial records for organizations [[4]].
- Personal financial advisors: These advisors develop plans to safeguard clients' financial assets and wealth, helping them achieve future financial stability [[4]].
- Financial managers: They source and manage an organization's capital, maximize value through wise investments, and minimize financial risk [[5]].
- Financial analysts: These professionals provide guidance to organizations and individuals for making sound investment decisions [[5]].
- Financial examiners: They ensure financial organizations or transactions comply with laws and regulations, typically working in the finance and insurance industry or in government [[5]].
- Actuaries: Frequently employed by insurance companies, actuaries analyze the monetary value of risk and uncertainty using mathematics, statistics, and financial theory [[5]].
- Investment and asset managers: These professionals make decisions on asset allocation and investment strategies, managing financial and investment decisions for clients [[6]].
Skills Required for a Career in Finance
The article highlights several skills and competencies required for a career in finance, including:
- Accounting skills: Knowing how to record accounting transactions, apply accounting principles, and understand financial reports is crucial [[10]].
- Critical thinking skills: The ability to observe and understand situations without bias, interpret meaning, and come to meaningful conclusions is important for financial and investment professionals [[11]].
- Technology skills: Proficiency in using software and systems to process, sort, categorize, and report financial data is essential, given the current rate of technological development [[12]].
- Communication skills: Effective communication, both in writing and in person, is crucial for conveying financial information accurately and inspiring trust [[13]].
Benefits of a Career in Finance
The finance industry offers several benefits, including better pay compared to the median annual wage for all occupations, ongoing learning and qualifications, and high job satisfaction [[7]] [[8]] [[9]].
Finance and Investment Courses
To remain competitive and up to date in the evolving field of finance, investment, accounting, or finance administration, online courses can help professionals update their skills. GetSmarter offers a range of finance and investment courses suitable for professionals looking to become more commercially minded and make better business management decisions. These courses cater to aspiring entrepreneurs, investors, business leaders, and individuals working outside of a financial job function who want to gain a key advantage for career development and business growth [[3]].
I hope this information provides you with a good understanding of the concepts mentioned in the article. If you have any specific questions or need further clarification, feel free to ask!
