Finance Graduates To Enter The Finance Industry Assignment

Essential Skills & Trends for Finance Graduates: Entry into the Finance Industry

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Introduction Of Finance Graduates To Enter The Finance Industry

The purpose of this paper is to investigate and comprehend the key abilities, knowledge, and experience needed by new finance graduates to enter the finance business. As a recent graduate, I believe this report will be beneficial in assisting me in planning my professional path and making educated decisions regarding my future (Zavolokina et.al 2016). By this research, I intend to obtain a better knowledge of present and future trends in finance graduate recruiting, as well as identify the talents and experience that companies value the most. This article will discuss the financial industry, which includes banking, investment, and corporate finance.

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Analysis and Application

The report's Analysis and Application part focuses on presenting a true reflection of the finance industry's conclusions. This section draws on secondary research to provide an in-depth overview of the financial business, including broad industry trends and the skills, knowledge, and experience required by applicants at this stage in their careers (Kim, 2016).

The section discusses the impact of technology and data analysis on the banking business, the value of ethical practices, and the growing demand for teamwork and communication skills. The paper also looks at the regulatory landscape, namely significant financial legislation and how they affect the finance industry.

General trends which will impact on finance industry

The increasing use of technology in the finance industry is a significant trend that is expected to impact the industry in the coming years. According to World Economic Forum report on the future of jobs in the financial services industry 2020, with the rise of fintech companies and increasing investment in new technologies, such as block chain and artificial intelligence, the finance industry is becoming increasingly digitized (Chang et.al 2020). This trend is expected to lead to increased efficiency, lower costs, and more personalized services for customers. However, it also means that finance professionals will need to have a strong understanding of these new technologies and how they can be applied in a financial context.

For example, Blockchain technology has the potential to transform how financial transactions are performed and recorded, resulting in faster and more secure transactions. This technology is already in use in the form of crypto currencies like Bitcoin, which run on a blockchain network. Furthermore, artificial intelligence is being utilized to automate a variety of financial activities, including credit scoring and fraud detection as cited by as cited by Bureau of Labor Statistics Occupational Outlook Handbook for Financial Occupations. This technology has the ability to eliminate errors while also increasing the speed and accuracy of financial decisions.

Another trend that is predicted to have an impact on the finance industry is a greater emphasis on sustainability and responsible investing (Alshehhi et.al 2018). As customers become more cognizant of environmental and social issues, there is an increasing desire for investing options that reflect their beliefs. This has resulted in the emergence of ESG (environmental, social, and governance) investing, which considers aspects other than financial returns. As a result, finance professionals will need to learn how to incorporate sustainable investing methods into their job. This trend is projected to continue as firms face greater pressure to address sustainability problems and demonstrate social responsibility (Lev and Gu, 2016).

Finance professionals will need to be familiar with new technologies and be able to adapt to changes in the industry as they occur (Philippon, 2015). The ability to work with data and technology will be increasingly important in the finance industry, and candidates with expertise in these areas are likely to be in high demand. Therefore, as a recent graduate interested in the finance industry, it is essential to stay informed about the latest technological developments and to develop relevant skills in this area.

The skills / knowledge and experience required

The most important ones:

  • Analytical abilities: In the banking profession, the ability to evaluate and interpret financial data is vital. As a recent graduate, I should have a solid foundation in financial analysis and be able to apply your analytical skills to a variety of financial circumstances.
  • Detail-orientedness: The banking profession involves intricate financial operations that necessitate precision and accuracy in all tasks. As a result, financial experts must pay close attention to detail.
  • Communication skills: It is critical to be able to communicate complex financial facts to non-financial parties. Financial professionals must be able to explain financial concepts to clients, coworkers, and other stakeholders in a clear and succinct manner (Mandinach, and Gummer, 2016).
  • Problem-solving skills: According to PwC's 2021 the ability to identify problems and develop effective solutions is highly valued in the finance industry. Finance professionals are often faced with complex financial problems and must be able to think critically and creatively to solve them.
  • Teamwork: Collaboration and teamwork are important in finance, as professionals often work on complex projects with multiple stakeholders. Therefore, as a recent graduate, it is important to demonstrate strong teamwork skills and the ability to work effectively with others.

In terms of knowledge and expertise, there are two key areas that are essential for finance professionals:

  • Financial accounting and reporting: In the finance industry, a solid understanding of accounting standards and financial reporting is necessary. Finance experts must be able to analyse and evaluate financial statements, generate financial reports, and assure accounting standards compliance (Johl al 2015)
  • Financial analysis: Employers place a high emphasis on the ability to assess financial statements and do financial modeling (Deloitte's 2021). Financial professionals must be able to analyze financial data to recognize trends, forecast future trends, and inform financial decisions.

Recent graduates interested in pursuing a career in finance should focus on developing a strong foundation in financial analysis, accounting principles, and data analysis. Additionally, it is important to develop personal skills such as communication, problem-solving, and teamwork, as these are highly valued by employers in the finance industry (Moore et.al 2018). Relevant work experience through internships or other entry-level positions can also be highly beneficial for recent finance graduates.

Evaluation

I find this (see appendix) job role of interest to me because it aligns with my potential choice of industry/profession in finance. I am particularly interested in financial analysis, reporting, and forecasting, and this job opportunity provides an opportunity to develop these skills further. I prefer this job opportunity to others I considered because it is with a reputable company in a desirable location, and it offers a competitive salary (Green et.al 2017). Additionally, the role seems to be an established one within the finance industry, which suggests that it is likely to be future-proofed.

Furthermore, the responsibilities and requirements outlined in the job advertisement align with my personal strengths and career aspirations. I have a keen eye for detail and enjoy analyzing financial data to provide meaningful insights. In addition, I have experience in financial analysis through my coursework in finance and accounting at university. This role would provide me with an opportunity to apply my knowledge and skills in a practical setting.

Moreover, the company's focus on collaborating with cross-functional teams to support business initiatives resonates with me as I believe that working collaboratively across different teams is essential in achieving success in any organization (Robla-Gómez et.al 2017). Furthermore, the company's emphasis on the use of financial software such as Microsoft Excel is essential for modern-day financial analysis, and I have had the opportunity to develop my skills in this area through my academic studies.

Overall, this job opportunity provides an excellent opportunity for me to start my career in finance. The job responsibilities and requirements align with my skills and career aspirations, and I am excited about the possibility of working for a reputable company in a desirable location. I believe that this role would enable me to develop my skills and knowledge further and provide a foundation for a successful career in finance (Schroeder et.al 2022).

I find the job role in finance of interest to me, as it aligns with my career aspirations and potential choice of industry/profession. The job role that I am interested in is in the area of financial analysis, reporting, and forecasting. This opportunity will enable me to develop my skills further, while also providing me with a foundation for a successful career in finance.

One of the primary reasons why I prefer this job opportunity to others that I have considered is that it is with a reputable company in a desirable location. Working for a reputable company provides me with the opportunity to learn from experienced professionals and to build my network in the industry. Furthermore, being located in a desirable location means that I would have access to a vibrant city and a range of cultural and recreational opportunities, which is important to me.

Another reason why I find this job role of interest to me is that it offers a competitive salary. A competitive salary is essential for me as it provides financial stability and enables me to focus on my job without worrying about my financial well-being. According to Green et.al (2017), a competitive salary is one of the key factors in attracting and retaining talented employees, and I believe that this job opportunity provides this.

Furthermore, the job role seems to be an established one within the finance industry, which suggests that it is likely to be future-proofed. This is important to me as I want to ensure that the skills and knowledge that I develop are in demand in the future. A future-proofed job role means that I can build a long-term career in the finance industry and continue to develop my skills and knowledge over time.

In addition to the benefits outlined above, the responsibilities and requirements outlined in the job advertisement align with my personal strengths and career aspirations. I have a keen eye for detail and enjoy analyzing financial data to provide meaningful insights. In addition, I have experience in financial analysis through my coursework in finance and accounting at university. This role would provide me with an opportunity to apply my knowledge and skills in a practical setting.

Moreover, the company's focus on collaborating with cross-functional teams to support business initiatives resonates with me. I believe that working collaboratively across different teams is essential in achieving success in any organization. Collaboration enables individuals to share their expertise and learn from each other, which ultimately leads to better outcomes for the organization.

References

  • Zavolokina, L., Dolata, M. and Schwabe, G., 2016. The FinTech phenomenon: antecedents of financial innovation perceived by the popular press. Financial Innovation, 2(1), pp.1-16.
  • Kim, J.H., 2016. A study on the effect of financial inclusion on the relationship between income inequality and economic growth. Emerging Markets Finance and Trade, 52(2), pp.498-512.
  • Chang, V., Baudier, P., Zhang, H., Xu, Q., Zhang, J. and Arami, M., 2020. How Blockchain can impact financial services–The overview, challenges and recommendations from expert interviewees. Technological forecasting and social change, 158, p.120166.
  • Alshehhi, A., Nobanee, H. and Khare, N., 2018. The impact of sustainability practices on corporate financial performance: Literature trends and future research potential. Sustainability, 10(2), p.494.
  • Philippon, T., 2015. Has the US finance industry become less efficient? On the theory and measurement of financial intermediation. American Economic Review, 105(4), pp.1408-1438.
  • Mandinach, E.B. and Gummer, E.S., 2016. What does it mean for teachers to be data literate: Laying out the skills, knowledge, and dispositions. Teaching and Teacher Education, 60, pp.366-376.
  • Johl, S.K., Kaur, S. and Cooper, B.J., 2015. Board characteristics and firm performance: Evidence from Malaysian public listed firms. Journal of Economics, Business and Management, 3(2), pp.239-243.
  • Moore, P.M., Rivera, S., Bravo?Soto, G.A., Olivares, C. and Lawrie, T.A., 2018. Communication skills training for healthcare professionals working with people who have cancer. Cochrane Database of Systematic Reviews, (7).
  • Green, B., Oeppen, R.S., Smith, D.W. and Brennan, P.A., 2017. Challenging hierarchy in healthcare teams–ways to flatten gradients to improve teamwork and patient care. British Journal of Oral and Maxillofacial Surgery, 55(5), pp.449-453.
  • Robla-Gómez, S., Becerra, V.M., Llata, J.R., Gonzalez-Sarabia, E., Torre-Ferrero, C. and Perez-Oria, J., 2017. Working together: A review on safe human-robot collaboration in industrial environments. IEEE Access, 5, pp.26754-26773.
  • Schroeder, R.G., Clark, M.W. and Cathey, J.M., 2022. Financial accounting theory and analysis: text and cases. John Wiley & Sons.
  • Lev, B. and Gu, F., 2016. The end of accounting and the path forward for investors and managers. John Wiley & Sons.

Secondary research

  • World Economic Forum report on the future of jobs in the financial services industry 2020: https://www.weforum.org/reports/the-future-of-jobs-in-the-financial-services-industry
  • PwC's 2021 Finance Effectiveness Benchmark Study: https://www.pwc.com/us/en/services/consulting/finance-effectiveness-benchmark-study.html
  • Deloitte's 2021 Global Human Capital Trends report: https://www2.deloitte.com/global/en/pages/about-deloitte/articles/human-capital-trends.html
  • Bureau of Labor Statistics Occupational Outlook Handbook for Financial Occupations: https://www.bls.gov/ooh/business-and-financial/home.htm
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