Financial management skills look good on any resume. Whether you’re applying for new jobs, or seeking a promotion at work, it always helps to have familiarity with finances.
Financial management proficiency can open new doors for larger roles or responsibilities at your company. Or, if nothing else, it can make you more confident in your own finances, or handling your existing workload.
So what are some financial management skills that recruiters and executives look for? Here are a few.
If you want to demonstrate your financial literacy, you should be sure to brush up on some key terminology. Of course, if you practice financial management skills already, then you should be comfortable with the vocabulary. But it never hurts to review key terms to make sure you have a full understanding of their meaning. Learning new words is also an effective way to expand your knowledge. Spend some time reviewing a financial terms glossary to boost your financial vocabulary.
Much of financial management involves collecting and managing data. Budget projections also rely on skilled data analysis. Mastering each of these skills can be invaluable for anybody looking to take over a financial manager role.
To go along with data analysis, you might also familiarize yourself with some financial management software. Many programs exist that can help businesses manage finances by automating certain processes. Some of the most popular financial management software programs for businesses include QuickBooks, Mint, and Xero.
Learning to use these programs, and how to manage electronic files, can broaden your horizons significantly.
Even with the use of financial management software, both professional and personal financial management require some essential math skills. You don’t need to master calculus to become a financial manager. But you should at least brush up on your arithmetic, algebra, and statistics if you’re interested in financial management. Being proficient at math is never a hindrance to your professional development.
A financial manager needs to be precise in their documentation and calculations. One small error can throw off an entire budget or cost a company hundreds, if not thousands, of dollars. Possessing strong attention to detail is an absolutely vital skill for any financial manager to have.
There are many different strategies people use to improve their attention to detail. Simply working slower is one trick you can use. Other habits that can improve concentration include reading, meditating, or exercising.
Financial management is a form of leadership. Being in charge of a company’s finances in any capacity requires a vision and sense of purpose. There may not be an apparent correlation between leadership and financial management, but the two are related. If you want to be trusted as a financial manager, you will need to prove yourself capable. This means demonstrating leadership and an ability to solve problems.
Perhaps the best habit you can get into if you want to become a financial manager is to focus on your personal financial management. Most of the financial management skills mentioned here are easily applicable to personal finances.
Not only will this provide you with worthwhile professional experience, but it can also have practical, real-world benefits. Personal financial management can improve your financial literacy, which leads to smarter spending and savings.
One effective, and simple, strategy for personal financial management practice is to set a weekly or monthly budget for yourself. This exercise forces you to closely examine all of your expenses and income, and make more informed spending decisions,
Want to learn more about personal and professional development skills? Browse all of ASAP’s professional development resources for articles, seminars, and training opportunities.