Last updated on May 15, 2024
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Adaptability and Learning
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Here’s what else to consider
Financial management professionals are responsible for managing the financial resources and activities of an organization, such as budgeting, forecasting, reporting, analysis, and decision-making. To succeed in this role, they need to develop a range of skills that can help them optimize the financial performance and sustainability of their organization. In this article, we will discuss some of the most important skills for financial management professionals to develop and how they can benefit their career.
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- Olubunmi Akomolafe, ACCA CFO | Data Analyst | Machine Learning 2
- Ann C. Kindness Ambassador | Storyteller | Corporate Social Responsibility | Philanthropy Expert | Advocate for… 2
1 Accounting and Finance
One of the core skills for financial management professionals is accounting and finance, which involves understanding and applying the principles and standards of financial reporting, auditing, taxation, and compliance. Accounting and finance skills enable financial management professionals to prepare and interpret financial statements, monitor and control financial transactions, and ensure adherence to legal and ethical requirements. Additionally, accounting and finance skills help financial management professionals to communicate effectively with internal and external stakeholders, such as investors, creditors, regulators, and auditors.
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- Ann C. Kindness Ambassador | Storyteller | Corporate Social Responsibility | Philanthropy Expert | Advocate for Empowered.Giving | MBA | Views My Own
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Please learn GAAP! Too many organizations are practicing cash based budget management. Professional budgeting and accounting skills will instill confidence in your funders.
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2 Data Analysis and Visualization
Another essential skill for financial management professionals is data analysis and visualization, which involves collecting, processing, and presenting financial data in a meaningful and actionable way. Data analysis and visualization skills enable financial management professionals to identify and evaluate financial trends, patterns, and anomalies, as well as to generate insights and recommendations for improving financial performance and efficiency. Moreover, data analysis and visualization skills help financial management professionals to use various tools and techniques, such as spreadsheets, databases, dashboards, and charts, to create and deliver clear and compelling financial reports and presentations.
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- Olubunmi Akomolafe, ACCA CFO | Data Analyst | Machine Learning
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Focus visuals on key insights and actions, not just presentation. Simplify complex findings into digestible charts.Choose appropriate chart types based on the message. Consider column, bar, line, pie, scatter plots, heat maps and more.Limit each visual to 3-5 data points and metrics. Overly crowded charts are confusing.Use consistent formatting and color schemes across visuals for continuity and branding.Design for accessibility including color blind-friendly palettes and text sizing.Craft data narratives to connect visualization insights to strategic goals and KPIs. Storytelling gives meaning to the numbers and visuals.Blend data visualizations, analysis, and business context. Raw data alone doesn't drive decisions.
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Financial Analysis: Proficiency in analyzing financial data, interpreting trends, and making informed decisions based on quantitative information. This includes understanding financial ratios, risk assessment, and valuation techniques.
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3 Strategic Thinking and Problem-Solving
A third key skill for financial management professionals is strategic thinking and problem-solving, which involves applying logic, creativity, and judgment to financial issues and challenges. Strategic thinking and problem-solving skills enable financial management professionals to formulate and implement financial strategies and plans that align with the organization's vision, mission, and goals. Additionally, strategic thinking and problem-solving skills help financial management professionals to anticipate and respond to financial risks and opportunities, as well as to find innovative and effective solutions for financial problems.
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- Ann C. Kindness Ambassador | Storyteller | Corporate Social Responsibility | Philanthropy Expert | Advocate for Empowered.Giving | MBA | Views My Own
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Most funders will go to the budget first before looking at the proposal and then turn to the budget narrative. The budget is perhaps the most strategic tool you can employ for fundraising beyond just good governance and clean audits. Next they will look at the budget narrative. Being able totell the story of the financials is crucial. You will need to weave the why of your budget into the strategy.
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4 Leadership and Teamwork
A fourth important skill for financial management professionals is leadership and teamwork, which involves influencing, motivating, and collaborating with others to achieve financial objectives and outcomes. Leadership and teamwork skills enable financial management professionals to establish and maintain positive and productive relationships with their colleagues, managers, and subordinates, as well as to foster a culture of accountability, transparency, and excellence. Furthermore, leadership and teamwork skills help financial management professionals to delegate and coordinate tasks, provide feedback and guidance, and resolve conflicts and disagreements.
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5 Adaptability and Learning
A fifth vital skill for financial management professionals is adaptability and learning, which involves embracing change and pursuing continuous improvement in the financial domain. Adaptability and learning skills enable financial management professionals to cope with uncertainty and volatility in the financial environment, as well as to adapt to changing regulations, technologies, and customer expectations. Additionally, adaptability and learning skills help financial management professionals to update and enhance their knowledge and skills, as well as to seek feedback and learn from their experiences and mistakes.
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6 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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- Mohammad Afzal Abdul Sattar Skilled Finance Manager with 30 plus years of Accounting and Finance Experience
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Financial Modeling: The ability to create and analyze financial models using tools like Excel and power financial models help in forecasting, budgeting, and decision-making.
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