Business is being altered ever more rapidly, especially so for the finance industry. The field is no longer just about simple, routine tasks like punching numbers and keeping records. Building a career in finance is becoming more and more challenging as greater demands are put on these professionals. If you consider going down this path, that’s great, but you should be aware of some of the changes that are happening.
When you enter the finance world with a professional degree in the 21st century, you face much larger expectations than people did in the past. In the past, the finance department was a section all of its own, having only to worry about its own responsibilities. Today, however, professionals must take initiative to a higher degree, in terms of making the company succeed, thinking about how it should proceed to do so, and making better decisions.
In technology’s never-ending push, more and more jobs are becoming obsolete. Traditional bookkeeping, recordkeeping, and transaction logs are being extensively automated in most businesses, whereas skills like analyzing data, performing market predictions, and creating financial strategies are increasing in importance. In other words, routine tasks are being kicked out the door, and re-creating yourself and your skillset is more important than ever before.
One skill that has a large impact on the success of many companies, is analyzing the market and other competitors within the field. More consumers are using comparison sites to get the best loan offers these days. In Norway, for example, taking up personal loans was something people would only go to their own bank to talk about and get. Not anymore. Kjell Amund Bergheim, CEO of the loan comparison company Lanfordeg.no, delivers a service that helps people compare loans online to get the best loan offers from different banks. This makes it easier for people to get the best and cheapest loan, billig forbrukslån på dagen in Norwegian, and Kjell Amund reports that most consumers are willing to switch banks these days if it means they will save more money.
This means banks has to stay competitive in all ways possible to both retain existing business and also win new business.
What these higher expectations and technological changes mean to your finance career, is that you will have to find new ways to deal with the current problems your business is facing. You can’t rely too much on learning from what worked for previous business leaders, as they were operating with vastly different technology than what is being used today. Knowing and applying this information well is one of the most important things that will help you succeed in finance.
In conclusion, some of the main reasons that a career in finance is not for the weak-minded are the higher expectations that are put on finance professionals, the need for learning new and important skills, and the ingenuity to do things in a different way.