Useful Soft Skills for CFA chaterholders
The verdict is in. Soft skills are, and will undoubtedly continue to be, among the most sought-after qualifications for candidates looking to get their start in the financial industry and, one day, move into a management position.
In a study[1] published in May, the CFA Institute unveiled some facts that we already suspected, given the turbulent and unpredictable dynamics of the current business environment and the recent evolution in financial jobs. When industry leaders were asked about the skills to have and develop in the next five to ten years, almost one in two identified T-shaped skills as essential, followed by leadership skills (21%) and soft skills (16%), with technical skills (14%) rounding out the list. Surprised? Let’s take a minute to have closer look at soft skills.
Why soft skills?
Simply put, organizations are created by human beings, operate thanks to human beings and focus their activities on human beings, in this case clients. For both members of the profession and the organizations that employ them, mastering soft skills is more than a necessity: these skills can form the basis for a distinct advantage in generating interest among potential clients or future employers.
But exactly which soft skills are we talking about?
- Creativity and Innovation. Because the environment is VUCA (volatile, uncertain, complex and ambiguous), the ability of financial professionals to anticipate problems and come up with original and innovative solutions will make all the difference. Thinking and acting “out of the box” could pay off in many different ways.
- Communicating is, first and foremost, listening, and then talking and writing. Once again, the ability of a CFA to fully understand a client’s needs and then to express them verbally and in writing in a clear, precise and concise manner will gain precious time – and a great deal of credibility – for the people and organizations involved.
- Empathy and Personal Relationships. Customer relations is not just the prerogative of retail sales. CFAs would be well advised to work on developing empathy, within the organization and beyond its walls. Why? Because showing empathy means opening oneself up to other perspectives, to other ways of seeing and interpreting the world. Not only will it help strengthen an individual’s analytical ability but also firm up the bonds that person has established with clients and colleagues. At a time when the customer is king and product offerings abound, empathy has an important role to play!
Far from being “soft,” soft skills may very well be a solid foundation upon which to build your career and the future success of your organization.
[1] CFA Institute (2019), “Investment Professional of the Future. Changing Roles, Skills, and Organizational Cultures”.
Text provided by HEC Montréal