Few Signs You Have What It Takes To Be A Finance Major

You feel like a cog in your current job and tired of going anywhere. You know you have a natural talent for getting around, but you don't know which place is best for you. One thing is for sure, you need to escape your boring job and find a job where your skills shine. Not all jobs are suitable for someone with your ambitions and eternal drive. Finance is a field that uses your natural skills and provides you with an exciting and financially satisfying career. However, not everyone can enter this area.
So how do you know if you have what it takes to major in finance? We spoke to a finance expert about the skills needed to succeed in this competitive industry. If these characteristics sound familiar, you could be a natural winner in the industry. You should consider a career in finance if you... Financial majors require a specific skill set to be successful in this dynamic industry.

Take a look at this list and see if it's what you need.

1. Excellent communication skills

Financial arguments can be complicated. Whether you're trying to explain exactly what's going on with your client's money or negotiating a complex financial transaction, you need strong communication skills to keep the process running smoothly. 

A good communicator knows how to adjust the language to get the point across as simply as possible. “Most of the time you will be talking to colleagues in other areas and departments,” Collado says. “People will seek you out if you make things easy to understand, rather than trying to impress them with your financial acumen.

2. You take initiative

You don’t need directives to make yourself useful. Whether you are at work or engaging in a project for fun, you like to look at goals and start working on a way to make those goals happen. Even if you aren’t sure how to do something, you know that getting started is usually more effective than kicking around doing nothing. “It really bothers me when someone says they're bored and have nothing to do,” says Collado. "It's about independence. Good employers value initiative and look for employees who think for themselves and take responsibility for their work," Corrado said. "I always wanted to take responsibility for my work. I wanted to show my boss that I was independent and could work with little supervision. It gave me a lot of opportunities to lead the team.

3. You are curious

They just don't care about finances. You are curious about many things. Some people spend the day with their heads down, just trying to take their turn and go home. But that's not you - you want to see what happens. This is a highly valued feature in the financial industry. Stephen Hart, CEO of Cardswitcher says: “Inquisitive people tend to do well in finance. I advise you to question everything instead of taking everything for granted. Why are things done this way? Can I improve this process? Why is this group of people doing a bad deal and this other group doing a good deal? This mindset, Hart says, led him to ask the most important question of his life and ultimately led to the creation of his company to fill a need he saw in business services. "I'm sure financial entrepreneurs have thousands of other questions to answer," Hart says competing banks have previously asked why banks in general have such weak digital systems. 

4. You work hard

When you have a goal in mind, you are ready to work towards it. If that means going the extra mile or thinking outside the box, then you will. You are tenacious when it comes to completing your mission. That trait is pretty valuable in any industry, but in finance, it’s a must.

“The one personality trait that has helped me the most is my great work ethic,” says JC Matthews, co-founder of Simply Insurance. “In the finance industry, smarts will only get you halfway; you also need to be a hard worker.” Matthews did not feel like a strong salesperson and wasn’t gifted in small talk. “But I always worked the longest hours, and I would consistently outperform the best salesperson on our team.

5. You have high emotional intelligence (EQ)

You don’t have a hard time relating to people. Whether it’s your best friend or someone you’ve never met before, you like to understand where people are coming from, and you are pretty good at reading between the lines of what someone is saying.

“A skill that is rare, but very useful in finance, is high emotional intelligence,” says Jacob Dayan, CEO of Community Tax. “Most of us finance people are analytical thinkers, and sometimes we aren't the best people to talk with when it comes to something as personal as finances.” Dayan says that finance professionals who have high EQ make clients feel that they care.

“Those people tend to do great,” Dayan says. “You can learn a lot from being able to comprehend why someone has the opinion they do instead of just assuming.”

6. You love to learn

You get bored with repetitive tasks that stay the same, week after week. The best jobs you’ve had were marked by their interesting developments, new things to learn and new people to meet. You’re just plain energized when you learn something new, and you’re pretty good at catching on fast. That’s a critical finance trait.

“Finance is a fast-paced field with a steep learning curve,” says Alexander Lowry, executive director of the financial analysis program at Gordon College. “Finance jobs are not stagnant, and the rate of change seems to be accelerating rapidly. You have to put in the effort to learn and to keep up with the quickly moving environment.”

“You can’t just reach a point, plateau and then expect to continue doing well,” Hart says. “The finance world moves so quickly—especially with the digital revolution over the past decade.”

Lowry says new innovations and technological developments like AI, blockchain and “fintech” (financial technology) are altering the whole finance landscape. “They are forcing every role in finance to rethink how the role should be performed.” No matter how long you work in the industry, changes like these will come along and necessitate a mindset of continuous learning.

7. You persist

No one likes setbacks, but instead of getting disheartened, you rise to the challenge. You are willing to work at something for a long time if that’s what success takes. And when it comes to financing, time is often a huge factor in success.

Perseverance is a very important trait in the industry according to Anna Knezevic, managing director of M&A Solutions. “Finance as a field can, and does, get boring and challenging at the same time,” Knezevic says. “Being able to adapt and persist can be a success in itself, as it will give you experience that you will be able to use when the environment changes.”

Knezevic explains that lots of people view finance as a way to get rich quickly, but smart financial practices take time. While other people abandon their plans in finance, the professionals who are happily persisting in their work for the long term will see the most return on their work.

Lowry sees a genuine enjoyment for the work at the heart of the issue. “Yes, finance can be financially rewarding. But if your heart isn’t in it, then no paycheck is worth it.  Finance is a fantastic career for the right person. Just give it serious thought to ensure it’s right for you.”

8. You’re a natural problem solver

Finance professionals deal with problem-solving on a daily basis, from negotiating a deal to determining the best solution for a client. If you can show employers that you have the critical thinking skills to handle difficult situations, you'll stand out. “I feel that my problem-solving skills have helped me a lot in my career,” says Diane. "Especially in the financial sector, we face new challenges every day." According to Diane, the most important steps in proper problem-solving are assessing the situation, weighing different options, and figuring out how to proceed in order to make quick decisions. "Practicing and perfecting these skills can be very beneficial.

9. You have a teacher's heart

You love to share what you know. Whether it’s training someone in on a job, teaching a nephew to ride his bike, or showing your grandma how to use her smartphone—you know how to walk someone through a process. In finance, teaching can be a huge part of the job. “Discussing the topic of money with people requires optimism, an extroverted personality and the ability to translate financial concepts into plain English. You definitely cannot be afraid of the telephone,” says John Bodnar, CEO of Bodnar Financial Advisors Inc. “Explaining behavioral finance is the most difficult part of my job. Some people walk into my office thinking there is a magic wand that will solve their financial problems overnight. Bodnar says the truth is that financial planning is like losing weight.
When clients expect miracles, your ability to teach them how to make finances work can mean the difference between changing someone's financial future and letting go. "Being able to listen and understand the customer's concerns allows you to focus on the big picture," says Bodnar. These aren't just numbers and formulas - these are people and families with real hopes and fears. "They take time out of their busy lives to do something incredibly vulnerable - open their books to a complete stranger.

"Are you naturally inclined to study finance? From the above explanation, not everyone needs to study finance. Excellence in this profession requires a variety of unique skills and traits. Many people don't realize how many different career roles and opportunities there are in the financial industry. “The finance is very broad and there are a lot of options,”
Collado said. "I know finance professionals who spend 100% of their day digging through spreadsheets and running models, and they love it. I also know financial communication and media professionals who spend most of their day writing stories and doing interviews, and they love it. There are a lot more financial career opportunities than they seem. Now that you can see some of your natural traits in the financial sector, read our article "Jobs You Can Get With a Finance Degree: 4 Elite Opportunities".