Gone are the days of crunching numbers in isolation. Modern finance workers must embrace technology and adapt to new tools to remain of value to their clients.
With insights from an expert in the field, we uncover the significance of upskilling and staying up-to-date with technology and tools. We look at what you need to thrive in the future of finance and how an MBA can set you up for success.
Trends in the finance industry are an evolving landscape
As the digital revolution sweeps across industries and technology fundamentally alters how finance professionals perform their roles, it’s important to remember that change is nothing new.
Chartered accountant and CFO, Stephanie Menere, says that automation will continue to happen in the finance industry. She says, “Technology systems like Xero came in and started disrupting the whole accounting way of life. The role of an accountant has changed, we’re still advising but we’re no longer in the trenches doing things like coding transactions or reallocating items to the right elements in the income tax return – these things are now being done by technology.”
With the advent of automation, soft skills are emerging as crucial components in the finance industry.
“The top three skills in high demand in the industry are effective communication, leadership and coaching, and collaboration,” says Stephanie, emphasising that these are becoming non-negotiable skills for finance professionals.
Stephanie underscores this point, noting that “having conversations with clients about what they’re trying to achieve, and how they are going to actually reach their business or their personal wealth goals means spending your time doing the work that’s really going to make a difference to your client as a finance professional.”
The ability to convey complex financial information to diverse audiences is also a skill that cannot be overlooked.
Stephanie says being a trusted advisor and coach is equally important: “It’s really about supporting clients to be able to achieve their dreams. You should be a trusted advisor and being a trusted advisor means you are going to be there in both the good and bad times.”
Prepare with finance skills of the future
Companies are now looking for finance experts with a variety of skills beyond just numbers. They want candidates with a mix of different abilities related to business. That means you’ll need a “toolbox” of skills to help you handle different tasks effectively and contribute more to the company’s success – and you‘ll need to keep adding to that toolbox.
This is where pursuing an MBA becomes invaluable. A comprehensive MBA program equips you with a holistic understanding of business operations – from marketing right through to HR and strategy.
An MBA teaches you crucial business skills and offers a rich networking environment. The connections formed during an MBA program can provide valuable insights, collaborations and opportunities.
As well as providing the opportunity to develop a practical business skill set, an MBA can unlock higher earning potential and offer a versatile career trajectory, allowing you to pivot into diverse industries.
Stephanie says that “stepping into something like an MBA can really help finesse those weaker points of your professional abilities and open up so many opportunities. It’s really about creating more confidence and also just knowing that you can focus on other areas and keep on growing.”
Online study offers the flexibility to pursue an MBA while continuing to work, making it accessible for those with busy schedules. With the convenience of virtual classrooms, professionals can balance education with existing commitments, effectively enhancing their skill sets without disrupting their careers.
MBA in finance courses
If you're looking to pursue an MBA that allows you to advance your financial skills, you can explore MBA programs that offer a specialisation in finance. These courses combine business units with core or elective finance units that can improve your overall financial acumen.
For example, Victoria University's online Master of Business Administration (Finance) course contains eight core business units and four specialisation units, which are Financial Analysis, Accounting and Financial Management, Corporate Finance and Advanced Finance.
The University of New South Wales also set four finance units as mandatory electives in its online Master of Business Administration (Finance) program. You will take on these units: Advanced Finance, Mergers and Acquisitions, Financial Analysis and Global Finance.
If you enrol in Flinders University's Master of Business Administration (Finance) course, you will complete 16 core units related to business and finance. Some of the finance units include New Venture Finance and Private Equity, International Business Finance and Banking as well as Trends in Business Finance.
Capitalise your ambition, turning your business acumen into your most valuable asset.
Empowers ambitious professionals to master global finance strategies from anywhere, blending world-class academic insight with the flexibility to learn at the speed of opportunity.
Develop your knowledge of advanced financial management to drive business results.
Seize your future in finance
Ready to get started? Redefining your skill set and staying ahead of the curb with a postgraduate business qualification can put your one step ahead in your career.