Published on 29th March 2021
We live in an age of rapid transformation.
Last week the media reported that the Australian job market will drastically change as we become more reliant on technology and digital transformation.
The research firm Forrester that conducted the study reported that 1.5million jobs will no longer exist by 2030 due to rise of artificial intelligence and automation transformations. It is believed that Bookkeepers and Accountants are among those who will be affected most.
As the world is evolving it is also important for finance professionals to evolve with it. Have you noticed an increasing amount of job ads asking for Financial Modelling skills? As the drive for transformation and artificial intelligence increase, data are getting bigger and companies become more reliant on accountants who can help make sense of all the information. This is where the importance of advanced financial modelling skills come into play. In-depth financial modelling goes further than your advanced excel skills and basic financial planning and analysis.
How can you upskill in financial modelling?
1. Learn by watching tutorial videos
There is a vast range of resources available online that offer free financial modelling tutorial videos. These tutorials are great if your understanding is quite basic as you can re- watch, pause until you fully grasp the content.
2. Attend virtual classroom training sessions
The main difference between virtual classrooms and tutorial videos is that tutorial videos are focused on the one-on-one learning, whereas virtual classrooms offer the opportunity for peer learning. These interactive sessions normally come with a cost, but the first module may be free. The sessions are normally recorded, and a download link provided to you for you to refer back to at your leisure.
3. Practice using case studies
While more time consuming, if you are more comfortable in your understanding of financial modelling there are readily available case studies online (with answers). You can practice and then compare your work with the model in use and compare the difference. These case studies are often free, although there may be some sites than also provide a detailed evaluation of your work as part of a subscription.
4. Distance Learning courses
The most result- oriented way of learning financial modelling in excel is by being physically in a classroom or if you are unable to attend distance learning. With flexible timings the course is great to work around your work schedule. The courses normally runs over a period of time at a fixed fee. The courses normally offer classroom style teaching and provide a great space for doubt clearing. Importantly at the end of the course you typically will receive a certification.
Finance professionals with advanced modelling skills are becoming an integral part of the organisations as they become strategic advisors who assist the business in making sense of complex data and analytics.
The current market poses a unique opportunity for financial professionals to upskill themselves to stay relevant in this revolving world. The majority of our bigger clients are spending a lot of money to keep up with the digital transformation and they need accountants to help them make sense of the big and complex data.
The good news is that although the world is changing the role of the accountant is nowhere near redundant. The profession is evolving and there is still a shortage of good accountants who can combine their number crunching skills with advanced analytics. The opportunity is yours.
If you require any assistance in how to progress your career, or how to stand out when looking for your next role please reach out to me.