You’re starting a new job in finance. What’s the best way to develop your analytical skills?

2 Seek feedback

One of the best ways to develop your analytical skills is to learn from others who have more experience and expertise. Seek feedback from your colleagues, managers, mentors, or clients on your work. Ask them how you can improve your analysis, presentation, or communication skills. Listen to their suggestions and implement them in your next project. Don’t be afraid to ask questions or seek clarification if you don’t understand something. Feedback is a valuable source of learning and improvement.

3 Practice regularly

Like any skill, analytical skills require practice and repetition to master. Look for opportunities to practice your analytical skills in your daily tasks. For example, you can analyze financial reports, create charts and graphs, perform calculations, or write summaries. You can also practice your analytical skills outside of work by reading books, articles, or blogs on finance topics, taking online courses or quizzes, or solving puzzles or games. The more you practice, the more confident and proficient you’ll become.

4 Stay updated

The finance industry is constantly evolving and changing. New trends, technologies, and regulations emerge every day. To keep your analytical skills sharp and relevant, you need to stay updated on the latest developments and innovations. Follow the news, blogs, podcasts, or newsletters of reputable sources in your field. Attend webinars, workshops, or conferences to learn from experts and peers. Join online forums, groups, or networks to exchange ideas and insights. Staying updated will help you to adapt to changing situations and expectations.

5 Think critically

Another key aspect of analytical skills is critical thinking. Critical thinking is the ability to evaluate information objectively, question assumptions, identify biases, and draw logical conclusions. To improve your critical thinking skills, you need to challenge yourself and others. Don’t accept information at face value. Dig deeper into the data, sources, methods, and arguments. Look for alternative perspectives, explanations, or solutions. Consider the implications, risks, and opportunities of your decisions. Think critically will help you to avoid errors, improve quality, and enhance performance.

6 Communicate clearly

Finally, analytical skills are not only about processing information, but also about communicating it effectively. You need to be able to present your findings, recommendations, or opinions in a clear, concise, and persuasive way. To improve your communication skills, you need to focus on your audience, purpose, and medium. Know who you’re talking to, what you want to achieve, and how you’ll deliver your message. Use appropriate language, tone, and format. Use visual aids, such as charts, graphs, or diagrams, to support your points. Communicate clearly will help you to influence, persuade, and impress your audience.