How can you develop problem solving skills for the financial industry?

1 Understand the problem

The first step is to understand the problem clearly and comprehensively. You need to define the scope, the objectives, the constraints, and the criteria of the problem. You also need to gather relevant information, such as data, facts, assumptions, and opinions, from various sources, such as reports, databases, clients, and experts. You should use tools like SWOT analysis, root cause analysis, and stakeholder analysis to help you understand the problem from different perspectives and levels.

2 Generate alternatives

The second step is to generate alternatives that could potentially solve the problem. You need to use your creativity, logic, and knowledge to come up with as many ideas as possible, without judging or filtering them at this stage. You should use techniques like brainstorming, mind mapping, and lateral thinking to help you generate alternatives. You should also consider different scenarios, risks, and impacts that could affect the outcomes of your alternatives.

3 Evaluate alternatives

The third step is to evaluate alternatives and select the best one that meets the criteria of the problem. You need to use your critical thinking, analytical, and decision-making skills to compare and contrast the alternatives based on their advantages, disadvantages, feasibility, and suitability. You should use tools like cost-benefit analysis, pros and cons analysis, and decision matrix to help you evaluate alternatives. You should also seek feedback and input from relevant stakeholders, such as clients, colleagues, and managers, to validate and refine your alternatives.

4 Implement the solution

The fourth step is to implement the solution that you have chosen. You need to use your planning, organizing, and executing skills to translate the solution into action. You should develop a clear and detailed plan that outlines the steps, resources, roles, and timelines of the implementation. You should also communicate the plan to all the involved parties, such as clients, colleagues, and managers, and ensure their commitment and support. You should monitor and control the progress and performance of the implementation and make adjustments as needed.

6 Improve your skills

The sixth step is to improve your problem solving skills for the future. You need to use your reflecting, improving, and developing skills to identify your strengths and weaknesses in problem solving and learn from your experience. You should also seek opportunities to practice and apply your problem solving skills in different situations and contexts, such as projects, tasks, and challenges. You should also seek feedback and guidance from others, such as mentors, coaches, and peers, to enhance your problem solving skills.

By following these six steps, you can develop problem solving skills for the financial industry and become a more effective and efficient problem solver. You can also build stronger partnerships with your clients, colleagues, and managers by delivering high-quality solutions that meet their needs and expectations.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?