What are the most effective analytical skills training resources for financial analysts?

1 Online courses

Online courses offer a convenient and flexible way to learn new analytical skills or refresh existing ones. There are many platforms that offer courses on topics such as financial modeling, data analysis, statistics, Excel, and Python. These courses are self-paced, interactive, and often include quizzes, assignments, and feedback. For example, Corporate Finance Institute offers the Financial Modeling and Valuation Analyst (FMVA) Certification Program. Coursera provides Data Analysis and Presentation Skills: the PwC Approach. Udemy offers Python for Finance and Investment Fundamentals.

2 Books and podcasts

Books and podcasts are excellent sources of knowledge for financial analysts. Books can provide comprehensive and in-depth information on particular topics, while podcasts can offer concise and engaging insights into current issues and trends. To get started, financial analysts can look into Financial Modeling by Simon Benninga, The Financial Analyst's Handbook by Sumner Levine, The Wall Street Lab Podcast by Lukasz Musialski and Leo Severino, and The Financial Analyst Podcast by Matthew Crabtree.

3 Mentors and peers

Mentors and peers can be invaluable resources for honing analytical skills. Mentors can offer guidance, feedback, and advice based on their experience and expertise, while peers can provide support, collaboration, and exchange of ideas and best practices. To find and connect with mentors and peers, one can join professional associations and networks, such as the CFA Institute or the Financial Analysts Journal. Additionally, participating in online forums and communities such as Reddit or Stack Exchange can be beneficial. Attending events and workshops like webinars or hackathons is also a great way to gain insight into the field of financial analysis.

4 Case studies and simulations

Case studies and simulations are effective tools for financial analysts to apply analytical skills to real-world scenarios and problems. These can help improve their critical thinking, problem-solving, and decision-making skills, as well as expose them to different industries, markets, and situations. Examples of case studies and simulations for financial analysts include Harvard Business School Case Studies, Wharton Business School Case Studies, Financial Modeling World Championships by ModelOff, and Data Analysis Simulation: World Class Manufacturing by Harvard Business Publishing.

5 Self-assessment and feedback

Self-assessment and feedback are essential for measuring progress and identifying strengths and weaknesses in analytical skills. Financial analysts can use these tools to set goals, track performance, and plan improvement strategies. Examples of self-assessment and feedback tools include the Analytical Skills Assessment Test by Indeed, the Financial Analyst Skills Assessment by TestGorilla, feedback forms and surveys from managers, clients, and colleagues, as well as personal reflection and journaling. Recognizing any knowledge gaps or skill deficiencies is also possible with these tools.

6 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?