Financial Multi-Instrumentalists: The Workplace Double Threat

Finance organizations are built around functional hierarchies. These often rely on the symbiotic relationship between junior professionals with more current technical skills and senior producers with extensive client relationships, knowledge and analytical experience.

It’s more common in the investment world to find skills like Python coding, advanced Excel and data analytics among newly minted analysts. Senior analysts and portfolio managers are more likely to have developed networks of investors who rely on them for insight into industry trends and corporate strategy.

Research analysts are typically proficient in Excel and have years of experience building financial models. Yet only about 40% of analysts in our recent survey had even tried using modern Excel tools like dynamic arrays and lambdas. Moreover, only half of those who had tried these tools made use of them in their analysis or adopted them in their workflow.

The white space in the Venn diagram below represents the most fertile opportunity for mid-career advancement and development. A senior professional with deep knowledge and relationships can become a double threat by getting some coding, data management or advanced financial software experience.

For example, a course in Python or advanced Excel can expand veteran financial workers' fields of vision, enabling them to work more cohesively with junior staffers, rather than simply rely on new analysts to “work their magic.”

The career benefit of developing multiple skill sets is manifest in other professions beyond finance. A session musician can increase their professional longevity by becoming a multi-instrumentalist. A guitarist who also play piano is likely to have a deeper musical connection with the band’s keyboard player, and might even be able to take on keyboard duties if the band is short-handed – or find a new gig if the band breaks up.

Many organizations offer internal training courses for senior professionals. At Bloomberg, I’ve come across course opportunities in Python coding and advanced analytics.

There’s also an abundance of instructional videos on these topics on YouTube and LinkedIn. These courses are no substitute for hands-on experience, but they can provide important context and elevate team collaboration. (If you want to get the most out of LinkedIn Learning courses, my advice is to slow down the playback speed and pause at key intervals to apply what you've learned).

Developing skills through formal training or self-directed instruction can become a hallmark of professional growth.

There’s no assurance that learning advanced Excel or coding skills will advance one’s career. However, a key element of professional longevity is the ability to adapt to changing conditions, develop new analytical skills and collaborate across functional teams, with senior and junior professionals.