Top 10 skills you need to succeed in FP&A

1. Attention to details & understanding the bigger picture.

The foundation of this skill is the ability to read the data, understand patterns in the data and extract information from it. This involves the ability to produce accurate reports, and spot trends and inconsistencies. At the same time, be able to look at the bigger picture by being able to connect the various dots. ?We should be able to identify trends in data & translate them into actionable insights.

2. Ownership and Accountability

This is being answerable and taking ownership of your work. They are important because you should not consider any task just a piece of work, but instead look at the whole process and make sure you do your best in getting that overall project done. It is not about pointing fingers or blaming others, it is about being able to take responsibility for your actions, which in turn creates accountability.

Breaking down silos. Focussing on accountability based on a project versus by team. Creating?psychological safety with our teams, where you encourage risk taking, celebrate mistakes and learn from those mistakes.The overall purpose should be to create a culture of ownership and accountability in the team.

3. Effective Questioning Skills

Asking the right questions, at the right time, listening objectively to various viewpoints, considering the information gathered, then reporting and sharing key insights and recommendations with senior management. Asking the right questions is important for good decision-making and strategic planning.

Some examples:

• What's the biggest problem that you face?
• How can we help you solve it?"
• What support do you need and from whom?
• What could I do to support you?
• Is there anything else you want to talk about?
• What could we do to change the situation?
• Who might be able to help?
• Would you like another suggestion from me?

4. Business Acumen

Everyone understands what “business” is. The term “acumen “is derived from the Latin “acuere” which means “to sharpen”. That means you can essentially translate business acumen to business sharp, i.e., sharp about doing business. This is the ability to understand the business model, organizational goals, objectives, and strategy.

5. Converting data into Insights

Turning complex data into actionable insights, bringing numbers to life, and making finance reports more useful, interesting, valuable, and engaging.

• Data is raw numbers. Data answers the question: What?
• Information is processed and structured data. Information answers the question: Why?
• Insight is telling a story to influence an action. Insights answer the questions: So what can be done now? How can we improve?

Here is the detailed article on 3 tips to turn data into actionable insights.

6. Communication and Presentation

FP&A professionals need to have both good verbal and written communication. They regularly make presentations on financial and operational performance to senior management.

7. Data Storytelling

Instead of sharing a lot of numbers and data tables, a better approach is building a compelling story around business performance.

Here are some principles of storytelling.

• Know your audience, There is no cookie cutter approach to storytelling.You have to tailor the story for each user audience.
• Like a good novel, there is a structured approach to storytelling.There is a setup, conflict and a solution.
• Ideally, the Aha! moment, or the discovery process should be done or should be arrived at by the audience themselves.
• Good stories are personal stories. If you know your business very well and can connect the dots through either data or anecdotes.?The stories are powerful and long-lasting,
• and finally, it should drive decision-making.

Here is the detailed article, How to Become a Compelling Storyteller

8. Collaboration and Teamwork

FP&A professionals often work closely with cross - functional teams on various initiatives and projects.?

9. Leadership and Building Relationships

FP&A is not just numbers crunching. Emotional, intelligence, the ability to influence and empathy are equally important skills. Building rapport, the ability to deal with conflicts and being able to influence decision-making.

10. Technology Savvy

Change is the only constant. New technologies always evolve and can benefit your organization in various ways. Developing an enthusiasm for new technological advances and intellectual curiosity about what’s coming next. Being a tech-savvy finance professional gives you a competitive advantage.

In conclusion, here are the top 10 essential skills that are needed for FP&A

1. Attention to details & understanding the bigger picture.
2. Ownership and Accountability
3. Effective Questioning Skills
4. Business Acumen
5. Converting data into Insights
6. Communication and Presentation
7. Data Storytelling
8. Collaboration and Teamwork
9. Leadership and Building Relationships
10. Technology Savvy

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