What a Global Finance Professional Looks Like Today

*Coco's note: It has been a while since I've written strictly for Finance Professionals, so this week's post is dedicated to you - the modern Finance professional in Mexico navigating the current Mexican economic landscape

What is happening right now that is particular to Mexico?:

Current Landscape: The phenomenon of nearshoring, particularly post-pandemic, has significantly influenced Mexico's economic dynamics, offering a unique vantage point for finance professionals. The country has seen substantial foreign direct investment (FDI), particularly in manufacturing sectors such as automotive, driven by its strategic geographical advantages and trade agreements like the USMCA. Notably, Mexico's industrial sector has been robust, with increased demand for space reflecting in low vacancy rates, indicating a strong nearshoring demand 【NAIOP】【Federal Reserve Bank of Dallas】.

Opportunities through Nearshoring: Nearshoring has notably increased Mexico's attractiveness for FDI, with investments flowing predominantly into manufacturing. This surge is attributed to several factors, including Mexico's open economy, strategic location adjacent to the U.S., and the comprehensive free trade agreements it holds. The automotive sector, in particular, has seen a notable absorption rate, underscoring the country's emerging dominance in specific industries【NAIOP】. Furthermore, a significant portion of U.S.-based SMBs are pivoting their supply chains towards Mexico, capitalizing on the nearshoring trend, which underscores the shifting dynamics and opportunities for finance professionals【FreighWaves】.

How can you prepare yourself as a professional?

Despite the positive outlook, the transition comes with challenges, such as adapting to the rapid pace of change and navigating the complexities of international business environments. For finance professionals, this entails developing a deep understanding of global trade dynamics, nearshoring implications, and leveraging digital innovations for competitive advantage.

Actionable Steps for Career Advancement:

1. Skill Enhancement: There are two skill sets that really stand out for me in this arena; one "hard skill" (technical) and latter, "soft skill".

Finance professionals must cultivate skills that align with the global shift towards digitalization and interconnectivity, including digital finance capabilities and data analytics. The ability to understand and leverage financial data through tools such as Python for data analysis, SQL for database management, and Excel for advanced financial modeling are crucial for making informed decisions based on market trends, financial forecasts, and operational insights.

Once data can be interpreted, now it's time for you to present and explain this in a persuasive manner in front of your intended audience. Oftentimes, this will be done in English (based on the current factors mentioned above), and those who are still having trouble around this or are who are not able to do so in a convincing manner will fall behind.

2. Network Expansion: Building a global professional network is crucial. Engaging with international peers through platforms like LinkedIn and participating in global finance forums can open new avenues. Also consider opening your networks outside of just the finance sector, such as Lawyers, Technology providers and publications professionals in your industry.

3. Understanding Cultural Nuances: Embracing and understanding cultural differences will be key in fostering strong international relationships and navigating the global finance landscape effectively. I've briefly mentioned the important of advanced professional English, however learning additional languages relevant to your professional network can greatly enhance personal interactions and demonstrate respect for other cultures. You'll also need to stay abreast on what is happening around the world - Regularly consume media from different cultures, including news outlets, podcasts, and books, especially those related to international finance and business. This can help you stay informed about global market trends and cultural contexts.

The journey ahead for Mexico's finance professionals is as challenging as it is exciting. Staying informed, being adaptable, and continuously developing both hard and soft skills will be key to thriving in this new era. The current economic dynamics underscore the importance of being more globally minded, technologically savvy, and culturally aware than ever before. As the landscape evolves, so too must the modern finance professional. The future is bright for those ready to rise to the occasion, leveraging the unique opportunities that nearshoring and global integration present.

Are you ready to embrace the challenge, but don't know how to get started?

Book your Discovery Call with me today and I'll tell you all about our programs designed to work on all your soft skills necessary for your future.

Yours Truly,

Coco Lee