Tailor-fit applications in the finance industry

It is no longer new that job candidates are expected to align their applications to jobs they want to apply for. They are expected to create a tailor fit application to that particular role they want to apply for.

 

So how then do I know what makes my application a best fit to the finance industry? Here are 5 questions to think about while making tailor-fit applications in the finance industry.

 

1.    Do I have basic accounting knowledge?

 

You need to ask yourself whether you possess basic understanding of accounting. This usually involves knowing the basic financial statement, the elements of financial statement, key accounting concepts like deprecation, and most importantly items of financial statements like account receivables, property plants and equipment, bank overdraft etc.

 

2.    Do I have advanced accounting knowledge?

 

This is beyond knowing the financial statement and items that makes up the financial statement. It is understanding the dynamics of each item, how they work and how they should be treated. For example, you should know that Tangible non-current asset should be depreciated every month in a PPE schedule while intangible non-current asset is usually amortized. You should know that not all revenue or income into an organization should automatically be classified as revenue. You need to ask if such income meets the criteria of being classified as revenue in line with IFRS 15.

 

3.    Do I have an understanding of Accounting standards?

 

It is no longer new that organizations are expected to prepare their financial statement in line with relevant accounting standards. How then do you prepare the FS if you do not know or understand accounting standards?

 

4.    Do I know how to use accounting software?  

 

Most organizations have moved away from the manual method of recording transactions to making use of software that ensure accurate and timely recording of transactions. In your quest to finding a job, you need to ask yourself whether you have a good understanding of accounting software. You must not know how to use all of them and you also must not be a pro, just a good and basic understanding of how they work is essential.

 

5.    Do I possess soft skills related to the finance industry?

 

They are peculiar soft skills every finance professional must have, such skills are confidentiality, integrity, accountability, professional behavior/ good work ethics, analytical skill, effective communication, emotional intelligence. Do you possess the required soft skill as a finance professional?

 

No matter what stage of job hunting and career, aligning your skills, both hard and soft skills to the industry gives you an edge over other candidates.