6 Ways to Develop a Career in Accounting and Finance

If so, taking the necessary steps to reach the finance director title–is an achievable goal. With dedication and hard work, you can find success in pursuing this position; however, you may feel overwhelmed at how to go about achieving it. 

In this blog, we’ll provide some insight into what it takes to realise your ambitions and advice on where to start your journey towards becoming a successful Finance Director.

Here are 6 proven ways to develop your career in finance:

1) Develop Accounting Knowledge and Expertise 

From understanding basic financial principles to staying up to date on ever-changing regulations, cultivating a strong foundation in accounting can help you make informed decisions, achieve financial goals and navigate the complexities of financial management.

Whether you are just starting out or looking to sharpen your industry skills, investing in ongoing education and training can be a game changer for your career and your bottom line. 

With the right tools and resources at your disposal, you can gain the knowledge and confidence to take your accounting skills to the next level and achieve greater financial success than you ever thought possible.

2) Build a Strong Finance Industry Network 

In the finance industry, building a strong network is crucial for your professional growth. 

By connecting with colleagues, mentors, and industry professionals, you not only expand your knowledge but also gain access to a broader range of opportunities. 

Networking allows you to tap into the expertise of others, share your knowledge, and learn about emerging trends and best practices in the industry. It also enables you to build valuable relationships that may lead to mentorship, job referrals, or even partnerships. 

So, take the initiative to attend industry events such as the MRK Finance Director Breakfast Forum, join professional associations, and engage with professionals online. Your network could be a game-changer for your career development.

3) Become an Expert in Financial Software 

In today's fast-paced business world, technology has become an integral part of finance. 

As a Finance Director, having expertise in software can give you a competitive edge in your career. The ability to navigate financial software programs, analyse data, and interpret results can help you save time, streamline processes, and make informed financial decisions.

In addition, it can help you communicate better with your colleagues, as well as understand their needs and challenges. Investing in your software skills can also make you a valuable asset to your organisation and allow you to contribute to its success. 

Taking the time to become an expert in software can pay dividends for your career growth and advancement.

4) Earn a Relevant Degree or Certification 

Earning a relevant degree can be a game-changer when it comes to achieving success in the finance industry, especially if you're aiming to become a Finance Director.

A degree in finance or accounting will equip you with the knowledge and skills needed to navigate the complex financial world confidently. It offers a deep understanding of concepts such as financial statements, investments, and risk management, which form the core of finance. 

Additionally, pursuing a degree demonstrates to potential employers that you're serious about your career path and have a vested interest in the field. 

Thus, having a finance degree can be an essential element in landing a coveted role as a Finance Director and making a name for yourself in the finance world.

5) Familiarise Yourself with Business Operations 

As a Finance Director, it's critical to have a comprehensive understanding of the business operations of the company you work for.

It's more than just being adept at crunching numbers and interpreting financial data. Familiarising yourself with the inner workings of the company, from its marketing and sales strategies to its customer demographics and supply chain, can provide a deeper understanding of how financial decisions can impact the success and growth of the business. 

This knowledge can help you create more informed financial plans and strategies, making you an invaluable member of the leadership team. 

Don't limit yourself to just your financial expertise; take the time to learn all aspects of the business and propel yourself to success as a Finance Director.

6) Develop Critical Thinking Skills 

Organisations are constantly leveraging analytics to guide key decision-making processes. While analysing data from different sources may seem daunting at first, it ultimately helps in refining critical thinking skills. 

Utilising data analytics for decision making has become a crucial skill for aspiring finance executives. Finance Directors must stay ahead of the curve to make informed decisions that will positively impact their company's bottom line. Data analytics can provide valuable insights into consumer behaviour, market trends, and financial performance, allowing Finance Directors to identify areas for growth and cost-saving opportunities.

By harnessing the power of data, Finance Directors can make strategic decisions that lead to financial success. Whether it's assessing risk or identifying profitable investments, data analytics is the key to unlocking the potential of finance leadership.

The Bottom Line

Becoming a Finance Director is an exciting and rewarding career path. It takes dedication to develop the knowledge and skills necessary for the role but it’s not impossible. 

By investing in the proven steps outlined in this blog you can be on your way to becoming a well-rounded and successful finance director. 

Understanding the basics of financial principles, building a strong professional network, mastering financial software, earning relevant degrees or certifications, getting familiar with business operations, and utilising data analytics for decision making will help you become a desirable candidate for any prospective employer. 

With practice and determination, you can set yourself up to be a competitive and highly qualified finance director that leads their team towards success.

If you’re ready to make the next step in your career, contact one of our accountancy and finance consultants to learn how we can help you.