Upskilling for Accountants: Key Skills to Better Qualify for Leadership Roles

People management skills are naturally a must-have for any professionals aspiring to leadership roles, and the financial sector is not an exception to this rule. Thankfully, there are a wide variety of leadership courses available for mid-career professionals, ranging from shorter management courses facilitated by business coaches, or more formal qualifications in leadership, management, and business administration.

You can build valuable communication skills through undertaking an advanced qualification like a Master of Strategic Communication. Strategic communication qualifications can be particularly valuable for financial service professionals, as leadership roles in this space typically do incorporate strategy development components, whether it be preparing wealth-building or taxation strategies for client accounts, or developing diversification strategies, new service pitches, and a range of other projects that help drive financial firms forward.

Strategy and applied finance

In a similar vein to upskilling for strategic communication, financial service professionals can also benefit from completing courses designed to build financial strategy skills. This can be anything from financial modelling and forecasting to enterprise-ready financial planning (i.e. cash flow forecasting, scenario analysis, etc.). 

The good news here is that virtually all of these skills can typically be found in applied finance courses, which makes applied finance certifications and degrees a potent upskilling opportunity for working accountants.

As applied finance revolves around engaging with financial theories, economic models, and real-world problem-solving within the realm of trade, investments, and market analyses, a qualification in applied finance will give you a broader foundation, allowing you to cast a wider net when applying to leadership positions post-graduation. 

Some of the more compelling core areas to look for when evaluating any applied finance course structure include:

Corporate finance

For students focusing on this discipline, prepare to build proficiency with managing capital budgeting, conducting company valuations, and business growth strategising (i.e. profit optimisation, capital building, investor pitching, merger and acquisition strategising, etc.).

Investment management

Investment appraisals are part and parcel of managing any portfolio, and in this discipline, you’ll learn to do just this and more. Alongside portfolio management basics, investment management students can also expect to build proficiency with share and bond evaluations, and even residential and commercial real estate valuations.

Risk management

In the context of applied finance, risk management can refer to either managing risks for investors (i.e. building robust, diversified portfolios positioned to yield consistently stronger returns for investors), or operational risk management (i.e. identifying and mitigating capital, revenue, or even financial/industry compliance risks for enterprises).

Financial modelling

Financial strategists typically use simulations built in tools like Excel, UpSlide, S&P Capital IQ, and Bloomberg to forecast financial outcomes and test scenarios. Students focusing on financial modelling have opportunities to master these modelling tools and key techniques in controlled, academic environments, with access to work placements to ensure job readiness, as building real-world skills is paramount to applied finance course offerings.

Data analytics

Alongside financial modelling as a specialisation, applied finance students can also focus on broader skills-building in the realm of data analytics. This includes applying financial theories in test scenarios across macroeconomic case studies, or across historic case studies in an academic context.

Data management and analytics

Data analytics may be a facet of securing an applied finance degree, but accountants looking to upskill can also delve even deeper into data management with a more specialised degree in data analytics. Given that data is considered the backbone of modern business, it’s no surprise that virtually all reputable Australian tertiary institutions now offer their own data analytics courses, ranging from a Masters in Data Analytics to graduate certificates and diplomas that can be completed online or part-time, making them well-suited to mid-career upskillers that may still be working full-time hours.

A more formal qualification in data analytics can be ideal for accountants looking to branch out into other fields, like business intelligence and data science roles, rather than taxation, investment planning, or wealth management for individual clients. You can do a lot with a background in accounting, and when you add data analytics skills on top of that, plenty of other doors open up from there too.

AI literacy and innovation

Finally, just as leadership skills are fundamental for professionals interested in career progression, so too is AI literacy. We are rapidly transforming into an AI-centric global economy and as a result, professionals with a strong working knowledge of artificial intelligence and automation strategies for their industry are naturally better positioned to be considered for senior management roles.

The financial sector is also brimming with opportunities for AI innovation, whether in the form of developing automation-friendly accounting and taxation solutions, or developing algorithmic analytics engines capable of distilling comprehensive financial data sets into elegant market and user insights.

On top of big-picture AI innovation, however, most AI-era employers are also on the lookout for job candidates that can streamline their company’s daily workflows. Candidates that can demonstrate their proficiency with using AI to handle administrative tasks, draft reports, and generally boost team productivity through AI transformation strategising, will definitely be on the top of the consideration list for senior or leadership roles.

What skills are you prioritising in revamping your CV?

Accounting isn’t often recognised as a multidisciplinary skillset, but that doesn’t mean it isn’t. When you think about the sheer number of variables included in any financial forecast, you realise just how much accountants are trained to think outside the box, considering economic and even political and social factors that may go unnoticed by most people.

It’s this innate ability to think critically and see the whole picture that makes leaders in the financial services sector worthy of their higher remuneration. The value that’s provided in the skills boasted by these professionals is ultimately what employers are looking for the most.

This is also the reason why so many accounting firms are now looking beyond traditional industry skills, and considering high-value transferable skills as well, like AI, leadership, and communication. If you’re able to hone these skills plus the others we’ve outlined above, there’s no reason why you wouldn’t be considered as a strong candidate for any senior leadership roles you set your sights on further in your career.