Communicate to escalate: essential qualities for career progression in financial services

Two investment bankers stand side by side in the North Pole as a hungry polar bear runs towards them. One of the bankers starts to put his snow shoes on quickly and makes for the mountains in the distance. The other shouts, ìWhy are you bothering, youíll never outrun a polar bear over such a long distance.î The first banker says, ìBut I donít have to outrun the bear, I only have to outrun you.î

In the competitive world of financial services, itís important to appreciate what differentiates you from the competition, both internally and externally, and maximise on it. In a recent survey of over 300 financial services staff, by recruitment consultancy Badenoch & Clark, the skill set considered most effective for progressing careers was ëexcellent communicationí; 34% ranked this as the number one factor which set stars apart from the also rans in their organisations. In fact more than half our respondents thought this was the first or second most important factor out of the eleven qualities they could choose from.

The qualities ëattention to detailí and ëleadershipí both faired strongly too. Forty-seven percent of respondents ranked attention to detail in either first, second or third place out of the eleven skills. Leadership (a quality clearly closely related to communication skills) was just behind with a score of forty-five percent. As you might expect in the financial services environment, technical competence was deemed as critical to career progression, with 39% ranking it in first, second or third place.

The least important qualities were a mixed bag of soft and hard skills as well as other factors. Strong networking and a propensity for good self-publicity were deemed less important factors in advancing careers in the financial services arena. Being politically aware, contrary to many surveys which suggest ëwho you knowí is crucial to securing an internal step-up, was also not given value by our survey population. Honesty and cultural fit were averagely ranked too, most placing them 6th or 7th.

More surprisingly, 41% of respondents believe achieving professional qualifications had little or no impact on career growth, placing ëprofessional qualificationsí as 9th, 10th or 11th place in our poll. It seems clear that personality counts for more than book learning in our investment banks and investment management firms. A clear voice and intuitive listening skills, strong leadership and technical competence make for a fast track career in financial services ñ and you donít have to serve your time either, with 29% of respondents placing longevity/loyalty to the firm in last position. By and large, loyalty is not rewarded, which is perhaps why retention remains a problem for some Banks.

ìWe spend more time at work communicating than any other daily activity. Regardless of what business you are in ñ a large corporation or a small company, effective communication skills are essential for success. An inability to communicate makes it nearly impossible for individuals to be taken seriously in the workplaceî, confirms Clare McNeish, Principal Consultant, Badenoch & Clark.

Article written by Adam Nicoll, Marketing Manager, Badenoch & Clark