Mind the skills gap: Soft skills the biggest skills gap amongst new career professionals – ahead of even AI skills

Soft skills have been identified as the biggest gap in new career professionals’ skills as they enter the finance industry, according to new research from CFA Institute.

The survey of 500 finance sector professionals in management roles found that soft skills (such as communication, collaboration and teamwork) were the biggest skills gap ahead of other skills such as creativity skills (called out by 44 percent of respondents), AI skills (44 percent), quantitative skills (such as data analysis and Excel) (40 percent), and synthesis skills (distilling complex information into clear insights) (22 percent).

The research found that soft skills have also been identified as the skill that makes professionals most employable in the finance industry today (named by 67 percent of respondents).  Meanwhile AI skills were called out by only half (49 percent) of respondents. When asked about promotions into more senior roles, soft skills (32 percent) were also identified as the most important as people advance into leadership roles.

The research also found that:

• For professionals newly entering finance careers, financial statement analysis was named the most important technical skill they should be able to perform confidently on “day one” in the role (61 percent). The next important were excel proficiency (51 percent), interpreting financial datasets (36 percent) and using financial data platforms (35 percent).
• AI for finance trailed behind (30 percent).
• Overall, the skillset considered the strongest among new career professionals in finance today was identified as quantitative skills (34 percent).

In a sign of the times, AI skills were considered as emerging as the most important for new career professionals in finance roles (47 percent). And in terms of people’s own career progression, AI skills (61 percent) were named as the number one skillset finance professionals are actively developing to reach the next step in their finance careers.

Peter Watkins, Senior Director, University Programmes at CFA Institute, said: 

"Being good with numbers alone is not enough: a career in finance is both technical and social. While analytical ability, numerical fluency and problem-solving are obvious requirements, success depends just as much on the ability to communicate findings clearly and work with clients.

Finance encompasses a wide range of career avenues from wealth manager to newer specialties in ESG, blockchain and cybersecurity. It includes employers such as global banks, boutique consultancies, tech companies and the finance divisions of manufacturers. For those who may experience gaps, they can be bridged through coursework and practice, while interpersonal skills can be developed through training or client-facing roles. What is important is the willingness to learn: showing the drive to acquire missing skills is often enough to open doors.”