Top 5 In-Demand Skills for Finance and Accounting Professionals in the Twin Cities for 2024

Someone once said that standing still is not an option. For finance and accounting professionals in the Twin Cities, keeping up with the latest in-demand skills is crucial for career growth and job security.

This blog breaks down the top five skills that are essential in 2024 and well into 2025, offering you practical advice on mastering them for a competitive edge.

1. Data Analytics and Visualization

“The future of finance is digital. Professionals who can harness the power of data analytics and AI will be the most valuable assets to any organization.” - Indra Nooyi, former CEO of PepsiCo

In an era where data drives decisions, understanding how to analyze and visualize data has become indispensable for finance professionals. Tools like Power BI, Tableau, and advanced Excel techniques are no longer optional—they’re essential.

• Importance: Data analytics helps make informed financial decisions, identify trends, and improve financial reporting.
• Popular Tools: Power BI, Tableau, and Advanced Excel.
• Applications: These skills are crucial for financial reporting and analysis, enabling professionals to present data clearly and compellingly.

A report by Deloitte found that companies leveraging data analytics are 5-6% more profitable than their peers. Source

2. Artificial Intelligence and Machine Learning in Finance

“In the age of automation, the most successful finance professionals will be those who can combine technical skills with strategic thinking and communication abilities.” - Jamie Dimon, CEO of JPMorgan Chase

Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing the finance industry. From financial forecasting to risk management, AI applications are helping businesses operate more efficiently and effectively.

• AI Applications: Financial forecasting, risk management, fraud detection.
• Basic Understanding: Familiarity with machine learning algorithms and their applications in finance.
• Importance: Interpreting AI-generated insights can provide a competitive edge and lead to more accurate financial predictions.

According to PwC, AI could contribute up to $15.7 trillion to the global economy by 2030. Source

3. Cybersecurity and Financial Data Protection

“Cybersecurity is no longer just an IT issue. It’s a critical concern for finance teams who are the guardians of sensitive financial data.” - Satya Nadella, CEO of Microsoft

With cyberattacks increasing in frequency, understanding cybersecurity principles is vital for finance professionals who handle sensitive financial data.

• Importance: Protecting financial data from breaches and ensuring compliance with data protection regulations.
• Basic Principles: Knowledge of cybersecurity fundamentals and data protection laws like GDPR and CCPA.
• Compliance: Ensuring that financial data practices comply with regulations to avoid hefty fines and reputational damage.

A study by IBM found that the average cost of a data breach in the financial sector is $5.85 million. Source

4. Environmental, Social, and Governance (ESG) Reporting

“ESG is not just a trend; it’s a fundamental shift in how businesses operate. Finance professionals need to be at the forefront of this change.” - Larry Fink, CEO of BlackRock

The demand for ESG expertise is rising as stakeholders increasingly prioritize sustainability and ethical practices in business operations.

• Rising Demand: Growing need for transparency in environmental, social, and governance practices.
• Skills: Measuring and reporting on sustainability metrics and understanding ESG-related regulations and standards.
• Importance: ESG reporting can influence investment decisions and enhance corporate reputation.

A survey by McKinsey found that 83% of C-suite executives and investment professionals expect ESG programs to contribute more shareholder value. Source

5. Blockchain and Cryptocurrency Knowledge

“Understanding blockchain and cryptocurrencies is becoming increasingly important for finance professionals. It’s not just about Bitcoin; it’s about the future of financial transactions.” - Christine Lagarde, President of the European Central Bank

Blockchain technology and cryptocurrencies are becoming increasingly relevant in finance, offering new opportunities and challenges.

• Basic Understanding: Knowledge of blockchain technology and its impact on finance.
• Cryptocurrency: Familiarity with cryptocurrency accounting and its implications for auditing and financial transactions.
• Applications: Blockchain can streamline financial transactions, reduce fraud, and improve transparency.

A report by Gartner predicts that blockchain will generate $3.1 trillion in new business value by 2030. Source

How to Develop These Skills

Staying ahead of the curve requires continuous learning and skill development. Here’s how you can develop these in-demand skills:

• Online Courses and Certifications: Platforms like Coursera, LinkedIn Learning, and edX offer specialized courses in each of these areas.
• Industry Workshops and Webinars: Attend workshops and webinars to gain hands-on experience and insights from industry experts.
• Practical Application: Apply new skills in your current role to gain practical experience and demonstrate your capabilities to employers.

The Impact of These Skills on Career Advancement

Mastering these skills can open doors to new opportunities and career advancement.

• New Opportunities: From higher-level positions to specialized roles, these skills can set you apart from the competition.
• Potential Salary Increases: Professionals with these skills can command higher salaries due to their specialized knowledge and expertise.
• Future Roles: Emerging roles such as AI Financial Analyst, ESG Reporting Specialist, and Blockchain Consultant are just a few examples of the new career paths these skills can lead to.

Conclusion

Continuous learning is the key to staying relevant as a high-performing finance and accounting professional. Investing in these in-demand skills will not only enhance your current role but also open doors to exciting new opportunities.

Are you looking to take the next step in your finance career? Connect with Oggi Talent for expert career guidance and job opportunities tailored to your unique skills and aspirations. Your future in finance starts HERE.

Frequently Asked Questions (FAQs)

Q: What are the key skills needed for a career in finance today?

A: The key skills include proficiency in artificial intelligence and machine learning, knowledge of cybersecurity and data protection, understanding of environmental, social, and governance (ESG) reporting, and familiarity with blockchain technology and cryptocurrencies. Building these skills will enable finance professionals to stay competitive in a rapidly changing industry.

Q: Why is AI becoming important in finance?

A: AI can enhance various finance functions, including financial forecasting, risk management, and fraud detection. As businesses seek to operate more efficiently, the ability to interpret AI-generated insights has become crucial for making informed and strategic financial decisions.

Q: How can finance professionals ensure they are compliant with data protection laws?

A: Finance professionals should familiarize themselves with applicable data protection regulations, such as GDPR and CCPA. Regular training, audits of data handling practices, and the implementation of robust cybersecurity measures can help ensure compliance and protect sensitive financial information.

Q: What role does ESG reporting play in finance?

A: ESG reporting is increasingly influencing investment decisions as stakeholders demand greater transparency in a company’s sustainability practices. Understanding and reporting on ESG metrics not only enhances corporate reputation but also aligns financial strategies with long-term sustainable practices.

Q: How can I stay updated on developments in blockchain and cryptocurrencies?

A: Staying informed requires continuous learning. Professionals can engage in online courses, attend industry workshops, or follow relevant news platforms and publications. Joining finance and technology forums can also provide valuable insights into the latest trends and applications of blockchain and cryptocurrencies in the finance sector.