Written by Lance Rubin, group member since June 2017.
Why is it so hard to find Finance staff with good financial modeling skills?
Surely all accountants and professional finance people are good financial modelers?
When I was leading a large team within the Finance function of a major Australian bank it was difficult to find good modeling skills.
This isn’t just a skills gap in banks but across all Finance teams in corporates and small to medium sized entities.
It’s nobody’s fault, we were never trained and everyone just got tips off the resident “Excel expert” in the team. There is always one…Or we used Google and learnt from Chandoo and YouTube videos to solve problems in spreadsheets….just like you solve anything really…YouTube saviour.
When joining a company it was expected that everyone knew how to use Excel with a high degree of competency in Financial Modeling.
But the problem, in my experience, most don’t have this competency, no matter how many years they have been in Finance, even in the largest companies in Australia.
The general level of financial modeling skills in Finance is pretty poor…period.
Most just think having good financial modeling skills means you are good at Excel but its way more than that.
Let’s break it down into 2 key questions:
1) What does competency actually mean?
2) How do you solve this skills gap?
Originally publish on Model Citizn