Professional Competencies 2.4

• What are technical and personal skills in finance?

  Technical and personal skills include proficiency in finance-related tasks (e.g., financial analysis, risk management) combined with personal traits like communication, leadership, and problem-solving.
• What does "knowledge and attributes" refer to in finance?


  It refers to demonstrating expertise in relevant financial areas, along with attributes like attention to detail and strong analytical capabilities.
• What is reflective practice?

  Reflective practice involves regularly assessing personal performance and identifying areas for improvement to maintain high professional standards.
• What are the advantages of university degrees in finance?


  Advantages include theoretical knowledge, exemptions from some professional qualifications, and prestigious degrees that may open career opportunities.
• What are the disadvantages of university degrees in finance?


  high cost, no guaranteed internships, and the loss of potential income while studying full-time.
• What are the advantages of specialist qualifications in finance?


  targeted learning, employer support, and recognition in specific finance sectors
• What are the disadvantages of specialist qualifications in finance?


  high cost, time commitment, and the need for dedication outside of work hours.
• What are the advantages of professional body examinations?


  international recognition, membership in professional bodies, and potential employer support.
• What are the disadvantages of professional body examinations?


  high costs and the requirement to complete them in personal time.
• What are the advantages of government initiatives/apprenticeships?


  high-quality placements, employer support, and valuable work experience.
• What are the disadvantages of government initiatives/apprenticeships?


  lower pay compared to other career options.
• What are the advantages of professional body examinations?


  international recognition, membership in professional bodies, and potential employer support.
• What are the disadvantages of professional body examinations?


  high costs and the requirement to complete them in personal time.
• What are the advantages of professional and skill updating?

  staying current with regulations and technology, ensuring competitive skills in the market.
• What are the disadvantages of professional and skill updating?


  the requirement for ongoing commitment to learning and development.
• What is the role of a Retail/Commercial Banking Analyst?


  Provides financial advice and planning, helps businesses and individuals manage cash and investments, and supports the implementation of business plans.
• What does a Financial Compliance/Risk Analyst do?


  Assesses and mitigates risks related to financial transactions and ensures compliance with regulations.
• What services does an Insurance Practitioner provide?


  Offers advice on various types of insurance and investment opportunities tied to policies.
• What is the role of an Insurance Broker?


  Acts as a middleman between insurers and clients, helping them select appropriate insurance policies.
• What is the role of a Commercial Client Relationship Manager?


  Builds and maintains relationships with business clients, offering financial products and services.
• What does a Mortgage Adviser do?


  Assists clients in choosing and applying for mortgages, offering advice on repayment options.
• What are the responsibilities of an Asset Wealth Management Analyst?


  Manages portfolios of investments, providing long-term financial planning and protection.
• What is the role of a Foreign Exchange (Forex) Trader?


  Trades currencies on the global market, typically in the online inter-bank sector.
• What does an Investment Banker manage?


  Manages IPOs, mergers, and capital raising for corporations.
• What are the challenges from skills shortages in finance for individuals? 


  Difficulties in accessing timely, qualified financial advice
• What are challenges from skills shortages for organisations?


  Delays in adopting new technologies and services due to a lack of qualified professionals
• What are the challenges from skills shortages for the UK?


  Global demand for finance professionals may lead to a brain drain, with talent leaving the UK for international opportunities
• What are the advantages of off-the-job training?


  a focused learning environment and the opportunity to gain theoretical knowledge without workplace distractions.
• What are the disadvantages of off-the-job training?


  the loss of working time and the possibility that training costs may not be covered by the employer.
• What are the advantages of on-the-job training?


  practical, real-time experience, learning while earning, and the employer often covering the costs.
• What are the disadvantages of on-the-job training?


  less structure, challenges in balancing work with learning, and no output during training.