Measuring candidate success in the Financial sector

The financial industry is evolving fast all around the world. It is safe to say that this sector is nothing like what it used to be just a few decades ago. Once a highly traditional field has transformed into an almost fully-digital industry with modern technology being its main driving force. Queues in front of commercial bank branches are becoming rarer, whilst a soaring number of financial services are available on phones and web platforms. 

The high pace of digitalization has also changed trading. You will no longer stumble upon screaming individuals inside some of the leading trading floors. Rather, everything is being calculated and often communicated by the computer. This makes the entire process easier and more global. The vast majority of best online Forex brokers 2020 are completely web-based. New leading brokers sometimes do not even have physical offices, but rather operate globally through the internet. 

When the financial sector was establishing itself as a modern industry in the early 20th century, no one could imagine that it would soon become something drastically different. Thanks to the skyrocketing investments in digital innovations and novelty, the financial industry has managed to adjust to the new reality. Younger generations do not want slow and inefficient services. Rather, they demand high quality, convenient, fast, and most importantly, digital services. We keep proving each and every day that all of these can be a tangible reality. 

Not long ago, receiving primitive financial services meant visiting physical offices and consulting countless individuals. Yet, today, thanks to fintech and what it has brought to the industry, leaving the house is barely needed in order to perform simple or even advanced financial operations. It can all be done from home while relaxing on a sofa in the living room. Moreover, a growing number of innovative, never seen before services are becoming available, such as completely digital banks, also dubbed ‘neo banks’, and even digital insurance policies. 

Trading Forex from home is more available than ever

Changes that have occurred in the past few decades have changed a lot for good. Customers are happier, receiving better, faster, more streamlined and convenient services. Besides the benefits that one can feel without thinking too much, the digital revolution has also brought more transparency to the financial industry. The web-based Forex platforms reduce the risk of fraud or dishonest, illegal operations. Everything is being recorded and documented. This practically eliminates the risk of major crimes on significant platforms. 

Regardless of many positive shifts throughout recent years, employers in the Forex brokers industry have come under unprecedented pressure. Following major changes in the sector, millions of people occupying different positions, working for various businesses globally also have to adapt. Without their timely response, any change and a shift might simply fail. This is the reason why more and more older workers leave financial institutions, amid the fears that they will no longer be able to keep up with the development speed. 

So what can be done to come to the most balanced approach? The answer, naturally, is not an easy one. Satisfying both sides, especially in a sensitive sector, such as the financial industry (Forex. Stocks. etc), can be a rather difficult task. Now, the only thing we can do is to quickly replace the staff, but without much pain. Those who do not like or can not keep up with the recent changes will leave themselves.

The key is to find an adequate workforce substituting the previous ones, able to work in a highly-digitalized environment with lots of competition and pressure. The recent study has revealed that an estimated 25% of CEOs in the financial services industry, heads of Forex brokers or Stock companies reckon that they had to delay or cancel business ideas, simply because they struggled to find the right talent. Even more of them, approximately 40% say, that finding young talent within the financial sector will be even harder in the future. 

What does a good Forex trader look like?

Now, let’s address the elephant in the room. Who is a perfect candidate for a position in the financial industry? Is there a precise list of criteria that one should meet in order to find the dream employee? Not really. Then what is the key? 

First of all, every leader of the forex company should remember, that recruitment is a highly individually tailored process. Specific criteria and requirements for prospective employees should naturally be created by the company’s management, considering the specifications of the business. Nevertheless, there are some general rules that we all could follow, helping us find the right talent within the financial industry. 

FX information is much more important than FX education

The financial industry is a very diverse field. It is not simply a one position area that has narrow boundaries. Rather, it is a gigantic sphere, employing hundreds of millions of people globally, making it one of the leading sectors for the world’s economy. Financial institutions all around the world employ individuals with different backgrounds and education for different purposes. The trend is that financial firms now employ more and more people in their PR and related departments.

The doctrine of the financial industry has always been to recruit highly-educated professionals with the best scores from top-ranking universities. However, this approach has most certainly changed in the past few years. Today, people with information are more valuable than those with A-graded diplomas. Information is the true power in the 21st century and the internet gives us an opportunity to discover countless interesting facts, phenomena about pretty much everything. When looking at applications, think of what is more valuable for you. Someone who has done a lot of studying at uni, precisely following the curriculum, or an individual who has explored more than the curriculum has to offer? Yes, this most certainly is individual and someone with a great diploma might end up being extremely well-informed. Yet, we should not forget about those who come to interviews with their immense knowledge and ideas. 

Creativity remains to be important

Living in the digitalizing world, the competition in creativity remains extremely high. With the internet being a free space to share information, millions of professionals rival each other to create a more attractive product or a service. Regardless of what position you interviewing for, make sure that the candidate that you are to choose has at least some creativity. The latter does not essentially imply being able to form a PR campaign, but rather, the ability to take unique approaches. This will surely come in handy in any field, particularly in the financial sector, where new approaches keep arising on a daily basis. 

Someone with firm digital skills 

This probably is the most important of the vague criteria requirements a successful candidate in the financial sector should have. We no longer use paper databases or physical mail and this is a fact. Operations that we perform within the financial sector become more and more complex on a daily basis, this also is a fact. Therefore, if a company, like a top Forex broker is future-oriented and wants to get a long-term, stable employee, who will actually benefit the company, considering one’s digital skills is of utmost importance. 

Now, obviously, a digital skill is a rather vague term. This should be determined individually, depending on the specific position and project objectives. Nevertheless, there is no doubt that in the 21st century, every one striving to get a job within the financial sector should have a firm knowledge of at least basic digital software. Some nations are even moving forward, stating that digital skills should be at the very core of curriculums. Therefore, any future-oriented company needs staff that understands how modern technology works. 

Author: Editorial Team

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